/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/080524.mbx 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 24, 2008, Vol. 12, No. 123 Headlines ACCEPTANCE INSURANCE: Posts $62,337 Net Loss in March 2008 ACCEPTANCE INSURANCE: Posts $14,140,363 Net Loss in April 2008 CATHOLIC CHURCH: Fairbanks Files March 2008 Operating Report DELTA FINANCIAL: Earns $35,675,963 in Month Ended April 30 INTERSTATE BAKERIES: Posts $15MM Net Loss in Month Ended April 5 LEVITT AND SONS: Delivers April 2008 Operating Report NEUMANN HOMES: Delivers April 2008 Monthly Operating Report PLASTECH ENGINEERED: Decorating Systems Unit Files Schedules PLASTECH ENGINEERED: Three Debtor-Affiliates File Schedules PROPEX INC: Reports $5,700,000 Net Loss in March 2008 REFCO LLC: Chapter 7 Trustee Files March 2008 Operating Report REUNION INDUSTRIES: Earns March 2008 Net Loss of $238,000 WELLMAN INC: Posts $4,700,000 Net Loss in April 2008 ********* ACCEPTANCE INSURANCE: Posts $62,337 Net Loss in March 2008 ---------------------------------------------------------- Acceptance Insurance Companies, Inc. submitted its monthly operating report for March 2008. The company generated revenues of $2,539 and incurred a net loss of $62,337 for the month ended March 31, 2008. As of March 31, 2008, the Debtor's balance sheet showed total assets of $36,762,616, total liabilities of $138,163,302, and total stockholders' deficit of $101,400,686. A full-text copy of the company's March 2008 monthly operating report is available for free at: http://ResearchArchives.com/t/s?2c71 Headquartered in Council Bluffs, Iowa, Acceptance Insurance Companies, Inc. -- http://www.aicins.com/-- owns, either directly or indirectly, several companies, one of which is an insurance company that accounts for substantially all of the business operations and assets of the corporate groups. The company filed for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates -- Acceptance Insurance Services, Inc. and American Agrisurance, Inc. -- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP, represents the Debtor in its restructuring efforts. Lawyers at McGrath North Mullin & Kratz PC LLO. represent the the Official Committee of Unsecured Creditors in Acceptance Insurance's case. As of December 2007, the Debtor listed $36,326,172 in total assets and $138,187,943 in total debts. ACCEPTANCE INSURANCE: Posts $14,140,363 Net Loss in April 2008 -------------------------------------------------------------- Acceptance Insurance Companies, Inc. submitted its monthly operating report for April 2008. The Debtor generated revenues of $1,881, and incurred a net loss of $14,140,363 for the month ended April 30, 2008. As of April 30, 2008, the Debtor's balance sheet showed total assets of $22,647,002, total liabilities of $22,647,002, and total stockholders' deficit of $115,541,050. A full-text copy of the company's March 2008 monthly operating report is available for free at: http://ResearchArchives.com/t/s?2c71 Headquartered in Council Bluffs, Iowa, Acceptance Insurance Companies, Inc. -- http://www.aicins.com/-- owns, either directly or indirectly, several companies, one of which is an insurance company that accounts for substantially all of the business operations and assets of the corporate groups. The company filed for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates -- Acceptance Insurance Services, Inc. and American Agrisurance, Inc. -- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP, represents the Debtor in its restructuring efforts. Lawyers at McGrath North Mullin & Kratz PC LLO. represent the the Official Committee of Unsecured Creditors in Acceptance Insurance's case. As of December 2007, the Debtor listed $36,326,172 in total assets and $138,187,943 in total debts. CATHOLIC CHURCH: Fairbanks Files March 2008 Operating Report ------------------------------------------------------------ The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic Bishop of Northern Alaska, submitted its March 2008 monthly operating report. Catholic Bishop of Northern Alaska Statement of Financial Position As of March 31, 2008 CBNA Held for ASSETS Total Others ----- -------- Cash and cash equivalents $251,012 $105,439 Investments: Valuables in safe 168 - Trust account @ market 1,382,368 - 457 Plan assets @ market - 209,093 Endowment Fund @ market - 14,788,183 Endowment Fund-earnings @ market 524,564 - Stocks 91,721 - Limited partnerships 261,324 - Accounts receivable, net of allowance: Tuition, fees and others 323,345 - For parishes and school 38,890 - Other 128,079 - Notes and other receivables 73,075 - Grants pledged 125,000 - Fixed assets, net at cost: Land and building 8,057,814 - Aircraft 340,726 - Equipment - - Other assets 80,793 - ---------- ---------- Total Assets $11,678,887 $15,102,716 ========== ========== LIABILITIES AND NET ASSETS Liabilities: Accounts payable/accrued liabilities $145,733 - Notes payable 213,233 - Benefits payable 88,968 - Deferred revenue 287,415 - Annuities payable 201,169 - Other liabilities 20,000 - Payroll-related liabilities: Payroll taxes 51,991 - General vacation accrual account 16,339 - Accrued leave 258,523 - Insurance: Long term disability 250 - Insurance deposits A/R 132,542 - Insurance reserves expense 36,819 - Indemnity insurance reserves 103 - Medical/Dental payroll deduction 237,871 - CBNA building loan - - ---------- ---------- Total Liabilities 1,690,961 - ---------- ---------- Total net assets 9,987,925 15,102,716 ---------- ---------- Total Liabilities and Net Assets $11,678,887 $15,102,716 ========== ========== Catholic Bishop of Northern Alaska Statement of Activities For the month ending March 31, 2008 CBNA Held for Total Others ----- -------- Support and revenue: Parish assessments $13,549 - Tuition, net of tuition assistance 138,641 - Curricular income 3,883 - Donations 328,953 $3,843 Investment income (86,770) (13,669) Other income 29,172 - ---------- ---------- Total support and revenue 427,429 (9,826) Expenses: Operating expenses 78,082 - Supplies 22,631 - Repair & Maintenance 8,716 - Utilities 36,364 - Insurance 855 - Staff Expenses: Salaries & Wages 361,003 - Payroll Taxes 30,776 - Employee Benefits 100,709 - Staff Development/Misc. 1,033 - Curricular Expenses 1,920 - Recruiting, advertising and PRs 2,349 - Travel Expenses 8,486 - Student related expenses 