/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/081101.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, Nov. 1, 2008, Vol. 12, No. 261 Headlines ASARCO LLC: Files Monthly Operating Report for September 2008 BUFFETS HOLDINGS: Posts $41.5MM Net Loss in Month Ended Sept. 24 BUFFETS HOLDING: Hometown's Schedules of Assets and Liabilities BUFFETS HOLDING: Fire Amends Schedules of Assets & Liabilities CADENCE INNOVATION: Files Initial Monthly Operating Report CADENCE INNOVATION: Files Operating Report for September 2008 CADENCE INNOVATION: Files Operating Report for August 2008 HINES HORTICULTURE: Hines Nurseries Files Sept. Operating Report LEVITT & SONS: Files Operating Report for Month Ended Sept. 30 LEVITT & SONS: Wachovia Debtors' September 2008 Financial Reports LUMINENT MORTGAGE: Files Operating Reports for September 2008 NEUMANN HOMES: Files Operating Report for Month Ended September 30 SEMGROUP LP: Files Schedules of Assets and Liabilities SEMGROUP LP: SemCanada's Schedules of Assets and Liabilities SEMGROUP LP: SemCrude Files Schedules of Assets and Liabilities SEMGROUP LP: SemManagement's Schedules of Assets and Liabilities SEMGROUP LP: SemCrude Files Operating Report For August 2008 SEMGROUP LP: SemCrude Posts Amended Net Loss of $280MM for July SHARPER IMAGE: Posts $1.4MM Net Loss for Month Ended September 30 STEVE AND BARRY'S: Stone Barn's September 2008 Operating Report TOUSA INC: Files Operating Report for Month Ended September 3 ********* ASARCO LLC: Files Monthly Operating Report for September 2008 ------------------------------------------------------------- ASARCO LLC, et al. Balance Sheet As of September 30, 2008 ASSETS Current Assets: Cash $1,276,853,000 Restricted Cash 24,936,000 Accounts receivable, net 182,951,000 Inventory 302,602,000 Prepaid expenses 14,874,000 Other current assets 15,181,000 -------------- Total Current Assets $1,817,396,000 Net property, plant and equipment 503,986,000 Other Assets: Investments in subs 78,381,000 Advances to affiliates 533,000 Prepaid pension & retirement plan - Non-current deferred tax asset - Other 56,819,000 -------------- Total assets $2,457,115,000 ============== LIABILITIES Postpetition liabilities: Accounts payable - trade $83,697,000 Accrued liabilities 736,957,000 ------------ Total postpetition liabilities $820,654,000 Prepetition liabilities: Not subject to compromise - credit 3,145,000 Not subject to compromise - other 100,191,000 Advances from affiliates 24,870,000 Subject to compromise 3,401,197,000 -------------- Total prepetition liabilities $3,529,404,000 -------------- Total liabilities $4,350,058,000 ============== OWNERS' EQUITY (DEFICIT) Common stock $508,324,000 Additional paid-in capital 104,578,000 Other comprehensive income (234,011,000) Retained earnings: filing date (3,443,143,000) -------------- Total prepetition owners' equity (3,064,253,000) Retained earnings: post-filing date 1,171,310,000 -------------- Total owners' equity (net worth) (1,892,942,000) -------------- Total liabilities and owners' equity $2,457,115,000 ============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ended September 30, 2008 Sales $142,183,000 Cost of products and services 98,659,000 ------------- Gross profit 43,524,000 Operating expenses: Selling and general & admin expenses 3,237,000 Depreciation & amortization 4,339,000 Provision accretion expense of asset retirement obligation 535,000 ------------- Operating income 35,413,000 Interest expense 3,000 Interest income (2,544,000) Reorganization expenses 5,088,000 Other miscellaneous (income) expenses (6,937,000) ------------- Income (loss) before taxes 39,802,000 Income taxes 12,113,000 ------------- Net income $27,689,000 ============= ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ended September 30, 2008 Receipts Disbursements: Inventory material $39,327,000 Operating disbursements 74,637,000 Capital expenditures 2,362,000 ------------- Total disbursements 116,326,000 Operating cash flow 40,070,000 Reorganization disbursements 9,361,000 -------------- Net cash flow 30,709,000 Net payments to secured Lenders - -------------- Net change in cash 30,709,000 Beginning cash balance 1,271,080,000 -------------- Ending cash balances $1,301,789,000 ============= 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 US$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 US$2.7 billion in cash as well as a US$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. Amended versions of the competing plans have been filed with the Court. Asarco Inc. and AMC are represented by Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. (ASARCO Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) BUFFETS HOLDINGS: Posts $41.5MM Net Loss in Month Ended Sept. 24 ---------------------------------------------------------------- Buffets Holdings, Inc. Balance Sheet As of September 24, 2008 ASSETS Current Assets: Cash on Hand - drawer $1,379,613 Total depository account 4,225,256 Temporary investments 36,000,000 Cash 5,269,661 -------------- Total cash & cash equivalents 46,874,530 Receivables-landlord 222,177 Credit card receivables 1,375,759 Intercompany (0) Total rebates receivable 5,246,916 Accounts receivable 1,735,314 Due to/From affiliate 0 -------------- Total Receivables 8,580,166 Inventory 36,546,309 -------------- Total Inventories 36,546,309 Restricted cash 2,556,597 Employee advances 28,882 Escrow deposits - short term 629,109 Deposits - prefunded LC - current 15,611,860 Prepaid car leases 21,567 Prepaid Insurance 981,336 Prepaid rent 1,872,003 Prepaid other 1,975,469 Prepaid advertising 9,487,430 Prepaid rent escrow 156,845 Notes receivable - short term 13,974 -------------- Total prepaid expenses & other assets 30,778,475 Assets held for sale (0) Deferred income taxes - current 13,651,000 Deferred tax valuation allowance - current (13,651,000) -------------- Total current assets 125,336,078 Cabinet division inventory 4,758,033 Corporate inventory 610,599 Proceeds of sale clearing account (1,200) CIP - non system 580,777 Land 9,298,836 Building 5,585,015 Accumulated depreciation - building (832,627) Leasehold improvement 155,558,218 Accumulated amortization (93,119,233) Equipment 218,887,904 Accumulated depreciation - equipment (135,836,204) Automobile 315,330 Accumulated depreciation - auto (183,721) Assets to be sold - PP&E 16,364,294 Accumulated depreciation - assets to be sold (62,421) -------------- Total property, plant & equipment, net 181,923,600 Goodwill 117,933,181 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 1,492,130 Recipes 2,106,555 Trademark 56,600,000 -------------- Total other intangible assets 60,542,367 Prepaid rent deposits 1,749,188 Deposits 3,724,560 Deposits - other long term 67,865 Insurance loss deposits 353,520 Investments in subsidiaries 31,045 Interest rate swap 0 Total debt issuance costs 39,272,249 Total accum. amortization debt issuance costs (14,371,878) Notes receivable from subsidiaries 0 Total notes receivable - long term 9,421 Split Dollar Life Ins. Receivable 2,169,580 -------------- Total other noncurrent assets 33,005,550 Total assets $536,934,594 ============== LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Accounts payable - prepetition $24,456,784 Accounts payable - postpetition 38,427,704 COD Clearing 9,081,392 Misc. accruals - restaurant level (2,608) Misc accruals - WIS 0 Misc. accruals - corp level 5,088,174 -------------- Total accounts payable 77,051,446 Accrued 401(k) 884,515 Accrued payroll 12,142,662 Accrued bonus 719,203 Accrued payroll taxes 3,817,500 Accrued vacation 6,753,650 -------------- Total accrued compensation 24,317,530 Accrued insurance - auto 12,972 Accrued insurance - general liability 14,840,417 Accrued insurance - other 3,185,692 -------------- Total accrued insurance 18,039,081 Accrued percentage rent 1,392,846 Accrued interest - short term 26,596,100 Accrued property taxes 9,506,971 Accrued postage 19,745 Accrued advertising 702,678 Accrued liabilities - other 16,832,925 Deferred income - current 53,976 -------------- Total other accrued liabilities 55,105,240 Gift certificates/gift cards 4,169,324 Cash receipts suspense 100,000 Workers compensation payable 22,390,171 Lease rejection claims reserve 50,237,330 Sales/Use tax payable 5,549,144 Accrued restaurant closing costs 2,100,628 -------------- Total accrued liabilities 182,008,449 Income taxes payable (3,554,566) Estimated income taxes 432,419 -------------- Total income taxes payable (3,122,147) Current maturities of long-term debt 5,300,000 Short term borrowings 56,300,000 Short term borrowings - DIP 80,300,000 Short term borrowings - vendor LC draws 5,936,168 -------------- Total current liabilities 403,773,916 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 45,949,417 Deferred Income tax 22,793,000 Income tax payable - non-current 23,808,000 Long term sublease deposits 33,905 Post retirement benefits payable 19,866 Total deferred income 5,921,578 -------------- Total other long-term liabilities 5,975,348 -------------- Total non-current liabilities 917,253,765 -------------- Total liabilities 1,321,027,682 -------------- Shareholders' Equity: Capital Stock 63,358 Additional paid in capital 835,631 Contributed capital 0 Interco contributions (distributions) 0 Dividends paid (interco) 0 Dividends received (interco) 0 Accum other comprehensive income 0 Dividends paid to shareholders (101,164,801) Retained earnings (630,165,639) Level 8 profit/loss (53,661,636) -------------- Retained earnings (784,992,076) Total shareholders' equity (784,093,088) Total liabilities & Stockholders' equity $536,934,594 ============== Buffets Holdings, Inc. Income Statement For the month ended September 24, 