/raid1/www/Hosts/bankrupt/TCR_Public/090321.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 21, 2009, Vol. 13, No. 79
Headlines
ATA AIRLINES: Files Monthly Operating Report for January 2009
CATHOLIC CHURCH: Fairbanks' Monthly Operating Report for December
CATHOLIC CHURCH: Fairbanks' Operating Report for January 2009
FLYING J: Posts $5.3 Million Net Loss in January 2009
LAKE AT LAS: Posts $4,330,898 Net Loss in January 2009
LANDAMERICA FINANCIAL: LES' Operating Report for December 2008
LANDAMERICA FINANCIAL: LES' Operating Report for January 2009
LANDAMERICA FINANCIAL: LFG's Operating Report for December 2008
LANDAMERICA FINANCIAL: LFG's Operating Report for January 2009
LEXINGTON PRECISION: Posts $1,069,000 Net Loss in January 2009
MASONITE INTERNATIONAL: Files Balance Sheet as of June 30, 2008
POWERMATE CORP: Jan. 31 Balance Sheet Upside-Down by $67.6 Million
POWERMATE CORP: Holding Posts $2,091,253 Net Loss in January 2009
POWERMATE CORP: International Files January Operating Report
REFCO INC: REFCO LLC's Monthly Operating Report for January 2009
RITZ CAMERA: Files Initial Monthly Operating Report
SHARPER IMAGE: Files Monthly Operating Report for January 2009
SPANSION INC: Files Initial Monthly Operating Report
TRIBUNE COMPANY: Files Operating Report for Month Ended February 1
WCI COMMUNITIES: Posts Net Loss of $18.8 Million in December 2008
WCI COMMUNITIES: Posts $18.8 Million Net Loss in January 2009
*********
ATA AIRLINES: Files Monthly Operating Report for January 2009
-------------------------------------------------------------
ATA Airlines' chief restructuring officer Steve Turoff filed with
the U.S. Bankrupty Court for the or the Southern District of
Indiana the company's operating report for the period January 1 to
31, 2009.
Mr. Turoff disclosed that ATA Airlines had $2,341,623 in cash
profit and $14,487 in total payables for January.
The total professional fee incurred by or on behalf of ATA
Airlines for services related to its bankruptcy case during the
month is $936,353.
ATA Airlines, Inc.
Receipts and Disbursements
Month Ended January 31, 2009
RECEIPTS
Military -
Charter -
Scheduled Service -
US Bank -
Amex -
Discover -
Diner's Club -
Other Scheduled Service -
Asset Sales--Inventory $1,213,164
Asset Sales--Ground Equipment -
Asset Sales--Rotables -
Asset Sales?-L1011 -
Return of Deposits/Prepaids -
Cash Collateral/LOCs 1,037,084
Interest 6,453
Miscellaneous 520,789
------------
Total $2,777,490
============
DISBURSEMENTS
Base Payroll Inc. All Taxes $223,945
Stay Bonus -
Benefits -
Employee Expense Payments 2,122
Outside Director Fees 1,000
Facilities 2,100
Utilities/Communications 2,350
Contract Labor 26,720
Professionals 82,741
US Trustee 12,350
Aircraft Ferry Cost 65,000
Engine Changes/Certificate Mx 9,156
Insurance--D&O/Misc. -
Health Insurance Run-off Reserve -
Cobra Reserve -
Security -
Shipping/Cargo 63
Returned Checks -
Miscellaneous 8,320
------------
Total $435,867
Beginning Balance $44,804,679
Receipts 2,777,490
Disbursements (435,867)
------------
Ending Balance $47,146,301
============
About ATA Airlines
Headquartered in Indianapolis, Indiana, ATA Airlines, Inc., was a
diversified passenger airline operating in two principal business
lines -- a low cost carrier providing scheduled passenger service
that leverages a code share agreement with Southwest Airlines; and
a charter operator that focused primarily on providing charter
service to the U.S. government and military. ATA is a wholly
owned subsidiary of New ATA Acquisition, Inc. -- a wholly owned
subsidiary of New ATA Investment, Inc., which in turn, is a wholly
owned subsidiary of Global Aero Logistics Inc. ATA Acquisition
also owns another holding company subsidiary, World Air Holdings,
Inc., which it acquired through merger on August 14, 2007. World
Air Holdings owns and operates two other airlines, North American
Airlines and World Airways.
