/raid1/www/Hosts/bankrupt/TCR_Public/080906.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, September 6, 2008, Vol. 12, No. 213
Headlines
ATA AIRLINES: Files July 2008 Monthly Operating Report
BUFFETS HOLDINGS: Reports $6 Million Net Loss for July 30
CHARYS HOLDING: Files July 2008 Monthly Operating Report
DELTA FINANCIAL: Files July 2008 Monthly Operating Report
DUNMORE HOMES: Files July 2008 Monthly Operating Report
FRONTIER AIRLINES: Posts $3.2MM Net Loss in Period ended June 30
GREEKTOWN CASINO: July 2008 Revenues Total $25.4MM, Says MGCB
KIMBALL HILL: Files July 2008 Monthly Operating Report
LANDSOURCE COMMUNITIES: Files July 2008 Monthly Operating Report
LEVITZ FURNITURE: Files July 1 - 31, 2008 Operating Report
LINENS N THINGS: Files July 2008 Monthly Operating Report
PRC LLC: Files Post-Confirmation July 2008 Operating Report
S & A RESTAURANT: S & A of Texas' Schedules of Assets and Debts
S & A RESTAURANT: S & A of Florida's Schedules of Assets and Debts
SHARPER IMAGE: Files Operating Report for July 2008
TRICOM SA: Files July 2008 Monthly Operating Report
TROPICANA ENT: Posts $35,970,000 Net Loss in Period ended June 30
WCI COMMUNITIES: Files Initial Monthly Operating Report
*********
ATA AIRLINES: Files July 2008 Monthly Operating Report
------------------------------------------------------
ATA Airlines, Inc., Chief Restructuring Officer Steve Turoff
filed with the U.S. Bankruptcy Court for the Southern District of
Indiana the airlines' monthly operating report for the period
July 1 to 31, 2008.
Mr. Turoff disclosed that ATA Airlines had $451,544 in cash
profit and $423,358 in total payables for July.
The total professional fee incurred by or on behalf of ATA
Airlines during the reporting period is $639,516, for services
related to its bankruptcy.
ATA Airlines, Inc.
Receipts and Disbursements
Month Ended July 31, 2008
RECEIPTS
Military -
Charter -
Asset Sales--Inventory $31,953
Asset Sales--Ground Equipment 30,862
Asset Sales--Rotables -
Return of Deposits/Prepaids 2,034,068
Cash Collateral/LOCs 460,453
Interest 45,562
Miscellaneous 134,450
------------
Total $2,737,349
============
DISBURSEMENTS
Base Payroll Inc. All Taxes $603,611
Stay Bonus 309,097
Benefits 38,498
Employee Expense Payments 3,353
Facilities 89,494
Utilities/Communications 91,451
Contract Labor 43,908
Professionals 1,133,617
US Trustee 28,100
Aircraft Ferry Cost 5,378
Engine Changes/Certificate Mx 53,573
Insurance--D&O/Misc. -
Health Insurance Run-off Reserve -
Cobra Reserve -
Security -
Shipping/Cargo 25,446
Returned Checks (204,885)
Miscellaneous 65,165
------------
Total $2,285,805
============
Beginning Balance $22,725,645
Receipts 2,737,349
Disbursements (2,285,805)
------------
Ending Balance $23,177,189
============
About ATA Airlines
Headquartered in Indianapolis, Indiana, ATA Airlines, Inc., is a
diversified passenger airline operating in two principal business
lines -- a low cost carrier providing scheduled passenger service
that leverages a code share agreement with Southwest Airlines; and
a charter operator that focused primarily on providing charter
service to the U.S. government and military. ATA is a wholly
owned subsidiary of New ATA Acquisition, Inc. -- a wholly owned
subsidiary of New ATA Investment, Inc., which in turn, is a wholly
owned subsidiary of Global Aero Logistics Inc. ATA Acquisition
also owns another holding company subsidiary, World Air Holdings,
Inc., which it acquired through merger on August 14, 2007. World
Air Holdings owns and operates two other airlines, North American
Airlines and World Airways.
ATA Airlines and its affiliates filed for chapter 11 protection on
Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). The Honorable Basil H. Lorch III confirmed the
Debtors' plan of reorganization on Jan. 31, 2006. The Debtors'
emerged from bankruptcy on Feb. 28, 2006.
Global Aero Logistics acquired certain of ATA's operations after
its first bankruptcy. The remaining ATA affiliates that were not
substantively consolidated in the company's first bankruptcy case
were sold or otherwise liquidated.
ATA Airlines filed for Chapter 22 on April 2, 2008 (Bankr. S.D.
Ind. Case No. 08-03675), citing the unexpected cancellation of a
key contract for ATA's military charter business, which made it
impossible for ATA to obtain additional capital to sustain its
operations or restructure the business. ATA discontinued all
operations subsequent to the bankruptcy filing. ATA's Chapter 22
bankruptcy petition lists assets and liabilities each in the range
of $100 million to $500 million.
The Debtor is represented in its Chapter 22 case by Haynes and
Boone, LLP, and Baker & Daniels, LLP, as bankruptcy counsel.
The United States Trustee for Region 10 appointed five members to
the Official Committee of Unsecured Creditors. Otterbourg,
Steindler, Houston & Rosen, P.C., serves as bankruptcy counsel to
the Committee. FTI Consulting, Inc., acts as the panel's
financial advisors. The Court gave ATA Airlines Inc. until
Feb. 26, 2009, to file its Chapter 11 plan and April 27, 2009, to
solicit acceptances of that plan.
(ATA Airlines Bankruptcy News, Issue No. 89; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
BUFFETS HOLDINGS: Reports $6 Million Net Loss for July 30
---------------------------------------------------------
Buffets Holdings, Inc.
Balance Sheet
As of July 30, 2008
ASSETS
Current Assets:
Cash on Hand - drawer $1,333,147
Total depository account 5,435,510
Temporary investments 68,000,000
Cash 5,209,254
--------------
Total cash & cash equivalents 79,977,911
Receivables-landlord 40,756
Credit card receivables 1,731,178
Intercompany 0
Total rebates receivable 6,930,968
Accounts receivable 827,533
Due to/From affiliate (312,368)
--------------
Total Receivables 9,218,067
Inventory 30,049,300
--------------
Total Inventories 30,049,300
Restricted cash 2,476,786
Employee advances 31,003
Escrow deposits - short term 1,285,298
Deposits - prefunded LC - current 8,075,200
Prepaid car leases 0
Prepaid Insurance 1,481,440
Prepaid rent 487,526
Prepaid other 2,120,058
Prepaid advertising 5,928,764
Prepaid rent escrow 25,965
Notes receivable - short term 10,537
--------------
Total prepaid expenses & other assets 19,445,790
Assets held for sale 2,132,000
Deferred income taxes - current 13,688,000
Deferred tax valuation allowance - current (13,688,000)
--------------
Total current assets 143,299,854
Cabinet division inventory 5,126,428
Corporate inventory 633,248
Proceeds of sale clearing account (1,200)
CIP - non system 511,228
Land 9,298,836
Building 6,513,412
Accumulated depreciation - building (860,932)
Leasehold improvement 166,142,124
Accumulated amortization (94,822,279)
Equipment 226,824,575
Accumulated depreciation - equipment (136,984,123)
Automobile 199,173
Accumulated depreciation - auto (71,540)
Assets to be sold - PP&E 14,833,294
Accumulated depreciation - assets to be sold (41,614)
--------------
Total property, plant & equipment, net 197,300,630
Goodwill 117,993,181
Intellectual property 0
Acquisition costs 18,133,818
--------------
Total goodwill 136,126,999
Deferred income taxes - non-current 91,839,000
Deferred tax valuation allowance - non-current (91,839,000)
Liquor licenses 343,681
Leasehold interest 1,527,024
Recipes 2,142,119
Trademark 56,600,000
--------------
Total other intangible assets 60,612,825
Prepaid rent deposits 382,986
Deposits 6,301,318
Investments in subsidiaries 0
Interest rate swap 0
Total debt issuance costs 39,272,576
Total accum. amortization debt issuance costs (12,553,929)
Notes receivable from subsidiaries 0
Total notes receivable - long term 12,454
--------------
Total other noncurrent assets 33,415,405
Total assets $570,755,713
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable - prepetition $25,096,254
Accounts payable - postpetition 29,954,800
COD Clearing 0
Misc. accruals - restaurant level 9,789,427
Misc accruals - WIS 0
Misc. accruals - corp level 5,629,248
--------------
Total accounts payable 70,469,729
Accrued 401(k) 801,310
Accrued payroll 12,329,907
Accrued bonus 3,496,319
Accrued payroll taxes 4,144,083
Accrued vacation 6,516,489
--------------
Total accrued compensation 27,288,108
Accrued insurance - auto 8,575
Accrued insurance - general liability 14,616,852
Accrued insurance - other 3,035,886
--------------
Total accrued insurance 17,661,313
Accrued percentage rent 1,217,690
Accrued interest - short term 26,736,007
Accrued property taxes 9,283,319
Accrued postage (66,627)
Accrued advertising 815,718
Accrued liabilities - other 16,633,538
Deferred income - current 85,137
--------------
Total other accrued liabilities 54,704,782
Gift certificates/gift cards 4,478,971
Cash receipts suspense 30,026
Workers compensation payable 22,688,086
Lease rejection claims reserve 37,983,156
Sales/Use tax payable 9,009,218
Accrued restaurant closing costs 1,688,039
--------------
Total accrued liabilities $175,531,699
Income taxes payable (3,563,484)
Estimated income taxes 39,166
--------------
Total income taxes payable (3,524,318)
Current maturities of long-term debt 5,300,000
Short term borrowings 56,300,000
Short term borrowings - DIP 81,250,000
Short term borrowings - vendor LC draws 5,936,168
--------------
Total current liabilities 391,263,278
Notes payable to parent
Senior debt - bank 518,728,000
Senior debt - public 300,000,000
--------------
Total long-term debt 818,728,000
Accrued rent 45,337,689
Deferred Income tax 22,787,000
Income tax payable - non-current 23,808,000
Long term sublease deposits 33,905
Post retirement benefits payable 20,944
Total deferred income 6,012,399
Total other long-term liabilities 6,067,248
Total non-current liabilities 916,727,937
Total liabilities 1,307,991,215
Shareholders' Equity:
Capital Stock 31,045
Additional paid in capital 81,601
Contributed capital 0
Interco contributions (distributions) 0
Dividends paid (interco) 0
Dividends received (interco) 0
Accum other comprehensive income 0
Dividends paid to shareholders (101,164,801)
Retained earnings (630,146,512)
Level 8 profit/loss (6,036,835)
--------------
Retained earnings (737,348,148)
Total shareholders' equity (737,235,502)
Total liabilities & Stockholders' equity $570,755,713
==============
Buffets Holdings, Inc.
Income Statement
For the month ended July 30, 2008
Total sales $113,865,995
Total food cost 39,534,434
Total labor 33,355,267
Operating costs 16,794,793
Occupancy costs 13,966,839
Total DIR & O/C 30, 761,632
--------------
Total restaurant costs 103,651,333
--------------
Restaurant profit 10,214,662
Total SG&A Expense 7,972,669
Marketing 0
Closed restaurant costs 28,357
Merger/integration costs (1,245)
--------------
Earnings from operations 2,214,881
Other income (expense)
Franchise income 41,693
Interest income 7
Interest expense (6,327,221)
Other income (expense) 5,076
Loss related to refinancing 0
Reorganization Costs (1,965,104)
Net Worth Tax (580)
Intercompany -
--------------
Total other income (expense) (8,244,968)
--------------
Earnings before tax (6,030,088)
Net worth tax 0
Income taxes 6,748
--------------
Net earnings (loss) ($6,036,836)
==============
Buffets Holdings, Inc.
