/raid1/www/Hosts/bankrupt/TCR_Public/081206.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, December 6, 2008, Vol. 12, No. 291
Headlines
AMERICAN HOME: AHM Corp.'s Operating Report for August 2008
AMERICAN HOME: AHMAI's Operating Report for August 2008
AMERICAN HOME: AHMHI's Operating Report for August 2008
AMERICAN HOME: AHMIC's Operating Report for August 2008
ASARCO LLC: Posts $10,670,000 Net Loss in Month Ended October 31
BUFFETS HOLDINGS: Posts $9,440,097 Net Loss in Month Ended Oct. 22
KUSHNER-LOCKE: Reports Net Loss of $89,710 in June 2008
KUSHNER-LOCKE: Posts $40,536 Net Loss in July 2008
KUSHNER-LOCKE: Posts $79,829 Net Loss in August 2008
KUSHNER-LOCKE: Posts $70,337 Net Loss in September 2008
LEVITT & SONS: Files Monthly Operating Report for October 2008
LINENS 'N THINGS: Earns $85,616,865 in Month Ended Oct. 25, 2008
LINENS 'N THINGS: Posts $176,645,964 Loss in Month Ended Sept. 27
MERVYN'S LLC: Posts $30,718,000 Net Loss for Month Ended Oct. 4
NEUMANN HOMES: Files Monthly Operating Report for October 2008
PROPEX INC: Posts $700,000 Net Loss in Month Ended September 28
SEMGROUP LP: Files Amended Monthly Operating Report for July 2008
SEMGROUP LP: Files Monthly Operating Report for September 2008
SEMGROUP LP: Amends Monthly Operating Report for August 2008
TROPICANA ENTERTAINMENT: Posts $18,354,000 Net Loss in October
WELLMAN INC: Posts $28,200,000 Net Loss in September 2008
*********
AMERICAN HOME: AHM Corp.'s Operating Report for August 2008
-----------------------------------------------------------
American Home Mortgage Corp.
Statement of Financial Condition
As of August 31, 2008
Assets:
Cash and cash equivalents $35,099,473
Restricted cash 2,653,069
Securities purchased under agreements -
Accounts receivable 29,523,842
Intercompany receivable 698,893,623
Mortgage loans 49,829,676
Derivative assets 743,601
Mortgage servicing rights -
Other real estate, net 31,756,694
Premises and equipment, net 19,821,619
Investment in subsidiaries 74,268,633
Other assets 3,097,387
------------
Total Assets $945,687,617
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $117,455,202
Derivative liabilities 10,481,560
Accrued expenses & other liabilities 91,844,708
Intercompany payable 1,538,419,614
Notes payable 882,951
Income taxes payable 1,875,199
-------------
Total Liabilities 1,760,959,234
Stockholders' Equity
Additional paid-in capital 153,195,272
Retained earnings (968,466,889)
Other comprehensive loss -
-------------
Total Stockholders' Equity (815,271,617)
-------------
Total Liabilities & Stockholders' Equity $945,687,617
=============
American Home Mortgage Corp.
Statement of Income
Month Ended August 31, 2008
Net Interest Income:
Interest income $3,697,758
Interest expense (5,445)
------------
Net interest income 3,692,313
Provision for loan losses -
------------
Net interest income after provision 3,692,313
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans (59,084,783)
Loss (gain) on securities & derivatives -
Loan servicing fees (12,484)
Changes in fair value of MSR -
Income (loss) from subsidiaries 530,838
Other non-interest (loss) income 4,676
------------
Non-interest income (58,561,753)
Expenses
Salaries, commissions & benefits, net 3,450,480
Occupancy and equipment 437,733
Data processing and communications 19,312
Office supplies and expenses 47,075
Marketing and promotion 14,334
Travel and entertainment 109
Professional fees 2,690,480
Other real estate operating expense 38,879
Other (177,792)
------------
Total expenses 6,520,610
Income (Loss) before income taxes (61,390,050)
Income taxes -
------------
Net loss ($61,390,050)
============
American Home Mortgage Corp.
Schedule of Cash Receipts and Disbursements
Month Ended August 31, 2008
Cash - Beginning of Month, 08/01/2008 $37,581,935
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances -
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) 1,875,828
------------
Total Receipts 1,875,828
Disbursements:
Net payroll 3,378
Payroll taxes -
Sales, use & other taxes -
Loans and advances 1,394,829
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 307,012
Selling -
Other -
Transfers (to DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 1,705,219
------------
Net Cash Flow 170,609
------------
Cash - End of Month - 08/31/08 $37,752,544
============
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for Chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
American Home filed a de-consolidated plan of liquidation on
Aug. 15, 2008.
(American Home Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMAI's Operating Report for August 2008
-------------------------------------------------------
American Home Mortgage Acceptance, Inc.
Statement of Financial Condition
As of August 31, 2008
Assets:
Cash and cash equivalents $288,048
Restricted cash -
Accounts receivable 904,381
Intercompany receivable 517,059,825
Mortgage loans 4,226,784
Mortgage servicing rights -
Other real estate, net 3,815,207
Investment in subsidiaries (25,677,508)
Other assets -
------------
Total Assets $500,616,737
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $24,787,505
Accrued expenses & other liabilities 1,092,479
Intercompany payable 671,936,058
------------
Total Liabilities 697,816,042
Stockholders' Equity
Additional paid-in capital 40,298,920
Retained earnings (237,498,225)
Other comprehensive loss -
------------
Total Stockholders' Equity (197,199,305)
------------
Total Liabilities & Stockholders' Equity $500,616,737
============
American Home Mortgage Acceptance, Inc.
Statement of Income
Month Ended August 31, 2008
Net Interest Income:
Interest income $538,611
Interest expense -
------------
Net interest income 538,611
Provision for loan losses -
------------
Net interest income after provision 538,611
for loan losses
Non-Interest Income:
Gain (Loss) on mortgage loans (15,390,164)
Gain on securities & derivatives -
Loan servicing fees -
Changes in fair value of MSR -
Income from subsidiaries 962
------------
Non-interest income (15,389,202)
Expenses
Salaries, commissions & benefits, net 57,120
Office supplies and expenses -
Marketing and promotion -
Professional fees -
Other real estate operating (income) expense -
Other -
------------
Total expenses 57,120
(Loss) Income before income taxes (14,907,711)
Income taxes -
------------
Net income [Loss] ($14,907,711)
============
American Home Mortgage Acceptance, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended August 31, 2008
Cash - Beginning of Month, 08/01/2008 $468,566
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances -
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts -
Disbursements:
Net payroll -
Payroll taxes -
Sales, use & other taxes -
Loans and advances 180,517
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative -
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 180,517
------------
Net Cash Flow (180,517)
------------
Cash - End of Month - 08/31/08 $288,048
============
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for Chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
American Home filed a de-consolidated plan of liquidation on
Aug. 15, 2008.
(American Home Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMHI's Operating Report for August 2008
-------------------------------------------------------
American Home Mortgage Holdings, Inc.
Statement of Financial Condition
As of August 31, 2008
Assets:
Cash and cash equivalents $1,000
Accounts receivable 134,546
Intercompany receivable 133,113,340
Investment in subsidiaries (644,134,095)
Other assets -
------------
Total Assets ($510,885,209)
============
Liabilities and Stockholders' Equity
Liabilities:
Junior subordinated note $304,214,000
Accrued expenses & other liabilities 4,733,870
------------
Total Liabilities 308,947,870
Stockholders' Equity
Additional paid-in capital 94,597,810
Retained earnings (914,430,889)
Other comprehensive loss -
------------
Total Stockholders' Equity (819,833,079)
------------
Total Liabilities & Stockholders' Equity ($510,885,209)
============
American Home Mortgage Holdings, Inc.
Statement of Income
Month Ended August 31, 2008
Income (loss) from subsidiaries ($61,646,988)
Other non-interest income: -
------------
Non-interest income (61,646,988)
------------
Professional fees -
Other -
------------
Total Expenses -
------------
Income (Loss) before income taxes (61,646,988)
Income taxes -
------------
Net loss ($61,646,988)
============
American Home Mortgage Holdings, Inc., also discloses that its
cash as of Aug. 1, 2008, was $1,000. Since there was no cash
receipts and disbursements for August, AHM Holdings' cash at the
end of the month is still $1,000.
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for Chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
American Home filed a de-consolidated plan of liquidation on
Aug. 15, 2008.
(American Home Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMIC's Operating Report for August 2008
-------------------------------------------------------
American Home Mortgage Investment Corp.