ATA Airlines and its affiliates filed for Chapter 11 protection on
Oct. 26, 2004 (Bankr. S.D. Ind. Case Nos. 04-19866, 04-19868
through 04-19874). The Honorable Basil H. Lorch III confirmed the
Debtors' plan of reorganization on Jan. 31, 2006. The Debtors'
emerged from bankruptcy on Feb. 28, 2006.
Global Aero Logistics acquired certain of ATA's operations after
its first bankruptcy. The remaining ATA affiliates that were not
substantively consolidated in the company's first bankruptcy case
were sold or otherwise liquidated.
ATA Airlines filed for Chapter 22 on April 2, 2008 (Bankr. S.D.
Ind. Case No. 08-03675), citing the unexpected cancellation of a
key contract for ATA's military charter business, which made it
impossible for ATA to obtain additional capital to sustain its
operations or restructure the business. ATA discontinued all
operations subsequent to the bankruptcy filing. ATA's Chapter 22
bankruptcy petition lists assets and liabilities each in the range
of $100 million to $500 million.
The Debtor is represented in its Chapter 22 case by Haynes and
Boone, LLP, and Baker & Daniels, LLP, as bankruptcy counsel.
The United States Trustee for Region 10 appointed five members to
the Official Committee of Unsecured Creditors. Otterbourg,
Steindler, Houston & Rosen, P.C., serves as bankruptcy counsel to
the Committee. FTI Consulting, Inc., acts as the panel's
financial advisors. The Court gave ATA Airlines Inc. until
Feb. 26, 2009, to file its Chapter 11 plan and April 27, 2009, to
solicit acceptances of that plan.
ATA Airlines submitted to the Court its Chapter 11 Plan of
Reorganization and accompanying Disclosure Statement on
December 12, 2008, two weeks after it completed the sale of its
key assets to Southwest Airlines Inc.
Bankruptcy Creditors' Service, Inc., publishes ATA Airlines
Bankruptcy News. The newsletter tracks the chapter 11 case of
ATA Airlines, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
CATHOLIC CHURCH: Fairbanks' Monthly Operating Report for December
-----------------------------------------------------------------
Catholic Bishop of Northern Alaska
Statement of Financial Position
As of December 31, 2008
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $1,081,472 $119,047
Investments:
Valuables in safe 168 -
Trust account @ market 762,976 -
457 Plan assets @ market - 119,679
Endowment Fund @ market - 14,475,329
Endowment Fund - earnings @ market (2,521,642) -
Stocks 799 -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 862,501 -
For parishes and school 38,647 -
Other 7,318 -
Notes and other receivables 344,687 -
Grants pledged 62,500 -
Fixed assets, net at cost:
Land and building 7,818,560 -
Aircraft 123,341 -
Equipment - -
Other assets 338,777 -
---------- ----------
Total Assets $9,181,436 $14,714,057
========== ==========
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $539,182 -
Notes payable 216,966 -
D.I.P. Loan 1,000,000 -
Benefits payable 69,807 -
Deferred revenue 878,249 -
Annuities payable 215,684 -
Other liabilities 25,799 -
Payroll-related liabilities:
Payroll taxes 56,218 -
General vacation accrual account 16,339 -
Tax sheltered annuity 19,934 -
Accrued leave 260,853 -
Insurance:
Long term disability 450 -
Insurance deposits payables 140,630 -
Insurance reserves expense 40,562 -
Indemnity insurance reserves 121 -
Medical/Dental payroll deduction 210,889 -
CBNA building loan - -
---------- ----------
Total Liabilities 3,691,691 -
---------- ----------
Total net assets 5,489,745 $14,714,057
---------- ----------
Total Liabilities and Net Assets $9,181,436 $14,714,057
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending December 31, 2008
CBNA Held for
Total Others
Support and revenue: ----- --------
Parish assessments $14,357 -
Tuition, net of tuition assistance 200,277 -