Schedule of Cash Receipts & Disbursements
For the month ended July 30, 2008
Cash Receipts (inc. Sales tax):
Cash receipts $73,309
Credit card 47,417
--------------
120,726
Receipts
(Gift card usage) 0
Rebates, other 868
--------------
Total cash receipts 12,594
Operating Disbursements:
A/P
Check 7,226
EFT 59,320
Change in trade terms 0
Payroll 33,971
Rent (Cash occupancy) 1,263
Sales tax 6,247
Other operating 64
--------------
Total operating disbursements 108,091
--------------
Net operating cash flows 13,503
Non-operating Disbursements (Receipts):
Income tax 0
Total CapEx 2,144
Professional fees, inc. holdbacks 2,432
Closed restaurant costs 0
Deposits (Utility) 0
Other (1)
Cash (Proceeds) from asset sales 0
--------------
Total non-operating disbursements 4,575
Financing Payments:
Interest expense 0
Interest (income) 34
DIP Fees/other (215)
Principal payments 0
Total financing disbursements (181)
--------------
Total net disbursements 112,485
Net cash receipts (disbursements) $9,109
==============
About Buffets Holdings
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets,
Inc.,
which operates 626 restaurants in 39 states, comprised of 615
steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse
restaurants, and franchises sixteen steak-buffet restaurants in
six states. The restaurants are principally operated under the
Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain
brands. Buffets, Inc. employs approximately 37,000 team members
and serves approximately 200 million customers annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP,
represent the Debtors in their restructuring efforts. The Debtors
selected Epiq Bankruptcy Solutions LLC as claims and balloting
agent. The U.S Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors. The
Committee selected Otterbourg Steindler Houston & Rosen PC and
Pachulski Stang Ziehl Young &Jones as counsels. The Debtors'
balance sheet as of Sept. 19, 2007, showed total assets of
$963,538,000 and total liabilities of $1,156,262,000.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of $85
million of new funding and $200 million carried over from the
company's prepetition credit facility. (Buffets Holdings
Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CHARYS HOLDING: Files July 2008 Monthly Operating Report
--------------------------------------------------------
Charys Holding Co., Inc. filed its monthly operating report for
the period July 1 through July 31, 2008. Cash at the beginning
of the month was $6,450, total disbursements were $319,393, and
cash at the end of the month was $284,015.
A full-text copy of the company's July 2008 monthly operating
report is available for free at:
http://ResearchArchives.com/t/s?31b8
About Charys Holding
Headquartered in Atlanta, Georgia, Charys Holding Co., Inc., --
http://www.charys.com/-- provides remediation & reconstruction
and wireless communications & data infrastructure. The company
and its Crochet & Borel Services, Inc. subsidiary filed for
Chapter 11 protection on Feb. 14, 2008 (Bankr. Del. Case No.08-
10289). Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble
Heath, Esq., at Richards, Layton & Finger, P.A., represent the
Debtors in their restructuring efforts. No Official Committee of
Unsecured Creditors has been appointed in these cases to date.
The Debtors' schedules show total assets of $818,880 and total
liabilities of $286,416,560.
DELTA FINANCIAL: Files July 2008 Monthly Operating Report
---------------------------------------------------------
Delta Financial Corp. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of July 31, 2008
Assets
Cash and cash equivalents $5,997,924
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 10,486,657
Prepaid and other assets 5,732,230
Deferred tax asset
-----------
Total Assets $22,216,810
===========
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 12,013,281
Long term liabilities 5,274,031
Deferred tax liability
-----------
Total Liabilities 17,287,311
Stockholders' Equity:
Preferred stock - REIT
Common stock 254,792
Additional paid-in capital 158,301,751
Retained earnings (accumulated deficit) (152,308,889)
Accumulated other comprehensive income (loss)
Treasury stock, at cost (1,318,154)
-----------
Total stockholders' equity 4,929,499
-----------
Total liabilities and stockholders' equity $22,216,810
===========
Delta Financial Corp. and Subsidiaries
Unaudited Consolidated Statements of Operations
Consolidated Statements of Operations
For the Seven Months Ended July 31, 2008
Interest income $156,500
Interest expense (1,267,870)
-----------
Net interest income (1,111,370)
Provision for loan loss 0
-----------
Net interest income after provision for loan loss (1,111,370)
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 2,037,831
General and administrative 6,654,335
(Gain) loss on derivative instruments 0
-----------
Total non-interest expense 8,692,166
Income (loss) before income tax expense (benefit) 32,888,005
Provision for income tax expense (benefit) 0
-----------
Net income (loss) $32,888,005
===========
Delta Financial Corp. and Subsidiaries
Schedule of Cash Receipts and Disbursements
For the Seven Months Ended July 31, 2008
Cash - beginning of month $7,860,987
Receipts:
Deposits 4,603,492
Bank interest 121,706
Loans and advances -
Intercompany -
Other and voided checks 289,659
Transfers (from/to DIP accounts) 40,858
-----------
Total receipts 5,055,715
Disbursements:
Payroll and related costs
Payroll (1,281,863)
Payroll tax (722,463)
Employee benefits (569,957)
Payroll related (temp/consultant fees,
BOD fees, ADP fees,etc.) (281,446)
-----------
Total payroll and related costs (2,855,729)
General and administrative (1,792,480)
Private investor payments (10,850)
Professional fees (2,121,336)
Taxes (61,053)
US Trustee payments (26,600)
Other payments (50,730)
-----------
Total disbursements (6,918,778)
-----------
Net cash flow (1,863,063)
-----------
Cash - end of month $5,997,924
===========
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 1,170,629 31,550
Counsel to Debtors
FTI Consulting Financial Advisors 264,350 4,271
to Debtors
Pepper Hamilton LLP Delaware Counsel 113,049 20,593
to Debtors
Weiser LLP Financial Advisor 57,844 40
to Committee
Landis Rath & Cobb LLP Delaware Counsel 27,192 2,111
to Committee
Hahn & Hessen LLP Counsel to 82,780 1,418
Committee
Potter Anderson & O.C. Professional 26,312 1,352
Corroon LLP
Epiq Systems Claims Agent 102 8
Crowell & Moring O.C. Professional 195 -
CT Corporation O.C. Professional 10,368 -
Pentalpha Group LLC O.C. Professional 36,868 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 -
---------- --------
Total $2,011,509 $1,096,827
Founded in 1982, Delta Financial Corporation (NASDAQ: DFC) --
http://www.deltafinancial.com/-- is a Woodbury, New York-based
specialty consumer finance company that originates, securitizes
and sells non-conforming mortgage loans.
The company filed a chapter 11 petition on December 17, 2007
(Bankr. D. Del. Lead Case No. 07-11880). On the same day, three
affiliates filed separate chapter 11 petitions -- Delta Funding
Corp., Renaissance Mortgage Acceptance Corp., and Renaissance
R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to
07-11883).
The Debtors selected Morrison & Foerster LLP as their general
bankruptcy counsel and David B. Stratton, Esq. and James C.
Carignan, Esq. at Pepper Hamilton LLP as their counsel. The
Debtors hired AlixPartners LLP as their claims agent. The
Official Committee of Unsecured Creditors retained Landis Rath &
Cobb LLP as its Delaware counsel.
The Debtors' amended consolidated quarterly financial condition as
of Sept. 30, 2007, showed $7,223,528,000 in total assets and
$7,108,232,000 in total liabilities. The Debtors' petition listed
D.B. Structured Products Inc. as their largest unsecured creditor
holding a $19,500,000 claim.
DUNMORE HOMES: Files July 2008 Monthly Operating Report
-------------------------------------------------------
Dunmore Home, Inc.
Balance Sheet
As of July 31, 2008
ASSETS
Current Assets:
Cash and cash equivalents - unrestricted $2,008,791
Cash and cash equivalents - restricted 350,000
Accounts receivable, net 587,488
-----------
Total current assets 2,946,279
Property and Equipment:
Real property 0
Machinery & equipment 0
Furniture & fixtures 0
Office equipment 0
Leasehold improvements 0
Vehicles 0
-----------
Total Property and Equipment 0
Other Assets:
Loans to shareholders 11,604,079
Deferred compensation funds 0
Other various 833,188
Investment in subs 6,249,764
-----------
Total Other Assets 18,687,031
-----------
Total Assets $21,633,310
===========
LIABILITIES & SHAREHOLDERS' DEFICIT
Postpetition Liabilities:
Salaries & wages $35,801
Accounts payable (trade) 5,655
Accrued professional fees 1,029,869
Current portion of long-term debt 0
-----------
Total postpetition liabilities 1,071,325
Prepetition Liabilities:
Secured claims 0
Priority unsecured claims 213,938
General unsecured claims 27,294,384
-----------
Total prepetition liabilities 27,508,322
Total liabilities 28,579,647
-----------
Shareholders' deficit:
Retained earnings (1,147,744)
Capital stock 25,000
Additional paid-in capital 0
Cumulative profit (5,823,593)
-----------
Total deficit (6,946,337)
-----------
Total liabilities and shareholders' deficit $21,633,310
===========
Dunmore Home, Inc.
Statement of Operations
For the month ended July 31, 2008
Revenues:
Rental/Leases $0
Interest 51,111
Other Income 95,859
-----------
Total revenues 146,970
Expenses:
Administrative 3,377
Interest 21,750
Compensation to owners/officers 48,966
Salaries 10,238
Insurance 11,666
Depreciation 0
Employer Payroll Taxes 1,155
Other Expenses 0
Legal & Loan Fees JMP paid by Mr. Dunmore 0
-----------
Total expenses 97,152
-----------
Earnings before reorganization & income tax 49,818
Reorganization items:
Professional fees (543,056)
Loss from sale of equipment 0
-----------
Total reorganization items (543,056)
-----------
Loss before income tax & discontinued operations (493,238)
-----------
Income tax benefit -
Loss before discontinued operations -
-----------
Discontinued operations:
Loss from discontinued operations -
-----------
Net loss ($493,238)
===========
Dunmore Home, Inc.
Statement of Cash Receipts & Disbursements
For the month ended July 31, 2008
Cash Receipts:
Cash from sale $0
Rent/leases collected 0
Other cash receipts 95,859
-----------
Total cash receipts 95,859
Cash disbursements:
Administrative 16,112
Salaries 41,952
Commissions/Royalties 18,000
Salaries/Commissions (less employee withholding) 10,238
Employer payroll taxes 1,155
Consulting fees 0
Other 0
Warranty work 0
Legal & professional fees 286,170
-----------
Total cash disbursements 373,627
Net decrease in cash (277,768)
Cash balance, beginning of period 2,258,961
-----------
Cash balance, end of period $1,981,193
===========
Based in Granite Bay, California, Dunmore Homes Inc. is a
privately-owned homebuilder. The company filed for Chapter 11
protection on Nov. 8, 2007 (Bankr. S.D.N.Y. Case No. 07-13533).
Maria A. Bove, Esq., and Debra I. Grassgreen, Esq., at Pachulski
Stang Ziehl & Jones LLP, represent the Debtor in its restructuring
efforts. The Official Committee of Unsecured Creditors has
selected Morrison & Foerster LLP as its counsel in this bankruptcy
proceeding.
