/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/080614.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, June 14, 2008, Vol. 12, No. 141 Headlines ACCEPTANCE INSURANCE: Posts $48,730 Net Loss in May 2008 AMERICAN HOME: Posts $19,635,706 Net Loss in March 2008 AMERICAN HOME: AHMC Files March 2008 Monthly Operating Report AMERICAN HOME: AHMAI Files March 2008 Monthly Operating Report AMERICAN HOME: AHMSI Files March 2008 Monthly Operating Report HANCOCK FABRICS: Incurs $1,869,000 Net Loss in May 2008 KIMBALL HILL: Files Schedules of Assets and Liabilities KIMBALL HILL: Houston LLC Files Schedules of Assets and Debts KIMBALL HILL: Illinois LLC Files Schedules of Assets and Debts PROPEX INC: Incurs May 2008 Net Loss of $10,700,000 REFCO LLC: Case Trustee Submits April 2008 Monthly Report REUNION INDUSTRIES: Earns $41,392,000 in Month Ended April 30 ********* ACCEPTANCE INSURANCE: Posts $48,730 Net Loss in May 2008 -------------------------------------------------------- Acceptance Insurance Companies, Inc. had total assets of $22,593,404, total liabilities of $138,183,184, total stockholders' deficit of $115,589,780 as of May 31, 2008. The Debtor generated total revenue of $1,723, and incurred a net loss of $48,730 for the month ended May 31, 2008. A full-text copy of the Debtor's May 2008 report is available for free at http://ResearchArchives.com/t/s?2df9 About Acceptance Insurance 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. AMERICAN HOME: Posts $19,635,706 Net Loss in March 2008 ------------------------------------------------------- American Home Mortgage Investment Corp. Statement of Financial Condition As of March 31, 2008 Assets: Cash and cash equivalents $5,522,331 Restricted cash 150,799,967 Accounts receivable 3,700,171 Intercompany receivable 1,327,170,839 Securities 1,233,749,286 Derivative assets 5 Investment in subsidiaries (908,900,867) Other assets 3,958 ------------- Total Assets $1,812,045,690 ============= Liabilities and Stockholders' Equity Liabilities: Reverse repurchase agreements $16,602,590 Junior subordinated note 180,416,000 Derivative liabilities 53,817,031 Accrued expenses & other liabilities 1,318,621,131 Intercompany payable 580,860,299 ------------- Total Liabilities 2,150,317,051 Stockholders' Equity Preferred stock - Series A 50,856,875 Preferred stock - Series B 83,183,125 Common Stock 543,074 Additional paid-in capital 1,057,864,155 Retained earnings (1,530,718,590) Other comprehensive loss - ------------- Total Stockholders' Equity (338,271,361) ------------- Total Liabilities & Stockholders' Equity $1,812,045,690 ============= American Home Mortgage Investment Corp. Statement of Income Month Ended March 31, 2008 Net Interest Income: Interest income $3,188,612 Interest expense - ------------ Net interest income 3,188,612 Provision for loan losses - ------------ Net interest income after provision 3,188,612 for loan losses Non-Interest Income: Loss on mortgage loans 13 Loss on securities and derivatives (4,943,339) Gain (loss) from Subsidiaries (17,814,653) Other non-interest income - ------------ Non-interest income(loss) (22,757,979) Other Data processing and communications 990 Professional fees 13,917 Other expenses 51,432 ------------ Total expenses 66,339 Loss before income taxes (19,635,706) Income taxes - ------------ Net loss (income) ($19,635,706) ============ American Home Mortgage Investment Corp. Schedule of Cash Receipts and Disbursements Month Ended March 31, 2008 Cash - Beginning of Month, 03/01/2008 $156,820,741 Receipts: Cash sales - Accounts receivable - Sale of assets 12,885,583 Loans and advances - Administrative - Net payroll - Other 480,529 Transfers (from DIP accounts) - ------------ Total Receipts 13,366,113 Disbursements: Net payroll 1,446,697 Payroll taxes - Sales, use & other taxes - Loans and advances 867,485 Inventory purchases - Secured/rental/leases - Insurance - Administrative 1,719,682 Selling - Other - Transfers (from DIP accounts) 9,830,692 Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 13,864,556 ------------ Net Cash Flow (498,444) ------------ Cash - End of Month - 03/31/08 $156,322,297 ============ 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 Debtors' exclusive periods to file a plan of reorganization expired on June 2, 2008. (American Home Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMC Files March 2008 Monthly Operating Report ------------------------------------------------------------- American Home Mortgage Corp. Statement of Financial Condition As of March 31, 2008 Assets: Cash and cash equivalents $23,065,531 Restricted cash 6,245,140 Securities purchased under agreements - Accounts