/raid1/www/Hosts/bankrupt/TCR_Public/080719.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, July 19, 2008, Vol. 12, No. 171
Headlines
ACCEPTANCE INSURANCE: Posts $25,708 Net Loss in June 2008
AEGIS MORTGAGE: Incurs $73,243,732 Net Loss in May 2008
AMERICAN HOME: Earns $7,704,555 in Month Ended April 30, 2008
AMERICAN HOME: AHMAI Submits April 2008 Operating Report
AMAERICAN HOME: AHMSI Submits April 2008 Operating Report
AMPEX CORP: Earns $891,000 in Month Ended May 24, 2008
BHM TECHNOLOGIES: Posts $4,020,000 Net Loss Month Ended May 24
BHM TECHNOLOGIES: Files Schedules of Assets and Liabilities
BHM TECHNOLOGIES: BHM Technologies LLC Files Schedules
BHM TECHNOLOGIES: Brown Corp. Files Schedules of Assets and Debts
BHM TECHNOLOGIES: Heckethorn Files Schedules of Assets and Debts
FORTUNOFF: Reports $428,101 Profit in Month Ended May 31, 2008
FREMONT GENERAL: Incurs $1,082,865 Net Loss in June 19-30, 2008
SEA CONTAINERS: Posts $19,919,524 Loss After Tax in May 2008
SEA CONTAINERS: SeaCon Services Files May 2008 Operating Report
*********
ACCEPTANCE INSURANCE: Posts $25,708 Net Loss in June 2008
---------------------------------------------------------
Acceptance Insurance Companies Inc. reported total assets of
$22,560,120, total liabilities of $138,175,608, and stockholders'
deficit of $115,615,488 as of June 30, 2008.
For the month ended June 30, 2008, the Debtor generated total
revenue of $1,693 and incurred a net loss of $25,708.
A full-text copy of the Debtor's June 2008 monthly report is
available for free at http://ResearchArchives.com/t/s?2fa2
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.
AEGIS MORTGAGE: Incurs $73,243,732 Net Loss in May 2008
-------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of May 31, 2008
Unrestricted Cash & Equivalents $32,985,719
Restricted Cash and Equivalents 20,570,908
--------------
Total Cash and Cash Equivalents 53,556,627
Prime loans (5,659)
Nonconforming Loans -
Loan Premium (Discount), net 2,204,485
Repurchased Loans -
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 2,198,826
ABS Nonconforming 3,073,807,986
ABS Loan Premium (Discount), net (18,061,646)
ABS Loan Loss Reserve (200,401,673)
--------------
Mortgage Loans Held for Investment 2,855,344,668
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 20,269,859
--------------
Accrued Interest Receivable 20,269,859
Mortgage Servicing Rights -
Property and Equipment, net 238,309
Deferred Income Taxes 77,392,375
Goodwill -
Prepaid Rent and Deposits 857,979
Derivative Assets (11,786,575)
Receivable for Advances 21,058,636
Servicer Related 298,752
Other Assets 639,049,776
Intercompany Receivable 0
--------------
TOTAL ASSETS $3,658,479,232
==============
Liabilities & Shareholder's Equity
N/P Warehouse - Prime 540,186,233
N/P Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 11,886,801
N/P Warehouse - Repurchased 11,933,754
--------------
Warehouse and Repurchase Facilities 589,229,263
Bonds Payable 3,017,397,111
NAS IO Bonds Payable 1,059,397
NIM Bonds Payable 52,989,614
Bond Premium (Discount), net (21,269,328)
--------------
Bond Financing on Mortgage 3,050,176,795
Loans Held for Investment
Subordinated Debt 177,156,872
Accrued Interest Payable 6,170,031
Accounts Payable and
Accrued Expenses 73,460,456
Notes Payable-Other -
--------------
Total Liabilities 3,896,193,417
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income -
Paid in Capital 56,850,415
NR Related to Common Stock (5,890,925)
Distributions 6,500
Treasury Stock -
Dividends (45,500)
Retained Earnings (215,592,329)
Current Net Income Prepetition -
Current Net Income (73,243,732)
--------------
Total Equity (237,714,185)
--------------
TOTAL LIABILITIES & EQUITY $3,658,479,232
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
May 1 to 31, 2008
Loans Held for Sale
Interest Income $263,603
Interest Expense (1,172)
Servicing Expense (9,589)
--------------
Net Interest Income 252,842
Loans Held for Investment
Interest Income 112,560,339
Interest Expense (58,169,590)
Servicing Expense (6,963,997)
--------------
Net Interest Income 47,426,752
Gains on Sale (5,252,648)
Premiums Paid 33,087
Loan Points 35,216
Loan Origination Fees 21,610
Broker Fees Received -
--------------
Production Income (5,162,735)
Servicing and Prepayment Income 399,297
Late Charges -
--------------
Total Servicing Fees 399,297
Other Income (Loss) (6,026,563)
--------------
Total Revenue 36,889,593
Salaries 1,322,463
Bonuses -
Commissions -
Employee Benefits 59,831
Payroll Taxes 115,777
Meetings & Travel 161
Meals & Entertainment 2,501
--------------
Total Personnel Expenses 1,500,733
Rent 59,393
Telephone 85,148
Office Supplies (2,649)
Shipping & Postage 18,490
Equipment 1,882,345
--------------
Total Office Expenses 2,042,728
Professional Expense 4,237,475
Marketing (7,500)
Loan Related Expenses 449,051
Banking 3,737
Other Taxes/Licenses/Fees 88,240
Other Expenses 511,478
--------------
Total Other Expenses 5,282,480
Direct Operating Expense 8,825,941
Direct Operating Income 28,063,652
Loan Loss Provision 100,958,321
Deferred SFAS 91 Expenses 49,700
Sub Debt Expense -
Depreciation Expense 199,050
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 101,207,071
--------------
Total Expenses 110,033,012
Income (Loss) Before Taxes (73,143,419)
Federal and State Income Taxes 100,313
--------------
Net Income (Loss) (73,243,732)
==============
Aegis Mortgage Corporation, et al.