Statement of Financial Condition
As of August 31, 2008
Assets:
Cash and cash equivalents $18,826,945
Restricted cash 150,799,967
Accounts receivable 3,700,171
Intercompany receivable 1,320,717,706
Securities 1,136,724,960
Derivative assets -
Investment in subsidiaries (1,024,919,749)
Other assets -
--------------
Total Assets $1,605,850,000
==============
Liabilities and Stockholders' Equity
Liabilities:
Reverse repurchase agreements -
Junior subordinated note $180,416,000
Derivative liabilities 53,817,031
Accrued expenses & other liabilities 1,221,721,834
Intercompany payable 586,210,538
-------------
Total Liabilities 2,042,165,403
Stockholders' Equity
Preferred stock - Series A 50,856,875
Preferred stock - Series B 83,183,125
Common Stock 543,074
Additional paid-in capital 1,057,864,155
Retained earnings (1,628,762,632)
Other comprehensive loss -
--------------
Total Stockholders' Equity (436,315,403)
--------------
Total Liabilities & Stockholders' Equity $1,605,850,000
==============
American Home Mortgage Investment Corp.
Statement of Income
Month Ended August 31, 2008
Net Interest Income:
Interest income $349,875
Interest expense -
------------
Net interest income 349,875
Provision for loan losses -
------------
Net interest income after provision 349,875
for loan losses
Non-Interest Income:
Loss on mortgage loans 13
Loss on securities and derivatives 523,567
Gain (loss) from subsidiaries (76,554,699)
Other non-interest income -
------------
Non-interest income (76,031,119)
Other
Data processing and communications -
Professional fees 17
Other expenses -
-----------
Total expenses 17
Loss before income taxes (75,681,261)
Income taxes -
-----------
Net loss ($75,681,261)
===========
American Home Mortgage Investment Corp.
Schedule of Cash Receipts and Disbursements
Month Ended August 31, 2008
Cash - Beginning of Month, 08/01/2008 $167,703,283
Receipts:
Cash sales -
Accounts receivable -
Sale of assets 22,076,340
Loans and advances 935,352
Administrative -
Net payroll -
Other 832,632
Transfers (from DIP accounts) -
------------
Total Receipts 23,844,325
Disbursements:
Net payroll 776,701
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 7,354,870
Selling -
Other -
Transfers (to DIP accounts) 13,789,125
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 21,920,697
------------
Net Cash Flow 1,923,628
------------
Cash - End of Month - 08/31/08 $169,626,911
============
About American Home
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for Chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000.
American Home filed a de-consolidated plan of liquidation on
Aug. 15, 2008.
(American Home Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ASARCO LLC: Posts $10,670,000 Net Loss in Month Ended October 31
----------------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of October 31, 2008
ASSETS
Current Assets:
Cash $1,298,443,000
Restricted Cash 24,937,000
Accounts receivable, net 155,187,000
Inventory 244,032,000
Prepaid expenses 4,039,000
Other current assets 24,717,000
---------------
Total Current Assets 1,751,355,000
Net property, plant and equipment 508,012,000
Other Assets:
Investments in subs 80,796,000
Advances to affiliates 486,000
Prepaid pension & retirement plan -
Non-current deferred tax asset -
Other 50,918,000
--------------
Total assets $2,391,568,000
==============
LIABILITIES
Postpetition liabilities: 76,570,000
Accounts payable - trade -
Accrued liabilities 719,548,000
---------------
Total postpetition liabilities 796,118,000
Prepetition liabilities:
Not subject to compromise - credit 3,045,000
Not subject to compromise - other 107,720,000
Advances from affiliates 24,899,000
Subject to compromise 3,191,321,000
---------------
Total prepetition liabilities 3,326,985,000
---------------
Total liabilities 4,123,103,000
===============
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive loss (234,375,000)
Retained earnings: post filing date (3,274,045,000)
---------------
Total prepetition owners' equity (2,895,519,000)
Retained earnings: post-filing date 1,163,983,000
---------------
Total owners' equity (net worth) (1,731,536,000)
Total liabilities and owners' equity $2,391,568,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended October 31, 2008
Sales $106,706,000
Cost of products and services 121,259,000
---------------
Gross profit [loss] (14,553,000)
Operating expenses:
Selling and general & admin. expenses 2,989,000
Depreciation & amortization 3,457,000
Accretion expense 362,000
---------------
Operating income [loss] (21,361,000)
Interest expense 59,000
Interest income (2,310,000)
Reorganization expenses 9,371,000
Other miscellaneous (income) expenses (13,076,000)
---------------
Income (loss) before taxes (15,405,000)
Income taxes (4,735,000)
---------------
Net income [loss] ($10,670,000)
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended October 31, 2008
Receipts
Disbursements:
Inventory material $16,310,000
Operating disbursements 110,336,000
Capital expenditures 8,214,000
---------------
Total disbursements 134,861,000
Operating cash flow 27,184,000
Reorganization disbursements 5,593,000
---------------
Net cash flow 21,591,000
Net payments to secured Lenders -
---------------
Net change in cash 21,591,000
Beginning cash balance 1,301,789,000
---------------
Ending cash balances $1,323,380,000
===============
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
US$600 million in total assets and US$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.
Asarco Inc. and AMC are represented by Luc A. Despins, Esq., at
Milbank, Tweed, Hadley & McCloy LLP, in New York.
(ASARCO Bankruptcy News Issue No. 93; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
BUFFETS HOLDINGS: Posts $9,440,097 Net Loss in Month Ended Oct. 22
------------------------------------------------------------------
Buffets Holdings, Inc.
Balance Sheet
As of October 22, 2008
ASSETS
Current Assets:
Cash on Hand - drawer $1,360,040
Total depository account 4,433,548
Temporary investments 33,000,000
Cash 5,269,059
--------------
Total cash & cash equivalents 44,062,646
Receivables-landlord 37,638
Credit card receivables 1,444,902
Intercompany -
Total rebates receivable 5,558,518
Accounts receivable 3,393,025
Due to/From affiliate 0
--------------
Total Receivables 10,434,082
Inventory 34,888,086
--------------
Total Inventories 34,888,086
Restricted cash 2,598,922
Employee advances 24,197
Escrow deposits - short term 866,919
Deposits - prefunded LC - current 15,611,860
Prepaid car leases 30,397
Prepaid Insurance 662,040
Prepaid rent 2,463,330
Prepaid other 2,035,201
Prepaid advertising 9,713,547
Prepaid rent escrow 227,057
Notes receivable - short term 15,120
--------------
Total prepaid expenses & other assets 31,649,669
Deferred income taxes - current 13,651,000
Deferred tax valuation allowance - current (13,651,000)
--------------
Total current assets 123,633,406
Cabinet division inventory 4,475,303
Corporate inventory 583,408
Proceeds of sale clearing account (1,200)
CIP - non system 647,265
Land 9,298,836
Building 5,586,674
Accumulated depreciation - building (859,930)
Leasehold improvement 157,361,557
Accumulated amortization (94,232,363)
Equipment 220,813,236
Accumulated depreciation - equipment (137,517,065)
Automobile 315,330
Accumulated depreciation - auto (124,213)
Assets to be sold - PP&E 16,364,294
Accumulated depreciation - assets to be sold (72,825)
--------------
Total property, plant & equipment, net 182,638,319
Goodwill 116,639,959
Intellectual property 0
Acquisition costs 18,133,818
--------------
Total goodwill 134,773,776
Deferred income taxes - non-current 95,451,879
Deferred tax valuation allowance - non-current (95,451,879)
Liquor licenses 343,681
Leasehold interest 1,474,683
Recipes 2,088,773
Trademark 56,600,000
--------------
Total other intangible assets 60,507,138
Prepaid rent deposits 1,747,457
Deposits 3,599,129
Deposits - other long term 42,865
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 (15,280,852)
Notes receivable from subsidiaries 0
Total notes receivable - long term 8,399
Split Dollar Life Ins. Receivable 2,169,580
Entries to be reclassified (89)
--------------
Total other noncurrent assets 31,943,303
Total assets $533,495,942
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable - prepetition $24,411,919
Accounts payable - postpetition 43,077,115
COD Clearing (13,884)
Misc. accruals - restaurant level 8,180,679
Misc accruals - WIS 0
Misc. accruals - corp level 4,975,110
--------------
Total accounts payable 80,631,029
Accrued 401(k) 1,126,,837
Accrued payroll 12,359,306
Accrued bonus 827,456
Accrued payroll taxes 3,921,173
Accrued vacation 7,035,018
--------------
Total accrued compensation 25,269,789
Accrued insurance - auto 20,906
Accrued insurance - general liability 15,140,197
Accrued insurance - other 3,205,978
--------------
Total accrued insurance 18,367,081
Accrued percentage rent 1,488,815
Accrued interest - short term 25,623,204
Accrued property taxes 10,007,264
Accrued postage 31,431
Accrued advertising 1,530,356
Accrued liabilities - other 16,899,355
Deferred income - current 175,639
--------------
Total other accrued liabilities 55,756,064
Gift certificates/gift cards 4,103,791
Cash receipts suspense 142,500
Workers compensation payable 21,978,419
Lease rejection claims reserve 50,237,330
Sales/Use tax payable 7,900,539
Accrued restaurant closing costs 1,992,609
--------------
Total accrued liabilities 185,748,122
Income taxes payable (3,889,419)
Estimated income taxes 489,419
--------------
Total income taxes payable (3,400,000)
Current maturities of long-term debt 5,300,000
Short term borrowings 56,300,000
Short term borrowings - DIP 79,950,000
Short term borrowings - vendor LC draws 6,258,450
--------------
Total current liabilities 410,787,602
Note: 410,787,601 in the spreadsheet
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 45,991,055
Deferred Income tax 22,793,000
Income tax payable - non-current 21,774,000
Long term sublease deposits 33,905
Post retirement benefits payable 19,327
Total deferred income 5,886,607
--------------
Total other long-term liabilities 5,939,839
--------------
Total non-current liabilities 915,225,894
--------------
Total liabilities 1,326,013,496
--------------
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
(62,086,103,,) (62,086,103)
--------------
Retained earnings (793,416,543)
Total shareholders' equity (792,517,555)
--------------
Total liabilities & Stockholders' equity $533,495,942
==============
Buffets Holdings, Inc.