receivable 31,949,819 Intercompany receivable 687,869,784 Mortgage loans 597,998,247 Derivative assets 743,601 Mortgage servicing rights 376,844,753 Other real estate, net 50,454,813 Premises and equipment, net 21,903,836 Investment in subsidiaries 73,671,439 Other assets 3,097,929 ------------- Total Assets $1,873,844,892 ============= Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $591,851,511 Derivative liabilities 10,481,560 Accrued expenses & other liabilities 512,360,522 Intercompany payable 1,474,866,236 Notes payable 901,858 Income taxes payable 4,656,330 ------------- Total Liabilities 2,595,118,017 Stockholders' Equity Additional paid-in capital 153,195,272 Retained earnings (874,468,397) Other comprehensive loss - ------------- Total Stockholders' Equity (721,273,125) ------------- Total Liabilities & Stockholders' Equity $1,873,844,892 ============= American Home Mortgage Corp. Statement of Income Month Ended March 31, 2008 Net Interest Income: Interest income $3,733,913 Interest expense (5,205) ------------ Net interest income 3,728,708 Provision for loan losses - ------------ Net interest income after provision 3,728,708 for loan losses Non-Interest Income: Gain (loss) on mortgage loans (17,032,372) Loan servicing fees 12,497,456 Changes in fair value of MSR - Income (loss) from subsidiaries (22,274) Other non-interest (loss) income (11,849,041) ------------ Non-interest income (16,406,231) Expenses Salaries, commissions & benefits, net 2,432,946 Occupancy and equipment 437,740 Data processing and communications (128,803) Office supplies and expenses 6,141 Marketing and promotion 1,110 Travel and entertainment 2,000 Professional fees 1,854,982 Other real estate operating expense 1,786,233 Other 265,599 ------------ Total expenses 6,657,948 Income (Loss) before income taxes (19,335,471) Income taxes - ------------ Net loss (income) ($19,335,471) ============ American Home Mortgage Corp. Schedule of Cash Receipts and Disbursements Month Ended March 31, 2008 Cash - Beginning of Month, 03/01/2008 $19,795,778 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances 403,074 Administrative 1,426,745 Net payroll - Other - Transfers (from DIP accounts) 7,694,644 ------------ Total Receipts 9,524,463 Disbursements: Net payroll 9,572 Payroll taxes - Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative - Selling - Other - Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 9,572 ------------ Net Cash Flow 9,514,892 ------------ Cash - End of Month - 03/31/08 $29,310,670 ============ 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 Debtors' exclusive periods to file a plan of reorganization expired on June 2, 2008. (American Home Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMAI Files March 2008 Monthly Operating Report -------------------------------------------------------------- American Home Mortgage Acceptance, Inc. Statement of Financial Condition As of March 31, 2008 Assets: Cash and cash equivalents $209,412 Restricted cash - Accounts receivable 1,615,689 Intercompany receivable 517,059,825 Mortgage loans 123,499,573 Mortgage servicing rights 16,744,758 Other real estate, net 3,843,808 Investment in subsidiaries (25,668,895) Other assets 156,271 ------------ Total Assets $637,460,441 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $140,005,153 Accrued expenses & other liabilities 18,017,452 Intercompany payable 663,178,130 ------------ Total Liabilities 821,200,735 Stockholders' Equity Additional paid-in capital 40,298,920 Retained earnings (224,039,214) Other comprehensive loss - ------------ Total Stockholders' Equity (183,740,294) ------------ Total Liabilities & Stockholders' Equity $637,460,441 ============ American Home Mortgage Acceptance, Inc. Statement of Income Month Ended March 31, 2008 Net interest income: Interest income $773,609 Interest expense - ------------ Net interest income 773,609 Provision for loan losses - ------------ Net interest income after provision for loan losses 773,609 Non-interest income: Gain (loss) on mortgage loans 2,322,255 Gain on securities and derivatives - Loan servicing fees - Changes in value of MSR - ------------ Net loan servicing fees - Income from subsidiaries (4,640) Other non-interest income - ------------ Non-interest income 2,317,615 Expenses: Salaries, commissions and benefits, net 247,214 Office supplies and expenses - Marketing and promotion - Professional fees - Other real estate operating expense 353,577 Other 3,199 ------------ Total expenses 603,990 Income (Loss) before income taxes 2,487,234 Income taxes - ------------ Net income $2,487,234 ============ American Home Mortgage Acceptance, Inc., discloses that its Cash as of March 1, 2008, was $206,981. Since it paid $2,430 in loans and advances, American Home Acceptance's cash at the end of the month was $209,411. 