6,173 - Contributions 242 - Professional and technical fees 5,491 - Interest Expense 6,353 - Subsidies 9,400 - Rental/Lease Expense 17,624 - Assessments 1,252 - Fund Raising Expense 158 - Radio Programming Expense (382) - Radio Technical Dept. Expenses 184 - Miscellaneous Expense 72 - ---------- ---------- Total General 699,499 - Funds released fr. restricted funds - - Net change in designated funds - - ---------- ---------- Total Expenses 699,499 - ---------- ---------- Increase (decrease) in net assets (272,070) (9,826) ---------- ---------- Net assets: Beginning of month 10,259,996 - ---------- ---------- End of month $9,987,925 ($9,826) ========== ========== Catholic Bishop of Northern Alaska Cash Receipts and Disbursements For the month ending March 31, 2008 CBNA Held for Total Others ----- -------- Beginning balance - Feb. 29, 2008 $409,155 77,681 Total receipts - per all prior general account reports - - Less total disbursements - - ---------- ---------- Beginning balance - Feb. 29, 2008 409,155 77,681 Receipts during current period: Transfers from KNOM-WF checking 80,850 - Transfer from CBNA to CSF-donations 8,333 - Funds collected from others - 114,456 Transfers between internal accounts 550 - Accounts receivable - pre-filing 155,018 - Accounts receivable - post filing - - Custodial funds - 7,014 Funds received by CBNA from KNOM 57,275 - Funds received fr. Catholic schools 40,949 - Annual Catholic Appeal 1,425 - Interest & dividends 239 - Donations 312,468 - Donations - Internet 25 - Donations - credit cards 5,471 - Donations - direct deposit 2,156 - Restricted funds 8,716 - Programs 634 - Co-curricular income 2,898 - Curricular income 1,220 - Parish assessments 13,549 - Miscellaneous 5,294 - ---------- ---------- Total receipts this period*** 703,115 121,471 ---------- ---------- Balance 1,112,271 199,152 Less total disbursements: Transfers to KNOM - WF savings 80,850 - Transfers to Catholic Schools 8,333 - Transfers to CBNA 40,500 - Prepetition debt paid 85,970 - Custodial funds 71,636 - Co-curricular expense 1,718 - Curricular expense 42 - Funds disbursed for others - 100,997 Bank fees and charges 2,108 - Interest Expense 5,643 - Programming - News service 2,514 - Wages & salaries 355,465 - Employee benefits 2,645 - Medical & dental insurance 6,118 - Mission & program support 26,754 - Equipment & supplies 615 - Telephone/Internet 5,841 - Music license fee - - Staff development 683 - Utilities 18,583 - Services & insurance 84,260 - Dues/fees 452 - Education expenses 49 - Maintenance/repairs 16,526 - Office & other supplies 21,298 - Miscellaneous 9,048 - School supplies 706 - Travel 2,712 - NSF's 330 - Postage 96 - Printing 1,753 - ---------- ---------- Total disbursements this period 853,259 100,997 ---------- ---------- Ending balance - March 31, 2008 259,012 98,155 Plus - Petty cash - - Miscellaneous reclass (7,283) 7,283 CSF undeposited funds (574) - KNOM adjustment (142) - ---------- ---------- Ending balance - March 31, 2008 $251,012 $105,439 ========== ========== *** The Diocese of Fairbanks reports total cash receipts of $703,115. However, actual computation shows that the Diocese's total cash receipts is $697,075. About Diocese of Fairbanks The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka The Diocese of Fairbanks, aka CBNA filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady LLP represents the Debtor in its restructuring efforts. Michael R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's local counsel and Cook, Schuhmann & Groseclose Inc. as its special counsel. Judge Donald MacDonald, IV, of the United States Bankruptcy Court for the District of Alaska presides over Fairbanks' Chapter 11 case. The Debtor's schedules show total assets of $13,316,864 and total liabilities of $1,838,719. The church's exclusive plan filing period expires on June 29, 2008. (Catholic Church Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DELTA FINANCIAL: Earns $35,675,963 in Month Ended April 30 ---------------------------------------------------------- Delta Financial Corp. and Subsidiaries Unaudited Consolidated Balance Sheet As of April 30, 2008 Assets Cash and cash equivalents $8,134,145 Mortgage loans held for sale, net 0 Mortgage loans held for investment, net of discount and deferred fees 0 Less: allowance for loan losses 0 ---------- Mortgage loans held for investment, net 0 ---------- Trustee receivable 0 Accrued interest receivable 0 Excess cash flow certificates 0 Equipment, net 0 Accounts receivable 10,686,653 Prepaid and other assets 5,629,821 Deferred tax asset 0 ----------- Total Assets $24,450,620 =========== Liabilities and Stockholder's Equity Liabilities: Bank payable $0 Warehouse financing 0 Financing on mortgage loans held for investment, net 0 Other borrowings 0 Accrued interest payable 0 Accounts payable and other liabilities $11,459,131 Long term liabilities 5,274,030 Deferred tax liability 0 ----------- Total Liabilities 16,733,162 Stockholders' Equity: Preferred stock - REIT 0 Common stock 254,792 Additional paid-in capital 158,301,751 Retained earnings (accumulated deficit) (149,520,930) Accumulated other comprehensive income (loss) 0 Treasury stock, at cost (1,318,154) ----------- Total stockholders' equity $7,717,458 ----------- Total liabilities and stockholders' equity $24,450,620 =========== Delta Financial Corp. and Subsidiaries Unaudited Consolidated Statements of Operations Consolidated Statements of Operations For the Four Months Ended April 30, 2008 Interest income $123,348 Interest expense (1,204,869) ----------- Net interest income (1,081,521) Provision for loan loss 0 ----------- Net interest income after provision for loan loss (1,081,521) Non-interest income Net gain on sale of mortgage loans (190,828) Other income 42,882,369 ----------- Total non-interest income 42,691,540 Non-interest expense Payroll and related costs 1,801,659 General and administrative 4,132,396 (Gain) loss on derivative instruments 0 ----------- Total non-interest expense 5,934,055 Income (loss) before income tax expense (benefit) 35,675,963 Provision for income tax expense (benefit) 0 ----------- Net income (loss) $35,675,963 =========== Delta Financial Corp. and Subsidiaries Schedule of Cash Receipts and Disbursements For the Month Ended April 30, 2008 Cash - beginning of month $8,513,626 Receipts: Deposits 