/raid1/www/Hosts/bankrupt/TCR_Public/090314.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, March 14, 2009, Vol. 13, No. 72
Headlines
BALLY TOTAL: BALLY II's Monthly Operating Report for January 2009
CDX GAS: Incurs $7.24 Million Net Loss in Month Ended December 31
DBSI INC: Earns $3,272,741 in November 1 to December 31 Period
HAWAIIAN TELCOM: Files Monthly Operating Report for January 2009
LEGENDS GAMING: Posts $1,230,731 Net Loss in January 2009
LEHMAN BROTHERS: Files Initial Monthly Operating Report
LEHMAN BROTHERS: Files Monthly Operating Report for January 2009
MIDWAY GAMES: Files Initial Monthly Operating Report
MIRABILIS VENTURES: Posts $19,121 Net Income in January 2009
PILGRIM'S PRIDE: Files Monthly Operating Report for January 2009
TOUSA INC: Files Monthly Operating Report for January 2009
WASHINGTON MUTUAL: Files Monthly Operating Report for January 2009
WCI COMMUNITIES: Posts $24.0 Million Net Loss in November 2008
*********
BALLY TOTAL: BALLY II's Monthly Operating Report for January 2009
-----------------------------------------------------------------
Bally Total Fitness Holding Corporation, et al.
Condensed Combined Balance Sheet
As of January 31, 2009
ASSETS
Current assets
Cash and cash equivalents $53,659,000
Deferred income taxes 29,318,000
Prepaid expenses 16,164,000
Other current assets 22,006,000
--------------
Total current assets 121,148,000
Long-term assets
Property and equipment, less accumulated
depreciation and amortization $121,672 320,311,000
Member relationship asset, net 168,627,000
Other intangible assets, net 219,402,000
Trademarks 125,000,000
Goodwill 351,174,000
Deferred financing costs, net -
Other assets 38,606,000
--------------
Total long-term assets 1,223,119,000
--------------
Total assets $1,344,267,000
==============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise
Accounts payable $16,116,000
Income taxes payable 2,264,000
Accrued liabilities 46,934,000
Current maturities of long-term debt 1,733,000
Deferred revenues 123,088,000
--------------
Total current liabilities not subject
to compromise 190,135,000
Long-term liabilities not subject to compromise
Deferred rent liability 19,010,000
Deferred income taxes 76,320,000
Other liabilities 25,970,000
Deferred revenues 377,509,000
Long-term debt, less current maturities 13,000
Liabilities subject to compromise 924,642,000
--------------
Total liabilities 1,613,599,000
--------------
Stockholders' deficit (269,333,000)
--------------
Total liabilities and stockholders' deficit $1,344,267,000
==============
Bally Total Fitness Holding Corporation, et al.
Condensed Combined Statement of Operations
Month Ended January 31, 2009
Net revenues
Membership services $47,105,000
Retail products 2,004,000
Miscellaneous 1,494,000
--------------
50,603,000
Operating costs and expenses:
Membership services 43,179,000
Retail products 1,651,000
Marketing and advertising 3,662,000
General and administrative 4,263,000
Asset impairment charges -
Depreciation and amortization 6,255,000
Gain on sales of land and buildings -
--------------
59,010,000
--------------
Operating loss (8,407,000)
Interest expense (396,000)
Other, net 15,000
--------------
(381,000)
--------------
Loss reorganization items and income taxes (8,788,000)
Reorganization items, net (2,680,000)
Income tax expense (111,000)
--------------
Net loss ($11,579,000)
==============
Bally Total Fitness Holding Corporation, et al.
Cash Receipts and Disbursements
January 1 through January 31, 2009
Cash, beginning of month $42,784,544
Receipts
Cash sales 58,712,587
Accounts receivable - Prepetition -
Accounts receivable - Postpetition -
Loans and advances -
Sales of assets -
Others 2,841,677
Transfers (from DIP accounts) 13,954,347
--------------
Total receipts 75,508,611
--------------
Disbursements
Net payroll 10,054,177
Payroll taxes 3,910,289
Sales, use, and other taxes 1,235,313
Inventory purchases 1,273,295
Secured rental/leases 13,497,951
Insurance 2,401,725
Administrative 5,173,202
Selling & Marketing 4,037,438
Others 3,847,392
Owner draw -
Transfers (to DIP accounts) 18,804,383
Professional fees 398,770
U.S. Trustee quarterly fees -
Court costs -
--------------
Total disbursements 64,633,935
--------------
Net cash flow 10,874,674
--------------
Cash, end of month $53,569,218
==============
About Bally Total Fitness
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates
fitness centers in the U.S., with over 375 facilities located in
26 states, Mexico, Canada, Korea, China and the Caribbean under
the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs
of Canada (R) brands.
Bally Total and its affiliates filed for Chapter 11 protection
7on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts. As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.
The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007. The Court confirmed the Plan in Sept.
2007. The Plan was declared effective Oct. 1, 2007.
Bally Total Fitness Holding Corp. and its debtor-affiliates and
subsidiaries again filed voluntary petitions under Chapter 11 on
Dec. 3, 2008 (Bankr. S. D. N. Y., Lead Case No. 08-14818). Their
counsel is Kenneth H. Eckstein, Esq. at Kramer Levin Naftalis &
Frankel LLP, in New York. As of September 30, 2008, the Company
(including non-debtor affiliates) had consolidated assets totaling
approximately $1.376 billion and recorded consolidated liabilities
totaling approximately $1.538 billion.
Bankruptcy Creditors' Service, Inc., publishes Bally Bankruptcy
News. The newsletter provides gavel-to-gavel coverage of the
chapter 11 proceedings of Bally Total Fitness Holding Corp. and
its debtor-affiliates (http://bankrupt.com/newsstand/or
215/945-7000)
CDX GAS: Incurs $7.24 Million Net Loss in Month Ended December 31
-----------------------------------------------------------------
CDX Gas LLC filed with the U.S. Bankruptcy Court for the Southern
District of Texas a monthly operating report for the month ended
December 31, 2008.