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 Debtors' exclusive periods to file a plan of reorganization expired on June 2, 2008. (American Home Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMSI Files March 2008 Monthly Operating Report -------------------------------------------------------------- American Home Mortgage Servicing, Inc. Statement of Financial Condition As of March 31, 2008 Assets: Cash and cash equivalents $92,159,606 Restricted cash 3,801,408 Accounts receivable & servicing advances 209,925,064 Intercompany receivable 143,115,761 Premises and equipment, net 2,532,116 Investment in subsidiaries 9,727,945 Other assets 763,267 ------------ Total Assets $462,025,167 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit - Accrued expenses & other liabilities $221,964,891 Intercompany payable 131,590,875 Income taxes payable 1,789,918 ------------ Total Liabilities 355,345,684 Stockholders' Equity Additional paid-in capital 37,000,200 Retained earnings 69,679,283 Other comprehensive loss - ------------ Total Stockholders' Equity 106,679,483 ------------ Total Liabilities & Stockholders' Equity $462,025,167 ============ American Home Mortgage Servicing, Inc. Statement of Income Month Ended March 31, 2008 Net interest income: Interest income - ------------ Net interest income - Provision for loan losses - ------------ Net interest income after provision for - loan losses Non-interest income: Gain (loss) on mortgage loans ($344,650) Loan servicing fees - Gain on sale of servicing platforms (44,752) ------------ Net loan servicing (loss) fees (44,752) Income from subsidiaries - Other non-interest income (loss) 44,754 ------------ Non-interest income (344,648) Expenses: Salaries, commissions and benefits, net 1,877,465 Occupancy and equipment 17,949 Data processing and communications 311,754 Office supplies and expenses 394,861 Marketing and promotion 1,396 Travel and entertainment 17,029 Professional fees 59,840 Other real estate operating expense (3,722) Other (3,014,476) ------------ Total expenses (337,904) Income (Loss) before income taxes (6,744) Income taxes - ------------ Net income (loss) ($6,744) ============ American Home Mortgage Servicing, Inc. Schedule of Cash Receipts and Disbursements Month Ended March 31, 2008 Cash - Beginning of Month, 03/01/2008 $59,386,581 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances 38,091,983 Administrative - Net payroll - Other - Transfers (from DIP accounts) 2,136,048 ------------ Total Receipts 40,228,031 Disbursements: Net payroll 1,034,134 Payroll taxes - Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative 2,619,464 Selling - Other - Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 3,653,598 ------------ Net Cash Flow 36,574,433 ------------ Cash - End of Month - 03/31/08 $95,961,014 ============ 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 Debtors' exclusive periods to file a plan of reorganization expired on June 2, 2008. (American Home Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). HANCOCK FABRICS: Incurs $1,869,000 Net Loss in May 2008 ------------------------------------------------------- Hancock Fabrics, Inc. and Subsidiaries Consolidated Balance Sheet As of May 3, 2008 ASSETS Current assets: Cash and cash equivalents $2,705,000 Receivables, less allowance for doubtful accounts 4,037,000 Inventories 81,150,000 Income taxes refundable 8,118,000 Prepaid expenses 1,058,000 ------------ Total current assets 97,068,000 Property and equipment 44,531,000 Other assets 11,059,000 ------------ Total Assets $152,658,000 ============ LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities not subject to compromise: Accounts payable $17,906,000 Credit facility; DIP financing 36,981,000 Accrued liabilities 13,996,000 Deferred tax liabilities 2,242,000 Postretirement benefits other than pensions 384,000 Pension and SERP liabilities 396,000 Other liabilities 2,986,000 Liabilities subject to compromise: Accounts payable 27,432,000 Accrued liabilities 6,739,000 Income taxes payable 1,500,000 Capital lease obligations 3,347,000 Postretirement benefits other than pensions 8,414,000 Pension and SERP liabilities 5,007,000 Other liabilities 6,369,000 ------------ Total Liabilities 131,457,000 Total Shareholders' Equity 21,201,000 ------------ Total liabilities and shareholders' equity $152,658,000 ============ Hancock Fabrics, Inc., and Subsidiaries Consolidated Statement of Operations For the Month Ended May 3, 2008 Sales $18,911,000 Cost of goods sold 10,096,000 ----------- Gross profit 8,815,000 Selling, general & admin. expense 9,331,000 Depreciation and amortization 312,000 ----------- Operating income (loss) (828,000) Reorganization expenses 727,000 Interest expense, net 314,000 ----------- Earnings (loss) before income taxes (1,869,000) Income taxes 0 ----------- Net earnings (loss) ($1,869,000) =========== Hancock Fabrics, Inc., and Subsidiaries Consolidated Statement of Cash Flow For the Month Ended May 3, 2008 Cash flows from operating activities: Net earnings ($1,869,000) Adjustments to reconcile net earnings to cash flows used in operating activities: Depreciation and amortization 464,000 Amortization of deferred loan costs 48,000 LIFO charge (credit) 177,000 Reserve for store closings credits (543,000) Reserve for obsolete inventory 0 Stepped rent accrual 7,000 Loss (gain) on disposition of property and equipment 24,000 Stock compensation expense 154,000 Reorganization expense, net 727,000 (Increase) decrease in assets: Receivables and prepaid expenses 374,000 Inventory at current cost (4,185,000) Other non-current assets 464,000 Increase (decrease) in liabilities: Accounts payable 1,466,000 Accrued liabilities 3,316,000 Postretirement benefits other than pensions (107,000) Long-term pension and SERP liabilities 16,000 Other liabilities (203,000) --------- Net cash used in operating activities before reorganization activities 330,000 Net cash used for reorganization activities (1,848,000) --------- Net cash used in operating activities (1,518,000) --------- Cash flows from investing activities: Additions to property and equipment (1,609,000) Proceeds from the disposition of property and equipment 18,000 --------- Net cash used in investing activities (1,591,000) Cash flows from financing activities: Net borrowings on DIP credit facility 3,865,000 Payments for capital leases (6,000) Payments for loan costs 0 Purchase of treasury stock (475,000) --------- Net cash provided by financing activities 3,384,000 --------- Decrease in cash and cash equivalents 275,000 Cash, beginning of period 2,430,000 --------- Cash, end of period $2,705,000 ========= About Hancock Fabrics Headquartered in Baldwyn, Mississippi, Hancock Fabrics Inc. (OTC: HKFIQ) -- http://www.hancockfabrics.com/-- is a specialty retailer of a wide selection of fashion and home decorating textiles, sewing accessories, needlecraft supplies and sewing machines. Hancock Fabrics is one of the largest fabric retailers in the United States, currently operating approximately 400 retail stores in approximately 40 states. The company employs approximately 7,500 people on a full-time and part-time basis. Most of the company's employees work in its retail stores, or in field management to support its retail stores. The company and six of its debtor-affiliates filed for chapter 11 protection on March 21, 2007 (Bankr. D. Del. Lead Case No. 07-10353). Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell, represent the Debtors. The U.S. Trustee for Region 3 appointed five creditors to serve on an Official Committee of Unsecured Creditors. As of Sept. 1, 2007, Hancock Fabrics disclosed total assets of $159,673,000 and total liabilities of 122,316,000. The Debtors have filed a plan of reorganization and proposed a confirmation hearing on that plan be set for July 22, 2008. (Hancock Fabric Bankruptcy News, Issue No. 34, Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). KIMBALL HILL: Files Schedules of Assets and Liabilities ------------------------------------------------------- Kimball Hill Inc. submits its schedules of assets and liabilities, disclosing: A. Real Property Sterling Building $8,400,153 Stonehill Square 986,706 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts Harris -- Acct No. 313-944-1 2,108,848,656 Harris -- Acct No. 313-950-8 1,162,551 Harris -- Acct No. 314-155-3 231,440 Harris -- Acct No. 313-982-1 134,336 Harris -- Acct No. 314-155-3 49,988 Harris -- Acct No. 313-974-8 33,354 Harris -- Acct No. 313-820-3 0 Harris -- Acct No. 313-858-3 0 Harris -- Acct No. 313-857-5 0 Harris -- Acct No. 313-916-9 (678,292,882) Harris -- Acct No. 313-915-1 (1,423,179,608) Bank of America, Acct. No. 8666100237 1,759,638 Bank of America, Acct. No. 14435358 40,718 LaSalle Bank, N.A. 1,008,130 US Bank, Acct. 1-993-8002-8795 415,431 US Bank, Acct. 1-993-8020-4230 0 Fifth Third Bank 243,910 JP Morgan Chase 121,966 B.3 Security Deposits 0 B.4 Household goods 0 B.5 Collectibles 0 B.6 Wearing apparel 0 B.9 Interests in Insurance Policies Life Insurance 4,304,649 American International 21,562 Illinois National Ins. Co. Undetermined XL Europe -- Excess Undetermined American Safety Indemnity Co. Undetermined