In January 2008, the U.S. Bankruptcy Court for the Southern
District of New York ordered the transfer of Debtor's Chapter 11
case to the U.S. Bankruptcy Court for the Eastern District of
California, Sacramento Division. The Debtor filed its plan of
liquidation and an accompanying disclosure statement on March 21,
2008. The company amended the Plan on April 24.
The California Bankruptcy Court approved Dunmore's Disclosure
Statement on June 12, 2008 as containing "adequate information"
within the meaning of Section 1125 of the Bankruptcy Code. A
hearing for August 12 has been set to consider confirmation of the
Plan.
The Debtor disclosed $20,743,147 in total assets and $250,252,312
in total debts in its schedules of assets and liabilities filed
with the Court.
FRONTIER AIRLINES: Posts $3.2MM Net Loss in Period ended June 30
----------------------------------------------------------------
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Consolidated Balance Sheet
As of July 31, 2008
ASSETS
CURRENT
ASSETS:
Cash and cash equivalents $64,504,000
Short-term investments 3,740,000
Restricted investments 107,517,000
Receivables, net of an allowance
for doubtful accounts 58,804,000
Security and other deposits -
Prepaid expenses and other assets 33,907,000
Inventories, net of allowance 19,422,000
Assets held for sale 935,000
--------------
Total current assets 288,829,000
Property and other equipment, net 807,990,000
Security and other deposits 25,535,000
Aircraft pre-delivery payments 2,500,000
Restricted investments 2,987,000
Deferred loan expenses and other assets 15,439,000
--------------
Total Assets $1,143,280,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise:
CURRENT LIABILITIES:
Accounts payable $47,745,000
Air traffic liability 220,332,000
Other accrued expenses 60,328,000
Deferred revenue and other current liabilities -
PDP financing 17,521,000
--------------
Total current liabilities
not subject to compromise 345,926,000
Deferred revenue and other liabilities 23,870,000
--------------
Total liabilities not subject to compromise 369,796,000
Liabilities subject to compromise 681,302,000
--------------
Total Liabilities 1,051,098,000
STOCKHOLDERS' DEFICIT:
Preferred stock -
Common stock 37,000
Additional paid-in capital 196,350,000
Unearned ESOP shares (342,000)
Other comprehensive loss -
Accumulated deficit (103,863,000)
--------------
Total Stockholders' Equity 92,182,000
--------------
Total Liabilities and Stockholders' Equity $1,143,280,000
==============
FRONTIER AIRLINES HOLDINGS, INC., ET AL
Unaudited Consolidated Statement of Operations
Month Ended July 31, 2008
Revenues:
Passenger $136,935,000
Cargo 532,000
Other 3,835,000
--------------
Total revenues 141,302,000
Operating expenses:
Flight operations 13,954,000
Aircraft fuel 70,486,000
Aircraft lease 9,785,000
Aircraft and traffic servicing 15,430,000
Maintenance 9,362,000
Promotion and sales 11,311,000
General and administrative 5,456,000
Operating expenses -- regional partner -
Loss (gain) on sales of assets, net 196,000
Employee separation and other charges 356,000
Depreciation 3,733,000
--------------
Total operating expenses 140,069,000
--------------
Operating income 1,233,000
Non-operating income:
Interest income 393,000
Interest expense (2,562,000)
Loss from early extinguishment of debt -
Other, net 49,000
--------------
Total non-operating expense, net (2,120,000)
Loss before reorganization items & income taxes (887,000)
Reorganization items 2,360,000
Income taxes -
--------------
Net Loss ($3,247,000)
==============
FRONTIER AIRLINES HOLDINGS, INC., ET AL.
Unaudited Consolidated Statement of Cash Flow
Month Ended July 31, 2008
Cash flows from operating activities:
Net Loss ($3,247,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
ESOP and stock option compensation expense 187,000
Depreciation and amortization 3,802,000
Assets beyond economic repair 49,000
Mark to market losses on derivative contracts -
Proceeds received for settled
derivative contracts -
(Loss) Gain on disposal of equipment
and other assets, net 196,000
Loss on early extinguishment of debt -
Unrealized loss on short-term investments -
Changes in operating assets and liabilities:
Restricted investments 7,844,000
Receivables 1,688,000
Security and other deposits (37,000)
Prepaid expenses and other assets (4,627,000)
Inventories (539,000)
Other assets 20,000
Accounts payable 6,371,000
Air traffic liability (16,572,000)
Other accrued expenses 2,853,000
Deferred revenue and other liabilities (424,000)
Reorganization items 2,360,000
--------------
Net cash used in operating activities (76,000)
Cash flows from reorganization activities
Net cash used in reorganization activities (3,802,000)
Cash flows from investing activities:
Aircraft purchase deposits returned 11,485,000
Sale of short-term investment 3,740,000
Proceeds from the sale of property
and assets held for sale 23,000
Capital expenditures (225,000)
--------------
Net cash provided by investing activities 15,023,000
Cash flows from financing activities:
Extinguishment of long-term borrowings -
Principal payments on long-term borrowings (2,801,000)
Principal payments on short-term borrowings (3,139,000)
Payment of financing fees (15,000)
--------------
Net cash used in financing activities (5,955,000)
Increase in cash and cash equivalents 5,190,000
Cash and cash equivalents at beginning of period 59,314,000
--------------
Cash and cash equivalents at end of period $64,504,000
==============
About Frontier Airlines Inc.
Headquartered in Denver, Colorado, Frontier Airlines Inc. --
http://www.frontierairlines.com/-- provide air transportation
for passengers and freight. They operate jet service carriers
linking their Denver, Colorado hub to 46 cities coast-to-coast,
8 cities in Mexico, and 1 city in Canada, well as provide
service from other non-hub cities, including service from 10
non-hub cities to Mexico.
The Debtor and its debtor-affiliates filed for Chapter 11
protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08-
11297 thru 08-11299.) Benjamin S. Kaminetzky, Esq., and Hugh R.
McCullough, Esq., at Davis Polk & Wardwell, represent the
Debtors in their restructuring efforts. Togul, Segal & Segal
LLP is the Debtors' Conflicts Counsel, Faegre & Benson LLP is
the Debtors' Special Counsel, and Kekst and Company is the
Debtors' Communications Advisors.
(Frontier Airlines Bankruptcy News, Issue No. 21; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
GREEKTOWN CASINO: July 2008 Revenues Total $25.4MM, Says MGCB
-------------------------------------------------------------
The Michigan Gaming Control Board stated in its Web site that
Greektown Casino's aggregated revenues for July 2008 is
$25,423,936, about 13.17% down in comparison to revenues for the
same period a year ago.
Of this revenue, Greektown Casino's state wagering tax is
$3,076,296.
The Gaming Board also released the July 2008 revenues of two
other Detroit casinos -- MGM Grand Detroit and MotorCity Casino.
The Board notes that MGM Grand Detroit earned about $50.5 million
in July 2008, a increase of 22.26% from its revenues
for the same period last year. MotorCity Casino has $39.5
million in revenues in July 2008, a 7.26% decrease from its
revenues for the same period a year ago.
The Board adds that gaming taxes for the three Detroit casinos
were $10.38 million in comparison to $13.71 million for the same
period last year. The decrease in Michigan's gaming tax revenue
is due to the tax rollback approved for MGM Grand and MotorCity
casinos.
A summary of Detroit Casino's revenues for July 2008 and
corresponding gaming taxes, as posted in the MGCB Web site, is
available for free at http://ResearchArchives.com/t/s?2fb5
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operate world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan
D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC serves as the Debtors' claims, noticing, and
balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to $500
million. (Greektown Casino Bankruptcy News, Issue No. 10;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
KIMBALL HILL: Files July 2008 Monthly Operating Report
------------------------------------------------------
Kimball Hill, Inc.
Summary of Cash Receipts and Disbursements
For the Period From to July 1 to 31, 2008
Beginning Cash Balance $91,043,411
Receipts from
operations
Accounts receivable receipts 19,621,820
Notes receivable receipts 1,558,280
Accts. Receivable collection for non-debtors 0
Other
receipts
Interest income 57,799
Proceeds from sale of fixed assets 143,682
Oil exploration revenue 164,485
Income tax refunds 0
Customer deposits 404,686
Customer deposits for non-debtors 18,000
Miscellaneous receipts 621,558
-------------
Total Receipts 22,590,309
-------------
Disbursements
Payroll
Officers 425,479
Others 1,985,961
Total Payroll -------------
2,411,440
Taxes
Federal income tax 485,559
FICA withholdings 218,360
Employee's withholdings 0
Employer's FICA 218,360
Federal unemployment taxes 570
State income tax 48,312
State employee withholdings 0
All other state taxes 2,736
State unemployment taxes 2,596
-------------
Total Taxes 976,493
Necessary
expenses
Homebuilding costs 19,754,522
Debt and interest payments 1,389,912
General and administrative costs 3,580,790
Permits 1,133,919
Land and land Development 4,779,307
Medical health claims 459,404
Customer deposit refunds 73,403
401K funding 188,385
Texas sales taxes 127,340
Professional fees 4,161,753
Warranty costs 410,263
Flex spending reimbursements 9,916
-------------
Total Necessary Expenses 36,068,913
Total Disbursements 39,456,846
-------------
Net receipts for the period (16,866,537)
-------------
Ending Cash Balance $74,176,874
=============
About Kimball Hill
Based in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues. The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Fort Worth, Houston, Las Vegas,
Sacramento and Tampa, in five regions: Florida, the Midwest,
Nevada, the Pacific Coast and Texas.
Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts. The Debtors'
consolidated financial condition as of Dec. 31, 2007 reflected
total assets of $795,473,000 and total debts $631,867,000.