2008 Total sales $102,232,273 Total food cost 36,155,406 Total labor 30,604,151 Operating costs 15,281,610 Occupancy costs - Total DIR & O/C 13,094,984 -------------- Total restaurant costs 95,136,152 -------------- Restaurant profit (level 4) 7,096,121 Total SG&A Expense 7,852,258 Closed restaurant costs 21,912 Impairment Cost 15,483,059 Merger/integration costs 960 -------------- Earnings from operations (16,262,067) Other income (expense) Franchise income (18,889) Interest income 411 Interest expense (6,315,696) Other income (expense) 89,677 Loss related to refinancing 0 Reorganization Costs (18,682,617) Net Worth Tax (312,933) Intercompany 0 -------------- Total other income (expense) (25,240,047) -------------- Earnings before tax (41,502,114) Net worth tax Income taxes 0 -------------- Net earnings (loss) ($41,502,114) ============== Buffets Holdings, Inc. Schedule of Cash Receipts & Disbursements For the month ended September 24, 2008 Cash Receipts (inc. Sales tax): Cash receipts $65,647 Credit card 42,833 -------------- 108,480 Receipts (Gift card usage) 0 Rebates, other 625 -------------- Total cash receipts 109,105 Operating Disbursements: A/P Check 7,830 EFT 55,104 Change in trade terms (2,018) Payroll 34,585 Rent (Cash occupancy) 8,161 Sales tax 8,104 Other operating 0 -------------- Total operating disbursements 111,766 -------------- Net operating cash flows (2,661) Non-operating Disbursements (Receipts): Income tax 0 Total CapEx 2,284 Professional fees, inc. holdbacks 2,031 Closed restaurant costs 0 Deposits (Utility) 0 Other 3,353 Cash (Proceeds) from asset sales 0 -------------- Total non-operating disbursements 7,668 Financing Payments: Interest expense 5,301 Interest (income) (109) DIP Fees/other 0 Principal payments 600 Total financing disbursements 5,792 -------------- Total net disbursements 125,226 Net cash receipts (disbursements) ($16,121) ============== About Buffets Holding Inc. Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc., employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC and Pachulski Stang Ziehl Young &Jones as counsels. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on Feb. 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. 23; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). BUFFETS HOLDING: Hometown's Schedules of Assets and Liabilities --------------------------------------------------------------- Hometown Buffets, Inc., supplements its list of creditors holding unsecured non-priority claims -- Schedule F. Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor, LLP in Wilmington, Delaware, states that four parties, which were omitted from Buffet Hometown's Schedule F are now being scheduled as potential holders of claims against the Debtor: Potential Creditors Claim Amount ------------------- ------------ Alexander Jordan Disputed, Unliquidated Alfredo Lazaro Disputed, Unliquidated Estuardo A. Tzoc Disputed, Unliquidated Ms. Morgan points out that pursuant to Rule 1009-2 of the Local Rules of the U.S. Bankruptcy Court for the District of Delaware, the Potential Creditors have until November 9, 2008, to file a claim. Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc., employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC and Pachulski Stang Ziehl Young &Jones as counsels. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on Feb. 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. 23; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). BUFFETS HOLDING: Fire Amends Schedules of Assets & Liabilities -------------------------------------------------------------- Fire Mountain Restaurants, LLC, amends its Schedules of Assets and Liabilities to include Charles Boardman, holder of a disputed and unliquidated claim in its list of creditors holding unsecured non-priority claims -- Schedule F. Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware, informs the Court that Schedule F is amended to reflect the party which was omitted from Fire Mountain's Schedules and are now being scheduled as potential holders of claims against Fire Mountain. Ms. Morgan explains that pursuant to Rule 1009-2 of the Local Rules of the U.S. Bankruptcy Court for the District of Delaware, the parties listed in Schedule F have until Nov. 9, 2008, to file a claim. Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc. employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC and Pachulski Stang Ziehl Young &Jones as counsels. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on Feb. 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. 23; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). CADENCE INNOVATION: Files Initial Monthly Operating Report ---------------------------------------------------------- On Oct. 11, 2008, Cadence Innovation, LLC, delivered to the Court an initial monthly operating report appending its 13-week DIP update as of Sept. 26, 2008, accessible for free at: http://bankrupt.com/misc/Cadence13WeekDIPUpdateSept2008.pdf Moreover, Cadence and New Venture Holdings, LLC, also disclosed their insurance policy covering employee's liability, worker's compensation and automobile liability issued by Liberty Mutual Group. The insurance policy expires on July 1, 2009. Cadence is also enrolled under Marsh USA, Inc.'s (i) financial and professional insurance package for Cadence's directors and officers' liability and (ii) marine insurance for open cargo with policy limit at $800,000. Pursuant to the Cash Management Interim Order, the Debtors disclose that they have bank accounts at JP Morgan, Bank of America and Bank of Tokyo Mitsubishi. Moreover, the Debtors have paid retainer fees to these professionals beginning July 2, 2008: Professional Retainer ------------ -------- Cole Schotz 250,000 Katten Muchin 225,000 Cole Schotz 175,000 Katten Muchin 150,000 Katten Muchin 150,000 Butzel Long 142,000 Katten Muchin 100,000 Cole Schotz 100,000 Cole Schotz 100,000 Butzel Long 50,000 Katten Muchin 50,000 Kurtzman Carson 25,000 ---------- $1,517,000 The Debtors also paid to Cole Schotz $1,039 as expense advance. A detailed copy of the Initial Monthly Operating Report is accessible for free at: http://ResearchArchives.com/t/s?33c1 About Cadence Innovation Headquartered in Troy, Michigan, Cadence Innovation LLC -- http://www.cadenceinnovation.com/-- manufactures and sells auto parts to its customers GM and Chrysler. The company has at least 4,200 employees in the United States and Europe, including Hungary and Czech Republic. The company and its debtor-affiliate, New Venture Real Estate Holdings, LLC, filed for Chapter 11 reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08-11973). Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as counsel. When the Debtors filed for protection from their creditors, they listed assets of between $10 million and $50 million, and debts of between $100 million and $500 million. (Cadence Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) CADENCE INNOVATION: Files Operating Report for September 2008 ------------------------------------------------------------- Cadence Innovation LLC Unaudited Balance Sheet As of September 30, 2008 ASSETS: Cash $1,781 Accounts Receivable, Net 35,032 Manufacturing Inventories, Net 14,311 Tooling Inventories, Net 156 I/C Receivable/Payable (52,907) Prepaid Expenses and other current assets 1,844 Professional Retainers 1,439 Assets held for Sale 3,700 --------- Total current assets 5,336 Property, Plant & Equipment Capital Leases 1,809 Land 10,121 Building and Improvements 26,499 Machinery & Equipment 61,317 Office & Transportation Equipment 4,312 Construction-in-Progress 767 --------- Total Property, Plant and Equipment 104,824 Accumulated Depreciation (20,070) --------- Net Property, Plant and Equipment 84,754 Loans to Insiders - Intangible Assets, Net 674 Other Non-current Assets 3,587 --------- TOTAL ASSETS $94,059 ========= LIABILITIES: Postpetition Liabilities: Accounts Payable (11,395) Accrued Accounts Payable 11,560 Accrued Wages 1,006 Accrued Taxes-Payroll 92 Accrued Fringe Benefits 3,708 Accrued Taxes-Property 4 Accrued Severance - Amounts due to Insiders - --------- Total Postpetition Liabilities 4,975 Prepetition Liabilities: Secured Debt 18,110 Priority Debt - Unsecured Debt 109,721 --------- Total Prepetition Liabilities 127,832 --------- EQUITY: Owners Capital 302,123 Retained Earnings ? Prepetition (339,643) Retained Earnings ? Postpetition - Accumulated Depreciation (1,228) --------- TOTAL LIABILITIES AND EQUITY $94,059 ========= Cadence Innovation LLC Unaudited Operating Statement Month Ended September 30, 2008 Total Revenue/Sales $31,562 Cost of Sales 24,340 --------- Gross Profit 7,222 Expenses: Advertising - Auto and Truck Expense - Bad Debts - Contributions - Employee Benefit Programs 1,334 Insider Compensation 114 Insurance 71 Management Bonuses - Office Expenses - Pension and Profit Sharing Plans - Professional Fees - Non Bankruptcy 295 Repairs and Maintenance 22 Rent and Lease Expense 539 Salaries/Commissions/Fees 1,106 Supplies, Office Expense, etc 7 Taxes-Payroll 299 Taxes-Real Estate 178 Taxes-Other - Travel and Entertainment 18 Utilities 45 Other (95) --------- Total Expenses 3,931 Depreciation 873 --------- Net Profit (Loss) 2,418 --------- Other Income 7 Interest Expense 995 Gain/Loss from discontinued operations 13 Intercompany transfers - --------- Net Profit (Loss) 1,402 --------- Reorganization items Professional Items 2,529 Trustee Fees 30 Interest earned on accumulated cash - --------- Total Reorganization Expenses 2,559 Income Taxes - --------- NET INCOME/(LOSS) ($1,156) ========= Cadence Innovation LLC Schedules of Receipts and Disbursements For the month ended September 30, 2008 Cash - Beginning