Curricular income 7,488 -
Donations 1,141,020 -
Investment income 255,164 $40,579
Other income 9,128 12,750
Temporarily restricted gifts 20,987 -
---------- ----------
Total support and revenue 1,648,422 53,329
Expenses:
Operating expenses 59,277 -
Supplies 17,528 -
Repair & Maintenance 43,390 -
Utilities 53,269 -
Insurance 14,808 -
Staff Expenses:
Salaries & Wages 376,872 -
Payroll Taxes 23,948 -
Employee Benefits 89,684 -
Curricular Expenses 15,798 -
Recruiting, advertising and PRs - -
Travel Expenses 9,800 -
Student related expenses - -
Contributions - -
Professional and technical fees 22,825 -
Investment services 10,060 (1,386)
Subsidies 69,716 -
Rental/Lease Expense 33,105 -
Assessments (14,357) -
Fund Raising Expense 12,889 -
Radio Programming Expense 2,022 -
Radio Technical Dept. Expenses 2,409 -
Miscellaneous Expense 9,009 -
---------- ----------
Total General 852,060 (1,386)
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 852,060 (1,386)
---------- ----------
Increase (decrease) in net assets 796,362 54,716
---------- ----------
Re-organization costs 200,569 -
Increase (decrease) in net assets ---------- ----------
after Re-org costs 595,792 54,716
Net assets:
Beginning of month 4,893,952 14,659,340
---------- ----------
End of month $5,489,745 $14,714,057
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending December 31, 2008
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $485,237 $77,681
Total receipts - prior gen.
account reports 10,572,901 1,231,845
Less total disbursements 10,723,111 1,131,450
---------- ----------
Beginning balance - November 30, 2008 335,026 178,076
Receipts during current period:
Transfers between internal accounts 70,100 -
Funds received by CBNA from KNOM 54,000 -
Funds received from Catholic Schools 31,216 -
Funds received by KNOM from CBNA 2,722 -
Funds received by Catholic Schools 65,393 -
Funds collected from others 123,902 123,902
Custodial funds 33,466 33,466
Accounts receivable 157,281 -
Restricted funds and endowment gifts 52,210 -
Donations 966,628 -
Grants 4,750 -
Interest & dividends 349 -
Gains (Losses) security sales 108 -
Proceeds from the sale of stock 5,106 -
Payment refund/return 7,029 -
Programs 2,471 -
Weather service income 150 -
Co-curricular income 7,488 -
Other income/fees 3,932 -
Miscellaneous 39 -
Sale of fixed assets 149,975 -
Sale of books and cards 6,003 -
Loan proceeds 700,000 -
---------- ----------
Total receipts this period 2,444,325 157,369
---------- ----------
Balance 2,779,352 335,445
Less total disbursements:
Transfers between internal accounts 70,100 -
Transfers from KNOM to CBNA 54,000 -
Transfers from Cath. Schools to CBNA 31,216 -
Transfers from CBNA to Cath. Schools 42,703 -
Funds disbursed for others 84,866 84,866
Custodial funds 15,008 15,008
Co-curricular expense 24,624 -
Curricular expense 5,405 -
Programming - News service 1,992 -
Wages & salaries 351,231 -
Employee benefits 165,606 -
Staff development 7,745 -
Supplies: maintenance/repairs 1,720 -
Supplies: office 10,972 -
Scholarships/donations/financial aid 250 -
Maintenance/repairs 35,002 -
Fundraising 12,889 -
Telephone/Internet 2,423 -
Utilities 34,142 -
Dues/Fees 1,882 -
Refunds 70 -
Travel 15,967 -
Printing and copying 1,349 -
Postage 29,817 -
Services & insurance 503 -
Reimbursements 929 -
Taxes 45,727 -
NSF's 3,673 -
Bank fees and charges 2,516 -
Interest expense 594 -
Music license fee 30 -
List rental and copy leases 19,936 -
Restricted 1,014 -
Annuities 964 -
Professional fees - Chapter 11 371,244 -
Professional fees 19,211 -
Miscellaneous 820 -
Advertising 12,408 -
Supplies: food 3,143 -
Mass stipends 1,075 -
Subscriptions 6,708 -
Subsidies 88,585 -
Supplies: religious 309 -
---------- ----------
Total disbursements this period 1,580,384 99,875