The Debtors have until Oct. 20, 2008, to exclusively file a
bankruptcy plan. (Kimball Hill Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
LANDSOURCE COMMUNITIES: Files July 2008 Monthly Operating Report
----------------------------------------------------------------
LandSource Communities Development, LLC
Consolidated Balance Sheet
As of July 31, 2008
Assets
Cash $14,752,107
Receivables 37,144,522
Inventories 1,362,875,092
Operating Properties, net 86,309,981
Investment in unconsolidated entities 22,091,870
Other assets 48,080,915
--------------
Total Assets $1,571,254,487
==============
Liabilities and Members' Capital
Liabilities
Prepetition
Debt- Principal $246,414,305
Debt - Accrued interest 9,586,566
Interest rate swap termination payment due 28,192,405
Accounts payable 7,932,460
Payables to affiliates 62,348,593
Refundable Deposits owed affiliate 26,469,916
Tenant deposits 463,797
Other 4,798,822
--------------
Sub-total 386,206,864
Postpetition
Accounts payable 330,150
Property tax accrual 1,801,836
Payables to affiliates 12,274,918
--------------
Sub-total 14,406,904
Others
Debt- DIP Revolver 11,200,000
Debt - DIP Term Roll-Up 1,025,805,331
Development accruals 38,233,092
Accrued Employee Related Benefits 7,611,607
Non-qualified Pension Plan Accruals 5,710,703
Reserves - school fees, energy remediation 15,122,079
Non-refundable deposits 30,900,799
Deferred Revenue 93,880,164
Other 3,098,477
--------------
Sub-total 1,231,562,252
Members' Capital (60,921,533)
--------------
Total Liabilities and Members' Capital $1,571,254,487
==============
LandSource Communities Development, LLC
Consolidated Statement of Operations
Month Ended July 31, 2008
Statistical Information
Homesites sold to related parties $0
Homesites sold to third parties 0
Acreage sold to related parties 0
Acreage sold to third parties 0
Homes sold to third parties 0
Land Sale Operations
Sales related parties 22,379
Sales to third parties 28,424
-----------
Total Land Sale Revenue 50,803
-----------
Cost of sales to related parties 13,582
Cost of sales to third parties 4,100
-----------
Total Cost of Land Sales 17,682
-----------
Gross Margin on Land Sales Operations 33,121
Home Sale Operations
Sales 0
Cost of sales 0
-----------
Gross Margin on Home Sale Operations 0
-----------
Operating Cost and Expenses
Field, selling, general & administrative 4,928,875
Management fees to related parties 1,644,063
-----------
Total Operating Costs and Expenses 6,572,938
-----------
Other Operations, net
Equity in earnings of unconsolidated entities (161,291)
Rental operations 256,047
Valencia Water Company 0
Club operations (317,951)
Interest income 140,207
Interest expense (5,440,580)
Loss on debt restructuring 0
Loss on interest rate swap termination 0
Miscellaneous 6,353,396
-----------
Total Other Operations, net 829,828
-----------
Net Earnings (Loss) ($5,709,989)
===========
LandSource Communities Development, LLC
Consolidated Schedule of Cash Receipts and Disbursements
Month Ended July 31, 2008
Net Operating Cash Flow
Housing revenue $0
Commercial Revenue 3,616,250
Other 5,866,054
Option deposits 66,650
Less: Closing Costs 452
-----------
Total Operating Inflows 9,549,406
Operating Cash Outflows
Master improvements & CFDs (12,112,503)
Property tax (855,486)
General & Administrative (1,800,911)
Other (331,724)
Management fees 0
-----------
Total Operating Outflows (15,100,624)
-----------
Total Net Operating Cash Flow (5,551,218)
Bankruptcy Disbursements
Bankruptcy Payments 0
Utility Deposits (67,000)
Mechanic's liens/Other 0
-----------
Total Bankruptcy Payments (67,000)
DIP Interest and Fees
DIP Facility interest (36,721)
Undrawn fee (50,846)
DIP Facility fees (2,775,657)
-----------
Total DIP Interest and Fees (2,863,224)
Restructuring professionals (72,439)
Total Bankruptcy Disbursements (3,002,663)
-----------
Total Net Cash Flow ($8,553,881)
===========
Disbursement Per Debtor:
LandSource Communities Development, LLC $46,465
California Land Company 325
Friendswood Development Company, LLC 37,071
Lennar Land Partners II 325
Kings Wood Development Company, L.C. 325
LSC Associates, LLC 325
Lennar Mare Island, LLC 163,499
LandSource Communities Development Sub, L 325
Lennar Moorpark, LLC 325
Lennar Stevenson Holdings, LLC 325
The Newhall Land and Farming Company 325
LandSource Holding Company, LLC 3,874,289
LNR-Lennar Washington Square, LLC 8,748,738
Lennar Bressi Ranch Venture, LLC 325
The Newhall Land and Farming Company
(California Limited Partnership) 4,867,926
NWI-IL GP, LLC 325
Tournament Players Club at Valencia, LLC 355,380
Southwest Communities Development, LLC 4,386
Valencia Corporation 325
Stevenson Ranch Venture, LLC 1,634
Valencia Realty Company 325
-----------
Total Disbursement $18,103,288
===========
About LandSource Communities
LandSource Communities Development LLC, which operates in Arizona,
California, Florida, New Jersey, Nevada and Texas, is involved in
the planning and development of master planned communities and
transforming undeveloped land into ready-to-build home sites and
commercial properties. With the exception of one development
project in Marina del Rey, California, LandSource does not build
homes or commercial properties.
LandSource and 20 of its affiliates filed for chapter 11
bankruptcy protection before the U.S. Bankruptcy Court for the
District of Delaware on June 8, 2008 (Lead Case No. 08-11111).
The Debtors are represented by Marcia Goldstein, Esq., at Weil
Gotshal & Manges in New York, and Mark D. Collins, Esq., at
Richards Layton & Finger in Wilmington, Delaware. Lazard Freres &
Co. acts as the Debtors' financial advisors, and Kurtzmann Carson
Consultants serves as the Debtors' notice and claims agent.
According to the Troubled Company Reporter on May 22, 2008,
LandSource sought help from its lender consortium to restructure
$1.24 billion of its debt. LandSource engaged a 100-bank lender
group led by Barclays Capital Inc., which syndicates LandSource's
debt. LandSource had received a default notice on that debt from
the lender group after it was not able to timely meet its payments
during mid-April. However, LandSource failed to reach an
agreement with its lenders on a plan to modify and restructure its
debt, forcing it to seek protection from creditors.
The Debtors' exclusive plan filing period expires on Oct. 6, 2008.
(LandSource Bankruptcy News, Issue No. 11;
http://bankrupt.com/newsstand/or 215/945-7000).
LEVITZ FURNITURE: Files July 1 - 31, 2008 Operating Report
----------------------------------------------------------
PLVTZ, Inc.
Balance Sheet
As of July 31, 2008
ASSETS
Current Assets
Cash $212,000
Accounts receivable, net 414,000
-----------
Total current assets 626,000
Other assets 3,967,000
------------
TOTAL ASSETS $4,593,000
============
Liabilities and Shareholders' Equity
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable trade $2,575,000
Accrued expenses 660,000
Customer Deposits 636,000
------------
Total Current Liabilities $3,871,000
Liabilities Subject to Compromise
Term loan B 20,715,000
Trade and other miscellaneous claims 46,040,000
Customer Deposit 2,706,000
------------
Total $69,461,000
TOTAL LIABILITIES 73,332,000
------------
Shareholders (deficit):
Preferred stock $47,000,000
Class A Common stock 139,030,000
Class B Common stock 10,000,000
Retained (deficit) (264,769,000)
------------
Shareholder's deficit (68,739,000)
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $4,593,000
============
PLVTZ, Inc.
Statement of Operations
For the period July 1 to 31, 2008
Selling, operating and administrative expenses ($451,000)
Reorganization costs 202,000
------------
Net Income $249,000
============
PLVTZ, Inc.
Statement of Cash Flows
For the period July 1 to 31, 2008
Cash flows used in operating activities:
Cash rec/adjustment $218,000
Cash received from Sales Agent 476,000
Cash paid to suppliers and employees (698,000)
------------
Net cash used in operating activities (4,000)
------------
Net decrease in cash and cash equivalents (4,000)
Cash and cash equivalents at beginning of month 216,000
------------
Cash and cash equivalents at end of month $212,000
============
About Levitz Furniture/PVLTZ
Based in New York City, Levitz Furniture Inc., --
http://www.levitz.com/-- is a specialty retailer of furniture,
bedding and home furnishings in the United States. It has 76
locations in major metropolitan areas, principally in the
Northeast and on the West Coast of the United States.
Levitz Furniture Inc. and 11 affiliates filed for chapter 11 on
Sept. 5, 1997. In December 2000, the Court confirmed the Debtors'
Plan and Levitz emerged from chapter 11 on February 2001. Levitz
Home Furnishings Inc. was created as the new holding company as a
result of the emergence.
Levitz Home Furnishings and 12 affiliates filed for chapter 11
protection on Oct. 11, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
45189). In their second filing, the Debtors disclosed about
$245 million in total assets and $456 million in total debts.
Nicholas M. Miller, Esq., and Richard H. Engman, Esq., at Jones
Day represented the Debtors. Jeffrey L. Cohen, Esq., Jay R.
Indyke, Esq., and Cathy Hershcopf, Esq., at Cooley Godward Kronish
LLP served as counsel to the Official Committee of Unsecured
Creditors. During this period, the Debtors closed around 35
stores in the Northeast, California, Minnesota and Arizona.
On March 28, 2008, the Court dismissed the chapter 11 cases of
Levitz II.
In December 2005, the Levitz II debtors sold substantially all of
their assets to PLVTZ, LLC, an affiliate of Prentice Capital
Management LLP, and the Pride Capital Group, doing business as
Great American Group. Initially, Prentice owned all of the equity
interests in PLVTZ. On July 6, 2007, PLVTZ was converted into a
Delaware corporation, and Harbinger Capital Partners Special
Situations Fund, LP, Harbinger Capital Partners Master Fund I,
Ltd., and their affiliates became minority shareholders. Great
American's stake in the acquisition was in running the going-out-
of-business sales for some 27 Levitz units.
PLVTZ, dba Levitz Furniture, continued to face decline in
financial performance since December 2005. Liquidity issues and
the inability to obtain additional capital prompted PLVTZ to seek
protection under chapter 11 on Nov. 8, 2007 (Bankr. S.D.N.Y. Lead
Case No. 07-13532). Paul D. Leake, Esq., and Brad B. Erens, Esq.,
at Jones Day represents the Debtors in their restructuring
efforts. Kurtzman Carson Consultants LLC serves as the Debtors'
claims and noticing agent. The Debtor's schedules show total
assets of $123,842,190 and total liabilities of $76,421,661.
(Levitz Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
LINENS N THINGS: Files July 2008 Monthly Operating Report
---------------------------------------------------------
Linens Holding Co., et al.
Balance Sheet
As of July 26, 2008
Assets
Current Assets
Cash $33,926,577
Accounts receivable, net 41,582,888
Inventory 563,005,990
Inventory - liquidation sales 50,936,752
Prepaid expenses 16,325,741
-------------
Total Current Assets 705,777,948
Property & Equipment
Building 5,010,000
Furniture & fixtures 276,425,578
Hardware 13,841,355
Leasehold improvements 183,411,129
Land 1,030,400
Software 8,713,307
Less: accumulated depreciation (214,439,713)
-------------
Total Property & Equipment 273,992,056
Other Assets
Identifiable intangible 135,503,022
Goodwill 253,159,671
Other non-current assets 37,602,018
-------------
Total other assets 426,264,711
-------------
Total Assets $1,406,034,715
=============
Liabilities and Shareholders' Equity $1,406,034,715
Liabilities not subject to compromise
Current liabilities
Merchandise accounts payable -
accruals, refunds & allowances 43,866,786
Due to customers 9,419,118
Salaries and wages 7,616,450
Taxes, non-franchise and income tax 15,279,374
Workers compensation 184,381
Current retirement plans 68,850
Rent -
General liability claims 103,437
Accrued auto claims & uninsured losses 7,044
Other accrued liabilities 132,020,239
-------------
Total Current Liabilities 208,565,679
Long Term Liabilities
Long-term borrowings 195,077,398
Non-current deferred income -
Other liabilities 1,972,732
-------------
Total long term liabilities 197,050,130
-------------
Total liabilities not subject to compromise 405,615,809
Liabilities subject to compromise
L/T senior secured note 668,914,007
Unsecured claims 345,641,481
Priority claims 27,196,968
-------------
Total Liabilities Subject to Compromise 1,041,752,456
-------------
Total Liabilities 1,447,368,265
Shareholders' Equity
Common stock 130,130
Additional paid-in capital 601,254,218
Retained earnings - prepetition (536,191,697)
Retained earnings - postpetition (109,488,895)
Currency gain/loss 2,962,694
-------------
Net shareholders' equity (41,333,550)
-------------
Total Liabilities and Shareholders' Equity $1,406,034,715
=============
Linens Holding Co., et al.