Income Statement
For the month ended October 22, 2008
Total sales $104,861,375
Total food cost 37,661,420
Total labor 31,445,151
Operating costs 14,523,523
Occupancy costs 12,706,517
--------------
Total DIR & O/C 27,230,040
--------------
Total restaurant costs 96,336,612
--------------
Restaurant profit (level 4) 8,524,764
Total SG&A Expense 8,767,660
Closed restaurant costs 53,081
Impairment Cost -
Merger/integration costs -
--------------
Earnings from operations (295,978)
Other income (expense)
Franchise income 68,676
Interest income 144
Interest expense (6,716,945)
Other income (expense) 7,077
Loss related to refinancing (802,250)
Reorganization Costs (1,619,475)
Net Worth Tax (24,345)
Intercompany 0
--------------
Total other income (expense) (9,087,119)
--------------
Earnings before tax (9,383,097)
Net worth tax
Income Taxes (57,000)
--------------
Net earnings (loss) ($9,440,097)
==============
Buffets Holdings, Inc.
Schedule of Cash Receipts & Disbursements
For the month ended October 22, 2008
Cash Receipts (inc. Sales tax):
Cash receipts $67,037,000
Credit card 43,298,000
--------------
110,335
Receipts
(Gift card usage) 0
Rebates, other 1,833,000
---------------
Total cash receipts 112,168,000
Operating Disbursements:
A/P
Check 7,685,000
EFT 57,058,000
Change in trade terms (6,137,000)
Payroll 31,501,000
Rent (Cash occupancy) 7,625,000
Sales tax 5,029,000
Other operating 0
--------------
Total operating disbursements 102,761,000
--------------
Net operating cash flows 9,407,000
Non-operating Disbursements (Receipts):
Income tax 0
Total CapEx 4,052,000
Professional fees, inc. holdbacks 1,437,000
Closed restaurant costs 0
Deposits (Utility) 0
Other (20,000)
Cash (Proceeds) from asset sales (329,000)
--------------
Total non-operating disbursements 5,140,000
Financing Payments:
Interest expense 6,810,000
Interest (income) (91,000)
DIP Fees/other 602,000
Principal payments 350,000
---------------
Total financing disbursements 7,671,000
--------------
Total net disbursements 115,572,000
Net cash receipts (disbursements) ($3,404,000)
==============
About Buffets Holdings
Headquartered in Eagan, Minnesota, Buffets Holdings Inc. --
http://www.buffet.com/-- is the parent company of Buffets,
Inc., which operates 626 restaurants in 39 states, comprised of
615 steak-buffet restaurants and eleven Tahoe Joe's Famous
Steakhouse restaurants, and franchises sixteen steak-buffet
restaurants in six states. The restaurants are principally
operated under the Old Country Buffet, HomeTown Buffet, Ryan's and
Fire Mountain brands. Buffets, Inc. employs approximately 37,000
team members and serves approximately 200 million customers
annually.
The company and all of its subsidiaries filed Chapter 11
protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to
08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and
Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP,
represent the Debtors in their restructuring efforts. The Debtors
selected Epiq Bankruptcy Solutions LLC as claims and balloting
agent. The U.S Trustee for Region 3 appointed seven creditors to
serve on an Official Committee of Unsecured Creditors. The
Committee selected Otterbourg Steindler Houston & Rosen PC and
Pachulski Stang Ziehl Young &Jones as counsels. The Debtors'
balance sheet as of Sept. 19, 2007, showed total assets of
$963,538,000 and total liabilities of $1,156,262,000.
As reported in the Troubled Company Reporter on Feb. 26, 2008,
the Court granted on February 22, 2008, final approval of the
Debtors' debtor-in-possession credit facility, consisting of
$85 million of new funding and $200 million carried over from the
company's prepetition credit facility. (Buffets Holdings
Bankruptcy News, Issue No. 25; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
KUSHNER-LOCKE: Reports Net Loss of $89,710 in June 2008
-------------------------------------------------------
The Kushner-Locke Company delivered its monthly operating report
for the period June 1, 2008, through June 30, 2008.
For the period, the Debtor generated zero revenue and incurred a
net loss of $89,710.
A full-text copy of the Debtor's monthly operating report is
available for free at http://researcharchives.com/t/s?356c
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The company,
along with its debtor-affiliates filed for Chapter 11 protection
on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L.
Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M.
McDonough, Esq., at Riemer & Braunstein, LLP, represent the
Debtors in their restructuring efforts. Jager Smith, Esq.,
and Michael J. Fencer, Esq., at One Financial Center, represent
the Official Committee of Unsecured Creditors.
KUSHNER-LOCKE: Posts $40,536 Net Loss in July 2008
--------------------------------------------------
The Kushner-Locke Company delivered its monthly operating report
for the period July 1, 2008, through July 31, 2008.
For the period, the Debtor generated zero revenue and incurred a
net loss of $40,536.
A full-text copy of the Debtor's monthly operating report is
available for free at http://researcharchives.com/t/s?356d
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The company,
along with its debtor-affiliates filed for Chapter 11 protection
on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L.
Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M.
McDonough, Esq., at Riemer & Braunstein, LLP, represent the
Debtors in their restructuring efforts. Jager Smith, Esq.,
and Michael J. Fencer, Esq., at One Financial Center, represent
the Official Committee of Unsecured Creditors.
KUSHNER-LOCKE: Posts $79,829 Net Loss in August 2008
----------------------------------------------------
The Kushner-Locke Company delivered its monthly operating report
for the period Aug. 1, 2008, through Aug. 31, 2008.
For the period, the Debtor generated zero revenue and incurred a
net loss of $79,829.
A full-text copy of the Debtor's monthly operating report is
available for free at http://researcharchives.com/t/s?356e
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The company,
along with its debtor-affiliates filed for Chapter 11 protection
on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L.
Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M.
McDonough, Esq., at Riemer & Braunstein, LLP, represent the
Debtors in their restructuring efforts. Jager Smith, Esq.,
and Michael J. Fencer, Esq., at One Financial Center, represent
the Official Committee of Unsecured Creditors.
KUSHNER-LOCKE: Posts $70,337 Net Loss in September 2008
-------------------------------------------------------
The Kushner-Locke Company delivered its monthly operating report
for the period Sept. 1, 2008, through Sept. 30, 2008.
For the period, the Debtor generated zero revenue and incurred a
net loss of $70,337.
A full-text copy of the Debtor's monthly operating report is
available for free at http://researcharchives.com/t/s?356f
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The company,
along with its debtor-affiliates filed for Chapter 11 protection
on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L.
Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M.
McDonough, Esq., at Riemer & Braunstein, LLP, represent the
Debtors in their restructuring efforts. Jager Smith, Esq.,
and Michael J. Fencer, Esq., at One Financial Center, represent
the Official Committee of Unsecured Creditors.
LEVITT & SONS: Files Monthly Operating Report for October 2008
--------------------------------------------------------------
Levitt & Sons, LLC
Monthly Financial Report for Business
For the Period October 1 - 31, 2008
Cash, beginning of period $592,995
Receipts:
Cash sales 0
Collection on postpetition A/R 0
Collection on prepetition A/R 0
Other receipts 549,050
--------------
Total receipts 549,050
Total cash available for operations 1,142,045
Disbursements:
U.S. Trustee quarterly fees 0
Net payroll 1,874
Payroll taxes paid 0
Sales and use taxes 0
Other taxes 0
Rent 0
Other leases 0
Telephone 0
Utilities 664
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 578,062
--------------
Total cash disbursements 580,601
--------------
Ending Cash Balance $561,444
==============
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, together with the Official Committee of Unsecured
Creditors, delivered to the Bankruptcy Court their First Amended
Joint Liquidating Chapter 11 Plan and Disclosure Statement dated
Oct. 31, 2008. (Levitt and Sons Bankruptcy News, Issue No. 34;
Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/
or 215/945-7000).
LINENS 'N THINGS: Earns $85,616,865 in Month Ended Oct. 25, 2008
----------------------------------------------------------------
Linens Holding Co., et al.
