/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
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Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
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On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
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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
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Copyright 2008. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***