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/raid1/www/Hosts/bankrupt/TCR_Public/080816.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, August 16, 2008, Vol. 12, No. 195 Headlines AMERICAN COLOR: Submits July 2008 Initial Monthly Operating Report BHM TECHNOLOGIES: Brown Co. of Waverly Files Schedules BHM TECHNOLOGIES: Brown Corp. of Greenville Files Schedules BHM TECHNOLOGIES: Brown Realty Files Schedules of Assets & Debts BLUE WATER: Reports $3,530,815 Net Loss in June 29, 2008 CATHOLIC CHURCH: Fairbanks Files Report for Month Ended June 30 DELTA FINANCIAL: Files June 2008 Monthly Operating Report HOMEBANC CORP: Reports $4,822,000 Net Loss in May 31 HOMEBANC CORP: Reports $9,475,000 Net Loss in June 30 LINENS 'N THINGS: Files Operating Report for June 28, 2008 LINENS N THINGS: LNT Inc. Files Assets and Debts Schedules LINENS N THINGS: LNT Services Files Assets and Debts Schedules LINENS N THINGS: LNT West Files Assets and Debts Schedules NEUMANN HOMES: Delivers June 30 Monthly Operating Report QUEBECOR WORLD: 13 Affiliates File Schedules of Assets and Debts SHARPER IMAGE: Posts $17,131,378 Net Loss in June 2008 VERTIS HOLDINGS: Files July 2008 Initial Monthly Operating Report ********* AMERICAN COLOR: Submits July 2008 Initial Monthly Operating Report ------------------------------------------------------------------ ACG Holdings, Inc., and its debtor-affiliates filed, on July 30, 2008, an initial monthly operating report containing a 13-week operating forecast. Patrick W. Kellick, executive vice president, chief financial officer and secretary of ACG Holdings, Inc., disclosed that ACG expects its operating disbursements to total $96,915,000 by October 2008. The company also foresees incurring $6,800,000 in restructuring costs for the period from July 16 to October 10, 2008. ACG expects its borrowings under its debtor-in-possession credit facility amounts aggregating $122,833,000 within the 13-week period ending on October 10, 2008. ACG attached to its Initial Monthly Report copies of its active insurance certificates. For the period from September 14, 2007 to July 11, 2008, ACG paid a total of $280,751 in retainer fees to its professionals, according to a schedule of vendor retainer payments attached to the Report. A full-text copy of the ACG Initial Monthly Operating Report is available for free at http://bankrupt.com/misc/ACG_InitialMOR.pdf About American Color Graphics American Color Graphics Inc. -- http://www.americancolor.com/-- is one of North America's largest and most experienced full service premedia and print companies, with eight print locations across the continent, six regional premedia centers, photography studios nationwide and a growing roster of customer managed service sites. The company provides solutions and services such as asset management, photography, and digital workflow solutions that improve the effectiveness of advertising and drive revenues for their customers. The company filed and its four affiliates filed for Chapter 11 protection on July 15, 2008 (Bank.D.Del. Case No. 08-11467). Pauline K. Morgan, Esq. and Sean T. Greecher ,Esq., at Young, Conaway, Stargatt & Taylor represent the Debtors in their restructuring efforts. Lehman Brothers, Inc. serves as the company's financial advisors. When the Debtors filed for protection from their creditors they listed estimated assets $100 million to $500 million and estimated debts of $500 million to $1 billion. ACG Holdings, Inc. and American Color Graphics also filed bankruptcy petition under the Companies' Creditors Arrangement Act before the Ontario Superior Court of Justice (Commercial List) on July 16, 2008. Jay A. Carfagnini, Esq., David B. Bish, Esq., and Jason Wadden, Esq. at Goodmans LLP are their solicitors. PricewaterhouseCoopers Inc. serves as their CCAA Information Officer. BHM TECHNOLOGIES: Brown Co. of Waverly Files Schedules ------------------------------------------------------ The Brown Co. of Waverly filed its Schedules of Assets and Liabilities with the United States Bankruptcy Court for the Western District of Michigan, disclosing: A. Real Property 611 W. Second St., Waverly, OH $2,189,999 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts Controlled Disbursement - Acct. No. 52296 72,318 Misc ckg - Acct. No. 813503 18,355 Payroll Checking - Account No. 121638 38,282 Petty cash checking - Account No. 1273000 1,696 Workers' Comp - Account No. 130315 6,844 ZBA - Account No. 1398693 0 B.3 Security Deposits Other Assets Misc Deposits 1,810 B.13 Business Interests and stocks http://bankrupt.com/misc/BHM_Subsidiaries.pdf B.16 Accounts Receivable Brown Corporation de Saltillo 24,172 Brown Corporation of America 21,675 Other AR - Waverly 312,581 Trade AR - Waverly 6,845,510 B.18 Other Liquidated Debts Franchise Tax owed by State of Ohio 62,684 B.25 Vehicles Vehicle < 50% business use 18,136 Vehicle > 50% business use 13,325 B.28 Office equipment, furnishings and supplies Furniture & Fixtures 30,523 Tech-Communications 144 Technical Other 47,370 Technical Computers 3,667 B.29 Machinery 8,535,240 http://bankrupt.com/misc/BHM_waverlypersonalproperty.pdf B.30 Inventory Inventory Finished Goods 465,561 Inventory Raw Materials 1,301,002 Inventory WIP 935,853 B.35 Other Personal Property Other Assets Employee Advances 962 TOTAL SCHEDULED ASSETS $20,947,710 ========================================================= C. Property Claimed as Exempt None D. Secured Claim General Electric Capital Corporation, PA - UCC Lienholder 0 General Electric Capital Corporation, NY - UCC Lienholder 0 Lehman Commercial Paper, Inc. - First Lien Deed of Trust 264,393,980 Pyper Tool & Engineering Inc. - UCC Lienholder 0 Tennessee Rand Inc. - UCC Lienholder 0 The Lincoln Electric Company - UCC Lienholder 0 E. Unsecured Priority Claims Undetermined http://bankrupt.com/misc/BHM_waverlyunsecuredclaims.pdf F. Unsecured Non-priority Claims SAC Domestic Investments, LP - Second Lien Deed of Trust $72,112,539 Trade Claims 8,893,142 http://bankrupt.com/misc/BHM_waverlyunsecuredpriorityclaims.pdf TOTAL SCHEDULED LIABILITIES $345,399,661 ========================================================= 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 facilites 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 US$100 million and US$500 million. The Debtors have until Sept. 16, 2008, to exclusively file their bankruptcy plan. (BHM Technologies Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) BHM TECHNOLOGIES: Brown Corp. of Greenville Files Schedules ----------------------------------------------------------- The Brown Corp. of Greenville filed its Schedules of Assets and Liabilities with the United States Bankruptcy Court for the Western District of Michigan, disclosing: A. Real Property 1927 N Theobald, Greenville, MS $6,155 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts Controlled Disbursement - Account No. 762886 11,220 Payroll Checking - Account No. 7006699714 5,021 Petty cash checking - Account No. 4700140608 1,377 ZBA - Account No. 363712864 0 B.3 Security Deposits Utility deposit from 2003 20,000 B.13 Business Interests and stocks http://bankrupt.com/misc/BHM_Subsidiaries.pdf B.16 Accounts Receivable Brown Company of Moberly 280 Brown Company of Waverly 22,171 Brown Corporation de Saltillo 159 Brown Corporation of America 27,178 Other A/R - Greenville 37,958 Trade A/R - Greenville 2,688,484 B.18 Other Liquidated Debts State Business Tax owed by State of Michigan 20,329 B.28 Office equipment, furnishings and supplies Furniture & Fixtures 2,610 Tech-Communications 5,286 Technical Other 54,375 B.29 Machinery 3,034,918 http://bankrupt.com/misc/BHM_greenvillepersonalproperty.pdf B.30 Inventory Inventory Finished Goods 43,483 Inventory Raw Materials 219,554 Inventory WIP 190,036 B.35 Other Personal Property PPD Insurance - Comm Pkg 1,534 PPD Medical - Excess WC 1,677 TOTAL SCHEDULED ASSETS $6,393,805 ========================================================= C. Property Claimed as Exempt None D. Secured Claim $0 E. Unsecured Priority Claims Potential Employee Claims Undetermined http://bankrupt.com/misc/BHM_greenvilleunsecuredclaims.pdf F. Unsecured Non-priority Claims SAC Domestic Investments, LP - Second Lien Deed of Trust $72,112,539 Trade Claims 1,962,534 http://bankrupt.com/misc/BHM_greenvilleunsecuredpriorityclaims.pdf TOTAL SCHEDULED LIABILITIES $74,075,073 ========================================================= The Brown Corporation of Greenville, Inc., disclosed in its Schedules of Assets and Liabilities that total secured claims is zero. But an exhibit referring to Schedule D provides these information: Claimants Claim Amount --------- ------------ General Electric Capital Corp. $0 General Electric Capital Corp. 0 General Electric Capital Corp. 0 Internal Revenue Service 0 JPMorgan Chase Bank, N.A. as Agent 0 Lehman Commercial Paper Inc. First Lien Deed of Trust $264,393,980 Pyper Tool & Engineering 0 The Lincoln Electric Company 0 Toyota Motors Corp. 0 See http://bankrupt.com/misc/BHM_greenvillesecuredclaims.pdf 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 facilites 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 US$100 million and US$500 million. The Debtors have until Sept. 16, 2008, to exclusively file their bankruptcy plan. (BHM Technologies Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) BHM TECHNOLOGIES: Brown Realty Files Schedules of Assets & Debts ---------------------------------------------------------------- The Brown Realty Co., LLC, filed its Schedules of Assets and Liabilities with the United States Bankruptcy Court for the Western District