99,308 Bank interest 20,244 Loans and advances - Intercompany (40,346) Other and voided checks 77,662 Transfers (from/to DIP accounts) - ----------- Total receipts 156,868 Disbursements: Payroll and related costs Payroll (59,908) Payroll tax (60,615) Employee benefits (748) Payroll related (temp/consultant fees, BOD fees, ADP fees,etc.) (60,233) ----------- Total payroll and related costs (181,506) General and administrative (204,113) Private investor payments - Professional fees (139,109) Taxes (230) US Trustee payments (11,375) Other payments (14) ----------- Total disbursements (536,349) ----------- Net cash flow (379,481) ----------- Cash - end of month $8,134,145 =========== Since January 2008, the Debtors have made payments to these retained professionals: Professional Role Fees Expenses ------------ ---- ---- -------- AlixPartners, LLP Claims Agent $30,130 $27,367 to Debtors Morrison & Foerster General Bankruptcy 47,924 9,687 Counsel to Debtors FTI Consulting Financial Advisors 81,302 - to Debtors Epiq Systems - 101 7 Crowell & Moring - 195 - CT Corporation - - - Pentalpha Group LLC - 36,868 1,132 About Delta Financial Founded in 1982, Delta Financial Corporation (NASDAQ: DFC) -- http://www.deltafinancial.com/-- is a Woodbury, New York-based specialty consumer finance company that originates, securitizes and sells non-conforming mortgage loans. The company filed a chapter 11 petition on December 17, 2007 (Bankr. D. Del. Lead Case No. 07-11880). On the same day, three affiliates filed separate chapter 11 petitions -- Delta Funding Corp., Renaissance Mortgage Acceptance Corp., and Renaissance R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to 07-11883). The Debtors selected Morrison & Foerster LLP as their general bankruptcy counsel and David B. Stratton, Esq. and James C. Carignan, Esq. at Pepper Hamilton LLP as their counsel. The Debtors hired AlixPartners LLP as their claims agent. The Official Committee of Unsecured Creditors retained Landis Rath & Cobb LLP as its Delaware counsel. The Debtors' amended consolidated quarterly financial condition as of Sept. 30, 2007, showed $7,223,528,000 in total assets and $7,108,232,000 in total liabilities. It has $19,954,295 in assets and $12,842,277 in debts as of March 31, 2008. The Debtors' petition listed D.B. Structured Products Inc. as their largest unsecured creditor holding a $19,500,000 claim. The Court extended until June 16, 2008, the period during which the Debtors have the exclusive right to file a plan of reorganization or liquidation. (Delta Financial Bankruptcy News; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/ or 215/945-7000). INTERSTATE BAKERIES: Posts $15MM Net Loss in Month Ended April 5 ---------------------------------------------------------------- Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended April 5, 2008 REVENUE Gross Income $210,181,623 Less Cost of Goods Sold Ingredients, Packaging & Outside Purchasing 60,543,078 Direct & Indirect Labor 34,441,412 Overhead & Production Administration 11,254,877 ------------ Total Cost of Goods Sold 106,239,367 ------------ Gross Profit 103,942,256 ------------ OPERATING EXPENSES Owner-Draws/Salaries 0 Selling & Delivery Employee Salaries 48,974,685 Advertising and Marketing 2,268,992 Insurance (Property, Casualty, & Medical) 11,028,590 Payroll Taxes 4,144,221 Lease and Rent 2,802,104 Telephone and Utilities 1,672,192 Corporate Expense (Including Salaries) 6,460,600 Other Expenses 30,016,538 ------------- Total Operating Expenses 107,367,922 ------------- EBITDA (3,425,666) Restructuring & Reorganization Charges 3,745,661 Depreciation and Amortization 5,155,576 Abandonment 84,740 Property & Equipment Impairment 0 Other(Income)/Expense 8,930 Gain/Loss Sale of Property 0 Interest Expense 3,106,124 ------------- Operating Income (Loss) (15,526,697) Income Tax Expense (Benefit) (128,586) ------------- NET Income (Loss) ($15,398,111) ============= CURRENT ASSETS Accounts Receivable at end of period $130,219,232 Increase (Dec.) in Accounts Receivable (4,918,943) Inventory at end of period 60,749,258 Increase (Decrease) in Inventory for period 3,192,909 Cash at end of period 21,984,319 Increase (Decrease) in Cash for period (967,586) Restricted Cash 22,109,945 Increase (Dec.) in Restricted Cash for period 141,597 LIABILITIES Increase (Decrease) in Liabilities Not Subject to Compromise 9,242,985 Increase (Decrease) in Liabilities Subject to Compromise 27,697 Taxes payable: Federal Payroll Taxes 3,660,320 State/Local Payroll Taxes 6,585,155 State Sales Taxes 773,345 Real Estate and Personal Property Tax 6,891,216 Other 4,086,155 ------------ Total Taxes Payable $21,996,191 ============ Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh-baked bread and sweet goods, under various national brand names, including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and Drake's(R). Currently, IBC employs more than 25,000 people and operates 45 bakeries, as well as approximately 800 distribution centers and approximately 800 bakery outlets throughout the country. The company and eight of its subsidiaries and affiliates filed for chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No. 04 45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6% senior subordinated convertible notes due Aug. 15, 2014) in total debts. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 5, 2007. Their exclusive period to file a chapter 11 plan expired on November 8. On Jan. 25, 2008, the Debtors filed their First Amended Plan and Disclosure Statement. On Jan. 30, 2008, the Debtors received Court approval of the First Amended Disclosure Statement. IBC confirmed that it has not received any qualifying alternative proposals for funding its plan of reorganization in accordance with the Court-approved alternative proposal procedures. As a result, no auction was held on Jan. 22, 2008, as would have been required under those procedures. The deadline for submission of alternative proposals was Jan. 15, 2008. (Interstate Bakeries Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). LEVITT AND SONS: Delivers April 2008 Operating Report ----------------------------------------------------- Levitt & Sons, LLC Monthly Financial Report for Business For the Period April 1 - 30, 2008 Cash, beginning of period $3,522,167 Receipts: Cash sales 0 Collection