Receipts and Disbursements
May 1 to 31, 2008
Balance at Beginning of Period $26,543,649
RECEIPTS:
Cash Sales 0
Accounts Receivable 7,368,913
Loans and Advances 0
Sale of Assets 126,536
Other--Interest on Cash Account 39,128
Transfers (from DIP Accounts) 0
Reclass cash to restricted 0
--------------
Total Receipts 7,534,578
DISBURSEMENTS:
Net Payroll (451,084)
Payroll Taxes (95,600)
Sales, Use & Other Taxes (117)
Inventory Purchases 0
Secured/Rental/Leases (21,790)
Insurance--Health Benefits (439)
Administrative (73,007)
Selling 0
Other NSF's 0
Owner Draw 0
Transfers to DIP Accounts 0
Professional Fees (451,644)
U.S. Trustee Quarterly Fees (325)
Court Costs 0
--------------
Total Disbursements (1,094,008)
--------------
Net Cash Flow 6,440,569
--------------
Cash-End of Month $32,984,219
==============
Cash per balance sheet totaled $32,985,719. However, deducted by
cash in "ABS" of $1,500, total cash would be $32,984,219.
About Aegis Mortgage
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries. The company
together with 10 affiliates filed for chapter 11 protection on
Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119). Curtis A. Hehn,
Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy
P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P.,
serve as counsel to the Debtors. The Official Committee of
Unsecured Creditors is represented by Landis Rath & Cobb LLP. In
schedules filed with the Court, Aegis disclosed total assets of
$138,265,342 and total debts of $4,125,470.
The Debtors exclusive period to file a plan expires on Aug. 7,
2008. (Aegis Bankruptcy News, Issue No. 23; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Earns $7,704,555 in Month Ended April 30, 2008
-------------------------------------------------------------
American Home Mortgage Investment Corp.
Statement of Financial Condition
As of April 30, 2008
Assets:
Cash and cash equivalents $14,394,910
Restricted cash 150,799,967
Accounts receivable 3,700,171
Intercompany receivable 1,321,030,876
Securities 1,194,861,508
Derivative assets 5
Investment in subsidiaries (905,191,790)
Other assets 2,969
-------------
Total Assets $1,779,598,616
=============
Liabilities and Stockholders' Equity
Liabilities:
Reverse repurchase agreements $4,749,270
Junior subordinated note 180,416,000
Derivative liabilities 53,817,031
Accrued expenses & other liabilities 1,288,100,561
Intercompany payable 583,082,628
-------------
Total Liabilities 2,110,165,490
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 (1,523,014,103)
Other comprehensive loss -
-------------
Total Stockholders' Equity (330,566,874)
-------------
Total Liabilities & Stockholders' Equity $1,779,598,616
=============
American Home Mortgage Investment Corp.
Statement of Income
Month Ended April 30, 2008
Net Interest Income:
Interest income $3,156,146
Interest expense -
------------
Net interest income 3,156,146
Provision for loan losses -
------------
Net interest income after provision 3,156,146
for loan losses
Non-Interest Income:
Loss on mortgage loans 13
Loss on securities and derivatives 853,254
Gain (loss) from subsidiaries 3,709,149
Other non-interest income -
------------
Non-interest income 4,562,416
Other
Data processing and communications 990
Professional fees 13,017
Other expenses -
------------
Total expenses 14,007
Loss before income taxes 7,704,555
Income taxes -
------------
Net loss $7,704,555
============
American Home Mortgage Investment Corp.
Schedule of Cash Receipts and Disbursements
Month Ended April 30, 2008
Cash - Beginning of Month, 04/01/2008 $156,322,297
Receipts:
Cash sales -
Accounts receivable -
Sale of assets 1,725,644
Loans and advances 15,000,000
Administrative -
Net payroll -
Other 523,288
Transfers (from DIP accounts) -
------------
Total Receipts 17,248,932
Disbursements:
Net payroll 1,492,363
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 6,404,692
Selling -
Other -
Transfers (from DIP accounts) 479,296
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 8,376,351
------------
Net Cash Flow 8,872,581
------------
Cash - End of Month - 04/30/08 $165,194,878
============
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.
(American Home Bankruptcy News, Issue No. 41; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMAI Submits April 2008 Operating Report
--------------------------------------------------------
American Home Mortgage Acceptance, Inc.