of Month $4,069 Receipts: Cash Sales - Accounts Receivable 59,652 Loans and Advances (29,800) Sale of Assets - Other - --------- Total Receipts 29,852 Disbursements: Net Payroll 3,350 Contract Labor 485 Payroll Taxes 1,351 Sales, Use and other Taxes - Inventory Purchases 24,333 Capital Expenditures - Machinery & Equipment 310 Employee Expenses 28 Insurance 17 Rent and Leases 165 Purchased Services 502 Utilities 296 Tooling 595 Other 91 Operating and Maintenance Supplies 595 Owner Draw - Legal and Professional Fees 2 U.S. Trustee Quarterly Fees 1 Court Costs 20 --------- Total Disbursements 32,140 --------- Net Cash Flow (2,288) --------- Cash - End of Month $1,781 ========= New Venture Real Estate Holdings, LLC Unaudited Balance Sheet As of August 31, 2008 ASSETS: Cash - Accounts Receivable, Net - Manufacturing Inventories, Net - Tooling Inventories, Net - I/C Receivable/Payable $40,768 Prepaid Expenses and other current assets - Professional Retainers - Assets held for Sale - --------- Total current assets 40,768 Property, Plant & Equipment Capital Leases - Land - Building and Improvements - Machinery & Equipment - Office & Transportation Equipment - Construction-in-Progress - --------- Total Property, Plant and Equipment - Accumulated Depreciation - --------- Net Property, Plant and Equipment - Loans to Insiders - Intangible Assets, Net - Other Non-current Assets - --------- TOTAL ASSETS $40,768 ========= LIABILITIES: Postpetition Liabilities: Accounts Payable - Accrued Accounts Payable - Accrued Wages - Accrued Taxes-Payroll - Accrued Fringe Benefits - Accrued Taxes-Property - Accrued Severance - Amounts due to Insiders - --------- Total Postpetition Liabilities - Prepetition Liabilities: Secured Debt - Priority Debt - Unsecured Debt - --------- Total Prepetition Liabilities - EQUITY: Owners Capital - Retained Earnings - Prepetition 40,768 Retained Earnings - Postpetition - Accumulated Deficit - --------- TOTAL LIABILITIES AND EQUITY $40,768 ========= About Cadence Innovation Headquartered in Troy, Michigan, Cadence Innovation LLC -- http://www.cadenceinnovation.com/-- manufactures and sells auto parts to its customers GM and Chrysler. The company has at least 4,200 employees in the United States and Europe, including Hungary and Czech Republic. The company and its debtor-affiliate, New Venture Real Estate Holdings, LLC, filed for Chapter 11 reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08-11973). Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as counsel. When the Debtors filed for protection from their creditors, they listed assets of between $10 million and $50 million, and debts of between $100 million and $500 million. (Cadence Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) CADENCE INNOVATION: Files Operating Report for August 2008 ---------------------------------------------------------- Cadence Innovation LLC Unaudited Balance Sheet As of August 31, 2008 ASSETS: Cash $4,069 Accounts Receivable, Net 68,824 Manufacturing Inventories, Net 13,925 Tooling Inventories, Net (4,781) I/C Receivable/Payable (52,790) Prepaid Expenses and other current assets 2,743 Professional Retainers 1,439 Assets held for Sale 3,700 --------- Total current assets 37,129 Property, Plant & Equipment Capital Leases 1,809 Land 10,121 Building and Improvements 26,499 Machinery & Equipment 61,317 Office & Transportation Equipment 4,318 Construction-in-Progress 471 --------- Total Property, Plant and Equipment 104,535 Accumulated Depreciation (19,204) --------- Net Property, Plant and Equipment 85,331 Loans to Insiders - Intangible Assets, Net 797 Other Non-current Assets 3,587 --------- TOTAL ASSETS $126,844 ========= LIABILITIES: Postpetition Liabilities: Accounts Payable (5,011) Accrued Accounts Payable 3,638 Accrued Wages 283 Accrued Taxes - Payroll 111 Accrued Fringe Benefits 4,201 Accrued Taxes - Property 1 Accrued Severance - Amounts due to Insiders - --------- Total Postpetition Liabilities 3,222 Prepetition Liabilities: Secured Debt 47,910 Priority Debt - Unsecured Debt 113,303 --------- Total Prepetition Liabilities 161,214 EQUITY: Owners Capital 302,123 Retained Earnings - Prepetition (339,643) Retained Earnings - Postpetition - Accumulated Depreciation (72) --------- TOTAL LIABILITIES AND EQUITY $126,844 ========= Cadence Innovation LLC Unaudited Operating Statement Month Ended August 31, 2008 Total Revenue/Sales $4,760 Cost of Sales 4,018 --------- Gross Profit 0 Expenses: Advertising - Auto and Truck Expense - Bad Debts - Contributions - Employee Benefit Programs 221 Insider Compensation 27 Insurance 13 Management Bonuses - Office Expenses - Pension and Profit Sharing Plans - Professional Fees - Non Bankruptcy 17 Repairs and Maintenance 3 Rent and Lease Expense 97 Salaries/Commissions/Fees 178 Supplies, Office Expense, etc 1 Taxes-Payroll 61 Taxes-Real Estate 5 Taxes-Other - Travel and Entertainment 7 Utilities - Other 49 --------- Total Expenses 679 Depreciation 41 --------- Net Operating Profit (Loss) 23 Other Income - Interest Expense 22 Gain/Loss from discontinued operations 7 Intercompany transfers - --------- Net Profit (Loss) before reorganization items (7) Reorganization items Professional Items 65 Trustee Fees - Interest earned on accumulated cash - --------- Total Reorganization Expenses 65 Income Taxes - --------- NET INCOME/(LOSS) ($72) ========= Cadence Innovation LLC Schedules of Receipts and Disbursements For the month ended August 31, 2008 Cash - Beginning of Month $2,362 Receipts: Cash Sales - Accounts Receivable 2,932 Loans and Advances 5,251 Sale of Assets - Other - --------- Total Receipts 8,183 Disbursements: Net Payroll 877 Payroll Taxes 350 Sales, Use and other Taxes - Inventory Purchases 5,078 Employee Expenses 32 Insurance 65 Purchased Services 12 Other 8 Operating and Maintenance Supplies 43 Owner Draw - Legal and Professional Fees 1 U.S. Trustee Quarterly Fees - Court Costs 10 --------- Total Disbursements 6,476 --------- Net Cash Flow 1,707 --------- Cash - End of Month $4,609 ========= New Venture Real Estate Holdings, LLC Unaudited Balance Sheet As of August 31, 2008 ASSETS: Cash - Accounts Receivable, Net - Manufacturing Inventories, Net - Tooling Inventories, Net - I/C Receivable/Payable $40,768 Prepaid Expenses and other current assets - Professional Retainers - Assets held for Sale - --------- Total current assets 40,768 Property, Plant & Equipment Capital Leases - Land - Building and Improvements - Machinery & Equipment - Office & Transportation Equipment - Construction-in-Progress - --------- Total Property, Plant and Equipment - Accumulated Depreciation - --------- Net Property, Plant and Equipment - Loans to Insiders - Intangible Assets, Net - Other Non-current Assets - --------- TOTAL ASSETS $40,768 ========= LIABILITIES: Postpetition Liabilities: Accounts Payable - Accrued Accounts Payable - Accrued Wages - Accrued Taxes - Payroll - Accrued Fringe Benefits - Accrued Taxes - Property - Accrued Severance - Amounts due to Insiders - --------- Total Postpetition Liabilities - Prepetition Liabilities: Secured Debt - Priority Debt - Unsecured Debt - --------- Total Prepetition Liabilities - EQUITY: Owners Capital - Retained Earnings - Prepetition 40,768 Retained Earnings - Postpetition - Accumulated Deficit - --------- TOTAL LIABILITIES AND EQUITY $40,768 ========= About Cadence Innovation Headquartered in Troy, Michigan, Cadence Innovation LLC -- http://www.cadenceinnovation.com/-- manufactures and sells auto parts to its customers GM and Chrysler. The company has at least 4,200 employees in the United States and Europe, including Hungary and Czech Republic. The company and its debtor-affiliate, New Venture Real Estate Holdings, LLC, filed for Chapter 11 reorganization on Aug. 26, 2008 (Bankr. D. Del. Lead Case No. 08-11973). Norman L. Pernick, Esq. and Patrick J. Reilley, Esq., at Cole, Schotz, Meisel, Forman & Leonard, represent the Debtors as counsel. When the Debtors filed for protection from their creditors, they listed assets of between $10 million and $50 million, and debts of between $100 million and $500 million. (Cadence Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) HINES HORTICULTURE: Hines Nurseries Files Sept. Operating Report ---------------------------------------------------------------- Hines Nurseries Inc., a wholly owned subsidiary of Hines Horticulture Inc., filed with the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for the period from Aug. 20, 2008, to Sept. 28, 2008. The company reported a net loss of $4.7 million on net sales of $8.1 million for the period from Aug. 20, 2008, to Sept. 28, 2008. At Sept. 28, 2008, the company's company's balance sheet showed $257.0 million in total assets and $277.3 million in total liabilities, resulting in a shareholders' deficit of $20.3 million. A full-text copy of the company's operating report for the period from Aug. 20, 2008, to Sept. 28, 2008, is available for free at: http://researcharchives.com/t/s?3465 About Hines Horticulture Headquartered in Irvine, California, Hines Horticulture, Inc. -- http://www.hineshorticulture.com/-- operates nursery facilities located in Arizona, California, Oregon and Texas. Through its affiliate, the company produces and distributes horticultural products. The company and its affiliate, Hines Nurseries, Inc., filed for Chapter 11 protection on Aug. 20, 2008 (Bankr. D. Del. Case No.08-11922). Anup Sathy, Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent the Debtors in their restructure efforts. Robert S. Brady, Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor, serve as the Debtors' co-counsel. The Debtors selected Epiq Bankruptcy Solutions LLC as their voting and claims agent, and Financial