of Michigan, disclosing: A. Real Property 401 S. Steele St., Ionia, MI $1,770,500 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts Misc ckg - Account No. 7506879 14,916 B.13 Business Interests and stocks http://bankrupt.com/misc/BHM_Subsidiaries.pdf TOTAL SCHEDULED ASSETS $1,785,416 ========================================================= C. Property Claimed as Exempt None D. Secured Claim Hull Lift Truck Inc - UCC Lienholder $0 ING US Capital LLC - UCC Lienholder 0 Lehman Commercial Paper, Inc. - First Lien Deed of Trust 264,393,980 Prolift Industrial Equipment Co LLC Toyota - UCC Lienholder 0 The Lincoln Electric Company, OH - UCC Lienholder 0 The Lincoln Electric Company, OH - UCC Lienholder 0 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 ========================================================= 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 facilites 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 US$100 million and US$500 million. The Debtors have until Sept. 16, 2008, to exclusively file their bankruptcy plan. (BHM Technologies Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) BLUE WATER: Reports $3,530,815 Net Loss in June 29, 2008 ------------------------------------------------------------------ Blue Water Automotive Systems, Inc. Unaudited Balance Sheet As of June 29, 2008 ASSETS: Cash $1,505,039 Inventory 9,895,071 Accounts Receivable 46,747,994 Insider Receivables - Land and Buildings Furniture, Fixtures & Equipment 38,305,492 Accumulated Depreciation (12,051,087) Other: Current Assets 8,801,103 Other: Long Term Assets 61,251 ------------ TOTAL ASSETS $93,264,863 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable $5,071,531 Rent and Lease Payable - Wages and Salaries 530,844 Taxes Payable 1,222,894 Other: - ------------ Total Postpetition Liabilities 6,825,269 Secured Liabilities: Subject to Postpetition Collateral or DIP Order - All Other Secured Liabilities 50,932,861 ------------ Total Secured Liabilities 50,932,861 Prepetition Liabilities: Taxes and Other Priority Liabilities 2,174,588 Unsecured Liabilities: 48,368,180 Other: - ------------ Total Prepetition Liabilities 50,542,768 EQUITY: Owners Capital 20,827,488 Retained Earnings - Prepetition (24,221,702) Retained Earnings - Postpetition (11,641,821) Total Equity: (15,036,035) ------------ TOTAL LIABILITIES AND EQUITY $93,264,863 ============ Blue Water Automotive Systems, Inc. Unaudited Operating Statement Month Ended June 29, 2008 Total Revenue/Sales $27,946,359 Cost of Sales 25,732,043 ------------ Gross Profit 2,214,316 Expenses: Officer compensation 40,385 Salary Expenses other Employees 729,474 Employee Benefits & Pensions 159,521 Payroll Taxes 55,794 Other Taxes 87,194 Rent and Lease Expense 134,615 Interest Expense 282,750 Insurance 7,842 Automobile and Truck Expense 49,901 Utilities (gas, electric, phone) 3,898 Depreciation 25,857 Travel and Entertainment 49,299 Repairs and Maintenance 35,852 Advertising - Supplies, Office Expense, etc 169,814 Other Specify: Legal 30,000 Other Specify: Misc 113,000 ------------ Total Expenses 1,975,196 ------------ Net Operating Profit (Loss) 239,120 Add: Non-Operating Income Interest Income - Other Income - Less: Non Operating Expenses Professional Fees - Other 3,769,935 ------------ NET INCOME/(LOSS) ($3,530,815) ============ Blue Water Automotive Properties L.L.C Unaudited Balance Sheet As of June 29, 2008 ASSETS: Cash $223,173 Inventory - Accounts Receivable - Insider Receivables - Land and Buildings 27,459,896 Furniture, Fixtures & Equipment - Accumulated Depreciation (3,244,755) Other: Current Assets 464,250 Other: Long Term Assets - ------------ TOTAL ASSETS $24,902,564 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable - Rent and Lease Payable - Wages and Salaries - Taxes Payable - Other: 437,489 ------------ Total Postpetition Liabilities 437,489 Secured Liabilities: Subject to Postpetition Collateral or DIP Order - All Other Secured Liabilities 14,724,436 ------------ Total Secured Liabilities 14,724,436 Prepetition Liabilities: Taxes and Other Priority Liabilities - Unsecured Liabilities: - Other: 11,945,925 ------------ Total Prepetition Liabilities 11,945,925 EQUITY: Owners Capital - Retained Earnings - Prepetition (1,678,107) Retained Earnings - Postpetition (527,179) Total Equity: (2,205,286) ------------ TOTAL LIABILITIES AND EQUITY $24,902,564 ============ Blue Water Automotive Systems, Inc. Unaudited Operating Statement Month Ended June 29, 2008 Total Revenue/Sales $0 Cost of Sales 104,695 ------------ Gross Profit (104,695) Expenses: Officer compensation - Salary Expenses other Employees - Employee Benefits & Pensions - Payroll Taxes - Other Taxes - Rent and Lease Expense - Interest Expense 105,313 Insurance - Automobile and Truck Expense - Utilities (gas, electric, phone) - Depreciation - Travel and Entertainment - Repairs and Maintenance - Advertising - Supplies, Office Expense, etc - Other Specify: Legal - Other Specify: Misc - ------------ Total Expenses 105,313 ------------ Net Operating Profit (Loss) (210,008) Add: Non-Operating Income Interest Income - Other Income 133,718 Less: Non Operating Expenses Professional Fees - Other - ------------ NET INCOME/(LOSS) ($76,290) ============ Blue Water Plastics Mexico Ltd. Unaudited Balance Sheet As of June 29, 2008 ASSETS: Cash - Inventory - Accounts Receivable ($25) Insider Receivables - Land and Buildings - Furniture, Fixtures & Equipment - Accumulated Depreciation - Other: Current Assets 1,640,857 Other: Long Term Assets - ------------ TOTAL ASSETS $1,640,832 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable - Rent and Lease Payable - Wages and Salaries - Taxes Payable - Other: - ------------ Total Postpetition Liabilities - Secured Liabilities: Subject to Postpetition Collateral or DIP Order - All Other Secured Liabilities - ------------ Total Secured Liabilities - Prepetition Liabilities: Taxes and Other Priority Liabilities - Unsecured Liabilities: - Other: 11,945,925 ------------ Total Prepetition Liabilities 11,945,925 EQUITY: Owners Capital 2,110,000 Retained Earnings - Prepetition (469,168) Retained Earnings - Postpetition - Total Equity: 1,640,832 ------------ TOTAL LIABILITIES AND EQUITY $1,640,832 ============ Blue Water Plastics Mexico, Ltd., B.W.A.S. Mexico, L.L.C. and B.W.A.S.Holdings, Inc., all posted $0 in revenues, assets and liabilities for the month ended June 29, 2008. About Blue Water Automotive Blue Water Automotive Systems, Inc. designs and manufactures engineered thermoplastic components and assemblies for the automotive industry. The company's product categories include airflow management, full interior trim/sub-systems, functional plastic components, and value-added assemblies. They are supported by full-service design, program management, manufacturing and tooling capabilities. With more than 1,400 employees, Blue Water operates eight manufacturing and product development facilities and has annual revenues of approximately US$200 million. The company's headquarters and technology center is located in Marysville, Mich. The company has operations in Mexico. In 2005, KPS Special Situations Fund II, L.P., and KPS Special Situations Fund II(A), L.P., acquired Blue Water Automotive through a stock purchase transaction. In 2006, the company acquired the automotive assets and operations of Injectronics, Inc., a manufacturer of thermoplastic injection molded components and assemblies. KPS then set about reorganizing the company. The company implemented a program to improve operating performance and address its liquidity issues. During 2007, the company replaced senior management, closed two facilities, and reduced overhead spending by one third. Blue Water Automotive and four affiliates filed for chapter 11 bankruptcy protection Feb. 12, 2008, before the United States Bankruptcy Court Eastern District of Michigan (Detroit) (Case No. 08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley & Lardner, LLP, serve as the Debtors' bankruptcy counsel. Administar Services Group LLC acts as the Debtors' claims, notice, and balloting agent. Blue Water's bankruptcy petition lists assets and liabilities each in the range of $100 million to $500 million. The Debtors filed their Liquidation Plan on May 9, 2008. The Plan contemplates a sale of substantially all of the Debtors' assets and equity interests, except for a piece of real property located at Yankee Road, in St. Clair, Michigan. The Plan has been confirmed by the Court. (Blue Water Automotive Bankruptcy News, Issue No. 25, Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) CATHOLIC CHURCH: Fairbanks Files Report for Month Ended June 30 --------------------------------------------------------------- Catholic Bishop of Northern Alaska Statement of Financial Position As of June 30, 2008 CBNA Held for ASSETS Total Others ----- -------- Cash and cash equivalents 179,474 $78,362 Investments: Valuables in safe 168 - Trust account @ market 1,657,333 - 457 Plan assets @ market - 182,706 Endowment Fund @ market - 14,793,319 Endowment Fund-earnings @ market (162,531) - Stocks - - Limited partnerships 261,324 - Accounts receivable, net of allowance: Tuition, fees and others 204,343 - For parishes and school 55,952 - Other 12,882 - Notes and other receivables 348,500 - Grants pledged 125,000 - Fixed assets, net at cost: Land and building 7,780,155 - Aircraft 340,726 - Equipment - - Other assets 95,970 - ---------- ---------- Total Assets $10,899,302 $15,054,388 ========== ========== LIABILITIES AND NET ASSETS Liabilities: Accounts payable/accrued liabilities $620,080 - Notes payable 216,966 - Benefits payable 79,238 - Deferred revenue 233,764 - Annuities payable 215,684 - Other liabilities 20,000 - Payroll-related liabilities: Payroll taxes 68,440 - General vacation accrual account 16,339 - Accrued leave 244,231 - Insurance: Long term disability 931 - Insurance deposits A/R 56,949 - Insurance reserves expense 35,346 - Indemnity insurance reserves 100 - Medical/Dental payroll deduction 235,810 - Teacher scholarships - - CBNA building loan - - ---------- ---------- Total Liabilities 2,043,882 - ---------- ---------- Total net assets 8,855,420 15,054,388 ---------- ---------- Total Liabilities and Net Assets $10,899,302 $15,054,388 ========== ========== Catholic Bishop of Northern Alaska Statement of Activities For the month ending June 30, 2008 CBNA Held for Total Others Support and revenue: ----- -------- Parish assessments $13,549 - Tuition, net of tuition assistance 23,245 - Curricular income 211 - Donations 523,330 $5,077 Investment income (768,706) (140,937) Other income 124,025 - ---------- ---------- Total support and revenue (84,344) (135,860) Expenses: Operating expenses 58,758 - Supplies 11,226 - Repair & Maintenance 32,137 - Utilities 32,474 - Insurance 8,290 - Staff Expenses: Salaries & Wages 227,969 - Payroll Taxes 15,100 - Employee Benefits 84,112 - Staff Development/Misc. 1,892 - Curricular Expenses 8,198 - Recruiting, advertising and PRs 5,000 - Travel Expenses 17,595 - Student related expenses 2,812 - Contributions - - Professional and technical fees 22,858 - Investment services 82,220 $12,927 Subsidies 113,354 - Rental/Lease Expense 65,480 - Assessments 1,252 - Fund Raising Expense 905 - Radio Programming Expense 54,597 - Radio Technical Dept. Expenses 4,190 - Miscellaneous Expense 74 - ---------- ---------- Total General 850,501 12,927 Funds released from restricted funds - - Net change in designated funds - - ---------- ---------- Total Expenses 850,501 12,927 ---------- ---------- Increase (decrease) in net assets (934,846) (148,788) ---------- ---------- Re-organizational costs (300,417) - ---------- ---------- Increase (decrease) in net assets after Re-org costs (1,235,264) (148,788) Net assets: Beginning of month 10,090,684 15,203,176 ---------- ---------- End of month $8,855,420 $15,054,388 ========== ========== Catholic Bishop of Northern Alaska Cash Receipts and Disbursements For the month ending June 30, 2008 CBNA Held for Total Others ----- -------- Beginning balance - February 2008 $485,237 $77,681 Total receipts - prior gen. acct. reps. 3,096,510 380,144 Less total disbursements 3,199,447 328,278 ---------- ---------- Beginning balance - May 31, 2008 382,300 129,547 Receipts during current period: Funds received by CSF from CBNA 30,216 - Funds collected from others 77,348 77,348 Transfers between internal accounts 46,166 - Accounts receivable - post filing 68,097 - Transfers from investment accounts 190,000 - Custodial funds 20,816 20,816 Funds received by CBNA from KNOM 54,094 - Funds received from Catholic Schools 30,543 - Interest & dividends 628 - Donations 425,371 - Donations - Internet 575 - Gains (Losses) security sales 2,215 - Grants 2,000 - Payment refund/return 726 - Weather service income 150 - Stock 764 - Restricted funds 118,909 - Other income/fees 5,724 - Co-curricular income 69 - Curricular income 172 - Parish assessments 13,549 - Earnest payment aircraft sale 10,000 - ---------- ---------- Total receipts this period 1,098,141 98,165 ---------- ---------- Balance 1,480,442 227,712 Less total disbursements: Transfers to Catholic Schools 30,216 - Transfers from KNOM to CBNA 54,094 - Transfers between internal accounts 47,310 - Transfers to CBNA from CSF 30,543 - Custodial funds 87,958 87,958 Administrative 2,533 - Co-curricular expense 1,174 - Curricular expense 8,262 - Funds disbursed for others 136,047 136,047 Bank fees and charges 2,249 - Interest expense 697 - Programming - News service 55,290 - Wages & salaries 297,265 - Employee benefits 100,028 - Fundraising 6,382 - Mission & program support 14,353 - Equipment & supplies 27,820 - Telephone/Internet 1,588 - Staff development 580 - Utilities 56,021 - List rental and copy leases 53,802 - Services & insurance 32,414 - Dues/fees 553 - Education expenses 600 - Maintenance/repairs 18,982 - Building supplies and expenses 97,456 - Annuities 1,201 - School supplies 813 - Travel 16,999 - NSF's 2,000 - Postage 35,884 - Printing and copying 2,223 - Restricted 137 - Miscellaneous 714 - ---------- ---------- Total disbursements this period 1,224,204 224,006 ---------- ---------- Ending balance - June 30, 2008 256,237 $3,706 Plus: Petty Cash 1,600 - ---------- ---------- Ending balance - June 30, 2008 $257,837 $3,706 ========== ========== About Diocese of Fairbanks The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/-- filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady LLP represents the Debtor in its restructuring efforts. Michael R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's local counsel and Cook, Schuhmann & Groseclose Inc. as its special counsel. Judge Donald MacDonald, IV, of the United States Bankruptcy Court for the District of Alaska presides over Fairbanks' Chapter 11 case. The Debtor's schedules show total assets of $13,316,864 and total liabilities of $1,838,719. The church's plans to file its bankruptcy plan and disclosure statement on July 15, 2008. Its exclusive plan filing period expires on Jan. 15, 2009. (Catholic Church Bankruptcy News, Issue No. 129; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DELTA FINANCIAL: Files June 2008 Monthly Operating Report --------------------------------------------------------- Delta Financial Corp. and Subsidiaries Unaudited Consolidated Balance Sheet As of June 30, 2008 Assets Cash and cash equivalents $6,732,712 Mortgage loans held for sale, net 0 Mortgage loans held for investment, net of discount and deferred fees 0 Less: allowance for loan losses 0 ---------- Mortgage loans held for investment, net 0 Trustee receivable 0 Accrued interest receivable 0 Excess cash flow certificates 0 Equipment, net 0 Accounts receivable 10,587,157 Prepaid and other assets 5,732,230 Deferred tax asset ----------- Total Assets $23,052,098 =========== Liabilities and Stockholder's Equity Liabilities: Bank payable $0 Warehouse financing 0 Financing on mortgage loans held for investment, net 0 Other borrowings 0 Accrued interest payable 0 Accounts payable and other liabilities 11,550,371 Long term liabilities 5,274,031 Deferred tax liability ----------- Total Liabilities 16,824,402 Stockholders' Equity: Preferred stock - REIT Common stock 254,792 Additional paid-in capital 158,301,751 Retained earnings (accumulated deficit) (151,010,693) Accumulated other comprehensive income (loss) Treasury stock, at cost (1,318,154) ----------- Total stockholders' equity 6,227,696 ----------- Total liabilities and stockholders' equity $23,052,098 =========== Delta Financial Corp. and Subsidiaries Unaudited Consolidated Statements of Operations Consolidated Statements of Operations For the Six Months Ended June 30, 2008 Interest income $146,249 Interest expense (1,246,870) ----------- Net interest income (1,100,621) Provision for loan loss 0 ----------- Net interest income after provision for loan loss (1,100,621) Non-interest income Net gain on sale of mortgage loans (190,829) Other income 42,882,369 ----------- Total non-interest income 42,691,540 Non-interest expense Payroll and related costs 1,984,893 General and administrative 5,419,824 (Gain) loss on derivative instruments 0 ----------- Total non-interest expense 7,404,718 Income (loss) before income tax expense (benefit) 34,186,202 Provision for income tax expense (benefit) 0 ----------- Net income (loss) $34,186,202 =========== Since January 2008, the Debtors have made payments to these retained professionals: Professional Role Fees Expenses ------------ ---- ---- -------- AlixPartners, LLP Claims Agent $110,098 $42,075 to Debtors Morrison & Foerster General Bankruptcy 662,922 19,853 Counsel to Debtors FTI Consulting Financial Advisors 163,886 1,645 to Debtors Pepper Hamilton LLP Delaware Counsel 87,795 14,668 to Debtors Weiser LLP Financial Advisor 52,548 40 to Committee Landis Rath & Cobb LLP Delaware Counsel 22,906 1,771 to Committee Epiq Systems Claims Agent 102 8 Crowell & Moring O.C. Professional 195 0 CT Corporation O.C. Professional 10,368 0 Pentalpha Group LLC O.C. Professional 36,869 1,132 Goldstein Jones LLP O.C. Professional 1,725 121 Jenner & Block LLP O.C. Professional 94,497 5,158 EmphaSys Tech., Inc. O.C. Professional 15,500 0 ---------- -------- Total $1,259,410 $86,470 Founded in 1982, Delta Financial Corporation (NASDAQ: DFC) -- http://www.deltafinancial.com/-- is a Woodbury, New York-based specialty consumer finance company that originates, securitizes and sells non-conforming mortgage loans. The company filed a chapter 11 petition on December 17, 2007 (Bankr. D. Del. Lead Case No. 07-11880). On the same day, three affiliates filed separate chapter 11 petitions -- Delta Funding Corp., Renaissance Mortgage Acceptance Corp., and Renaissance R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to 07-11883). The Debtors' petition listed D.B. Structured Products Inc. as their largest unsecured creditor holding a $19,500,000 claim. The Debtors selected Morrison & Foerster LLP as their general bankruptcy counsel and David B. Stratton, Esq. and James C. Carignan, Esq. at Pepper Hamilton LLP as their counsel. The Debtors hired AlixPartners LLP as their claims agent. The Official Committee of Unsecured Creditors retained Landis Rath & Cobb LLP as its Delaware counsel. The Debtors have asked for further extension to their exclusive plan filing period through July 25, 2008, and solicit and obtain acceptances of that plan, through Sept. 26, 2008. (Delta Financial Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). HOMEBANC CORP: Reports $4,822,000 Net Loss in May 31 ---------------------------------------------------- HomeBanc Mortgage Corporation and Subsidiaries Unaudited Consolidated Balance Sheet As of May 31, 2008 ASSETS Cash $6,028,000 Restricted cash 0 Mortgage loans held for sale, net 3,294,000 Mortgage loans held for investment, net 0 Mortgage servicing rights 0 Receivable from custodian 0 Trading securities 500,000 Securities available for sale 0 Securities held to maturity 0 Accrued interest receivable 0 Premises and equipment, net 0 Goodwill, net 0 Deferred tax asset, net 0 Accounts receivable from affiliates 0 Investment in subsidiaries 0 Other Assets 11,961,000 --------------- TOTAL ASSETS $21,783,000 =============== LIABILITIES & EQUITY Warehouse lines of credit $0 Repurchase agreements 0 Loan funding payable 1,478,000 Accrued interest payable 0 Accrued expenses 5,545,000 Other accounts payable 0 Accounts payable to affiliates 0 Collaterized debt obligations 0 Junior subordinated debentures representing 175,260,000 obligations for trust preferred securities --------------- Total liabilities 182,283,000 Minority interest 64,000 Shareholders Equity: Preferred stock 47,992,000 Common stock 571,000 Additional paid-in capital 278,865,000 Accumulated deficit (470,088,000) Treasury stock (17,904,000) Accumulated other comprehensive (loss) income 0 --------------- Total shareholder's equity (160,564,000) --------------- TOTAL LIABILITIES & EQUITY $21,783,000 =============== HomeBanc Mortgage Corporation and Subsidiaries Unaudited Consolidated Statement of Operations For 5 Months Ended May 31, 2008 REVENUES MBS interest income $710,000 Other miscellaneous income 384,000 --------------- Total revenues 1,094,000 EXPENSES Professionals 3,193,000 Insurance 575,000 Contract personnel 200,000 Data facility 0 Compensation and benefits 312,000 Financial systems 122,000 Record storage 56,000 Medical insurance run-off payments 196,000 Loan sales expense 117,000 U.S. trustee fees 47,000 Office rental 31,000 Other misc. operating expenses 1,067,000 --------------- Total expenses 5,916,000 --------------- Income tax expense 0 --------------- Net Income (Loss) ($4,822,000) =============== HomeBanc Mortgage Corporation and Subsidiaries Consolidated Statement of Cash Flows For the 5 Months Ended May 31, 2008 OPERATING ACTIVITIES Net loss ($4,822,000) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: (Increase) decrease in mortgage loans held for 2,117,000 sale, net Decrease (interest) in other assets 1,399,000 Decrease in other liabilities (55,000) --------------- Net cash (used in) provided by operating (1,361,000) activities INVESTING ACTIVITIES Net cash provided by (used in) investing 0 activities FINANCING ACTIVITIES Net cash (used in) provided by financing 0 activities --------------- Net increase (decrease) in cash (1,361,000) Cash and cash equivalents at beginning of period 7,389,000 --------------- Cash and cash equivalents at end of period $6,028,000 =============== About HomeBanc Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation -- http://www.homebanc.com/-- is a mortgage banking company focused on originating primarily prime purchase money residential mortgage loans in the Southeast United States. HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors selected the firm Otterbourg, Steindler, Houston and Rosen, P.C. as its counsel. The Debtors' financial condition as of June 30, 2007, showed total assets of $5,100,000,000 and total liabilities of $4,900,000,000. The Debtors' exclusive period to file a plan ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 28; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). HOMEBANC CORP: Reports $9,475,000 Net Loss in June 30 ----------------------------------------------------- HomeBanc Mortgage Corporation and Subsidiaries Unaudited Consolidated Balance Sheet As of June 30, 2008 ASSETS Cash $3,108,000 Restricted cash 0 Mortgage loans held for sale, net 1,560,000 Mortgage loans held for investment, net 0 Mortgage servicing rights 0 Receivable from custodian 0 Trading securities 500,000 Securities available for sale 0 Securities held to maturity 0 Accrued interest receivable 0 Premises and equipment, net 0 Goodwill, net 0 Deferred tax asset, net 0 Accounts receivable from affiliates 0 Investment in subsidiaries 0 Other Assets 11,962,000 --------------- TOTAL ASSETS $17,130,000 =============== LIABILITIES & EQUITY Warehouse lines of credit $0 Repurchase agreements 0 Loan funding payable 1,478,000 Accrued interest payable 0 Accrued expenses 5,545,000 Other accounts payable 0 Accounts payable to affiliates 0 Collaterized debt obligations 0 Junior subordinated debentures representing 175,260,000 obligations for trust preferred securities --------------- Total liabilities 182,283,000 Minority interest 64,000 Shareholders Equity: Preferred stock 47,992,000 Common stock 571,000 Additional paid-in capital 278,865,000 Accumulated deficit (474,741,000) Treasury stock (17,904,000) Accumulated other comprehensive (loss) income 0 --------------- Total shareholder's equity (165,217,000) --------------- TOTAL LIABILITIES & EQUITY $17,130,000 =============== HomeBanc Mortgage Corporation and Subsidiaries Unaudited Consolidated Statement of Operations For 6 Months Ended June 30, 2008 REVENUES MBS interest income $805,000 Other miscellaneous income 390,000 --------------- Total revenues 1,195,000 EXPENSES Professionals 3,458,000 Insurance 575,000 Contract personnel 263,000 Data facility 0 Compensation and benefits 312,000 Financial systems 122,000 Record storage 59,000 Medical insurance run-off payments 202,000 Loan sales expense 146,000 U.S. trustee fees 47,000 Office rental 47,000 Other misc. operating expenses 5,441,000 --------------- Total expenses 10,670,000 --------------- Income tax expense 0 --------------- Net Income (Loss) ($9,475,000) =============== HomeBanc Mortgage Corporation and Subsidiaries Consolidated Statement of Cash Flows For the 6 Months Ended June 30, 2008 OPERATING ACTIVITIES Net loss ($9,475,000) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: (Increase) decrease in mortgage loans held for 3,851,000 sale, net Decrease (interest) in other assets 1,398,000 Decrease in other liabilities (55,000) --------------- Net cash (used in) provided by operating (4,281,000) activities INVESTING ACTIVITIES Net cash provided by (used in) investing 0 activities FINANCING ACTIVITIES Net cash (used in) provided by financing 0 activities --------------- Net increase (decrease) in cash (4,281,000) Cash and cash equivalents at beginning of period 7,389,000 --------------- Cash and cash equivalents at end of period $3,108,000 =============== About HomeBanc Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation -- http://www.homebanc.com/-- is a mortgage banking company focused on originating primarily prime purchase money residential mortgage loans in the Southeast United States. HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors selected the firm Otterbourg, Steindler, Houston and Rosen, P.C. as its counsel. The Debtors' financial condition as of June 30, 2007, showed total assets of $5,100,000,000 and total liabilities of $4,900,000,000. The Debtors' exclusive period to file a plan ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 28; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). LINENS 'N THINGS: Files Operating Report for June 28, 2008 ---------------------------------------------------------- Linens 'N Things and its debtor-affiliates submitted to the United States Bankruptcy Court for the District of Delaware its their operating report for the month ended June 28, 2008: Linens Holding Co., et al. Balance Sheet As of June 28, 2008 Assets Current Assets Cash $29,234,466 Accounts receivable, net 38,019,033 Inventory 547,974,178 Prepaid expenses 39,502,100 ------------- Total Current Assets 654,729,777 Property & Equipment Building 5,010,000 Furniture & fixtures 272,972,004 Hardware 13,611,010 Leasehold improvements 179,132,427 Land 1,030,400 Software 8,689,658 Less: accumulated depreciation (205,858,028) ------------- Total Property & Equipment 274,587,471 Other Assets Identifiable intangible 135,179,986 Goodwill 253,159,671 Other non-current assets 38,828,054 ------------- Total other assets 427,167,711 ------------- Total Assets $1,356,484,959 ============= Liabilities and Shareholders' Equity Liabilities not subject to compromise Current liabilities Merchandise accounts payable $8,577,561 Merchandise accruals, refunds & allowances 57,213,512 Due to customers 1,551,592 Salaries and wages 7,417,659 Taxes, non-franchise and income tax 13,217,958 Workers compensation 136,651 Current retirement plans 72,350 Rent - General liability claims 133,217 Accrued auto claims & uninsured losses 17,694 Other accrued liabilities 61,831,341 ------------- Total Current Liabilities 150,169,535 Long Term Liabilities Long-term borrowings 175,410,355 Non-current deferred income - Other liabilities 984,578 ------------- Total long term liabilities 176,394,933 ------------- Total liabilities not subject to compromise 326,564,468 Liabilities subject to compromise L/T senior secured note 668,914,007 Unsecured claims 352,512,084 Priority claims 27,604,901 Other accruals and reserves - ------------- Total Liabilities Subject to Compromise 