---------- ----------
Ending balance - December 31, 2008 $1,198,968 $235,570
========== ==========
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on Jan. 15, 2009. (Catholic Church Bankruptcy News, Issue
No. 135; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Fairbanks' Operating Report for January 2009
-------------------------------------------------------------
Catholic Bishop of Northern Alaska
Statement of Financial Position
As of January 31, 2008
CBNA Held for
ASSETS Total Others
----- --------
Cash and cash equivalents $760,474 $124,484
Investments:
Valuables in safe 168 -
Trust account @ market 743,535 -
457 Plan assets @ market - 111,461
Endowment Fund @ market - 14,403,878
Endowment Fund - earnings @ market (3,092,740) -
Stocks 5,551 -
Limited partnerships 261,324 -
Accounts receivable, net of allowance:
Tuition, fees and others 691,429 -
For parishes and school 45,554 -
Other 22,140 -
Notes and other receivables 343,768 -
Grants pledged 62,500 -
Fixed assets, net at cost:
Land and building 7,818,560 -
Aircraft 123,341 -
Equipment - -
Other assets 298,050 -
---------- ----------
Total Assets $8,083,662 $14,639,824
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable/accrued liabilities $375,549 -
Notes payable 216,966 -
D.I.P. Loan 1,000,000 -
Benefits payable 50,465 -
Deferred revenue 706,880 -
Annuities payable 215,684 -
Other liabilities 24,732 -
Payroll-related liabilities:
Payroll taxes 56,109 -
General vacation accrual account 16,339 -
Tax sheltered annuity - -
Accrued leave 264,089 -
Insurance:
Long term disability 444 -
Insurance deposits payables 80,981 -
Insurance reserves expense 40,562 -
Indemnity insurance reserves 32 -
Medical/Dental payroll deduction 207,583 -
CBNA building loan - -
---------- ----------
Total Liabilities 3,256,422 -
---------- ----------
Total net assets 4,827,240 14,639,824
---------- ----------
Total Liabilities and Net Assets $8,083,662 $14,639,824
========== ==========
Catholic Bishop of Northern Alaska
Statement of Activities
For the month ending January 31, 2008
CBNA Held for
Total Others
Support and revenue: ----- --------
Parish assessments $14,357 -
Tuition, net of tuition assistance 184,959 -
Curricular income 23,270 -
Donations 580,322 -
Investment income (565,932) ($91,398)
Other income 6,401 20,585
Temporarily restricted gifts 79,373 -
---------- ----------
Total support and revenue 322,752
(70,813)
Expenses:
Operating expenses 92,764 -
Supplies 19,689 -
Repair & Maintenance 24,308 -
Utilities 47,383 -
Insurance 17,013 -
Staff Expenses:
Salaries & Wages 395,523 -
Payroll Taxes 25,148 -
Employee Benefits 98,388 -
Curricular Expenses 29,015 -
Recruiting, advertising and PRs (299) -
Travel Expenses 20,226 -
Student related expenses - -
Contributions 25 -
Professional and technical fees 37,643 -
Investment services 4,163 $404
Subsidies 21,978 -
Rental/Lease Expense 50,450 -
Assessments 17,757 -
Fund Raising Expense 6,308 -
Radio Programming Expense 15,632 -
Radio Technical Dept. Expenses 7,754 -
Miscellaneous Expense 5,304 -
---------- ----------
Total General 936,177 404
Funds released from restricted funds - -
Net change in designated funds - -
---------- ----------
Total Expenses 936,177 404
---------- ----------
Increase (decrease) in net assets (613,425) (71,217)
---------- ----------
Re-organization costs 49,079 -
Increase (decrease) in net assets ---------- ----------
after Re-org costs (662,504) (71,217)
Net assets:
Beginning of month 5,489,745 14,711,042
---------- ----------
End of month 4,827,240 14,639,824
========== ==========
Catholic Bishop of Northern Alaska
Cash Receipts and Disbursements
For the month ending January 31, 2008
CBNA Held for
Total Others
----- --------
Beginning balance - February 2008 $485,237 $77,681
Total receipts - prior gen.
