/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/081115.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, November 15, 2008, Vol. 12, No. 273 Headlines BOSCOV'S INC: Posts $3.6 Million Net Loss in Month Ended Oct. 4 CATHOLIC CHURCH: Fairbank's Monthly Operating Report for September FEDERAL-MOGUL: Posts $35 Million Net Loss in August FEDERAL-MOGUL: Posts $47.2 Million Net Loss in September FRONTIER AIRLINES: Files Monthly Operating Report for September INTERSTATE BAKERIES: Posts $5.7MM Loss in 4 Weeks Ended Sept. 20 LANDSOURCE COMMUNITIES: Amends Balance Sheet for August 2008 LANDSOURCE COMMUNITIES: Amends Operating Report for June 2008 LANDSOURCE COMMUNITIES: Amends Operating Report for July 2008 LANDSOURCE COMMUNITIES: Posts $11.6 Million Net Loss in September LEXINGTON PRECISION: Posts $877,000 Net Loss in September 2008 SEA CONTAINERS: Files Operating Report for September 2008 TROPICANA ENTERTAINMENT: Posts $16 Million Net Loss in September WASHINGTON MUTUAL: Files Initial Monthly Operating Report ********* BOSCOV'S INC: Posts $3.6 Million Net Loss in Month Ended Oct. 4 ---------------------------------------------------- Boscov's, Inc., et al. Consolidated Balance Sheet As of October 4, 2008 ASSETS Current Assets: Cash and cash equivalents $7,467,060 Deposits for utilities 1,196,053 Trade accounts receivable 19,192,911 Due from affiliated companies 0 Merchandise inventory 231,416,000 Prepaid expenses & other current assets Deferred taxes 8,026,109 Prepaid expenses 6,691,005 Prepaid rent Lehigh -- current 3,371,766 Prepaid real estate taxes 2,076,600 Inventory reserve -- Gordon Bros. 1,300,000 Prepaid advertising 741,743 Deferred rent - asset -- current 590,749 Prepaid rent Lehigh -- current 275,000 Prepaid insurance 247,564 Prepaid commission Boscov -- current 249,857 Prepaid miscellaneous taxes 182,530 Loans and exchanges -- employees 42,411 ------------ Total current assets $283,067,359 Property and equipment Fixtures, building improvements 282,641,635 Leasehold improvements 96,450,798 Construction in progress 4,296,322 Property/equipment capital lease 0 ------------ 383,388,755 Less: accumulated depreciation 238,458,616 ------------ Property and equipment, net 144,930,139 Other assets 36,661,060 ------------ Total Assets $464,658,558 ============ Liabilities and Stockholders' Equity Current Liabilities: Accrued expenses 14,996,260 Accounts payable -- postpetition 13,636,053 Unpaid prepetition rents 4,017,549 Accrued professional fees and holdbacks 3,656,885 Fair value of derivative instruments 371,533 Current maturities of long-term debt 188,325 ------------ Total current liabilities 36,866,605 ------------ DIP loan 118,777,595 Liabilities subject to compromise Accounts payable and accrued liabilities, unsecured 116,455,210 Second lien term loan -- secured 38,068,386 Long term debt -- secured 6,986,521 ------------ Total DIP and Liabilities Subject to Compromise 280,287,712 Deferred income tax 2,047,523 Other long-term liabilities Deferred revenue -- landlord allowance 36,263,946 Deferred rent liability -- non-current 18,115,774 Insurance reserve 17,559,542 Deferred revenue -- credit card gain 14,688,119 Debt obligation Christiana 5,315,580 Long-term liability Lehigh 5,230,555 Deferred revenue -- Monmouth sale 4,079,663 Deferred revenue -- Boscoverage 2,797,171 Deferred revenue -- vendors 250,000 ------------ Total long-term liabilities 386,635,585 ------------ Total Liabilities 423,502,190 Stockholders' Equity Preferred stock, Class A 0 Preferred stock, Class B 0 Preferred stock, Class C 0 Common stock 53,960 Common stock, non-voting 28,484,091 Partners' capital/capital contribution 0 Interest rate derivative equity adjustment (218,832) Additional paid-in capital 12,307,096 Members' equity 0 Treasury stock (180,562,771) Retained earnings -- prepetition 191,505,544 Current earnings -- postpetition (10,412,720) ------------ Total Stockholders' Equity 41,156,368 ------------ Total Liabilities & Equity $464,658,558 ============ Boscov's, Inc., et al. Statement of Operations From September 1 to October 4, 2008 Boscov's Boscov's Department Inc., et al. Store LLC ------------ ----------- Net sales $75,537,637 $75,537,637 Cost of sales: Merchandise inventory 199,008,000 199,008,000 ------------ ----------- Purchases 77,294,119 77,294,119 Less: Purchase discounts 0 0 Net purchases 77,294,119 77,294,119 Freight In 430,349 430,349 Cost of purchases 77,724,468 77,724,468 Merchandise available for sale 276,732,468 276,732,468 ------------ ----------- Merchandise inventory, end of period 231,416,000 231,416,000 ------------ ----------- Cost of goods sold 45,316,468 45,316,468 ------------ ----------- Gross margin 30,221,169 30,221,169 Other income: Other income 60,927 60,927 Gain on sale of assets 74,318 9,099 Royalties on trademark 0 (763,959) Royalties - Boscov's charge sales 1,545,437 1,545,437 ------------ ----------- Total other income 1,680,682 851,503 Occupancy and Buying Costs: Rent/CAMs 2,877,794 2,938,055 Buyers costs 1,840,609 1,840,609 Utilities 1,329,289 1,329,289 Real estate taxes 1,123,063 1,123,063 Equipment rental 645,706 645,706 Delivery expenses 526,770 475,547 Store cleaning 496,955 496,955 Employee discount 213,133 213,133 Repairs 165,666 165,666 Maintenance 115,471 115,471 Office equipment maintenance/ service contracts 66,744 66,744 Loss prevention 28,071 28,071 Trash 16,986 16,986 Boscov's rewards points 14,616 14,616 Buying service 10,452 10,452 Marking 7,997 7,997 Parking lot maintenance 7,224 7,224 Storage trailers 5,222 0 Store opening expenses 0 0 Kitchen rent (17,943) (17,943) ------------ ----------- Total occupancy & buying 9,473,825 9,477,640 Total Cost of Goods Sold and Occupancy and Buying 54,790,293 54,794,108 ------------ ----------- Gross profit 22,428,026 21,595,032 Selling, general and administrative expenses: Payroll 16,226,402 15,254,840 Newspaper 4,168,133 4,168,133 Professional fees 2,062,576 2,056,476 Payroll taxes 1,121,569 1,103,400 Hospitalization 847,144 856,831 Television 550,189 550,189 Bank card charges 548,819 548,735 Internet 448,535 448,535 Insurance 389,291 389,291 Electronic data processing 330,852 330,852 Insurance claims -- prior period 235,434 235,434 Warehouse trucks 216,800 282,723 Credit expense 207,530 207,530 Wrapping 198,749 198,749 Promotional gift cards 144,101 144,101 Telephone 139,353 139,133 Automobile expense 120,796 117,528 Miscellaneous taxes 112,810 112,663 Outside services 104,104 104,104 Miscellaneous 95,688 95,640 Bank service charge 92,411 92,382 Supplies 63,557 63,558 Radio 61,107 61,107 Travel 51,344 51,344 Marketing 48,894 48,894 Cleaning supplies 44,888 44,888 Office supplies 44,445 44,445 Group life insurance 42,730 42,730 Employee expense 40,520 40,520 Display 36,255 36,255 Free bus and parking 25,509 25,509 Postage 14,546 14,546 Form and equipment supplies 11,447 11,447 Subscriptions 6,499 6,499 Check scan 5,013 5,013 Employee expense -- classified ads 734 734 Supplies -- print shop 569 569 Administrative fees 500 (2,000) Collection expense 167 167 Accounting fees (2,789) (2,789) Third party expense reimbursement (5,972) (5,972) Store error dist. (13,676) (13,676) Contributions (33,014) (33,014) Gift cards (45,964) (45,964) Leased department advertising (85,631) (85,631) Liquidation results (195,710) (195,710) PM income (258,137) (258,137) Co-op advertising (1,301,988) (1,301,988) Buyers costs (1,840,609) (1,840,609) ------------ ----------- Total Selling, General and Admin. Expenses 25,076,519 24,150,004 Depreciation 1,716,311 1,681,433 Deferred financing amortization 216,015 216,015 Interest expense 1,110,415 1,423,381 Profit sharing / 401K match 0 0 ------------ ----------- Income (Loss) before taxes (5,691,234) (5,875,802) Provision for income taxes (2,134,213) 3,800 ------------ ----------- Net income (loss) ($3,557,021) ($5,879,602) ============ =========== The Debtors also filed with the Court a summary of their cash receipts and disbursements for September 2008, a copy of which is available for free at: http://bankrupt.com/misc/CashFlows_Sept2008_Boscovs.pdf About Boscov's Inc. Headquartered in Reading, Pennsylvania, Boscov's Inc. -- http://www.boscovs.com/-- is America's largest family-owned independent department store, with 49 stores in Pennsylvania, New York, New Jersey, Maryland, Delaware and Virginia. Boscov's Inc. and its debtor-affiliates filed for Chapter 11 protection on Aug. 4, 2008 (Bankr. D. Del. Case No.: 08-11637). Judge Kevin Gross presides over the cases. David