Balance Sheet
As of October 25, 2008
Assets
Current Assets
Cash $60,123,384
Accounts receivable, net 75,816,398
Inventory -
Inventory - liquidation sales 450,406,451
Prepaid expenses 13,467,183
-------------
Total Current Assets 599,813,416
Property & Equipment
Building 5,010,000
Furniture & fixtures 109,982,620
Hardware 5,748,729
Leasehold improvements 9,842,241
Land 1,030,400
Software 7,176,757
Less: accumulated depreciation (59,647,943)
-------------
Total Property & Equipment 79,142,804
Other Assets
Identifiable intangible 123,785,452
Goodwill 253,159,671
Other non-current assets 3,518,429
-------------
Total other assets 380,463,552
-------------
Total Assets $1,059,419,772
==============
Liabilities and Shareholders' Equity
Liabilities not subject to compromise
Current liabilities
Merchandise accounts payable -
accruals, refunds & allowances $75,086,095
Due to customers 5,911,497
Salaries and wages 6,888,039
Taxes, non-franchise and income tax 15,070,971
Workers compensation 2,645,554
Current retirement plans -
Rent -
General liability claims 815,020
Accrued auto claims & uninsured losses 22,305
Other accrued liabilities 242,710,531
-------------
Total Current Liabilities 349,150,013
Long Term Liabilities
Long-term borrowings (31,276,478)
Non-current deferred income -
Other liabilities 4,238,786
-------------
Total long term liabilities (27,037,692)
-------------
Total liabilities not subject to compromise 322,112,321
Liabilities subject to compromise
L/T senior secured note 650,000,000
Unsecured claims 239,474,957
Priority claims 26,391,683
-------------
Total Liabilities Subject to Compromise 915,866,640
-------------
Total Liabilities 1,237,978,961
Shareholders' Equity
Common stock 130,130
Additional paid-in capital 593,666,009
Retained earnings - prepetition (536,191,697)
Retained earnings - postpetition (233,765,117)
Currency gain/loss (2,398,514)
-------------
Net shareholders' equity (178,559,189)
-------------
Total Liabilities and Shareholders' Equity $1,059,419,772
==============
Linens Holding Co., et al.
Income Statement
For the month ending October 25, 2008
Gross revenues $54,468,143
Rebates and returns (489,363)
Cost of goods sold (23,821,805)
-------------
Initial Mark On (IMO) 30,156,975
Markdowns (4,866,841)
Gross allowances (5,050,508)
Deferred allowances -
-------------
Total markdowns - net (9,917,349)
-------------
Merchant margin 40,074,324
Supply chain expenses (1,509,784)
Buying, product development, shrink 5,946,794
-------------
Gross profit 44,511,334
Store payroll expense (7,491,105)
Other store selling expenses (2,493,946)
-------------
Total selling expense (9,985,051)
-------------
Margin after selling expenses 34,526,283
Occupancy (13,264,440)
Sales promotions (2,805,153)
Other store expenses (1,983,973)
Supervisory/Other (500,790)
-------------
Total store expenses (18,554,356)
-------------
Store contribution 15,971,927
Administrative salaries (1,832,312)
Other administrative expenses 4,036,589
Other income/(expense) 239,720
Interest (566,666)
Taxes (259,115)
-------------
Total General & Administrative 1,618,216
-------------
Net Earnings 17,590,143
-------------
Reorganization Items 68,026,722
-------------
Net Earnings After Reorg. Items $85,616,865
=============
Linens Holding Co., et al.
Schedule of Cash Receipts and Disbursements
For the month ending October 25, 2008
Cash Receipts:
Sales receipts $141,381,000
Other receipts, i.e. tenant allow. 18,538,000
Store closure proceeds 200,000,000
-------------
Total receipts 359,919,000
Cash Disbursements:
Trade payments:
A/P - Merchandise 36,719,000
Rollover A/P - Prepaid -
A/P - LC's & Trade Card 22,813,000
A/P - LAPP -
-------------
Total trade payments 59,532,000
Operating Expenses:
Payroll, payroll taxes & benefits 24,013,000
Rent checks and wires 17,220,000
Marketing 3,113,000
Capital expenditures -
Freight 10,896,000
Sales tax payable 8,314,000
SCS Expense/Savings (690,000)
Other (Import duties, misc. CC fees) 15,679,000
Administrative & selling expenses -
-------------
Total operating expenses 78,545,000
Non-Operating Expenses:
DIP & revolver interest & fees -
Other Interest Expense/(Income) -
-------------
Total non-operating expenses -
-------------
Net operating cash flow 221,842,000
Bankruptcy Expenses:
DIP fees & expenses -
Deposits for utilities -
Professional & US Trustee fees 3,559,000
-------------
Total Bankruptcy Expenses 3,559,000
-------------
Net Cash Flows 218,283,000
-------------
Draw / (Paydown) of DIP Facility (180,304,000)
-------------
Net Change in Cash $37,979,000
=============
About Linens 'n Things, Inc.
Headquartered in Clifton, New Jersey, Linens 'n Things, Inc. --
http://www.lnt.com/-- is the second largest specialty retailer of
home textiles, housewares and home accessories in North America.
As of Sept. 30, 2008, Linens 'n Things operated 411 stores in 47
states and seven provinces across the United States and Canada.
The company is a destination retailer, offering one of the
broadest and deepest selections of high quality brand-name as well
as private label home furnishings merchandise in the industry.
Linens 'n Things has some 585 superstores (33,000 sq. ft. and
larger), emphasizing low-priced, brand-name merchandise, in more
than 45 states and about seven Canadian provinces. Brands include
Braun, Krups, Calphalon, Laura Ashley, Croscill, Waverly, and the
company's own label. Linens 'n Things was acquired by private
equity firm Apollo Management in 2006.
On May 2, 2008, these Linens entities filed Chapter 11 petition
(Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things,
Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834),
Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC
(08-10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838),
LNT Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT
Virginia LLC (08-10841), LNT Merchandising company LLC (08-10842),
LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844).
Judge Christopher S. Sontchi presides over the case.
Mark D. Collins, Esq., John H. Knight, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A., provide Linens 'n Things
with bankruptcy counsel. The Debtors' special corporate counsel
are Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A.
McCaretin, Esq., Randall G. Ray, Esq., and Michael S. Haynes,
Esq., at Morgan, Lewis & Bockius, LLP. The Debtors' restructuring
management services provider is Conway Del Genio Gries & Co., LLC.
The Debtors' CRO and Interim CEO is Michael F. Gries, co-founder
of Conways Del Genio Gries & Co., LLC. The Debtors' claims agent
is Kurtzman Carson Consultants, LLC. The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protivit, Inc. The Debtors'
investment bankers are Financo, Inc., and Genuity Capital Markets.
(Bankruptcy News About Linens 'n Things, Issue No. 21; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
LINENS 'N THINGS: Posts $176,645,964 Loss in Month Ended Sept. 27
-----------------------------------------------------------------
Linens Holding Co., et al.
Balance Sheet
As of September 27, 2008
Assets
Current Assets
Cash $24,418,801
Accounts receivable, net 35,978,422
Inventory 527,839,928
Inventory - liquidation sales 36,374,783
Prepaid expenses 13,955,291
-------------
Total Current Assets 638,567,225
Property & Equipment
Building 5,010,000
Furniture & fixtures 239,539,697
Hardware 13,521,566
Leasehold improvements 178,685,563
Land 1,030,400
Software 8,674,743
Less: accumulated depreciation (209,374,479)
-------------
Total Property & Equipment 237,087,490
Other Assets
Identifiable intangible 134,433,355
Goodwill 253,159,671
Other non-current assets 33,078,182
-------------
Total other assets 420,671,208
-------------
Total Assets $1,296,325,923
==============
Liabilities and Shareholders' Equity
Liabilities not subject to compromise
Current liabilities
Merchandise accounts payable -
accruals, refunds & allowances $96,632,588
Due to customers 11,070,940
Salaries and wages 10,142,302
Taxes, non-franchise and income tax 10,554,063
Workers compensation 526,465
Current retirement plans 86,400
Rent -
General liability claims 406,221
Accrued auto claims & uninsured losses 22,306
Other accrued liabilities 101,349,392
-------------
Total Current Liabilities 230,790,677
Long Term Liabilities
Long-term borrowings 149,027,596
Non-current deferred income -
Other liabilities 2,927,396
-------------
Total long term liabilities 151,954,992
-------------
Total liabilities not subject to compromise 382,745,669
Liabilities subject to compromise
L/T senior secured note 650,000,000
Unsecured claims 491,260,004
Priority claims 26,643,128
-------------
Total Liabilities Subject to Compromise 1,167,903,132
-------------
Total Liabilities 1,550,648,801
Shareholders' Equity
Common stock 130,130
Additional paid-in capital 598,597,745
Retained earnings - prepetition (536,191,697)
Retained earnings - postpetition (319,381,980)
Currency gain/loss 2,522,924
-------------
Net shareholders' equity (254,322,878)
-------------
Total Liabilities and Shareholders' Equity $1,296,325,923
==============
Linens Holding Co., et al.