account reports 13,017,227 1,389,214
Less total disbursements 12,303,496 1,231,325
---------- ----------
Beginning balance - December 31, 2008 1,198,968 235,570
Receipts during current period:
Transfers between internal accounts 282,740 -
Funds received by CBNA from KNOM 57,931 -
Funds received from Catholic Schools 31,913 -
Funds received by Catholic Schools 34,038 -
Funds collected from others 104,778 104,778
Custodial funds 7,174 7,174
Accounts receivable 181,098 -
Restricted funds and endowment gifts 97,208 -
Donations 587,425 -
Interest & dividends 390 -
Gains (Losses) security sales 25 -
Payment refund/return 1,253 -
Programs 15,614 -
Weather service income 150 -
Co-curricular income 17,345 -
Stock processing 799 -
Other income/fees 3,211 -
Miscellaneous 15 -
Sale of books and cards 2,767 -
---------- ----------
Total receipts this period 1,425,882 111,952
---------- ----------
Balance 2,624,851 347,523
Less total disbursements:
Transfers between internal accounts 282,740 -
Transfers from KNOM to CBNA 57,931 -
Transfers from Cath. Schools to CBNA 31,913 -
Transfers from CBNA to Cath. Schools 58,077 -
Funds disbursed for others 116,505 116,505
Custodial funds 6,022 6,022
Co-curricular expense 20,484 -
Curricular expense 8,651 -
Programming - News service 14,499 -
Wages & salaries 346,949 -
Employee benefits 117,147 -
Staff development 3,947 -
Furniture, fixtures & equipments 3,199 -
Supplies: maintenance/repairs 4,089 -
Supplies: office 19,670 -
Administrative 109 -
Maintenance/repairs 27,361 -
Rent 1,014 -
Fundraising 6,308 -
Telephone/Internet 3,238 -
Utilities 64,241 -
Dues/Fees 386 -
Refunds 1,706 -
Travel 26,442 -
Printing and copying 12,106 -
Postage 36,111 -
Services & insurance 70,515 -
Reimbursements 3,717 -
Education expenses 278 -
Taxes 45,427 -
NSF's 2,712 -
Bank fees and charges 2,685 -
Interest expense 2,786 -
Music license fee 114 -
List rental and copy leases 34,903 -
Annuities 2,642 -
Professional fees - Chapter 11 194,023 -
Professional fees 37,916 -
Miscellaneous 54 -
Advertising 8,085 -
Supplies: food 2,989 -
Mass stipends 11,484 -
Subscriptions 7,574 -
Subsidies 22,515 -
Supplies: religious 579 -
Assessments: ACCB, USCCB 3,399 -
Charitable contributions 1,617 -
Transfers to CTNA 14,613 -
---------- ----------
Total disbursements this period 1,741,494 122,528
---------- ----------
Ending balance - January 31, 2008 $883,356 $224,994
========== ==========
About Diocese of Fairbanks
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka
The Diocese of Fairbanks, aka CBNA -- http://www.cbna.info/--
filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska
Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady
LLP represents the Debtor in its restructuring efforts. Michael
R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's
local counsel and Cook, Schuhmann & Groseclose Inc. as its special
counsel. Judge Donald MacDonald, IV, of the United States
Bankruptcy Court for the District of Alaska presides over
Fairbanks' Chapter 11 case. The Debtor's schedules show total
assets of $13,316,864 and total liabilities of $1,838,719.
The church's plans to file its bankruptcy plan and disclosure
statement on July 15, 2008. Its exclusive plan filing period
expires on Jan. 15, 2009. (Catholic Church Bankruptcy News, Issue
No. 135; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
FLYING J: Posts $5.3 Million Net Loss in January 2009
-----------------------------------------------------
Flying J Inc. posted a net loss of $5.3 million on sales of
$275.7 million for the month ended January 31, 2009.