Statement of Financial Condition
As of April 30, 2008
Assets:
Cash and cash equivalents $1,328,045
Restricted cash -
Accounts receivable 1,524,914
Intercompany receivable 517,059,825
Mortgage loans 121,345,570
Mortgage servicing rights (8,999)
Other real estate, net 4,349,126
Investment in subsidiaries (25,673,301)
Other assets -
------------
Total Assets $619,925,180
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $140,005,153
Accrued expenses & other liabilities 1,191,146
Intercompany payable 661,888,417
------------
Total Liabilities 803,084,716
Stockholders' Equity
Additional paid-in capital 40,298,920
Retained earnings (223,458,456)
------------
Total Stockholders' Equity (183,159,536)
------------
Total Liabilities & Stockholders' Equity $619,925,180
============
American Home Mortgage Acceptance, Inc.
Statement of Income
Month Ended April 30, 2008
Net Interest Income:
Interest income $648,415
Interest expense -
Net interest income 648,415
Provision for loan losses -
------------
Net interest income after provision 648,415
for loan losses
Non-Interest Income:
Gain (Loss) on mortgage loans 346,548
Gain on securities & derivatives -
Loan servicing fees -
Changes in fair value of MSR -
Income (Loss) from subsidiaries (4,405)
------------
Non-interest income 342,143
Expenses
Salaries, commissions & benefits, net 249,714
Office supplies and expenses -
Marketing and promotion -
Professional fees 4,875
Other real estate operating (income) expense 441
Other 154,770
------------
Total expenses 409,800
(Loss) Income before income taxes 580,758
Income taxes -
------------
Net income $580,758
============
AHM Acceptance also reported that its cash at the start of April
was $209,411. Since it received $1,118,634 from DIP Accounts and
others, its cash increased to $1,328,045 as of April 30, 2008.
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.
(American Home Bankruptcy News, Issue No. 41; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMAERICAN HOME: AHMSI Submits April 2008 Operating Report
---------------------------------------------------------
American Home Mortgage Servicing, Inc.
Statement of Financial Condition
As of April 30, 2008
Assets:
Cash and cash equivalents $2,415,739
Restricted cash 1,570
Securities purchased under agreements -
Accounts receivable & servicing advances 3,780,377
Intercompany receivable 232,500,758
Premises and equipment, net -
Investment in subsidiaries 9,727,945
Other assets 750,799
------------
Total Assets $249,177,188
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit -
Accrued expenses & other liabilities $15,943,938
Intercompany payable 131,138,684
Income taxes payable 1,787,818
------------
Total Liabilities 148,870,440
Stockholders' Equity
Additional paid-in capital 37,000,200
Retained earnings 63,306,548
------------
Total Stockholders' Equity 100,306,748
------------
Total Liabilities & Stockholders' Equity $249,177,188
============
American Home Mortgage Servicing, Inc.
Statement of Income
Month Ended April 30, 2008
Net interest income:
Interest income -
Interest expense -
Provision for loan losses -
------------
Net interest income after losses 0
Non-Interest Income:
(Loss) Gain on mortgage loans (2,716)
Loan servicing fees -
Gain on sale of servicing platform (5,876,605)
Other non-interest income (loss) 166,404
------------
Non-interest income [loss] (5,712,917)
Expenses
Salaries, commissions & benefits, net 791,634
Occupancy and equipment (2,725)
Data processing and communications 15,536
Office supplies and expenses (12,993)
Marketing and promotion -
Travel and entertainment (147)
Professional fees -
Other real estate operating expense -
Other (131,487)
------------
Total expenses 659,818
Income (Loss) before income taxes (6,372,735)
Income taxes -
------------
Net income [loss] ($6,372,735)
============
American Home Mortgage Servicing, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended April 30, 2008
Cash - Beginning of Month, 04/01/2008 $95,961,014
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances -
Administrative 512,567
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 512,567
Disbursements:
Net payroll -
Payroll taxes 923,243
Sales, use & other taxes -
Loans and advances 90,593,724
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative -
Selling -
Other -
Transfers (from DIP accounts) 2,539,305
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 94,056,272
------------
Net Cash Flow (93,543,706)
------------
Cash - End of Month - 04/30/08 $2,417,308
============
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.
(American Home Bankruptcy News, Issue No. 41; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMPEX CORP: Earns $891,000 in Month Ended May 24, 2008
------------------------------------------------------
Ampex Corp. and its debtor-affiliates submitted to the U.S.
Bankruptcy Court for the Southern District of New York their
monthly operating report for the period ended May 24, 2008.
For the month, the Debtors generated total revenue of $3,124,000
and earned $891,000.
As of May 24, 2008, the Debtors held $19,751,000 in total assets,
$129,564,000 in total liabilities, and $109,813,000 in
stockholders' deficit. Consolidated balance sheet as of May 24,
2008 -- including non-debtor affiliates -- showed $22,957,000 in
total assets, $133,104,000 in total liabilities, and $110,147,000
in stockholders' deficit.
A full-text copy of the Debtors' May 24, 2008 monthly report is
available for free at http://ResearchArchives.com/t/s?2fa1
About Ampex Corp.
Headquartered in Redwood City, California, Ampex Corp. --
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual
information technology. The company has two business segments:
Recorders segment and Licensing segment. The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products. The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.