Balloting Group LLC as their securities voting agent. When the Debtors filed for protection from their creditors, they listed assets and debts of between $100 million and $500 million each. LEVITT & SONS: Files Operating Report for Month Ended Sept. 30 --------------------------------------------------------------- Levitt & Sons, LLC Monthly Financial Report for Business For the Period September 1 - 30, 2008 Cash, beginning of period $914,477 Receipts: Cash sales 0 Collection on postpetition A/R 0 Collection on prepetition A/R 0 Other receipts 90,202 -------------- Total receipts 90,202 Total cash available for operations 1,004,680 Disbursements: U.S. Trustee quarterly fees 0 Net payroll 0 Payroll taxes paid 0 Sales and use taxes 0 Other taxes 0 Rent 0 Other leases 0 Telephone 0 Utilities 1,089 Travel & entertainment 0 Vehicle expenses 0 Office supplies 0 Advertising 0 Insurance 0 Purchases of fixed assets 0 Purchases of inventory 0 Manufacturing supplies 0 Repairs & maintenance 0 Payments to secured creditors 0 Other operating expenses 410,595 -------------- Total cash disbursements 411,685 -------------- Ending Cash Balance $592,995 ============== About Levitt and Sons Headquartered in Fort Lauderdale, Florida, Levitt and Sons LLC -- http://www.levittandsons.com/-- is the homebuilding subsidiary of Levitt Corporation (NYSE:LEV). Levitt Corp. -- http://www.levittcorporation.com/-- together with its subsidiaries, operates as a homebuilding and real estate development company in the southeastern United States. The company operates in two divisions, homebuilding and land. The homebuilding division primarily develops single and multi-family homes for adults and families in Florida, Georgia, Tennessee, and South Carolina. The land division engages in the development of master-planned communities in Florida and South Carolina. Levitt and Sons LLC and 38 of its homebuilding affiliates filed for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at Berger Singerman, P.A., represent the Debtors in their restructuring efforts. The Debtors chose AP Services, LLC as their crisis managers, and Kurtzman Carson Consultants, LLC as their claims and noticing agent. Levitt Corp., the parent company, is not included in the bankruptcy filing. The Debtors have filed a Chapter 11 joint plan of liquidation. (Levitt and Sons Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). LEVITT & SONS: Wachovia Debtors' September 2008 Financial Reports ----------------------------------------------------------------- Soneet R. Kapila, the chief administrator of the Wachovia Debtors, delivered to the Court financial reports for the period from Sept. 1 to 31, 2008, in accordance with the Guidelines established by the United States Trustee and FRBP 2015. Cash Cash At Beginning Ending Debtor of Period Balance ------ ------------ ----------- Levitt and Sons of Cherokee $442,094 $329,521 County, LLC Levitt and Sons of Hall 107,885 6,167 County, LLC Levitt and Sons of Horry 559,199 296,858 County, LLC Levitt and Sons of Manatee 1,261,453 590,610 County, LLC Levitt and Sons of Paulding 172 20,109 County, LLC Levitt and Sons at World 1,310,035 916,409 Golf Village, LLC Mr. Kapila said that he maintains a general operations account under LAS Cherokee County utilized to fund the Wachovia Debtors. About Levitt and Sons Headquartered in Fort Lauderdale, Florida, Levitt and Sons LLC -- http://www.levittandsons.com/-- is the homebuilding subsidiary of Levitt Corporation (NYSE:LEV). Levitt Corp. -- http://www.levittcorporation.com/-- together with its subsidiaries, operates as a homebuilding and real estate development company in the southeastern United States. The company operates in two divisions, homebuilding and land. The homebuilding division primarily develops single and multi-family homes for adults and families in Florida, Georgia, Tennessee, and South Carolina. The land division engages in the development of master-planned communities in Florida and South Carolina. Levitt and Sons LLC and 38 of its homebuilding affiliates filed for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at Berger Singerman, P.A., represent the Debtors in their restructuring efforts. The Debtors chose AP Services, LLC as their crisis managers, and Kurtzman Carson Consultants, LLC as their claims and noticing agent. Levitt Corp., the parent company, is not included in the bankruptcy filing. The Debtors have filed a Chapter 11 joint plan of liquidation. (Levitt and Sons Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). LUMINENT MORTGAGE: Files Operating Reports for September 2008 ------------------------------------------------------------- Luminent Mortgage Capital Inc. and ten of its debtor-affiliates filed with the U.S. Bankruptcy Court for the District of Maryland their monthly operating reports for the month of September 2008. Luminent Mortgage Capital reported net income of $2,038,886 on net interest income (expense) of ($1,604,515). Results for the period included gains in fair value of securities of $3,957,452 and asset management fees of $49,134. At Sept. 30, 2008, Luminent Mortgage Capital's balance sheet showed $1,960,516 in total assets and $374,868,632 in total liabilities, resulting in a $372,908,116 stockholders' deficit. A full-text copy of the Debtors' monthly operating reports for the month of September 2008, is available for free at: http://researcharchives.com/t/s?3466 About Luminent Mortgage Luminent Mortgage Capital, Inc. (OTCBB: LUMCE) is a real estate investment trust, or REIT, which, together with its subsidiaries, has historically invested in two core mortgage investment strategies. Under its Residential Mortgage Credit strategy, the company invests in mortgage loans purchased from selected high- quality providers within certain established criteria as well as subordinated mortgage-backed securities and other asset-backed securities that have credit ratings below AAA. Under its Spread strategy, the company invests primarily in U.S. agency and other highly-rated single-family, adjustable-rate and hybrid adjustable- rate mortgage-backed securities. Luminent and nine subsidiaries filed Sept. 5, 2008, for relief under Chapter 11 of the U.S Bankruptcy Code in the United States Bankruptcy Court for the District of Maryland, Baltimore Division (Lead Case No. 08-21389). Immediately prior to the filing, the Debtor executed a Plan Support and Forbearance Agreement with secured creditor Arco Capital Corp., Ltd., WAMU Capital Corp. and convertible noteholders representing 100% of the outstanding principal amount of its convertible notes. Bloomberg News reports that Luminent listed debts of $484,100,000 and assets of $13,400,000 as of July 31, 2008. Bloomberg adds that 30 largest unsecured creditors are owed a total of $221,800,000. Wells Fargo & Co., indenture trustee for Luminent's 8-1/8% bonds due in 2027, is listed as the largest unsecured creditor. The principal amount owed under the bonds is $90,000,000, Bloomberg says. Luminent and its debtor-subsidiaries continue to operate their business as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. NEUMANN HOMES: Files Operating Report for Month Ended September 30 ------------------------------------------------------------------ Neumann Homes, Inc., et al. Receipts and Disbursements Month Ended September 30, 2008 Beginning Balance in All Accounts: Neumann Citibank Operating Account $113,438 Neumann Bank of America - old accounts (various) - Neumann Citibank - Customer Earnest Money Account 15 Neumann Citibank - Funding/Dip Account 52,530 Neumann Petty Cash Account - Neumann Citibank - Dip Funding - Professional Account - Restricted - Neumann Citibank - Glen at Lakemoor EM Account 1,226 Restricted - Neumann Citibank - Clublands - Antioch Clubhouse 157,077 Restricted - IndyMac Escrow Acct - NeuVillage 125,609 Restricted - Chicago Title Escrow Account - Closed Homes 224,436 Restricted - Chicago Title Escrow Account - Lender Funded 1,377,147 Restricted - Citibank - Worker Comp Escrow 8,510 Restricted - NHI KERP Account 108,921 Restricted - Land Title Guarantee Escrow 13,268 ---------- $2,182,178 ---------- Receipts: Operating Account 505,687 Customer Earnest Money Account-Ckg - Customer Earnest Money Account-MM - Funding/Dip Account - Neumann Petty Cash Account 1,216 Glen at Lakemoor EM Account 1 Clublands Antioch Clubhouse Account 223 Dip Funding-Professional Account - Restricted Escrow held by CTI - Lender Funding - IndyMac Escrow for L/C-Leona's NeuVillage - Restricted Escrow held by CTT(closings) - NHI Worker Comp Escrow - NHI KERP Account - Other Receipts - ---------- $507,127 Disbursements: Net Payroll: Officers - Others (39,721) ---------- (39,721) Taxes: Federal Income Tax Withholding (7,273) FICA/Medicare Withholdings EE (2,246) Employer's FICA/Medicare ER (2,246) Federal Unemployment Taxes ER - State Income Tax Withholding (1,413) State Unemployment Taxes ER - ---------- (13,177) Necessary expenses: Rent or mortgage payment(s) (20,355) Utilities & phones (645) Insurance 0 Merchandise/services bought for manufacture/sale Other: Payroll Services (871) Benefit Related including flex spending (5,309) Miscellaneous (3,111) Mileage (104) Postage, shipping, copying Worker Comp Claims (646) House Trades (220) Other - Transfer (13,268) Supplies & Storage & Misc. (22,950) Temporary Labor Release of homeowner escrows Consulting services (29,135) US Trustee Fees Legal - Professional Fees (388,571) Professional tax service fees Filing Fees, Extension Fees (25) Payroll tax adjustment ---------- (485,210) ---------- Total Disbursements: (538,108) ---------- Net Receipts (Disbursements) for the Current period (30,981) ----------- Ending Balance in All Accounts $2,151,197 =========== Headquartered in Warrenville, Illinois, Neumann Homes Inc. -- http://www.neumannhomes.com/-- develops and builds residential real estate throughout the Midwest and West US. The company is active in the Chicago area, southeastern Wisconsin, Colorado, and Michigan. The company has built more than 11,000 homes in some 150 residential communities. The company offers formal business training to employees through classes, seminars, and computer- based training. The company filed for Chapter 11 protection on Nov. 1, 2007 (Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors has selected Paul, Hastings, Janofsky & Walker LLP, as its counsel in these bankruptcy proceeding. When the Debtors filed for protection from its creditors, they listed assets and debts of more than $100 million. (Neumann Bankruptcy News, Issue No. 24; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) SEMGROUP LP: Files Schedules of Assets and Liabilities ------------------------------------------------------ A. Real Property $0 B. Personal Property B.1 Cash on hand 0 B.2 Bank accounts Bank of Montreal 611,315 Bank of Oklahoma (1,401,658) Bank of Oklahoma 13,076,672 Bank of Oklahoma 188,253 Bank of Oklahoma - Fidelity 893,095 B.5 Book, artwork and collectibles Artwork - Tulsa, OK 462,524 Sculpture - Tulsa, OK 215,000 Artwork - Houston, TX 77,060 Framing - Tulsa, OK 9,296 Paintings - Houston, TX 783 Oil Painting - Tulsa, OK 633 B.9 Insurance policies NW Mutual Plan 288,848 Pacific Life Plan 6,764,135 B.16 Accounts Receivable 183,421 B.18 Other liquidated debts owing Debtor Eaglwing Trading LLC 1,079,412,568 SemFuel 695,998,285 SemMaterials LP 567,432,686 SemStream 374,847,162 SemManagement LLC 218,362,777 SemGas LP 187,859,514 SemCAMS ULC 59,072,382 Wyckoff Gas Storage Co. LLC 40,141,590 SemCap LLC 19,345,813 SemDevelopment LLC 18,413,547 White Cliffs Pipeline LLC 15,040,132 SemGroup Holdings LP 12,941,624 SemGreen LP 11,841,369 SemEuro Supply 10,872,531 SemGroup Energy Partners LLC 2,149,312 SemLogistics - Milford Haven 1,494,733 SemGas - Davis Gathering 1,074,233 SemMaterials Energy Partners LLC 433,554 SemTrucking 395,381 SemGas Storage LLC 358,314 Rocky Cliffs Pipeline LLC 300,000 SemStream Arizona Payson 217,450 SemEuro Limited 137,488 SemPipe LP 83,084 SemStream Arizona Page 68,283 SemStream Subsidiary Holding LLC 63,227 SemGroup Energy Partners LP 44,995 Woodford Midstream LLC 2,723 SemOperating GP 50 Grayson Pipeline LLC 38 SemProducts LLC 17 B.22 Patents Undetermined B.28 Office equipment Computer Equipment - Tulsa, OK 1,252,094 Computer Equipment - Houston, TX 4,411 Computer Software - Tulsa, OK 2,999,173 Furniture and Fixtures - Tulsa, OK 4,788,522 Furniture and Fixtures - Denver, CO 15,942 Other - Tulsa, OK 16,399 B.35 Other personal property Note Receivable from SemCAMS 222,513,402 NYMEX Shares 12,297,000 Prepaid Margin Deposit - Bank of Oklahoma 11,081,500 Prepaid Insurance 1,273,425 Prepaid Long-term Insurance 1,114,058 Prepaid Margin Deposit - Prudential 154,451 TOTAL SCHEDULED ASSETS $3,597,284,616 ======================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims Revolver - Bank of America 668,272,918 Working Capital Facility - Bank of America 1,727,039,611 Term B Note - Bank of America 142,969,106 Liens Undetermined Financial Trades - Secured ABN Amro 1,313,334 Bank of Montreal 18,720,729 Bank of Nova Scotia 1,455,000 Bank of Oklahoma 75,247,815 BNP Paribas 2,504,938 BNP OTC 10,952,525 Calyon OTC 55,395,270 CITI 10,677,225 Fortis 225,426,990 Merrill Lynch 55,622,630 Sovereign Bank 35,431 Union Bank of California 20,109,250 US Bank 2,714,903 E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims Senior Notes - HSBC Bank USA, N.A. 609,558,424 Remaining Accounts Payable Alzheimer's Association 18,500 APARAA Corp. 213,082 AT&T Mobility 47,015 Avcard 13,976 Baker Botts L.L.P. 162,389 Bentek Energy LLC 50,000 Blake Cassels & Graydon LLP 62,249 Brandt Commercial Properties, Inc. 10,000 Centrics IT 16,105 Christian Ministers Alliance, Inc. 25,000 Coleman Technologies, Inc. 96,252 Commerce Construction Services 19,920 Dell Marketing LP 64,251 Deloitte Consulting LLP 94,134 Dornblaser Consulting 21,725 Ernst & Young LLP 69,259 Events by Lisa 30,500 Ford Audio-Video Systems, Inc. 26,627 Framemaker 10,217 Fuelquest, Inc. 12,412 Grant Thornton LLP 192,300 HR Plus 11,516 Impulsora y Promotora Deportiva 287,500 Kelly S. Matthew LLC 19,020 Krutka Fitness Programs 10,438 Lorena Ochoa Reyes 37,500 Lucidity Consulting Group LP 12,469 McKenzie Interiors LLC 15,524 Oklahomans for Equality 10,000 Phillips & Bacon, Inc. 13,949 Presidio Networked Solutions 16,084 PricewaterhouseCoopers LLP 308,415 Redlee SCS, Inc. 14,363 Renaissance Tulsa Hotel & Convention 74,480 Resources Global Professionals 42,490 Scott Rice 214,329 Show Me Tours 44,000 Tax Prism LLC 12,008 TEK Systems 13,461 Tulsair Beechcraft, Inc. 198,962 Vertex, Inc. 19,000 Vietman Partners LLC 19,526 Watson Wyatt Data Services 12,400 Others 364,045 Financial Trades - Unsecured Cargill 17,895,617 Shell 2,862,000 Vitol, Inc. 1,126,875 Litigation Claims Unliquidated Supplemental Executive Retirement Program 13,500,000 Intercompany Liabilities Chemical Petroleum Exchange 19,485 KC Asphalt 17,559,546 SemCanada Crude Co. 32,148,467 SemCanada Energy Co. 3,810,326 SemCrude 912,828,344 SemCrude Pipeline LLC 49,000,644 SemGas Gathering LLC 7,125,865 SemGroup GP 237,777 SemKan LLC 15,440,639 SemPipe (Private) 8,534,525 TOTAL SCHEDULED LIABILITIES $4,713,133,601 ======================================================= About SemGroup SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland, and Vietnam. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08- 11525). These represent the Debtors' restructuring efforts: John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq. at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC, and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on Nov. 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. (SemGoup Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEMGROUP LP: SemCanada's Schedules of Assets and Liabilities ------------------------------------------------------------ A. Real Property $0 B. Personal Property 0 TOTAL SCHEDULED ASSETS $0 ========================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims Revolver - Bank of America 668,272,918 Working Capital Facility - Bank of America 1,727,039,611 Term B Notes - Bank of America 142,969,106 Liens Undetermined E. Creditors Holding Unsecured Priority Claims F. Creditors Holding Unsecured Non-priority Claims Contingent Claim - Senior Notes HSBC Bank USA, N.A. 609,558,424 TOTAL SCHEDULED LIABILITIES $3,147,840,059 ========================================================= About SemGroup SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland, and Vietnam. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08- 11525). These represent the Debtors' restructuring efforts: John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A. Mayer, Esq., at Weil Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on Nov. 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. (SemGoup Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEMGROUP LP: SemCrude Files Schedules of Assets and Liabilities --------------------------------------------------------------- A. Real Property 81st and Harvard in Tulsa, OK $766,937 9080E Deep Rock Rd., in Cushing, OK 143,228 Rural (no address), Kansas 10,000 B. Personal Property B.1 Cash on hand Petty Cash - Semcrude Dumas 1st State 4,884 B.2 Bank accounts Bank of America, Boston, MA 42,283 Bank of Oklahoma, Tulsa, OK 53,882,718 Bank of Oklahoma, Tulsa, OK (11,549) Bank of Oklahoma, Tulsa, OK 4,068 Bank of Oklahoma, Tulsa, OK 0 Bank of Oklahoma, Tulsa, OK 62,546 First State Bank, Dumas, TX 4,884 B.3 Security deposit Other Deposit -- Oklahoma Severance Tax 922,215 Other Deposit -- New Mexico Severance Tax 74,337 Rent Deposit -- C. B. Richard Ellis 32,878 Rent Deposit -- C. B. Richard Ellis 4,345 B.5 Book, artwork and collectibles 17,225 B.14 Interests in partnerships & joint venture Undetermined B.16 Accounts receivable J Aron 89,776,874 Conocophillips 31,408,406 Sunoco 26,050,088 Plainsmkg 22,729,617 Ncra 17,568,788 Frontier 14,430,414 Chevrontexaco 11,437,876 Tesoro Refining 11,436,807 BP Oil 10,396,230 Valero 9,632,135 Merrill Lynch 8,297,448 Interstate 5,001,254 Occidental 4,799,940 Ventura 2,662,797 Calcasieu 1,747,685 Western Ref 1,462,619 Teppco 1,300,167 C P Energy 1,056,439 Oasis 955,875 DCP NGL 866,528 Dumas Services 586,314 Cimmaron Trans 555,695 Age Refining 389,298 Silver Eagle 334,552 Gulfmark 245,597 Genesis 143,368 Big West Oil 133,272 Dufour 73,431 Eastex 66,359 LPC 23,836 Special 23,743 Nexen Market 11,247 B.18 Other liquidated debts owing debtor SemGroup LP 912,774,093 SemCanada Crude Co 60,255,802 SemGroup Holdings LP 50,000,000 SemStream 20,541,344 SemFuel 4,107,584 SemEuro Supply 1,707,543 K C Asphalt 874,630 SemPipe (Private) 749,069 SemGas LP 125,048 SemTrucking 112,183 SemKan LLC 32,696 SemGas Gathering LLC 30,384 SemGroup Energy Partners LP 30,000 SemStream Arizona Payson 12,523 Wyckoff Gas Storage Co., LLC 6,235 B.25 Vehicles Road Tractor 285,975 Trailers 484,796 Vehicles 933,513 Vehicles 6,250 B.28 Office equipment Computer Equipment -- Williston, Nd 17,009 Computer Equipment -- Oklahoma 65,620 Computer Equipment -- Okla City, Ok 13,800 Computer Software -- Williston, Nd 36 Computer Software -- Tulsa, Ok 27,063 Computer Software -- Oklahoma 110,574 Furniture & Fixtures -- Okla City, Ok 11,330 Furniture & Fixtures -- Houston, Tx 46,401 Labor And Materials -- Oklahoma 14,339 Labor And Materials -- Okla City, Ok 16,792 Materials -- Oklahoma 38,739 