At January 31, 2009, Flying J Inc. had $1.37 billion in total
assets, $812.61 billion in total liabilities, and $556.23 billion
in shareholders' equity.
A full-text copy of Flying J's monthly operating report for
January 2009, is available at:
http://bankrupt.com/misc/FlyingJ.January2009MOR.pdf
About Flying J
Headquartered in Ogden, Utah, Flying J Inc. --
http://www.flyingj.com-- operate an oil company with operations
in the field of exploration and refining of petroleum products.
The Debtors engage in online banking, card processing, truck
and trailer leasing, and payroll services. The Debtors also
operate about 200 travel plazas in 41 states and six Canadian
provinces. The company and six of its affiliates filed for
Chapter 11 protection on Dec. 22, 2008 (Bankr. D. Del. Lead Case
No. 08-13384). Kirkland & Ellis LLP represents the Debtors' in
their restructuring efforts and Young, Conaway, Stargatt & Taylor
LLP as their Delaware Counsel. The Debtors proposed The
Blackstone Group LP as financial advisor and Epiq Bankruptcy
Solutions LLC as claims agent. When the Debtors filed for
protection from its creditors, they listed assets more than
$1 billion and debts between $100 million to $500 million.
LAKE AT LAS: Posts $4,330,898 Net Loss in January 2009
------------------------------------------------------
Lake at Las Vegas Joint Venture, LLC, posted a net loss of
$4,330,898 on total revenues of ($1,544,359) for the month ended
January 31, 2009.
At January 31, 2009, Lake at Las Vegas had total assets of
$663,965,363, total liabilities of $790,656,635 and stockholders'
deficit of $126,691,273.
http://bankrupt.com/misc/LakeatLas.January2009MOR.pdf
About Lake at Las Vegas
Headquartered in Henderson, Nevada, Lake at Las Vegas Joint
Venture, LLC and 14 of its debtor-affiliates --
http://www.lakelasvegas.com/-- are owners and developers of
3,592-acre residential and resort destination Lake Las Vegas
Resort in Las Vegas, Nevada. Centered around a 320-acre man-made
lake, Lake Las Vegas contains more than 9,000 residential units,
and also includes two luxury resort hotels (a Loews and a Ritz-
Carlton), a casino, a specialty retail village shopping area,
marinas, three signature golf courses and related clubhouses, and
other real property.
The Debtors filed separate petitions for Chapter 11 relief on
July 17, 2008 (Bankr. D. Nev. Lead Case No. 08-17814). When Lake
at Las Vegas Joint Venture, LLC filed for protection from its
creditors, it listed assets of $100 million to $500 million, and
debts of $500 million to $1.0 billion. Courtney E. Pozmantier,
Esq., Martin R. Barash, Esq., at Klee, Tuchin, Bogdanoff & Stern
LLP, Jason D. Smith, Esq., at Santoro, Driggs, Walch, Kearney,
Holley & Thompson, Jeanette E. McPherson, Esq., Lenard E.
Schwartzer, Esq., at Schwartzer & McPherson Law Firm,
represent the Debtors as counsel. Kaaran E. Thomas, Esq., Ryan J.
Works, Esq., at McDonald Carano Wilson LLP, represent the
Official Committee of Unsecured Creditors as counsel.
LANDAMERICA FINANCIAL: LES' Operating Report for December 2008
--------------------------------------------------------------
LandAmerica 1031 Exchange Services, Inc.
Balance Sheet
As of December 31, 2008
Assets
Cash and Cash Equivalents $275,686,000
Auction Rate Securities 159,843,000
Taxes receivable 133,000
Property and Equipment 127,000
Goodwill and Intangible Assets 452,000
Other Assets 361,000
---------------
Total Assets $436,602,000
===============
Liabilities
Accounts payable and accrued
liabilities $125,000
Intercompany payables - 245,000
Postpetition
Liabilities subject to compromise 487,984,000
---------------
Total Liabilities 488,354,000
Total Shareholders' Equity (51,752,000)
---------------
Total Liabilities and
Shareholders' Equity $436,602,000
===============
LandAmerica 1031 Exchange Services, Inc.