For the month, the Debtor reported a net loss of $7.24 million on
revenues of $4.36 million.
At December 31, 2008, the Debtor had $1.01 billion in total
assets, $860.19 million in total liabilities, and $154.19 million
in total owners' equity.
A full-text copy of the Debtor's monthly operating report for the
month ended December 31, 2008, is available at:
http://bankrupt.com/misc/CDXGas.DecemberMOR.pdf
Based in Houston, Texas, CDX Gas LLC -- http://www.cdxgas.com/--
is an independent gas company that explores, develops, and
produces onshore North American unconventional natural gas
resources located in coal, shale, and tight gas sandstone
formations. The Company and 19 of its affiliates filed for
Chapter 11 protection on Dec. 12, 2008 (Bankr. S.D. Tex. Lead Case
No. 08-37922). Harry Allen Perrin, Esq., John E. Mitchell, Esq.,
and Michaela Christine Crocker, Esq., at Vinson Elkins LLP,
represent the Debtors in their restructuring efforts.
In their schedules, the Debtors listed total assets of
$996,308,606 and total debts of $831,259,526.
DBSI INC: Earns $3,272,741 in November 1 to December 31 Period
--------------------------------------------------------------
DBSI Inc., et al., filed with the U.S. Bankruptcy Court for the
District of Delaware on March 5, 2009, a monthly operating report
for the period November 1, 2008, through December 31, 2008.
For the November 1, 2008 to December 1, 2008 period, the Debtors
reported net profit before reorganization items of $7,219,268, and
net profit of $3,272,741, on net revenue of $49,731,500.
Professional fees for the period amounted to $3,965,094.
At December 31, 2008, the Debtors reported $383,573,444 in total
assets, $221,391,973 in total liabilities, and $162,181,470 in net
owner equity.
A full-text copy of the Debtors' monthly operating report for the
period from November 1, 2008, through December 31, 2008, is
available at:
http://bankrupt.com/misc/DBSI.Nov.1-Dec.31MOR.pdf
About DBSI Inc.
Headquartered in Meridian, Idaho, DBSI Inc. -- http://www.dbsi.com
-- operates a real estate company. On November 10, 2008, and
other subsequent dates, DBSI and 167 of its affiliates filed for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-12687).
Lawyers at Young Conaway Stargatt & Taylor LLP represent the
Debtors as counsel. The Official Committee of Unsecured Creditors
tapped Greenberg Traurig, LLP as its bankruptcy counsel. Kurtzman
Carson Consultants LLC is the Debtors' notice claims and balloting
agent. When the Debtors filed for protection from their
creditors, they listed assets and debts of between $100 million
and $500 million each.
General Information: On November 10, 2008, and other subsequent
dates, each of the Debtors filed voluntary petitions for relief
under Chapter 11 of the United States Bankruptcy Code (the
"Bankruptcy Code"). The 168 Debtors cases were assigned case
numbers listed here (collectively, the "Bankruptcy Cases") and are
jointly administered under case no. 08-12687. The Bankruptcy
Cases are pending before the Honorable Peter J. Walsh in the
United States Bankruptcy Court for the District of Delaware.
HAWAIIAN TELCOM: Files Monthly Operating Report for January 2009
----------------------------------------------------------------
Hawaiian TelCom Communications, Inc.
Balance Sheet
As of January 31, 2009
Cash and cash equivalents $86,232,472
Accounts receivable -
Materials and supplies -
Prepaid expenses 41,667
Other current assets 4,744,851
Property and equipment -
Investment in subsidiaries 1,007,317,526
Deferred charges and other assets -
Intangible assets -
---------------
Total assets $1,098,336,516
===============
Current portion of long-term debt 1,074,500,000
Accounts payable -
Payroll and related benefits payable -
Accrued other taxes 1
Accrued interest 32,221,997
Advance billings -
Other current liabilities 15,334,812
Long-term debt -
Employee benefit obligations -
Other liabilities -
---------------
1,122,056,810
---------------
Equity (354,844,972)
Intercompany receivable (102,072,089)
Intercompany payable 433,196,767
---------------
Net owner interest (23,720,294)
---------------
Total liabilities and partners' capital $1,098,336,516
===============
Hawaiian TelCom Communications, Inc.
Income Statement
For the Month Ended January 31, 2009
Operating revenues -
Operating expenses:
Cost of goods sold -
Salaries and wages $6,626
Pension and other benefits -
Employee related expenses -
Contracted services 8,333
Restructuring expenses -
Rents -
Materials -
Advertising -
Gross receipts and other taxes -
Uncollectibles -
All other 950
Depreciation and amortization -
---------------
Total operating expenses 15,909
---------------
Operating income (loss) (15,909)
---------------
Other income (expense):
Interest expense 2,351,791
Loss on early extinguishment of debt -
Gain (loss) on interest rate swap -
Other income and expense, net -
---------------
Total other (income) expenses 2,351,791
---------------
Income (loss) from continuing operations
before reorganization items and provision
for income taxes (2,367,700)
Reorganization items 9,388
---------------
Income (loss) from continuing operations
before provision for income taxes (2,377,088)
Provision (benefit) for income taxes -
---------------
Net income (loss) ($2,377,088)
===============
Hawaiian TelCom Communications, Inc.
Cash Receipts and Disbursements
For the Month Ended January 31, 2009
December 2008 ending book balance $76,224,306
Prepetition checks outstanding reclass 0
---------------
January 2009 beginning book balance 76,224,306
Receipts
Receipts from operations 3,937
Net change in deposits in transit 0
Other 0
---------------
Total receipts 3,937
---------------
Disbursements
AP & Payroll disbursements
Check (13,325)
EFT 0
Wire (49,335)
---------------
Total AP & Payroll disbursements (62,660)
---------------
Bank debts
Bank fees 100
Other 0
---------------
Total bank debts 100
---------------
Total disbursements (62,760)
---------------
Other transfers 10,000,000
---------------
ZBA credits 49,435
ZBA debits 0
---------------
Total ZBAs 49,435
---------------
Adjustments 0
---------------
January 2009 ending book balance 86,214,919
Cash on hand and other adjustments 17,552
---------------
Cash per balance sheet $86,232,471
===============
Other Hawaiian Telcom Affiliates
Seven affiliates of Hawaiian Telcom Communications also delivered
separate individual monthly operating reports to the Court.