On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100). Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represent the Debtors in their restructuring efforts. The
Debtors have also retained Conway Mackenzie & Dunleavy as their
financial advisors. In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
$9,770,089 and total debts of $82,488,054.
The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity. As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.
The Debtors and certain creditors have asked the Court to set
Aug. 15, 2008, as deadline to hold the confirmation hearing on
the Debtor's chapter 11 plan.
BHM TECHNOLOGIES: Posts $4,020,000 Net Loss Month Ended May 24
--------------------------------------------------------------
BHM TECHNOLOGIES
Unaudited Balance Sheet
May 24, 2008
ASSETS
Cash & Equivalents $21,708,000
Accounts Receivable 56,666,000
Tooling Accounts Receivable & Inventory 16,848,000
Inventory 22,247,000
Other Current Assets 10,314,000
-----------
Total Current Assets 127,783,000
Plant, Property & Equipment 126,799,000
Less Accumulated Depreciation (32,101,000)
-----------
Net Plant, Property & Equipment 94,698,000
Other Assets 213,488,000
Less Accumulated Amortization (15,791,000)
-----------
Other Assets, Net 197,697,000
-----------
Total Assets $420,179,000
===========
LIABILITIES & SHAREHOLDERS' EQUITY
Trade Accounts Payable excluding Tooling $52,457,000
Tooling Accounts Payable 21,944,000
Accrued Liabilities 11,831,000
Bank Revolver 24,700,000
Current Portion - Long Term Debt 2,093,000
-----------
Total Current Liabilities 113,024,000
Long Term Debt 299,835,000
Other Long Term Liabilities 55,219,000
-----------
Total Long Term Liabilities 355,054,000
Shareholders' Equity (47,900,000)
-----------
Total Liabilities & Shareholders' Equity $420,179,000
===========
BHM TECHNOLOGIES
Unaudited Statement of Income
Period Ending May 24, 2008
Sales $30,930,000
Material 16,834,000
-----------
Material margin 14,096,000
Hourly Labor 6,493,000
Overhead and Other 5,021,000
Depreciation 1,395,000
-----------
Total COS (29,744,000)
-----------
Gross Profit 1,186,000
-----------
S, G & A Expenses 1,744,000
Amortization/Other 3,507,000
Other (Inc) Exp 40,000
Interest 2,095,000
Taxes (2,180,000)
-----------
Net Income ($4,020,000)
===========
Other 60,000
-----------
EBITDA $857,000
===========
BHM TECHNOLOGIES
Cash Activity Analysis
Period Ending May 24, 2008
A. Beginning Balance 17,680,724
B. Receipts 7,696,021
C. Balance Available (A+B) 25,376,745
==========
D. Less Disbursements 6,140,725
==========
E. Ending Balance 19,236,020
==========
Disbursements Per Debtor During Period
BHM Technologies Holdings, LLC -
BHM Technologies, LLC -
The Brown Company International, LLC -
The Brown Corporation of America $1,380,977
The Brown Company of Waverly, LLC 210,741
The Brown Company of Ionia, LLC 174,524
The Brown Corporation of Greenville, Inc. 26,291
The Brown Company of Moberly, LLC 84,906
The Brown Realty Company, LLC -
Heckethorn Holdings, Inc. -
Heckethorn Manufacturing Co., Inc. 662,657
Midwest Stamping & Manufacturing Co. 55,523
Midwest Stamping, Inc. 205,038
Morton Welding Holdings, Inc. -
Morton Welding Co., Inc. 3,340,068
-----------
TOTAL $6,140,725
===========
About BHM Technologies
Headquartered in Ionia, Michigan, BHM Technologies Holdings Inc.
-- http://www.browncorp.com/-- manufactures and sells automobile
parts including air bags and electrical systems. It has
manufacturing facilities in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq., of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between $100 million and $500 million.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan. (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BHM TECHNOLOGIES: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
BHM Technologies Holdings Inc. delivered to the U.S. Bankruptcy
Court for the Western District of Michigan its schedule of assets
and liabilities disclosing:
A. Real Property None
B. Personal Property
B.1 Cash on hand None
B.2 Bank Accounts None
B.3 Security Deposits None
B.4 Household goods None
B.5 Collectibles None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and other hobby equipment None
B.9 Interests in Insurance Policies None
B.10 Annuities None
B.11 Interests in an education IRA None
B.12 Interests in IRA, ERISA or other Pension Plans None
B.13 Business Interests and stocks Undetermined
http://bankrupt.com/misc/BHM_Subsidiaries.pdf
B.14 Interests in partnerships None
B.15 Government and Corporate Bonds None
B.16 Accounts Receivable None
B.17 Alimony, maintenance, support None
B.18 Other Liquidated Debts None
B.19 Equitable or future interests None
B.20 Interests in estate of a decedent None
B.21 Other Contingent & Unliquidated Claims
BHM Technologies Holdings, Inc.,
v. TC Brown Holdings L.L.C.;
TC H.A.B. Holding, L.L.C.; RGIP L.L.C.;
Thayer Equity Investors V., L.P., et. al. Undetermined
B.22 Patents None
B.23 Licenses, franchises and other intangibles None
B.24 Customer lists or other compilations None
B.25 Vehicles None
B.26 Boats, motors and accessories None
B.27 Aircraft and accessories None
B.28 Office equipment, furnishings and supplies None
B.29 Machinery None
B.30 Inventory None
B.31 Animals None
B.32 Crops None
B.33 Farming equipment and implements None
B.34 Farm supplies, chemicals and feed None
B.35 Other Personal Property None
TOTAL SCHEDULED ASSETS $0
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim
Lehman Commercial Paper, Inc.