Materials -- Okla City, Ok 133 Materials -- Cushing, Ok 84 B.29 Equipment and supplies for business Machinery & Equipment -- Kansas 87,913 Machinery & Equipment -- Oklahoma 113,291 Machinery & Equipment -- Abilene, Tx 1,967 Pipeline Facility -- Shawnee, Ok 482 Pipeline Facility -- Billings, Ok 149 Pipeline Facility -- Blackwell, Ok 3,056 Pipeline Facility -- Cushing, Ok 15,404 Pipeline Facility -- El Dorado, Ks 562 Pipeline Facility -- Kansas 8,980,348 Pipeline Facility -- Lyons, Ks 856 Pipeline Facility -- Manchester, Ok 1,389 Pipeline Facility -- Okla City, Ok 134,472 Pipeline Facility -- Seminole, Ok 3,529 Pipeline Facility -- Stafford, Ks 5,140 Pipeline Facility -- Sterling, Ks 621 Pipeline Facility -- Texas City, Tx 2,966,667 Pipeline Facility -- Tulsa, Ok 0 Pipeline Facility -- Velma, Ok 1,297 Pipeline Facility -- Wellington, Ks 14,625 Pipeline Facility -- Wichita, Ks 31,947 Pipeline Facility -- Oklahoma 4,950,697 Storage Tanks -- Williston, Nd 332,608 Storage Tanks -- Colorado 1,550,872 Storage Tanks -- Kansas 139,095 Storage Tanks -- North Dakota 2,019,529 Storage Tanks -- Oklahoma 25,216,198 B.30 Inventory Centurion Pl West Texas - Sour 4,950,091 Enbridge N. D. North Dakota - Sweet 4,038,148 Jayhawk Hk Kansas - Sweet 2,031,110 Jayhawk Lb Kansas - Sweet 1,434,746 Jayhawk Sc Kansas - Sweet 2,416,419 Jayhawk Tg Kansas - Sweet 3,402,862 Kaw Hz Kansas - Sweet 3,159,536 Kaw Marimac Kansas - Sweet 1,990,423 Kaw Plainville Kansas - Sweet 7,597,266 Midcon Oklahoma - Sweet 6,551,324 Plains Ok Pl Oklahoma - Sweet 12,140,756 Plains Pl Kansas - Sweet 4,267,505 Sempipe East Texas - Sweet 45,398,496 Sem-Pl Kansas - Sweet 14,203,649 Sem-Pl-Deadstk Kansas - Sweet 8,993,395 Sem-Pl-Deadstk Oklahoma - Sweet 56,907,289 Sem-Pl-Ks-Lf Kansas - Sweet 21,728,776 Sem-Pl-Ksok-Lf Kansas - Sweet 1,421,637 Sem-Pl-Ok-Lf Oklahoma - Sweet 20,140,473 Teppco Midland West Texas - Sweet 1,683,229 Teppco Pl West Texas Intermediate - Sweet 1,042,426 Others 8,251,476 Various Inventory Reserves and Adjustments (49,970,942) B.35 Other personal property Note Receivable - Special Exploration 6,754,676 Prepaid Expenses 1,300,000 Prepaid Insurance 441,258 Derivative Contracts Undetermined TOTAL SCHEDULED ASSETS $1,623,846,022 ======================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims BofA -- Revolver 668,272,918 BofA -- Working Capital Facility 1,737,039,611 BofA -- Term B Notes 142,969,106 BofA -- UCC Lien Undetermined Abn Amro 1,313,334 Bank of Montreal 18,720,729 Bank of Nova Scotia 1,455,000 Bank of Oklahoma 75,247,815 BNP Paribas -- Paris, France 2,504,938 BNP_OTC 10,952,525 Calyon_OTC -- France 55,395,270 Citi 10,677,225 Fortis 225,426,990 Merrill Lynch 55,622,630 Sovereign Bank 35,431 Union Bank of California 20,109,250 US Bank -- Energy Industries Division 2,714,903 E. Creditors Holding Unsecured Priority Claims Tax Claims 0 Producer Claims 92,498,560 Accounts Payable 134,524,152 F. Creditors Holding Unsecured Non-priority Claims Senior Notes -- HSBC Bank US, N.A. 609,558,424 Producer Claims 228,036,486 Accounts Payable -- Producer Claims 45,382,430 Remaining Accounts Payable 165,465,241 Financial Trades -- Unsecured 2,862,000 Intercompany Liabilities 233,884,912 Overlap Adjustment (74,526,100) TOTAL SCHEDULED LIABILITIES $4,456,143,779 ======================================================== About SemGroup SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland, and Vietnam. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08- 11525). These represent the Debtors' restructuring efforts: John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on Nov. 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. (SemGoup Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEMGROUP LP: SemManagement's Schedules of Assets and Liabilities ---------------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on hand 0 B.2 Bank accounts Bank of Oklahoma (571) B.18 Other liquidated debts owing Debtor SemMaterials LP 104,274,617 SemCrude 45,285,575 SemFuel 31,918,797 SemStream 17,686,149 SemGroup Energy Partners, LLC 6,309,209 SemGas LP 6,254,602 SemTrucking 3,987,795 SemMaterials Energy Partners, LLC 1,052,680 SemStream Arizona Payson 897,789 SemPipe - Private 668,306 SemKan LLC 584,104 SemStream Arizona Page 259,767 Wyckoff Gas Storage Co. LLC 248,587 SemGas Gathering LLC 217,268 SemPipe LP 211,378 SemGroup Energy Partners LP 174,085 SemGreen LP 28,330 SemGas Storage LLC 14,436 Woodford Midstream LLC 10,028 TOTAL SCHEDULED ASSETS $220,082,931 ========================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims Revolver 668,272,918 Working Capital Facility 1,727,039,611 Term B Notes 142,969,106 Liens Undetermined E. Creditors Holding Unsecured Priority Claims F. Creditors Holding Unsecured Non-priority Claims Senior Notes - HSBC Bank USA, N.A. 609,558,424 Litigation Claims - Martha R. Lord Unliquidated Intercompany Liabilities Chemical Petroleum Exchange 160,693 SemGroup LP 218,363,146 TOTAL SCHEDULED LIABILITIES $3,366,363,898 ========================================================= About SemGroup SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland, and Vietnam. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08- 11525). These represent the Debtors' restructuring efforts: John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq. at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A. Mayer, Esq. at Weil Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on Nov. 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. (SemGoup Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEMGROUP LP: SemCrude Files Operating Report For August 2008 ------------------------------------------------------------ SemCrude, L.P., et al. Consolidated Balance Sheet As of August 31, 2008 (In thousands) ASSETS Cash $379,403 Accounts receivable 1,203,024 Inventories 480,930 Derivative asset 23,599 Margin deposits - Income taxes receivable - Deferred tax asset - Receivable from affiliate 149,337 Other current assets 128,905 Intercompany - ---------- Total current assets 2,365,198 ---------- Property, plant and equipment 563,999 Accumulated depreciation (111,461) Pipeline linefill 34,502 ---------- Net property, plant and equipment 487,040 ---------- Investment in subsidiaries 370,758 Long-term derivative assets - Goodwill 59,715 Investment in affiliates (378,576) Deferred tax asset 1,062 Other assets, net 335,878 ---------- Total Assets $3,241,075 ========== LIABILITIES AND PARTNERS' CAPITAL Subject to Compromise: Accounts payable $1,019,094 Book overdrafts - Accrued liabilities 1,089,958 Income taxes payable - Deferred revenue - Deferred income taxes - Derivative liabilities 1,175 Current portion of long-term debt 150,000 ---------- Current liabilities subject to compromise 2,260,227 Revolver facility 665,000 Working capital facility 1,597,883 Term B notes 141,274 Capital lease obligations - Other obligations - Note payable to parent - Senior notes 600,000 Deferred tax liability - Long-term derivative liabilities - Asset retirement obligation - Pension obligations - Other long-term liabilities 3,259 Minor interest - Liabilities Not Subject to Compromise: Accounts payable 291,904 Book overdrafts - Accrued liabilities 41,420 Income taxes payable - Deferred revenue 1,375 Deferred income taxes - Derivative liabilities 4,517 Current portion of long-term debt 120,909 ---------- Total current liabilities 460,125 Revolver facility - Working capital facility - Term B notes - Capital lease obligations 1,969 Other obligations - Note payable to parent - Senior notes - Deferred tax liability - Long-term derivative liabilities - Asset retirement obligation - Pension obligations 13,228 Other long-term liabilities 304 Minor interest - ---------- Accum. other comprehensive income 10,817 Partners' capital (2,513,011) ---------- Total partners' capital (2,502,194) ---------- Total liabilities and partners' capital $3,241,075 ========== SemCrude, L.P., et al. Consolidated Statement of Operations Month Ended August 31, 2008 (In thousands) Sales Operating Outside Sales Product Sales $410,944 Services 2,116 Other Operating Revenue 3,799 ---------- Total Outside Operating Sales 416,859 Trading Activity (34,044) ---------- Total Outside Operating Revenue 382,815 Operating Revenue Intercompany 22,019 ---------- Total Operating Revenue 404,834 Unrealized G/L on Derivatives 16,379 ---------- Total Revenue 421,213 Cost of Goods Sold Products 395,729 Transportation & Fuel 3,435 Other 15,674 ---------- Total Outside Cost of Goods Sold 414,838 Cost of Goods Sold Intercompany 30,767 ---------- Total Cost of Sales 445,605 ---------- Gross Profit (24,392) Operating Expenses Wages & Benefits 3,353 Field Expenses 3,717 Maintenance & Repairs 207 Outside Services 1,236 Property & Equipment Leases & Rents 6,422 Insurance Permits Licenses Taxes 535 Office 186 Travel Lodging Meetings 128 Other (444) ---------- Total Operating Expenses 15,340 General & Administrative Expenses Wages & Benefits 10,691 Miscellaneous - Maintenance & Repairs 101 Outside Services (2,185) Property & Equipment Leases & Rents 460 Insurance Permits Licenses Taxes 1,038 Office 433 Travel Lodging Meetings (13,629) Other (721) ---------- Total General & Administrative Expenses (3,812) ---------- Earnings before Interest Taxes Depr. Amort. (35,920) ---------- Other (Income) Expenses Interest Income (15) Other Income 6,395 Foreign Currency Transacion (Income) Loss 316 Interest Expense (1,033) Depreciation 4,266 Amortization 1,683 Reorganization 340,600 ---------- Net Profit (Loss) ($388,132) ========== SemCrude, L.P., et al. Cash Receipts and Disbursements August 1, 2008, through August 31, 2008 Cash Receipts SemCrude, L.P. $54,581,529 SemCrude Pipeline, LLC 5,488 SemGas Gathering LLC 948,704 SemKan LLC 749,833 SemFuel 96,695,096 SemManagement LLC - SemGas Storage LLC - SemMaterials LP 144,272,230 SemGas LP 13,504,749 SemTrucking 56,783 SemStream 113,344,662 SemGroup LP 805,430 ------------ Total Cash Receipts 424,964,505 Cash Sweeps SemCrude, L.P. 18,452,857 SemCrude Pipeline, LLC (120,527) SemGas Gathering LLC (947,185) SemKan LLC (718,440) SemFuel (47,565,427) SemManagement LLC 11,153,981 SemGas Storage LLC - SemMaterials LP (111,165,327) SemGas LP (10,710,833) SemTrucking (55,194) SemStream (25,076,888) SemGroup LP 191,705,979 ------------ Total Cash Sweeps 24,952,998 Cash Disbursements SemCrude, L.P. (76,331,017) SemCrude Pipeline, LLC (39,060,156) SemGas Gathering LLC (2,669) SemKan LLC (33,866) SemFuel (52,527,257) SemManagement LLC (11,405,042) SemGas Storage LLC 32 SemMaterials LP (85,373,149) SemGas LP (5,154,472) SemTrucking (2,207) SemStream (88,108,485) SemGroup LP (38,582,941) ------------ Total Cash Disbursements (396,581,229) ------------ Grand Total $28,031,178 ============ About SemGroup SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland, and Vietnam. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08- 11525). These represent the Debtors' restructuring efforts: John H. Knight, Esq., L. Katherine Good, Esq., and Mark D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq., at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A. Mayer, Esq., at Weil Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on Nov. 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. (SemGoup Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEMGROUP LP: SemCrude Posts Amended Net Loss of $280MM for July --------------------------------------------------------------- SemCrude L.P. and affiliates delivered to the United States Bankruptcy Court for the District of Delaware an amendment to their consolidated income statement for the month ended July 31, 2008. According to Terrence Ronan, acting president and chief executive officer of the Debtor, the amendment corrects mathematical errors that were discovered subsequent to the filing of their July 2008 Monthly Operating Report. SemCrude, L.P., et al. Consolidated Statement of Operations Month Ended July 31, 2008 (In thousands) Sales Operating Outside Sales Product Sales $988,155 Services 2,061 Other Operating Revenue 2,869 ---------- Total Outside Operating Sales 993,085 Trading Activity (426,560) ---------- Total Outside Operating Revenue 566,525 Operating Revenue Intercompany 27,327 ---------- Total Operating Revenue 593,852 Unrealized G/L on Derivatives 148,781 ---------- Total Revenue 742,633 Cost of Goods Sold Products 948,347 Transportation & Fuel 4,489 Other 1,215 ---------- Total Outside Cost of Goods Sold 954,051 Cost of Goods Sold Intercompany 15,892 ---------- Total Cost of Sales 965,943 ---------- Gross Profit (227,310) Operating Expenses Wages & Benefits 3,773 Field Expenses 3,811 Maintenance & Repairs 189 Outside Services 1,536 Property & Equipment Leases & Rents 6,726 Insurance Permits Licenses Taxes 586 Office 183 Travel Lodging Meetings 226 Other (287) ---------- Total Operating Expenses 16,743 General & Administrative Expenses Wages & Benefits 1,759 Miscellaneous - Maintenance & Repairs 138 Outside Services 7,289 Property & Equipment Leases & Rents 594 Insurance Permits Licenses Taxes 167 Office 586 Travel Lodging Meetings 15,399 Other (951) ---------- Total General & Administrative Expenses 24,981 ---------- Earnings before Interest Taxes Depr. Amort. (269,034) ---------- Other (Income) Expenses Interest Income (5,420) Other Income (4) Foreign Currency Transaction (Income) Loss 111 Interest Expense 10,889 Depreciation 4,242 Amortization 1,684 ---------- Net Profit (Loss) ($280,536) ========== About SemGroup SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland, and Vietnam. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08- 11525). These represent the Debtors' restructuring efforts: John H. Knight, Esq., L. Katherine Good, Esq., and Mark D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on Nov. 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. (SemGoup Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SHARPER IMAGE: Posts $1.4MM Net Loss for Month Ended September 30 ----------------------------------------------------------------- Sharper Image Corp. Balance Sheet As of September 30, 2008 ASSETS Current assets: Unrestricted Cash and Equivalents $3,640,381 Restricted Cash and Equivalents - Trade Accounts Receivable, net 327,388 Other Accounts Receivable 3,281,324 Notes Receivable - Inventories 271,891 Prepaid Expenses 1,991,121 Professional Retainers - Deferred Income Taxes/Prepaid Income Taxes 17,304,554 ------------ Total current assets 26,816,659 Property and Equipment: Real Property and Improvements 2,926,573 Machinery and Equipment - Furniture, Fixtures and Office Equipment - Leasehold Improvements - Vehicles - Work In Progress 451,799 Less: Accumulated Depreciation (1,006,965) ------------ Total Property and Equipment 2,371,406 Other assets: Loans to Insiders - Other Assets 12,611,010 ------------ Total Assets $41,799,075 ============ LIABILITIES AND OWNER'S EQUITY Liabilities not subject to Compromise (Post) Accounts Payable ($4,016,360) Taxes Payable (665,289) Wages Payable 14,058 Notes Payable - Rent/Leases - Building/Equipment - Secured Debt - Line of credit - Other Reserves - Liquidation (GOB Sales) Clearing Account (10,812,554) Amounts Due to Insiders - Accrual for Unpaid Professional Fees (1,864,265) Other Postpetition Liabilities - ------------ Total Postpetition Liabilities (17,344,409) Liabilities not subject to Compromise (Pre) Secured Debt - Line of credit - Secured Debt - Other (6,728,048) Priority Debt - Unsecured Debt (Accounts Payable) (45,346,864) Expense Accruals and Other Liabilities (4,808,340) Short Term Liabilities (3,554,215) Deferred (GAAP) rent/landlord allowances etc (662,366) Deferred Tax (Liability)/Asset 92,758,072 Deferred Revenue (Gift cards and Royalties) (34,801,254) Other Reserves and allowances (2,520,956) ------------ Total Prepetition Liabilities (5,663,972) ------------ Total Liabilities (23,008,381) Owner's Equity Capital Stock (152,132) Additional Paid-In Capital (116,716,579) Deferred Stock Compensation and Stock Repurchase 180,069 Retained Earnings - Prepetition 63,247,322 Retained Earnings - Postpetition 34,650,626 ------------ Net Owner's Equity (18,790,694) ------------ Total Liabilities and Owner's Equity ($41,799,075) ============ Sharper Image Corp. Statement of Operations For Month Ended September 30, 2008 Revenues: Gross Revenues - Less: Returns and Allowances - ------------ Net Revenue - Cost of Goods Sold: Beginning Inventory - Add: Purchases - Add: Cost of Labor - Add: Other Costs (attach schedule) - Less: Ending Inventory - Cost of Goods Sold - ------------ Gross Profit - Operating Expenses: Advertising - Auto and Truck Expense - Bad Debts $14,865 Contributions - Employee Benefit Programs (39,013) Insider Compensations - Insurance 30,702 Management Fees/Bonuses 309,543 Office Expense - Pension & Profit-Sharing Plans - Repairs and Maintenance (10,062) Rent and Lease Expense (22,006) Salaries/Commissions/Fees 393,258 Supplies 1,644 Taxes - Payroll 74,823 Taxes - Real Estate - Taxes - Other 51,753 Travel and Entertainment 1,156 Utilities 7,596 Other 36,203 ------------ Total Operating Expense Before Depr. 850,462 Depreciation/Depletion/Amortization 6,144 ------------ Net Profit (Loss) Before Other Income & Expenses (856,606) Other Income and Expenses: Licensing Income Interest Expense 61,012 Other Expense 115,000 ------------ Net Profit (Loss) Before Reorganization Items (680,594) Reorganization Items: Professional Fees 729,844 US Trustee Quarterly Fees - Interest Earned on Accm Case - Gain (Loss) from sale of assets - Other Reorganization Expense ------------ Total Reorganization Expenses 729,844 ------------ Net Profit (Loss) Before Income Taxes (Benefit) (1,410,438) Income Taxes (Benefit) ------------ Net Profit (Loss) ($1,410,438) ============ Sharper Image Corp. Statement of Cash Flows For Month Ended September 30, 2008 Opening Balance $5,062,170 Receipts Cash Sales (from stores) - Credit Card Settlements 155,615 Other Settlements - Accounts Receivable 4,490 Sale of Assets 115,000 Interest/Divided Income 3,113 Mail Order/License Deposits, Other Deposits 116,771 ------------ Total Receipts 394,990 Transfers Line of Credit Draw/Pay Down - Transfers from stores to deposit a/c - sweep - Transfers from concentration to refunds - Transfers from concentration to payroll - Other Inter-account transfers - Transfers from Concentration to Disbursement - ------------ Total Transfers - ------------ Total Receipts & Transfers 394,990 Disbursements Liquidator Reimbursements - Net Payroll 839,138 Payroll Taxes 394,497 401k - Employee Benefits 54,361 Sales, Use & Other Taxes - Inventory Purchases - Secured/Rental/Leases 10,112 Insurance 6,575 Administrative 61,936 Selling - Bank/Credit Card Fees/Sales audit adjs - Refund checks issued (net of stop payments) 290 Other - Customs/Duties/Freight - Interest and LC fees (41,140) Professional Fees 491,010 US Trustee Quarterly Fees - Court Costs - ------------ Total Disbursements 1,816,778 ------------ Net Cash Flow ($1,421,788) ============ About Sharper Image Corp. Headquartered in San Francisco, California, Sharper Image Corp. -- http://www.sharperimage.com/-- is a multi-channel specialty retailer. It operates in three principal selling channels: the Sharper Image specialty stores throughout the U.S., the Sharper Image catalog and the Internet. The company has operations in Australia, Brazil, and Mexico. In addition, through