Income Statement
For the month ending September 27, 2008
Gross revenues $111,926,474
Rebates and returns 652,423
Cost of goods sold (52,922,572)
-------------
Initial Mark On (IMO) 59,656,325
Markdowns 12,347,995
Gross allowances (5,589,693)
Deferred allowances (1,642,747)
-------------
Total markdowns - net 5,115,555
-------------
Merchant margin 54,540,770
Supply chain expenses (3,476,379)
Buying, product development, shrink (2,730,490)
-------------
Gross profit 48,333,901
Store payroll expense (15,118,491)
Other store selling expenses (4,259,515)
-------------
Total selling expense (19,378,006)
-------------
Margin after selling expenses 28,955,895
Occupancy (26,879,583)
Sales promotions (5,383,959)
Other store expenses (1,153,888)
Supervisory/Other (843,295)
-------------
Total store expenses (34,260,725)
-------------
Store contribution (5,304,830)
Administrative salaries (2,394,478)
Other administrative expenses 1,195,384
Other income/(expense) 299,422
Interest (1,791,901)
Taxes (286,918)
-------------
Total General & Administrative (2,978,491)
-------------
Net Earnings [Loss] (8,283,321)
-------------
Reorganization Items (168,362,643)
-------------
Net Earnings [Loss] After Reorg. Items ($176,645,964)
=============
Linens Holding Co., et al.
Schedule of Cash Receipts and Disbursements
For the month ending September 27, 2008
Cash Receipts:
Sales receipts $144,058,000
Other receipts, i.e. tenant allow. 1,988,000
Store closure proceeds 25,319,000
-------------
Total receipts 171,365,000
Cash Disbursements:
Trade payments:
A/P - Merchandise 46,429,000
Rollover A/P - Prepaid 8,801,000
A/P - LC's & Trade Card 12,823,000
A/P - LAPP -
-------------
Total trade payments 68,053,000
Operating Expenses:
Payroll, payroll taxes & benefits 29,114,000
Rent checks and wires 15,663,000
Marketing 4,726,000
Capital expenditures -
Freight 9,951,000
Sales tax payable 12,966,000
SCS Expense/Savings (1,205,000)
Other (Import duties, misc. CC fees) 18,743,000
Administrative & selling expenses -
-------------
Total operating expenses 89,958,000
Non-Operating Expenses:
DIP & revolver interest & fees -
Other Interest Expense/(Income) (2,000)
-------------
Total non-operating expenses (2,000)
-------------
Net operating cash flow 13,356,000
Bankruptcy Expenses:
DIP fees & expenses -
Deposits for utilities -
Professional & US Trustee fees 5,102,000
-------------
Total Bankruptcy Expenses 5,102,000
-------------
Net Cash Flows 8,254,000
-------------
Draw / (Paydown) of DIP Facility (1,898,000)
-------------
Net Change in Cash $6,356,000
=============
About Linens 'n Things, Inc.
Headquartered in Clifton, New Jersey, Linens 'n Things, Inc. --
http://www.lnt.com/-- is the second largest specialty retailer of
home textiles, housewares and home accessories in North America.
As of Sept. 30, 2008, Linens 'n Things operated 411 stores in 47
states and seven provinces across the United States and Canada.
The company is a destination retailer, offering one of the
broadest and deepest selections of high quality brand-name as well
as private label home furnishings merchandise in the industry.
Linens 'n Things has some 585 superstores (33,000 sq. ft. and
larger), emphasizing low-priced, brand-name merchandise, in more
than 45 states and about seven Canadian provinces. Brands include
Braun, Krups, Calphalon, Laura Ashley, Croscill, Waverly, and the
company's own label. Linens 'n Things was acquired by private
equity firm Apollo Management in 2006.
On May 2, 2008, these Linens entities filed Chapter 11 petition
(Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things,
Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834),
Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC
(08-10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838),
LNT Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT
Virginia LLC (08-10841), LNT Merchandising company LLC (08-10842),
LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844).
Judge Christopher S. Sontchi presides over the case.
Mark D. Collins, Esq., John H. Knight, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A., provide Linens 'n Things
with bankruptcy counsel. The Debtors' special corporate counsel
are Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A.
McCaretin, Esq., Randall G. Ray, Esq., and Michael S. Haynes,
Esq., at Morgan, Lewis & Bockius, LLP. The Debtors' restructuring
management services provider is Conway Del Genio Gries & Co., LLC.
The Debtors' CRO and Interim CEO is Michael F. Gries, co-founder
of Conways Del Genio Gries & Co., LLC. The Debtors' claims agent
is Kurtzman Carson Consultants, LLC. The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protivit, Inc. The Debtors'
investment bankers are Financo, Inc., and Genuity Capital Markets.
(Bankruptcy News About Linens 'n Things, Issue No. 21; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
MERVYN'S LLC: Posts $30,718,000 Net Loss for Month Ended Oct. 4
---------------------------------------------------------------
Mervyn's LLC
Balance Sheet
As of October 4, 2008
ASSETS
Current assets
Cash $14,870,000
Accounts receivable, net 14,868,000
Merchandise inventory 334,745,000
Prepaid and other current assets 29,226,000
------------
Total current assets 393,709,000
Long term assets
Property & Equipment
Property, plant and equipment 361,015,000
Less: Accumulated depreciation (135,903,000)
------------
Total Property & Equipment 225,111,000
Other assets 55,363,000
------------
Total long term assets 280,474,000
Total assets $674,183,000
============
Liabilities and Member's Equity
Liabilities not subject to compromise
Current liabilities
Trade accounts payable 70,797,000
Other accounts payable 7,774,000
Current portion of LT debt 10,096,000
Accrued expenses and other current liabilities 135,478,000
Revolving line of credit 167,013,000
------------
Total current liabilities 391,159,000
Long term liabilities
Workers comp/general liability reserve 41,794,000
Deferred rent 3,733,000
Capital lease debt 17,774,000
Long term note payable 34,347,000
Other long term liabilities 462,000
------------
Total long-term liabilities 98,110,000
Total liabilities not subject to compromise 489,268,000
Liabilities subject to compromise 265,613,000
------------
Total liabilities 754,881,000
Member's Equity (80,698,000)
------------
Total liabilities and member's equity $674,183,000
============
Mervyn's LLC
Statement of Operations
For Month Ended October 4, 2008
Sales $154,285,000
Cost of goods sold 94,439,000
------------
Gross margin 59,846,000
Expenses:
Store expenses 19,566,000
Distribution expenses 2,122,000
Variable selling expenses 1,232,000
------------
Subtotal 22,920,000
Marketing expenses 8,607,000
IT expenses 2,206,000
Store building services 4,277,000
Rents and leases 14,557,000
CAM and property taxes 3,911,000
Workers comp, GL and Insurance 2,088,000
Benefits costs 1,163,000
General management 549,000
Merchandising 1,872,000
Merchandise planning 840,000
Headquarters services 248,000
Finance G&A 890,000
Employee expenses and other 2,397,000
Loss prevention 1,110,000
Human resources 899,000
Bonuses/LTIP 0
Legal 65,000
Visual merchandising 527,000
------------
Total all other G&A 9,397,000
Start Up expenses (2,000)
Other(income) & Expense 7,422,000
------------
Total expenses(excl. interest/D&A) 76,546,000
Credit(income) (3,174,000)
Restructuring expenses 4,218,000
Depreciation and amortization 10,411,000
Interest(Income)expense 2,563,000
------------
Total expenses 90,564,000
Net loss ($30,718,000)
============
Mervyn's LLC
Schedule of Cash Receipts and Disbursements
For Month Ended October 4, 2008
Beginning Balance-Wachovia $1,348,000
Receipts
Bank total 70,950,000
Credit Card total 102,476,000
Non-sales Total 32,237,000
Interest -
------------
Total receipts 205,663,000
Disbursements
Imports(Imports plus BA's paid) 28,493,000
Trade A/P 100,760,000
Expense payable 24,360,000
Total payroll 27,235,000
Marketing-wire 8,284,000
Sales tax 12,409,000
Tax & Member Distribution/Management Fees -
Insurance premiums 342,000
Property Related(Rent,Tax, CAM) 2,051,000
Store Building Services 1,636,000
Interest Expenses 2,788,000
Other expense 38,227,000
------------
Total disbursements 246,583,000
Net Cash flow (40,920,000)
------------
Ending Balance-Wachovia 353,000
Reconciliation to Cash per GL:
Store cash vault 2,902,000
Bank of America Depository 8,683,000
JP Morgan Depository -
US Bank Depository 1,738,000
Evergreen -
Bank of America Coins & Currency 109,000
Wachovia Utility Deposit 1,081,000
Other 4,000
------------
Total Cash per GL $14,870,000
============
About Mervyn's LLC
Headquartered in the San Francisco Bay Area, Mervyn's LLC --
http://www.mervyns.com/-- provides a mix of top national brands
and exclusive private labels. Mervyn's has 176 locations in seven
states. Mervyn's stores have an average of 80,000 retail square
feet, smaller than most other mid-tier retailers and easier to
shop, and are located primarily in regional malls, community
shopping centers, and freestanding sites.