The Hawaiian Telcom affiliates reported these assets and
liabilities as of January 31, 2009:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- ------------
Hawaiian Telcom, Inc. $1,179,705,758 $1,179,705,758
Hawaiian Telcom Services
Company, Inc. $69,025,917 $69,025,917
Hawaiian Telcom Holdco, Inc. ($23,720,294) ($23,720,294)
Hawaiian Telcom IP Service
Delivery Research, LLC ($3,094) ($3,094)
Hawaiian Telcom IP Video
Research, LLC ($691) ($691)
Hawaiian Telcom IP Service
Delivery Investment, LLC $0 $0
Hawaiian Telcom IP Video
Investment, LLC $0 $0
The Debtor affiliates listed their net income or loss for the
period from January 1 to 31, 2009:
Company Net Income(Loss)
------------- ---------------
Hawaiian Telcom, Inc. ($5,819,019)
Hawaiian Telcom Services Company, Inc. ($1,229,654)
Hawaiian Telcom Holdco, Inc. $0
Hawaiian Telcom IP Service Delivery Research, LLC ($87,936)
Hawaiian Telcom IP Video Research, LLC ($19,041)
Hawaiian Telcom IP Service Delivery Investment, LLC $0
Hawaiian Telcom IP Video Investment, LLC $0
The Debtor affiliates also reported their cash receipts and
disbursements for the period from January 1 to 31, 2009:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Hawaiian Telcom, Inc. $36,460,530 $29,242,485 $6,038,232
Hawaiian Telcom Services
Company, Inc. $356,568 ($4,563,272) $301,155
Hawaiian Telcom Holdco,
Inc. $0 $0 $0
Hawaiian Telcom IP Service
Delivery Research, LLC $0 ($3,223) ($3,093)
Hawaiian Telcom IP Video
Research, LLC $0 ($821) ($591)
Hawaiian Telcom IP Service
Delivery Investment, LLC $0 $0 $0
Hawaiian Telcom IP Video
Investment, LLC $0 $0 $0
About Hawaiian Telcom
Based in Honolulu, Hawaii, Hawaiian Telcom Communications, Inc.
-- http://www.hawaiiantel.com/-- operates a telecommunications
company, which offers an array of telecommunications products and
services including local and long distance service, high-speed
Internet, wireless services, and print directory and Internet
directory services.
The company and seven of its affiliates filed for Chapter 11
protection on Dec. 1, 2008 (Bankr. D. Del. Lead Case No. 08-
13086). As reported by the Troubled Company Reporter on
December 30, 2008, Judge Peter Walsh of the U.S. Bankruptcy Court
for the District of Delaware approved the transfer of the Chapter
11 cases to the U.S. Bankruptcy Court for the District of Hawaii
before Judge Lloyd King (Bankr. D. Hawaii Lead Case No. 08-02005).
Richard M. Cieri, Esq., Paul M. Basta, Esq., and Christopher J.
Marcus, Esq., at Kirkland & Ellis LLP, represent the Debtors in
their restructuring efforts. The Debtors proposed Lazard Freres &
Co. LLC as investment banker; Zolfo Cooper Management LLC as
business advisor; Deloitte & Touche LLP as independent auditors;
and Kurztman Carson Consultants LLC as notice and claims agent.
An official committee of unsecured creditors has been appointed in
the case. The committee is represented by Christopher J. Muzzi,
Esq., at Moseley Biehl Tsugawa Lau & Muzzi LLC, in Honolulu,
Hawaii.
When the Debtors filed for protection from their creditors, they
listed total assets of $1,352,000,000 and total debts of
$1,269,000,000 as of Sept. 30, 2008.
Bankruptcy Creditors' Service, Inc., publishes Hawaiian Telcom
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by Hawaiian Telcom Communications, Inc. and seven of
its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
LEGENDS GAMING: Posts $1,230,731 Net Loss in January 2009
---------------------------------------------------------
Louisiana Riverboat Gaming Partnership, et al., filed with the
U.S. Bankruptcy Court for the Western District of Louisiana on
March 2, 2009, a monthly operating report for the month ended
January 31, 2009.
The Debtors reported a consolidated net loss of $1,230,731 on net
operating revenues of $11,741,518 for the period.
At January 31, 2009, the Debtors had total assets of $254,193,223,
total liabilities of $254,289,418, and stockholders' deficit of
$96,195.
A full-text copy of the Debtors' monthly operating report for the
month ended January 31, 2009, is available at:
http://bankrupt.com/misc/LegendsGaming.Jan.2009MOR.pdf
About Louisiana Riverboat
Headquartered in Bossier City, Louisiana, Louisiana Riverboat
Gaming Partnership, which does business as Diamond Jacks Casino &
Resort, and its debtor-affiliates -- http://www.islecorp.com/--
operate casinos and hotels. The company and five of its
affiliates filed for Chapter 11 protection on March 11, 2008
(Bankr. W.D. La. Lead Case No. 08-10824). William H. Patrick III,
Esq., and Tristan E. Manthey, Esq., at Heller, Draper, Hayden
Patrick & Horn, represent the Debtors as counsel. The Debtors
selected Kurtzman Carson Consultants LLC as their claims agent.
The U.S. Trustee for Region 5 has not appointed creditors to serve
on an Official Committee of Unsecured Creditors.
As reported in the Troubled Company Reporter on May 20, 2008, the
Debtors' summary of schedules showed total assets of $250,357,475
and total debts of $220,551,127.