First Lien Deed of Trust $264,393,980
E. Unsecured Priority Claims
Internal Revenue Service
Federal Income Tax Undetermined
F. Unsecured Non-priority Claims
SAC Domestic Investments, LP
Second Lien Deed of Trust 72,112,539
TOTAL SCHEDULED LIABILITIES $336,506,519
=========================================================
About BHM Technologies
Headquartered in Ionia, Michigan, BHM Technologies Holdings Inc.
-- http://www.browncorp.com/-- manufactures and sells automobile
parts including air bags and electrical systems. It has
manufacturing facilities in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq., of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between $100 million and $500 million.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan. (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BHM TECHNOLOGIES: BHM Technologies LLC Files Schedules
------------------------------------------------------
BHM Technologies LLC, debtor-affiliate of BHM Technologies
Holdings Inc., did not disclose income from its own business
operations in its statement of financial affairs. BHM
Technologies LLC delivered its schedules of assets and liabilities
disclosing:
A. Real Property None
B. Personal Property
B.13 Business Interests and stocks Undetermined
http://bankrupt.com/misc/BHM_Subsidiaries.pdf
TOTAL SCHEDULED ASSETS $0
=========================================================
C. Property Claimed as Exempt
D. Secured Claim
Lehman Commercial Paper, Inc.
First Lien Deed of Trust $264,393,980
E. Unsecured Priority Claims
Internal Revenue Service -
Federal Income Tax Undetermined
F. Unsecured Non-priority Claims
SAC Domestic Investments,LP
Second Lien Deed of Trust 72,112,539
TOTAL SCHEDULED LIABILITIES $336,506,519
=========================================================
BHM Technologies, LLC, along with BHM Technologies Holdings,
Inc., The Brown Company International, and The Brown Realty
Company, is a holding company and is not involved in day-to-day
business operations. The Debtors' operations are performed
through four lines of business: (a) the Brown Division; (b) the
Heckethorn Division;(c) Morton Division ; and (d) Midwest
Division.
BHM Technologies, LLC, is a wholly owned subsidiary of BHM
Technologies Holdings.
About BHM Technologies
Headquartered in Ionia, Michigan, BHM Technologies Holdings Inc.
-- http://www.browncorp.com/-- manufactures and sells automobile
parts including air bags and electrical systems. It has
manufacturing facilities in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq., of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between $100 million and $500 million.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan. (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BHM TECHNOLOGIES: Brown Corp. Files Schedules of Assets and Debts
-----------------------------------------------------------------
The Brown Corp. of America, debtor-affiliate of BHM Technologies
Holdings Inc. delivered to the U.S. Bankruptcy Court for the
Western District of Michigan its schedule of assets and liabilities
disclosing:
A. Real Property None
B. Personal Property
B.1 Cash on hand Less than $500
B.2 Bank Accounts
401k ZBA - Account No. 362935304 0
Account No. - 1188633 16,733,024
Controlled Disbursement - Account No. 466126 3,498
FSA Account - Account No. 983678073 6,454
Money Market - Account No. 548121 0
Petty Cash Checking - Account No. 7500273 880
B.3 Security Deposits
Crown Office Village, LLC 6,435
B.13 Business Interests and stocks
LTV Stock 2,541
B.16 Accounts Receivable
AR Other 73,334
Brown Corporation de Saltillo 74,362
Tooling AR 25,416,206
B.18 Other Liquidated Debts 40,832
B.21 Other Contingent & Unliquidated Claims
Arbitration with customers Undetermined
B.23 Licenses, franchises and others
Domain: http://www.browncorp.com Undetermined
B.25 Automobiles, trucks, and other vehicles
Vehicle < 50% business use 104,977
Vehicle < 50% business use 4,888
B.28 Office equipment, furnishings and supplies
Furniture & Fixtures 46,486
Tech-Communications 956
Technical Other 4,606
Technical-Computers 2,763
Technical-Software 186,768
B.29 Machinery
Equipment-Maintenance 9,539
Leasehold Improvements 17,596
B.30 Inventory
Tooling Inventory 1,827,210
B.35 Other Personal Property 1,383,488
TOTAL SCHEDULED ASSETS $45,946,845
=========================================================
C. Property Claimed as Exempt None
D. Secured Claims
Centerline (Windsor) Ltd Undetermined
Chase Equipment Leasing Undetermined
Competition Engineering Inc Undetermined
Deutsche Financial Services Corp Undetermined
Digital Tool & Die Inc Undetermined
Eclipse Tool & Die Inc Undetermined
Enterprise Tool & Die Inc Undetermined
Ervin Leasing Co Undetermined
General Electric Credit Corporation Undetermined
Greenville Tool & Die Undetermined
IBM Credit Corporation Undetermined
Lehman Commercial Paper Inc Undetermined
Miller Wlding Supply Undetermined
National City Leasing Corp Undetermined
Pyper Tool & Engineering Inc Undetermined
Pyper Tool & Engineering Inc Undetermined
Tennesse Rand Inc Undetermined
Tennesse Rand Inc Undetermined
The Lincoln Electric Company Undetermined
US Engineering Corporation Undetermined
Walker Tool & Die Inc Undetermined
E. Unsecured Priority Claims $0 or Undetermined
http://bankrupt.com/misc/BrownCorp_Sked_E.pdf
F. Unsecured Non-priority Claims
SAC Domestic Investments, LP
Second Lien Deed of Trust 72,112,539
Trade Claims 20,135,162
http://bankrupt.com/misc/Brown_TradeClaims.pdf
TOTAL SCHEDULED LIABILITIES $92,247,701
=========================================================
About BHM Technologies
Headquartered in Ionia, Michigan, BHM Technologies Holdings Inc.