Income Statement
For the month ending July 26, 2008
Gross revenues $111,963,136
Rebates and returns 35,789
Cost of goods sold (54,191,279)
-------------
Initial Mark On (IMO) 57,807,646
Markdowns 11,195,655
Gross allowances (5,194,393)
Deferred allowances (2,296,333)
-------------
Total markdowns - net 3,704,929
-------------
Merchant margin 54,102,717
Supply chain expenses (5,862,773)
Buying, product development, shrink (3,260,581)
-------------
Gross profit 44,979,363
Store payroll expense (14,169,065)
Other store selling expenses (4,470,306)
-------------
Total selling expense (18,639,371)
-------------
Margin after selling expenses 26,339,992
Occupancy (34,117,801)
Sales promotions (5,237,351)
Other store expenses (1,181,557)
Supervisory/Other (825,129)
-------------
Total store expenses (41,361,838)
-------------
Store contribution (15,021,846)
Administrative salaries (2,106,849)
Other administrative expenses (1,988,329)
Other income/(expense) 326,639
Interest (1,554,337)
Taxes (268,908)
-------------
Total General & Administrative (5,591,784)
-------------
Net Earnings [Loss] (20,613,630)
-------------
Reorganization Items (7,474,912)
-------------
Net Earnings [Loss] after Reorg. items ($28,088,542)
=============
Linens Holding Co., et al.
Schedule of Cash Receipts and Disbursements
For the month ending July 26, 2008
Cash Receipts:
Sales receipts $127,850,000
Other receipts, i.e. tenant allow. 1,876,000
Store closure proceeds 10,000,000
-------------
Total receipts 139,726,000
Cash Disbursements:
Trade payments:
A/P - Merchandise 73,794,000
Rollover A/P - Prepaid -
A/P - LC's & Trade Card 4,763,000
A/P - LAPP -
-------------
Total trade payments 78,557,000
Operating Expenses:
Payroll, payroll taxes & benefits 24,805,000
Rent checks and wires 17,805,000
Marketing 986,000
Capital expenditures -
Freight 7,210,000
Sales tax payable 10,877,000
Other (Import duties, misc. CC fees) (20,000)
Administrative & selling expenses 16,084,000
-------------
Total operating expenses 77,747,000
Non-Operating Expenses:
DIP & revolver interest & fees -
Other Interest Expense/(Income) 2,809,000
-------------
Total non-pperating expenses 2,809,000
-------------
Net operating cash flow (19,387,000)
Bankruptcy Expenses:
DIP fees & expenses -
Deposits for utilities -
Professional fees 1,189,000
-------------
Total Bankruptcy Expenses 1,189,000
-------------
Net Cash Flows (20,576,000)
-------------
Draw / (Paydown) of DIP Facility 22,149,000
-------------
Net Change in Cash $1,573,000
=============
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., and Jason M. Madron, Esq., at Richards, Layton &
Finger, P.A., provide Linens 'n Things with bankruptcy counsel.
The Debtors' special corporate counsel are Holland N. O'Neil,
Esq., Ronald M. Gaswirth, Esq., Stephen A. McCaretin, Esq.,
Randall G. Ray, Esq., and Michael S. Haynes, Esq., at Morgan,
Lewis & Bockius, LLP. The Debtors' restructuring management
services provider is Conway Del Genio Gries & Co., LLC. The
Debtors' CRO and Interim CEO is Michael F. Gries, co-founder of
Conways Del Genio Gries & Co., LLC. The Debtors' claims agent is
Kurtzman Carson Consultants, LLC. The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protivit, Inc. The Debtors'
investment bankers are Financo, Inc., and Genuity Capital Markets.
(Bankruptcy News About Linens 'n Things; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
PRC LLC: Files Post-Confirmation July 2008 Operating Report
-----------------------------------------------------------
Precision Response Corporation
LLC
Schedules of Receipts and
Disbursements
For the Period From July 1 to July 31,
2008
Cash, beginning of period $33,197,500
Receipts during the period 26,690,475
Transfer of funds between entities (378,937)
Disbursements
Operating expenses (Fees and
Taxes)
U.S. Trustee quarterly fees 30,000
Federal taxes Not applicable
State taxes Not applicable
Other taxes 25,575
Other operating expenses 25,731,275
Plan
payments
Administrative claims 2,987,988
Class 1 Not applicable
Class 2 Not
applicable
Class 3 Not applicable
Class 4 Not applicable
----------------
Total disbursements 28,774,838
----------------
Cash, end of period $30,734,200
================
Access Direct Telemarketing,
Inc.
Schedules of Receipts and
Disbursements
For the Period From July 1 to July 31,
2008
Cash, beginning of period $8,359
Receipts during the period 2,057,929
Transfer of funds between entities (143,345)
Disbursements
Operating expenses (Fees and
Taxes)
U.S. Trustee quarterly fees 13,000
Federal taxes Not applicable
State taxes Not applicable
Other taxes 1,992
Other operating expenses 1,379,677
Plan
payments
Administrative claims 0
Class 1 Not applicable
Class 2 Not applicable
Class 3 Not applicable
Class 4 Not applicable
---------------
Total disbursements 1,394,669
---------------
Cash, end of period $528,274
===============
PRC B2B,
LLC
Schedules of Receipts and
Disbursements
For the Period From July 1 to July 31,
2008
Cash, beginning of period ($12,334)
Receipts during the period 1,601,817
Transfer of funds between entities 522,282
Disbursements
Operating expenses (Fees and
Taxes)
U.S. Trustee quarterly fees 13,000
Federal taxes Not applicable
State taxes Not applicable
Other taxes 273
Other operating expenses 1,490,363
Plan
payments
Administrative claims 39,084
Class 1 Not applicable
Class 2 Not applicable
Class 3 Not applicable
Class 4 Not applicable
---------------
Total disbursements 1,542,720
---------------
Cash, end of period $569,045
===============
Precision Response of PA
LLC
Schedules of Receipts and
Disbursements
For the Period From July 1 to July 31,
2008
Cash, beginning of period $0
Receipts during the period 0
Transfer of funds between entities 0
Disbursements
Operating expenses (Fees and
Taxes)
U.S. Trustee quarterly fees 325
Federal taxes Not applicable
State taxes Not applicable
Other taxes 0
Other operating
expenses
Plan
payments
Administrative claims Not applicable
Class 1 Not applicable
Class 2 Not applicable
Class 3 Not applicable
Class 4 Not applicable
----------------
Total disbursements 325
----------------
Cash, end of period ($325)
================
Panther/DCP Holdings, LLC
Schedules of Receipts and Disbursement
For the Period From July 1 to July 31, 2008
Cash, beginning of period $0
Receipts during the period 0
Transfer of funds between entities 0
Disbursements
Operating expenses (Fees and Taxes)
U.S. Trustee quarterly fees 325
Federal taxes Not applicable
State taxes Not applicable
Other taxes 0
Other operating expenses
Plan payments
Administrative claims Not applicable
Class 1 Not applicable
Class 2 Not applicable
Class 3 Not applicable
Class 4 Not applicable
---------------
Total disbursements 325
---------------
Cash, end of period ($325)
===============
About PRC LLC
Founded in 1982 and based in Fort Lauderdale, Florida, PRC, LLC --
http://www.prcnet.com/-- is a leading provider of customer
management solutions. PRC markets its services to brand-focused,
Fortune 500 U.S. corporations and delivers these services through
a global network of call centers in the U.S., Philippines, India,
and the Dominican Republic.
PRC is the sole member of each of PRC B2B, LLC, and Precision
Response of Pennsylvania, LLC, and the sole shareholder of Access
Direct Telemarketing, Inc., each of which is a debtor and debtor-
in-possession in PRC's joint Chapter 11 cases.
Panther/DCP Intermediate Holdings, LLC, is the sole member of
PRC.
PRC, together with its operating subsidiaries PRC B2B, Access
Direct, and PRC PA, is a leading provider of complex,
consultative, outsourced services in the Customer Care and Sales
& Marketing segments of the business process outsourcing
industry. Since 1982, the company has acquired and grown
customer relationships for some of the world's largest and most
brand-focused corporations in the financial services, media,
telecommunications, transportation, and retail industries.
The company and four of its affiliates filed for Chapter 11
protection on Jan. 23, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-
10239). Alfredo R. Perez, Esq., at Weil, Gotshal & Manges, LLP,
represents the Debtors in their restructuring efforts. The
Debtors chose Stephen Dube, at CXO LLC, as their restructuring and
turnaround advisor. Additionally, Evercore Group LLC provides
investment and financial counsel to the Debtors.
The Debtors' consolidated financial condition as of Dec. 31, 2007
showed total assets of $354,000,000 and total debts of
$261,000,000.
The Debtors submitted to the Court a Chapter 11 Plan of
Reorganization on Feb. 12, 2008. The Court confirmed that Plan
mid-June 2008. (PRC LLC Bankruptcy News, Issue
No. 20; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
S & A RESTAURANT: S & A of Texas' Schedules of Assets and Debts
---------------------------------------------------------------
S & A of Texas, Inc. submitted to the U.S. Bankruptcy Court for the
Eastern District of Texas schedules of assets and liabilities,
disclosing:
A. Real Property
3840 N.E. Loop Own land & bldg. $1,625,812
3601 Dallas Parkway Lease land & own bldg. 843,929
12008 E. Freeway lease land & own bldg. 689,764
20120 Katy Freeway lease land & own bldg. 500,690
17125 Tomball Parkway lease land & own bldg. 28,835
305 Central Expressway lease land & own bldg. 18,515
B. Personal Property
B.1 Cash on hand
Houston Galleria 2,000
Ft. Worth Tavern 2,000
Southlake Tavern 2,000
Plano - N. Dallas 1,722
Tyler 1,500
Killeen 1,500
Houston Greenspoint 1,500
Grapevine 1,500
Ft. Worth 1,500
Bedford Airport 1,500
Katy 1,500
Houston Baybrook 1,500
Mesquite 1,500
Conroe 1,500
Houston Deauville 1,500
Houston 1,500
El Paso Gateway 1,500
Houston Cypress 1,500
Ft. Worth Arlington 1,500
Astroworld 1,500
Plano Preston 1,500
Irving 1,500
Houston Kirby 1,500
Sports Grill 1,360
Ft. Worth Hulen Mall 1,200
Arlington I-20 1,200
Austin Lampasas 1,000
Houston Almeda 1,000
Conroe 1,000
Houston Bammel 1,000
Dallas Plano 1,000
Ft. Worth Richland 1,000
Ft. Worth Arlington 1,000
Houston Humble 1,000
Ft. Worth Altimer 1,000
Arlington Little 1,000
Mesquite 1,000
Frisco 1,000
Amarillo Lakeview 1,000
Allen 1,000
Dallas Addison 1,000
Houston Magnum 1,000
Lewisville 1,000
Others 8,799
B.2 Bank Accounts
JP Morgan Chase Bank 1577927666 9,577
Wells Fargo Bank 612899468 4,532
JP Morgan Chase Bank 711411942 1,766
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 sports equipment None
B.9 Interests in Insurance Policies None
B.10 Annuities None
B.11 Interests in an education IRA as defined in
26 U.S.C. Section 530(b)(1) None
B.12 Interests in IRA, ERISA, Keogh, or other
Pension or profit-sharing plans None
B.13 Business Interests and stocks None
B.14 Interests in partnerships Undetermined
B.15 Government and Corporate Bonds None
B.16 Accounts Receivable
Trade Receivable
House Accounts 19,821
House Accounts 15,221
House Accounts 6,830
House Accounts 2,329
House Accounts 1,711
House Accounts 1,289
House Accounts 279
House Accounts 250
House Accounts 100
House Accounts 27
House Accounts 24
House Accounts 18
House Accounts (295)
B.17 Alimony, maintenance, support, and
property settlements debtor is entitled to None
B.18 Other Liquidated Debts None
B.19 Equitable or future interests, life estates,
and rights or powers exercisable for the
debtor's benefit None
B.20 Contingent and noncontingent interests in
estate of a decedent, death benefits plan,
life insurance policy, or trust None
B.21 Other contingent and unliquidated claims
Primrose Food Services Undetermined
B.22 Patents, copyrights and intellectual property None
B.23 Licenses, franchises, and other
general intangibles
Mixed Beverage and Late Hours Undetermined
City Business License Beer & Wine,
Mixed Beverage Undetermined
