T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, May 17, 2008, Vol. 12, No. 116
Headlines
AMERICAN HOME: AHMHI Files February 2008 Operating Report
AMERICAN HOME: AHMV Files February 2008 Operating Report
AMERICAN HOME: Great Oak Files February 2008 Operating Report
AMERICAN HOME: Homegate Files February 2008 Operating Report
AMP'D MOBILE: Posts August 2007 Income of $2,818,766
AMP'D MOBILE: Posts September 2007 Income of $7,399,850
BUFFETS HOLDINGS: Hometown Leasing's Schedules of Assets & Debts
BUFFETS HOLDINGS: OCB Leasing Files Schedules of Assets and Debts
BUFFETS HOLDINGS: Tahoe Joe's Files Schedules of Assets and Debts
BUFFETS HOLDINGS: Tahoe Joe's Leasing Files Schedules
DELPHI CORP: Incurs $426 Mil. Net Loss in February and March 2008
DUNMORE HOMES: Files Amended Schedules of Assets and Liabilities
DURA AUTOMOTIVE: Posts $10,729,000 Net Loss in March 2008
FORTUNOFF: Files Operating Report for Month Ended March 7, 2008
INTERSTATE BAKERIES: Posts $12.2 Mil. Loss in Month Ended March 8
LEVITT AND SONS: Submits March 2008 Monthly Operating Report
MOVIE GALLERY: Has $49,817,000 Net Loss for Period Ended April 6
PLASTECH ENGINEERED: Files Schedules of Assets & Debts
PLASTECH ENGINEERED: Exterior Files Schedules of Assets and Debts
PLASTECH ENGINEERED: Frenchtown Files Schedules of Assets & Debts
PLASTECH ENGINEERED: LDM Unit Files Schedules of Assets and Debts
PLASTECH ENGINEERED: Romulus Files Schedules of Assets and Debts
SEA CONTAINERS: Posts $12,429,636 After-Tax Loss in March 2008
SEA CONTAINERS: SeaCon Services Files March 2008 Operating Report
SHARPER IMAGE: Incurs $2,099,392 Net Loss in February 2008
SHARPER IMAGE: Incurs $4,091,912 Net Loss in March 2008
VESTA INSURANCE: Florida Select Files March 2008 Operating Report
WELLMAN INC: Posts $15,300,000 Net Loss in February 2008
WELLMAN INC: Posts $2,400,000 Net Loss in March 2008
*********
AMERICAN HOME: AHMHI Files February 2008 Operating Report
---------------------------------------------------------
American Home Mortgage Holdings Inc., debtor-affiliate of American
Home Mortgage Investment Corp. submitted its monthly operating
report for February 2008.
American Home Mortgage Holdings, Inc.
Statement of Financial Condition
As of February 29, 2008
Assets:
Cash and cash equivalents $1,000
Accounts receivable 134,546
Intercompany receivable 133,036,104
Investment in subsidiaries (519,293,834)
Other assets -
------------
Total Assets ($386,122,184)
============
Liabilities and Stockholders' Equity
Liabilities:
Junior subordinated note $304,214,000
Accrued expenses & other liabilities 4,733,871
Intercompany payable 2
------------
Total Liabilities 308,947,873
Stockholders' Equity
Additional paid-in capital 94,597,810
Retained earnings (789,667,867)
------------
Total Stockholders' Equity (695,070,057)
------------
Total Liabilities & Stockholders' Equity ($386,122,184)
============
American Home Mortgage Holdings, Inc., discloses that its cash as
of Feb. 1, 2008, was $1,000. Since there were no cash receipts
and disbursements for February, AHM Holdings' cash at the end of
the month is $1,000.
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 35; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
AMERICAN HOME: AHMV Files February 2008 Operating Report
--------------------------------------------------------
American Home Mortgage Ventures LLC, debtor-affiliate of American
Home Mortgage Investment Corp. submitted its monthly operating
report for February 2008.