-- http://www.browncorp.com/-- manufactures and sells automobile
parts including air bags and electrical systems. It has
manufacturing facilities in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq., of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between $100 million and $500 million.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan. (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
BHM TECHNOLOGIES: Heckethorn Files Schedules of Assets and Debts
----------------------------------------------------------------
Heckethorn Manufacturing Co., Inc., debtor-affiliate of BHM
Technologies Holdings Inc. delivered to the U.S. Bankruptcy Court
for the Western District of Michigan its schedule of assets and
liabilities disclosing:
A. Real Property None
B. Personal Property
B.1 Cash on hand $500
B.2 Bank Accounts
First Citizens National Bank 855,290
B.3 Security Deposits
Real Estate Lease Deposit 29,355
B.13 Business Interests and stocks Undetermined
http://bankrupt.com/misc/BHM_Subsidiaries.pdf
B.16 Accounts Receivable
AR Trade & Other 5,441,879
Brown Corp of Iowa 119,708
Brown Corporation de Coahulia 20,400
Brown Corporation de Saltillo 19,989
Midwest Stamping Edgerton 25,290
B.18 Other Liquidated Debts 17,141
B.22 Patents
HECO - Patent/Trademark No. 1,199,482 Undetermined
B.23 Licenses and other general intangibles
Domain: http://www/heckethorn.net Undetermined
Domain: http://www.hecomfg.com Undetermined
B.25 Automobiles 22,687
B.28 Office equipment
Computers/equipment 44,284
Furniture 210,573
B.29 Machinery 2,561,704
B.30 Inventory
Inventory Finished Goods 1,393,914
Inventory Raw Materials 816,279
Inventory WIP 879,778
B.35 Other Personal Property
Tooling-in-Process 471,319
TOTAL SCHEDULED ASSETS $12,930,090
=========================================================
D. Secured Claim
Amplicon Inc. - UCC Lienholder Undetermined
LaSalle Bank National Association
as Agent - UCC Lienholder Undetermined
Lehman Commercial Paper, Inc.
First Lien Deed of Trust 264,393,980
Toyota Motor Credit Corporation Undetermined
E. Unsecured Priority Claims
Potential Employee Claims $0 or Undetermined
F. Unsecured Non-priority Claims
SAC Domestic Investments, LP
Second Lien Deed of Trust 72,112,539
Trade Claims 4,799,007
TOTAL SCHEDULED LIABILITIES $341,305,526
=========================================================
About BHM Technologies
Headquartered in Ionia, Michigan, BHM Technologies Holdings Inc.
-- http://www.browncorp.com/-- manufactures and sells automobile
parts including air bags and electrical systems. It has
manufacturing facilities in Mexico and operates under Brown
Corp.
BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413). Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq., of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts. When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between $100 million and $500 million.