LEHMAN BROTHERS: Files Initial Monthly Operating Report
-------------------------------------------------------
Lehman Brothers Holdings Inc., et al. filed with the U.S.
Bankruptcy Court for the Southern District of New York on
January 30, 2009, a monthly operating report.
At September 14, 2008, Lehman Brothers Holdings Inc. and other
debtor subsidiaries and LBHI controlled entities had
$384.9 billion in total assets, $360.1 billion in total
liabilities, and $24.8 billion in stockholders' equity.
Lehman Brothers and other debtor subsidiaries also reported a
schedule of cash receipts and disbursements for the months of
October, November and December 2008 ($ in millions):
October November December
Beginning Cash $2,724 $3,619 $4,349
Receipts $1,983 $1,227 $2,759
Disbursements $1,088 $498 $1,921
Ending Cash $3,619 $4,349 $5,187
A full-text copy of Lehman Brothers Holdings Inc. and other debtor
subsidiaries' monthly operating report filed January 30, 2009, is
available at:
http://researcharchives.com/t/s?3a43
Lehman Brothers' Collapse
Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com-- was the fourth largest investment bank in
the United States, offering a full array of financial services in
equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity. Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.
Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale. Lehman's bankruptcy petition listed $639 billion in assets
and $613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. History. Several affiliates
filed bankruptcy petitions thereafter.
On Sept. 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119). James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.
Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009. Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.
LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on Sept. 15, 2008.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16. The
two units have combined liabilities of JPY4 trillion -- US$38
billion. Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.
Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.
Asset Sales
Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion. Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
LEHMAN BROTHERS: Files Monthly Operating Report for January 2009
----------------------------------------------------------------
Lehman Brothers Holdings Inc., et al. filed with the U.S.
Bankruptcy Court for the Southern District of New York on
March 10, 2009, a monthly operating report for the month ended
January 31, 2009.
Lehman Brothers and other debtor subsidiaries' schedule of cash
receipts and disbursements for the month ended January 31, 2009,
showed:
($ in millions)
Beginning Cash $5,176
Receipts $1,792
Transfers $596
Disbursements ($787)
FX Fluctuation ($12)
Ending Cash $6,765
A full-text copy of Lehman Brothers Holdings Inc. and other debtor
subsidiaries' monthly operating report filed January 30, 2009, is
available at:
http://researcharchives.com/t/s?3a45
Lehman Brothers' Collapse
Founded in 1850, Lehman Brothers Holdings Inc. --
http://www.lehman.com-- was the fourth largest investment bank in
the United States, offering a full array of financial services in
equity and fixed income sales, trading and research, investment
banking, asset management, private investment management and
private equity. Its worldwide headquarters in New York and
regional headquarters in London and Tokyo are complemented by a
network of offices in North America, Europe, the Middle East,
Latin America and the Asia Pacific region.
Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y.
Case No. 08-13555) after Barclays PLC and Bank of America Corp.
backed out of a deal to acquire the company, and the U.S. Treasury
refused to provide financial support that would have eased out a
sale. Lehman's bankruptcy petition listed $639 billion in assets
and $613 billion in debts, effectively making the firm's
bankruptcy filing the largest in U.S. history. Several affiliates
filed bankruptcy petitions thereafter.
On Sept. 19, 2008, Lehman Brothers, Inc., was placed in
liquidation pursuant to the provisions of the Securities Investor
Protection Act (Case No. 08-CIV-8119). James W. Giddens was
appointed trustee for the SIPA liquidation of the business of LBI.
Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed
a petition under Chapter 15 of the U.S. Bankruptcy Code on
February 10, 2009. Lehman Brothers Finance, a subsidiary of
Lehman Brothers Inc., estimated both its assets and liabilities at
more than $1 billion.
LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, has been placed into administration,
together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to wind down the business of LBI
(Europe) on Sept. 15, 2008.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on Sept. 16. The
two units have combined liabilities of JPY4 trillion --
US$38 billion. Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.
Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited suspended
operations upon the bankruptcy filing of their U.S. counterparts.
Asset Sales
Barclays Bank Plc has acquired Lehman's North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion. Nomura Holdings Inc., the
largest brokerage house in Japan, on Sept. 22 reached an agreement
to purchased Lehman Brothers Holdings, Inc.'s operations in Europe
and the Middle East less than 24 hours after it reached a deal to
buy Lehman's operations in the Asia Pacific for US$225 million.
Nomura paid only US$2 dollars for Lehman's investment banking and
equities businesses in Europe, but agreed to retain most of
Lehman's employees.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
MIDWAY GAMES: Files Initial Monthly Operating Report
----------------------------------------------------
Midway Games Inc., et al., filed with the U.S. Bankruptcy Court
for the District of Delaware on March 3, 2009, a monthly operating
report, which includes the Debtors' initial 13 week cash flow
forecast/budget.
A full-text copy of the Debtors' initial monthly operating report
filed March 3, 2009, is avaiiable at:
http://bankrupt.com/misc/MidwayGames.InitialMOR.pdf
Headquartered in Chicago, Illinois, Midway Games Inc. --
http://www.midway.com-- develops video games and sell them
primarily in North America, Europe, Asia and Australia. The
company and nine of its affiliates filed for Chapter 11 protection
on Feb. 12, 2009 (Bankr. D. Del. Lead Case No. 09-10465). David
W. Carickhoff, Jr., Esq., Michael David Debaecke, Esq., and
Victoria A. Guilfoyle, Esq., at Blank Rome LLP, represent the
Debtors in their restructuring efforts. The Debtors proposed
Lazard as their investment banker, Dewey & LeBoeuf LLP as special
counsel, and Epiq Bankruptcy Solutions LLC as claims agent. The
Debtors' financial condition as of Sept. 30, 2008, showed
$167,523,000 in total assets and $281,033,000 in total debts.
