/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/080927.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 27, 2008, Vol. 12, No. 231 Headlines ASARCO LLC: Earns $37.9 Million Net Loss in Period ended August 31 BLUE WATER: Files Monthly Operating Report for August 2008 BOMBAY COMPANY: Posts $385,901 Net Loss in August 2008 BUFFETS HOLDINGS: Files Monthly Operating Report for August 2008 BUFFETS HOLDINGS: BRHI'S Schedules of Assets and Schedules CHARYS HOLDINGS: Earns $3,670,777 in August 2008 CHARYS HOLDINGS: Crochet & Borel Files Operating Report for August EOS AIRLINES: Posts $574,855 Net Loss in August 2008 FREMONT GENERAL: Posts $7,834,752 Net Loss in August 2008 LAKE AT LAS VEGAS: Posts $3,547,515 Net Loss in August 2008 LINENS 'N THINGS: Files Amended Schedules of Assets and Debts LINENS 'N THINGS: Posts $33.3 Million Net Loss in August 2008 NETBANK INC: Aug. 31 Balance Sheet Upside-Down by $20,807,207 PRC LLC: Files Operating Report for Period Ending August 31 REFCO LLC: Files Monthly Operating Report for June 2008 REFCO LLC: Files Operating Report for Period ended July 31, 2008 STEVE & BARRY'S: SB Manhattan's Schedules of Assets and Debts STEVE & BARRY'S: SB New York's Schedules of Assets & Liabilities STEVE & BARRY'S: SB Ohio's Schedules of Assets & Liabilities STEVE & BARRY'S: SB Penn.'s Schedules of Assets & Liabilities STEVE & BARRY'S: Stone Barn LLC's Schedules of Assets & Debts STEVE & BARRY'S: SB Texas' Schedules of Assets & Liabilities WELLMAN INC: Post $9.8 Million Net Loss in Period Ended August 31 ********* ASARCO LLC: Earns $37.9 Million Net Loss in Period ended August 31 ------------------------------------------------------------------ ASARCO LLC, et al. Balance Sheet As of August 31, 2008 ASSETS Current Assets: Cash $1,246,145,000 Restricted Cash 24,935,000 Accounts receivable, net 186,919,000 Inventory 281,891,000 Prepaid expenses 15,027,000 Other current assets 14,357,000 -------------- Total Current Assets 1,769,274,000 Net property, plant and equipment 509,567,000 Other Assets Investments in subs 80,280,000 Advances to affiliates 521,000 Prepaid pension & retirement plan 0 Non-current deferred tax asset 40,949,000 Other 55,473,000 -------------- Total assets $2,456,064,000 ============== LIABILITIES Postpetition liabilities: Accounts payable $75,006,000 Accrued liabilities 728,935,000 Debtor-in-possession financing 0 -------------- Total postpetition liabilities 803,942,000 Prepetition liabilities: Not subject to compromise - credit 3,195,000 Not subject to compromise - other 92,023,000 Advances from affiliates 24,803,000 Subject to compromise 3,369,892,000 -------------- Total prepetition liabilities 3,489,913,000 -------------- Total liabilities $4,293,855,000 ============== OWNERS' EQUITY (DEFICIT) Common stock 508,324,000 Additional paid-in capital 104,578,000 Other comprehensive income (233,939,000) Retained earnings: filing date (3,368,084,000) -------------- Total prepetition owners' equity (2,989,122,000) Retained earnings: post-filing date 1,151,330,000 -------------- Total owners' equity (net worth) (1,837,791,000) Total liabilities and owners' equity $2,456,064,000 ============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ended August 31, 2008 Sales $161,605,000 Cost of products and services 107,282,000 -------------- Gross profit 54,323,000 Operating expenses: Selling and general & admin expenses 3,163,000 Depreciation & amortization 3,736,000 Accretion expense 233,000 -------------- Operating income 47,191,000 Interest expense 21,000 Interest income (2,175,000) Reorganization expenses 9,211,000 Other miscellaneous (income) expenses (22,273,000) -------------- Income (loss) before taxes 62,407,000 Income taxes 24,495,000 -------------- Net income (loss) $37,912,000 ============== ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ended August 31, 2008 Receipts $210,834,000 Disbursements: Inventory material 30,777,000 Operating disbursements 75,459,000 Capital expenditures 3,294,000 -------------- Total disbursements 109,530,000 Operating cash flow 101,304,000 Reorganization disbursements 145,273,000 -------------- Total Disbursements 123,803,000 Net cash flow 87,031,000 Net payments to secured Lenders 0 -------------- Net change in cash 87,031,000 Net payments to secured lenders 0 Beginning cash balance 1,184,049,000 -------------- Ending cash balances $1,184,049,000 ============== About ASARCO LLC Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for Chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services and investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Sander L. Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in Dallas, Texas, represents the Official Committee of Unsecured Creditors for the Asbestos Debtors. Former judge Robert C. Pate has been appointed as the future claims representative. Details about their asbestos-driven Chapter 11 filings have appeared in the Troubled Company Reporter since April 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for Chapter 11 protection on Dec. 12, 2006. (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining & Development Co., Ltd., Peru Mining Exploration & Development Co., and Green Hill Cleveland Mining Co. filed for Chapter 11 protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197 to 08-20202). The Debtors submitted to the Court a joint plan of reorganization and disclosure statement on July 31, 2008. The plan incorporates the sale of substantially all of the Debtors' assets to Sterlite Industries, Ltd., for $2,600,000,000. Americas Mining Corporation, an affiliate of Grupo Mexico SAB de CV, submitted a reorganization plan to retain its equity interest in ASARCO LLC, by offering full payment to ASARCO's creditors in connection with ASARCO's Chapter 11 case. AMC would provide up to $2.7 billion in cash as well as a $440 million guarantee to assure payment of all allowed creditor claims, including payment of liabilities relating to asbestos and environmental claims. AMC's plan is premised on the estimation of the approximate allowed amount of the claims against ASARCO. Asarco Inc. and AMC are represented by Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. (ASARCO Bankruptcy News Issue No. 85; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). BLUE WATER: Files Monthly Operating Report for August 2008 ---------------------------------------------------------- Blue Water Automotive Systems, Inc. delivered to the U.S. Bankruptcy Court for the Eastern District of Michigan its monthly operating report for the month of August 2008. Blue Water Automotive Systems, Inc. Unaudited Balance Sheet As of August 24, 2008 ASSETS: Cash $2,332,923 Inventory 8,593,348 Accounts Receivable 50,707,088 Insider Receivables - Land and Buildings - Furniture, Fixtures & Equipment 37,967,799 Accumulated Depreciation (12,933,725) Other: Current Assets 3,510,986 Other: Long Term Assets 61,251 ------------ TOTAL ASSETS $90,239,670 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable $7,422,878 Rent and Lease Payable - Wages and Salaries 598,352 Taxes Payable 1,281,681 Other: - ------------ Total Postpetition Liabilities 9,302,911 Secured Liabilities: Subject to Postpetition Collateral or DIP Order 55,419,483 All Other Secured Liabilities - ------------ Total Secured Liabilities 55,419,483 Prepetition Liabilities: Taxes and Other Priority Liabilities 2,174,588 Unsecured Liabilities: 42,387,384 Other: - ------------ Total Prepetition Liabilities 44,561,972 EQUITY: Owners Capital 20,827,488 Retained Earnings - Prepetition (24,221,702) Retained Earnings - Postpetition (15,650,482) Total Equity: (19,044,696) ------------ TOTAL LIABILITIES AND EQUITY $90,239,670 ============ Blue Water Automotive Systems, Inc. Unaudited Operating Statement Month Ended August 24, 2008 Total Revenue/Sales $16,646,916 Cost of Sales 14,292,397 ------------ Gross Profit 2,354,519 Expenses: Officer compensation 57,692 Salary Expenses other Employees 452,595 Employee Benefits & Pensions 336,526 Payroll Taxes 50,884 Other Taxes 30,203 Rent and Lease Expense 135,188 Interest Expense 242,622 Insurance 7,842 Automobile and Truck Expense 39,801 Utilities (gas, electric, phone) 71,364 Depreciation 25,857 Travel and Entertainment 11,330 Repairs and Maintenance 35,993 Advertising - Supplies, Office Expense, etc 2,823 Other Specify: Legal 360 Other Specify: Misc 150,528 ------------ Total Expenses 1,651,608 ------------ Net Operating Profit (Loss) 702,911 Add: Non-Operating Income Interest Income - Other Income 416,681 Less: Non Operating Expenses Professional Fees - Other 1,461,837 ------------ NET INCOME/(LOSS) ($342,245) ============ Blue Water Automotive Properties, L.L.C. Unaudited Balance Sheet As of August 24, 2008 ASSETS: Cash $357,822 Inventory - Accounts Receivable - Insider Receivables - Land and Buildings 27,459,897 Furniture, Fixtures & Equipment - Accumulated Depreciation (3,454,147) Other: Current Assets 464,250 Other: Long Term Assets - ------------ TOTAL ASSETS $24,827,822 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable - Rent and Lease Payable - Wages and Salaries - Taxes Payable 219,891 Other: - ------------ Total Postpetition Liabilities 219,891 Secured Liabilities: Subject to Postpetition Collateral or DIP Order - All Other Secured Liabilities 14,698,215 ------------ Total Secured Liabilities 14,698,215 Prepetition Liabilities: Taxes and Other Priority Liabilities - Unsecured Liabilities: - Other: 12,303,747 ------------ Total Prepetition Liabilities 12,303,747 EQUITY: Owners Capital - Retained Earnings - Prepetition (1,678,107) Retained Earnings - Postpetition (715,924) Total Equity: (2,394,031) ------------ TOTAL LIABILITIES AND EQUITY $24,827,822 ============ Blue Water Automotive Properties, L.L.C. Unaudited Operating Statement Month Ended August 24, 2008 Total Revenue/Sales $0 Cost of Sales 104,693 ------------ Gross Profit (104,693) Expenses: Officer compensation - Salary Expenses other Employees - Employee Benefits & Pensions - Payroll Taxes - Other Taxes - Rent and Lease Expense - Interest Expense 4,461 Insurance - Automobile and Truck Expense - Utilities (gas, electric, phone) - Depreciation - Travel and Entertainment - Repairs and Maintenance - Advertising - Supplies, Office Expense, etc - Other Specify: Legal - Other Specify: Misc - ------------ Total Expenses 4,461 ------------ Net Operating Profit (Loss) (109,154) Add: Non-Operating Income Interest Income - Other Income 133,716 Less: Non Operating Expenses Professional Fees - Other - ------------ NET INCOME/(LOSS) $24,562 ============ Blue Water Plastics Mexico Ltd. Unaudited Balance Sheet As of August 24, 2008 ASSETS: Cash - Inventory - Accounts Receivable ($25) Insider Receivables - Land and Buildings - Furniture, Fixtures & Equipment - Accumulated Depreciation - Other: Current Assets 1,640,857 Other: Long Term Assets - ------------ TOTAL ASSETS $1,640,832 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable - Rent and Lease Payable - Wages and Salaries - Taxes Payable - Other: - ------------ Total Postpetition Liabilities - Secured Liabilities: Subject to