Hartford Insurance Undetermined B.10 Annuities 0 B.11 Interests in educational IRA 0 B.12 Interests in IRA, ERISA or other Pension Plans 0 B.13 Business Interests and stocks Kimball Hill Homes Texas, Inc. 5,750,000 National Credit and Guaranty Corp. 5,000,000 Kimball Hill Urban Centers, LLC 250,000 Kimball Hill Homes Florida, Inc. 10,000 Kimball Hill Homes Wisconsin, Inc. 1,000 Kimball Hill Homes Washington, Inc. 1,000 Kimball Hill Texas Investment Co., LLC 1,000 KH Financial Holding Company 1,000 Kimball Hill Homes California, Inc. 1,000 Kimball Hill Homes Nevada, Inc. 1,000 Kimball Hill Homes Illinois, Inc. 1,000 Kimball Hill Homes Oregon, Inc. 1,000 Kimball Hill Homes Ohio, Inc. 1,000 B.14 Interests in partnerships The Hamilton Place Partnership 236,141 Sherwood Glen on the Fox Apartments Unit 2 136,842 Builder Homesite 50,000 Sherwood Glen on the Fox Partnership Undetermined B.15 Government and Corporate Bonds 0 B.16 Accounts Receivable Intercompany Receivable 424,017,706 Employee Receivable 50,000 Miscellaneous Receivables 41,042 Tenants Rent 16,716 B.18 Other Liquidated Debts 0 B.20 Other Contingent & Unliquidated Claims 0 B.21 Intellectual Property 0 B.22 Patents 0 B.23 Licenses, Franchises and Gen. Intangibles 0 B.25 Vehicles 0 B.26 Boats, motors, and accessories 0 B.27 Aircraft and accessories 0 B.28 Office equipment, furnishings and supplies 2,293,968 See http://bankrupt.com/misc/Kimball_B28_OfficeEquipment.pdf B.29 Machinery 0 B.30 Inventory Bright Meadows 1,756,589 Properties 905,446 Barrington Hills 560,584 Interest (171,950) B.35 Other Personal Property Bond Issue cost 4,387,630 Harris Up-Front and Amendment Fees 3,492,515 Prepaid Residential Warranty 2,000,000 Prepaid Professional Services/Retainers 1,387,500 Leasehold Improvements 607,395 Open Accounts Payable Adjustments 479,368 Other 2,102 Clearing Account 332 A/D Leasehold Improvements (605,562) TOTAL SCHEDULED ASSETS $478,954,063 ====================================================== C. Property Claimed as Exempt $0 D. Secured Claim Amerimark Bank -- Golf Rd Loan 4,814,700 Amerimark Bank -- Stonehill Square Loan 1,663,703 Amerimark Bank -- UCC Statement Undetermined Harris N.A. -- Senior Credit 318,316,046 Harris N.A. -- UCC Statement Undetermined Applied Financial, LLC Undetermined Fifth Third Bank Undetermined Fleet Bus. Credit, LLC Undetermined IBM Credit LLC Undetermined LaSalle Bank Nat'l. Assn. Undetermined Pullman Bank and Trust Undetermined RBC Centura Bank Undetermined RFC Construction Funding Corp. Undetermined Wells Fargo Bank Undetermined E. Unsecured Priority Claims Undetermined See http://bankrupt.com/misc/Kimball_SchedE.pdf F. Unsecured Non-priority Claims US Bank 210,584,588 Wachovia Bank National 19,019,532 CIGNA 180,279 Coleman Floor Company 143,231 Atomatic Mechanical Services, Inc. 91,791 Others 3,654,425 TOTAL SCHEDULED LIABILITIES $558,468,295 ====================================================== About Kimball Hill Based in Rolling Meadow, Illinois, Kimball Hill Inc. -- http://www.kimballhillhomes.com/-- is one of the largest privately-owned homebuilders and one of the 30 largest homebuilders in the United States, as measured by home deliveries and revenues. The company designs, builds and markets single- family detached, single-family attached and multi-family homes. The company currently operate within 12 markets, including, among others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento and Tampa, in five regions: Florida, the Midwest, Nevada, the Pacific Coast and Texas. Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11 protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08- 10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents the Debtors in their restructuring efforts. The Debtors' consolidated financial condition as of Dec. 31, 2007 reflected total assets of $795,473,000 and total debts $631,867,000. The Debtors' exclusive plan filing period expires on Aug. 21, 2008. (Kimball Hill Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). KIMBALL HILL: Houston LLC Files Schedules of Assets and Debts ------------------------------------------------------------- Kimball Hill Homes Houston LLC submits its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts 0 B.3 Security Deposits 0 B.4 Household goods 0 B.5 Collectibles 0 B.6 Wearing apparel 0 B.9 Interests in Insurance Policies 0 B.10 Annuities 0 B.11 Interests in educational IRA 0 B.12 Interests in IRA, ERISA or other Pension Plan 0 B.13 Business Interests and stocks Premier Title Company of Houston 71,425 B.14 Interests in partnerships Woodridge Residential, L.P. 3,166,604 B.15 Government and Corporate Bonds 0 B.16 Accounts Receivable 0 