County License Undetermined
See http://bankrupt.com/misc/S&A_TexasLicenses.pdf
B.24 Customer lists or other compilations None
B.25 Vehicles None
B.28 Office equipment, furnishings and supplies None
B.29 Machinery
Artifacts 19,080
Bar Equip Hookups 17,701
Beer System 16,164
TV, TV Mounting & Brackets 15,200
Chairs & Barstools 14,244
Telecom Equipment 12,948
Tables & Bases (qty 49) 9,585
Dish Machine 8,700
I.C.S. w/i cooler/freezer 8,260
Bar Equipment 7,725
Artifacts 6,805
Equipment 6,523
Booths (qty 7) 6,543
Chef's Counter 6,178
Equipment 6,078
Manitowoc Ice Machine 6,505
Dish Machine 5,936
Bar Equipment 5,891
Manitowoc 4,684
Artifacts 5,700
Decor Package - Artifacts 5,636
I.C.S. w/i Beer cooler 5,620
Chairs-Renewal Project 5,236
Others 700,271
See http://bankrupt.com/misc/S&A_TexasMachinery.pdf
B.30 Inventory
El Paso Meat 9,181
Houston Meat 8,568
Mesquite Meat 8,303
Houston Meat 7,823
Dallas Meat 7,816
Austin Grocery 7,785
Houston Grocery 7,112
Ft. Worth Meat 7,062
El Paso Grocery 7,489
Irving Grocery 6,951
Ft. Worth Grocery 6,894
Killeen Beer 6,696
Ft. Worth Meat 6,614
Ft. Worth Grocery 6,519
Bedford Airport 6,433
Conroe Meat 6,419
Plano Meat 6,379
Katy Grocery 6,360
Killeen Grocery 6,210
Houston Meat 6,133
Others 741,086
see http://bankrupt.com/misc/S&A_TexasInventory.pdf
B.31 Animals None
B.32 Crops - growing or harvested 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 $5,627,851
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim
Capmark Finance Inc. $1,265,946
GE Capital Finance Franchise Corp. 949,265
GE Capital Finance Franchise Corp. 861,122
GE Capital Finance Franchise Corp. 730,450
GE Capital Finance Franchise Corp. 674,003
GE Capital Finance Franchise Corp. 189,472
GE Capital Finance Franchise Corp. 148,110
E. Unsecured Priority Claims Undetermined
F. Unsecured Non-priority Claims
Accounts payable
CNL Net Lease Funding 2001 LP 193,871
7621 - HG Shopping Centers LP 156,368
BPR Shopping Center LP 110,383
Megaplex Four Inc. 88,733
WRI-AEW Lone Star Retail 65,259
Towne Center Venture LP 56,862
DMEP Wyndham Plaza 4 LLC 56,171
Barton Springs Center Ltd. 47,102
C.E. Bassett I, LP 45,081
Prestonwood Place LP 43,436
Maroneal Apts. Inc. 43,293
Keystone Plaza Ltd. 42,901
Carl A. Detering 37,470
Regency Centers LP. 35,284
Fossil Creek Land Partners 33,305
Weingarten Realty Investors 32,034
Gulfwood Corporation 31,000
157- Melear Limited Partnership 29,019
Steak & Abrams LP 26,667
Hilton Holdings LLC 25,413
PPG Venture I LP 24,441
Windhaven Plaza Phase 2 LP 22,545
Cypress Station Houston LLC 20,736
McKinney Land 252 Ltd 17,417
SCI Price Plaza Fund LLC 16,723
Metronational Corporation 16,534
Rosebriar Stemmons L.P. 16,500
Lincoln Court Ltd. 15,000
Naan Properties 13,333
Four Star Development Co. 12,500
Lawrence Ordower 11,207
Jacob Pomeranz 5,035
Centro NP Holdings 2 SPE LLC 4,733
BPR Bowl Texas LP 2,713
Southwest Celtic Music Assoc. 2,165
Rosebriar Stemmons L.P. 1,800
Classified Parking System 1,250
Grapevine Mills LP 1,231
Litigation Claims
Alvin Blagg Undetermined
Beverlyn A. Martin Undetermined
Carl Farris Undetermined
Claudio Ochoa, Jr., et al., Undetermined
Jane Sears Undetermined
Janice Ward Undetermined
Kecia Autrey Undetermined
Lisa Robinson Undetermined
Lorma Services, LLC Undetermined
Nicole Daniel Undetermined
RHEC Associates, Ltd. Undetermined
Rosalind R. Leal Undetermined
The Coca-Cola Company Undetermined
Tiffany Wood Undetermined
Other secured debts
S&A Fee Properties SPE I, LLC
Beaumont Calder 1,267,114
Lewisville 991,720
Amarillo Lakeview 578,211
S&A Fee Properties SPE 2, L.L.C.
Austin Lampasas 1,485,827
Fort Worth Arlington 1,475,314
Tyler Troup 1,117,872
El Paso Gateway 918,125
Fort Worth Highway 80 827,014
S&A Leased Properties SPE I, Inc.
Irving Esters/183 742,914
Houston Humble 612,754
Arlington - Six Flags 499,615
Fort Worth Hulen Mall 459,330
S&A Leased Properties SPE 2, Inc.
Dallas 697,858
Plano 452,056
TOTAL SCHEDULED LIABILITIES $18,349,607
=========================================================
About S & A Restaurant
Based in Plano, Tex., S & A Restaurant Corp. --
http://www.metrogroup.com,http://www.steakandale.com,
http://www.steakandalerestaurants.com,http://www.bennigans.com/
-- and other affiliated entities operate the Bennigan's Grill &
Tavern, and the Steak & Ale restaurant chains under the Metromedia
Restaurant Group. Bennigan's Grill & Tavern is a chain of more
than 310 pub-themed restaurants offering sandwiches and burgers,
as well as ribs, steaks, and seafood. The Steak & Ale chain
offers a broader menu set in the atmosphere of an 18th century
English country inn. The Metromedia Restaurant Group, a unit of
closely held conglomerate Metromedia Company, is one of the
world's leading multi-concept table-service restaurant groups,
with more than 800 Bennigan's(R), Bennigan's SPORT(TM), Steak and
Ale(R), Ponderosa Steakhouse(R) and Bonanza(TM) Steakhouse
restaurants in the United States and abroad. MRG's annual U.S.
sales are estimated at $1,000,000,000.
S & A Restaurant and 38 of its affiliates filed Chapter 7 petition
under the U.S. Bankruptcy Code on July 29, 2008 (Bankr. E.D. Tex.
Case No. 08-41898). J. Michael Sutherland, Esq. at Carrington
Coleman Sloman & Blumenthal, is the Debtors counsel. The Debtors
disclosed total scheduled assets of $2,302,057 and total scheduled
liabilities of $159,432,691.
Michelle H. Chow is the Debtors' Chapter 7 bankruptcy trustee.
The lead counsel for the trustee is Kane Russell Coleman & Logan
PC. Mark Ian Agee, Esq., of the law firm Mark Ian Agee, Attorney
at Law, is co-counsel.
S & A RESTAURANT: S & A of Florida's Schedules of Assets and Debts
------------------------------------------------------------------
S & A of Florida, Inc. submitted to the U.S. Bankruptcy Court for
the Eastern District of Texas schedules of assets and liabilities,
disclosing:
A. Real Property
11650 University Blvd. - Lease land & own bldg. $2,252
1385 N. Semoran Blvd. - own land & bldg. 884,171
18001 Highwoods - lease land & own bldg. 470,084
3155 E. Silver Springs - own land & bldg. 392,458
4520 W. State Road 46 - own land & bldg. 1,212,371
9206 Anderson Rd. - own land & bldg. 1,190,786
B. Personal Property
B.1 Cash on hand
Tampa Stadium 3,000
Orlando Beeline 2,300
Clearwater Mall 2,000
St. Pete Beach 2,000
Orlando International 2,000
Miami Kendall 2,000
Miami Lajeune 2,000
Brandon 2,000
Ormond Beach Atlantic 2,000
Tampa 2,000
Semoran Airport 2,000
St. Petersburg 4th Street 1,500
Orlando Colonial 1,500
Sanford 1,500
Orlando - University 1,500
Melbourne Apollo 1,500
Tampa 1,500
Ft. Lauderdale 62nd Street 1,500
Orlando Beeline 1,200
Ft. Lauderdale Tamarac 1,200
Tampa Westshore 1,200
Miami Kendall 1,200
Tampa Fowler 1,200
Ft. Myers Tamiami 1,000
Ocala 1,000
W. Colonial 820
Orlando Altamonte 800
Lakeland Florida Avenue 800
Pensacola University 800
Ft. Lauderdale Andrews 800
Orlando Casselberry 750
Orlando Orange Blossom TR 750
Sunrise 750
W. Colonial 750
Gainsville Archer 750
Davie 750
Pensacola 750
Stuart, FL 750
Orlando Maitland 637
Orlando Altamonte 320
Ft. Myers 144
Miami Colonial Palms (1,001)
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 sports equipment None
B.9 Interests in Insurance Policies None
B.10 Annuities None
B.11 Interests in an education IRA as defined in
26 U.S.C. Section 530(b)(1) None
B.12 Interests in IRA, ERISA, Keogh, or other
Pension or profit-sharing plans None
B.13 Business Interests and stocks None
B.14 Interests in partnerships Undetermined
B.15 Government and Corporate Bonds None
B.16 Accounts Receivable
Trade Receivable
House Accounts 5,551
House Accounts 3,857
House Accounts 3,374
House Accounts 2,486
House Accounts 1,553
House Accounts 876
House Accounts 312
House Accounts 284
House Accounts 140
B.17 Alimony, maintenance, support, and
property settlements debtor is entitled to None
B.18 Other Liquidated Debts None
B.19 Equitable or future interests, life estates,
and rights or powers exercisable for the None
debtor's benefit None
B.20 Contingent and noncontingent interests in
estate of a decedent, death benefits plan,
life insurance policy, or trust None
B.21 Other contingent and unliquidated claims None
B.22 Patents, copyrights, and intellectual property None
B.23 Licenses, franchises, and other
general intangibles
Liquor License Undetermined
City Business License Beer & Wine,
Mixed Beverage, Restaurant Undetermined
Mixed Beverage and Late Hours Undetermined
B.24 Customer lists or other compilations None
B.25 Vehicles None
B.28 Office equipment, furnishings and supplies None
B.29 Machinery
Misc Kitchen Equipment 19,662
Bar Equipment 14,942
Cooler/Freezer Walk In 13,616
Bar Equipment Hook-ups 13,101
Ice Machine 11,459
New Ice Machine 9,426
Ice Machines 7,868
Ice Machine 7,573
Interior Design, Supply 7,546
Ice Machine 7,135
Ice Machine 6,826
Misc Restaurant Equipment 6,728
Manitowoc Ice Machine 5,818
4 Drawer Equip Stand 5,718
6 Drawer Chef Base 4,734
Chefbase 6 Drawer 4,531
Shelving 4,520
Prep Table - Pizza (Refr) 4,498
True 6 Drawer Equip Stand 4,385
Prep Top 2 Doors/4 Shelv-Fire 4,372
Chefbase 4,317
New Glycol System 4,315
Fryers (Qty 6)- Fire 4,262
Flat Top Grill 4,191
True Pizza Prep 3 Doors/6 Shel 4,126
True Chef Base 6 Drawers 4,067
Others 481,232
see http://bankrupt.com/misc/S&A_FloridaMachinery.pdf
B.30 Inventory
Tampa Liquor 28,004
Tampa Liquor 15,674
Miami Lajeune Liquor 9,755
Pensacola Meat 8,844
Semoran Meat 8,485
Tampa Meat 7,861
Orlando Altamonte Meat 7,512
Semoran Grocer 7,203
St. Petersburg Liquor 6,909
Tampa Beer 6,772
Sanford Liquor 6,715
Ocala Liquor 6,599
Sanford Grocery 6,535
Ft. Lauderdale Andrews Meat 6,547
Tampa Beer 6,521
Ft. Myers Tamarac Meat 6,202
Brandon Grocery 6,128
Ft. Myers Tamiami Meat 6,115
Clearwater Grocery 5,951
Tampa Grocery 5,957
Others 742,812
see http://bankrupt.com/misc/S&A_FloridaInventory.pdf
B.31 Animals None
B.32 Crops - growing or harvested 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 $5,811,294
=========================================================
C. Property Claimed as Exempt None
D. Secured Claim
GE Capital Finance Franchise Corp. $4,971,918
Capmark Finance Inc. 1,329,242
GE Capital Finance Franchise Corp. 1,172,019
GE Capital Finance Franchise Corp. 984,912
GE Capital Finance Franchise Corp. 566,450
GE Capital Finance Franchise Corp. 154,177
GE Capital Finance Franchise Corp. 46,496
E. Unsecured Priority Claims Undetermined
F. Unsecured Non-priority Claims
Accounts payable
RHEC Associates Ltd. 104,669
Barry Harris Hinden 97,091
Dr. Jerome Unatin 94,147
Metropolitan Life Insurance Co. 88,204
CNL/Lee Vista Joint Venture 76,134
Westwood Blvd. LLC 67,186
Harold Maurice Forster Jr. 49,731
TSC Sunrise Ltd. 37,763
Berta Mgt. of Florida Corp. 36,470
Northwoods Limited Partnership 32,321
J-5 Land Partners Ltd. 31,950
Inland Southeast Property 22,485
Siro Holdings LLC 19,525
Glimcher Westshore LLC 18,814
John M. Rife, Jr. 16,635
Dolphin Village Partners LLC 14,940
Robert L. Cochran 10,600
Jensen Beach Plaza LLC 3,708
Richard T. Lee 7,029
Anne Marie Sparlin Trust 2,284
Samuel Jay Sparlin Trust 2,284
TSC Lake Ridge LLC 810
Express Shop Investments LLC 707
Litigation Claims
Access Now, Inc. Undetermined
Access Now, Inc. Undetermined
Anita Ray Undetermined
Anna Rachel Costigliola Undetermined
Carlos Serrano Undetermined
Daniel Davis Undetermined
Debra Colarusso Undetermined
Dolores Leopard Undetermined
Florida Retail Federation Self-Insurers
Fund Undetermined
Hollis Williams Undetermined
James Whitford Undetermined
See http://bankrupt.com/misc/S&A_LitigationClaims.pdf
Other Secured Debts
Guarantors for Real Estate
S&A Fee Properties SPE I, LLC
Miami/Kendall 2,277,802
Tallahassee 1,532,324
Brandon Bennigan's 1,394,715
Ft. Myers 777,956
Lakeland 665,818
S&A Leased Properties SPE I, Inc.