The company and its affiliates filed for Chapter 11 protection on
July 29, 2008, (Bankr. D. Del. Lead Case No.: 08-11586). Howard
S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan Lewis &
Bockius LLP, and Mark D. Collins, Esq., Daniel J. DeFranceschi,
Esq., Christopher M. Samis, Esq. and L. Katherine Good, Esq., at
Richards Layton & Finger P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC is the
Debtors' claims agent. The Debtors' financial advisor is Miller
Buckfire & Co. LLC. Mervyn's LLC's balance sheet at Aug. 30,
2008, showed $665,493,000 in total assets and $717,160,000 in
total liabilities resulting in a $51,667,000 total stockholders'
deficit.
(Mervyn's Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
NEUMANN HOMES: Files Monthly Operating Report for October 2008
--------------------------------------------------------------
Neumann Homes, Inc., et al.
Receipts and Disbursements
Month Ended October 31, 2008
Beginning Balance in All Accounts:
Neumann Citibank Operating Account $94,999
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 778
Neumann Citibank - Dip Funding -
Professional Account -
Restricted - Neumann Citibank - Glen at
Lakemoor EM Account 1,227
Restricted - Neumann Citibank - Clublands -
Antioch Clubhouse 157,300
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 8,234
Restricted - NHI KERP Account 108,921
Restricted - Land Title Guarantee Escrow -
----------
$2,151,197
----------
Receipts:
Operating Account 383,101
Customer Earnest Money Account-Ckg -
Customer Earnest Money Account-MM -
Funding/Dip Account -
Neumann Petty Cash Account -
Glen at Lakemoor EM Account 1
Clublands Antioch Clubhouse Account 231
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 -
----------
$383,332
Disbursements:
Net Payroll:
Officers -
Others (71,559)
----------
(71,559)
Taxes:
Federal Income Tax Withholding (25,745)
FICA/Medicare Withholdings EE (2,836)
Employer's FICA/Medicare ER (2,836)
Federal Unemployment Taxes ER -
State Income Tax Withholding (2,985)
State Unemployment Taxes ER -
----------
(34,401)
Necessary expenses:
Rent or mortgage payment(s) (3,547)
Utilities & phones (158)
Insurance (3,769)
Merchandise/services bought for manufacture/sale
Other:
Payroll Services (750)
Benefit Related including flex spending -
Miscellaneous (400)
Mileage (1,596)
Postage, shipping, copying -
Worker Comp Claims -
House Trades -
Other - Transfer (325)
Supplies & Storage & Misc. -
Temporary Labor -
Release of homeowner escrows -
Consulting services (27,565)
US Trustee Fees (8,450)
Legal - Professional Fees (35,795)
Professional tax service fees (22,612)
Filing Fees, Extension Fees -
Payroll tax adjustment -
----------
(104,967)
----------
Total Disbursements: (210,927)
----------
Net Receipts (Disbursements) for the
Current period (172,405)
----------
Ending Balance in All Accounts $2,323,602
==========
About Neumann Homes
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. 25; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)
PROPEX INC: Posts $700,000 Net Loss in Month Ended September 28
---------------------------------------------------------------
Propex Inc.
Unaudited Condensed Consolidated Balance Sheet
As of September 28, 2008
ASSETS:
Current Assets:
Cash and cash equivalents $31,800,000
Restricted Cash 700,000
Accounts Receivable, net 99,500,000
Accounts Receivable claims ? prepetition 0
Inventories, net 122,300,000
Deferred income taxes 8,700,000
Prepaid expenses and other current assets 21,100,000
Assets held for sale 7,400,000
------------
Total current assets 291,500,000
Other assets:
Goodwill 0
Intangible assets, net 16,000,000
Deferred income taxes 0
Investment in subsidiaries 0
Intercompany notes receivable 0
Other assets 7,700,000
------------
Property, plant and equipment, net 203,100,000
------------
Total assets $518,300,000
============
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Prepetition
Accounts payable 7,900,000
Accrued liabilities 1,200,000
Current portion of debt and accrued interest 382,200,000
Accrued pension obligations 0
Restructuring and other similar costs 700,000
Other current liabilities 300,000
Postpetition
Accounts payable 26,500,000
Accrued liabilities 23,900,000
Current portion of debt and accrued interest 36,800,000
Accrued pension obligations 0
Restructuring and other similar costs 500,000
Other current liabilities 1,800,000
------------
Total current liabilities 481,800,000
Non-current liabilities:
Prepetition
Accrued pension and other postretirement
benefit liabilities 17,100,000
Other non-current liabilities 0
Postpetition
Intercompany notes payable 0
Debt, less current portion 0
Deferred income taxes 11,300,000
Accrued pension and other postretirement
benefit liabilities 27,500,000
Other non-current liabilities 1,200,000
------------
Total non-current liabilities 57,100,000
Total stockholder's equity
Common stock 0
Paid-in capital 96,400,000
Accumulated other comprehensive income 16,300,000
Retained earnings ? prior year (88,300,000)
Retained earnings ? current year (45,000,000)
------------
Total stockholder's equity (20,600,000)
------------
Total Liabilities and stockholder's equity $518,300,000
============
Propex Inc.
Unaudited Condensed Consolidated Statements of Operations
For Month Ended September 28, 2008
Net revenue $48,500,000
Cost of sales 45,000,000
------------
Gross profit 3,500,000
Operating expenses:
Selling, general and administrative 4,900,000
Other(income) expense, net 100,000
Add Back depreciation and amortization 2,100,000
EBITDA 600,000
Depreciation & Amortization 2,100,000
Interest expense 1,900,000
Restructuring and similar costs (3,000,000)
Non-cash pension and other expense 0
Other non-operating expense(income) 0
Impairment of property, plant and equipment 0
Pension curtailment(gain), net of settlement loss 0
Debt forgiveness 0
Other 0
Equity(income) loss from sub-earnings 0
Income(loss) before income taxes (400,000)
Income tax provision (benefit) 300,000
------------
Net income (loss) ($700,000)
============
Propex Inc.
Unaudited Condensed Statement of Cash Flows
For Month Ended September 28, 2008
Cash flows from operating activities
Net income(loss) ($700,000)
Adjustments to reconcile, net income to net cash
provided by (used) in operating activities:
Depreciation and amortization 2,100,000
Non-cash interest on debt 0
Amortization of bank fees 0
Net gain on dispositions of property and
and equipment 0
Stock-based compensation 0
Impairment of property, plant and equipment 0
Impairment of goodwill 0
Impairment of intangibles 0
Pension and post-retirement benefit cost (4,400,000)
Deferred income taxes 0
Changes in operating assets and liabilities
Decrease(increase) in assets?prepetition 0
Decrease(increase) in assets?post-petition 8,800,000
(Decrease) increase in liabilities?prepetition 0
(Decrease)increase in liabilities?post-petition (3,900,000)
------------
Net cash provided (used) by operating activities 1,900,000
Cash flows from investing activities
Capital expenditures (600,000)
Proceeds from sale of property and equipment 0
Acquisition of business(net of cash acquired) 0
------------
Net cash used in investing activities (600,000)
Cash flows from financing activities
Payments of long-term debt principal 0
Proceeds from issuance of debt 0
Debt issuance costs 0
Dividends 0
Net receipts from unconsolidated parent company 0
Activity with Affiliates 600,000
------------
Net cash provided by (used in) financing activities 600,000
Effect of changes in foreign exchange rates on
cash and cash equivalents (400,000)
------------
Change in cash and cash equivalents 1,500,000
------------
Cash and cash equivalents-beginning period 30,300,000
------------
Cash and cash equivalents- end period $31,800,000
============
About Propex Inc.
Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber. It also produces
primary and secondary carpet backing. Propex operates in North
America, Europe, and Brazil.
The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249). The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them. The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.
Propex Inc., and its affiliates delivered to the Court a Joint
Plan of Reorganization and Disclosure Statement on October 29,
2008. Propex's exclusive period to solicit acceptances of the
Plan expires Dec. 29, 2008.
As of June 29, 2008, the Debtors' balance sheet showed total
assets ofUS$562,700,000, and total debts ofUS$551,700,000.
(Propex Bankruptcy News, Issue No. 20; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
SEMGROUP LP: Files Amended Monthly Operating Report for July 2008
-----------------------------------------------------------------
SemCrude, L.P., et al., delivered to the U.S. Bankruptcy Court for
the District of Delaware an amendment to their consolidated income
statement for the period July 22 through July 31, 2008.
According to Terrence Ronan, acting president and chief executive
officer of the Debtors, the amendment adds the entry for
Eaglwing, L.P.'s cash receipts and disbursements.
SemCrude, L.P., et al.