American Home Mortgage Ventures, LLC
Statement of Financial Condition
As of February 29, 2008
Assets:
Cash and cash equivalents $613,049
Intercompany receivable -
Premises and equipment, net 2,200
Other assets -
------------
Total Assets $615,249
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities ($568)
Intercompany payable 157,007
------------
Total Liabilities 156,439
Stockholders' Equity
Additional paid-in capital 395,500
Retained earnings 63,310
------------
Total Stockholders' Equity 458,810
------------
Total Liabilities & Stockholders' Equity $615,249
============
American Home Mortgage Ventures, LLC
Statement of Income
Month Ended February 29, 2008
Non Interest Income:
Fee income $1,125
------------
Non-interest income 1,125
Expenses
Salaries, commissions & benefits, net 1
Occupancy and equipment 233
Data processing and communications 92
Marketing and promotion 250
Travel and entertainment (1)
Professional fees 500
Other 14,921
------------
Total expenses 15,996
Loss before income taxes (14,871)
Income taxes -
------------
Net loss ($14,871)
============
American Home Mortgage Ventures, LLC, discloses that its cash as
of February 1, 2008, was $613,049. Since there was no cash
receipts and disbursements for February, AHM Ventures' cash at
the end of the month is still $613,049.
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 35; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
AMERICAN HOME: Great Oak Files February 2008 Operating Report
-------------------------------------------------------------
Great Oak Abstract Corp., debtor-affiliate of American Home
Mortgage Investment Corp. submitted its monthly operating report
for February 2008.
Great Oak Abstract Corp.
Statement of Financial Condition
As of February 29, 2008
Assets:
Cash and cash equivalents $380,941
Accounts receivable 36,615
Intercompany receivable 693,132
Premises and equipment, net 5,339
Other assets 104,800
------------
Total Assets $1,220,827
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities $76,743
------------
Total Liabilities 76,743
Stockholders' Equity
Additional paid-in capital 95,520
Retained earnings 1,048,564
------------
Total Stockholders' Equity 1,144,084
------------
Total Liabilities & Stockholders' Equity $1,220,827
============
Great Oak Abstract Corp. reports that its cash at the start of
February was $287,809. Since there was no transaction for the
whole month, its cash is still $287,809 as of February 29, 2008.
Great Oak's Monthly Operating Report reflected Parent-Only
Statement of Income, which disclosed zero amounts.
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 35; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
AMERICAN HOME: Homegate Files February 2008 Operating Report
------------------------------------------------------------
Homegate Settlement Services Inc., debtor-affiliate of American
Home Mortgage Investment Corp. submitted its monthly operating
report for February 2008.
Homegate Settlement Services, Inc.
Statement of Financial Condition
As of February 29, 2008
Assets:
Cash and cash equivalents $209,659
Restricted cash -
Intercompany receivable -
Premises and equipment, net 233,715
Other assets -
------------
Total Assets $443,374
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities $2,552,889
Intercompany payable 9,027,111
Income taxes payable 3,671
------------
Total Liabilities 11,583,671
Stockholders' Equity
Additional paid-in capital 250,000
Retained earnings (11,390,297)
------------
Total Stockholders' Equity (11,140,297)
------------
Total Liabilities & Stockholders' Equity $443,374
============
Homegate Settlement Services, Inc.
Statement of Income
Month Ended February 29, 2008
Non-interest income:
Tax service income (fees) -
------------
Non-interest income 0
Expenses:
Salaries, commissions and benefits, net -
Data processing and communications -
Marketing and promotion -
Professional fees $500
Other -
------------
Total expenses 500
Income (Loss) before income taxes (500)
Income taxes -
------------
Net loss ($500)
============
Homegate Settlement Services, Inc., discloses that its cash as of
Feb. 1, 2008, was $234,599. Since it transferred $24,940 to DIP
accounts, Homegate Settlement's cash at the end of the month was
$209,659.