on postpetition A/R 0 Collection on prepetition A/R 0 Other receipts 168,567 -------------- Total receipts 168,567 Total cash available for operations 3,690,734 Disbursements: U.S. Trustee quarterly fees 0 Net payroll 19,750 Payroll taxes paid 13,252 Sales and use taxes 0 Other taxes 0 Rent 0 Other leases 0 Telephone 0 Utilities 471 Travel & entertainment 1,635 Vehicle expenses 0 Office supplies 0 Advertising 0 Insurance 0 Purchases of fixed assets 0 Purchases of inventory 0 Manufacturing supplies 0 Repairs & maintenance 0 Payments to secured creditors 0 Other operating expenses 374,022 -------------- Total cash disbursements 409,130 -------------- Ending Cash Balance $3,281,604 ============== Based in Fort Lauderdale, Florida, Levitt and Sons LLC -- http://www.levittandsons.com/-- is the homebuilding subsidiary of Levitt Corporation (NYSE:LEV). Levitt Corp. -- http://www.levittcorporation.com/-- together with its subsidiaries, operates as a homebuilding and real estate development company in the southeastern United States. The company operates in two divisions, homebuilding and land. The homebuilding division primarily develops single and multi-family homes for adults and families in Florida, Georgia, Tennessee, and South Carolina. The land division engages in the development of master-planned communities in Florida and South Carolina. Levitt and Sons LLC and 38 of its homebuilding affiliates filed for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at Berger Singerman, P.A., represent the Debtors in their restructuring efforts. The Debtors chose AP Services, LLC as their crisis managers, and Kurtzman Carson Consultants, LLC as their claims and noticing agent. Levitt Corp., the parent company, is not included in the bankruptcy filing. The Debtors' latest consolidated financial condition as of Sept. 30, 2007 reflect total assets of $900,392,000, and total liabilities of $780,969,000. (Levitt and Sons Bankruptcy News; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/ or 215/945-7000) NEUMANN HOMES: Delivers April 2008 Monthly Operating Report ----------------------------------------------------------- Neumann Homes, Inc., et al. Receipts and Disbursements Month Ended April 30, 2008 Beginning Balance in All Accounts: Neumann Citibank Operating Account & old BofA Operating Account $75,117 Neumann Bank of America - old accounts - Neumann Citibank - Customer Earnest Money Account 15 Neumann Citibank - Funding/Dip Account 200,000 Neumann Citibank - Dip Funding Professional Account - Restricted - Neumann Homes Flex Spending 2,515 Restricted - Neumann Citibank - Glen at Lakemoor EM Account 1,221 Restricted - Neumann Citibank - Clublands Antioch Clubhouse 155,945 Restricted - IndyMac Escrow Account - NeuVillage 125,609 Restricted - Chicago Title Escrow Account - Closed Homes 229,884 Restricted - Chicago Title Escrow Account - Lender Funded 1,377,147 Restricted - Citibank - Worker Comp Escrow 9,774 Restricted - Land Title Guarantee Escrow 360,318 ---------- $2,537,546 ---------- Receipts: Operations- Operating Account 904,728 Operations - Customer Earnest Money Account-Ckg - Operations - Customer Earnest Money Account-MM - Funding/Dip Account 150,000 Glen at Lakemoor EM account 1 Clublands Antioch Clubhouse account 221 Dip Funding - Professional Account - Flex Spending - Restricted Escrow held by CTT-Lender Funding - IndyMac Escrow for L/C-Leona's Neu Village - Flex Spending - Restricted Escrow held by CTT-(closings) - NHI Worker Comp Escrow - NHI KERP Account 108,921 Other Receipts 2,000 ---------- $1,165,871 ---------- Disbursements: Net Payroll: Officers (13,620) Others (51,918) ---------- ($65,538) Taxes: Federal Income Tax Withholding (14,277) FICA/Medicare Withholdings EE (6,828) Employer's FICA/Medicare ER (6,828) Federal Unemployment Taxes ER (25) State Income Tax Withholding (2,539) Garnishments - State Unemployment Taxes ER (905) ---------- ($31,402) Necessary expenses: Rent or mortgage payment(s) (20,652) Utilities & phones (1,849) Insurance - Merchandise/services bought for manufacture or sale - Other: Payroll Services (1,872) Benefit Related including flex spending (9,953) Vehicle repairs & fuel - Real estate taxes (1,300) Postage, shipping, copying (11,012) Earnest Money Refunds/Disbursements (38,883) House Trades (5,449) Other - Transfer (110,258) Supplies & Storage & Misc. (56,482) Cleaning service (350) Transportation/travel/lodging - Consulting services (22,346) U.S. Trustee Fees (11,700) Legal - Professional Fees (719,014) Professional tax service fees - Filing Fees, Extension Fees - Payroll tax adjustment from prior quarter - ---------- ($1,011,119) Total Disbursements: ($1,108,058) ---------- Net Receipts (Disbursements) for the $57,813 Current period ---------- Ending Balance in All Accounts $2,595,359 ========== Headquartered in Warrenville, Illinois, Neumann Homes Inc. -- http://www.neumannhomes.com/-- develops and builds residential real estate throughout the Midwest and West US. The company is active in the Chicago area, southeastern Wisconsin, Colorado, and Michigan. The company have built more than 11,000 homes in some 150 residential communities. The company offer formal business training to employees through classes, seminars, and computer- based training. The company filed for Chapter 11 protection on Nov. 1, 2007 (Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors has selected Paul, Hastings, Janofsky & Walker LLP, as its counsel in these bankruptcy proceeding. When the Debtors filed for protection against its creditors, they listed assets and debts of more than $100 million. (Neumann Bankruptcy News; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) PLASTECH ENGINEERED: Decorating Systems Unit Files Schedules ------------------------------------------------------------ Plastech Decorating Systems Inc., debtor-affiliate of Plastech Engineered Products Inc., submitted its schedules of assets and liabilities, disclosing: A. Real Property Plant 11-Elwood Land $75,000 Plant 11-Elwood Building 79,136 B. Personal Property B.1 Cash on hand Elwood 1,000 B.16 Accounts receivable Customer Debits (6,401) Customer Givebacks (113,036) Misc. Receivables 292,473 Trade Receivables 4,204,507 B.21 Other contingent and unliquidated claims Potential Tax Refund from taxing authorities Undetermined B.25 Automobiles and other