Settlement proceeds 1,002,963 Advanced Commissions (77,670) Miscellaneous Receivables (43,635) B.18 Other Liquidated Debts 0 B.20 Other Contingent & Unliquidated Claims 0 B.21 Intellectual Property 0 B.22 Patents 0 B.23 Licenses, Franchises and General Intangibles 0 B.25 Vehicles 0 B.26 Boats, motors, and accessories 0 B.27 Aircraft and accessories 0 B.28 Office equipment, furnishings and supplies Opening entry -- fully depreciated asset 14,325 Printer, Copier, Scanner 10,424 CDW Computer 2,998 Less: Depreciation (25,054) B.29 Machinery 0 B.30 Inventory Fieldstone 60' 25,755,847 Cypress Landing Park 5,568,090 Fieldstone 70' 3,865,049 Falls at White Oak 3,390,148 Eagles Springs 3,294,652 Fieldstone 50' 2,889,776 Indian Trails Sec 1 and 3 2,664,785 Westheimer Lakes 50' 2,362,752 Bridgewater 2,258,325 Fieldstone 45' 2,095,173 Autumn Lake 1,906,895 Others 13,766,511 See http://bankrupt.com/misc/KHHouston_SAL_Inventory.pdf B.35 Other Personal Property Open Accounts Payable Adjustments 1,388,269 Deferred Project Overhead 1,132,782 Adjustment to capped IDC 83,775 Others 113,527 TOTAL SCHEDULED ASSETS $76,658,735 ====================================================== C. Property Claimed as Exempt $0 D. Secured Claim Harris N.A. -- Senior Credit Facility 318,316,046 Harris N.A. -- UCC Statement Undetermined Comerica Bank -- Texas Undetermined RFC Construction Funding Corp. Undetermined E. Unsecured Priority Claims 107,553 See http://bankrupt.com/misc/KHHouston_SAL_SchedE.pdf F. Unsecured Non-priority Claims US Bank -- St. Paul Minnesotta 210,584,588 Lescon Plumbing Inc. 255,272 Joe Swartz Electric 157,245 Watts Pool Company, Inc. 146,393 Texwood Industries, L.P. 139,245 P.V. Roofing Corp. 124,341 Wisenbaker Builder 118,928 Others 21,211,539 See http://bankrupt.com/misc/KHHouston_SAL_SchedF.pdf TOTAL SCHEDULED LIABILITIES $551,161,150 ====================================================== About Kimball Hill Based in Rolling Meadow, Illinois, Kimball Hill Inc. -- http://www.kimballhillhomes.com/-- is one of the largest privately-owned homebuilders and one of the 30 largest homebuilders in the United States, as measured by home deliveries and revenues. The company designs, builds and markets single- family detached, single-family attached and multi-family homes. The company currently operate within 12 markets, including, among others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento and Tampa, in five regions: Florida, the Midwest, Nevada, the Pacific Coast and Texas. Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11 protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08- 10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents the Debtors in their restructuring efforts. The Debtors' consolidated financial condition as of Dec. 31, 2007 reflected total assets of $795,473,000 and total debts $631,867,000. The Debtors' exclusive plan filing period expires on Aug. 21, 2008. (Kimball Hill Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). KIMBALL HILL: Illinois LLC Files Schedules of Assets and Debts -------------------------------------------------------------- Kimball Hill Homes Illinois LLC submits its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.1 Cash on hand 0 B.2 Bank accounts 0 B.3 Security deposit 110,531 B.13 Stock and interests KH Ingram Park South, LLC 1,000 KH SRAV I, LLC 10,673,771 B.14 Interests in partnerships & joint venture Regency Oaks Limited Partnership 1,005 The Hamilton Place Partnership 698,978 B.16 Accounts receivable Settlement proceeds (2,429) Escrow holdbacks 40,638 Advanced commissions (131,933) Miscellaneous receivables 408,066 B.28 Office equipment Printer/copier/scanner 5,177 Opening entry -- fully depreciated assets 8,273 A/D data processing equipment (12,937) B.30 Inventory Edgewater Heritage 871,362 Edgewater Traditions 3,574,564 Huntington Chase 5,320,982 Ingham Park 1,805,990 Legend Lakes Country TC 2,156,380 Legend Lakes Homestead 4,817,806 Legend Lakes Land (780,395) Legend Lakes Preserves 1,486,794 Mayfair Town Homes 14,184,946 Mayfair Court Homes 4,620,566 Preserves Of South Elgin (1,124) Cherry Ridge Townes 7,426,419 Settlers Ridge Courts 72 Settlers Ridge Estates 309,238 Settlers Ridge Grove 1,643,735 Settlers Ridge Harvest 1,103,198 Settlers Ridge Marqis 598,765 Settlers Ridge Pioneer I 96,067 Settlers Ridge Pioneer II 400,767 Settlers Ridge Pioneer III 101,123 Settlers Ridge Prairie (33,848) Settlers Ridge Woodlands (66,750) Shelburne Farms Courthomes 11,473,248 SRAV 2 - Settlers Ridge 528,220 Waterford 9,271,495 Whispering Meadows 5,029,721 White Oak Unit 4 1,903,407 White Oak Unit 5 2,253,032 Chapel Crossing (16,045) Astor Place Condos (6,065) Tower