G. Heiman, Esq., and Thomas A. Wilson, Esq., at Jones Day, serve as the Debtors' lead counsel. The Debtors' financial advisor is Capstone Advisory Group and their investment banker is Lehman Brothers, Inc. The Debtors' claims agent is Kurtzman Carson Consultants L.L.C. Boscov's listed assets of $538 million and liabilities of $479 million in its bankruptcy filing. (Boscov's Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) CATHOLIC CHURCH: Fairbank's Monthly Operating Report for September ------------------------------------------------------------------ Catholic Bishop of Northern Alaska Statement of Financial Position As of September 30, 2008 CBNA Held for ASSETS Total Others ----- -------- Cash and cash equivalents $355,038 $86,101 Investments: Valuables in safe 168 - Trust account @ market 790,199 - 457 Plan assets @ market - 145,331 Endowment Fund @ market - 14,698,812 Endowment Fund-earnings @ market (819,862) - Stocks - - Limited partnerships 261,324 - Accounts receivable, net of allowance: Tuition, fees and others 1,386,683 - For parishes and school 107,976 - Other 7,131 - Notes and other receivables 347,421 - Grants pledged 125,000 - Fixed assets, net at cost: Land and building 7,780,155 - Aircraft 340,726 - Equipment - - Other assets 201,063 - ---------- ---------- Total Assets $10,883,028 $14,930,245 LIABILITIES AND NET ASSETS Liabilities: Accounts payable/accrued liabilities $509,499 - Notes payable 216,966 - Benefits payable 76,837 - Deferred revenue 1,517,053 - Annuities payable 215,684 - Other liabilities 24,061 - Payroll-related liabilities: Payroll taxes 56,981 - General vacation accrual account 16,339 - Accrued leave 229,691 - Insurance: Long term disability 415 - Insurance deposits A/R 174,479 - Insurance reserves expense 40,562 - Indemnity insurance reserves 69 - Medical/Dental payroll deduction 306,605 - CBNA building loan - - ---------- ---------- Total Liabilities 3,385,248 - ---------- ---------- Total net assets 7,497,780 14,930,245 ---------- ---------- Total Liabilities and Net Assets $10,883,028 $14,930,245 ========== ========== Catholic Bishop of Northern Alaska Statement of Activities For the month ending September 30, 2008 CBNA Held for Total Others Support and revenue: ----- -------- Parish assessments - - Tuition, net of tuition assistance $168,316 - Curricular income 17,103 - Donations 607,098 - Investment income (797,011) ($129,182) Other income 16,939 3,300 Temporarily restricted gifts 16,687 - ---------- ---------- Total support and revenue 29,133 (125,882) Expenses: Operating expenses 107,794 - Supplies 19,841 - Repair & Maintenance (6,145) - Utilities 30,378 - Insurance 10,104 - Staff Expenses: Salaries & Wages 403,123 - Payroll Taxes 25,382 - Employee Benefits 92,098 - Curricular Expenses 14,026 - Recruiting, advertising and PRs 10,268 - Travel Expenses 16,348 - Student related expenses 2,366 - Contributions - - Professional and technical fees 25,222 - Investment services 9,984 $1,522 Subsidies 149,985 - Rental/Lease Expense 65,908 - Assessments 1,252 - Fund Raising Expense 20,369 - Radio Programming Expense 4,995 - Radio Technical Dept. Expenses 9,663 - Miscellaneous Expense 1,586 - ---------- ---------- Total General 1,014,555 1,522 Funds released fr. restricted funds - - Net change in designated funds - - ---------- ---------- Total Expenses 1,014,555 1,522 ---------- ---------- Increase (decrease) in net assets (985,421) (127,405) ---------- ---------- Re-organizational costs 18,752 - Increase (decrease) in net assets ---------- ---------- after Re-org costs (1,004,174) 127,405 Net assets: Beginning of month 8,501,954 14,802,840 ---------- ---------- End of month $7,497,780 $14,930,245 ========== ========== Catholic Bishop of Northern Alaska Cash Receipts and Disbursements For the month ending September 30, 2008 CBNA Held for Total Others ----- -------- Beginning balance - February 2008 $485,237 $77,681 Total receipts - prior general account reports 6,623,243 761,205 Less total disbursements 6,938,467 786,697 ---------- ---------- Beginning balance - August 31, 2008 170,012 52,188 Receipts during current period: Funds received by CSF from CBNA 8,333 - Funds collected from others 227,186 227,186 Transfers between internal accounts 62,271 - Accounts receivable - post filing 236,622 - Transfers from investment accounts 200,000 - Custodial funds 75,074 75,074 Funds received by CBNA from KNOM 54,470 - Funds received from Catholic Schools 34,204 - Interest & dividends 619 - Donations 604,779 - Payment refund/return 18,803 - Weather service income 150 - Restricted funds and endowment gifts 17,437 - Other income/fees 4,524 - Co-curricular income 8,423 - Curricular income 93 - Miscellaneous 3,508 - ---------- ---------- Total receipts this period 1,556,503 302,260 ---------- ---------- Balance 1,726,515 354,449 Less total disbursements: Transfers to Catholic Schools 22,690 - Transfers from KNOM to CBNA 54,470 - Transfers between internal accounts 62,271 - Transfers to CBNA from CSF 50,590 - Custodial funds 14,685 14,685 Administrative 3,264 - Co-curricular expense 10,490 - Curricular expense 5,855 - Funds disbursed for others 68,869 68,869 Bank fees and charges 768 - Interest expense 753 - Programming - News service 2,906 - Wages & salaries 419,186 - Employee benefits 14,389 - Fundraising 20,369 - Mission & program support 27,175 - Equipment & supplies 51,346 - Telephone/Internet 766 - Staff development 12,535 - Utilities 37,665 - Refunds 1,516 - Services & insurance 111,978 - US Trustees fees - - Education expenses 10,493 - Maintenance/repairs 18,868 - Building supplies and expenses 148,141 - Annuities 2,257 - School supplies 6,694 - Travel 19,006 - NSF's 90 - Postage 2,225 - Professional fees 14,319 - Printing and copying 1,150 - Rent 54,438 - Dues/Fees 6,492 - Miscellaneous 8,250 - ---------- ---------- Total disbursements this period 1,286,975 83,554 ---------- ---------- Ending balance - September 30, 2008 $439,540 $270,894 ========== ========== About Diocese of Fairbanks The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka The Diocese of Fairbanks, aka CBNA �- http://www.cbna.info/-- filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady LLP represents the Debtor in its restructuring efforts. Michael R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's local counsel and Cook, Schuhmann & Groseclose Inc. as its special counsel. Judge Donald MacDonald, IV, of the United States Bankruptcy Court for the District of Alaska presides over Fairbanks' Chapter 11 case. The Debtor's schedules show total assets of $13,316,864 and total liabilities of $1,838,719. The church's plans to file its bankruptcy plan and disclosure statement on July 15, 2008. Its exclusive plan filing period expires on Jan. 15, 2009. (Catholic Church Bankruptcy News, Issue No. 133; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). FEDERAL-MOGUL: Posts $35 Million Net Loss in August --------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of August 31, 2008 (In millions) Assets Cash and equivalents $593.1 Accounts receivable 601.0 Inventories 460.6 Deferred taxes 224.0 Prepaid expenses and other current assets 42.1 -------- Total current assets 1,920.9 Summary of Unpaid Postpetition Debits 66.0 Intercompany Loans Receivable (Payable) (76.2) -------- Intercompany Balances (10.1) Property, plant and equipment 719.9 Goodwill - Other intangible assets - Insurance recoverable - Other non-current assets 439.9 -------- Total Assets $3,070.4 ======== Liabilities and Shareholders' Equity Short-term debt $29.6 Accounts payable 281.8 Accrued compensation 57.5 Restructuring and rationalization reserves 5.0 Current portion of asbestos liability - Interest payable 8.2 Other accrued liabilities 233.7 -------- Total current liabilities 615.8 Long-term debt 2,767.4 Post-employment benefits 570.3 Other accrued liabilities 798.9 Liabilities subject to compromise (0.1) Shareholders' equity: Preferred stock 1,023.2 Common stock 120.5 Additional paid-in capital 7,929.6 Accumulated deficit (10,973.7) Accumulated other comprehensive income 218.4 Other - -------- Total Shareholders' Equity (1,682.0) -------- Total Liabilities and Shareholders' Equity $3,070.4 ======== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the Month Ended August 31, 2008 (In millions) Net sales $231.2 Cost of products sold 194.2 -------- Gross margin 37.0 Selling, general & administrative expenses (36.3) Amortization - Reorganization items (0.7) Fresh Start Accounting expense 55.7 Interest income (expense), net (12.9) Other income (expense), net (13.3) -------- Earnings before Income Taxes 29.5 Income Tax (Expense) Benefit 5.5 -------- Earnings before cumulative effect of change in accounting principle 35.0 Cumulative effect of change in accounting principle - -------- Net Earnings (Loss) $35.0 ======== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the Month Ended August 31, 2008 (In millions) Cash Provided From (Used By) Operating Activities: Net earnings (loss) $35.0 Adjustments to reconcile net earnings (loss) to net cash: Depreciation and amortization 5.4 Adjustment of assets held for sale and other long-lived assets to fair value - Asbestos charge - Summary of unpaid postpetition debits - Cumulative effect of change in accounting principle - Change in post-employment benefits 0.7 Decrease (increase) in accounts receivable 15.3 Decrease (increase) in inventories 3.5 Increase (decrease) in accounts payable 17.0 Change in other assets & other liabilities (52.3) Change in restructuring charge (0.1) Refunds (payments) against asbestos liability - -------- Net Cash Provided From Operating Activities 24.4 Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (5.0) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other (9.2) -------- Net Cash Provided From (Used By) Investing Activities (14.2) Cash Provided From (Used By) Financing Activities: Increase / (decrease) in debt 1.9 Sale (repurchase) of accounts receivable under securitization - Dividends - Other - -------- Net Cash Provided From Financing Activities 1.9 Increase (Decrease) in Cash and Equivalents 12.1 Cash and equivalents at beginning of period 581.0 -------- Cash and equivalents at end of period $593.1 ======== Federal-Mogul Corporation -- http://www.federal-mogul.com/-- (OTCBB: FDMLQ) is a global supplier, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket. Founded in Detroit in 1899, the company is headquartered in Southfield, Michigan, and employs 45,000 people in 35 countries. Aside from the U.S., Federal-Mogul also has operations in other locations which includes, among others, Mexico, Malaysia, Australia, China, India, Japan, Korea, and Thailand. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Fourth Amended Plan was confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed by the District Court on November 14. Federal-Mogul emerged from chapter 11 on Dec. 27, 2007. (Federal-Mogul Bankruptcy News, Issue No. 175; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) FEDERAL-MOGUL: Posts $47.2 Million Net Loss in September -------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of September 30, 2008 (In millions) Assets Cash and equivalents $539.0 Accounts receivable 616.6 Inventories 452.7 Deferred taxes 221.4 Prepaid expenses and other current assets 62.9 -------- Total current assets 1,892.6 Summary of Unpaid Postpetition Debits 56.3 Intercompany Loans Receivable (Payable) (76.3) -------- Intercompany Balances (20.0) Property, plant and equipment 715.0 Goodwill - Other intangible assets - Insurance recoverable - Other non-current assets 448.3 -------- Total Assets $3,035.9 ======== Liabilities and Shareholders' Equity Short-term debt $29.6 Accounts payable 294.4 Accrued compensation 58.7 Restructuring and rationalization reserves 10.5 Current portion of asbestos liability - Interest payable 8.5 Other accrued liabilities 260.3 -------- Total current liabilities 662.0 Long-term debt 2,761.9 Post-employment benefits 559.2 Other accrued liabilities 814.9 Liabilities subject to compromise (0.1) Shareholders' equity: Preferred stock 1,023.2 Common stock 91.0 Treasury shares (16.7) Additional paid-in capital 7,929.0 Accumulated deficit (10,966.6) Accumulated other comprehensive income 178.2 Other - -------- Total Shareholders' Equity (1,761.9) -------- Total Liabilities and Shareholders' Equity $3,035.9 ======== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the Month Ended September 30, 2008 (In millions) Net sales $235.0 Cost of products sold 191.4 -------- Gross margin 43.6 Selling, general & administrative expenses (26.5) Amortization - Reorganization items (0.8) Fresh Start Accounting expense (61.3) Interest income (expense), net (15.3) Other income (expense), net 13.0 -------- Earnings before Income Taxes (47.4) Income Tax (Expense) Benefit 0.1 -------- Earnings before cumulative effect of change in accounting principle (47.2) Cumulative effect of change in acctg. principle - -------- Net Earnings (Loss) ($47.2) ======== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the Month Ended September 30, 2008 (In millions) Cash Provided From (Used By) Operating Activities: Net earnings (loss) ($47.2) Adjustments to reconcile net earnings (loss) to net cash: Depreciation and amortization 11.5 Adjustment of assets held for sale and other long-lived assets to fair value - Asbestos charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg. principle - Change in post-employment benefits (11.1) Decrease (increase) in accounts receivable (16.2) Decrease (increase) in inventories 7.5 Increase (decrease) in accounts payable 13.5 Change in other assets & other liabilities (4.4) Change in restructuring charge 5.5 Refunds (payments) against asbestos liability - -------- Net Cash Provided From Operating Activities (40.9) Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (6.1) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other (1.5) -------- Net Cash Provided From (Used By) Investing Activities (7.6) Cash Provided From (Used By) Financing Activities: Increase / (decrease) in debt (5.5) Sale (repurchase) of accounts receivable under securitization (0.1) Dividends - Other - -------- Net Cash Provided From Financing Activities (5.6) Increase (Decrease) in Cash and Equivalents (54.1) Cash and equivalents at beginning of period 593.1 -------- Cash and equivalents at end of period $539.0 ======== Federal-Mogul Corporation -- http://www.federal-mogul.com/-- (OTCBB: FDMLQ) is a global supplier, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket. Founded in Detroit in 1899, the company is headquartered in Southfield, Michigan, and employs 45,000 people in 35 countries. Aside from the U.S., Federal-Mogul also has operations in other locations which includes, among others, Mexico, Malaysia, Australia, China, India, Japan, Korea, and Thailand. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Fourth Amended Plan was confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed by the District Court on November 14. Federal-Mogul emerged from chapter 11 on Dec. 27, 2007. (Federal-Mogul Bankruptcy News, Issue No. 175; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) FRONTIER AIRLINES: Files Monthly Operating Report for September --------------------------------------------------------------- Frontier Airlines Holdings, Inc. (OTC: FRNTQ) (BULLETIN BOARD: FRNTQ) filed its Monthly Operating Report for September 2008. Frontier reported an operating loss of $10.4 million and a consolidated net loss of $20.8 million for the month of September 2008. For the second fiscal quarter ended Sept. 30, 2008, the company reported a $5.8 million operating loss and a $29.7 million consolidated net loss. Frontier's September results included $7.0 million in reorganization costs, $1.4 million in tax expense related to the amount expected to be due on the realized gain on aircraft sales and $2.1 million in unrealized losses on fuel hedges. Included in the $7.0 million in reorganization costs were: -- $13.5 million for a non-cash equipment write-off; -- $1.8 million related to the write-off of debt issuance cost on convertible bonds; and -- $1.6 million in professional fees related to the reorganization. These items were offset by recorded gains of $9.9 million from two aircraft sales during the month and a gain on a contract termination and other net gains related to settlements. Contributing to Frontier's operating loss was a 54 percent increase in fuel costs per gallon, excluding fuel hedging activities, as compared to the same period last year as well as a 14 percent decrease in capacity year-over-year. "Despite the net loss, we are pleased with the results of our restructuring plan and continue to have success managing our liquidity," said Frontier CEO Sean Menke. "Our cash and short- term investments remained relatively stable in September, which is a direct result of our diligent cash management efforts, our continued successes with cost management and the realized proceeds from our aircraft sales." FRONTIER