vehicles 2000 Grand Voyager 445 1998 Silhoutte 410 B.28 Office equipment Unitel Telephone System 3,860 Oven Tracker XL w/ Probes 2,024 OEM RS Logix Software for Paint Line 2,576 RS Logic Network Software/Service 2,076 Wonderware Service on Paint Line 2,667 Re-Program Paint Line Robots 12,789 "Inject On The Fly" Software for 1500T UBE 2,323 "Inject On The Fly" Software for 1500T UBE 2,323 "Inject On The Fly" Software for 1500T UBE 2,323 "Inject On The Fly" Software for 1500T UBE 2,323 "Inject On The Fly" Software for 1500T UBE 2,323 "Inject On The Fly" Software for 1500T UBE 2,323 OEM RS Links Software for U377 Program 5,351 (7)EA 3Com Wireless Adaptor, Adesso Mini PS/2 Touchpad, Netvista Radi 1,974 (9) RSLINX OEM Software (For P415 Sequencing) 7,243 LVO TC M55 Computer (2 of 9 for P415 Sequencing) 825 LVO TC M55 Computer (2 of 9 for P415 Sequencing) 825 LVO TC M55 Computer (2 of 9 for P415 Sequencing) 825 LVO TC M55 Computer (2 of 9 for P415 Sequencing) 825 LVO TC M55 Computer (2 of 9 for P415 Sequencing) 825 LVO TC M55 Computer (2 of 9 for P415 Sequencing) 825 LVO TC M55 Computer (2 of 9 for P415 Sequencing) 825 LVO TC M55 Computer (2 of 9 for P415 Sequencing) 825 LVO TC M55 Computer (2 of 9 for P415 Sequencing) 825 LVO TC M52 Computer (DCX 2008 KK Flare Labeling) 743 LVO TC M52 Computer (DCX 2008 KK Flare Labeling) 743 LVO TC M52 Computer (DCX 2008 KK Flare Labeling) 743 LVO TC M52 Computer (DCX 2008 KK Flare Labeling) 743 LVO TC M52 Computer (DCX 2008 KK Flare Labeling) 743 LVO TC M52 Computer (DCX 2008 KK Flare Labeling) 743 LVO TC M52 Computer (DCX 2008 KK Flare Labeling) 743 LVO TS TC E50 Computer (1 of 11) 663 LVO TS TC E50 Computer (1 of 11) 663 LVO TS TC E50 Computer (1 of 11) 663 LVO TS TC E50 Computer (1 of 11) 663 LVO TS TC E50 Computer (1 of 11) 663 LVO TS TC E50 Computer (1 of 11) 663 LVO TS TC E50 Computer (1 of 11) 663 LVO TS TC E50 Computer (1 of 11) 663 LVO TS TC E50 Computer (1 of 11) 663 LVO TS TC E50 Computer (1 of 11) 663 LVO TS TC E50 Computer (1 of 11) 663 RJG Equipment for New Presses (UBE 720T #8) 970 RJG Equipment for New Presses (Niigata 150T #2) 970 Complete ILVS Unit for P221 Program(10F4) 775 Complete ILVS Unit for P221 Program(10F4) 775 Complete ILVS Unit for P221 Program(10F4) 775 Complete ILVS Unit for P221 Program(10F4) 775 (9) Ergotron Neoflex LCD Arms (For P415 ) 668 (9) Adesso Mini PS/2 Touchpads (For P415 ) 581 (9) 3Com Wireless Adapters (For P415 Sequencing) 673 NEC LCD52V 15IN Monitor (4 of 9 for P415) 166 NEC LCD52V 15IN Monitor (4 of 9 for P415) 166 NEC LCD52V 15IN Monitor (4 of 9 for P415) 166 NEC LCD52V 15IN Monitor (4 of 9 for P415) 166 NEC LCD52V 15IN Monitor (4 of 9 for P415) 166 NEC LCD52V 15IN Monitor (4 of 9 for P415) 166 NEC LCD52V 15IN Monitor (4 of 9 for P415) 166 NEC LCD52V 15IN Monitor (4 of 9 for P415) 166 NEC LCD52V 15IN Monitor (4 of 9 for P415) 166 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor (1 of 11) 163 LVO Thinkvision L151 15IN Monitor 168 LVO Thinkvision L151 15IN Monitor 168 LVO Thinkvision L151 15IN Monitor 168 LVO Thinkvision L151 15IN Monitor 168 LVO Thinkvision L151 15IN Monitor 168 LVO Thinkvision L151 15IN Monitor 168 LVO Thinkvision L151 15IN Monitor 168 Others 11,955 B.29 Machinery and Equipment Information System for Paint Line Robots 65,851 Fanuc Robots for paint Booths 200,741 Install Compressed Air Piping 24,266 W450 Robot for 1500T UBE Press (1 of 3) 20,612 W450 Robot for 1500T UBE Press (1 of 3) 22,084 Conveyor Chain - Paint Line 98,193 Conair Material Loading System 21,805 Installation of U222/U228 TU-Tone Paint Line 43,734 Installation of U222/U228 TU-Tone Paint Line 41,395 Installation of U222/U228 TU-Tone Paint Line 20,697 (351) Paint rack Storage Containers 20,986 Material Handling Equipment - (3) Silos 25,239 Upgrade Paint Line (Phase 1 - 65%) 228,954 Refurbish JR Program Tape Machines 37,189 (134) Pouch Racks for U222/U228 Program 43,804 (4) Mix Room Auxiliary "Piggable" System 43,866 Custom WIP Racks for P221 Program 24,531 Upgrade paint Line (Phase 1 - Final 35%) 123,283 (76) Custom Wip Racks For P221 Program 28,743 Upgrade Paint Line (Phase 2 - 65%) 235,322 Replace Main paint Line Track (Portion) 21,442 Burn-off Oven 32,617 Upgrade paint Line (Phase 2 - Final 35%) 128,859 Electrical Hookups for the UBE 1000T Molding 22,254 Installation of Infrared Oven 62,125 Infrared Oven Equipment 57,938 Roll Foam/Tape Slitter 36,260 Turnkey Modifications 29,809 Extension of Overhead Cranes Rails 30,645 Robot for 390T Toshiba Press - Leased 23,862 Vertical Triggering for Paint Line 61,363 Upgrade Main Paint Line 148,684 P150 '06 FRT Program KD5748-42 BLU/BLK 4 Door (270 Totes) 15,540 P150 '06 RR Program KD5748-34 GRY/BLK 4 Door (538 Totes) 27,939 (432 Totes) KD5648-34 EADD 2 Door BLK/BLU (XK) 36,212 (317 Totes) HD4845-34 EADD 2 Door BLK/GRY (XK) 26,572 (390) XK/XH Rear QTR Flare Returnable 22,066 (405) Returnables for XK/XH Rear Door Flares 31,325 Tear Out and Install Electrical Equipment, Venting for Main Paint Line 22,522 Main Paint Line Conveyor -- Construct/Install 42,636 Piggabble System for Paint Mix Room (1 of 4) 31,625 Piggabble System for Paint Mix Room (1 of 4) 31,625 Piggabble System for Paint Mix Room (1 of 4) 31,625 Piggabble System for Paint Mix Room (1 of 4) 31,625 Electrical Capacitors 21,064 (178) Wip Racks from Heritage for XK/XH am 103,469 (6) Doyle Applicator Cleaners, Safety Covers & Strainer Baskets 21,413 Sheet Metal Improvements/Fabrication 46,612 Booth Modifications - Paint Line 160,838 Electrical/Mechanical Installation of 375T Press from Napoleon 20,272 Sepro Robot (for 375T CINC Press) 36,768 Microwave Scan for measuring DOI & Orange Peel 20,412 Lease Buyout - AFL 64784-025-650T UBE PZII720US-153B Press 24,679 Paint Conveyor Upgrade - (8) 16' Inverted Monotail Tracks 4-Wheel 112,462 Welded SILO & Accessories 31,023 Welded SILO & Accessories 31,023 PLC Control Modification for Paint Line 48,700 Paint Line: (2) 4-Bell Paint Spray Reciprocators and Cascade Power Sup 32,250 Cost (1) L-CAR 89,279 New Roof (Peak to Oven) 66,830 Costs (1) L-PRIZM 511,223 (2) New Truck Doors (Coil and Tray) 22,304 Costs (1) H-CAR 22,555 Construction of QC Lab 36,153 Renovate Ceiling Lights and Sprinklers 25,026 Renovate Paint Line Flooring 54,791 Primary/Secondary Switch Gear 37,915 High voltage Connections/ Installation of Switch Gear 50,848 Intech