Cash Receipts and Disbursements
July 22, 2008 through July 31, 2008
Cash Receipts
SemCrude, L.P. $15,929,532
SemCrude Pipeline, LLC 54,248,645
SemGas Gathering LLC 474,598
SemKan LLC 5,883,491
SemFuel 40,455,825
SemManagement LLC -
SemMaterials LP 71,914,881
SemGas LP 6,320,942
SemGas-Davis Gathering -
SemTrucking 14,649
SemStream 33,127,014
SemGroup LP 3,480,032
Eaglwing, L.P. 342,413
------------
Total Cash Receipts 232,192,022
Cash Sweeps
SemCrude, L.P. (17,642,535)
SemCrude Pipeline, LLC -
SemGas Gathering LLC (471,574)
SemKan LLC (5,857,456)
SemFuel (93,859,149)
SemManagement LLC (129,739)
SemMaterials LP (91,799,253)
SemGas LP (6,251,879)
SemGas-Davis Gathering 25,000
SemTrucking (42,410)
SemStream 4,064,782
SemGroup LP 212,090,137
------------
Total Cash Sweeps 125,923
Cash Disbursements
SemCrude, L.P. (21,083,553)
SemCrude Pipeline, LLC (4,942,506)
SemGas Gathering LLC (204)
SemKan LLC 14,741
SemFuel (19,446,797)
SemManagement LLC (7,944,056)
SemMaterials LP (611,122)
SemGas LP 120,927
SemGas-Davis Gathering (22,616)
SemTrucking -
SemStream (68,262,248)
SemGroup LP (81,556,907)
Eaglwing, L.P. (156,671)
------------
Total Cash Disbursements (203,734,340)
------------
Net Cash Flow $28,583,604
============
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; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SEMGROUP LP: Files Monthly Operating Report for September 2008
--------------------------------------------------------------
SemCrude, L.P., et al.
Consolidated Balance Sheet
As of September 30, 2008
(In thousands)
ASSETS
Cash $511,085
Accounts receivable 1,064,644
Inventories 347,042
Derivative asset 25,289
Margin deposits -
Income taxes receivable -
Deferred tax asset -
Receivable from affiliate 122,223
Other current assets 74,114
Intercompany -
------------
Total current assets 2,144,397
------------
Property, plant and equipment 570,678
Accumulated depreciation (115,695)
Pipeline linefill 33,674
------------
Net property, plant and equipment 488,657
------------
Investment in subsidiaries 359,253
Long-term derivative assets -
Goodwill 59,715
Investment in affiliates 121,394
Deferred tax asset 1,062
Receivable from affiliate 221,804
Other assets, net 98,330
------------
Total Assets $3,494,612
============
LIABILITIES AND PARTNERS' CAPITAL
Subject to Compromise:
Accounts payable $1,070,099
Book overdrafts -
Accrued liabilities 1,106,064
Income taxes payable -
Deferred revenue -
Deferred income taxes -
Derivative liabilities -
Current portion of long-term debt 150,000
------------
Current liabilities subject to compromise 2,326,163
------------
Revolver facility 665,000
Working capital facility 1,606,472
Term B notes 141,274
Senior notes 600,000
Pension obligations 13,449
------------
Liabilities Not Subject to Compromise:
Accounts payable 99,115
Book overdrafts -
Accrued liabilities 24,075
Income taxes payable -
Deferred revenue 1,341
Deferred income taxes -
Derivative liabilities 7,571
Current portion of long-term debt 120,909
------------
Total current liabilities 253,011
------------
Revolver facility -
Working capital facility -
Term B notes -
Capital lease obligations 1,974
Other obligations -
Note payable to parent -
Senior notes -
Deferred tax liability -
Long-term derivative liabilities -
Asset retirement obligation -
Pension obligations 594,914
Other long-term liabilities 666
Minor interest -
------------
Accum. other comprehensive income 7,338
Partners' capital (2,715,649)
------------
Total partners' capital (2,708,311)
------------
Total liabilities and partners' capital $3,494,612
============
SemCrude, L.P., et al.
Consolidated Statement of Operations
Month Ended September 30, 2008
(In thousands)
Sales
Operating Outside Sales
Product Sales $162,321
Services 2,329
Other Operating Revenue 6,152
------------
Total Outside Operating Sales 170,802
Trading Activity 2,411
------------
Total Outside Operating Revenue 173,213
Operating Revenue Intercompany 35,579
------------
Total Operating Revenue 208,792
Unrealized G/L on Derivatives (188)
------------
Total Revenue 208,604
Cost of Goods Sold
Products 181,168
Transportation & Fuel 3,802
Other 201
------------
Total Outside Cost of Goods Sold 185,171
Cost of Goods Sold Intercompany 34,543
------------
Total Cost of Sales 219,714
------------
Gross Profit (11,110)
Operating Expenses
Wages & Benefits 2,932
Field Expenses 3,202
Maintenance & Repairs 187
Outside Services 1,311
Property & Equipment Leases & Rents 7,839
Insurance Permits Licenses Taxes 566
Office 188
Travel Lodging Meetings 99
Other (272)
------------
Total Operating Expenses 16,052
General & Administrative Expenses
Wages & Benefits 4,421
Miscellaneous 1
Maintenance & Repairs 127
Outside Services 1,288
Property & Equipment Leases & Rents 460
Insurance Permits Licenses Taxes 602
Office 720
Travel Lodging Meetings 553
Other (848)
------------
Total General & Administrative Expenses 7,327
------------
Earnings before Interest Taxes Depr. Amort. (34,489)
------------
Other (Income) Expenses
Interest Income (68)
Other Income 2,082
Foreign Currency Transaction (Income) Loss (200)
Interest Expense 1,020
Depreciation 4,263
Amortization 1,683
Reorganization 138,608
------------
Net Profit (Loss) ($181,877)
============
SemCrude, L.P., et al.
Cash Receipts and Disbursements
September 1 through September 30, 2008
Cash Receipts
SemCrude, L.P. $43,858,429
Eaglwing, L.P. -
SemCrude Pipeline, LLC 24,642
SemGas Gathering LLC 792,358
SemKan LLC 21,637
SemFuel 68,771,962
SemManagement LLC -
SemGas Storage LLC -
SemMaterials LP 116,423,825
SemGas LP 10,372,207
SemGas-Davis Gathering -
SemTrucking 4,462
SemStream 113,258,381
SemGroup LP 12,392,521
------------
365,920,425
Cash Sweeps
SemCrude, L.P. (5,795,896)
Eaglwing, L.P. 1,166,109
SemCrude Pipeline, LLC 9,048,029
SemGas Gathering LLC (823,116)
SemKan LLC (4,049)
SemFuel (46,156,474)
SemManagement LLC 11,574,166
SemGas Storage LLC -
SemMaterials LP (85,806,186)
SemGas LP (92,090)
SemGas-Davis Gathering 19,804
SemTrucking 28,976
SemStream (20,516,174)
SemGroup LP 137,356,902
------------
Total Cash Sweeps 0
Cash Disbursements
SemCrude, L.P. (39,003,150)
Eaglwing, L.P. (2,079,756)
SemCrude Pipeline, LLC (20,769,215)
SemGas Gathering LLC (104,650)
SemKan LLC (134,198)
SemFuel (33,370,362)
SemManagement LLC -
SemGas Storage LLC (3,633)
SemMaterials LP (33,262,535)
SemGas LP (11,900,966)
SemGas-Davis Gathering (19,804)
SemTrucking (44,936)
SemStream (92,246,128)
SemGroup LP (9,297,433)
------------
Total Cash Disbursements (242,236,766)
------------
Net Cash Flow $123,683,659
============
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; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SEMGROUP LP: Amends Monthly Operating Report for August 2008
------------------------------------------------------------
SemCrude, L.P., et al., delivered to the U.S, Bankruptcy Court for
the District of Delaware an amendment to their consolidated income
statement for the period Aug. 1 through Aug. 31, 2008, to include
Eaglwing, L.P.'s cash receipts and disbursements for the period.