1,049,030,992 ------------- Total Liabilities 1,375,595,460 Shareholders' Equity Common stock 130,130 Additional paid-in capital 600,966,833 Retained earnings - prepetition (536,191,697) Retained earnings - postpetition (87,101,951) Currency gain/loss 3,086,184 ------------- Net shareholders' equity (19,110,501) ------------- Total Liabilities and Shareholders' Equity $1,356,484,959 ============= Linens Holding Co., et al Income Statement For the month ending June 28, 2008 Gross revenues $138,221,282 Rebates and returns 2,304,652 Cost of goods sold (68,158,032) ------------- Initial Mark On (IMO) 72,367,902 Markdowns 14,495,056 Gross allowances (1,646,405) Deferred allowances (8,036,175) ------------- Total markdowns - net 4,812,476 ------------- Merchant margin 67,555,426 Supply chain expenses (6,517,004) Buying, product development, shrink (4,136,017) ------------- Gross profit 56,902,405 Store payroll expense (18,703,759) Other store selling expenses (5,315,622) ------------- Total selling expense (24,019,381) ------------- Margin after selling expenses 32,883,024 Occupancy (33,499,276) Sales promotions (1,344,202) Other store expenses (1,792,384) Store closing expense - Supervisory/Other (1,152,177) ------------- Total store expenses (37,788,039) ------------- Store contribution (4,905,015) Administrative salaries (2,641,587) Other administrative expenses (4,908,162) Other income/(expense) (10,955,725) Interest (2,242,945) Taxes (676,051) ------------- Total General & Administrative (21,424,470) ------------- Net Earnings [Loss] (26,329,485) ------------- Reorganization Items (29,719,957) ------------- Net Earnings [Loss] after reorg. items ($56,049,442) ============= Linens Holding Co., et al. Schedule of Cash Receipts and Disbursements For the month ending June 28, 2008 Cash Receipts: Sales receipts $170,895,000 Other receipts, i.e. tenant allow. 2,059,000 Store closure proceeds 110,546,000 ------------- Total receipts 283,500,000 Cash Disbursements: Trade payments: A/P - Merchandise 67,288,000 Rollover A/P - Prepaid - A/P - LC's & Trade Card 8,768,000 A/P - LAPP - ------------- Total trade payments 76,056,000 Operating Expenses: Payroll, payroll taxes & benefits 31,957,000 Rent checks and wires 20,549,000 Marketing 3,004,000 Capital expenditures - Freight 6,928,000 Sales tax payable 10,673,000 Other (Import duties, misc. CC fees) 15,862,000 Administrative & selling expenses - ------------- Total operating expenses 88,973,000 Non-Operating Expenses: DIP & revolver interest & fees - Other Interest Expense / (Income) 4,000 ------------- Total non-pperating expenses 4,000 ------------- Net operating cash flow 118,466,000 Bankruptcy Expenses: DIP fees & expenses - Deposits for utilities 1,485,000 Professional fees 1,289,000 ------------- Total Bankruptcy Expenses 2,774,000 ------------- Net Cash Flows 115,692,000 ------------- Draw / (Paydown) of DIP Facility (126,004,000) ------------- Net Change in Cash ($10,312,000) ============= Clifton, New Jersey-based Linens 'n Things, Inc. -- http://www.lnt.com/-- is the second largest specialty retailer of home textiles, housewares and home accessories in North America operating 589 stores in 47 U.S. states and seven Canadian provinces as of Dec. 29, 2007. The company is a destination retailer, offering one of the broadest and deepest selections of high quality brand-name as well as private label home furnishings merchandise in the industry. Linens 'n Things has some 585 superstores (33,000 sq. ft. and larger), emphasizing low-priced, brand-name merchandise, in more than 45 states and about seven Canadian provinces. Brands include Braun, Krups, Calphalon, Laura Ashley, Croscill, Waverly, and the company's own label. Linens 'n Things was acquired by private equity firm Apollo Management in 2006. On May 2, 2008, these Linens entities filed chapter 11 petition (Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things, Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834), Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC (08- 10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838), LNT Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT Virginia LLC (08-10841), LNT Merchandising Company LLC (08-10842), LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844). Judge Christopher S. Sontchi presides over the case. The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A. The Debtor's special corporate counsels are Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq., and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan, Lewis & Bockius LLP. The Debtors' restructuring management services provider is Conway, Del Genio, Gries & Co., LLC. The Debtors' CRO/Interim CEO is Michael F. Gries, co-founder of Conway Del Genio Gries & Co., LLC. The Debtors' claims agent is Kurtzman Carson Consultants LLC. The Debtors' consultants are Asset Disposition Advisors, LLC, and Protiviti, Inc. Their investment bankers are Financo, Inc. and Genuity Capital Markets. The Official Committee of Unsecured Creditors is represented by Cole, Schotz, Meisel, Forman & Leonard, P.A. Carl Marks Advisory Group LLC serves as financial advisor to the Creditors' Committee. A Noteholder Committee has been formed and is represented by Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl & Jones. (Bankruptcy News About Linens 'n Things, Issue No. 14; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) LINENS N THINGS: LNT Inc. Files Assets and Debts Schedules ---------------------------------------------------------- LNT, Inc. filed its Schedules of Assets and Liabilities with the United States Bankruptcy Court for the District of Delaware: A - Real Property Building in Secaucus, New Jersey $5,880,975 Land in Greensboro, North Carolina 400,400 B - Personal Property B.1 Cash on Hand 526,690 B.2 Bank Accounts Wachovia - store depository 1,745,552 Bank of America - corporate account 770,972 National City Bank, IL 429,128 Others 730,249 B.3 Security Deposits Withlacooche River Electric 12,000 Northbrook 10,158 OUC 7,150 Con Edison 8,960 Stroudsburg 2,735 City of East Point 2,014 Daytona Beach 1,888 Others 11,017 B.4 Household goods None B.5 Book, artwork and collectibles None B.6 Wearing apparel None B.7 Furs and jewelry None B.8 Firearms and other equipment None B.9 Insurance Policies None B.10 Annuities None B.11 Interests in an education IRA None B.12 Interests in pension plans 401(k) Plan None B.13 Stock and Interests 100% interest in LNT Services, Inc. Unknown 100% interest in LNT Leasing II, LLC Unknown 100% interest in LNT West, Inc. Unknown 100% interest in LNT Virginia LLC Unknown B.14 Interests in partnerships/joint ventures None B.15 Government and corporate bonds None B.16 Accounts Receivable VISA/Master Card 2,588,977 American Express 953,803 Discover Card 559,894 Landlords 312,577 Others 894,868 B.17 Alimony None B.18 Other Liquidated Debts Owing Debtor Prepaid supplies 1,137,305 Prepaid sales & use tax 212,000 Franchise tax refunds - Connecticut 187,000 Franchise tax refunds - Alabama 4,556 Franchise tax refunds - Pennsylvania 2,115 B.19 Equitable or future interests None B.20 Interests in estate death benefit plan None B.21 Other Contingent and Unliquidated Claims None B.22 Patents, copyrights, and others None B.23 Licenses, franchises & other intangibles Gift card customer relationships Unknown Favorable lease - Burbank 8,089,630 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 & supplies Hardware 3,205,610 Software 698,172 B.29 Equipment and Supplies for Business Leasehold improvements 69,273,707 Furnishings and fixtures 43,310,643 B.30 Inventory Sheets 27,664,990 Cookware 26,533,146 Fashion bedding 25,582,765 Kitchen electrics 22,329,534 Towels 20,101,684 Window 18,252,830 Electrics 18,179,326 Pillows and pads 13,263,038 Cooking accessories 12,352,388 Decorative bath 11,150,839 Furniture 10,459,541 Candles/Home fragrance 9,650,766 Storage and organization 9,393,046 Duvets 9,226,369 Functional bath 9,020,214 Alt bedding 8,931,892 Tablelinens and placemats 8,684,758 Window - hardware 7,658,135 Throws, toss & furniture covers 7,272,306 Others 60,624,426 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 478,302,738 ========================================================== C - Property Claimed None D - Creditors Holding Secured Claims None E - Creditors Holding Unsecured Priority Claims Severance pay 40,417 Various employees - wages and salaries 2,941,158 Various employees - accrued vacation 810,340 Contribution to employee benefit plans 65,027 Taxes/Debts owed to Governmental units 10,959,309 F - Creditors Holding Unsecured Nonpriority Claims Linens 'N Things Canada 47,786,196 Newspaper Services of America - Chicago 2,153,202 Newspaper Services of America - Downers 1,223,515 WIS International 552,128 Inland US Management LLC 506,677 Developers Diversified Realty Corp. 478,018 Nassau Mall Plaza Associates 390,850 McCaffrey Interests 287,229 Elmwood North I, LLC 253,320 Biscayne Retail Partners, Ltd. 250,907 Manhasset Venture, LLC 242,386 GGP-Maine Mall, LLC 226,726 Southside Retail, LLC 222,453 Rossford Development, LLC 209,838 Horizon National Contract Services, LLC 196,162 Others 31,973,503 TOTAL SCHEDULED LIABILITIES $101,769,361 ========================================================== Clifton, New Jersey-based Linens 'n Things, Inc. -- http://www.lnt.com/-- is the second largest specialty retailer of home textiles, housewares and home accessories in North America operating 589 stores in 47 U.S. states and seven Canadian provinces as of Dec. 29, 2007. The company is a destination retailer, offering one of the