Crossing (22,384) Grandview Farms 0 Chicago West Land 484 B.35 Other personal property 1,820,121 TOTAL SCHEDULED ASSETS $93,672,031 ===================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims Harris, N.A., as Administrative Agent 318,316,046 E. Creditors Holding Unsecured Priority Claims Barry, John 2,425 Bern, Alan 2,425 Bradford, William 2,425 Brennan, Julianne 2,425 Desai, Vijaykumar 2,425 Finn, Philip 2,425 Koutny, Debra 2,425 Leek, Daniel 2,425 Martin, Michael 2,425 McConnaughey, Joseph 2,425 Parikh, Viral 2,425 Patel, Devendra 2,425 Patel, Jigneshkumar 2,425 Pedraza, Peter 2,425 Rasmussen, Sandra 2,425 Renaghan, Joanne 2,425 Sterrett, Shannon 2,425 Thakkar, Nital 2,425 Thomas, John 2,425 Tomaszewski, Piotr 2,425 Valere-Charles, Shirley 2,425 Veverka, William 2,425 Willes, Kimberly 2,000 F. Creditors Holding Unsecured Non-priority Claims US Bank, as Indenture Trustee 210,590,738 Intercompany 111,694,999 B & C Moore Excavating 132,644 Builders Concrete 512,953 Coleman Floor Company 111,262 Four Seasons Heating & Cooling 158,326 Gluth Bros. Construction Co. 188,035 Ibarras Concrete Company 468,952 LM Squared LLC 155,287 Lockwood Furnace 112,402 Mid American Heating 108,474 Neslund & Associates, Inc. 201,200 R & D Thiel 895,042 Service Drywall And Decorating 101,609 T & H Electric Ltd. 103,181 Other 2,622,272 TOTAL SCHEDULED LIABILITIES $646,528,772 ===================================================== About Kimball Hill Based in Rolling Meadow, Illinois, Kimball Hill Inc. -- http://www.kimballhillhomes.com/-- is one of the largest privately-owned homebuilders and one of the 30 largest homebuilders in the United States, as measured by home deliveries and revenues. The company designs, builds and markets single- family detached, single-family attached and multi-family homes. The company currently operate within 12 markets, including, among others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento and Tampa, in five regions: Florida, the Midwest, Nevada, the Pacific Coast and Texas. Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11 protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08- 10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents the Debtors in their restructuring efforts. The Debtors' consolidated financial condition as of Dec. 31, 2007 reflected total assets of $795,473,000 and total debts $631,867,000. The Debtors' exclusive plan filing period expires on Aug. 21, 2008. (Kimball Hill Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). PROPEX INC: Incurs May 2008 Net Loss of $10,700,000 --------------------------------------------------- Propex Inc. Unaudited Condensed Consolidated Balance Sheet As of May 4, 2008 ASSETS Current assets: Cash and cash equivalents $27,500,000 Restricted cash 700,000 Accounts receivable, net 101,500,000 Accounts Receivable Claims - prepetition (100,000) Inventories, net 138,600,000 Deferred income taxes 8,700,000 Prepaid expenses and other current assets 31,900,000 Assets held for sale 7,400,000 ----------- Total current assets 316,200,000 Other assets: Goodwill - Intangible assets, net 17,700,000 Deferred income taxes - Investment in Subsidiaries - Intercompany Notes Receivable - Other assets 7,300,000 ----------- Property, plant and equipment, net 222,800,000 ----------- Total assets $564,000,000 =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Prepetition Accounts payable $8,400,000 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 300,000 Postpetition Accounts payable 33,400,000 Accrued liabilities 21,700,000 Current portion of debt and accrued interest 35,100,000 Accrued pension obligations - Restructuring and other similar costs 500,000 Other current liabilities 1,700,000 ----------- Total current liabilities 484,600,000 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 11,200,000 Accrued pension and other postretirement 28,300,000 benefit liabilities Other non-current liabilities 1,400,000 ----------- Total non-current liabilities 65,700,000 Total stockholder's equity: Common stock - Paid In Capital 96,300,000 Accumulated Other Comprehensive income 23,200,000 Retained Earnings - Prior Year (88,200,000) Retained Earnings - Current Year (17,600,000) ----------- Total stockholder's equity 13,700,000 ----------- Total liabilities and stockholder's equity $564,000,000 =========== Propex Inc. Unaudited Condensed Consolidated Statement of Operations For Month Ended May 4, 2008 Net revenue $66,100,000 Cost of sales 60,000,000 ----------- Gross profit 6,100,000 Operating expenses: Selling, general and administrative 7,500,000 Other expense, net 200,000 Add Back Depreciation and Amortization 2,700,000 EBITDA 1,100,000 