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
The U.S. Bankruptcy Court for the District of Delaware extended
the exclusive periods for American Home Mortgage Investors Corp.
and its debtor-affiliates to file a plan of reorganization through
June 2, 2008; and solicit and obtain acceptances for that plan
through July 31, 2008.
(American Home Bankruptcy News, Issue No. 35; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
AMP'D MOBILE: Posts August 2007 Income of $2,818,766
----------------------------------------------------
Amp'd Mobile Inc.
Balance Sheet
At August 31, 2007
Assets
Current Assets
Cash
Bank of America $41,921
Silicon Valley Bank (254,570)
Merchant Account 0
Bank Account (Retail) 168,047
Merchant Account (Retail) 0
Petty Cash 544
SVB Regulatory Tax Filing (13,226)
SVB Tax Account 1,680,733
Wells Fargo General 35,374
-----------
Total Cash 1,658,822
Total Short Term Investment 1,854,531
Accounts Receivable
Accounts Receivable 152,452,527
AR Subscriber 0
AR Retail 11,517,340
AR Retail Netting Clearing (13,130)
AR Other 184,130
AR Rebates 95,509
AR MTV Equity 0
-----------
Total Accounts Receivable 164,236,376
Total Bad Debt Subscriber (117,230,583)
Total AR Return Reserve (16,949,651)
Inventory
Inventory - Handset 3,468,605
Inventory Accessories 2,513,580
Match not received 1,738,169
-----------
Total Inventory 7,720,353
Total Inventory Return Reserve 16,949,651
Other Current Assets
Due from Stockholders 88,000
Deposit 1,203,246
Employee Advances 0
Prepaid 5,184,166
Prepaid MTV Funds Series 3,050,000
-----------
Total Other Current Assets 9,525,412
-----------
Total Current Assets 67,764,912
Long Term Assets
Net Fixed Assets
Leasehold Improvements 831,655
Automobile 473,788
Office Equipment & Furniture 1,260,702
Software 4,068,225
Computer Equipment 2,588,528
Construction in Progress 926,541
Accumulated Depreciation 0
A/D Leasehold (607,581)
A/D Automobile (258,680)
A/D Office Equip & Furniture (691,047)
A/D Software (1,476,985)
A/D Computer Equipment (674,559)
-----------
Total Net Fixed Assets 6,440,586
Investments
Investments 336,285
Investment: Ninja Mobile 319,222
-----------
Total Long Term Investments 655,508
Total Long Term Assets 7,096,094
-----------
Total Assets $74,861,005
===========
Liabilities
Current Liabilities
Accounts Payable
AP Trade ($10,310,825)
Prepetition Liabilities - Priority (12,711,021)
Prepetition Liabilities - Secured (29,832,503)
Prepetition Liabilities - Unsecured (172,485,728)
Prepetition Liabilities Unsecured 11,441,607
-----------
Total Accounts Payable (213,898,470)
Accrued Liabilities
AP Accrual (866,417)
Athelete Accrual (45,375)
Rebates Payable (152,266)
Handset Insurance Payable (274,637)
Handset Insurance RMA Payable 214
Vacation Accrual 0
401K Liability 37,721
Deferred Revenue (609,830)
AP MTV Equity 0
-----------
Total Accrued Liabilities (1,910,589)
Total Intercompany Payables 425,000
Total Taxes Payable (3,251,274)
-----------
Total Current Liabilities (218,635,333)
Long Term Liabilities 0
Total Other Liabilities (74,219)
-----------
Total Liabilities (218,709,552)
Equity
Stock
Preferred Stock Series A (13,593,184)
Preferred Stock Series B (13,962,870)
Preferred Stock Series C (28,940,172)
Common Stock 1,148,809
-----------
Total Stock (55,347,417)
Other Equity
Equity (255,091,658)
Equity MTV (24,474,886)
Prepetition Equity 475,158,932
Additional Paid in Capital (1,699,052)
Dividends (832,347)
Opening Balance Equity (1,193,025)
Undistributed Retained Bar 7,327,998
-----------
Total Other Equity 199,195,963
-----------
Total Equity 143,848,546
-----------
Total Liabilities and Equity ($74,861,006)
===========
Amp'd Mobile, Inc.