Statement of Operations
For Month Ended December 31, 2008
Revenue:
Interest and other income $970,000
Expenses
General, administrative and other
expenses 252,000
---------------
Net Income ($718,000)
===============
LandAmerica 1031 Exchange Services, Inc.
Schedule of Cash Receipts and Disbursements
For Month Ended December 31, 2008
Opening Cash Balance $274,716,000
Receipts
Investment Income 970,000
---------------
Ending Cash $275,686,000
===============
About LandAmerica Financial
LandAmerica Financial Group, Inc., is a leading provider of real
estate transaction services with offices nationwide and a vast
network of active agents. LandAmerica serves its agent,
residential, commercial and lender customers throughout the
United States, Mexico, Canada, the Caribbean, Latin America,
Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc., filed for Chapter 11 protection
November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994).
Dion W. Hayes, Esq., and John H. Maddock III, Esq., at
McGuireWoods LLP, are the Debtors' bankruptcy counsel.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of
September 30, 2008.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LANDAMERICA FINANCIAL: LES' Operating Report for January 2009
-------------------------------------------------------------
LandAmerica 1031 Exchange Services, Inc.
Balance Sheet
As of January 31, 2009
Assets
Cash and Cash Equivalents $276,319,000
Auction Rate Securities 159,843,000
Taxes receivable 133,000
Property and Equipment 123,000
Goodwill and Intangible Assets 452,000
Other Assets 339,000
---------------
Total Assets $437,208,000
===============
Liabilities
Accounts payable and accrued
liabilities $3,251,000
Intercompany payables - 358,000
Postpetition
Liabilities subject to compromise 487,991,000
---------------
Total Liabilities 491,599,000
Total Shareholders' Equity (54,391,000)
---------------
Total Liabilities and
Shareholders' Equity $437,208,000
===============
LandAmerica 1031 Exchange Services, Inc.
Statement of Operations
For the month ended January 31, 2009
Revenue:
Interest and other income $606,000
Expenses
Professional Fees 3,159,000
General, administrative and other
expenses 85,000
---------------
Net Income ($2,639,000)
===============
LandAmerica 1031 Exchange Services, Inc.
Schedule of Cash Receipts and Disbursements
For Month Ended January 31, 2009
Opening Cash Balance $275,686,000
Receipts
Investment Income 606,000
Other Receipts 27,000
---------------
Ending Cash $276,319,000
===============
About LandAmerica Financial
LandAmerica Financial Group, Inc., is a leading provider of real
estate transaction services with offices nationwide and a vast
network of active agents. LandAmerica serves its agent,
residential, commercial and lender customers throughout the
United States, Mexico, Canada, the Caribbean, Latin America,
Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc., filed for Chapter 11 protection
November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994).
Dion W. Hayes, Esq., and John H. Maddock III, Esq., at
McGuireWoods LLP, are the Debtors' bankruptcy counsel.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of
September 30, 2008.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LANDAMERICA FINANCIAL: LFG's Operating Report for December 2008
---------------------------------------------------------------
LandAmerica Financial Group, Inc.
Balance Sheet
As of December 31, 2008
Assets
Cash $93,378,000
Notes:
Fidelity National Title 50,000,000
Other 11,712,000
Investments:
Fidelity National Title stock 56,385,000
Fixed maturities available-
for-sale 1,113,000
Taxes receivable 23,643,000
Property and equipment 16,769,000
Title Plans 945,000
Other assets 66,876,000
Investments in subsidiaries and
consolidated joint ventures 684,298,000
Intercompany receivable 261,638,000
---------------
Total Assets $1,266,757,000
===============
Liabilities
Accounts payable and accrued
liabilities $21,302,000
Liabilities subject to compromise 499,214,000
---------------
Total Liabilities 520,516,000
Total Shareholders' Equity 746,242,000
---------------
Total Liabilities and
Shareholders' Equity $1,266,758,000
===============
LandAmerica Financial Group, Inc.