its Brand Licensing Division, it is also licensing the Sharper Image brand to select third parties to allow them to sell Sharper Image branded products in other channels of distribution. The company filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D., Case No. 08-10322). Judge Kevin Gross presides over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP, serve as the Debtor's lead counsel. Steven K. Kortanek, Esq., and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice, P.L.L.C., serve as the Debtor's local Delaware counsel. An Official Committee of Unsecured Creditors has been appointed in the case. Cooley Godward Kronish LLP is the Committee's lead bankruptcy counsel. Whiteford Taylor Preston LLC is the Committee's Delaware counsel. When the Debtor filed for bankruptcy, it listed total assets of $251,500,000 and total debts of $199,000,000. As of June 30, 2008, the Debtor listed $52,962,174 in total assets and $39,302,455 in total debts. The Court extended the exclusive period during which the Debtor may file a Plan through and including Sept. 16, 2008. Sharper Image sought and obtained the Court's approval to change its name to "TSIC, Inc." in relation to an an Asset Purchase Agreement by the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital, LLC. (Sharper Image Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) STEVE AND BARRY'S: Stone Barn's September 2008 Operating Report --------------------------------------------------------------- Stone Barn Manhattan LLC, et al. Consolidated Balance Sheet As of September 30, 2008 ASSETS Current Assets: Unrestricted cash and equivalents $321,000 Restricted cash and equivalents 28,200,000 Accounts receivable, net 0 Notes receivable 0 Inventories 0 Prepaid expenses 0 Professional retainers 0 Other current assets 7,394,000 ----------- Total current assets 35,915,000 Property and equipment: Real property improvements 0 Machinery and equipment 0 Furniture, fixtures and office equipment 0 Leasehold improvements 0 Vehicles 0 Less: accumulated depreciation 0 ----------- Total property & equipment 0 Other assets: Amounts due from insiders 0 Other assets 856,000 ----------- Total other assets 856,000 ----------- TOTAL ASSETS $36,771,000 =========== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Not Subject to Compromise: (Postpetition) Accounts payable 981,400 Taxes payable 174,000 Wages payable 0 Notes payable 0 Rent/leases - building/equipment 0 Secured debt/adequate protection payments 0 Professional fees 2,575,500 Amounts due to insiders 0 Other postpetition liabilities 491,000 ----------- Total Postpetition Liabilities 4,221,900 Liabilities Subject to Compromise: (Prepetition) Secured debt 24,700,840 Priority debt 0 Unsecured debt 61,477,300 Other prepetition liabilities 167,867,800 ----------- Total Prepetition Liabilities 254,045,940 ----------- TOTAL LIABILITIES 258,267,840 ----------- Owners Equity: Capital stock 0 Additional paid-in capital 0 Partners' capital account 0 Owners' equity account 0 Retained earnings -- prepetition (118,719,000) Retained earnings -- postpetition (102,777,840) Adjustments to owner equity 0 Postpetition contributions 0 ------------ TOTAL LIABILITIES & OWNERS' EQUITY $36,771,000 ============ Stone Barn Manhattan LLC, et al. Consolidated Statement of Operations For the Month Ended September 30, 2008 Net revenue $0 Cost of goods sold (568,191) Gross profit 568,191 Operating Expenses: Advertising 129,687 Auto and truck expense 4,732 Bad debts 0 Contributions 0 Employee benefits programs 24,471 Officer/insider compensation 0 Insurance 143,948 Management fees/bonuses 0 Office expense 79,608 Pension & profit-sharing plans Repairs and maintenance 114,379 Rent and lease expense (1,546,257) Salaries/commissions/fees 32,686 Supplies 50 Taxes - payroll 3,371 Taxes - real estate 0 Taxes - others 0 Travel and entertainment 40,656 Utilities 1,593,567 Other 315,912 ----------- Total Operating expense Before Depreciation 936,810 Depreciation/depletion/amortization 0 ----------- Net Profit (Loss) Before Other Income & Expenses (368,619) Other Income and Expenses: Other income and expenses 0 Interest expense 611,840 Other expense 0 ----------- Net Profit (Loss) Before Reorganization Items (980,459) Reorganization Items: Professional fees 0 U.S. trustee quarterly fees 0 Interest earned on accumulated cash from Chapter 11 90,835 Gain (Loss) from sale of equipment 2,074,612 Other reorganization items 44,011,850 ----------- Total Reorganization Expenses 46,086,462 ----------- Net Profit (Loss) $45,196,838 ============ Stone Barn Manhattan LLC, et al. Schedule of Cash Receipts and Disbursements For the Month Ended September 30, 2008 Cash - Beginning of Month $3,614,187 Receipts: Cash sales 0 Accounts receivable -- prepetition 0 Accounts receivable -- postpetition 7,501,634 Loan and advances 0 Sale of assets 0 Other 0 Transfers (from DIP accounts) 405,740 ----------- Total Receipts 7,907,374 Disbursements: Net payroll 0 Payroll taxes 0 Sale, use & other taxes 1,552,240 Inventory purchases 0 Secured/rental/leases 522 Insurance 150,237 Selling, general & administrative 1,745,284 Other 5,724,005 Owner draw 0 Transfers 0 Professional fees 90,109 U.S. trustee quarterly fees 0 Court costs 0 ----------- Total Disbursements 9,262,397 Net cash flow (1,355,023) ----------- Cash - End of Month $2,259,164 =========== About Steve and Barry's LLC 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 and Barry's Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TOUSA INC: Files Operating Report for Month Ended September 30 -------------------------------------------------------------- TOUSA, Inc., in a regulatory filing with the U.S. Securities and Exchange Commission dated Oct. 17, 2008, disclosed that its monthly operating report ended Sept. 30, 2008 is limited in scope, covers a limited time period and has been prepared solely for the purpose of reporting requirements of the Bankruptcy Code. Angela Valdes, vice-president and chief accounting officer, relates that the financial information contained in the MOR is preliminary and audited and does not purport to show the financial statements of any of the Debtors according to GAAP standards and thus, may exclude items required by GAAP including reclassifications, eliminations, accruals and disclosure items. TOUSA admonishes interested parties not to place undue reliance on the MOR as it may be subject to revision. The MOR should not be viewed as indicative of future results or be used for investment purposes, Ms. Valdes notes. TOUSA Inc., and Subsidiaries Schedules of Receipts and Disbursements Month Ended September 30, 2008 Fund at beginning of period $310,353,359 Receipts: Cash Sales 57,319,991 Accounts Receivable 52,859 Other Receipts 7,033,068 ------------ Total Receipts 64,405,918 ------------ Total funds for operations 374,759,277 Disbursements: Advertising 790,641 Bank charges 17,984 Contract labor 47,055 Fixed asset payments 74,728 Insurance 650,521 Inventory payments 51,885,071 Leases 496,507 Manufacturing supplies - Office supplies 135,311 Payroll - net 7,342,590 Professional fees 6,185,622 Rent 349,819 Repairs and Maintenance 392,682 Secured creditor payments 27,159,217 Taxes paid - payroll 38,222 Taxes paid - sales & use 722,691 Taxes paid - other 12,124 Telephone 196,692 Travel & entertainment 65,508 U.S. Trustee quarterly fees - Utilities 162,927 Vehicle expenses 37,367 Other operating expenses 1,303,215 ------------ Total Disbursements 98,066,494 ------------ Ending Balance $276,692,819 ============ About TOUSA Inc Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets: TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and markets high-quality detached single-family residences, town homes, and condominiums to a diverse group of homebuyers, such as "first-time" homebuyers, "move-up" homebuyers, homebuyers who are relocating to a new city or state, buyers of second or vacation homes, active-adult homebuyers, and homebuyers with grown children who want a smaller home. It also provides financial services to its homebuyers and to others through its subsidiaries, Preferred Home Mortgage Company and Universal Land Title Inc. The Debtor and its debtor-affiliates filed for separate Chapter 11 protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08-10928). The Debtors have selected M. Natasha Labovitz, Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger Singerman, to represent them in their restructuring efforts. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' independent auditor and tax services provider. Kurtzman Carson Consultants LLC acts as the Debtors' Notice, Claims & Balloting Agent. TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba Eagle Homes, filed for Chapter 11 Protection on July 30, 2008, (Bankr. S.D. Fla. Case No.: 08-20746). It listed assets between $1 million and $10 million, and debts between $1 million and $10 million. The Official Committee of Unsecured Creditors hired Patricia A. Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff & Sitterson, P.A., as its local counsel. TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets of $1,734,422,756 and total liabilities of $2,300,053,979. TOUSA's Exclusive Plan Filing Period expires Oct. 25, 2008. (TOUSA 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. 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For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Julybien D. Atadero, Sheryl Joy P. Olano, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Ludivino Q. Climaco, Jr., Loyda I. Nartatez, Tara Marie A. Martin, Joseph Medel C. Martirez, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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