Depreciation & Amortization 2,700,000 Interest expense 2,300,000 Restructuring and Similar Costs 1,500,000 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 (5,400,000) Income tax provision 5,300,000 ----------- Net income ($10,700,000) =========== Propex Inc. Unaudited Condensed Consolidated Statement of Cash Flows For Month Ended May 4, 2008 Cash Flows from Operating Activities: Net income (loss) ($10,700,000) Adjustments to reconcile net loss to net Depreciation and amortization 2,700,000 None Cash Interest on Debt - Amortization of bank fees - Net gain on dispositions of property 100,000 and equipment Stock-based Compensation 100,000 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 (100,000) Increase in assets - Postpetition 4,900,000 Increase in liabilities - Prepetition (500,000) Increase in liabilities - Postpetition 5,900,000 ----------- Net cash provided by operating activities 2,600,000 Cash flows from investing activities Capital expenditures (800,000) Proceeds from sale of property and equipment 100,000 Acquisition of business - ----------- Net cash used in investing activities (700,000) 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 - on cash and cash equivalents Change in cash and cash equivalents 1,800,000 Cash and cash equivalents - beginning of period 25,700,000 ----------- Cash and cash equivalents - end of period $27,500,000 =========== About Propex 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 Aug. 21, 2008. (Propex Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) REFCO LLC: Case Trustee Submits April 2008 Monthly 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 April 1 to 30, 2008. The Chapter 7 Trustee reports that Refco LLC's beginning balance in its Chase Money Market account with JPMorgan Chase Bank, N.A., totaled $81,593,000 as of April 1. During the Reporting Period, Refco LLC received a negative amount of $1,126,000, and disbursed $1,838,000. The Debtor held $78,629,000 at the end of the period. Refco, LLC Schedule of Cash Receipts and Disbursements Through JPMorgan Money Market and Checking Accounts April 1 through April 30, 2008 Beginning Balance, April 1, 2008 $81,593,000 RECEIPTS Interest Income Man Financial - Return of Erroneous Funds Received (1,514,000) Man Financial - Excess Capital return 249,000 Other Receivables 44,000 ----------- TOTAL RECEIPTS (1,126,000) TRANSFERS Money Market Account to Checking Account -- ----------- TOTAL TRANSFERS -- DISBURSEMENTS Operating Market Account to Checking Account 119,000 Reorganization Expenses: Attorney Fees Jenner & Block LLP 544,000 Togut, Segal & Segal LLP 232,000 Neal, Gerber & Eisenberg LLP 132,000 Henderson & Lyman 5,000 Ronald DeKoven 67,000 Other Professional Fees Bridge Associates, LLC 693,000 ----------- TOTAL DISBURSEMENTS 1,838,000 ----------- Ending Balance, April 30, 2008 $78,629,000 =========== The Chapter 7 Trustee filed the Monthly Statement in lieu of comprehensive financial statements. A full-text copy of Refco LLC's April 2008 Monthly Statement is available at no charge at: http://bankrupt.com/misc/RefcoLLCMORApril08.pdf About Refco 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 has operations in Bermuda. 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 US$16.5 billion in assets and US$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, Issue No. 83; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) REUNION INDUSTRIES: Earns $41,392,000 in Month Ended April 30 ------------------------------------------------------------- Reunion Industries Inc. had $392,901 in cash at the beginning of the month of April 2008, excluding lock-boxes. Cash at the end of the month of April 2008 was $51,452,476. In connection with the sale of the CP Industries division on April 18, 2008, the Debtor's DIP Financing Agreement was paid in full. Additionally, another creditor with a secured lien was paid in full. The total of these payments was $14.7 million. This amount has been netted against the proceeds from the sale of the CPI division. For the month of April 2008, the company generated net sales of $2,682,000 and earned $41,392,000. As of April 30, 2008, the company's balance sheet showed total assets of $68,286,000, total liabilities of $50,033,000, and total stockholders' equity of $18,253,000. A full-text copy of the company's April 2008 report is available for free at http://ResearchArchives.com/t/s?2df8 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. ********* 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. 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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. 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