MIRABILIS VENTURES: Posts $19,121 Net Income in January 2009
------------------------------------------------------------
Mirabilis Ventures Inc. filed with the U.S. Bankruptcy Court for
the Middle District of Florida a monthly operating report for the
month ended January 31, 2009.
The company reported net income of $19,121 on zero reveues for the
month of January, 2009. Total expense was $107,472 and total
other income was $126,593.
At January 31, 2009, the Debtor reported total assets of
$45,382,418, total liabilities of $58,545,706, and stockholders;
deficit of $13,163,288.
A full-text copy of the Debtor's monthly operating report for the
month ended January 31, 2009, is available at:
http://bankrupt.com/misc/MirabilisVentures.JanuaryMOR.pdf
PILGRIM'S PRIDE: Files Monthly Operating Report for January 2009
----------------------------------------------------------------
Pilgrim's Pride Corporation
Balance Sheet
As of January 24, 2009
ASSETS
Current Assets:
Cash
Unrestricted $18,960,232
Restricted 6,666,828
Accounts receivable - net 306,466,982
Intercompany accounts receivable 226,673,354
Inventory 749,674,355
Notes receivable 0
Prepaid expenses 41,285,086
--------------
Total current assets 1,349,726,837
Property, plant and equipment 1,314,385,274
Other assets 1,258,979,070
Less: Accumulated depreciation 713,480,619
--------------
Net Property, Plant & Equipment 600,904,655
Other assets - net 1,343,233,829
--------------
Total assets $3,293,865,321
==============
LIABILITIES
Postpetition Liabilities:
Accrued expenses -
Taxes payable $10,895,221
Notes payable (DIP Financing) 123,191,797
Professional fees (accrued est) 11,200,000
Secured debt (accrued int) 6,056,573
other 150,929,660
--------------
Total postpetition liabilities $302,273,250
Prepetition liabilities:
Secured debt 1,437,193,843
Prepetition Liabilities:
Secured debt 1,437,193,843
Priority debt 6,463,410
Unsecured debt 841,880,546
Other 646,915,057
--------------
Total prepetition liabilities 2,932,452,856
--------------
Total liabilities $3,234,726,107
==============
Equity:
Prepetition owners' equity 531,687,077
Postpetition cumulative profit (loss) (76,605,557)
Direct charges to equity (395,942,306)
--------------
Total Equity 59,139,214
--------------
Total Liabilities & Owners' Equity $3,293,865,321
==============
Pilgrim's Pride Corporation
Income Statement
For the Month Ended January 24, 2009
Revenues:
Gross Revenue $480,179,395
Less: Returns and discounts 13,119,096
--------------
Net Revenue 467,060,298
Cost of Goods Sold:
Cost of goods sold 465,359,688
--------------
Total cost of goods sold 465,359,688
--------------
Gross profit 1,700,610
Operating Expenses:
Officer/insider compensation 683,227
General & administrative 20,474,474
Other 1,291,830
--------------
Total operating expenses $22,449,531
Income before non-operating income & expense (20,748,921)
Other Income & Expenses:
Financing expenses 8,052,841
Reorganization Expenses:
Professional fees 5,307,394
U.S. Trustee fees 0
-------------
Total reorganization expenses 5,307,394
Income tax 16,730
-------------
Net Profit (Loss) ($34,125,886)
=============
Pilgrim's Pride Corporation
Cash Receipts & Disbursements
For the Month Ended January 24, 2009
Cash - Beginning of month $28,167,105
Cash sales 0
Collection of Accounts Receivable:
Total operating receipts 469,910,076
Non-Operating Receipts:
Loans & advances 22,000,000
Others (PPC Mexico reimbursements) 1,184,369
---------------
Total Non-operating receipts 23,184,369
Total receipts 493,094,445
Total Cash Available $521,261,550
Operating Disbursement:
Customer programs 7,776,863
Growing and feeding 218,496,452
Contractors, repair and maintenance 7,928,274
Fleet and freight 26,601,760
General insurance 10,311,052
Leases/rentals 559,138
Meat/food 12,538,320
Packaging/ingredients 35,276,998
Gross payroll 102,259,284
Utilities 18,489,079
Other 26,586,340
Capital expenditure 6,018,663
---------------
Total Operating Disbursements 472,892,222
Reorganization Expenses:
Professional fees 22,940
U.S. Trustee fees 0
Other reorganization 31,440,115
--------------
Total reorganization expenses 31,463,055
Total disbursement 504,355,277
Securitization line pay-down 0
--------------
Net cash flow (11,260,832)
Changes in management obligations 36,621,046
Cash - End of Month $53,527,318
==============
About Pilgrim's Pride Corp.
Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico. In addition, the company owns 34
processing plants in the United States and 3 processing plants
n Mexico. The processing plants are supported by 42 hatcheries,
31 feed mills and 12 rendering plants in the United States and 7
hatcheries, 4 feed mills and 2 rendering plants in Mexico.
Moreover, the company owns 12 prepared food production facilities
in the United States. The company employs about 40,000 people and
has major operations in Texas, Alabama, Arkansas, Georgia,
Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee,
Virginia, West Virginia, Mexico, and Puerto Rico, with other
facilities in Arizona, Florida, Iowa, Mississippi and Utah.
Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664). The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.
Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel. The Debtors have also tapped Baker &
McKenzie LLP as special counsel. Lazard Freres & Co., LLC is the
company's investment bankers and William K. Snyder of CRG Partners
Group LLC as chief restructuring officer. The company's claims
and noticing agent is Kurtzman Carson Consulting LLC.
A nine-member committee of unsecured creditors has been appointed
in the case.
As of December 27, 2008, the Company had $3,215,103,000 in total
assets, $612,682,000 in total current liabilities, $225,991,000 in
total long-term debt and other liabilities, and $2,253,391,000 in
liabilities subject to compromise.
Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News. The newsletter tracks the chapter 11
proceeding of Pilgrim's Pride Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TOUSA INC: Files Monthly Operating Report for January 2009
----------------------------------------------------------
TOUSA, INC., and Subsidiaries
Consolidated Balance Sheet
As of January 31, 2009
ASSETS
Cash and Cash Equivalents:
Cash in bank $259,658,206
Cash equivalents (due from title company 12,332,032
from closings)
Inventory:
Deposits 36,676,019
Land 427,285,764
Residences completed and under construction 317,952,353
Inventory not owned 10,261,300
---------------
792,175,436
Property and equipment, net 11,984,163
Investments in unconsolidated joint ventures 8,813,229
Receivables from unconsolidated joint ventures -
Accounts receivable 17,611,898
Other assets 39,243,861
Goodwill 11,152,000
---------------
1,152,970,825
Net Assets of Financial Services 21,942,097
---------------
Total Assets $1,174,912,922
===============
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable and other liabilities $314,576,143
Customer deposits 11,639,426
Obligations for inventory not owned 16,678,247
Notes payable 1,595,520,626
Bank borrowings 223,128,135
--------------
Total Liabilities 2,161,542,577
Stockholders' Equity:
Preferred stock 15,084,998
Common stock 596,042
Additional paid in capital 563,101,416
Retained earnings (1,565,412,111)
---------------
Total Stockholders' Equity (986,629,655)
---------------
Total liabilities and Stockholders' Equity $1,174,912,922
===============
TOUSA, INC., and Subsidiaries
Consolidated Statement of Operations
For the Period January 1 to 31, 2009
Revenues:
Home sales $42,497,913
Land sales 1,550,000
---------------
44,047,913
Cost of Sales:
Home sales 39,765,191
Land sales 2,525,598
---------------
42,290,789
---------------
Gross Profit 1,757,124
Total selling, general and admin expenses 21,877,200
Income (loss) from joint ventures, net (10,000)
Interest expense, net 5,713,684
Other (income) expense, net (115,354)
---------------
Homebuilding pretax income (loss) 25,728,406
Financial services pretax income (loss) (191,704)
Income (loss) before income taxes (25,920,110)
Provision (benefit) for income taxes -
---------------
Net Income (loss) ($25,920,110)
===============
TOUSA, INC. and Subsidiaries
Consolidated Schedule of Receipts and Disbursements
For the Period January 1 to 31, 2009
Funds at beginning of period $277,063,939
RECEIPTS
Cash sales 47,932,648
Accounts receivable 18,063
Other receipts 4,781,101
---------------
Total receipts 52,731,812
---------------
Total funds available for operations 329,795,751
DISBURSEMENTS
Advertising 718,367
Bank charges 44,916
Contract labor 218,743
Fixed asset payments 151,816
Insurance 2,924,062
Inventory payments 27,433,564
Leases 391,286
Manufacturing supplies -
Office supplies 95,417
Payroll - net 9,324,091
Professional fees (accounting and legal) 9,126,622
Rent 282,843
Repairs & maintenance 297,106
Secured creditor payments 14,448,204
Taxes paid - payroll 113,727
Taxes paid - sales & use 642,175
Taxes paid - other 1,839,200
Telephone 171,265
Travel & entertainment 79,275
U.S. Trustee quarterly fees 145,250
Utilities 120,513
Vehicle expenses 23,681
Other operating expenses 1,545,422
---------------
Total disbursements 70,137,545
---------------
Ending Balance $259,658,206
===============
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic
U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark
Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading
homebuilder in the United States, operating in various
metropolitan markets in 10 states located in four major geographic
regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA
designs, builds, and markets high-quality detached single-family
residences, town homes, and condominiums to a diverse group of
homebuyers, such as "first-time" homebuyers, "move-up" homebuyers,
homebuyers who are relocating to a new city or state, buyers of
second or vacation homes, active-adult homebuyers, and homebuyers
with grown children who want a smaller home. It also provides
financial services to its homebuyers and to others through its
subsidiaries, Preferred Home Mortgage Company and Universal Land
Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08-
10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta,
Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at
Berger Singerman, to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker. Ernst & Young LLP is the Debtors' independent auditor and
tax services provider. Kurtzman Carson Consultants LLC acts as
the Debtors' Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008,
(Bankr. S.D. Fla. Case No.: 08-20746). It listed assets between
$1 million and $10 million, and debts between $1 million and
$10 million.
The Official Committee of Unsecured Creditors hired Patricia A.
Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff &
Sitterson, P.A., as its local counsel.
TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets
of $1,734,422,756 and total liabilities of $2,300,053,979.
Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by TOUSA Inc. and its affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)
WASHINGTON MUTUAL: Files Monthly Operating Report for January 2009
------------------------------------------------------------------
WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of January 31, 2009
ASSETS
Unrestricted cash and cash equivalents $4,539,784,215
Restricted cash and cash equivalents 140,733,082
Investment Securities 65,593,034
Accrued interest receivable 593,746
Accounts receivable 0
Income tax receivable 482,827,029
Prepaid expenses 9,355,096
Cash surrender value of BOLI/COLI 86,775,702
Funded Pension 39,173,922
Other investments 18,549,600
Investment in subsidiaries 1,542,646,969
Notes receivable, intercompany 14,761,582
Other assets 24,932,236
----------------
Total Assets $6,965,726,213
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $9,103,942
Taxes payable 0
Wages payable 120,000
Other accrued liabilities 9,914,020
Rent and equipment lease payable 242,444
Deferred tax liability (asset) 0
Other liabilities - intercompany 0
Other postpetition liabilities 0
Minority interest 2,000,000
----------------
Total Postpetition Liabilities 21,380,406
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt 4,108,911,139
Subordinated debt 1,613,991,512
Junior subordinated debt 742,476,453
Accrued interest payable 75,907,764
Notes payable - intercompany 684,092,246
Accrued interest payable - intercompany 3,012
Accounts payable 0
Accounts payable - intercompany 0
Taxes payable/deferreds 551,549,764
Payroll and benefit accruals 407,236,707
Other accrued liabilities 91,229,349
Other prepetition liabilities 223
----------------
Total Prepetition Liabilities 8,275,398,169
----------------
Total Liabilities 8,296,778,575
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,753,556
Other comprehensive income (2,108,156,326)
Retained earnings - prepetition (15,365,140,845)
Retained earnings - postpetition (238,850,701)
----------------
Total Shareholders' Equity (1,331,052,362)
----------------
Total Liabilities and Shareholders' Equity $6,965,726,213
================
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period Jan. 1 to Jan. 30, 2009
REVENUES
Interest income:
Cash equivalents $627,982
Securities 287,040
Notes receivable - intercompany 29,725
Other 0
----------------
Total Interest Income 944,747
Earnings from subsidiaries and other
equity investments (17,367,188)
Gains (losses) from securities (2,882)
Other income 33,603
----------------
Total Revenues (16,391,720)
OPERATING EXPENSES
Compensation and benefits 231,278
Occupancy and equipment 67,521
Professional fees 468,089
Postage, express mail and courier 0
Other outside services 0
Loss (Income) from BOLI/COLI policies (253,146)
Management fees/transition services (2,044,880)
Insurance 1,684,475
Other 122,468
----------------
Total Operating Expenses 275,805
Net profit (loss) before other income
and expenses (16,667,524)
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany 0
Borrowings 0
----------------
Total Interest Expense 0
Other expense (income) 0
----------------
Net profit (loss) before
reorganization items (16,667,524)
REORGANIZATION ITEMS
Professional fees 5,574,164
U.S. Trustee quarterly fees 13,000
Gains (losses) from sale of assets 0
Other reorganization expenses 1,948,907
----------------
Total Reorganization Items 7,536,071
----------------
Net profit (loss) before income taxes (24,203,595)
Income taxes 0
----------------
NET PROFIT (LOSS) ($24,203,595)
================
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period Jan. 1 to Jan. 31, 2009
Opening Balance 12/31/08 $4,221,150,576
RECEIPTS
Interest & investment returns 2,333,641
Tax refunds 638,597
Reimbursements from WMB 0
Reimbursements/distributions from subs 0
Sales of assets/securities 0
Miscellaneous receipts 791
----------------
Total Receipts 2,973,029
TRANSFERS
General to Disbursement 0
Loan to subsidiary 0
Sweep to Money Market account 0
General to Payroll 0
To new bank account 0
----------------
Total Transfers 0
DISBURSEMENTS
Insurance 1,196,812
Travel and other expenses 15,803
Retainer 6,634
Professional fees 4,492,939
Bank fees 21,402
U.S. trustee quarterly fees 149,531
Directors fees 0
Miscellaneous adjustments 52,500
----------------
Total Disbursements 5,935,621
================
Net Cash Flow (2,962,592)
----------------
Cash - End of Month 4,218,187,984
GL Balance 4,218,190,983
Net value -- short-term securities 321,593,531
----------------
Total Cash and Cash Equivalents $4,539,784,514
================
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of January 31, 2009
ASSETS
Unrestricted cash and cash equivalents $273,635,478
Restricted cash and cash equivalents 0
Investment Securities 0
Accrued interest receivable 50,321
Accounts receivable 0
Income tax receivable 22,187,560
Prepaid expenses 0
Cash surrender value of BOLI/COLI 0
Funded Pension 0
Other investments 48,650,458
Investment in subsidiaries 0
Notes receivable, intercompany 565,844,197
Other assets 0
----------------
Total Assets $910,368,014
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $0
Taxes payable 0
Wages payable 0
Other accrued liabilities 9,750
Rent and equipment lease payable 0
Deferred tax liability (asset) 0
Other liabilities - intercompany 0
Other postpetition liabilities 0
Minority interest 0
----------------
Total Postpetition Liabilities 9,750
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt 0
Subordinated debt 0
Junior subordinated debt 0
Accrued interest payable 0
Notes payable - intercompany 0
Accrued interest payable - intercompany 0
Accounts payable 0
Accounts payable - intercompany 0
Taxes payable 0
Payroll and benefit accruals 0
Other accrued liabilities 0
Other prepetition liabilities 0
----------------
Total Prepetition Liabilities 0
----------------
Total Liabilities 9,750
SHAREHOLDERS' EQUITY
Preferred stock 0
Common stock 1,000,000,000
Other comprehensive income 22,187,560
Retained earnings - prepetition 14,133,260
Retained earnings - postpetition (125,962,556)
----------------
Total Shareholders' Equity 910,358,264
----------------
Total Liabilities and Shareholders' Equity $910,368,014
================
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period Jan. 1 to Jan. 30, 2009
REVENUES
Interest income:
Cash equivalents $81,219
Securities 1,724
Notes receivable - intercompany 0
Other 0
----------------
Total Interest Income 82,943
Earnings from subsidiaries and other
equity investments 0
Gains (losses) from securities 0
Other income 0
----------------
Total Revenues 82,943
OPERATING EXPENSES
Compensation and benefits 0
Occupancy and equipment 0
Professional fees 0
Postage, express mail and courier 0
Other outside services 0
Loss (Income) from BOLI/COLI policies 0
Management fees/transition services 0
Insurance 0
Other 0
----------------
Total Operating Expenses 0
Net profit (loss) before other income
and expenses 82,943
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany 0
Borrowings 0
----------------
Total Interest Expense 0
Other expense (income) 0
----------------
Net profit (loss) before
reorganization items 82,943
REORGANIZATION ITEMS
Professional fees 0
U.S. Trustee quarterly fees 4,875
Gains (losses) from sale of assets 0
Other reorganization expenses 0
----------------
Total Reorganization Items 4,875
----------------
Net profit (loss) before income taxes 78,068
Income taxes 0
----------------
NET PROFIT (LOSS) $78,068
================
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period Jan. 1 to Jan. 31, 2009
Opening Balance 12/31/08 $56,321,885
RECEIPTS
Interest & investment returns 262,852
Tax refunds 0
Reimbursements from WMB 0
Reimbursements/distributions from subs 0
Sales of assets/securities 0
Miscellaneous receipts 0
----------------
Total Receipts 262,852
TRANSFERS
General to Disbursement 0
Loan to subsidiary 0
Sweep to Money Market account 0
General to Payroll 0
To new bank account 0
----------------
Total Transfers 0
DISBURSEMENTS
Insurance 0
Travel and other expenses 0
Retainer 0
Professional fees 0
Bank fees 0
U.S. trustee quarterly fees 0
Directors fees 0
Miscellaneous adjustments 0
----------------
Total Disbursements 0
================
Net Cash Flow 262,852
----------------
Cash - End of Month 56,584,736
GL Balance 56,584,737
Net value -- short-term securities 217,050,741
----------------
Total Cash and Cash Equivalents $273,635,478
================
WaMu's Preferred Funding
John Maciel, WaMu's chief financial officer, related that based
on some unresolved issues, the Debtors have yet to reflect any
possible interests in certain securities and assets of Washington
Mutual Preferred Funding LLC.