Postpetition Collateral or DIP Order - All Other Secured Liabilities - ------------ Total Secured Liabilities - Prepetition Liabilities: Taxes and Other Priority Liabilities - Unsecured Liabilities: - Other: - ------------ Total Prepetition Liabilities - EQUITY: Owners Capital 2,110,000 Retained Earnings - Prepetition (469,168) Retained Earnings - Postpetition - Total Equity: 1,640,832 ------------ TOTAL LIABILITIES AND EQUITY $1,640,832 ============ Blue Water Plastics Mexico, Ltd., B.W.A.S. Mexico, L.L.C. and B.W.A.S. Holdings, Inc., all posted $0 in revenues, assets and liabilities for the month ended August 24, 2008. About Blue Water Automotive Blue Water Automotive Systems, Inc. designs and manufactures engineered thermoplastic components and assemblies for the automotive industry. The company's product categories include airflow management, full interior trim/sub-systems, functional plastic components, and value-added assemblies. They are supported by full-service design, program management, manufacturing and tooling capabilities. With more than 1,400 employees, Blue Water operates eight manufacturing and product development facilities and has annual revenues of approximately $200 million. The company's headquarters and technology center is located in Marysville, Mich. The company has operations in Mexico. In 2005, KPS Special Situations Fund II, L.P., and KPS Special Situations Fund II(A), L.P., acquired Blue Water Automotive through a stock purchase transaction. In 2006, the company acquired the automotive assets and operations of Injectronics, Inc., a manufacturer of thermoplastic injection molded components and assemblies. KPS then set about reorganizing the company. The company implemented a program to improve operating performance and address its liquidity issues. During 2007, the company replaced senior management, closed two facilities, and reduced overhead spending by one third. Blue Water Automotive and four affiliates filed for chapter 11 bankruptcy protection Feb. 12, 2008, before the United States Bankruptcy Court Eastern District of Michigan (Detroit) (Case No. 08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley & Lardner, LLP, serve as the Debtors' bankruptcy counsel. Administar Services Group LLC acts as the Debtors' claims, noticing, and balloting agent. As of June 30, 2008, the Debtors' unaudited balance sheet showed $93,264,863 in total assets and $108,300,898 in total liabilities. The Debtors filed their Liquidation Plan on May 9, 2008. The Plan contemplates a sale of substantially all of the Debtors' assets and equity interests, except for a piece of real property located at Yankee Road, in St. Clair, Michigan. (Blue Water Automotive Bankruptcy News, Issue No. 30, Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) BOMBAY COMPANY: Posts $385,901 Net Loss in August 2008 ------------------------------------------------------ The Bombay Company Inc. and its debtor-affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas their monthly operating report for August 2008. The Debtors had total assets of $30,417,922, total liabilities of $29,532,672, and total stockholders' equity of $885,250 as of August 2008. For the month, the Debtors generated zero revenues and incurred a net loss of $385,901. Cash at the beginning of the month was $20,898,982, and cash at the end of the month was $20,738,870. A full-text copy of the Debtors' August 2008 monthly operating report is available for free at: http://researcharchives.com/t/s?32d2 About Bombay Company Based in Fort Worth, Texas, The Bombay Company Inc., (OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs, sources and markets a unique line of home accessories, wall decor and furniture through 384 retail outlets and the Internet in the U.S. and internationally, including Cayman Islands. The company and five of its debtor-affiliates filed for Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No. 07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP, represent the Debtors. The Bombay Furniture Company of Canada Inc. -- La Compagnie de Mobilier Bombay Du Canada Inc. -- sought protection from its creditors from the Ontario Superior Court of Justice on Sept. 20, 2007. The U.S. Trustee for Region 6 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. Attorneys at Cooley, Godward, Kronish LLP act as counsel to the Unsecured Creditors Committee. BUFFETS HOLDINGS: Files Monthly Operating Report for August 2008 ---------------------------------------------------------------- Buffets Holdings, Inc. delivered to the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for August 2008. Buffets Holdings, Inc. Balance Sheet As of August 27, 2008 ASSETS Current Assets: Cash on Hand - drawer $1,454,617 Total depository account 5,074,198 Temporary investments 60,000,000 Cash 5,061,216 -------------- Total cash & cash equivalents 71,590,031 Receivables-landlord 29,327 Credit card receivables 1,617,746 Intercompany 0 Total rebates receivable 4,105,931 Accounts receivable 1,092,708 Due to/From affiliate (312,368) -------------- Total Receivables 6,573,344 Inventory 39,255,320 -------------- Total Inventories 39,255,320 Restricted cash 2,504,184 Employee advances 30,218 Escrow deposits - short term 720,594 Deposits - prefunded LC - current 8,072,860 Prepaid car leases 14,385 Prepaid Insurance 1,193,320 Prepaid rent 1,121,700 Prepaid other 2,139,690 Prepaid advertising 6,258,495 Prepaid rent escrow 102,702 Notes receivable - short term 10,537 -------------- Total prepaid expenses & other assets 19,664,499 Assets held for sale 2,132,000 Deferred income taxes - current 13,651,000 Deferred tax valuation allowance - current (13,651,000) -------------- Total current assets 141,719,377 Cabinet division inventory 4,870,580 Corporate inventory 644,841 Proceeds of sale clearing account (1,200) CIP - non system 1,108,760 Land 9,298,836 Building 6,513,412 Accumulated depreciation - building (891,968) Leasehold improvement 166,708,102 Accumulated amortization 228,283,926 Equipment 226,824,575 Accumulated depreciation - equipment (138,641,473) Automobile 199,173 Accumulated depreciation - auto (74,931) Assets to be sold - PP&E 14,833,294 Accumulated depreciation - assets to be sold (52,018) -------------- Total property, plant & equipment, net 197,047,209 Goodwill 117,993,181 Intellectual property 0 Acquisition costs 18,133,818 -------------- Total goodwill 136,126,999 Deferred income taxes - non-current 99,895,000 Deferred tax valuation allowance - non-current (99,895,000) Liquor licenses 343,681 Leasehold interest 1,509,577 Recipes 2,124,337 Trademark 56,600,000 -------------- Total other intangible assets 60,577,596 Prepaid rent deposits 377,793 Deposits 6,299,068 Investments in subsidiaries 0 Interest rate swap 0 Total debt issuance costs 39,273,938 Total accum. amortization debt issuance costs (13,462,903) Notes receivable from subsidiaries 0 Total notes receivable - long term 12,454 -------------- Total other noncurrent assets 32,500,350 Total assets $567,971,532 ============== LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Accounts payable - prepetition $25,196,612 Accounts payable - postpetition 35,143,076 COD Clearing 0 Misc. accruals - restaurant level 9,601,880 Misc accruals - WIS 2,631 Misc. accruals - corp level 5,695,950 -------------- Total accounts payable 75,635,886 Accrued 401(k) 1,067,755 Accrued payroll 12,494,914 Accrued bonus 2,893,676 Accrued payroll taxes 4,009,827 Accrued vacation 6,556,243 -------------- Total accrued compensation 27,022,415 Accrued insurance - auto 5,937 Accrued insurance - general liability 14,908,753 Accrued insurance - other 3,095,195 -------------- Total accrued insurance 18,009,884 Accrued percentage rent 1,308,094 Accrued interest - short term 26,463,966 Accrued property taxes 9,454,725 Accrued postage 0 Accrued advertising 1,024,344 Accrued liabilities - other 16,455,442 Deferred income - current 69,556 -------------- Total other accrued liabilities 54,776,128 Gift certificates/gift cards 4,267,259 Cash receipts suspense 80,157 Workers compensation payable 22,439,305 Lease rejection claims reserve 37,983,156 Sales/Use tax payable 6,645,819 Accrued restaurant closing costs 1,393,274 -------------- Total accrued liabilities $172,617,397 Income taxes payable (3,561,386) Estimated income taxes 556,149 -------------- Total income taxes payable (3,004,967) Current maturities of long-term debt 5,300,000 Short term borrowings 56,300,000 Short term borrowings - DIP 80,900,000 Short term borrowings - vendor LC draws 5,936,168 -------------- Total current liabilities 393,684,484 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 45,841,987 Deferred Income tax 22,793,000 Income tax payable - non-current 23,808,000 Long term sublease deposits 33,905 Post retirement benefits payable 20,405 Total deferred income 5,996,137 Total other long-term liabilities 6,050,447 Total non-current liabilities 917,221,435 Total liabilities 1,310,905,919 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 (629,722,709) Level 8 profit/loss (12,159,522) -------------- Retained earnings (743,047,032) Total shareholders' equity (742,934,387) Total liabilities & Stockholders' equity $567,971,532 ============== Buffets Holdings, Inc. Income Statement For the month ended August 27, 2008 Total sales $222,087,356 Total food cost 77,411,273 Total labor 65,169,308 Operating costs 32,754,061 Occupancy costs 27,541,268 Total DIR & O/C 60,295,330 -------------- Total restaurant costs 202,875,911 -------------- Restaurant profit 19,211,445 Total SG&A Expense 15,283,825 Marketing 0 Closed restaurant costs 454,746 Merger/integration costs (1,170) -------------- Earnings from operations 4,383,536 Other income (expense) Franchise income 100,579 Interest income 99 Interest expense (12,489,087) Other income (expense) 9,442 Loss related to refinancing 0 Reorganization Costs (3,622,920) Net Worth Tax (17,170) Intercompany - -------------- Total other income (expense) (16,019,057) -------------- Earnings before tax (11,635,521) Net worth tax 0 Income taxes 524,001 -------------- Net earnings (loss) ($12,159,522) ============== Buffets Holdings, Inc. Schedule of Cash Receipts & Disbursements For the month ended August 27, 2008 Cash Receipts (inc. Sales tax): Cash receipts $68,609 Credit card 45,393 -------------- 114,002 Receipts (Gift card usage) 0 Rebates, other 4,617 -------------- Total cash receipts 118,619 Operating Disbursements: A/P Check 7,417 EFT 59,887 Change in trade terms 0 Payroll 33,478 Rent (Cash occupancy) 6,890 Sales tax 10,125 Other operating 0 -------------- Total operating disbursements 117,797 -------------- Net operating cash flows 822 Non-operating Disbursements (Receipts): Income tax 0 Total CapEx 2,973 Professional fees, inc. holdbacks 1,410 Closed restaurant costs 0 Deposits (Utility) 0 Other (338) Cash (Proceeds) from asset sales 0 -------------- Total non-operating disbursements 4,045 Financing Payments: Interest expense 5,552 Interest (income) (124) DIP Fees/other 0 Principal payments (350) Total financing disbursements 5,078 -------------- Total net disbursements 126,920 Net cash receipts (disbursements) $8,301 ============== 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. 