Statement of Operations
Month Ended August 30, 2007
Revenue
Postpaid Voice Revenue
Revenue $0
Airtime-Postpaid 649,459
Voice Customer Credits 80,900
PTT - Postpaid 0
Customer Credits (150)
-----------
Total Postpaid Voice Revenue 730,209
Total Prepaid Voice Revenue 0
Total Postpaid Content 25,885
Total Prepaid Content 0
Total Post Paid Data 0
Total Activation Fees (2,031)
Handset
Handset -Postpaid (510)
Handset -Prepaid 0
Hardware - Customer Credit 349
Handset Subsidy 0
Revenue Return Reserve 0
-----------
Total Handset (161)
Total Accessories 0
Total Other Revenue (Rebate) 0
-----------
Total Sales 753,903
Cost of Sales
Voice 26,574
Content 46,721
Data 0
Handset 0
Accessories 0
Retail Distribution 0
Billing Expense 480,414
Logistics 4,579
Bad Debt 0
Finance Charges
Collections Commissions 0
Bank Service Charges 17,489
Lockbox fees 0
Merchant Service fee 0
Credit Check Fees 11,663
Other
COS Prepaid 0
Fraud 0
Taxes, Surcharges, Other 0
-----------
Total Cost of Sales 587,440
Gross Margin 1,341,343
Operating Expenses
Salaries 251,587
Bonus 8,333
Other Benefits 120,660
Consulting Expenses (3,139)
Media and Promo 21,035
Retail Marketing 0
Production Development
Network Integration (205,300)
Billing Enhancements 0
Prod Dev. Live Events 81,564
Insurance, Taxes & Fees 0
Office Equipment 210,345
Office Supply 496
Professional Fee
Legal 718,670
Other 15,250
Development 0
Customer Care 0
Telecommunications 96,459
Travel and Entertainment 4,015
Miscellaneous (6,903)
Rent & Utility 177,964
Amortization 0
Depreciation Expense 0
Other Income/ Expense 0
Interest Income (13,612)
Income Expense Taxes 0
-----------
Total Operating Expenses 1,477,423
-----------
Total Net Income $2,818,766
===========
About Amp'd Mobile
Headquartered in Los Angeles, California, Amp'd Mobile Inc. aka
Amp'D Mobile LLC -- http://www.ampd.com/-- is a mobile virtual
network operator that provides voice, text and entertainment
content to subscribers who contract for cellular telephone
service. The company filed for chapter 11 protection on June 1,
2007 (Bankr. D. Del. Case No. 07-10739). Steven M. Yoder, Esq.,
Eric M. Sutty, Esq. and Mary E. Augustine, Esq. at The Bayard
Firm, represent the Debtor in its restructuring efforts.
Attorneys at Otterbourg, Steindler, Houston & Rosen, P.C. and
Klehr, Harrison, Harvey, Branzburg & Ellers, LLP, represent the
Official Committee of Unsecured Creditors. In its schedules filed
with the Court, the Debtor listed total assets of $47,603,629 and
total debts of $164, 569,842. The Debtor's exclusive period to
file a plan expired on Sept. 29, 2007. The Debtor is in the
process of selling various assets. (Amp'd Mobile Bankruptcy News,
Issue No. 25; Bankruptcy Creditors' Services Inc.
http://bankrupt.com/newsstand/or 215/945-7000).
AMP'D MOBILE: Posts September 2007 Income of $7,399,850
-------------------------------------------------------
Amp'd Mobile Inc.