Design/Engineering Services 823,218 Dual Air Compressor Building 31,453 Prepare Facility for 1500T UBE 154,559 AMP Circuitry in Molding Area 37,729 Pumpford Constructions 1,290,317 Pumpford Constructions 26,365 Pumpford Constructions 229,398 Roof Repair Over the MFG Facility Roof 58,637 Ground Preparation, Soil Removal & Pouring Concrete Pad 63,397 Safety Storage Building -- Flammable Drums 51,804 Concrete Drives and Truck Well 30,301 Railroad Land Improvements 24,257 Install 16'X48'X3' Concrete Silo Pad 30,852 Others 3,079,219 See http://bankrupt.com/misc/Plastech_SALScheduleB.pdf B.30 Inventory Finished goods, Sub-assembly, Inserts, Components, Fasteners, etc. 3,178,404 B.35 Other Personal Property Construction in Process 124,309 Returnable Containers 1,787,919 Secondary Equipment 608,653 TOTAL SCHEDULED ASSETS $20,268,499 ======================================================== C. Properties Scheduled as Exempt None D. Secured Claim Bank of America - February 2007 Revolver Credit Agreement 97,587,809 Bank of America - Standby Letter of Credit 3008997 87,000 Bank of America - Standby L/C 3023087 1,021,233 Bank of America - Standby L/C 3055996 445,000 Bank of America - Standby L/C 68019139 319,319 Bank of America - Standby L/C 68020422 1,600,000 Bank of America - Standby L/C 68022027 1,540,000 Bank of America - Standby L/C 7403857 410,000 Bank of America - Standby L/C 7404207 1,300,000 Bank of America - Standby L/C 7410308 6,300,000 Bank of New York- Second Lien Term Loan 100,331,305 Goldman Sachs Credit - First Lien Loan 263,496,889 E. Unsecured Priority Claims Indiana Dept. of Revenue Undetermined Madison County Treasurer Undetermined F. Unsecured Nonpriority Claims IDEM, Office of Enforcement Undetermined USEFA Region 5 Undetermined TOTAL LIABILITIES $474,438,557 ======================================================== Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases. As of Dec. 31, 2006, the company's books and records reflected assets totaling $729,000,000 and total liabilities of $695,000,000. (Plastech Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) PLASTECH ENGINEERED: Three Debtor-Affiliates File Schedules ----------------------------------------------------------- Three debtor-affiliates of Plastech Engineered Products Inc. reported these assets and liabilities: Debtor-Affiliate Assets Liabilities ---------------- ------ ----------- LDM Holding Mexico, Inc. $0 $474,438,557 LDM Holding Canada 5,675,930 474,438,557 MBS Polymet, Inc. 6,158,050 474,438,557 LDM Holding Canada's assets represent stocks in LDM Technologies Company, a Canadian subsidiary in Leamington, Ontario, while MBS Polymet's assets comprise of: Real property $208,399 Cash on hand 1,000 Accounts Receivable 1,972,667 Contingent Claims Undetermined Automobiles 21,999 Office Equipment 2,315 Machinery 2,567,577 Inventory 1,314,398 Other personal property 69,692 The three debtor-affiliates' liabilities comprise of secured loans owed by all of the Debtors: Bank of America - February 2007 Revolver Credit Agreement 97,587,809 Bank of America - Standby Letter of Credit 3008997 87,000 Bank of America - Standby L/C 3023087 1,021,233 Bank of America - Standby L/C 3055996 445,000 Bank of America - Standby L/C 68019139 319,319 Bank of America - Standby L/C 68020422 1,600,000 Bank of America - Standby L/C 68022027 1,540,000 Bank of America - Standby L/C 7403857 410,000 Bank of America - Standby L/C 7404207 1,300,000 Bank of America - Standby L/C 7410308 6,300,000 Bank of New York- Second Lien Term Loan 100,331,305 Goldman Sachs Credit - First Lien Loan 263,496,889 Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases. As of Dec. 31, 2006, the company's books and records reflected assets totaling $729,000,000 and total liabilities of $695,000,000. (Plastech Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) PROPEX INC: Reports $5,700,000 Net Loss in March 2008 ----------------------------------------------------- Propex Inc. Unaudited Condensed Consolidated Balance Sheet As of March 30, 2008 ASSETS Current assets: Cash and cash equivalents $25,700,000 Restricted cash 700,000 Accounts receivable, net 97,000,000 Accounts Receivable Claims - prepetition (200,000) Inventories, net 144,600,000 Deferred income taxes 9,100,000 Prepaid expenses and other current assets 29,700,000 Assets held for sale 7,400,000 ----------- Total current assets 314,000,000 Other assets: Goodwill 9,100,000 Intangible assets, net 23,200,000 Deferred income taxes - Investment in Subsidiaries - Intercompany Notes Receivable - Other assets 11,900,000 ----------- Property, plant and equipment, net 223,700,000 ----------- Total assets $581,900,000 =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Prepetition Accounts payable $8,800,000 Accrued liabilities 200,000 Current portion of debt and accrued interest 382,600,000 Accrued pension obligations - Restructuring and other similar costs 700,000 Other current liabilities 400,000 Postpetition Accounts payable 33,600,000 Accrued liabilities 16,600,000 Current portion of debt and accrued interest 34,500,000 Accrued pension obligations - Restructuring and other similar costs 500,000 Other current liabilities - ----------- Total current liabilities 477,900,000 Non-Current liabilities: Prepetition Accrued pension and other postretirement 24,800,000 benefit liabilities Other non-current liabilities - Postpetition Intercompany Notes Payable - Debt, less current portion - Deferred income taxes 11,800,000 Accrued pension and other postretirement 28,500,000 benefit liabilities Other non-current liabilities 1,400,000 ----------- Total non-current liabilities 66,500,000 Total stockholder's equity: Common stock - Paid In Capital 96,400,000 Accumulated Other Comprehensive income 21,300,000 Retained Earnings - Prior Year (73,300,000) Retained Earnings - Current Year (6,900,000) ----------- Total stockholder's equity 37,500,000 ----------- Total liabilities and stockholder's equity $581,900,000 =========== Propex Inc. Unaudited Condensed Consolidated Statement of Operations For Month Ended March 30, 2008 Net revenue $47,300,000 Cost of sales 43,100,000 ----------- Gross profit 4,200,000 Operating expenses: Selling, general and administrative 5,700,000 Other expense, net (100,000) Add Back Depreciation and Amortization 2,200,000 EBITDA 800,000 Depreciation & Amortization 