The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan. (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
FORTUNOFF: Reports $428,101 Profit in Month Ended May 31, 2008
--------------------------------------------------------------
Source Financing Corp./Fortunoff
Balance Sheet
As of
May 31, Petition Date
2008 or Scheduled
------------- -------------
ASSETS
Current assets:
Unrestricted cash & equivalents $3,583,964 $1,384,000
Restricted Cash & Cash equivalents 990,867 -
Accounts receivable 1,009,615 3,111,000
Inventories - 95,568,000
Prepaid expenses - 3,612,000
Profesional Retainers 255,267 -
Other current assets - 6,332,000
------------ ------------
Total current assets 5,839,713 110,007,000
Property & Equipment:
Real property & improvements - 0
Machinery & equipment - 5,915,000
Furniture, fixtures, & office equip. - 20,582,000
Leashehold improvements - 28,251,000
Vehicles - 0
Less: Accumulated depreciation - (18,292,000)
------------ ------------
Total Property & Equipment 36,456,000
Other Assets:
Amounts due from insiders 0
Other assets -- utility deposit 86,179,000
------------
Total other assets 86,179,000
------------ ------------
Total Assets $5,839,713 $232,642,000
============ ============
LIABILITIES & OWNER EQUITY
Liabilities Subject to Compromise
(Postpetition):
Accounts Payable $84,351 -
Taxes Payable - -
Wages Payable - -
Notes Payable - -
Rent/Leases - Building Equipment 67,765 -
Secured Debt - -
Professional Fees 891,335 -
Amounts Due to Insider - -
Other Postpetition Liabilities 488,743 -
------------ ------------
Total Postpetition Liabilities 1,532,194 -
Liabilities Subject to Compromise
(Prepetition):
Secured debt (Term D Loan) 19,708,000 $88,565,000
Priority debt (20-day claims) 9,023,482 9,023,482
Unsecured debt 98,171,687 183,346,518
------------ ------------
Total Prepetition Liabilities 126,903,169 280,935,000
------------ ------------
Total Liabilities $128,435,363 280,935,000
Owners' Equity:
Capital stock 77,412,000
Retained earnings, prepetition - (125,705,000)
Retained earnings, postpetition - -
------------ ------------
Net Owners' Equity - (48,293,000)
------------ ------------
Total Liabilities & Owners Equity - $232,642,000
============ ============
Source Financing Corp./Fortunoff
Statement of Operations
For the month ended May 31, 2008
Revenues:
Gross Revenues, net -
Cost of Goods Sold:
Beginning inventory -
Purchases -
Less: Ending inventory -
------------
Cost of goods sold -
------------
Gross profit -
Operating Expenses:
Advertising -
Bad debts -
Employee benefits programs ($275,252)
Officer/insider compensation -
Insurance -
Office expense (24,318)
Repairs & maintenance (25,000)
Rent & lease expense -
Salaries/commissions/fees -
Supplies (168,176)
Taxes - payroll -
Taxes - real estate -
Taxes - other -
Travel & entertainment (23,493)
Others 128,984
------------
Total operating expenses before depreciation (387,255)
Depreciation/depletion/amortization -
------------
Net profit before other income & expenses 387,255
Other Income & Expenses:
Other income 92,073
Interest expense -
------------
Net profit before reorganization items 479,328
Reorganization Items:
Professional fees 51,227
U.S. Trustee quarterly fees -
------------
Total reorganization expenses 51,227
------------
Net profit (loss) $428,101
============
Source Financing Corp./Fortunoff
Schedule of Cash Receipts & Disbursement
For the month ended May 31, 2008
Cash - beginning of month $3,306,860
Receipts:
Cash sales -
Accounts Receivable, prepetition 144
Accounts Receivable, postpetition 190,444
Loans & advances -
Others 92,073
------------
Total receipts 282,661
Disbursements:
Net payroll -
Payroll taxes & 401k contributions -
Sales, use, & other taxes -
Inventory purchases -
Insurance -
Others 5,557
Professional fees -
------------
Total disbursements 5,557
------------
Net cash flow 277,104
------------
Cash - end of month $3,583,964
============
Fortunoff Fine Jewelry and Silverware, L.L.C., and its
affiliates, sold substantially all of their assets on March 7,
2008, to NRDC Equity Partners LLC's H Acquisition LLC, now known
as Fortunoff Holdings LLC.
About Fortunoff
New York-based Fortunoff Fine Jewelry and Silverware LLC --
http://www.fortunoff.com/-- is a family owned business since
1922 founded by by Max and Clara Fortunoff. Fortunoff offers
customers fine jewelry and watches, antique jewelry and silver,
everything for the table, fine gifts, home furnishings including
bedroom and bath, fireplace furnishings, housewares, and seasonal
shops including outdoor furniture shop in summer and enchanting
Christmas Store in the winter. It opened some 20 satellite
stores in the New Jersey, Long Island, Connecticut and
Pennsylvania markets featuring outdoor furniture and grills
during the Spring/Summer season and indoor furniture (and in some
locations Christmas trees and decor) in the Fall/Winter season.
Fortunoff and two affiliates, M. Fortunoff of Westbury LLC and
Source Financing Corp., filed for chapter 11 petition on Feb. 4,
2008 (Bankr. S.D.N.Y. Case Nos. 08-10353 through 08-10355) in
order to effectuate a sale to NRDC Equity Partners LLC, --
http://www.nrdcequity.com/-- a private equity firm that
bought Lord & Taylor from Federated Department Stores.
Due to the U.S. Trustee's objection, Fortunoff is backing out of
its request to employ Skadden Arps Meagher & Flom LLC, as
bankruptcy counsel. Fortunoff is hiring Togut Segal & Segal LLP,
as their general bankruptcy counsel, but Skadden Arps will
continue to serve the Debtors as special counsel in connection
with the sale the Debtors' assets. Logan & Company, Inc., serves
as the Debtors' claims, noticing, and balloting agent. FTI
Consulting Inc. are the Debtors' proposed crisis manager.
An Official Committee of Unsecured Creditors has been appointed in
this case. Effective March 6, 2008, Morrison & Foerster LLP is
counsel to the Creditors Committee in substitution of Otterbourg
Steidler Houston & Rosen PC. Mahoney Cohen & Company, CPA, P.C.,
serves as financial advisor to the Creditors' Committee.