broadest and deepest selections of high quality brand-name as well as private label home furnishings merchandise in the industry. Linens 'n Things has some 585 superstores (33,000 sq. ft. and larger), emphasizing low-priced, brand-name merchandise, in more than 45 states and about seven Canadian provinces. Brands include Braun, Krups, Calphalon, Laura Ashley, Croscill, Waverly, and the company's own label. Linens 'n Things was acquired by private equity firm Apollo Management in 2006. On May 2, 2008, these Linens entities filed chapter 11 petition (Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things, Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834), Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC (08- 10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838), LNT Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT Virginia LLC (08-10841), LNT Merchandising Company LLC (08-10842), LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844). Judge Christopher S. Sontchi presides over the case. The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A. The Debtor's special corporate counsels are Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq., and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan, Lewis & Bockius LLP. The Debtors' restructuring management services provider is Conway, Del Genio, Gries & Co., LLC. The Debtors' CRO/Interim CEO is Michael F. Gries, co-founder of Conway Del Genio Gries & Co., LLC. The Debtors' claims agent is Kurtzman Carson Consultants LLC. The Debtors' consultants are Asset Disposition Advisors, LLC, and Protiviti, Inc. Their investment bankers are Financo, Inc. and Genuity Capital Markets. The Official Committee of Unsecured Creditors is represented by Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler Houston & Rosen P.C., as lead counsel. Norman L. Pernick, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington, D elaware, serves as local co-counsel. Carl Marks Advisory Group LLC serves as financial advisor to the Creditors' Committee. A Noteholder Committee has been formed and is represented by Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl & Jones. (Bankruptcy News About Linens 'n Things, Issue No. 14; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) LINENS N THINGS: LNT Services Files Assets and Debts Schedules -------------------------------------------------------------- LNT Services, Inc. filed its Schedules of Assets and Liabilities with the United States Bankruptcy Court for the District of Delaware: A - Real Property Dist. center in Greensboro, N. Carolina $4,644,283 B - Personal Property B.1 Cash on Hand Home Office 992 Main - Logan 1,000 Main - Greensboro 2,000 B.2 Bank Accounts Bank of New York - corporate account 735,599 Evergreen Investments 224,073 JPMorgan Chase 126,977 Wachovia 123,032 B.3 Security Deposits Lease deposit 5,000 B.13 Stock and Interests PIMCO Total Return Fund 178,937 Franklin Mutual Services Inc. 176,694 Dryden Short-Term Corporate Bond Fund 147,861 Fidelity Advisor Diversified Int'l Fund 146,026 Fidelity Equity-Income Fund 88,368 Meridian Growth Fund 73,251 Others 124,302 B.16 Accounts Receivable NJ Payroll rebates 1,904,709 Subtenant Interstate Drywall 62,837 Employees 26,075 Customer purchase orders 2,818 B.17 Alimony None B.18 Other Liquidated Debts Owing Debtor Prepaid advertising 5,290,538 Prepaid property insurance 1,929,737 Prepaid MIS maintenance 1,282,553 Insurance escrow - Liberty Mutual 627,853 Others 1,753,129 B.24 Customer lists or other compilations Unknown B.25 Vehicles 0 B.28 Office Equipment, furnishings & supplies Hardware 2,658,646 Software 2,599,703 B.29 Equipment and Supplies for Business Leasehold improvements 1,742,174 Furnishings and fixtures 9,917,138 B.30 Inventory Inventory in Transit - Imports 18,522,853 Markdowns at store 16,624,255 Inventory in Transit - Domestic 15,559,928 Cookware 4,540,030 Towels 3,624,892 Fashion bedding 3,073,866 Furniture 2,120,865 Others 16,410,704 TOTAL SCHEDULED ASSETS $117,073,699 ========================================================== C - Property Claimed None D - Creditors Holding Secured Claims None E - Creditors Holding Unsecured Priority Claims Severance pay $52,408 Various employees - wages and salaries 993,506 Various employees - accrued vacation 51,772 Contribution to employee benefit plans 61,491 Taxes/Debts owed to Governmental units 3,281,046 F - Creditors Holding Unsecured Nonpriority Claims Linens 'N Things Canada 47,786,196 Tradecard Inc. 10,880,728 Crawford & Company 8,114,865 Case Information Systems, Inc. 4,701,857 United Healthcare Insurance Company 1,630,000 Cramer Krasselt Co. 1,514,503 Florida Department of Revenue 1,135,024 Liberty Mutual 3,984,780 Gallagher Bassett Services, Inc. 3,365,951 Q Net 1,800,773 Inserts East Inc. 1,089,226 Others 21,615,501 TOTAL SCHEDULED LIABILITIES $112,059,627 ========================================================== Clifton, New Jersey-based Linens 'n Things, Inc. -- http://www.lnt.com/-- is the second largest specialty retailer of home textiles, housewares and home accessories in North America operating 589 stores in 47 U.S. states and seven Canadian provinces as of Dec. 29, 2007. The company is a destination retailer, offering one of the broadest and deepest selections of high quality brand-name as well as private label home furnishings merchandise in the industry. Linens 'n Things has some 585 superstores (33,000 sq. ft. and larger), emphasizing low-priced, brand-name merchandise, in more than 45 states and about seven Canadian provinces. Brands include Braun, Krups, Calphalon, Laura Ashley, Croscill, Waverly, and the company's own label. Linens 'n Things was acquired by private equity firm Apollo Management in 2006. On May 2, 2008, these Linens entities filed chapter 11 petition (Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things, Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834), Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC (08- 10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838), LNT Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT Virginia LLC (08-10841), LNT Merchandising Company LLC (08-10842), LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844). Judge Christopher S. Sontchi presides over the case. The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A. The Debtor's special corporate counsels are Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq., and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan, Lewis & Bockius LLP. The Debtors' restructuring management services provider is Conway, Del Genio, Gries & Co., LLC. The Debtors' CRO/Interim CEO is Michael F. Gries, co-founder of Conway Del Genio Gries & Co., LLC. The Debtors' claims agent is Kurtzman Carson Consultants LLC. The Debtors' consultants are Asset Disposition Advisors, LLC, and Protiviti, Inc. Their investment bankers are Financo, Inc. and Genuity Capital Markets. The Official Committee of Unsecured Creditors is represented by Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler Houston & Rosen P.C., as lead counsel. Norman L. Pernick, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington, Delaware, serves as local co-counsel. Carl Marks Advisory Group LLC serves as financial advisor to the Creditors' Committee. A Noteholder Committee has been formed and is represented by Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl & Jones. (Bankruptcy News About Linens 'n Things, Issue No. 14; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) LINENS N THINGS: LNT West Files Assets and Debts Schedules ---------------------------------------------------------- LNT West, Inc. filed its Schedules of Assets and Liabilities with the United States Bankruptcy Court for the District of Delaware: A - Real Property None B - Personal Property B.1 Cash on Hand $433,333 B.2 Bank Accounts Northwest Bank 756,959 JPMorgan Chase 356,154 B.3 Security Deposits 19,105 B.13 Stock and Interests 100% interest in LNT Merchandising Co. Unknown 100% interest in LNT Leasing III, LLC Unknown 100% interest in Citadel LNT, LLC Unknown B.16 Accounts Receivable Visa/Master Card 2,092,065 American Express 558,028 Discover Card 437,773 Debit Card 413,796 GSI Commerce Solutions, Inc. 393,641 Others 894,683 B.18 Other Liquidated Debts Owing Debtor Prepaid supplies 852,699 Prepaid sales&tax insurance - Illinois 97,500 Prepaid sales&tax insurance - Oklahoma 31,094 B.21 Other Contingent and Unliquidated Claims GSI, reimbursement for Orion Settlement 250,000 B.23 Licenses, franchises & other intangibles Credit card customer relationships Unknown Favorable leases 4,250,341 B.24 Customer lists or other compilations Unknown B.28 Office Equipment, furnishings & supplies Hardware 2,543,299 Software 491,744 B.29 Equipment and Supplies for Business Leasehold improvements 44,057,133 Furnishings and fixtures 32,666,112 B.30 Inventory Fashion bedding 28,386,412 Sheets 26,443,636 Cookware 22,617,731 Kitchen electrics 19,771,830 Towels 17,158,481 Window 16,517,202 Electrics 15,216,822 Pillows & pads 11,730,785 Cooking accessories 10,635,118 Decorative bath 10,192,700 Furniture 9,120,252 Duvets 8,926,524 Storage & Organization 8,639,184 Candles/Home Fragrance 8,561,525 Functional bath 8,080,631 Alt bedding 7,760,943 Tablelinens & Placemats 7,645,121 Others 53,777,075 TOTAL SCHEDULED ASSETS $382,777,431 ========================================================== C - Property Claimed None D - Creditors Holding Secured Claims None E - Creditors Holding Unsecured Priority Claims Accrued employees severance pay $28,386 Various employees - wages and salaries 