2,200,000 Interest expense 3,200,000 Restructuring and Similar Costs 4,600,000 Other Non Operating expense Impairment of goodwill - Impairment of other intangibles - Impairment of property, plant and equipment - Pension curtailment, net of settlement loss - Debt Forgiveness - Other - Equity Loss from Sub Earnings - Income before income taxes (9,200,000) Income tax provision (3,500,000) ----------- Net income ($5,700,000) =========== Propex Inc. Unaudited Condensed Consolidated Statement of Cash Flows For Month Ended March 30, 2008 Cash Flows from Operating Activities: Net income (loss) ($5,700,000) Adjustments to reconcile net loss to net Depreciation and amortization 2,200,000 None Cash Interest on Debt - Amortization of bank fees - Net gain on dispositions of property - and equipment Stock-based Compensation - Impairment of property, plant and equipment - Impairment of goodwill - Impairment of other intangibles - Pension and Post Retirement Benefit Cost 200,000 Deferred income taxes - Changes in operating assets and liabilities Increase in assets - Prepetition - Increase in assets - Postpetition (5,700,000) Increase in liabilities - Prepetition (5,800,000) Increase in liabilities - Postpetition 9,800,000 ----------- Net cash provided by operating activities (5,000,000) Cash flows from investing activities Capital expenditures (200,000) Proceeds from sale of property and equipment - Acquisition of business - ----------- Net cash used in investing activities (200,000) Cash flows from financing activities Payments if long-term debt principal - Proceeds from issuance of debt - Debt issuance costs - Dividends from unconsolidated Parent - Net receipts from unconsolidated Parent 100,000 Net payments of affiliate debt - ----------- Net cash provided by financing activities 100,000 Effect of changes in foreign exchange rates (600,000) on cash and cash equivalents Change in cash and cash equivalents (5,700,000) Cash and cash equivalents - beginning of period 31,400,000 ----------- Cash and cash equivalents - end of period $25,700,000 =========== Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It is produces primary and secondary carpet backing. Propex operates in North America, Europe, and Brazil. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249). The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. As of Sept. 30, 2007, the debtors' balance sheet showed total assets of $585,700,000 and total debts of $527,400,000. The Debtors' exclusive period to file a plan of reorganization expires on May 17, 2008. (Propex Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) REFCO LLC: Chapter 7 Trustee Files March 2008 Operating Report -------------------------------------------------------------- Albert Togut, the Chapter 7 trustee overseeing the liquidation of Refco, LLC's estate, filed with the Court a monthly statement of cash receipts and disbursements for the period March 1 to 31, 2008. The Chapter 7 Trustee reports that Refco LLC's beginning balance in its capital account "A" as of March 1 totaled $81,779,000. Capital account "A" includes activities related to collection of excess capital. During the Reporting Period, Refco LLC received $22,000, and disbursed $81,801,000. The Debtor held $0 at the end of the period. The Chapter 7 Trustee filed the Monthly Statement in lieu of comprehensive financial statements. A full-text copy of Refco LLC's March 2008 Monthly Statement is available at no charge at: http://bankrupt.com/misc/RefcoLLCMORMarch08.pdf Headquartered in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. (Refco Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). REUNION INDUSTRIES: Earns March 2008 Net Loss of $238,000 --------------------------------------------------------- Reunion Industries Inc. submitted its monthly operating report for March 2008. The Debtor's beginning cash balance was $464,628 and ending cash balance was $392,901. For the month ended March 31, 2008, the Debtor generated net sales of $4,537,000 and had a net income of $238,000. As of March 31, 2008, the Debtor's balance sheet showed total assets of $46,925,000, total liabilities of $70,238,000, and total stockholders' deficit of $23,313,000. A full-text copy of the Debtor's March 2008 monthly report is available for free at http://ResearchArchives.com/t/s?2c74 About Reunion Industries Headquartered in Pittsburgh, Pennsylvania, Reunion Industries Inc. owns and operates industrial manufacturing operations that design and manufacture engineered, high quality products for specific customer requirements. These products include large diameter seamless pressure vessels, manufactured by its CP Industries division, and hydraulic and pneumatic cylinders, manufactured by its Hanna Cylinders division. In addition, the Debtor has a 65% interest in Shanghai Klemp Metal Products Co., Ltd., a Chinese company located in Shanghai, China. Shanghai Klemp manufactures metal bar grating. Reunion Industries filed for Chapter 11 protection on Nov. 26, 2007 (Bankr. D. Conn. Case No.: 07-50727). Two Reunion Industries stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier Poole Family, L.P., filed separate Chapter 11 petitions on the same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol A. Felicetta, Esq. at Reid and Riege, P.C. represents the Debtors in their restructuring efforts. WELLMAN INC: Posts $4,700,000 Net Loss in April 2008 ---------------------------------------------------- Wellman, Inc. Consolidated Balance Sheet (Unaudited) As of April 30, 2008 ASSETS Current assets: Cash & cash equivalents $300,000 Accounts receivable 149,900,000 Inventories 93,200,000 Prepaid expenses & other current assets 30,800,000 Current assets held for sale - ------------ Total current assets 274,200,000 Property, plant, & equipment: Land, buildings & improvements 90,400,000 Machinery & equipment 340,100,000 CIP 4,400,000 ------------ 434,900,000 Less accumulated depreciation 196,000,000 ------------ Net property, plant & equipment 238,900,000 Other assets 10,900,000 Noncurrent assets held for sale - ------------ Total assets $524,000,000 ============ LIABILITIES & STOCKHOLDERS' DEFICIT Liabilities not subject to compromise Current liabilities: Accounts payable - trade $4,400,000 Accrued liabilities 20,700,000 Debtor in possession credit agreement 142,200,000 Other debt - Current