AIRLINES HOLDINGS, INC., ET AL. Unaudited Condensed Consolidated Balance Sheet As of September 30, 2008 ASSETS CURRENT ASSETS: Cash and cash equivalents $72,671,000 Short-term investments 3,740,000 Restricted investments 131,037,000 Receivables, net of an allowance for doubtful accounts 41,533,000 Security and other deposits - Prepaid expenses and other assets 23,775,000 Inventories, net of allowance 19,500,000 Assets held for sale 814,000 -------------- Total current assets 293,070,000 Property and other equipment, net 721,524,000 Security and other deposits 34,927,000 Aircraft pre-delivery payments 3,497,000 Restricted investments 2,987,000 Deferred loan expenses and other assets 6,879,000 -------------- Total Assets $1,062,884,000 ============== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities not subject to compromise: CURRENT LIABILITIES: Accounts payables $34,207,000 Air traffic liability 187,781,000 Other accrued expenses 80,850,000 Income tax payable 1,375,000 Deferred revenue and other current liabilities 20,984,000 PDP financing - DIP financing 30,000,000 -------------- Total current liabilities not subject to compromise 355,197,000 Deferred revenue and other liabilities 22,091,000 -------------- Total liabilities not subject to compromise 377,288,000 Liabilities subject to compromise 619,671,000 -------------- Total Liabilities 996,959,000 STOCKHOLDERS' DEFICIT: Preferred stock - Common stock 37,000 Additional paid-in capital 196,415,000 Unearned ESOP shares (206,000) Other comprehensive loss - Accumulated deficit (130,321,000) -------------- Total Stockholders' Equity 65,925,000 -------------- Total Liabilities and Stockholders' Equity $1,062,884,000 ============== FRONTIER AIRLINES HOLDINGS, INC., ET AL Unaudited Condensed Consolidated Statement of Operations Month Ended September 30, 2008 Revenues: Passenger $91,663,000 Cargo 584,000 Other 3,618,000 -------------- Total revenues 95,865,000 Operating expenses: Flight operations 13,261,000 Aircraft fuel 48,622,000 Aircraft lease 9,931,000 Aircraft and traffic servicing 14,100,000 Maintenance 7,613,000 Promotion and sales 3,489,000 General and administrative 5,822,000 Operating expenses -- regional partner - Loss (gain) on sales of assets, net (34,000) Employee separation and other charges - Depreciation 3,422,000 -------------- Total operating expenses 106,226,000 -------------- Operating loss (10,361,000) Non-operating income (expense): Interest income 465,000 Interest expense (2,406,000) Loss from early extinguishment of debt (106,000) Other, net (57,000) -------------- Total non-operating expense, net (2,104,000) Loss before reorganization items & income taxes (12,465,000) Reorganization items 7,024,000 Income taxes 1,355,000 -------------- Net Loss ($20,844,000) ============== FRONTIER AIRLINES HOLDINGS, INC., ET AL. Unaudited Condensed Consolidated Statement of Cash Flow Month Ended September 30, 2008 Cash flows from operating activities: Net Loss ($20,844,000) Adjustments to reconcile net loss to net cash used in operating activities: ESOP and stock option compensation expense 16,000 Depreciation and amortization 3,771,000 Assets beyond economic repair 177,000 Mark to market losses on derivative contracts 2,080,000 Proceeds received for settled derivative contracts - Loss (Gain) on disposal of equipment and other assets, net (34,000) Loss on early extinguishment of debt 106,000 Unrealized loss on short-term investments - Changes in operating assets and liabilities: Restricted investments 7,072,000 Receivables 12,142,000 Security and other deposits (6,110,000) Prepaid expenses and other assets 3,505,000 Inventories (3,717,000) Other assets 24,000 Accounts payable (11,981,000) Air traffic liability (6,742,000) Other accrued expenses (8,903,000) Deferred revenue and other liabilities 984,000 Reorganization items 7,024,000 -------------- Net cash used in operating activities (21,430,000) Cash flows from reorganization activities Net cash used in reorganization activities (1,033,000) -------------- Total net cash used in operating activities (22,463,000) Cash flows from investing activities: Aircraft purchase deposits made - Aircraft purchase deposits returned - Sale of short-term investment - Proceeds from the sale of property and equipment and assets held for sale 44,000 Capital expenditures (1,567,000) Proceeds from the sale of aircraft reorganization activity 55,000,000 -------------- Net cash provided by investing activities 53,477,000 Cash flows from financing activities: Proceeds from DIP financing (postpetition) - Extinguishment of long-term borrowings - Principal payments on long-term borrowings (2,490,000) Extinguishment of long-term borrowings -- reorganization activity (30,037,000) Principal payments on short-term borrowing - Payment of financing fees (2,000) -------------- Net cash used in financing activities (32,529,000) Decrease in cash and cash equivalents (1,515,000) Cash and cash equivalents at beginning of period 74,186,000 -------------- Cash and cash equivalents at end of period $72,671,000 ============== About Frontier Airlines Inc. Headquartered in Denver, Colorado, Frontier Airlines Inc. -- http://www.frontierairlines.com/-- provides air transportation for passengers and freight. It operates jet service carriers linking Denver, Colorado hub to 46 cities coast-to-coast, 8 cities in Mexico, and 1 city in Canada, as well as provide service from other non-hub cities, including service from 10 non-hub cities to Mexico. The Debtor and its debtor-affiliates filed for Chapter 11 protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08-11297 thru 08-11299.) Benjamin S. Kaminetzky, Esq., and Hugh R. McCullough, Esq., at Davis Polk & Wardwell, represent the Debtors in their restructuring efforts. Togul, Segal & Segal LLP is the Debtors' Conflicts Counsel, Faegre & Benson LLP is the Debtors' Special Counsel, and Kekst and Company is the Debtors' Communications Advisors. (Frontier Airlines Bankruptcy News, Issue No. 26; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) INTERSTATE BAKERIES: Posts $5.7MM Loss in 4 Weeks Ended Sept. 20 ---------------------------------------------------------------- Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended September 20, 2008 REVENUE Gross Income $216,956,324 Less Cost of Goods Sold Ingredients, Packaging & Outside Purchasing 61,701,635 Direct & Indirect Labor 35,259,199 Overhead & Production Administration 10,478,169 ------------- Total Cost of Goods Sold 107,439,003 ------------- Gross Profit 109,517,321 ------------- OPERATING EXPENSES Owner-Draws/Salaries 0 Selling & Delivery Employee Salaries 48,594,872 Advertising and Marketing 1,679,412 Insurance (Property, Casualty, & Medical) 11,517,286 Payroll Taxes 4,100,826 Lease and Rent 2,882,039 Telephone and Utilities 1,006,298 Corporate Expense (Including Salaries) 6,873,900 Other Expenses 29,861,210 ------------- Total Operating Expenses 106,575,843 ------------- EBITDA 2,941,478 Restructuring & Reorganization Charges (305,315) Depreciation and Amortization 4,502,810 Abandonment 44,744 Property & Equipment Impairment 0 Other(Income)/Expense (37,148) Gain/Loss Sale of Property 0 Interest Expense 4,554,886 ------------- Operating Income (Loss) (5,818,499) Income Tax Expense (Benefit) (77,704) ------------- NET Income (Loss) ($5,740,795) ============= CURRENT ASSETS Accounts Receivable at end of period $135,082,545 Increase (Dec.) in Accounts Receivable 1,542,750 Inventory at end of period 64,217,828 Increase (Decrease) in Inventory for period 1,557,624 Cash at end of period 21,829,847 Increase (Decrease) in Cash for period (824,763) Restricted Cash 21,090,158 Increase (Dec.) in Restricted Cash for period 12,225 LIABILITIES Increase (Decrease) in Liabilities Not Subject to Compromise 7,193,969 Increase (Decrease) in Liabilities Subject to Compromise (3,856) Taxes payable: Federal Payroll Taxes 4,063,342 State/Local Payroll Taxes 3,051,533 State Sales Taxes 796,340 Real Estate and Personal Property Taxes 7,549,142 Other 2,842,837 ------------- Total Taxes Payable $17,943,194 ============= About IBC Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh-baked bread and sweet goods, under various national brand names, including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and Drake's(R). Currently, IBC employs more than 25,000 people and operates 45 bakeries, as well as approximately 800 distribution centers and approximately 800 bakery outlets throughout the country. The company and eight of its subsidiaries and affiliates filed for chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6% senior subordinated convertible notes due Aug. 15, 2014) in total debts. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 5, 2007. Their exclusive period to file a chapter 11 plan expired on Nov. 8, 2007. On Jan. 25, 2008, the Debtors filed their First Amended Plan and Disclosure Statement. On Jan. 30, 2008, the Debtors received court approval of the first amended Disclosure Statement. IBC did not receive any qualifying alternative proposals for funding its plan of reorganization in accordance with the court-approved alternative proposal procedures. As a result, no auction was held on Jan. 22, 2008, as would have been required under those procedures. The Debtors, on Oct. 4, 2008, filed another Plan of Reorganization, which contemplates IBC's emergence from Chapter 11 as a stand-alone company. The filing of the Plan was made in connection with the plan funding commitments, on Sept. 12, 2008, from an affiliate of Ripplewood Holdings L.L.C. and from Silver Point Finance, LLC, and Monarch Master Funding Ltd. (Interstate Bakeries Bankruptcy News, Issue No. 117; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) LANDSOURCE COMMUNITIES: Amends Balance Sheet for August 2008 ------------------------------------------------------------ LandSource Communities Development LLC and its debtor-affiliates corrected the Consolidated Balance Sheet and the Consolidated Statements of Operations of their monthly operating report for the month of August 2008. LandSource Communities Development, LLC Consolidated Balance Sheet As of August 31, 2008 Assets Cash $11,140,038 Receivables 36,536,034 Inventories 1,373,763,518 Operating Properties, net 86,205,063 Investment in unconsolidated entities 21,940,405 Other assets 47,363,152 -------------- Total Assets $1,576,948,210 ============== Liabilities and Members' Capital Liabilities Prepetition Debt- Principal $246,414,305 Debt - Accrued interest 11,756,566 Accounts payable 29,652,806 Golf course / Other deposits 7,889,156 Payables to affiliates 59,345,814 Refundable Deposits owed affiliate 26,469,916 Tenant deposits 463,797 Other 4,391,489 ----------- Sub-total 386,383,849 Postpetition Accounts payable 3,520,426 Property tax accrual 2,375,471 Payables to affiliates 582,570 --------- Sub-total 6,478,467 Others Debt- DIP Revolver 14,672,624 Debt - DIP Term Roll-Up 1,032,853,563 Development accruals 38,161,763 Accrued Employee Related Benefits 7,775,271 Non-qualified Pension Plan Accruals 5,685,622 Reserves - school fees, energy remediation 15,119,129 Non-refundable deposits 30,900,799 Deferred Revenue 91,169,701 Other 3,435,433 ------------- Sub-total 1,239,773,905 Members' Capital (55,688,102) -------------- Total Liabilities and Members' Capital $1,576,948,119 ============== Other Operations, net Equity in earnings of unconsolidated entities ($151,465) Rental operations 43,912 Valencia Water Company 0 Club operations (141,166) Interest income 17,823 Interest expense (6,653,548) Loss on debt restructuring 0 Loss on interest rate swap termination 0 Miscellaneous 534,398 --------- Total Other Operations, net (6,050,046) ---------- Net Earnings (Loss) $5,235,053 ========== LandSource Communities Development, LLC Consolidated Statements of Operations Month Ended August 31, 2008 Statistical Information Homesites sold to related parties 0 Homesites sold to third parties 0 Acreage sold to related parties 0 Acreage sold to third parties 0 Homes sold to third parties 0 Land Sale Operations Sales related parties $2,216,575 Sales to third parties 357,955 --------- Total Land Sale Revenue 2,574,530 --------- Cost of sales to related parties 1,932,242 Cost of sales to third parties 57,342 --------- Total Cost of Land Sales 1,989,584 --------- Gross Margin on Land Sales Operations 584,946 Home Sale Operations Sales 0 Cost of sales 0 --------- Gross Margin on Home Sale Operations 0 --------- Operating Cost and Expenses Field, selling, general & administrative 3,191,756 Management fees to related parties (13,891,909) ---------- Total Operating Costs and Expenses (10,700,153) ---------- Other Operations, net Equity in earnings of unconsolidated entities (151,465) Rental operations 343,912 Valencia Water Company 0 Club operations (141,166) Interest income 17,823 Interest expense (6,653,548) Loss on debt restructuring 0 Loss on interest rate swap termination 0 Miscellaneous 534,398 ---------- Total Other Operations, net (6,050,046) ---------- Net Loss $5,235,053 ========== About LandSource Communities LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, is involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. With the exception of one development project in Marina del Rey, California, LandSource does not build homes or commercial properties. LandSource and 20 of its affiliates filed for chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors are represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. acts as the Debtors' financial advisors, and Kurtzmann Carson Consultants serves as the Debtors' notice and claims agent. According to the Troubled Company Reporter on May 22, 2008, LandSource sought help from its lender consortium to restructure $1.24 billion of its debt. LandSource engaged a 100-bank lender group led by Barclays Capital Inc., which syndicates LandSource's debt. LandSource had received a default notice on that debt from the lender group after it was not able to timely meet its payments during mid-April. However, LandSource failed to reach an agreement with its lenders on a plan to modify and restructure its debt, forcing it to seek protection from creditors. (LandSource Bankruptcy News, Issue No. 16; http://bankrupt.com/newsstand/or 215/945-7000). LANDSOURCE COMMUNITIES: Amends Operating Report for June 2008 ------------------------------------------------------------- LandSource Communities Development LLC and its debtor-affiliates corrected the Consolidated Balance Sheet and the Consolidated Statements of Operations of their monthly operating report for the month of June 2008. LandSource Communities Development, LLC Consolidated Balance Sheet As of June 30, 2008 Assets Cash $8,079,815 Receivables 42,058,343 Inventories 1,347,340,721 Operating Properties, net 86,434,864 Investment in unconsolidated entities 22,254,590 Other assets 47,805,246 -------------- Total Assets $1,553,973,579 ============== Liabilities and Members' Capital Liabilities: Prepetition Debt - principal $1,215,523,955 Debt - Accrued interest 28,674,406 Interest rate swap termination payment du 28,230,000 Accounts payable 32,410,898 Payables to affiliates 61,373,880 Refundable deposits owed affiliate 26,469,916 Tenant deposits 463,797 Other 3,614,459 ------------- Sub-total 1,396,761,311 Pospetition Accounts payable 250,006 Property tax accrual 1,332,288 Payables to affiliates 11,305,413 ---------- Sub-total 12,887,707 Other Development accruals 35,477,936 Accrued Employee Related Benefits 7,465,073 Non-qualified Pension Plan Accruals 5,954,648 Reserves - school fess, energy remediation 15,115,558 Non-refundable deposits 30,900,799 Deferred Revenue 93,226,228 Golf Course/Other deposits 7,974,544 Other 3,420,871 ----------- Sub-total 199,535,657 -------------- Total Liabilities $1,609,184,675 Members' Capital (55,211,097) -------------- Total Liabilities and Members' Capital $1,553,973,578 ============== LandSource Communities Development, LLC Consolidated Statements of Operations Month Ended June 30, 2008 Statistical Information Homesites sold to related parties 0 Homesites sold to third parties 0 Acreage sold to related parties 0 Acreage sold to third parties 0 Homes sold to third parties 0 Land Sale Operations Sales related parties ($9,309) Sales to third parties 13,036 ------ Total Land Sale Revenue 3,727 ------ Cost of sales to related parties 73,941 Cost of sales to third parties 0 ------ Total Cost of Land Sales 73,941 ------ Gross Margin on Land Sales Operations (70,214) ------ Home Sale Operations Sales 0 Cost of sales 0 ----- Gross Margin on Home Sale Operations 0 ----- Operating Cost and Expenses Field, selling, general & administrative 5,929,933 Management fees to related parties 1,598,311 --------- Total Operating Costs and Expenses 7,528,244 --------- Other Operations, net Equity in earnings of unconsolidated entities (22,371) Rental operations 494,159 Valencia Water Company 0 Club operations (92,466) Interest income 162,880 Interest expense (9,320,301) Loss on debt restructuring 0 Loss on interest rate swap termination (25,392,563) Miscellaneous 288,598 ---------- Total Other Operations, net (33,882,064) ----------- Net Earnings (Loss) ($41,480,522) =========== About LandSource Communities LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, is involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. With the exception of one development project in Marina del Rey, California, LandSource does not build homes or commercial properties. LandSource and 20 of its affiliates filed for chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors are represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. acts as the Debtors' financial advisors, and Kurtzmann Carson Consultants serves as the Debtors' notice and claims agent. According to the Troubled Company Reporter on May 22, 2008, LandSource sought help from its lender consortium to restructure $1.24 billion of its debt. LandSource engaged a 100-bank lender group led by Barclays Capital Inc., which syndicates LandSource's debt. LandSource had received a default notice on that debt from the lender group after it was not able to timely meet its payments during mid-April. However, LandSource failed to reach an agreement with its lenders on a plan to modify and restructure its debt, forcing it to seek protection from creditors. (LandSource Bankruptcy News, Issue No. 16; http://bankrupt.com/newsstand/or 215/945-7000). LANDSOURCE COMMUNITIES: Amends Operating Report for July 2008 ------------------------------------------------------------- LandSource Communities Development LLC and its debtor-affiliates corrected the Consolidated Balance Sheet and Consolidated Statements of Operations of their monthly operating report for the month of July 2008. LandSource Communities Development, LLC Consolidated Balance Sheet As of July 31, 2008 Assets Cash $14,752,211 Recievables 37,142,440 Inventories 1,362,875,475 Operating Properties, net 86,309,642 Investment in unconsolidated entities 22,091,870 Other assets 48,080,532 -------------- Total Assets $1,571,252,170 ============== Liabilities and Members' Capital Liabilities Prepetition Debt- Principal $246,414,305 Debt - Accrued interest 9,586,566 Interest rate swap termination payment du 28,192,405 Accounts payable 7,932,460 Payables to affiliates 62,348,593 Refundable Deposits owed affiliate 26,469,916 Tenant deposits 463,797 Other 4,798,822 ----------- Sub-total 386,206,864 Postpetition Accounts payable 330,150 Property tax accrual 1,801,836 Payables to affiliates 12,274,918 ----------- Sub-total 14,406,904 Others Debt- DIP Revolver 11,200,000 Debt - DIP Term Roll-Up 1,025,805,331 Development accruals 38,233,092 Accrued Employee Related Benefits 7,611,607 Non-qualified Pension Plan Accruals 5,710,703 Reserves - school fees, energy remediation 15,122,079 Non-refundable deposits 30,900,799 Deferred Revenue 93,880,164 Other 3,097,992 ------------- Sub-total 1,231,561,767 Members' Capital (60,923,066) -------------- Total Liabilities and Members' Capital $1,571,252,469 ============== LandSource Communities Development, LLC Consolidated Statement of Operations Month Ended July 31, 2008 Statistical Information Homesites sold to related parties 0 Homesites sold to third parties 0 Acreage sold to related parties 0 Acreage sold to third parties 0 Homes sold to third parties 0 Land Sale Operations Sales related parties $22,379 Sales to third parties 28,424 ------ Total Land Sale Revenue 50,803 ------ Cost of sales to related parties 13,582 Cost of sales to third parties 4,100 ------ Total Cost of Land Sales 17,682 ------ Gross Margin on Land Sales Operations 33,121 Home Sale Operations Sales 0 Cost of sales 0 ------ Gross Margin on Home Sale Operations 0 ------ Operating Cost and Expenses Field, selling, general & administrative 4,928,875 Management fees to related parties 1,644,063 --------- Total Operating Costs and Expenses 6,572,937 --------- Other Operations, net Equity in earnings of unconsolidated entities (161,291) Rental operations 256,047 Valencia Water Company 0 Club operations (317,951) Interest income 138,291 Interest expense (5,516,230) Loss on debt restructuring 0 Loss on interest rate swap termination 0 Miscellaneous 6,428,981 --------- Total Other Operations, net 827,648 ---------- Net Earnings (Loss) ($5,712,168) ========== About LandSource Communities LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, is involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. With the exception of one development project in Marina del Rey, California, LandSource does not build homes or commercial properties. LandSource and 20 of its affiliates filed for chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors are represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. acts as the Debtors' financial advisors, and Kurtzmann Carson Consultants serves as the Debtors' notice and claims agent. According to the Troubled Company Reporter on May 22, 2008, LandSource sought help from its lender consortium to restructure $1.24 billion of its debt. LandSource engaged a 100-bank lender group led by Barclays Capital Inc., which syndicates LandSource's debt. LandSource had received a default notice on that debt from the lender group after it was not able to timely meet its payments during mid-April. However, LandSource failed to reach an agreement with its lenders on a plan to modify and restructure its debt, forcing it to seek protection from creditors. (LandSource Bankruptcy News, Issue No. 16; http://bankrupt.com/newsstand/or 215/945-7000). LANDSOURCE COMMUNITIES: Posts $11.6 Million Net Loss in September ----------------------------------------------------------------- LandSource Communities Development, LLC Consolidated Balance Sheet As of September 30, 2008 Assets Cash $6,438,738 Receivables 45,090,902 Inventories 1,371,007,570 Operating Properties, net 88,081,951 Investment in unconsolidated entities 21,785,116 Other assets 47,203,522 -------------- Total Assets $1,579,607,799 ============== Liabilities and Members' Capital Liabilities Prepetition Debt- Principal $246,414,305 Debt - Accrued interest 13,856,566 Interest rate swap termination payment du 29,405,028 Accounts payable 7,806,917 Payables to affiliates 58,487,201 Refundable Deposits owed affiliate 26,469,916 Tenant deposits 503,934 Other 4,389,219 ----------- Sub-total 387,333,086 Postpetition Accounts payable 917,110 Property tax accrual 2,913,790 Other 660,395 Payable to affiliates 1,177,943 --------- Sub-total 5,669,238 Others Debt- DIP Revolver 22,170,333 Debt - DIP Term Roll-Up 1,040,498,483 Development accruals 37,806,143 Accrued Employee Related Benefits 8,106,118 Non-qualified Pension Plan Accruals 5,712,160 Reserves - school fees 13,570,689 Reserves - energy remediation 2,067,211 Non-refundable deposits 29,840,447 Deferred Revenue 90,795,542 Other 3,307,266 ------------- Sub-total 1,253,874,392 ------------- Members' Capital (67,268,916) -------------- Total Liabilities and Members' Capital $1,579,607,800 ============== LandSource Communities Development, LLC Consolidated Statements of Operations Month Ended September 30, 2008 Statistical Information Homesites sold to related parties 0 Homesites sold to third parties 0 Acreage sold to related parties 0 Acreage sold to third parties 0 Homes sold to third parties 0 Land Sale Operations Sales related parties $6,010,290 Sales to third parties 12,791 ---------- Total Land Sale Revenue 6,023,081 ---------- Cost of sales to related parties 5,460,100 Cost of sales to third parties 12,254 --------- Total Cost of Land Sales 5,472,354 --------- Gross Margin on Land Sales Operations 550,727 Home Sale Operations Sales 0 Cost of sales 0 -------- Gross Margin on Home Sale Operations 0 -------- Operating Cost and Expenses Field, selling, general & administrative 4,886,584 Management fees to related parties 490,414 --------- Total Operating Costs and Expenses 5,376,998 --------- Other Operations, net Equity in earnings of unconsolidated entities (155,289) Rental operations 474,185 Valencia Water Company 0 Club operations (203,114) Interest income 2,448 Interest expense (7,089,582) Loss on debt restructuring 0 Loss on interest rate swap termination 0 Miscellaneous 216,719 --------- Total Other Operations, net (6,754,633) ----------- Net Earnings (Loss) ($11,580,904) =========== LandSource Communities Development, LLC Consolidated Schedule of Cash Receipts and Disbursements Month Ended September 30, 2008 Net Operating Cash Flow Housing