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. 21; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). BUFFETS HOLDINGS: BRHI'S Schedules of Assets and Schedules ---------------------------------------------------------- BRHI delivered to the U.S. Bankruptcy Court for the District of Delaware its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.13 Stock and Interests 100% ownership of Buffets Holdings, Inc. undetermined B.16 Accounts Receivable 755,298 TOTAL SCHEDULED ASSETS $755,298 ========================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims 0 E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims Accounts Payable - Buffets Holding, Inc. 442,929 TOTAL SCHEDULED LIABILITIES $442,929 ========================================================== 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. 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. 21; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). CHARYS HOLDINGS: Earns $3,670,777 in August 2008 ------------------------------------------------ Charys Holdings Company, Inc. filed with the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for the month of August 2008. Cash at the beginning of the month was $284,015. Total cash receipts were $77,397 and total cash disbursments were $331,634. Cash balance at Aug. 31, 2008, was $29,778. At Aug. 31, 2008, the company had total assets of $242,729,852 and total liabilities of $378,599,371, resulting in a $135,869,519 stockholders' deficit. The company reported net profit of $3,670,777 for the month of August 2008. Total revenues were $1,300,000 representing management fees billable to subsidiaries. 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). Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Lydia T. Protopapas, Esq., at Weil, Gotshal & Manges LLP, represent the Debtors as counsel. Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as co- counsel. No Official Committee of Unsecured Creditors has been appointed in these cases to date. Chary's Holdings Co. Inc.'s schedules show total assets of $818,880 and total liabilities of $286,416,560. Crochet Borel Services' schedules show total assets of $18,543,560 and total liabilities of $17,782,500. CHARYS HOLDINGS: Crochet & Borel Files Operating Report for August ------------------------------------------------------------------ Crochet & Borel Services, Inc., a debtor-affiliate of Charys Holdings Company, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware its operating report for the month of August 2008. Cash at the beginning of the month was $107,180. Total cash receipts amounted to $150 and total disbursements were $196. Cash at the end of the month was $107,134. At Aug. 31, 2008, Crochet & Borel had total assets of $29,626,085, total liabilities of $25,946,814, and net owners' equity of $3,679,271. The company reported a net loss of $47,372 for the month of August 2008. The company did not generate any revenue for the period. 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). Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Lydia T. Protopapas, Esq., at Weil, Gotshal & Manges LLP, represent the Debtors as counsel. Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as co- counsel. No Official Committee of Unsecured Creditors has been appointed in these cases to date. Chary's Holdings Co. Inc.'s schedules show total assets of $818,880 and total liabilities of $286,416,560. Crochet Borel Services' schedules show total assets of $18,543,560 and total liabilities of $17,782,500. EOS AIRLINES: Posts $574,855 Net Loss in August 2008 ---------------------------------------------------- Eos Airlines, Inc. filed with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating report for the month ended Aug. 31, 2008. Cash at the beginning of the month was $7,503,265. Total cash receipts amounted to $38,839 and total disbursements were $661,167, leaving a cash balance of $6,880,937 at Aug. 31, 2008. The company reported a net loss of $574,855 for the month ended Aug. 31, 2008. Net revenue was a negative $37,947 representing deductions for returns and allowances. Gross revenues were zero for the period. At Aug. 31, 2008, the company's balance sheet showed $22,976,762 in total assets and $31,498,291 in total liabilities, resulting in a stockholders' deficit of $8,521,530. About EOS Airlines Based in Purchase, New York, EOS Airlines, Inc. -- http://www.eosairlines.com/-- is a transatlantic airline. The company filed for Chapter 11 protection April 26, 2008 (Bankr. S.D.N.Y. Case No.08-22581). Tim J. Robinson, Esq., Nicholas J. Brannick, Esq., and Christine M. Piernpont, Esq., at Squire, Sanders & Dempsey L.L.P, represent the Debtor as counsel. The Debtor selected Kurztman Carson Consultants LLC as its claims agent. The U.S. Trustee for Region 2 appointed creditors to serve on an Official Committee of Unsecured Creditors. Joseph M. Vann, Esq., and Robert A. Boghosian, Esq., at Cohen Tauber Spievack & Wagner P.C. in New York, represent the Committee in this case. Alvarez & Marsal in New York is the Financial Advisor for the Debtor. Menzies Corporate Restructuring has been appointed as joint administrators in the U.K. When the Debtor filed for protection against it creditors, it listed total assets of $70,233,455 and total debts of $34,858,485. FREMONT GENERAL: Posts $7,834,752 Net Loss in August 2008 --------------------------------------------------------- Fremont General Corporations filed with the U.S. Bankruptcy Court for the Central District of California its monthly operating report for the month ended Aug. 31, 2008. The Debtors reported total assets of $475,497,187, total liabilities of $359,985,012, and total equity of $115,512,175 at Aug. 31, 2008. For the month, the Debtors generated zero revenues and incurred a net loss of $7,834,752. A full-text copy of the Debtor' August 2008 monthly operating report is available for free at: http://researcharchives.com/t/s?32cb About Fremont General Based in Santa Monica, Calif., Fremont General Corp. (OTC: FMNTQ) -- http://www.fremontgeneral.com/-- was a financial services holding company with $8.8 billion in total assets at Sept. 30, 2007. Fremont General ceased being a financial services holding company on July 25, 2008, when its wholly owned bank subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont Investment & Loan) completed the sale of its assets, including all of its 22 branches, and 100% of its $5.2 billion of deposits to CapitalSource Bank. Fremont General filed for Chapter 11 protection on June 18, 2008, (Bankr. C.D. Calif. Case No. 08-13421). Robert W. Jones, Esq., and J. Maxwell Tucker, Esq., at Patton Boggs LLP, are the proposed counsel for the Debtor. Theodore Stolman, Esq., and Scott H. Yun, at Stutman Treister & Glatt, are the proposed co-counsel for the Debtor. The Debtor selected Kurtzman Carson Consultants LLC as its claims agent. Lee R. Bogdanoff, Esq., Jonathan S. Shenson, Esq., and Jonathan D. Petrus, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, represent the Official Committee of Unsecured Creditors as counsel. In its schedules, Fremont General reported $362,227,537 in total assets and $326,529,372 in total debts. When the Debtor filed for protection from its creditors, it listed total assets of $643,197,000 and total debts of $320,630,000. LAKE AT LAS VEGAS: Posts $3,547,515 Net Loss in August 2008 ----------------------------------------------------------- Lake at Las Vegas Joint Venture, LLC filed with the U.S. Bankruptcy Court for the District of Nevada its monthly report for the month of August 2008. Cash at the beginning of the period was $359,049. Cash receipts were $78,717,335 and cash disbursements were $73,040,523, leaving a cash balance of $6,035,861 at Aug. 31, 2008. At Aug. 31, 2008, the company's balance sheet showed $693,426,158 in total assets and $789,327,788 in total liabilities, resulting in a $95,901,630 equity deficit. The company reported a net loss of $3,547,515 on zero sales for the month ended Aug. 31, 2008. About Lake at Las Vegas Headquartered in Henderson, Nevada, Lake at Las Vegas Joint Venture, LLC and 14 of its debtor-affiliates -- http://www.lakelasvegas.com/-- are owners and developers of 3,592-acre residential and resort destination Lake Las Vegas Resort in Las Vegas, Nevada. Centered around a 320-acre man-made lake, Lake Las Vegas contains more than 9,000 residential units, and also includes two luxury resort hotels (a Loews and a Ritz- Carlton), a casino, a specialty retail village shopping area, marinas, three signature golf courses and related clubhouses, and other real property. The Debtors filed separate petitions for Chapter 11 relief on July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake at Las Vegas Joint Venture, LLC filed for protection from its creditors, it listed assets of $100 million to $500 million, and debts of $500 million to $1.0 billion. Schwartzer & McPherson Law Firm is the Debtors' proposed local counsel. Santoro, Driggs, Walch, Kearney, Holley & Thompson is the Debtors' proposed special litigation counsel. Munger, Tolles & Olson LLP is the Official Committee of Unsecured Creditors' proposed lead counsel. McDonald Carano Wilson LLP is the Creditors Committee's proposed local counsel. LINENS 'N THINGS: Files Amended Schedules of Assets and Debts ------------------------------------------------------------- Linens 'n Things Inc. and its debtor-affiliates filed with the United States Bankruptcy Court for the District of Delaware their schedules of assets and liabilities, disclosing: The Debtors have modified Schedule F of Linens 'N Things Inc.'s schedule of assets and liabilities to reflect certain additional vendor-related claims asserted by: (1) Lifetime Brands Inc.; (2) World Kitchen, LLC; (3) Textiles from Europe Inc., doing business as Victoria Classics Imports; and (4) Sander Sales Enterprises, Ltd. Prior to the submission of the Amended Schedule F, the Vendors filed separate requests asking the Court to compel the Debtors to amend the schedules because their claims were listed in LNT Merchandising Company' schedules, and not in Linens 'N Things'. The Vendors added that the amounts of their claims were not reflected correctly: Vendor-Asserted Debtors-listed Vendor/Creditor Claim Amount Claim Amount --------------- ------------ ------------ Lifetime Brands, Inc. $4,036,166 $4,184,316 Textiles from Europe Inc. 1,710,836 684 Sander Sales Enterprises 861,537 119 World Kitchen, LLC 302,017 95,180 According to the Amended Schedule F, Linens 'N Things' total scheduled assets remains at $8,404,867. Its total scheduled liabilities, however, increased from $1,081,786,470 to $1,219,030,979. A copy of the Amended Schedule F is available for free at: http://researcharchives.com/t/s?32da Pursuant to the order setting bar dates for filing proofs of claim, the Debtors say that if any of the claimants affected by the modifications to Schedule F disagree with the change to the nature, amount