In their schedules, Fortunoff Fine Jewelry listed $5,052,315 total
assets and $136,626,948 total liabilities; Source Financing Corp.
listed $154,680,100 total assets and $176,961,631 total
liabilities; and M. Fortunoff of Westbury LLC listed $6,300,955
total assets and $119,985,788 total liabilities. The Debtors'
exclusive period to file a plan of reorganization ended June 3,
2008. (Fortunoff Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FREMONT GENERAL: Incurs $1,082,865 Net Loss in June 19-30, 2008
---------------------------------------------------------------
Fremont General Corporation reported its operating report for the
period June 19, 2008, through June 30, 2008.
For the period ended June 30, 2008, the Debtor did not generate
any revenue and incurred a net loss of $1,082,865.
As of June 30, 2008, the Debtor's balance sheet showed total
assets of $357,251,253, total liabilities of $389,535,015, and
deficit of $32,283,762.
A full-text copy of the Debtor's report for the period June 19,
2008, through June 30, 2008, is available for free at:
http://ResearchArchives.com/t/s?2fa3
About Fremont General
Fremont General Corporation (OTC: FMNTQ) --
http://www.fremontgeneral.com/-- is a financial services holding
company with $8.8 billion in total assets, at September 30, 2007.
The company is engaged in deposit gathering through a retail
branch network located in the coastal and Central Valley regions
of Southern California through Fremont Investment & Loan. Fremont
Investment & Loan funds its operations primarily through deposit
accounts sourced through its 22 retail banking branches which are
insured up to the maximum legal limit by the FDIC.
The Retail Banking Division of the Bank continues to offer a
variety of savings and money market products as well as
certificates of deposits across its 22 branch network. Customer
deposits remain fully insured by the FDIC up to at least $100,000
and retirement accounts remain insured separately up to an
additional $250,000.
Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No.: 08-13421). Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, represent the
Debtor in its restructuring efforts. The Debtor selected
Kurtzman Carson Consultants LLC as its claims agent.
Peter C. Anderson, the U.S. Trustee for Region 16, has appointed
five creditors to serve on an Official Committee of Unsecured
Creditors in the case.
In its schedules, Fremont General reported $362,227,537 in total
assets and $326,529,372 in total debts. When the Debtor filed for
protection from its creditors, it listed total assets of
$643,197,000 and total debts of $320,630,000.
Tiffany Kary of Bloomberg News reported that the Debtor's co-
counsel, Scott H. Yun, Esq., at Stutman Treister & Glat, said the
assets and debts in the initial court filing were for the period
Sept. 30, 2007. The estimates exclude potential recoveries from
lawsuits, Ms. Kary said.
SEA CONTAINERS: Posts $19,919,524 Loss After Tax in May 2008
------------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of May 31, 2008
Assets
Current Assets
Cash and cash equivalents $19,135,642
Trade receivables, less allowances
for doubtful accounts 184,573
Due from related parties 742,062
Prepaid expenses and other current assets 591,121
------------
Total current assets 20,653,398
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 124,973,856
Intercompany receivables -
Investment in equity ownership interests 227,500,347
Other assets 2,952,361
------------
Total assets $376,079,962
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $12,860,141
Accrued expenses 83,125,813
Current portion of long-term debt 174,748,349
Current portion of senior notes 385,577,263
------------
Total current liabilities 656,311,566
Total shareholders' equity (280,231,604)
------------
Total liabilities and shareholders' equity $376,079,962
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended May 31, 2008
Revenue $10,500,834
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (1,031,288)
Professional fees (83,305)
Charges against intercompany accounts (6,772,752)
Impairment of investment in subsidy Co. (18,585,000)
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses (26,472,345)
------------
Gain or (Loss) on sale of assets -
------------
Operating profit/(loss) (15,971,511)
Other income (expense)
Investment income 33,426
Foreign exchange gains/(losses) 19,921
Interest expense, net (3,822,210)
------------
Loss before taxes (19,740,374)
Income tax expense (179,150)
------------
Loss after taxes ($19,919,524)
============
About Sea Containers
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 45;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SEA CONTAINERS: SeaCon Services Files May 2008 Operating Report
---------------------------------------------------------------
Sea Containers Services, Ltd.
Unaudited Balance Sheet
As of May 31, 2008
Assets
Current Assets
Cash and cash equivalents $35,416
Trade receivables 1,554
Due from related parties 51,062
Prepaid expenses and other current assets 3,076,732
------------
Total current assets 3,164,765
Fixed assets, net 15,428
Investments 2,663,916
Intercompany receivables 26,218,645
Other assets -
------------
Total assets $32,062,754
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $674,909
Accrued expenses 3,086,634
Current portion of long-term debt 1,506,188
------------
Total current liabilities 5,267,731
Total shareholders' equity 26,795,023
------------
Total liabilities and shareholders' equity $32,062,754
============
Sea Containers Services, Ltd.
Unaudited Statement of Operations
For the Month Ended May 31, 2008
Revenue $932,631
Costs and expenses:
Selling, general and admin. expenses (643,007)
Professional Fees (4,964,901)
Depreciation and amortization (2,416)
------------
Total costs and expenses (5,610,324)
------------
Gains on sale of assets -
------------
Operating income (loss) (4,677,693)
Other income (expense)
Interest income -
Foreign exchange gains (losses) (46)
Interest expense, net (14,365)
------------
Income (Loss) before taxes (4,692,103)
Income tax credit -
------------
Net Loss ($4,692,103)
============
About Sea Containers
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 45;
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.
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