Miami Lejeune 494,608
Lakeland 414,511
Orlando 774,954
Orlando Colonial 612,754
Tampa Stadium 947,165
Lauderdale 492,606
St. Petersburg 555,180
TOTAL SCHEDULED LIABILITIES $21,001,096
=========================================================
About S & A Restaurant
Based in Plano, Tex., S & A Restaurant Corp. --
http://www.metrogroup.com,http://www.steakandale.com,
http://www.steakandalerestaurants.com,http://www.bennigans.com/
-- and other affiliated entities operate the Bennigan's Grill &
Tavern, and the Steak & Ale restaurant chains under the Metromedia
Restaurant Group. Bennigan's Grill & Tavern is a chain of more
than 310 pub-themed restaurants offering sandwiches and burgers,
as well as ribs, steaks, and seafood. The Steak & Ale chain
offers a broader menu set in the atmosphere of an 18th century
English country inn. The Metromedia Restaurant Group, a unit of
closely held conglomerate Metromedia Company, is one of the
world's leading multi-concept table-service restaurant groups,
with more than 800 Bennigan's(R), Bennigan's SPORT(TM), Steak and
Ale(R), Ponderosa Steakhouse(R) and Bonanza(TM) Steakhouse
restaurants in the United States and abroad. MRG's annual U.S.
sales are estimated at $1,000,000,000.
S & A Restaurant and 38 of its affiliates filed Chapter 7 petition
under the U.S. Bankruptcy Code on July 29, 2008 (Bankr. E.D. Tex.
Case No. 08-41898). J. Michael Sutherland, Esq. at Carrington
Coleman Sloman & Blumenthal, is the Debtors counsel. The Debtors
disclosed total scheduled assets of $2,302,057 and total scheduled
liabilities of $159,432,691.
Michelle H. Chow is the Debtors' Chapter 7 bankruptcy trustee.
The lead counsel for the trustee is Kane Russell Coleman & Logan
PC. Mark Ian Agee, Esq., of the law firm Mark Ian Agee, Attorney
at Law, is co-counsel.
SHARPER IMAGE: Files Operating Report for July 2008
---------------------------------------------------
Sharper Image Corp.
Balance Sheet
As of July 31, 2008
ASSETS
Current assets:
Unrestricted Cash and Equivalents $3,669,460
Restricted Cash and Equivalents -
Trade Accounts Receivable, net 337,074
Other Accounts Receivable 3,719,566
Notes Receivable -
Inventories 729,578
Prepaid Expenses 3,500,272
Professional Retainers -
Deferred Income Taxes/Prepaid Income Taxes 17,304,554
-----------
Total current assets 29,260,505
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 (994,677)
------------
Total Property and Equipment 2,383,694
Other assets:
Loans to Insiders -
Other Assets 12,713,223
------------
Total Assets $44,357,422
============
LIABILITIES AND OWNER'S EQUITY
Liabilities not subject to Compromise (Post)
Accounts Payable ($3,740,865)
Taxes Payable (1,335,606)
Wages Payable (2,330,701)
Notes Payable -
Rent/Leases- Building/Equipment -
Secured Debt - Line of credit -
Other Reserves -
Liquidation (GOB Sales) Clearing Account (9,142,293)
Amounts Due to Insiders -
Other Postpetition Liabilities -
-----------
Total Postpetition Liabilities (16,549,466)
Liabilities not subject to Compromise (Pre)
Secured Debt - Line of credit -
Secured Debt - other (6,703,339)
Priority Debt -
Unsecured Debt (Accounts Payable) (45,436,864)
Expense Accruals and Other Liabilities (6,694,235)
Short Term Liabilities (3,554,215)
Deferred (GAAP) rent/landlord allowances etc (708,258)
Deferred Tax (Liability)/Asset 92,758,072
Deferred Revenue (Gift cards and Royalties) (34,885,714)
Other Reserves and allowances (2,520,961)
------------
Total Prepetition Liabilities (7,745,515)
------------
Total Liabilities (24,294,981)
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 33,378,879
-------------
Net Owner's Equity (20,062,441)
-------------
Total Liabilities and Owner's Equity ($44,357,422)
=============
Sharper Image Corp.
Statement of Operations
For Month Ended July 31, 2008
Revenues:
Gross Revenues -
Less: Returns and Allowances -
------------
Net Revenue -
Cost of Goods Sold:
Beginning Inventory -
Add: Purchases -
Add: Cost of Labor -
Add: Other Costs (attach schedule) -
Less: Ending Inventory -
Cost of Goods Sold -
------------
Gross Profit -
Operating Expenses:
Advertising ($1,540,959)
Auto and Truck Expense -
Bad Debts 320,306
Contributions -
Employee Benefit Programs (357,326)
Insider Compensations -
Insurance 524,360
Management Fees/Bonuses 87,089
Office Expense -
Pension & Profit-Sharing Plans -
Repairs and Maintenance 399,083
Rent and Lease Expense 872,775
Salaries/Commissions/Fees 1,212,169
Supplies (44,390)
Taxes- Payroll 77,604
Taxes- Real Estate -
Taxes- Other 70,310
Travel and Entertainment (800)
Utilities (41,713)
Other 1,399,619
------------
Total Operating Expense Before Depr. 2,978,127
Depreciation/Depletion/Amortization 6,146
------------
Net Profit (Loss)
Before Other Income & Expenses (2,984,273)
Other Income and Expenses:
Licensing Income 342,397
Interest Expense 50,893
Other Expense -
------------
Net Profit (Loss)
Before Reorganization Items (2,590,983)
Reorganization Items:
Professional Fees 1,014,271
US Trustee Quarterly Fees 30,000
Interest Earned on Accm Case -
Gain (Loss) from sale of assets
Other Reorganization Expense (14,029,284)
------------
Total Reorganization Expenses (12,985,013)
------------
Net Profit (Loss)
Before Income Taxes (Benefit) 10,394,030
Income Taxes (Benefit) 3,991,308
------------
Net Profit (Loss) $6,402,722
============
Sharper Image Corp.
Statement of Cash Flows
For Month Ended July 31, 2008
Opening Balance ($299,794)
Receipts
Cash Sales (from stores) 2,044,394
Credit Card Settlements 3,328,980
Other Settlements -
Accounts Receivable 457,882
Sale of Assets 2,000,474
Interest/Divided Income 2,472
Mail Order/License Deposits, Other Deposits 432,588
----------
Total Receipts 8,266,590
Transfers
Line of Credit Draw/Pay Down
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 -
------------
Total Receipts & Transfers 8,266,590
Disbursements
Liquidator Reimbursements (3,847,782)
Net Payroll 2,947,067
Payroll Taxes 752,920
401k 41,039
Employee Benefits 329,798
Sales, Use & Other Taxes 1,355,145
Inventory Purchases
Secured/Rental/Leases 254,675
Insurance 233,990
Administrative 808,097
Selling -
Bank/Credit Card Fees/Sales audit adjs (15,337)
Refund checks issued (net of stop payments) 1,734
Other -
Customs/Duties/Freight 150,372
Interest and LC fees -
Professional Fees 1,045,421
US Trustee Quarterly Fees 30,000
Court Costs -
------------
Total Disbursements 4,287,337
-
Net Cash Flow $3,969,253
============
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). Judge Kevin Gross presides
over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel. Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.
An Official Committee of UnsecuredCreditors has been appointed in
the case. Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel. Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.
When the Debtor filed for bankruptcy, it listed total assets of
$251,500,000 and total debts of $199,000,000. As of June 30,
2008, the Debtor listed $52,962,174 in total assets and
$39,302,455 in total debts.
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, Issue No. 19; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
TRICOM SA: Files July 2008 Monthly Operating Report
---------------------------------------------------
Tricom S.A., et al.