or classification of their claims, the claimant must file a proof of claim with respect to the claim no later than 5:00 p.m., Prevailing Pacific Time, on October 6, 2008. The Debtors submit that Amended Schedule F includes claims for each of the Lifetime Brands, et al., and hence, moots the relief requested in the requests to compel. Victoria Classics Talks Back Robert R. Leinwand, Esq., at Robinson Brog Leinwand Greene Genovese & Gluck P.C., in New York, contends that the Amended Schedule F does not reflect the obligations due to Victoria Classics. He notes that the Amended Schedule F does correctly list Victoria Classics in the Linen 'N Things' schedule, however, it does not list the claim in the correct amount. The Amended Schedule F listed Victoria Classics' claim at $684. Mr. Leinwand informs the Court that a manager of merchandise accounts payable from Linens 'N Things has acknowledged that the undisputed amount due to Victoria Classics is $1,440,125. To ensure the fair administration of the bankruptcy cases, he says, the Debtors should be compelled to amend their schedules to properly reflect the undisputed obligation of Linen 'N Things to Victoria Classics in an amount no less than $1,440,125, or, in the amount as represented by Victoria Classics' proof of claim -- $1,710,836. Victoria Classics asks Judge Sontchi to overrule the Debtors' reply to its request to compel, and direct them to amend their schedules to include the correct amount for Victoria Classics' claim in an amount no less than the undisputed amount, as already admitted by the Debtor. * * * The Debtors further amended the Amended Schedule F to reflect these claims: Vendor/Creditor Claim Amount --------------- ------------ Lifetime Brands, Inc. $2,543,912 Textiles from Europe Inc. 1,440,125 Sander Sales Enterprises 507,235 World Kitchen, LLC 301,017 About Linens 'n Things Inc. Headquartered in Clifton, New Jersey, 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. 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, Issue No. 18; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) LINENS 'N THINGS: Posts $33.3 Million Net Loss in August 2008 ------------------------------------------------------------ Linens Holding Co., et al. Balance Sheet As of August 23, 2008 Assets Current Assets Cash $14,332,958 Accounts receivable, net 38,355,962 Inventory 507,435,408 Inventory - liquidation sales 54,000,000 Prepaid expenses 14,468,985 ------------- Total Current Assets 628,593,313 Property & Equipment Building 5,010,000 Furniture & fixtures 240,474,732 Hardware 13,558,607 Leasehold improvements 179,813,541 Land 1,030,400 Software 8,677,619 Less: accumulated depreciation (204,115,933) ------------- Total Property & Equipment 244,448,966 Other Assets Identifiable intangible 134,900,948 Goodwill 253,159,671 Other non-current assets 35,340,658 ------------- Total other assets 423,401,277 ------------- Total Assets $1,296,443,556 ============= Liabilities and Shareholders' Equity Liabilities not subject to compromise Current liabilities Merchandise accounts payable accruals, refunds & allowances $54,958,628 Due to customers 10,176,624 Salaries and wages 11,575,211 Taxes, non-franchise and income tax 14,286,267 Workers compensation 559,345 Current retirement plans 66,550 Rent - General liability claims 286,749 Accrued auto claims & uninsured losses 26,184 Other accrued liabilities 100,322,953 ------------- Total Current Liabilities 192,258,511 Long Term Liabilities Long-term borrowings 150,925,423 Non-current deferred income - Other liabilities 2,997,721 ------------- Total long term liabilities 153,923,144 ------------- Total liabilities not subject to compromise 346,181,655 Liabilities subject to compromise L/T senior secured note 650,000,000 Unsecured claims 348,506,731 Priority claims 26,783,321 ------------- Total Liabilities Subject to Compromise 1,025,290,053 ------------- Total Liabilities 1,371,471,708 Shareholders' Equity Common stock 130,130 Additional paid-in capital 601,541,602 Retained earnings - prepetition (536,191,697) Retained earnings - postpetition (142,736,031) Currency gain/loss 2,227,844 ------------- Net shareholders' equity (75,028,152) ------------- Total Liabilities and Shareholders' Equity $1,296,443,556 ============= Linens Holding Co., et al. Income Statement For the month ending August 23, 2008 Gross revenues $118,609,288 Rebates and returns (985,191) Cost of goods sold (56,878,976) ------------- Initial Mark On (IMO) 60,745,121 Markdowns 13,332,584 Gross allowances (5,062,107) Deferred allowances (1,959,321) ------------- Total markdowns - net 6,311,156 ------------- Merchant margin 54,433,965 Supply chain expenses (3,894,036) Buying, product development, shrink (3,283,858) ------------- Gross profit 47,256,071 Store payroll expense (15,378,142) Other store selling expenses (3,714,808) ------------- Total selling expense (19,092,950) ------------- Margin after selling expenses 28,163,121 Occupancy (32,141,900) Sales promotions (4,957,045) Other store expenses (1,258,773) Supervisory/Other (796,058) ------------- Total store expenses (39,153,776) ------------- Store contribution (10,990,655) Administrative salaries (2,053,878) Other administrative expenses (1,336,131) Other income/(expense) 306,152 Interest (1,764,086) Taxes (269,869) ------------- Total General & Administrative (5,117,812) ------------- Net Earnings [Loss] (16,108,467) ------------- Reorganization Items (17,186,867) ------------- Net Earnings [Loss] After Reorg. Items ($33,295,334) ============= Linens Holding Co., et al. Schedule of Cash Receipts and Disbursements For the month ending August 23, 2008 Cash Receipts: Sales receipts $155,296,000 Other receipts, i.e. tenant allow. 1,736,000 Store closure proceeds 54,549,000 ------------- Total receipts 211,581,000 Cash Disbursements: Trade payments: A/P - Merchandise 72,311,000 Rollover A/P - Prepaid - A/P - LC's & Trade Card 10,951,000 A/P - LAPP - ------------- Total trade payments 83,262,000 Operating Expenses: Payroll, payroll taxes & benefits 24,565,000 Rent checks and wires 20,746,000 Marketing 3,079,000 Capital expenditures - Freight 7,330,000 Sales tax payable 14,777,000 SCS Expense/Savings (894,000) Other (Import duties, misc. CC fees) 17,148,000 Administrative & selling expenses - ------------- Total operating expenses 86,751,000 Non-Operating Expenses: DIP & revolver interest & fees - Other Interest Expense/(Income) (5,000) ------------- Total non-operating expenses (5,000) ------------- Net operating cash flow 41,573,000 Bankruptcy Expenses: DIP fees & expenses - Deposits for utilities - Professional fees 585,000 ------------- Total Bankruptcy Expenses 585,000 ------------- Net Cash Flows 40,988,000 ------------- Draw / (Paydown) of DIP Facility (44,152,000) ------------- Net Change in Cash ($3,164,000) ============= About Linens 'n Things Inc. Headquartered in Clifton, New Jersey, 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. 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, Issue No. 18; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) NETBANK INC: Aug. 31 Balance Sheet Upside-Down by $20,807,207 ------------------------------------------------------------- NetBank, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida its monthly operating report for the month ended Aug. 31, 2008. Cash at the beginning of the period were $6,758,700. Cash receipts were $6,657 and cash disbursements were $89,136. Cash at the end of the month was $6,676,220. At Aug. 31, 2008, the company had total assets of $13,807,207 and total liabilities of $34,607,868, resulting in a stockholders' deficit of $20,800,661. The company did not include a Statement of Income in its monthly operating report for August 2008. A full-text copy of the company's monthly operating report for August 2008 is available for free at: http://researcharchives.com/t/s?32ce About NetBank Headquartered in Jacksonville, Florida, NetBank, Inc. -- http://www.netbank.com/-- is a financial holding company of Netbank, the United States' oldest Internet bank serving retail and business customers in all 50 states. NetBank, Inc. does retail banking, mortgage banking, business finance, and provides ATM and merchant processing services. The company filed for chapter 11 protection on Sept. 28, 2007 (Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at Holland & Knight LLP, represents the Debtor. The U.S. Trustee for Region 21 appointed six creditors to serve on an Official Committee of Unsecured Creditors of the Debtor's case. Rogers Towers, Esq. at Kilpatrick Stockton LLP, represents the Committee in this case. Rogers Towers P.A. serves as co-counsel to the Committee. As of Sept. 25, 2007, the Debtor listed total assets of $87,213,942 and total debts of $42,245,857. PRC LLC: Files Operating Report for Period Ending August 31 ----------------------------------------------------------- Precision Response Corporation LLC Schedules of Receipts and Disbursements For the Period From August 1 to August 31, 2008 Cash, beginning of period $30,734,200 Receipts during the period 18,859,085 Transfer of funds between entities 1,464,759 Disbursements Operating expenses (Fees and Taxes) U.S. Trustee quarterly fees 0 Federal taxes Not applicable State taxes Not applicable Other taxes 118,010 Other operating expenses 26,409,454 Plan payments 2,502,372 Administrative claims Class 1 Not applicable Class 2 Not applicable Class 3 Not applicable Class 4 Not applicable --------------- Total disbursements 29,029,836 --------------- Cash, end of period $22,028,208 =============== Access Direct Telemarketing, Inc. Schedules of Receipts and Disbursements For the Period From August 1 to August 31, 2008 Cash, beginning of period $528,273 Receipts during the period 2,092,230 Transfer of funds between entities (879,396) Disbursements Operating expenses (Fees and Taxes) U.S. Trustee quarterly fees 0 Federal taxes Not applicable State taxes Not applicable Other taxes 0 Other operating expenses 1,716,821 Plan payments 0 Administrative claims Class 1 Not applicable Class 2 Not applicable Class 3 Not applicable Class 4 Not applicable --------------- Total disbursements 1,716,821 --------------- Cash, end of period $24,286 ================ PRC B2B, LLC Schedules of Receipts and Disbursements For the Period From August 1 to August 31, 2008 Cash, beginning of period $569,046 Receipts during the period 2,078,442 Transfer of funds between entities (585,363) Disbursements Operating expenses (Fees and Taxes) U.S. Trustee quarterly fees 0 Federal taxes Not applicable State taxes Not applicable Other taxes 0 Other operating expenses 2,047,829 Plan payments 0 Administrative claims Class 1 Not applicable Class 2 Not applicable Class 3 Not applicable Class 4 Not applicable --------------- Total disbursements 2,047,829 --------------- Cash, end of period $14,297 =============== Precision Response of PA LLC Schedules of Receipts and Disbursements For the Period From August 1 to August 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 0 Federal taxes Not applicable State taxes Not applicable Other taxes 0 Other operating expenses 0 Plan payments 0 Administrative claims Class 1 Not applicable Class 2 Not applicable Class 3 Not applicable Class 4 Not applicable --------------- Total disbursements 0 --------------- Cash, end of period $0 =============== Panther/DCP Holdings, LLC Schedules of Receipts and Disbursements For the Period From August 1 to August 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 0 Federal taxes Not applicable State taxes Not applicable Other taxes 0 Other operating expenses 0 Plan payments 0 Administrative claims Class 1 Not applicable Class 2 Not applicable Class 3 Not applicable Class 4 Not applicable --------------- Total disbursements 0 --------------- Cash, end of period $0 =============== 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. 21; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) REFCO LLC: Files Monthly Operating Report for June 2008 ------------------------------------------------------- Albert Togut, the Chapter 7 Trustee overseeing the liquidation of Refco LLC's estate, filed with the Court a monthly statement of cash receipts and disbursements for the period from June 1 to 30, 2008. The Chapter 7 Trustee reports that Refco LLC's beginning balance in its Chase Money Market account with JPMorgan Chase Bank, N.A., totaled $78,760,000 as of June 1. During the Reporting Period, Refco LLC received $74,000, and disbursed $336,000. The Debtor held $78,598,000 at the end of the period. Refco, LLC Schedule of Cash Receipts and Disbursements Through JPMorgan Money Market and Checking Accounts June 1 through June 30, 2008 Beginning Balance, June 1, 2008 $78,760,000 RECEIPTS Interest Income 134,000 Man Financial - Return of Erroneous Funds Received - Man Financial - Excess Capital return - Other Receivables 40,000 ----------- TOTAL RECEIPTS 174,000 TRANSFERS Money Market Account to Checking Account - ----------- TOTAL TRANSFERS - DISBURSEMENTS Operating Expenses and Other Disbursements 336,000 Other Disbursements - Reorganization Expenses - ----------- TOTAL DISBURSEMENTS 336,000 ----------- Ending Balance, June 30, 2008 $78,598,000 =========== A full-text copy of Refco LLC's June 2008 Monthly Statement is available at no charge at: http://bankrupt.com/misc/RefcoLLCMORJune08.pdf About Refco Headquartered in New York, Refco Inc. -- http://www.refco.com/ -- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company has operations in Bermuda. The company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. (Refco Bankruptcy News, Issue No. 87; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) REFCO LLC: Files Operating Report for Period ended July 31, 2008 --------------------------------------------------------------- Albert Togut, the Chapter 7 Trustee overseeing the liquidation of Refco, LLC's estate, filed with the Court a monthly statement of cash receipts and disbursements for the period from July 1 to 31, 2008. The Chapter 7 Trustee reports that Refco LLC's beginning balance in its Chase Money Market account with JPMorgan Chase Bank, N.A., totaled $78,598,000 as of July 1. During the Reporting Period, Refco LLC received $126,000. The Debtor held $78,724,000 at the end of the period. Refco, LLC Schedule of Cash Receipts and Disbursements Through JPMorgan Money Market and Checking Accounts July 1 through July 31, 2008 Beginning Balance, July 1, 2008 $78,598,000 RECEIPTS Interest Income 126,000 Man Financial - Return of Erroneous Funds Received - Man Financial - Excess Capital return - Other Receivables - ----------- TOTAL RECEIPTS 126,000 TRANSFERS Money Market Account to Checking Account - ----------- TOTAL TRANSFERS - DISBURSEMENTS Operating Expenses and Other Disbursements - Other Disbursements - Reorganization Expenses - ----------- TOTAL DISBURSEMENTS 0 ----------- Ending Balance, July 31, 2008 $78,724,000 =========== A full-text copy of Refco LLC's July 2008 Monthly Statement is available at no charge at: http://bankrupt.com/misc/RefcoLLCMORJuly08.pdf About Refco Headquartered in New York, Refco Inc. -- http://www.refco.com/ -- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company has operations in Bermuda. The company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. (Refco Bankruptcy News, Issue No. 87; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) STEVE & BARRY'S: SB Manhattan's Schedules of Assets and Debts ------------------------------------------------------------- Stone Barn Manhattan, LLC delivered to the U.S. Bankruptcy Court for the Southern District of New York its schedules of assets and liabilities, disclosing: Stone Barn Manhattan, LLC f/k/a Steve & Barry's Manhattan LLC A. Real Property $0 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts 0 B.3 Security Deposit 0 B.4 Household goods 0 B.5 Book, artwork and collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and other equipment 0 B.9 Insurance Policies 0 B.10 Annuities 0 B.11 Interests in an education IRA 0 B.12 Interests in pension plans 0 B.13 Stock and Interests 0 B.14 Interests in partnerships & joint venture 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable 0 B.17 Alimony 0 B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests 0 B.20 Interests in estate death benefit plan 0 B.21 Other Contingent and Unliquidated Claims 0 B.22 Patents 0 B.23 Licenses, franchises & other intangibles 0 B.24 Customer lists or other compilations 0 B.25 Vehicles 0 B.26 Boats, motors and accessories 0 B.27 Aircraft and accessories 0 B.28 Office Equipment Store 106 - PPE Manhattan Mall 595,925 B.29 Equipment and Supplies for Business Store 106 - leasehold improvements 44,982 B.30 Inventory Store 106 - Manhattan Mall 725,113 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals and feed 0 B.35 Other Personal Property 0 TOTAL SCHEDULED ASSETS $1,366,020 ========================================================= C. Property Claimed as Exempt 0 D. Creditors Holding Secured Claims General Electric Capital Corporation - senior credit facility 135,910,217 PrenSB, LLC - subordinated credit facility 30,454,866 E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims 131 West 33rd Street Holdings LLC 37,916 Others unknown TOTAL SCHEDULED LIABILITIES $166,402,999 ========================================================= About Steve & Barry's Headquartered in Port Washington, New York, Steve and Barry's LLC -- http://www.steveandbarrys.com/-- is a national casual apparel retailer that offers high quality merchandise at low prices for men, women and children. Founded in 1985, the company operates 276 anchor and junior anchor shopping center and mall- based locations throughout the U.S. The discount clothing chain's brands include the BITTEN(TM) collection, the first-ever apparel line created by actress and global fashion icon Sarah Jessica Parker, and the STARBURY(TM) collection of athletic and lifestyle apparel and sneakers created with NBA (R) star Stephon Marbury. Steve & Barry's LLC, and 63 affiliates filed separate voluntary petitions under Chapter 11 on July 9, 2008 (Bankr. S.D. N.Y. Lead Case No. 08-12579). Lori R. Fife, Esq., and Shai Waisman, Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors in their restructuring efforts. Diana G. Adams, United States Trustee for Region 2, has appointed seven members to the Official Committee of Unsecured Creditors in the Debtors' Chapter 11 cases. On Aug. 22, 2008, the Debtors obtained permission from the Court to sell substantially all of their assets for $168 million to a joint venture by Bay Harbour Management and York Capital, BHY S&B Holdings, LLC. Under the terms of the purchase agreement, majority of the Debtors' 276 stores will remain open. Pursuant to the Purchase Agreement, the Court authorized 51 Debtors to change their corporate names. Lead Debtor Steve & Barry's Manhattan LLC (Case No. 08-12579) has been changed to Stone Barn Manhattan LLC. Parent company Steve & Barry's LLC (Case No. 08-12615) is now known as Steel Bolt LLC. When the Debtors filed for bankruptcy, they listed $693,492,000 in total assets and $638,086,000 in total debts. STEVE & BARRY'S: SB New York's Schedules of Assets & Liabilities ---------------------------------------------------------------- Stone Barn New York, LLC delivered to the U.S. Bankruptcy Court for the Southern District of New York its schedules of assets and liabilities, disclosing: Stone Barn New York LLC f/k/a Steve & Barry's New York LLC A. Real Property $0 B. Personal Property B.3 Security Deposit Conedison - utility deposit 8,980 Guardian Ins 1,247 Keyspan 3,940 Lipa 4,970 Lipa-NY 16,440 Massena Electric Dep - utility deposit 8,000 Nation Grid - utility deposit 3,885 National Grid - utility deposits 18,100 National Grid refund - utility deposit 0 NYSEG - utility deposits 10,390 Others 41,176 Roch B&E - utility deposit 3,735 St. Lawrence Gas - utility deposit 7,900 B.16 Accounts Receivable Store 241 - Olean Center Mall 165,665 Store 256 - Ithaca Mall 397,756 Store 266 - Southside Mall Oneonta 1,170,875 Store 267 - St. Lawrence Centre 847,818 Store 271 - Dunning Farms Shopping Center 353,893 Store 283 - DSW Plaza 326,900 Store 288 - West Shore Plaza 294,466 Store 294 - Aviation Mall 340,881 Store 307 - West Gates Shopping Center 1,015,000 B.28 Office Equipment Store 0 - PPE (726,082) Store 119 - The Mall at the Source 314,631 Store 124 - Summit Mall 173,974 Store 133 - Carousel Mall 133,843 Store 152 - Riverside Center 102,987 Store 186 - Salmon Run Mall 173,252 Store 193 - Pyramid Mall 154,569 Store 197 - Westfield Sunrise 106,631 Store 205 - Henrietta-Jefferson Plaza 124,089 Store 222 - Sunshine Square Shopping Center 148,646 Store 241 - Olean Center Mall 131,358 Store 256 - Pyramid Mall - Ithaca 137,456 Store 266 - Southside Mall 123,725 Store 267 - St. Lawrence Centre 225,274 Store 271 - Dunning Farms Shopping Center 117,418 Store 275 - Kingston Plaza 244,239 Store 283 - DSW Plaza 119,330 Store 288 - West Shore Plaza 255,795 Store 294 - Aviation Mall 55,947 Store 30 - Walden Galleria 43,272 Store 301 - PPE 26,792,432 Store 307 - West Gates Shopping Center 185,674 Store 313 - Circle Road Plaza 91,067 Store 37 - Broadway Mall 94,179 Store 44 - Palisades Center 169,523 Store 49 - Colonie Center 72,497 Store 59 - Fingerlakes Mall 92,873 Store 96 - Medley Centre 442,278 B.29 Equipment and Supplies for Business Store 0 - fixtures 55,314 Store 0 - leasehold improvements (2,288,332) Store 119 - The Mall at the Source 747,667 Store 124 - Summit Mall 95,009 Store 133 - Carousel Mall 1,450 Store 152 - Riverside Center 125,781 Store 186 - Salmon Run Mall 98,541 Store 193 - Pyramid Mall 155,919 Store 197 - Westfield Sunrise 105,045 Store 205 - Henrietta-Jefferson Plaza 135,131 Store 222 - Sunshine Square Shopping Center 550,042 Store 241 - Olean Center Mall 302,892 Store 256 - Ithaca Mall 948,967 Store 266 - Southside Mall 764,383 Store 267 - St. Lawrence Centre 726,891 Store 271 - Dunning Farms Shopping Center 763,462 Store 275 - Kingston Plaza 332,657 Store 283 - DSW Plaza 464,402 Store 288 - West Shore Plaza 720,813 Store 294 - Aviation Mall 172,770 Store 30 - Walden Galleria 144,898 Store 301 - PPE 13,618,899 Store 307 - West Gates Shopping Center 668,490 Store 313 - Circle Road Plaza 271,755 Store 37 - Broadway Mall 595,744 Store 44 - Palisades Center 185,819 Store 49 - Colonie Center 65,070 Store 59 - Fingerlakes Mall 86,062 Store 96 - Medley Centre 192,235 B.30 Inventory Store 0 - PPE 565 Store 119 - The Mall at the Source 636,056 Store 124 - Summit Mall 526,548 Store 133 - Carousel Mall 521,417 Store 152 - Riverside Center 376,250 Store 186 - Salmon Run Mall 464,886 Store 193 - Pyramid Mall 579,987 Store 197 - Westfield Sunrise 695,078 Store 205 - Henrietta-Jefferson Plaza 354,330 Store 222 - Sunshine Square Shopping Center 526,961 Store 241 - Olean Center Mall 502,885 Store 256 - Ithaca Mall 333,672 Store 266 - Southside Mall (341) Store 267 - St. Lawrence Centre 722,015 Store 271 - Dunning Farms Shopping Center 460,912 Store 275 - Kingston Plaza 522,269 Store 283 - DSW Plaza 340,449 Store 288 - West Shore Plaza 382,505 Store 294 - Aviation Mall 306,183 Store 30 - Walden Galleria 616,309 Store 307 - West Gates Shopping Center 603,456 Store 313 - Circle Road Plaza 0 Store 37 - Broadway Mall 729,594 Store 44 - Palisades Center 488,519 Store 49 - Colonie Center 526,276 Store 59 - Fingerlakes Mall 484,579 Store 96 - Medley Centre 179,997 TOTAL SCHEDULED ASSETS $67,832,071 C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims 0 General Electric Capital Corporation - senior 135,910,217 credit facility PrenSB, LLC - subordinated credit facility 30,454,865 E. Creditors Holding Unsecured Priority Claims 2,058 F. Creditors Holding Unsecured Non-priority Claims Bersin Properties LLC 80,972 Nagle Holding CO, LLC and Cam Holding Co, LLC 61,938 Southside Mall Oneonta 48,879 Kingston Plaza 45,709 Fingerlakes Mall, LLC 35,454 New Plan Excel Realty Trust, Inc. 27,141 Riverside Enterprises LLC 23,679 St. Lawrence Center 23,124 Pyramid Mall of Ithaca, L.L.C. 21,282 4B's Realty Harbor Park Drive, LLC 18,583 4B's Realty Harbor Park Drive Leasing 9,580 Others unknown TOTAL SCHEDULED LIABILITIES $166,763,489 About Steve & Barry's Headquartered in Port Washington, New York, Steve and Barry's LLC -- http://www.steveandbarrys.com/-- is a national casual apparel retailer that offers high quality merchandise at low prices for men, women and children. Founded in 1985, the company operates 276 anchor and junior anchor shopping center and mall- based locations throughout the U.S. The discount clothing chain's brands include the BITTEN(TM) collection, the first-ever apparel line created by actress and global fashion icon Sarah Jessica Parker, and the STARBURY(TM) collection of athletic and lifestyle apparel and sneakers created with NBA (R) star Stephon Marbury. Steve & Barry's LLC, and 63 affiliates filed separate voluntary petitions under Chapter 11 on July 9, 2008 (Bankr. S.D. N.Y. Lead Case No. 08-12579). Lori R. Fife, Esq., and Shai Waisman, Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors in their restructuring efforts. Diana G. Adams, United States Trustee for Region 2, has appointed seven members to the Official Committee of Unsecured Creditors in the Debtors' Chapter 11 cases. On Aug. 22, 2008, the Debtors obtained permission from the Court to sell substantially all of their assets for $168 million to a joint venture by Bay Harbour Management and York Capital, BHY S&B Holdings, LLC. Under the terms of the purchase agreement, majority of the Debtors' 276 stores will remain open. Pursuant to the Purchase Agreement, the Court authorized 51 Debtors to change their corporate names. Lead Debtor Steve & Barry's Manhattan LLC (Case No. 08-12579) has been changed to Stone Barn Manhattan LLC. Parent company Steve & Barry's LLC (Case No. 08-12615) is now known as Steel Bolt LLC. When the Debtors filed for bankruptcy, they listed $693,492,000 in total assets and $638,086,000 in total debts. STEVE & BARRY'S: SB Ohio's Schedules of Assets & Liabilities ------------------------------------------------------------ Stone Barn Ohio, LLC delivered to the U.S. Bankruptcy Court for the Southern District of New York its schedules of assets and liabilities, disclosing: Stone Barn Ohio LLC f/k/a Steve & Barry's Ohio LLC A. Real Property $0 B. Personal Property B.3 Security Deposit Amer Elec 74 - utility deposit 2,489 American Electric Power - utility deposit 6,467 AT&T - utility deposit 170 Cinergy - utility deposit 3,650 City Clev - utility deposit 368 City of Niles - utility deposit 10,000 City of North Canton - utility deposit 300 Columbia Gas of Ohio - utility deposit 2,784 Domohio26785 - utility deposit 200 First Ener - utility deposit 117 Ohio Edison - utility deposit 635 Toledo Edison - utility deposit 3,510 B.16 Accounts Receivable Store 273 - Promenade at Belden 287,875 Store 279 - Upper Valley Mall 621,184 B.28 Office Equipment Store 101 - Woodland Mall 239,071 Store 113 - Southland Shopping Center 170,003 Store 143 - Eastwood Mall 129,901 Store 147 - Glenway Crossing 235,036 Store 182 - Plazas of Great Northern 248,008 Store 184 - Fort Steuben 90,628 Store 199 - Chapel Hill Mall 157,103 Store 200 - College Plaza 112,291 Store 204 - Richmond Town Square 122,906 Store 21 - Cincinnati Mills 383,199 Store 211 - Williston Road 343,440 Store 214 - New Boston Shopping Center 202,786 Store 220 - New Towne Mall 161,585 Store 253 - Washington Park Plaza 136,660 Store 273 - Promenade at Belden 207,230 Store 279 - Upper Valley Mall 202,049 Store 28 - Eastgate Mall 30,007 Store 303 - Hamilton Crossings 4,055 Store 34 - River Valley Mall 113,729 Store 43 - Indian Mound Mall 136,505 Store 53 - Westfield Shopping Town Midway 134,751 Store 55 - Miami Valley Centre 131,755 Store 74 - Ohio Valley Mall 128,070 Store 75 - Southland Mall 130,704 Store 81 - Ashtabula Mall 214,431 B.29 Equipment and Supplies for Business Store 101 - Woodland Mall 83,164 Store 113 - Southland Shopping Center 116,184 Store 143 - Eastwood Mall 12,810 Store 147 - Glenway Crossing 272,800 Store 182 - Plazas of Great Northern 33,943 Store 184 - Fort Steuben 30,775 Store 199 - Chapel Hill Mall 27,235 Store 200 - College Plaza 25,186 Store 204 - Richmond Town Square 50,076 Store 21 - Cincinnati Mills 278,478 Store 211 - Williston Road 154,324 Store 214 - New Boston Shopping Center 269,570 Store 220 - New Towne Mall 132,261 Store 253 - Washington Park Plaza 154,979 Store 273 - Promenade at Belden 103,147 Store 279 - Upper Valley Mall 53,828 Store 28 - Eastgate Mall 116,328 Store 34 - River Valley Mall 153,836 Store 43 - Indian Mound Mall 259,732 Store 53 - Westfield Shopping Town Midway 112,261 Store 55 - Miami Valley Centre 146,919 Store 74 - Ohio Valley Mall 122,337 Store 75 - Southland Mall 186,438 Store 81 - Ashtabula Mall 156,830 B.30 Inventory Store 101 - Woodland Mall 573,013 Store 113 - Southland Shopping Center 469,423 Store 143 - Eastwood Mall 472,398 Store 147 - Glenway Crossing 719,526 Store 182 - Plazas of Great Northern 407,102 Store 184 - Fort Steuben 489,722 Store 199 - Chapel Hill Mall 383,737 Store 200 - College Plaza 435,324 Store 204 - Richmond Town Square 362,800 Store 21 - Cincinnati Mills 1,021,279 Store 211 - Williston Road 788,935 Store 214 - New Boston Shopping Center 653,131 Store 220 - New Towne Mall 401,654 Store 253 - Washington Park Plaza 364,230 Store 273 - Promenade at Belden 477,057 Store 279 - Upper Valley Mall 435,581 Store 28 - Eastgate Mall 341,177 Store 303 - Hamilton Crossings 0 Store 34 - River Valley Mall 671,575 Store 43 - Indian Mound Mall 817,521 Store 53 - Westfield Shopping Town Midway 428,384 Store 55 - Miami Valley Centre 878,475 Store 74 - Ohio Valley Mall 637,354 Store 75 - Southland Mall 756,180 Store 81 - Ashtabula Mall 1,062,689 TOTAL SCHEDULED ASSETS $22,207,394 C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims General Electric Capital Corporation - senior 135,910,217 credit facility PrenSB, LLC - subordinated credit facility 30,454,865 E. Creditors Holding Unsecured Priority Claims Butler County's Treasurer 25 Cincinnati Police Dept. False Alarm Reduction 250 unit City of Akron 15 City of Columbus 400 City of Mansfield 185 City Treasurer License Section 435 Katherine Kozikowski 62 Ohio Secretary of State 125 Stark County Treasurer 50 Store 182 personal property tax 31,658 Store 21 personal property tax 68,039 Store 55 personal property tax 49,621 F. Creditors Holding Unsecured Non-priority Claims Southland Mall 52,710 Ohio Valley Mall 47,792 Ashtabula Mall 42,285 DDR-MDT Great Northern LLC 41,109 Centro Midway LLC 38,709 Galileo Southland LLC 37,503 Midamco 34,776 HK New Plan Exchange Property Owner II, LLC 29,010 Forts Teuben Improvements, LLC 18,781 College Plaza 15,205 Others unknown TOTAL SCHEDULED LIABILITIES $166,873,835 About Steve & Barry's Headquartered in Port Washington, New York, Steve and Barry's LLC -- http://www.steveandbarrys.com/-- is a national casual apparel retailer that offers high quality merchandise at low prices for men, women and children. Founded in 1985, the company operates 276 anchor and junior anchor shopping center and mall- based locations throughout the U.S. The discount clothing chain's brands include the BITTEN(TM) collection, the first-ever apparel line created by actress and global fashion icon Sarah Jessica Parker, and the STARBURY(TM) collection of athletic and lifestyle apparel and sneakers created with NBA (R) star Stephon Marbury. Steve & Barry's LLC, and 63 affiliates filed separate voluntary petitions under Chapter 11 on July 9, 2008 (Bankr. S.D. N.Y. Lead Case No. 08-12579). Lori R. Fife, Esq., and Shai Waisman, Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors in their restructuring efforts. Diana G. Adams, United States Trustee for Region 2, has appointed seven members to the Official Committee of Unsecured Creditors in the Debtors' Chapter 11 cases. On Aug. 22, 2008, the Debtors obtained permission from the Court to sell substantially all of their assets for $168 million to a joint venture by Bay Harbour Management and York Capital, BHY S&B Holdings, LLC. Under the terms of the purchase agreement, majority of the Debtors' 276 stores will remain open. Pursuant to the Purchase Agreement, the Court authorized 51 Debtors to change their corporate names. Lead Debtor Steve & Barry's Manhattan LLC (Case No. 08-12579) has been changed to Stone Barn Manhattan LLC. Parent company Steve & Barry's LLC (Case No. 08-12615) is now known as Steel Bolt LLC. When the Debtors filed for bankruptcy, they listed $693,492,000 in total assets and $638,086,000 in total debts. STEVE & BARRY'S: SB Penn.'s Schedules of Assets & Liabilities ------------------------------------------------------------- Stone Barn Pennsylvania, LLC delivered to the U.S. Bankruptcy Court for the Southern District of New York its schedules of assets and liabilities, disclosing: Stone Barn Pennsylvania LLC f/k/a Steve & Barry's Pennsylvania LLC A. Real Property $0 B. Personal Property B.3 Security Deposit Allegheny - utility deposit 832 Dominion People - utility deposit 643 Peco Energy - utility deposit 7,910 B.16 Accounts Receivable Store 232 - East End Valley Mall 53,707 Store 291 - East End Center 1,073,333 Store 293 - Franklin Center 949,627 Store 304 - Norwin