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 -
SemMaterials LP -
SemGas LP 144,272,230
SemGas-Davis Gathering 13,504,749
SemTrucking 56,783
SemStream 113,344,662
SemGroup LP 805,430
Eaglwing, L.P. 910,963
------------
Total Cash Receipts 425,875,467
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
SemMaterials LP -
SemGas LP (111,165,327)
SemGas-Davis Gathering (10,710,833)
SemTrucking (55,194)
SemStream (25,076,888)
SemGroup LP 191,705,979
Eaglwing, L.P. 24,952,349
------------
Total Cash Sweeps 49,905,345
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)
SemMaterials LP 32
SemGas LP (85,373,149)
SemGas-Davis Gathering (5,154,472)
SemTrucking (2,207)
SemStream (88,108,485)
SemGroup LP (38,582,941)
Eaglwing, L.P. 5,509,638
------------
Total Cash Disbursements (391,071,591)
------------
Net Cash Flow $866,852,403
============
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; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
TROPICANA ENTERTAINMENT: Posts $18,354,000 Net Loss in October
--------------------------------------------------------------
Tropicana Entertainment, LLC
Balance Sheet
As of October 31, 2008
ASSETS
Current Assets
Accounts receivable - trade $0
Cash & temporary cash investments 49,268,000
Deposits 2,299,000
Inventories 0
Other receivables 0
Prepaid expenses 63,000
--------------
Total Current Assets 51,630,000
Property and Equipment
Buildings 0
Construction in progress 98,000
Furniture & fixtures 114,000
Land 0
Riverboats, barges & ramps 0
Vehicles 0
--------------
Total Property and Equipment 212,000
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 31,600,000
--------------
Total Other Assets 2,806,814,000
--------------
TOTAL ASSETS $2,858,656,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Accounts payable $15,396,000
Accrued other expenses 1,158,000
Accrued payroll 385,000
Deferred income 0
Notes payable - Evansville 0
Payroll taxes payable 0
Sales tax payable 0
--------------
Total Current Liabilities 16,939,000
Long Term Debt Due Beyond One Year
DIP financing 67,000,000
--------------
Total Long Term Debt Due Beyond One Year 67,000,000
Other Liabilities
Deferred fed taxes 0
Deferred rent 0
Deferred state inc taxes 0
Intercompany 51,288,000
--------------
Total Other Liabilities 51,288,000
Total Liabilities not Subject to Compromise 135,227,000
Liabilities Subject to Compromise
Non-intercompany 925,990,000
Intercompany 1,593,200,000
--------------
Total Liabilities Subject to Compromise 2,519,190,000
--------------
Total Liabilities 2,654,417,000
Total Stockholders' Equity 204,238,000
--------------
Total Liabilities & Shareholders' Deficit $2,858,656,000
==============
Tropicana Entertainment, LLC
Income Statement
For the Month Ended October 31, 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 0
Utilities 0
Marketing, advertising and casino promotions 7,000
Repairs and maintenance 27,000
Insurance 43,000
Property and local taxes 0
Gaming tax and licenses 0
Administrative and general 2,019,000
Leased land and facilities (8,000)
Depreciation and amortization 0
Loss on disposition of assets 0
Bad debt expense - loans 0
Impairment charge 0
Restructuring cost 0
Chapter 11 reorg. & other prof. Fees 3,437,000
--------------
Total Operating Expense 5,525,000
Income from Operations (5,525,000)
Other Income (Expense)
Interest expense (12,840,000)
Intercompany interest income / (expense) 11,000
Interest income 0
--------------
Total Other Income (Expense) (12,829,000)
Federal Income Tax 0
Income Before Minority Interest (18,354,000)
--------------
NET INCOME ($18,354,000)
==============
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 Jan. 12, 2009, and to solicit votes
on the plan through and including March 13, 2009.
(Tropicana Bankruptcy News, Issue No. 23; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
WELLMAN INC: Posts $28,200,000 Net Loss in September 2008
---------------------------------------------------------
Wellman, Inc.
Condensed Consolidated Balance Sheet
(Unaudited)
As of September 30, 2008
ASSETS
Current assets:
Cash and cash equivalents $2,100,000
Accounts receivable 115,300,000
Inventories 45,300,000
Prepaid expenses and other current assets 27,100,000
Current assets held for sale -
------------
Total current assets 189,800,000
Property, plant and equipment:
Land, buildings and improvements 90,400,000
Machinery and equipment 339,400,000
CIP 4,200,000
------------
434,000,000
Less accumulated depreciation 199,400,000
------------
Net property, plant and equipment 234,600,000
Other assets 11,700,000
Noncurrent assets held for sale -
------------
Total Assets $436,100,000
============
LIABILITIES & STOCKHOLDERS' DEFICIT
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable - trade $1,700,000
Accrued liabilities 24,500,000
Debtor in possession credit agreement 108,600,000
Other debt -
Current liabilities associated with -
assets held for sale
------------
Total current liabilities 134,800,000
Liabilities subject to compromise 532,000,000
Long-term debt -
Deferred income taxes and other
noncurrent liabilities 37,700,000
Noncurrent liabilities associated with -
assets held for sale
------------
Total Liabilities 704,500,000
Stockholders' Deficit:
Common stock -
Preferred stock 185,800,000
Paid-in capital 248,500,000
Common stock warrants 4,900,000
Accumulated other comprehensive loss -
Accumulated deficit (658,100,000)
Less common stock in treasury (49,500,000)
------------
Total Stockholders Deficit (268,400,000)
------------
$436,100,000
============
Wellman, Inc.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended September 30, 2008
Net Sales $70,100,000
Cost of Sales 82,400,000
------------
Gross Profit (Loss) (12,300,000)
Selling, General and Administrative Expenses 5,800,000
Other (Income) Loss 7,400,000
------------
Operating Income (Loss) (25,500,000)
Interest Expense, Net 1,000,000
------------
Earnings (Loss) from continuing operations (26,500,000)
before reorganization items and income taxes
Reorganization Items, Net 1,700,000
------------
Earnings (Loss) from continuing operations (28,200,000)
before income taxes
Income Tax Expense (Benefit) 0
------------
Earnings (Loss) from continuing operations (28,200,000)
Earnings (Loss) from discontinued operations, 0
net of tax
------------
Net Earnings (Loss) ($28,200,000)
============
Wellman, Inc.
Simplified Statement of Cash Flows
(Unaudited)
For the Month Ended September 30, 2008
Cash flow from operating activities:
Net earnings (loss) ($28,200,000)
Adjustments to reconcile net earnings (loss) to
net cash used in operating activities:
Loss from discontinued operations, net of tax 0
Depreciation 900,000
Amortization 1,400,000
Amortization in interest expense 600,000
Deferred taxes on income 0
Reorganization Items 1,700,000
Payment of reorganization items (2,800,000)
Gain on sale of assets 0
Changes in assets and liabilities:
Accounts receivable 3,900,000
Inventories 27,200,000
Prepaid expenses and other current assets 1,400,000
Other assets 0
Accounts payable and accrued liabilities 1,200,000
Other liabilities 0
Other 0
------------
Net cash provided (used) by operating activities 7,300,000
Cash flows from investing activities:
Additions to property, plant and equipment (net) (200,000)
Proceeds from sale of assets 0
------------
Net cash used by investing activities (200,000)
Cash flows from financing activities:
Borrowings (Repayments) of long-term debt (6,100,000)
Dividends paid on common stock 0
Debt and equity issuance costs 0
------------
Net cash provided (used) by financing activities (6,100,000)
Discontinued Operations:
Operating activities 0
Investing activities 0
Financing activities 0
------------
Net cash provided (used) by discontinued
operations 0
Increase (decrease) in cash and cash equivalents 1,000,000
Cash and cash equivalents, beginning 1,100,000
------------
Cash and cash equivalents at end of period $2,100,000
============
Keith R. Phillips, Wellman Inc.'s vice-president and chief
financial officer, notes that the Monthly Operating Statements
are limited in scope, cover a limited time period, and have been
prepared solely for the purpose of complying with the monthly
reporting requirements of the U.S. Bankruptcy Court.
Mr. Phillips adds that the Monthly Operating Statements are
unaudited and does not purport to show the financial statements
of any of the Debtors in accordance with accounting principles
generally accepted in the United States of America.
"Therefore, the Monthly Operating Statements may exclude items
required by GAAP, such as certain reclassifications,
eliminations, accruals, valuations and disclosure items," Mr.
Phillips says.
About Wellman Inc.
Headquartered in Fort Mill, South Carolina, Wellman Inc. ([OTC]:
WMANQ.OB) -- http://www.wellmaninc.com/-- manufactures and
markets packaging and engineering resins used in food and beverage
packaging, apparel, home furnishings and automobiles. They
manufacture resins and polyester staple fiber a three major
production facilities.
The company and its debtor-affiliates filed for Chapter 11
protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595).
Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York
City, represents the Debtors. Lazard Freres & Co., LLC, acts as
the Debtors' financial advisors and investment bankers. Conway,
Del Genio, Gries & Co., LLC, was also retained as the Debtors'
chief restructuring advisor.
The United States Trustee for Region 2 has appointed seven members
to the Official Committee of Unsecured Creditors. Mark R.
Somerstein, Esq., at Ropes & Gray LLP, serves as the Committee's
bankruptcy counsel. FTI Consulting, Inc., acts as the panel's
financial advisors.
Wellman Inc., in its bankruptcy petition, listed total assets of
$124,277,177 and total liabilities of $600,084,885, as of Dec. 31,
2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed
assets between $500 million and $1 billion on a stand-alone basis
at the time of the bankruptcy filing. Debtor-affiliates Fiber
Industries Inc., Prince Inc., and Wellman of Mississippi Inc.,
listed assets between $100 million and $500 million at the time of
their bankruptcy filings.
On a consolidated basis, Wellman Inc., and its debtor-affiliates
listed $512,400,000 in total assets and $730,500,000 in
liabilities as of June 30, 2008.
Wellman filed a restructuring plan before the Bankruptcy Court on
June 25, 2008. (Wellman Bankruptcy News; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. 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
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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
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*** End of Transmission ***