revenue $4,709,632 Commercial Revenue 2,402,077 Other 0 Option deposits 30,039 Less: Closing Costs 0 --------- Total Operating Inflows 7,141,748 Operating Cash Outflows Master improvements & CFDs (9,411,076) Property tax (69,996) General & Administrative (1,326,479) Other (228,086) Management fees (466,667) ---------- Total Operating Outflows (11,502,304) ---------- Total Net Operating Cash Flow (4,360,556) Bankruptcy Disbursements Bankruptcy Payments Utility Deposits 0 Mechanic's liens/Other 0 --------- Total Bankruptcy Payments 0 DIP Interest and Fees DIP Facility interest (148,709) Undrawn fee (78,661) DIP Facility fees 0 ------- Total DIP Interest and Fees (227,370) Restructuring professionals (2,801,700) Total Bankruptcy Disbursements (3,029,070) ---------- Total Net Cash Flow ($7,389,625) ========== Disbursement Per Debtor LandSource Communities Development, LLC $1,108,790 California Land Company 0 Friendswood Development Company, LLC 13,444 Lennar Land Partners II 0 Kings Wood Development Company, L.C. 0 LSC Associates, LLC 0 Lennar Mare Island, LLC 393,776 LandSource Communities Development Sub, L 0 Lennar Moorpark, LLC 850 Lennar Stevenson Holdings, LLC 0 The Newhall Land and Farming Company 0 LandSource Holding Company, LLC 7,570,995 LNR-Lennar Washington Square, LLC 2,801,166 Lennar Bressi Ranch Venture, LLC 0 The Newhall Land and Farming Company 6,819,546 (a California Limited Partnership) 0 NWI-IL GP, LLC 0 Tournament Players Club at Valencia, LLC 400,821 Southwest Communities Development, LLC 0 Valencia Corporation 0 Stevenson Ranch Venture, LLC 36,795 Valencia Realty Company 0 ----------- Total Disbursement $19,146,183 =========== Schedule of Professional Fees and Expenses Paid Professional Cadwalader, Wickersham & Taft, LLP $1,253,866 FTI Consulting, Inc. 573,718 Paul, Weiss, Rifkind, Wharton & Garrison, 67,149 Houlihan Lokey 380,163 HoganWebb, LLC 340,000 D.L.D. Unsurance Brokers, Inc. 100,000 Landis Rath & Cobb, LLP 32,850 Developers Rsearch, Inc. 52,942 Orrick, Herrington & Sutcliffe, LLP 1,009 ---------- $2,801,697 ========== About LandSource Communities LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, is involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. With the exception of one development project in Marina del Rey, California, LandSource does not build homes or commercial properties. LandSource and 20 of its affiliates filed for chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors are represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. acts as the Debtors' financial advisors, and Kurtzmann Carson Consultants serves as the Debtors' notice and claims agent. According to the Troubled Company Reporter on May 22, 2008, LandSource sought help from its lender consortium to restructure $1.24 billion of its debt. LandSource engaged a 100-bank lender group led by Barclays Capital Inc., which syndicates LandSource's debt. LandSource had received a default notice on that debt from the lender group after it was not able to timely meet its payments during mid-April. However, LandSource failed to reach an agreement with its lenders on a plan to modify and restructure its debt, forcing it to seek protection from creditors. (LandSource Bankruptcy News, Issue No. 16; http://bankrupt.com/newsstand/or 215/945-7000). LEXINGTON PRECISION: Posts $877,000 Net Loss in September 2008 -------------------------------------------------------------- Lexington Precision Corp. and Lexington Rubber Group, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for September 2008. The Debtors reported total assets of $58,168,000 and total liabilities of $100,340,000, resulting in a $42,659,000 stockholders' deficit. For the month, the Debtors generated net sales of $5,478,000 and incurred a net loss of $877,000. A full-text copy of the Debtors' September 2008 monthly operating report is available for free at: http://bankrupt.com/misc/LEXINGTONMOR.pdf About Lexington Precision Headquartered in New York, Lexington Precision Corp. -- http://www.lexingtonprecision.com/-- manufactures tight- tolerance rubber and metal components for use in medical, automotive, and industrial applications. As of Feb. 29, 2008, the companies employed about 651 regular and 22 temporary personnel. The company and its affiliate, Lexington Rubber Group Inc., filed for Chapter 11 protection on April 1, 2008 (Bankr. S.D.N.Y. Lead Case No.08-11153). Christopher J. Marcus, Esq., and Victoria Vron, Esq., at Weil, Gotshal & Manges, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Systems - Bankruptcy Solutions LLC as claims agent. The U.S. Trustee for Region 2 appointed six creditors to serve on an Official Committee of Unsecured Creditors. Paul N. Silverstein, Esq., and Jonathan Levine, Esq., reresents the Committee as counsel. When the Debtors filed for protection from their creditors, they listed total assets of $52,730,000 and total debts of $88,705,000. SEA CONTAINERS: Files Operating Report for September 2008 --------------------------------------------------------- Sea Containers, Ltd. Unaudited Balance Sheet As of September 30, 2008 Assets Current Assets Cash and cash equivalents $17,262,084 Trade receivables, less allowances for doubtful accounts of $1.379MM 566,355 Due from related parties 374,918 Prepaid expenses and other current assets 352,657 ------------ Total current assets 18,556,014 Fixed assets, net - Long-term equipment sales receivable, net - Investments in group companies 94,887,856 Intercompany receivables - Investment in equity ownership interests 233,625,188 Other assets 2,521,770 ------------ Total assets $349,590,828 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable $13,196,060 Accrued expenses 96,338,670 Current portion of long-term debt 172,962,405 Current portion of senior notes 385,690,177 ------------ Total current liabilities 668,187,312 Total shareholders' equity (318,596,484) ------------ Total liabilities and shareholders' equity $349,590,828 ============ Sea Containers, Ltd. Unaudited Statement of Operations For the Month Ended September 30, 2008 Revenue $2,047,800 Costs and expenses: Operating income - Selling, general and admin. expenses (1,356,674) Professional fees 2,995,285 (Charges)/credits against intercompany accounts (3,663,832) Impairment of investment in subsidiary companies (10,000,000) Forgiveness of intercompany debt - Depreciation and amortization - ------------ Total costs and expenses (12,025,221) ------------ Profit/(Loss) on sale of assets (2,464) ------------ Operating loss (9,979,885) Other income (expense) Investment income 1,614,891 Foreign exchange gains/(losses) 219,717 Interest expense, net (3,654,958) ------------ Loss before taxes (11,800,235) Income tax expense (209,267) ------------ Loss after taxes ($12,009,502) ============ Sea Containers Services, Ltd. Unaudited Balance Sheet As of September 30, 2008 Assets Current Assets Cash and cash equivalents $42,333 Trade receivables (2,269) Due from related parties (GE SeaCo) 74,117 Prepaid expenses and other current assets 1,426,683 ------------ Total current assets 1,540,864 Fixed assets, net 6,918 Investments 2,475,558 Intercompany receivables 4,034,489 Other assets - ------------ Total assets $8,057,829 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable $981,767 Accrued expenses 1,220,838 Current portion of long-term debt 1,386,374 ------------ Total current liabilities 3,588,979 Total shareholders' equity 4,468,850 ------------ Total liabilities and shareholders' equity $8,057,829 ============ Sea Containers Services, Ltd. Unaudited Statement of Operations For the Month Ended September 30, 2008 Revenue $1,200,836 Costs and expenses: Selling, general and admin. expenses (735,023) Professional Fees (9,338,099) Depreciation and amortization (1,522) ------------ Total costs and expenses (10,074,644) ------------ Gains on sale of assets 8,788 ------------ Operating profit/(loss) (8,865,021) Other income (expense) Interest income - Foreign exchange gains or (losses) 3,768 Interest expense, net (13,090) ------------ Profit/(Loss) before taxes (8,874,342) Income tax credit - ------------ Net profit/(loss) ($8,874,342) ============ About Sea Containers Ltd. Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 54; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) TROPICANA ENTERTAINMENT: Posts $16 Million Net Loss in September ---------------------------------------------------------------- Tropicana Entertainment, LLC Balance Sheet As of September 30, 2008 ASSETS Current Assets Accounts receivable - trade $0 Cash & temporary cash investments 13,323,000 Deposits 2,461,000 Inventories 0 Other receivables 0 Prepaid expenses 73,000 -------------- Total Current Assets 15,857,000 Property and Equipment Buildings 0 Construction in progress 0 Furniture & fixtures 114,000 Land 0 Riverboats, barges & ramps 0 Vehicles 0 -------------- Total Property and Equipment 114,000 Reserve for Depreciation Boats, barges & ramp reserve for depreciation 0 Building reserve for depreciation 0 Furn. & fixtures reserve for depreciation 0 Gaming entertainment reserve for depreciation 0 Vehicle reserve for depreciation 0 -------------- Total Reserve for Depreciation 0 Other Assets Investments 2,775,215,000 Other assets 31,190,000 -------------- Total Other Assets 2,806,405,000 -------------- TOTAL ASSETS $2,822,376,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Accounts payable $16,460,000 Accrued other expenses 1,686,000 Accrued payroll 111,000 Deferred income 0 Notes payable - Evansville 11,900,000 Payroll taxes payable 0 Sales tax payable 0 -------------- Total Current Liabilities 30,157,000 Long Term Debt Due Beyond One Year DIP financing 20,000,000 -------------- Total Long Term Debt Due Beyond One Year 20,000,000 Other Liabilities Deferred fed taxes 0 Deferred rent 0 Deferred state inc taxes 0 Intercompany 43,072,000 -------------- Total Other Liabilities 43,072,000 Total Liabilities not Subject to Compromise 93,228,000 Liabilities Subject to Compromise Non-intercompany 913,355,000 Intercompany 1,593,200,000 -------------- Total Liabilities Subject to Compromise 2,506,555,000 -------------- Total Liabilities 2,599,783,000 Total Stockholders' Equity 222,592,000 -------------- Total Liabilities & Shareholders' Deficit $2,822,376,000 ============== Tropicana Entertainment, LLC Income Statement For the Month Ended September 30, 2008 Operating Revenues Casino revenue $0 Rooms revenue 0 Food & beverage revenue 0 Other casino & hotel revenue - less int income 0 -------------- Opening Revenues 0 Less promotional allowances 0 -------------- Net Operating Revenues 0 Operating Expenses Casino operating expenses 0 Rooms operating expenses 0 Food and beverage operating expenses 0 Other casino and hotel operating expenses (14,000) Utilities 0 Marketing, advertising and casino promotions 21,000 Repairs and maintenance 10,000 Insurance 6,000 Property and local taxes 0 Gaming tax and licenses 0 Administrative and general 2,084,000 Leased land and facilities 17,000 Depreciation and amortization 0 Loss on disposition of assets 0 Bad debt expense - loans 0 Impairment charge 0 Restructuring cost (150,000) Chapter 11 reorg. & other prof. fees 3,776,000 -------------- Total Operating Expense 5,749,000 Income from Operations (5,749,000) Other Income (Expense) Interest expense (10,214,000) Intercompany interest income / (expense) 42,000 Interest income (55,000) -------------- Total Other Income (Expense) (10,227,000) Federal Income Tax 0 Income Before Minority Interest (15,976,000) -------------- NET INCOME ($15,976,000) About Tropicana Entertainment Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC -- http://www.tropicanacasinos.com/-- is an indirect subsidiary of Tropicana Casinos and Resorts. The company is one of the largest privately-held gaming entertainment providers in the United States. Tropicana Entertainment owns eleven casino properties in eight distinct gaming markets with premier properties in Las Vegas, Nevada and Atlantic City, New Jersey. Tropicana Entertainment LLC filed for Chapter 11 protection on May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor- affiliates filed for separate Chapter 11 petitions but with no case numbers assigned yet. Kirkland & Ellis LLP and Mark D. Collins, Esq., at Richards Layton & Finger, represent the Debtors in their restructuring efforts. Their financial advisor is Lazard Ltd. Their notice, claims, and balloting agent is Kurtzman Carson Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors' Web site administration agent. AlixPartners LLP is the Debtors' restructuring advisor. Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell LLP represent the Official Committee of Unsecured Creditors in this case. Capstone Advisory Group LLC is financial advisor to the Creditors' Committee. The Court has extended the Debtors' exclusive period to file a plan through and including January 12, 2009, and to solicit votes on the plan through and including March 13, 2009. (Tropicana Bankruptcy News, Issue No. 21; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) WASHINGTON MUTUAL: Files Initial Monthly Operating Report --------------------------------------------------------- Washington Mutual, Inc., and WMI Investment Corporation filed with the Court on Oct. 30, 2008, an initial monthly operating report. The Initial Report incorporated a 13-week cash flow forecast for the period from October 31, 2008, through January 23, 2009. For the 13-week period ending January 2009, the Debtors estimate: -- receipts to total $6.06 million; -- disbursements to aggregate $30.94 million; -- a negative net cash flow of $24.87 million; and -- ending cash and securities balance to total $4.6 billion. A full-text copy of the 13-Week Consolidated Cash Flow is available for free: http://bankrupt.com/misc/WAMU_ConsolidatedCashFlow.pdf WaMu Chief Restructuring Officer William C. Kosturos notes that a $4 million disbursement within the week of Nov. 7, 2008, refers to an estimate for the premium of the Debtors' Directors and Officers Policy. According to Mr. Kosturos, all forecasted amounts are highly preliminary due to hiring of additional WaMu employees, the relationship between WaMu and JPMorgan Chase, N.A., and other circumstances regarding the Debtors' ongoing operations. Other key assumptions in the forecast are: * The interest is based on a 0.8% annual interest rate on investable funds; * Payroll and benefits assume that WaMu will be successfully hiring 15 to 20 full-time employees in the near term; * Rent is based on the current allocation of expenses between WaMu and Washington Mutual Bank's former banking operations, while the actual determinaton of charges with respect to WaMu's occupancy is to be determined; * Shared services to be provided by JPMorgan Chase and the costs of the services are being determined; * The estimate of professional fees is highly preliminary; * Information Technology infrastructure costs will depend on the shared services provided by JPMorgan Chase and WaMu's need to develop its own infrastructure. The Initial Report also disclose demand deposit accounts the Debtors maintained: (i) JPMorgan Chase Bank WM Tower Financial Center 1201 3rd Avenue Seattle, Washington 98101-3029 (ii) Bank of New York Mellon 101 Barclay Street New York, NY 10286 General account and ZBA disbursement account are also maintained by the Debtors at the Bank of America. Based in Seattle, Washington, Washington Mutual Inc. -- http://www.wamu.com/-- is a holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries. The company operates in four segments: the Retail Banking Group, which operates a retail bank network of 2,257 stores in California, Florida, Texas, New York, Washington, Illinois, Oregon, New Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and Connecticut; the Card Services Group, which operates a nationwide credit card lending business; the Commercial Group, which conducts a multi-family and commercial real estate lending business in selected markets, and the Home Loans Group, which engages in nationwide single-family residential real estate lending, servicing and capital markets activities. Washington Mutual Bank was taken over Sept. 25 by U.S. government regulators. The next day, WaMu and its debtor-affiliate, WMI Investment Corp., filed separate petitions for Chapter 11 relief (Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owns 100% of the equity in WMI Investment. Weil Gotshal & Manges represents the Debtors as counsel. When WaMu filed for protection from its creditors, it listed assets of $32,896,605,516 and debts of $8,167,022,695. WMI Investment listed assets of $500,000,000 to $1,000,000,000 with zero debts. (Washington Mutual Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. 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Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Luke Caballos, Sheryl Joy P. Olano, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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