liabilities associated with assets held for sale - ------------ Total current liabilities 167,300,000 Liabilities subject to compromise 531,200,000 Long-term debt - Deferred income taxes & other noncurrent liabilities 37,100,000 Noncurrent liabilities assoc. w/ assets held for sale - ------------ Total liabilities 735,600,000 Stockholders' Deficit: Common stock - Preferred stock 185,700,000 Paid-in capital 248,700,000 Common stock warrants 4,900,000 Accumulated other comprehensive loss - Accumulated deficit (601,400,000) Less common stock in treasury (49,500,000) ------------ Total stockholders' deficit (211,600,000) ------------ Total liabilities & stockholders' deficit $524,000,000 ============ Wellman, Inc. Condensed Consolidated Statement of Operations (Unaudited) For the Month Ended April 30, 2008 Net sales $85,100,000 Cost of sales 83,200,000 ------------ Gross profit 1,900,000 Selling, general & administrative expenses 2,800,000 Other (income) loss (200,000) ------------ Operating (income) loss (700,000) Interest expense, net 900,000 ------------ Earnings (loss) from continuing operations (1,600,000) before restructuring items & income taxes Reorganization items, net 3,100,000 ------------ Earnings (loss) from continuing operations (4,700,000) before income taxes Income tax expense 0 ------------ Earnings (loss) from continuing operations (4,700,000) Earnings from discontinued operations, net of tax 0 ------------ Net Earnings (loss) ($4,700,000) ============ Wellman, Inc. Consolidated Statement of Cash Flows (Unaudited) For the Month Ended April 30, 2008 Cash flow from operating activities: Net earnings (loss) ($4,700,000) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: Loss from discontinued operations, net of tax 0 Depreciation 1,200,000 Amortization 1,400,000 Amortization in interest expense 300,000 Deferred taxes on income 0 Reorganization items 3,100,000 Payment of reorganization items (3,100,000) Gain on sale of assets (200,000) Changes in assets and liabilities: Accounts receivable (14,600,000) Inventories (8,000,000) Prepaid expenses and other current assets 7,000,000 Other assets (200,000) Accounts payable and accrued liabilities (800,000) Other liabilities (700,000) Other 200,000 ------------ Net cash used by operating activities ($19,100,000) Cash flows from investing activities: Additions to property, plant and equipment (net) (400,000) Proceeds from sale of assets 300,000 ------------ Net cash used by investing activities (100,000) Cash flows from financing activities: Borrowings (Repayments) of long-term debt 18,200,000 Dividends paid on common stock 0 Debt and equity issuance costs 0 ------------ Net cash provided (used) by financing activities 18,200,000 Discontinued Operations: Operating activities 0 Investing activities 0 Financing activities 0 ------------ Net cash provided (used) by discontinued operations 0 ------------ Increase (decrease) in cash and cash equivalents ($1,000,000) Cash and cash equivalents, beginning 1,300,000 ------------ Cash and cash equivalents, end $300,000 ============ According to Wellman, the $2,100,000 decrease in gross profit -- $4,000,000 in March to $1,900,000 in April -- was attributable to decreases in the chemical-based segment ($1,900,000) as well as the recycled-based segment ($200,000). The decrease in gross profit for the chemical-based segment was mainly attributable to decreased raw material margins, which is the difference between selling prices and raw material costs, as selling price increases were lower than raw material cost increases. Sales volume was flat in PET resin and down approximately 3 million pounds in polyester staple fiber in April. Gross profit for the recycled- based segment decreased, due primarily to lower raw material margins as declines in selling prices were greater than decreases in raw material costs. Other income of $200,000 consisted of a gain on the sale of non-operational assets in Johnsonville, South Carolina. As a result of the above items, we reported an operating loss of $700,000 in April, compared to operating income of $1,300,000 in March. Interest expense remained flat at $900,000 in April. Interest expense was calculated only on the amount borrowed under the company's DIP Credit Agreement. Reorganization costs, which consisted primarily of legal fees related to the Chapter 11 filing, were $3,100,000 in April, compared to $2,800,000 in March. As a result, the company's net loss was $4,700,000 for April 2008. The balance sheet at April 30, 2008, reflected $142,200,000 in borrowings under the DIP Facility and $300,000 in cash and cash equivalents. The total borrowed, net of cash on hand, was $19,300,000 higher than March. Accounts receivable and inventories increased by $14,600,000 and $8,000,000, respectively, due to increased selling prices, higher raw material costs and increased raw material inventory pounds in the chemical-based segment. Prepaid expenses and other current assets and accounts payable decreased by $8,600,000 and $3,400,000, respectively. The company borrowed an additional $18,200,000 in April to fund operations and pay reorganization costs of $3,100,000. The additional funding for operations was primarily attributable to increases in working capital. About Wellman Inc. Headquartered in Fort Mill, South Carolina, Wellman Inc. ([OTC]: WMANQ.OB) -- http://www.wellmaninc.com/-- manufactures and markets packaging and engineering resins used in food and beverage packaging, apparel, home furnishings and automobiles. They manufacture resins and polyester staple fiber a three major production facilities. The company and its debtor-affiliates filed for Chapter 11 protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York City, represents the Debtors. Wellman Inc., in its bankruptcy petition, listed total assets of $124,277,177 and total liabilities of $600,084,885, as of Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed assets between $500 million and $1 billion on a stand-alone basis at the time of the bankruptcy filing. Debtor-affiliates Fiber Industries Inc., Prince Inc., and Wellman of Mississippi Inc., listed assets between $100 million and $500 million at the time of their bankruptcy filings. (Wellman Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya, Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***