Mr. Maciel explained that assuming that the Conditional Exchange
on the Securities had been completed on a pro forma basis, WaMu's
financial statements at January 31, 2009, would reflect:
-- a credit to shareholders' equity of about $3.9 billion upon
issuance of the New Classes of Preferred WaMu Stock;
-- an investment in subsidiary, including Washington Mutual
Bank, of approximately $3.9 billion upon contribution of
the Preferred Securities by WaMu to WMB; and
-- an immediate and corresponding write-down of the
Investment.
Professional and Vendor Fees
Mr. Maciel reported that as of January 31, 2009, WaMu paid an
aggregate of $6,811,080 to these vendors on account of services
rendered in the Debtors' cases:
Professional Fees Expenses
------------ ---- --------
Akin, Gump, Strauss, Hauer & Feld $778,859 $27,029
Alvarez & Marsal 1,249,039 71,814
Davis Wright Tremaine LLP - -
FTI Consulting, Inc. 537,698 11,750
Gibson, Dunn & Crutcher LLP 23,012 2,269
Joele Frank 20,178 1,316
Kurtzman Carson Consultants LLC 269,108 -
Milliman 20,188 -
Pepper Hamilton - -
Richards, Layton & Finger, P.A. - -
Weil Gotshal & Manges, LLP 1,457,857 22,814
WaMu also paid 45 vendors an aggregate of $9,103,745, for certain
postpetition accounts. A complete list of the Vendor Payments is
available for free at:
http://bankrupt.com/misc/WaMu_VendorPayments.pdf
Tax-Related Items
Mr. Maciel also related that for the period from January 1 to 31,
2009, the Debtors have made:
-- no filings of tax returns with respect to property, sale
and use taxes;
-- nine payroll tax filings reflecting withholding summary of
deposits, unemployment summaries, quarterly labor and
industries, and annual employee hours tax; and
-- a filing of a business and occupation tax return.
A full-text copy of WaMu's January 2009 Operating Report is
available for free at the U.S. Securities and Exchange Commission
at: http://ResearchArchives.com/t/s?3a1f
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries. The company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.
Washington Mutual Bank was taken over Sept. 25 by U.S. government
regulators. The next day, WaMu and its debtor-affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695. WMI Investment listed assets of $500,000,000
to $1,000,000,000 with zero debts.
(Washington Mutual Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)
WCI COMMUNITIES: Posts $24.0 Million Net Loss in November 2008
--------------------------------------------------------------
WCI Communities, Inc., and certain of its subsidiaries filed with
the U.S. Bankurpty Court for the Southern District of New York
their monthly operating report for the month ended November 30,
2008.
WCI Communities, Inc., et al. reported a consolidated net loss of
$24.0 million on revenue of $24.8 million for the month ended
November 30, 2008.
At November 30, 2008, the Debtors had total assets of
$2.08 billion, total liabilities of $1.95 billion, minority
interests of $23.9 million, and net worth of $109.9 million.
The Debtors' consolidated schedule of receipts and disbursements
for the month ended November 30, 2008, discloses:
Total Cash Receipts $27,489,111
Total Cash Disbursement $35,860,383
Net Disbursements $8,371,272
A full-text copy of the Debtors' monthly operating report for the
month ended November 30, 2008, is available at:
http://researcharchives.com/t/s?3a44
About WCI Communities
Headquartered in Bonita Springs, Florida, WCI Communities, Inc. --
http://www.wcicommunities.com/-- is a fully integrated
homebuilding and real estate services company. It has operations
in Florida, New York, New Jersey, Connecticut, Massachusetts,
Virginia and Maryland. The company directly employs roughly 1,800
people, as well as roughly 1,800 sales representatives as
independent contract employees.
The company and 126 of its affiliates filed for Chapter 11
protection on Aug. 4, 2008 (Bankr. D. Del. Lead Case No. 08-11643
through 08-11770). Thomas E. Lauria, Esq., Frank L. Eaton, Esq.,
Linda M. Leali, Esq., at White & Case LLP, in Miami, Florida.
Eric Michael Sutty, Esq., and Jeffrey M. Schlerf, Esq., at Bayard,
P.A, are the Debtors' local bankruptcy counsel. Lazard Freres &
Co. represents the Debtors as financial advisors. The Debtors
selected Epiq Bankruptcy Solutions LLC as their claims & notice
agent. The U.S. Trustee for Region 3 appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Daniel H.
Golden, Esq., Lisa Beckerman, Esq., and Philip C. Dublin, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, and Laura Davis Jones,
Esq., Michael R. Seidl, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, represent the Committee in
these cases. When the Debtors filed for protection from their
creditors, they listed total assets of $2,178,179,000 and total
debts of $1,915,034,000.
*********
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.
The Sunday TCR delivers securitization rating news from the week
then-ending.
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. Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa,
Luke Caballos, Sheryl Joy P. Olano, Carlo Fernandez, Christopher
G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
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