2,925,429 Various employees - accrued vacation 885,944 Contribution to employee benefit plans 51,062 Taxes/Debts owed to Governmental units 12,834,143 F - Creditors Holding Unsecured Nonpriority Claims Linens 'N Things Canada 47,786,196 Newspaper Services of America - Chicago 1,875,273 Newspaper Services of America - Downers 940,780 Columbia Retail Deer Grove Center, LLC 478,115 WIS International 381,632 Leggett & Platt Charleston 334,165 ING Clarion Partners 325,679 Marc Realty, LLC 314,380 Simon Property Group, LP 299,051 RFTC 2 Corp. 294,991 Newcastle Properties, LLC 285,950 Orix TMK Schaumburg Venture 278,326 Schwarz 269,057 KDC Broomfield, LLC 266,017 Champion WLA, Ltd. 238,696 W2001 VHE Realty, LLC 232,623 Arapahoe Marketplace 03, LLC 232,154 Amreit MacArthur Park, LP 213,915 Others 29,064,095 TOTAL SCHEDULED LIABILITIES $100,836,059 ========================================================== Clifton, New Jersey-based Linens 'n Things, Inc. -- http://www.lnt.com/-- is the second largest specialty retailer of home textiles, housewares and home accessories in North America operating 589 stores in 47 U.S. states and seven Canadian provinces as of Dec. 29, 2007. The company is a destination retailer, offering one of the broadest and deepest selections of high quality brand-name as well as private label home furnishings merchandise in the industry. Linens 'n Things has some 585 superstores (33,000 sq. ft. and larger), emphasizing low-priced, brand-name merchandise, in more than 45 states and about seven Canadian provinces. Brands include Braun, Krups, Calphalon, Laura Ashley, Croscill, Waverly, and the company's own label. Linens 'n Things was acquired by private equity firm Apollo Management in 2006. On May 2, 2008, these Linens entities filed chapter 11 petition (Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things, Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834), Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC (08- 10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838), LNT Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT Virginia LLC (08-10841), LNT Merchandising Company LLC (08-10842), LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844). Judge Christopher S. Sontchi presides over the case. The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A. The Debtor's special corporate counsels are Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq., and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan, Lewis & Bockius LLP. The Debtors' restructuring management services provider is Conway, Del Genio, Gries & Co., LLC. The Debtors' CRO/Interim CEO is Michael F. Gries, co-founder of Conway Del Genio Gries & Co., LLC. The Debtors' claims agent is Kurtzman Carson Consultants LLC. The Debtors' consultants are Asset Disposition Advisors, LLC, and Protiviti, Inc. Their investment bankers are Financo, Inc. and Genuity Capital Markets. The Official Committee of Unsecured Creditors is represented by Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler Houston & Rosen P.C., as lead counsel. Norman L. Pernick, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington, Delaware, serves as local co-counsel. Carl Marks Advisory Group LLC serves as financial advisor to the Creditors' Committee. A Noteholder Committee has been formed and is represented by Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl & Jones. (Bankruptcy News About Linens 'n Things, Issue No. 14; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) NEUMANN HOMES: Delivers June 30 Monthly Operating Report -------------------------------------------------------- Neumann Homes, Inc., et al. Receipts and Disbursements Month Ended June 30, 2008 Beginning Balance in All Accounts: Neumann Citibank Operating Account $228,253 Neumann Bank of America - old accounts (various) - Neumann Citibank - Customer Earnest Money Account 15 Neumann Citibank - Funding/Dip Account 175,332 Neumann Citibank - Dip Funding - Professional Account - Restricted - Neumann Citibank - Glen at Lakemoor EM Account 1,223 Restricted - Neumann Citibank-Clublands Antioch Clubhouse 156,395 Restricted - IndyMac Escrow Acct - NeuVillage 125,609 Restricted - Chicago Title Escrow Account - Closed Homes 224,436 Restricted - Chicago Title Escrow Account - Lender Funded 1,377,147 Restricted - Citibank - Worker Comp Escrow 9,774 Restricted - NHI KERP Account 108,921 Restricted - Land Title Guarantee Escrow 323,436 ---------- $2,730,541 ---------- Receipts: Operations - Operating Account 158,783 Operations - Customer Earnest Money Acct-Ckg - Operations - Customer Earnest Money Acct-MM - Funding/Dip Account - Glen at Lakemoor EM account 1 Clublands Antioch Clubhouse account 222 Dip Funding - Professional account - Restricted Escrow held by CTT-Lender Funding - IndyMac Escrow for L/C-Leona's Neu Village - Restricted Escrow held by CTT-(closings) - NHI Worker Comp Escrow - NHI KERP Account - Other Receipts - ---------- $159,006 ---------- Disbursements: Net Payroll: Officers (3,778) Others (44,063) ---------- (47,841) Taxes: Federal Income Tax Withholding (9,142) FICA/Medicare Withholdings EE (4,875) Employer's FICA/Medicare ER (4,875) Federal Unemployment Taxes ER - State Income Tax Withholding (1,795) Garnishments - State Unemployment Taxes ER (231) ---------- (20,918) Necessary expenses: Rent or mortgage payment(s) (13,239) Utilities & phones (1,054) Insurance (7,800) Merchandise/services bought for manufacture or sale Other: Payroll Services (676) Benefit Related including flex spending (5,511) Miscellaneous 3 Title Commitments & related charges - Postage, shipping, copying (6) Worker Comp Claims (1,262) House Trades (1,100) Other - Transfer (2,180) Supplies & Storage & Misc. (451) Temporary Labor (156) Transportation/travel/lodging (251) Consulting services (19,810) US Trustee Fees Legal - Professional Fees (115,800) Professional tax service fees (3,347) Filing Fees, Extension Fees Payroll tax adjustment (270) ---------- (172,909) ---------- Total Disbursements: (241,668) ---------- Net Receipts (Disbursements) for the (82,662) Current period ---------- Ending Balance in All Accounts $2,647,879 ========== About Neumann Homes Headquartered in Warrenville, Illinois, Neumann Homes Inc. -- http://www.neumannhomes.com/-- develops and builds residential real estate throughout the Midwest and West US. The company is active in the Chicago area, southeastern Wisconsin, Colorado, and Michigan. The company have built more than 11,000 homes in some 150 residential communities. The company offer formal business training to employees through classes, seminars, and computer- based training. The company filed for Chapter 11 protection on Nov. 1, 2007 (Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors has selected Paul, Hastings, Janofsky & Walker LLP, as its counsel in these bankruptcy proceeding. When the Debtors filed for protection against its creditors, they listed assets and debts of more than $100 million. The Debtor's exclusive plan filing will expire on Dec. 31, 2008. (Neumann Bankruptcy News, Issue No. 21; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) QUEBECOR WORLD: 13 Affiliates File Schedules of Assets and Debts ---------------------------------------------------------------- Some 13 debtor-affiliates of Quebecor World, Inc., reported assets ranging from $100,000,000 to $500,000,000: Debtor Assets Liabilities ------ ------ ----------- QW Atglen, Inc. $274,582,195 $1,064,260,068 QW Book Services LLC 257,979,546 990,456,855 QW Petty Printing, Inc. 211,102,359 988,251,574 QW Pendell, Inc. 202,571,587 1,038,836,996 QW Krueger Acquisition Corp. 187,895,000 877,580,000 WCZ, LLC 168,603,781 35,403,292 QW Kri, Inc. 166,797,454 1,198,568,432 QW Loveland, Inc. 153,891,598 954,554,088 QW San Jose, Inc. 153,087,480 937,606,745 QW Rai, Inc. 149,553,821 1,028,933,736 QW Mt. Morris II LLC 149,428,249 938,761,540 QW Hazleton Inc. 126,704,448 923,138,525 QW Mid-South Press Corp. 104,880,352 940,513,451 Twenty-five debtor-affiliates of Quebecor World, Inc., reported assets ranging from $100,000 to $96,000,000: Debtor Assets Liabilities ------ ------ ----------- QW Nevada, Inc. $95,635,506 $956,047,258 QW Dubuque, Inc. 93,288,895 926,726,988 QW Johnson & Hardin Co. 91,682,738 964,985,121 QW Northeast Graphics, Inc. 89,672,364 960,115,141 QW New York Corporation 79,988,072 930,573,197 QW Lease GP 72,017,000 1,000 QW Century Graphics Corp. 68,803,632 915,355,140 WCP-D, Inc. 68,705,993 904,977,329 QW Fairfield, Inc. 67,693,236 972,424,914 QW Eusey Press, Inc. 52,017,454 27,337,468 QW Olive Branch, Inc. 51,401,411 932,776,315 QW Waukee , Inc. 49,586,795 907,892,054 QW Dittler Brothers, Inc. 47,348,566 881,628,327 QW Atlanta II LLC 39,472,356 945,903,340 QW Magna Graphic, Inc. 25,234,612 1,137,938 QW Great Western Pub, Inc. 19,483,869 980,285,273 QW Dallas, L.P. 17,234,145 1,027,321,027 QW Up Graphics, Inc. 16,903,025 878,713,000 QW Lincoln, Inc. 15,001,853 122,983,790 QW Retail Printing Corp. 13,848,500 981,222,138 QW Lease LLC 11,079,000 0 QW Memphis LLC 9,397,681 4,180 QW Infiniti Graphics, Inc. 7,758,091 16,581,461 QW Printing Aviation, Inc. 1,245,000 7,674,306 QW Arcata Corporation 162,000 880,850,000 Six debtor-affiliates reported zero assets and these liabilities: Debtor Liabilities ------ ----------- QW Buffalo, Inc. $877,857,164 QW Dallas II, Inc. 877,583,620 QW DB Acquisition Corp. 877,580,000 QW Taconic Holdings, Inc. 877,580,000 QW Nevada II LLC 877,580,000 The Webb Company 877,580,000 About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. The company has operations in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the British Virgin Islands. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of $5,554,900,000, total liabilities of $3,964,800,000, preferred shares of $175,900,000, and total shareholders' equity of $1,414,200,000. The Debtors have until Sept. 30, 2008, to file a plan of reorganization in the chapter 11 case. The Debtors' CCAA stay has been extended to Sept. 30, 2008. (Quebecor World Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SHARPER IMAGE: Posts $17,131,378 Net Loss in June 2008 ------------------------------------------------------ Sharper Image Corp. Balance Sheet As of June 30, 2008 ASSETS Current assets: Unrestricted Cash and Equivalents ($299,794) Restricted Cash and Equivalents - Trade Accounts Receivable, net 1,199,753 Other Accounts Receivable 3,318,616 Notes Receivable - Inventories 7,679,710 Prepaid Expenses 7,203,601 Professional Retainers - Deferred Income Taxes/Prepaid Income Taxes 17,304,554 ------------ Total current assets 36,406,439 Property and Equipment: Real Property and Improvements 2,926,573 Machinery and Equipment - Furniture, Fixtures and Office Equipment - Leasehold Improvements - Vehicles - Work In Progress 451,799 Less: Accumulated Depreciation (988,544) ------------ Total Property and Equipment 2,389,828 Other assets: Loans to Insiders - Other Assets 14,165,907 ------------ Total Assets $52,962,174 ============ LIABILITIES AND OWNER'S EQUITY Liabilities not subject to Compromise (Post) Accounts Payable ($2,737,678) Taxes Payable (1,490,861) Wages Payable (2,733,866) Notes Payable - Rent/Leases - Building/Equipment (453,392) Secured Debt - Line of credit - Other Reserves - Liquidation (GOB Sales) Clearing Account (15,949,943) Amounts Due to Insiders - Other Postpetition Liabilities - ------------ Total Postpetition Liabilities (23,365,741) Liabilities not subject to Compromise (Pre) Secured Debt - Line of credit - Secured Debt - Other (6,767,606) Priority Debt - Unsecured Debt (Accounts Payable) (45,286,327) Expense Accruals and Other Liabilities (7,369,776) Short Term Liabilities (3,554,215) Deferred (GAAP) rent/landlord allowances etc (11,760,552) Deferred Tax (Liability)/Asset 96,749,380 Deferred Revenue (Gift cards and Royalties) (35,696,181) Sales Returns/Chargebacks Reserves (2,251,437) ------------ Total Prepetition Liabilities (15,936,715) ------------ Total Liabilities (39,302,455) Owner's Equity Capital Stock (152,132) Additional Paid-In Capital (116,716,579) Deferred Stock Compensation and Stock Repurchase 180,069 Retained Earnings - Prepetition 63,247,322 Retained Earnings - Postpetition 39,781,601 ------------ Net Owner's Equity (13,659,719) ------------ Total Liabilities and Owner's Equity ($52,962,174) ============ Sharper Image Corp. Statement of Operations For Month Ended June 30, 2008 Revenues: Gross Revenues $219,704 Less: Returns and Allowances (41,050) ------------ Net Revenue 260,754 Cost of Goods Sold: Beginning Inventory - Add: Purchases - Add: Cost of Labor - Add: Other Costs (attach schedule) - Less: Ending Inventory - Cost of Goods Sold 108,423 ------------ Gross Profit 152,331 Operating Expenses: Advertising 138,294 Auto and Truck Expense - Bad Debts 42,165 Contributions - Employee Benefit Programs (199,744) Insider Compensations - Insurance 239,956 Management Fees/Bonuses 11,480 Office Expense - Pension & Profit-Sharing Plans - Repairs and Maintenance (17,837) Rent and Lease Expense (57,191) Salaries/Commissions/Fees 1,883,152 Supplies (100,184) Taxes - Payroll 96,764 Taxes - Real Estate - Taxes - Other 110,542 Travel and Entertainment 33,226 Utilities (75,336) Other 899,734 ------------ Total Operating Expense Before Depr. 3,005,021 Depreciation/Depletion/Amortization (38,747) ------------ Net Profit (Loss) Before Other Income & Expenses (2,813,943) Other Income and Expenses: Licensing Income 15 Interest Expense (3,673) Other Expense - ------------ Net Profit (Loss) Before Reorganization Items (2,817,601) Reorganization Items: Professional Fees 1,302,179 US Trustee Quarterly Fees - Interest Earned on Accm Case - Gain (Loss) from sale of assets 34,490,593 Other Reorganization Expense (10,799,695) ------------ Total Reorganization Expenses 24,993,078 ------------ Net Profit (Loss) Before Income Taxes (Benefit) (27,810,679) Income Taxes (Benefit) (10,679,301) ------------ Net Profit (Loss) ($17,131,378) ============ Sharper Image Corp. Statement of Cash Flows For Month Ended June 30, 2008 Opening Balance $15,870,610 Receipts Cash Sales (from stores) 2,727,857 Credit Card Settlements 11,171,918 Other Settlements (401,557) Accounts Receivable 688,215 Sale of Assets 30,011,741 Interest/Divided Income 3,635 Mail Order/License Deposits, Other Deposits 406,749 ------------ Total Receipts 44,608,557 Transfers Line of Credit Draw/Pay Down (35,450,375) Transfers from stores to deposit a/c - sweep - Transfers from concentration to refunds - Transfers from concentration to payroll - Other Inter-account transfers - Transfers from Concentration to Disbursement - ------------ Total Transfers (35,450,375) ------------ Total Receipts & Transfers 9,158,183 Disbursements Liquidator Reimbursements 10,627,102 Net Payroll 2,211,108 Payroll Taxes 896,711 401k 58,272 Employee Benefits 342,926 Sales, Use & Other Taxes 976,689 Inventory Purchases 68,950 Secured/Rental/Leases 5,040,166 Insurance 124,872 Administrative 1,097,474 Selling - Bank/Credit Card Fees/Sales audit adjs 11,922 Refund checks issued (net of stop payments) 52,784 Other 94,802 Customs/Duties/Freight 987,751 Interest and LC fees - Professional Fees 2,737,057 US Trustee Quarterly Fees - Court Costs - ------------ Total Disbursements 25,328,587 ------------ Net Cash Flow ($16,170,404) ============ About Sharper Image Based in San Francisco, California, Sharper Image Corp. -- http://www.sharperimage.com/-- is a multi-channel specialty retailer. It operates in three principal selling channels: the Sharper Image specialty stores throughout the U.S., the Sharper Image catalog and the Internet. The company has operations in Australia, Brazil and Mexico. In addition, through its Brand Licensing Division, it is also licensing the Sharper Image brand to select third parties to allow them to sell Sharper Image branded products in other channels of distribution. The company filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D., Case No. 08-10322). Steven K. Kortanek, Esq. at Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the Debtor in its restructuring efforts. An Official Committee of UnsecuredCreditors has been appointed in the case. Whiteford Taylor Preston LLC is the Committee's Delaware counsel When the Debtor filed for bankruptcy, it listed total assets of US$251,500,000 and total debts of US$199,000,000. The Court extended the exclusive period during which the Debtor may file a Plan through and including Sept. 16, 2008. Sharper Image sought and obtained the Court's approval to change its name to "TSIC, Inc." in relation to an an Asset Purchase Agreement by the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital, LLC. (Sharper Image Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) VERTIS HOLDINGS: Files July 2008 Initial Monthly Operating Report ----------------------------------------------------------------- Vertis Holdings, Inc., and its debtor affiliates delivered to the U.S. Bankruptcy Court for the District of Delaware an Initial Monthly Operating Report on July 30, 2008. Among others, the Initial MOR included a copy of Vertis' 13-week cash projection, a list of Vertis active bank accounts, and a list of paid retainers. For Vertis' cash flow projection for the 13-week period ending on October 10, 2008, the company expects, by the end of that period, to: -- make bankruptcy payments aggregating $2,200,000; -- pay DIP facility interest and fees totaling $43,684,000; and -- generate a net cash flow of $69,399,000 in the aggregate. A full-text copy of Vertis 13-week budget is available for free at http://bankrupt.com/misc/VERTIS_CashCollBudget.pdf Vertis reports that it maintains active bank accounts with Bank of America, Fifth Third Bank, Wachovia, JP Morgan Chase, M&T Bank and Benamex, SA - Mexico. Vertis also disclosed that as of July 15, 2008, it has paid retainers, totaling $852,981, to its professionals. The company also attached to its Initial Monthly Operating Report copies of its certificates of insurance. A full-text copy of the Vertis Initial Monthly Operating Report is available at no charge at : http://bankrupt.com/misc/Vertis_InitialMOR.pdf About Vertis Holdings Inc. Headquartered in Baltimore, Maryland, Vertis Holdings, Inc. -- http://www.vertisinc.com/-- is a provider of targeted print advertising and direct marketing solutions to America's retail and consumer services companies. The company and its six affiliates filed for Chapter 11 protection on July 15, 2008 (Bank.D.Del. Case No. 08-11460). Gary T. Holtzer, Esq. and Stephen A. Youngman, Esq. at Weil, Gotshal & Manges LLP represent as the Debtors lead counsels and Mark D. Collins, Esq. and Michael Joseph Merchant, Esq. at Richards Layton & Finger, P.A. represent as their Delaware local counsels. Lazard Freres & Co. LLC is the company's financial advisors. When the Debtors filed for protection from their creditors they listed estimated assets between $500 million and $1 billion and estimated debts of more than 1 billion. (Vertis/ACG Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. 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The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya, Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***