Consolidated Balance Sheet
(Unaudited)
As of July 31, 2008
ASSETS
Current Assets:
Cash and Cash Equivalents $18,937,644
Accounts Receivable 24,266,298
Inventories, Net 3,218,162
Prepaid Expenses 8,802,019
Deferred Income Taxes 133,141
--------------
Total Current Assets 55,357,264
Property and Equipment, Net 247,629,987
Pledged Securities 142,057
Intangible Assets 2,664,641
Other assets 4,449,877
--------------
TOTAL ASSETS $310,243,826
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Liabilities Subject to Compromise (Prepetition)
Short Term Obligations (Bank Overdraft) $121,070
Accounts Payable -
Long Term Debt 443,696,915
Other Liabilities -
Interest Payable 278,568,199
Accrued Expenses 6,910,608
--------------
729,296,792
Liabilities not Subject to Compromise (Postpetition)
Short Term Obligations (Bank Overdraft) 339,468
Accounts Payable 21,011,262
Restructuring Related Items 4,171,770
Interest Payable 89,194
Accrued Expenses 9,502,832
Other Liabilities 1,990,526
Deferred Revenues 2,406,657
--------------
39,511,709
Total Current Liabilities 768,808,501
Reserve for Severance Indemnities 238,985
Deferred Income Tax 133,141
--------------
Total Liabilities 769,180,627
Shareholder's equity:
Common Stock-Class A 24,951,270
Common Stock-Class B 12,595,095
Additional Invest of Capital -
Additional Paid in Capital 275,496,988
Legal Reserve 2,043,242
Retained Earnings (Losses) (20,972,229)
Retained Earning (Loss) Prior years (751,027,405)
Equity Adjustment from Foreign
Currency Translation (2,023,762)
--------------
SHAREHOLDER'S EQUITY, NET (458,936,801)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $310,243,826
==============
Tricom S.A., et al.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended July 31, 2008
Operating Revenues $18,781,676
Operating Costs and Administrative Expenses (19,124,220)
Restructuring Related Items (2,292,584)
--------------
Operating Income (2,635,128)
Interest Expenses (378,856)
Interest Income 38,173
Foreign Currency Exchange 208,678
Other 49,275
--------------
Total Other Income (Expenses) (82,730)
--------------
Net Earnings(Loss)Pre-Tax (2,717,858)
Net Earnings (Loss) ($2,717,858)
==============
Tricom S.A., et al.
Statement of Cash Flows
(Unaudited)
For the Month Ended July 31, 2008
Cash flows provided by operating activities:
Net loss from continuing operations ($2,717,858)
Adjustments to reconcile net earnings
(Loss) and net cash provided by (used in)
operating activities:
Depreciation 3,548,902
Allowance for Doubtful Accounts 631,318
Amortizations Issue Cost 18,077
Increase (Decrease) In:
Accounts Receivable (731,926)
Inventories (603,787)
Prepaid Expenses 937,239
Other Assets (3,794)
Accounts Payable (2,185,177)
Interest Payable (1,076,711)
Restructuring Related Payable 909,003
Accrued Expenses (1,605,627)
Other Liabilities 134,090
Capex Adjustment 59,323
--------------
TOTAL ADJUSTMENTS 30,930
Net cash used in operating activities ($2,686,928)
==============
Cash flows from investing activities:
Acquisition of Property and Equipment (3,164,066)
Pledged Securities (965)
--------------
Net cash used in investing activities (3,165,031)
Cash Flows from financing activities:
Bank Overdraft 339,468
Short Term debt (66,412)
--------------
Net cash provided (used) by financing activities 273,056
Increase (Decrease) of cash and cash equivalents (5,578,903)
Cash and cash equivalents, beginning 24,516,546
--------------
Cash and cash equivalents, end $18,937,644
==============
For the month ended July 31, 2008, the Debtors made total
disbursements of $23,777,941:
Tricom, S.A $18,026,821
Tricom USA, Inc. $3,062,026
TCN Dominicana, S.A. $2,689,094
About Tricom S.A.
Tricom, S.A., was incorporated in the Dominican Republic on
January 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The Company also owns interests in undersea fiber-
optic cable networks that connect and transmit
telecommunications signals between Central America, the
Caribbean, the United States and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.
Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720). Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors. When the Debtors'
filed for protection from their creditors, they listed total
assets of US$327,600,000 and total debts of US$764,600,000.
As of June 30, 2008, Tricom had US$316,325,466 in assets and
US$771,970,349 in liabilities.
(Tricom Bankruptcy News, Issue No. 13; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)
TROPICANA ENT: Posts $35,970,000 Net Loss in Period ended June 30
-----------------------------------------------------------------
Tropicana Entertainment LLC
Balance Sheet
As of June 30, 2008
ASSETS
Current Assets
Accounts receivable - trade $0
Cash & temporary cash investments 19,752,000
Deposits 2,294,000
Inventories 0
Other receivables 0
Prepaid expenses (36,185,000)
--------------
Total Current Assets (14,139,000)
Property and Equipment
Buildings 0
Construction in progress 0
Furniture & fixtures 114,000
Land 0
Riverboats, barges & ramps 0
Vehicles 0
--------------
Total Property and Equipment 114,000
Reserve for Depreciation
Boats, barges & ramp reserve for depreciation 0
Building reserve for depreciation 0
Furn. & fixtures reserve for depreciation 0
Gaming entertainment reserve for depreciation 0
Vehicle reserve for depreciation 0
--------------
Total Reserve for Depreciation 0
Other Assets
Investments 2,775,215,000
Other assets 35,285,000
--------------
Total Other Assets 2,810,500,000
--------------
TOTAL ASSETS $2,796,475,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts payable $10,093,000
Accrued other expenses 3,159,000
Accrued payroll (255,000)
Deferred income 0
Payroll taxes payable 0
Sales tax payable 2,614,000
--------------
Total Current Liabilities 15,611,000
Long Term Debt Due Beyond One Year
DIP financing 20,000,000
--------------
Total Long Term Debt Due Beyond One Year 20,000,000
Other Liabilities
Deferred fed taxes 0
Deferred rent 0
Deferred state inc taxes 0
Intercompany 19,341,000
--------------
Total Other Liabilities 19,341,000
Total Liabilities not Subject to Compromise 54,952,000
Liabilities Subject to Compromise
Non-intercompany 896,150,000
Intercompany 1,594,022,000
--------------
Total Liabilities Subject to Compromise 2,490,172,000
--------------
Total Liabilities 2,545,124,000
Total Stockholders' Equity 251,351,000
--------------
Total Liabilities & Shareholders' Deficit $2,796,475,000
==============
Tropicana Entertainment, LLC
Income Statement
For the Month Ended June 30, 2008
Operating Revenues
Casino revenue $0
Rooms revenue 0
Food & beverage revenue 0
Other casino & hotel revenue - less int income 0
--------------
Opening Revenues 0
Less promotional allowances 0
--------------
Net Operating Revenues 0
Operating Expenses
Casino operating expenses 0
Rooms operating expenses 0
Food and beverage operating expenses 0
Other casino and hotel operating expenses (46,000)
Utilities 0
Marketing, advertising and casino promotions 0
Repairs and maintenance 1,000
Insurance 0
Property and local taxes 0
Gaming tax and licenses 0
Administrative and general (3,947,000)
Leased land and facilities 0
Depreciation and amortization 0
Loss on disposition of assets 0
Bad debt expense - loans 0
Impairment charge 0
Restructuring cost (5,513,000)
--------------
Total Operating Expense (9,505,000)
Income from Operations 9,505,000
Other Income (Expense)
Interest expense (10,462,000)
Intercompany interest income / (expense) 0
Chapter 11 reorg. & other prof. Fees (35,016,000)
Interest income 2,000
--------------
Total Other Income (Expense) (45,475,000)
Federal Income Tax 0
Income Before Minority Interest (35,970,000)
--------------
NET INCOME ($35,970,000)
==============
About Tropicana Entertainment
Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts. The company is one of the largest
privately-held gaming entertainment providers in the United
States. Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada and Atlantic City, New Jersey.
Tropicana Entertainment LLC filed for Chapter 11 protection on
May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor-
affiliates filed for separate Chapter 11 petitions but with no
case numbers assigned yet. Kirkland & Ellis LLP and Mark D.
Collins, Esq., at Richards Layton & Finger, represent the Debtors
in their restructuring efforts. Their financial advisor is Lazard
Ltd. Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor.
Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case. Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.
The Debtors' exclusive plan filing period expires on Sept. 2,
2008. (Tropicana Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
WCI COMMUNITIES: Files Initial Monthly Operating Report
-------------------------------------------------------
WCI Communities Inc. and its debtor-affiliates delivered to the
United States Bankruptcy Court for the District of Delaware an
initial monthly operating report, containing a 13-week cash flow
forecast for the week ending Oct. 31, 2008.
WCI Communities, Inc.
Cash Flow Forecast
For the Week Ending Oct. 31, 2008
At Oct. 31, 2008
----------------
Cash Receipts:
Homebuilding revenue $3,070,000
Less: Deposits (307,000)
-----------
Net proceeds from closings 2,763,000
Tower revenue 2,550,000
Less: Deposits (383,000)
-----------
Net proceeds from closings 2,168,000
Parcel sales 0
Real estate services 250,000
Amenities 807,000
Other misc. receipts 250,000
-----------
Total Cash Receipts $6,238,000
Cash Disbursements:
SG&A expenses
Marketing $200,000
HOA deficit funding 250,000
G&A 2,750,000
Prepetition AP offset 0
Bankruptcy contingency 0
Payroll incl. taxes, benefits 2,930,000
Sales tax 0
-----------
Total SG&A expenses 6,130,000
Operating expenses
Homebuilding construction 1,582,000
Land development 493,000
Tower construction 0
Amenities operating expenses 738,000
Amenities WIP 152,000
Other items 100,000
Property tax 0
-----------
Total operating expenses 3,065,000
Other expenses
Land acquisitions & options 0
COD payments 613,000
Supplemental warranty insurance 8,000
-----------
Total other expenses 621,000
Restructuring expenses
Debtors' professionals 0
Creditors' professionals 0
DIP related fees 0
Professional fee retainers 0
Interest on prepetition debt 643,000
Interest on DIP facility 0
-----------
Total restructuring expenses 643,000
-----------
Total Cash Disbursements $10,459,000
-----------
Net Disbursements ($4,221,000)
===========
Copies of the Debtors' certificates of insurance, evidence of DIP
bank accounts and a list of retainers the Debtors paid were also
attached to the Initial MOR.
A full-text copy of the WCI Initial Operating Report and a
breakdown of the weekly cash flow forecast is available for free
at http://bankrupt.com/misc/WCI1stMOR.pdf
About WCI Communities
Headquartered in Bonita Springs, Florida, WCI Communities, Inc. --
http://www.wcicommunities.com/-- is a fully integrated
homebuilding and real estate services company. It has operations
in Florida, New York, New Jersey, Connecticut, Massachusetts,
Virginia and Maryland. The company directly employs roughly 1,800
people, as well as roughly 1,800 sales representatives as
independent contract employees.
The company and 126 of its affiliates filed for Chapter 11
protection on Aug. 4, 2008 (Bankr. D. Del. Lead Case No.08-11643
through 08-11770). Thomas E. Lauria, Esq., Frank L. Eaton, Esq.,
Linda M. Leali, Esq., at White & Case LLP, in Miami, Florida.
Eric Michael Sutty, Esq., and Jeffrey M. Schlerf, Esq., at Bayard,
P.A, are the Debtors' local bankruptcy counsel. Lazard Freres &
Co. represents the Debtors as financial advisors. The Debtors
selected Epiq Bankruptcy Solutions LLC as their claims & notice
agent. The U.S. Trustee for Region 3 appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Daniel H.
Golden, Esq., Lisa Beckerman, Esq., and Philip C. Dublin, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, and Laura Davis Jones,
Esq., Michael R. Seidl, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, represent the Committee in
these cases. When the Debtors filed for protection against their
creditors,they listed total assets of $2,178,179,000 and total
debts of $1,915,034,000.
(WCI Communities Bankruptcy News, Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
*********
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*********
S U B S C R I P T I O N I N F O R M A T I O N
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