Hills 332,840 Store 310 - West Manchester Mall 989,690 B.28 Office Equipment Store 144 - Franklin Mills 392,227 Store 217 - Hillcrest Shopping Center 192,933 Store 232 - Beaver Valley Mall 122,069 Store 243 - Schuylkill Mall 309,714 Store 249 - Rockvale Square Outlets 168,648 Store 254 - Valley Forge Shopping Center 131,115 Store 268 - Johnstown Galleria 55,122 Store 29 - Century III Mall 26,825 Store 291 - East End Centre 141,774 Store 293 - Franklin Center 163,351 Store 304 - Norwin Hills 165,576 Store 31 - Millcreek Mall 24,481 Store 310 - West Manchester Mall 141,329 Store 35 - South Mall 70,133 Store 42 - Westmoreland Mall 33,136 Store 47 - The Mall at Steamtown 105,386 B.29 Equipment and Supplies for Business Store 144 - Franklin Mills 294,010 Store 217 - Hillcrest Shopping Center 266,994 Store 232 - Beaver Valley Mall 111,039 Store 243 - Schuylkill Mall 1,061,312 Store 249 - Rockvale Square Outlets 599,497 Store 254 - Valley Forge Shopping Center 554,244 Store 268 - Johnstown Galleria 636,899 Store 29 - Century III Mall 215,145 Store 291 - East End Centre 429,618 Store 293 - Franklin Center 351,015 Store 304 - Norwin Hills 108,610 Store 31 - Millcreek Mall 167,350 Store 310 - West Manchester Mall 460,718 Store 35 - South Mall 148,615 Store 42 - Westmoreland Mall 203,025 Store 47 - The Mall at Steamtown 248,196 B.30 Inventory Store 144 - Franklin Mills 1,194,801 Store 217 - Hillcrest Shopping Center 657,219 Store 232 - Beaver Valley Mall 434,021 Store 243 - Schuylkill Mall 868,542 Store 249 - Rockvale Square Outlets 406,802 Store 254 - Valley Forge Shopping Center 413,738 Store 268 - Johnstown Galleria 403,569 Store 29 - Century III Mall 789,280 Store 291 - East End Centre 620,426 Store 293 - Franklin Center 625,139 Store 304 - Norwin Hills 413,396 Store 31 - Millcreek Mall 413,948 Store 310 - West Manchester Mall 388,381 Store 35 - South Mall 630,533 Store 42 - Westmoreland Mall 628,591 Store 47 - The Mall at Steamtown 576,671 TOTAL SCHEDULED ASSETS $20,973,745 C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims General Electric Capital Corporation - senior 135,910,218 credit facility PrenSB, LLC - subordinated credit facility 30,454,866 E. Creditors Holding Unsecured Priority Claims Millcreek Township Sewer Revenue Dept. 70 Store 29 Municipal license 60 Store 35 business privilege tax 5,270 The Township of North Huntington Police Dept. 25 F. Creditors Holding Unsecured Non-priority Claims WP Franklin Associates, LLC 103,387 Johnstown Galleria 67,060 CBL Westmoreland LP 62,334 Hillcrest Shopping Center, Inc. 53,763 Others unknown TOTAL SCHEDULED LIABILITIES $166,657,054 About Steve & Barry's Headquartered in Port Washington, New York, Steve and Barry's LLC -- http://www.steveandbarrys.com/-- is a national casual apparel retailer that offers high quality merchandise at low prices for men, women and children. Founded in 1985, the company operates 276 anchor and junior anchor shopping center and mall- based locations throughout the U.S. The discount clothing chain's brands include the BITTEN(TM) collection, the first-ever apparel line created by actress and global fashion icon Sarah Jessica Parker, and the STARBURY(TM) collection of athletic and lifestyle apparel and sneakers created with NBA (R) star Stephon Marbury. Steve & Barry's LLC, and 63 affiliates filed separate voluntary petitions under Chapter 11 on July 9, 2008 (Bankr. S.D. N.Y. Lead Case No. 08-12579). Lori R. Fife, Esq., and Shai Waisman, Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors in their restructuring efforts. Diana G. Adams, United States Trustee for Region 2, has appointed seven members to the Official Committee of Unsecured Creditors in the Debtors' Chapter 11 cases. On Aug. 22, 2008, the Debtors obtained permission from the Court to sell substantially all of their assets for $168 million to a joint venture by Bay Harbour Management and York Capital, BHY S&B Holdings, LLC. Under the terms of the purchase agreement, majority of the Debtors' 276 stores will remain open. Pursuant to the Purchase Agreement, the Court authorized 51 Debtors to change their corporate names. Lead Debtor Steve & Barry's Manhattan LLC (Case No. 08-12579) has been changed to Stone Barn Manhattan LLC. Parent company Steve & Barry's LLC (Case No. 08-12615) is now known as Steel Bolt LLC. When the Debtors filed for bankruptcy, they listed $693,492,000 in total assets and $638,086,000 in total debts. STEVE & BARRY'S: Stone Barn LLC's Schedules of Assets & Debts ------------------------------------------------------------- Stone Barn, LLC delivered to the U.S. Bankruptcy Court for the Southern District of New York its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.3 Security Deposits Spiegel Catalog Holdings Corp. 10,000 The Water Source 180 B.28 Office Equipment Store 300 - PPE 14,533,694 B.29 Equipment and Supplies for Business Store 300 - leasehold improvements 498,838 B.30 Inventory Store 992 596,398 Store 995 7,699,147 Store 996 63,164,781 TOTAL SCHEDULED ASSETS $86,503,040 C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims General Electric Capital Corporation 135,910,217 - senior credit facility PrenSB, LLC - subordinated credit facility 30,454,865 E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims PCCP IRG, Columbus, LLC 721,047 Others unknown TOTAL SCHEDULED LIABILITIES $167,086,130 About Steve & Barry's Headquartered in Port Washington, New York, Steve and Barry's LLC -- http://www.steveandbarrys.com/-- is a national casual apparel retailer that offers high quality merchandise at low prices for men, women and children. Founded in 1985, the company operates 276 anchor and junior anchor shopping center and mall- based locations throughout the U.S. The discount clothing chain's brands include the BITTEN(TM) collection, the first-ever apparel line created by actress and global fashion icon Sarah Jessica Parker, and the STARBURY(TM) collection of athletic and lifestyle apparel and sneakers created with NBA (R) star Stephon Marbury. Steve & Barry's LLC, and 63 affiliates filed separate voluntary petitions under Chapter 11 on July 9, 2008 (Bankr. S.D. N.Y. Lead Case No. 08-12579). Lori R. Fife, Esq., and Shai Waisman, Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors in their restructuring efforts. Diana G. Adams, United States Trustee for Region 2, has appointed seven members to the Official Committee of Unsecured Creditors in the Debtors' Chapter 11 cases. On Aug. 22, 2008, the Debtors obtained permission from the Court to sell substantially all of their assets for $168 million to a joint venture by Bay Harbour Management and York Capital, BHY S&B Holdings, LLC. Under the terms of the purchase agreement, majority of the Debtors' 276 stores will remain open. Pursuant to the Purchase Agreement, the Court authorized 51 Debtors to change their corporate names. Lead Debtor Steve & Barry's Manhattan LLC (Case No. 08-12579) has been changed to Stone Barn Manhattan LLC. Parent company Steve & Barry's LLC (Case No. 08-12615) is now known as Steel Bolt LLC. When the Debtors filed for bankruptcy, they listed $693,492,000 in total assets and $638,086,000 in total debts. STEVE & BARRY'S: SB Texas' Schedules of Assets & Liabilities ------------------------------------------------------------ Stone Barn Texas, LLC delivered to the U.S. Bankruptcy Court for the Southern District of New York its schedules of assets and liabilities, disclosing: Stone Barn Texas LLC f/k/a Steve & Barry's Texas LLC A. Real Property $0 B. Personal Property B.3 Security Deposit Atmos Energy - utility deposits 500 City of Centerville - utility deposit 125 City of Del Rio - utility report 210 City of Garland - utility deposit 1,900 City of Irving - utility deposit 500 City of Kileen - utility deposit 200 City of Pasadena - utility deposit 3,650 City of Warner Robins - utility deposit 600 CPS Energy - utility deposit 2,030 Entergy Texas Inc. - utility deposit 8,100 Haltom City Water Dept. - utility deposit 60 Integrys Energy - utility deposit 25,000 Relian650475 - utility deposit 13,660 Reliant Energy - utility deposit 8,126 Simon Propery Group Irving Mall 6,500 TXU Dallas - utility deposit 270 TXU Energy - utility deposit 3,390 WTU Energy - utility deposit 6,750 B.16 Accounts Receivable Store 180 - Temple Mall 2,616 Store 225 - Corum Station 50,000 Store 257 - Haltom Commons 429,954 Store 269 - Irving Mall 506,025 B.28 Office Equipment Store 110 - Katy Mills 295,748 Store 128 - West Oaks Mall 325,986 Store 131 - The Parks at Arlington 359,687 Store 150 - Valley View Center 160,738 Store 153 - Valle Vista Mall 143,783 Store 173 - Mall De Las Aguilas 104,617 Store 180 - Temple Mall 293,883 Store 208 - Military Drive 275,756 Store 209 - Broadway Center 363,688 Store 225 - Corum Station I Shopping Center 199,958 Store 236 - Deerbrook Mall 144,109 Store 257 - Haltom Commons 143,484 Store 269 - Irving Mall 183,511 Store 282 - Plaza Del Sol 185,496 Store 286 - East Southmore 189,417 Store 64 - Grapevine Mills 149,303 Store 73 - Killeen Mall 108,635 Store 84 - Brazos Mall 199,498 Store 85 - Central Mall 112,509 Store 88 - Mall of Abilene 125,510 Store 92 - Parkdale Mall 146,623 Store 93 - Post Oak Mall 157,162 Store 97 - Almeda Mall 131,233 B.29 Equipment and Supplies for Business Store 110 - Katy Mills 422,567 Store 128 - West Oaks Mall 161,656 Store 131 - The Parks at Arlington 103,706 Store 150 - Valley View Center 43,326 Store 153 - Valle Vista Mall 131,132 Store 173 - Mall De Las Aguilas 27,097 Store 180 - Temple Mall 82,527 Store 208 - Military Drive 284,132 Store 209 - Broadway Center 278,729 Store 225 - Corum Station I Shopping Center 263,438 Store 236 - Deerbrook Mall 257,653 Store 257 - Haltom Commons 381,045 Store 269 - Irving Mall 380,890 Store 282 - Plaza Del Sol 311,130 Store 286 - East Southmore 616,984 Store 64 - Grapevine Mills 381,550 Store 73 - Killeen Mall 143,986 Store 84 - Brazos Mall 159,729 Store 85 - Central Mall 114,148 Store 88 - Mall of Abilene 77,285 Store 90 - Sharpstown Mall 4,072 Store 92 - Parkdale Mall 2,300 Store 93 - Post Oak Mall 4,983 Store 97 - Almeda Mall 60,266 B.30 Inventory Store 110 - Katy Mills 743,295 Store 128 - West Oaks Mall 831,034 Store 131 - The Parks at Arlington 1,033,123 Store 150 - Valley View Center 607,773 Store 153 - Valle Vista Mall 409,157 Store 173 - Mall De Las Aguilas 357,599 Store 180 - Temple Mall 589,725 Store 208 - Military Drive 1,102,819 Store 209 - Broadway Center 707,279 Store 225 - Corum Station I Shopping Center 675,965 Store 236 - Deerbrook Mall 533,942 Store 257 - Haltom Commons 456,782 Store 269 - Irving Mall 378,940 Store 282 - Plaza Del Sol 454,809 Store 286 - East Southmore 527,142 Store 64 - Grapevine Mills 800,509 Store 73 - Killeen Mall 555,664 Store 84 - Brazos Mall 748,299 Store 85 - Central Mall 394,619 Store 88 - Mall of Abilene 403,787 Store 92 - Parkdale Mall 524,559 Store 93 - Post Oak Mall 492,538 Store 97 - Almeda Mall 412,884 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals and feed 0 B.35 Other Personal Property 0 TOTAL SCHEDULED ASSETS $24,007,108 C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims General Electric Capital Corporation - senior 135,910,217 credit facility PrenSB, LLC - subordinated credit facility 30,454,865 E. Creditors Holding Unsecured Priority Claims Arlington Police Dept. 50 Association of Certified Fraud Examiners 150 City of Beaumont Police Dept. 10 City of Dallas 100 City of Del Rio 89 City of Garland 609 City of Grapevine 392 City of Houston Alarm Detail 90 City of Irving 4,084 City of Katy 582 City of Lake Jackson 478 City of Pasadena 30 Harris County 100 Harris County Treasurer 525 Store 131 personal property taxes 79,591 Store 173 personal property tax 11,815 Store 84 personal property tax 39,315 Store 85 personal property tax 21,473 Store 92 personal property tax 40,695 Tarrant County 20 F. Creditors Holding Unsecured Non-priority Claims Coyote Temple Mall LP 78,578 Post Oak Mall & Associates 52,507 Deerbrook Mall Anchor ACQ 46,097 Brazos Outlets Center LLC 44,258 Mall Shopping Center Co, L.P. 25,890 Mall of Abilene 23,016 GG&A Central Mall Partners, L.P. - Port 16,772 Enterprise Eagle Pass Associates, L.P. 461 Others unknown TOTAL SCHEDULED LIABILITIES $166,852,869 About Steve & Barry's Headquartered in Port Washington, New York, Steve and Barry's LLC -- http://www.steveandbarrys.com/-- is a national casual apparel retailer that offers high quality merchandise at low prices for men, women and children. Founded in 1985, the company operates 276 anchor and junior anchor shopping center and mall- based locations throughout the U.S. The discount clothing chain's brands include the BITTEN(TM) collection, the first-ever apparel line created by actress and global fashion icon Sarah Jessica Parker, and the STARBURY(TM) collection of athletic and lifestyle apparel and sneakers created with NBA (R) star Stephon Marbury. Steve & Barry's LLC, and 63 affiliates filed separate voluntary petitions under Chapter 11 on July 9, 2008 (Bankr. S.D. N.Y. Lead Case No. 08-12579). Lori R. Fife, Esq., and Shai Waisman, Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors in their restructuring efforts. Diana G. Adams, United States Trustee for Region 2, has appointed seven members to the Official Committee of Unsecured Creditors in the Debtors' Chapter 11 cases. On Aug. 22, 2008, the Debtors obtained permission from the Court to sell substantially all of their assets for $168 million to a joint venture by Bay Harbour Management and York Capital, BHY S&B Holdings, LLC. Under the terms of the purchase agreement, majority of the Debtors' 276 stores will remain open. Pursuant to the Purchase Agreement, the Court authorized 51 Debtors to change their corporate names. Lead Debtor Steve & Barry's Manhattan LLC (Case No. 08-12579) has been changed to Stone Barn Manhattan LLC. Parent company Steve & Barry's LLC (Case No. 08-12615) is now known as Steel Bolt LLC. When the Debtors filed for bankruptcy, they listed $693,492,000 in total assets and $638,086,000 in total debts. WELLMAN INC: Post $9.8 Million Net Loss in Period Ended August 31 ----------------------------------------------------------------- Wellman, Inc. Condensed Consolidated Balance Sheet (Unaudited) As of August 31, 2008 Current assets: Cash and cash equivalents $1,100,000 Accounts receivable 119,200,000 Inventories 72,500,000 Prepaid expenses and other current assets 29,000,000 Current assets held for sale - ------------ Total current assets 221,800,000 Property, plant and equipment: Land, buildings and improvements 90,400,000 Machinery and equipment 340,100,000 CIP 4,600,000 ------------ 435,100,000 Less accumulated depreciation 199,700,000 ------------ Net property, plant and equipment 235,400,000 Other assets 11,600,000 Noncurrent assets held for sale - ------------ Total Assets $468,800,000 ============ LIABILITIES & STOCKHOLDERS' DEFICIT Liabilities Not Subject to Compromise Current Liabilities: Accounts payable — trade $2,600,000 Accrued liabilities 22,100,000 Debtor in possession credit agreement 114,700,000 Other debt - Current liabilities associated with assets held for sale - ------------ Total current liabilities 139,400,000 Liabilities subject to compromise 531,900,000 Long-term debt - Deferred income taxes and other noncurrent liabilities 37,700,000 Noncurrent liabilities associated with assets held for sale - ------------ Total Liabilities 709,000,000 Stockholders' Deficit: Common stock - Preferred stock 185,700,000 Paid-in capital 248,500,000 Common stock warrants 4,900,000 Accumulated other comprehensive loss - Accumulated deficit (629,800,000) Less common stock in treasury (49,500,000) ------------ Total Stockholders Deficit (240,200,000) ------------ $468,800,000 ============ Wellman, Inc. Consolidated Statements of Operations (Unaudited) For the Month Ended August 31, 2008 Net Sales $77,300,000 Cost of Sales 81,500,000 ------------ Gross Profit (Loss) (4,200,000) Selling, General and Administrative Expenses 2,300,000 Other (Income) Loss 0 ------------ Operating Income (Loss) (6,500,000) Interest Expense, Net 1,100,000 ------------ Earnings (Loss) from continuing operations before reorganization items and income taxes (7,600,000) Reorganization Items, Net 2,200,000 ------------ Earnings (Loss) from continuing operations before income taxes (9,800,000) Income Tax Expense (Benefit) 0 ------------ Earnings (Loss) from continuing operations (9,800,000) Earnings (Loss) from discontinued operations, net of tax 0 ------------ Net Earnings (Loss) ($9,800,000) ============ Wellman, Inc. Simplified Statement of Cash Flows (Unaudited) For the Month Ended August 31, 2008 Cash flow from operating activities: Net earnings (loss) ($9,800,000) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: Loss from discontinued operations, net of tax 0 Depreciation 1,100,000 Amortization 1,300,000 Amortization in interest expense 600,000 Deferred taxes on income 0 Reorganization Items 2,200,000 Payment of reorganization items (3,500,000) Gain on sale of assets 0 Changes in assets and liabilities: Accounts receivable 10,900,000 Inventories 1,300,000 Prepaid expenses and other current assets (3,400,000) Other assets (0) Accounts payable and accrued liabilities 1,500,000 Other liabilities 0 Other (100,000) ------------ Net cash provided (used) by operating activities 2,100,000 Cash flows from investing activities: Additions to property, plant and equipment (net) (200,000) Proceeds from sale of assets 0 ------------ Net cash used by investing activities (200,000) Cash flows from financing activities: Borrowings (Repayments) of long-term debt (2,200,000) Dividends paid on common stock 0 Debt and equity issuance costs 0 ------------ Net cash provided (used) by financing activities (2,200,000) Discontinued Operations: Operating activities 0 Investing activities 0 Financing activities 0 ------------ Net cash provided (used) by discontinued operations 0 Increase (decrease) in cash and cash equivalents (300,000) Cash and cash equivalents, beginning 1,400,000 ------------ Cash and cash equivalents at end of period $1,100,000 ============ According to Wellman, the $0.8 million increase in gross profit -- from a loss of $5.0 million in July to a loss of $4.2 million in August--was attributable to a decrease in the loss of the chemical-based segment of $1.6 million and an increase in the loss of recycled-based segment of $0.8 million. In the chemical-based segment, current raw material margin increased by approximately $6 million. This increase was substantially offset by the effect of the FIFO method of accounting for inventory, which resulted in approximately $5 million of higher raw material costs from prior months being charged against current month's selling prices. Gross profit for the recycled-based segment decreased due primarily to a decision to sell raw materials that would generally be processed into finished goods to provide additional liquidity. Wellman established a reserve of $1.3 million for this material. SG&A costs decreased by $0.1 million due to continued cost reduction activities. As a result, Wellman reported an operating loss of $6.5 million in August, compared to a $7.4 million operating loss in July. Interest expense was $1.1 million in August and $1.2 million in July. Interest expense was calculated only on the amount borrowed under Wellman's DIP Credit Agreement. Reorganization costs, which consisted primarily of legal fees related to the Chapter 11 filing, were $2.2 million in August, compared to $3.9 million in July. As a result, Wellman's net loss decreased to $9.8 million in August, compared to $12.5 million for July 2008. Wellman's current assets decreased by approximately $10.8 million from July, primarily as a result of lower accounts receivable partly due to lower sales volume. The balance sheet at August 31, 2008, reflected $114.7 million in borrowings under the DIP Facility. This is $2.2 million lower than the comparable net amount in July. Net cash flows from operations were $2.1 million in August, which is lower than the $20.7 million provided by operations in July. The cash flow in August related to the decrease in receivables and the cash flow in July resulted primarily from decreasing accounts receivable and inventory of Wellman. These cash flows resulted in debt repayments of $2.2 million. About Wellman Inc. Headquartered in Fort Mill, South Carolina, Wellman Inc. ([OTC]: WMANQ.OB) -- http://www.wellmaninc.com/-- manufactures and markets packaging and engineering resins used in food and beverage packaging, apparel, home furnishings and automobiles. They manufacture resins and polyester staple fiber a three major production facilities. The company and its debtor-affiliates filed for Chapter 11 protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York City, represents the Debtors. Lazard Freres & Co., LLC, acts as the Debtors' financial advisors and investment bankers. Conway, Del Genio, Gries & Co., LLC, was also retained as the Debtors' chief restructuring advisor. The United States Trustee for Region 2 has appointed seven members to the Official Committee of Unsecured Creditors. Mark R. Somerstein, Esq., at Ropes & Gray LLP, serves as the Committee's bankruptcy counsel. FTI Consulting, Inc., acts as the panel's financial advisors. Wellman Inc., in its bankruptcy petition, listed total assets of $124,277,177 and total liabilities of $600,084,885, as of Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed assets between $500 million and $1 billion on a stand-alone basis at the time of the bankruptcy filing. Debtor-affiliates Fiber Industries Inc., Prince Inc., and Wellman of Mississippi Inc., listed assets between $100 million and $500 million at the time of their bankruptcy filings. On a consolidated basis, Wellman Inc., and its debtor-affiliates listed $512,400,000 in total assets and $730,500,000 in liabilities as of June 30, 2008. Wellman filed a restructuring plan before the Bankruptcy Court on June 25, 2008. (Wellman Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Julybien D. Atadero, Sheryl Joy P. Olano, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez, Tara Marie A. Martin, Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***