Balance Sheet
At September 30, 2007
Assets
Current Assets
Cash
Bank of America $41,184
Silicon Valley Bank (213,539)
Bank Account (Retail) (738)
Petty Cash 0
SVB Regulatory Tax Filing (13,226)
SVB - Tax Account 1,736,166
Wells Fargo General 98,696
-----------
Total Cash 1,648,542
Total Short Term Investment 438,804
Accounts Receivable
Accounts Receivable 151,813,246
AR Retail 11,517,340
AR Retail Netting Clearing (13,130)
AR Other 184,130
AR Rebates 95,509
-----------
Total Accounts Receivable 163,597,095
Total Bad Debt Reserve (117,230,584)
Total AR Return Reserve (16,949,651)
Inventory
Inventory - Handset 3,468,605
Inventory - Accessories 2,513,580
Match not received 1,738,169
-----------
Total Inventory 7,720,353
Total Inventory Return Reserve 16,949,651
Other Current Assets
Due from Stockholders 88,000
Deposit 1,203,246
Prepaid 5,184,167
Prepaid MTV Funds Series D 3,050,000
-----------
Total Other Current Assets 9,525,413
-----------
Total Current Assets 65,699,623
Long Term Assets
Net Fixed Assets
Leasehold Improvements 0
Automobile 473,788
Office Equipment & Furnitures 0
Software 0
Computer Equipment 0
Construction in Progress 0
A/D Leasehold 0
A/D Automobile (258,680)
A/D Office Equip & Furniture 0
A/D Software 0
A/D Computer Equipment 0
-----------
Total Net Fixed Assets 215,108
Investments
Investments 336,285
Investment: Ninja Mobile 319,222
-----------
Total Long Term Investments 655,508
-----------
Total Assets $66,570,239
===========
Liabilities
Current Liabilities
Accounts Payable
AP Trade (10,574,507)
Prepetition Liabilities - Priority (12,711,021)
Prepetition Liabilities - Secured (29,067,339)
Prepetition Liabilities - Unsecured (172,485,728)
Prepetition Payments Unsecured 11,479,328
-----------
Total Accounts Payable (213,359,265)
Accrued Liabilities
AP Accrual (628,141)
Athelete Accrual (45,375)
Rebates Payable (152,266)
Handset Insurance Payable (123,479)
Handset Insurance RMA Payable 214
401K Liability 0
Deferred Revenue (609,830)
-----------
Total Accrued Liabilities (1,558,877)
Total Intercompany Payables 425,000
Total Taxes Payable (3,251,274)
Total Other Long Term Liabilities (74,219)
Total Liabilities (217,818,635)
Equity
Stock
Preferred Stock Series A (13,593,184)
Preferred Stock Series B (13,962,870)
Preferred Stock Series C (28,940,172)
Common Stock 1,148,809
-----------
Total Stock (55,347,417)
Other Equity
Equity (255,091,658)
Equity MTV (24,474,886)
Prepetition Equity 475,158,933
Additional Paid in Capital (1,699,052)
Dividends (832,347)
Opening Balance Equity (1,193,025)
Undistributed Retained Earnings 14,727,849
-----------
Total Equity 206,595,814
-----------
Total Liabilities and Equity ($66,570,239)
===========
Amp'd Mobile, Inc.
Statement of Operations
Month Ended September 30, 2007
Revenue
Total Postpaid Voice Revenue $0
Total Prepaid Voice Revenue 0
Total Post Paid Content 0
Total Upfront Activation Fee 0
Total Handset 0
Total Accessories 0
Total Other Revenue 0
-----------
Total Revenue 0
Cost of Sales
Voice 0
Content 0
Handsets 0
Billing Expense 81,561
Logistics 0
Other 0
Finance Charges 1,000
-----------
Total Cost of Sales 82,562
Gross Margin 82,562
Operating Expenses
Salaries 119,109
Bonus 0
Other Benefits