Statement of Operations
For Month Ended December 31, 2008
Revenue:
Investment and other income $297,000
Valuation adjustment related to
Fidelity National Title Stock 6,385,000
---------------
Total Revenue $6,682,000
===============
Expenses
General, administrative and other
expenses 3,826,000
Depreciation and amortization 344,000
Loss on disposal of subsidiaries 756,647,000
---------------
Total Expenses 760,817,000
---------------
Net Loss before income taxes (754,135,000)
Income tax benefit 0
---------------
Net Loss ($754,135,000)
===============
Loss on disposal of subsidiaries is related to the sale on
certain subsidiaries to Fidelity National Title Insurance Company
as part of the Asset Purchase Agreement
LandAmerica Financial Group, Inc.
Schedule of Cash Receipts and Disbursements
For Month Ended December 31, 2008
Operating Cash and Cash Equivalents
Held for the benefit;
LandAmerica Financial Group, Inc. $2,774,000
Underwriters (9,832,000)
Retained Subsidiaries 0
---------------
Opening Cash (7,058,000)
---------------
Cash Receipts
Collection received for the
benefit of;
Underwriters 91,839,000
Retained subsidiaries 16,903,000
Payment reimbursements by;
Underwriters 18,697,000
Retained Subsidiaries 62,392,000
Proceeds from sale of the
Underwriting business;
LandAmerica Financial Group, Inc. 75,539,000
Retained Subsidiaries 12,005,000
---------------
Total Receipts 277,375,000
---------------
Cash Disbursement
Related to LandAmerica Financial
Group, Inc. 633,000
Payables 260,000
Others 760,000
---------------
Total 1,653,000
---------------
Payments made for the benefit of;
Underwriters 90,324,000
Retained subsidiaries 84,944,000
---------------
Total Disbursements 176,921,000
Net Cash Flow 100,436,000
---------------
Ending Cash and Cash Equivalents $93,378,000
===============
Ending Cash and Cash Equivalents
Held for the benefit;
LandAmerica Financial Group, Inc. $76,660,000
Underwriters 10,362,000
Retained subsidiaries 6,356,000
---------------
Total $93,378,000
===============
LFG Cautions Investors
In a filing with the United States Securities and Exchange
Commission, Michelle H. Gluck, executive vice president and chief
legal officer of LFG, cautions LFG's investors and potential
investors not to place undue reliance upon the information
contained in the Monthly Operating Report, which was not prepared
for the purpose of providing the basis for an investment decision
relating to any of LFG's securities.
According to Mr. Gluck, the Monthly Operating Report:
* is limited in scope, covers a limited time period, and has
been prepared solely for the purpose of complying with the
monthly reporting requirements of the Office of the United
States Trustee;
* was not audited or reviewed by independent accountants, is
in a format prescribed by applicable requirements of the
Office of the United States Trustee and is subject to future
adjustment and reconciliation;
* contains any information beyond that required by the Office
of the United States Trustee; and
* contains information for periods that are shorter or
otherwise different from those required in LFG's reports
pursuant to the Securities Exchange Act of 1934, as amended,
and the information might not be indicative of LFG's
financial condition or operating results for the period that
would be reflected in LFG's financial statements or in its
reports pursuant to the Exchange Act.
Mr. Gluck says that the Monthly Operating Report should not be
viewed as indicative of future results.
About LandAmerica Financial
LandAmerica Financial Group, Inc., is a leading provider of real
estate transaction services with offices nationwide and a vast
network of active agents. LandAmerica serves its agent,
residential, commercial and lender customers throughout the
United States, Mexico, Canada, the Caribbean, Latin America,
Europe and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc., filed for Chapter 11 protection
November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994).
Dion W. Hayes, Esq., and John H. Maddock III, Esq., at
McGuireWoods LLP, are the Debtors' bankruptcy counsel.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of
September 30, 2008.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LANDAMERICA FINANCIAL: LFG's Operating Report for January 2009
--------------------------------------------------------------
LandAmerica Financial Group, Inc.
Balance Sheet
As of January 31, 2009
Assets
Cash and Cash Equivalents $97,102,000
Notes:
Fidelity National Title 50,000,000
Other 11,712,000
Investments:
Fidelity National Title Stock 46,442,000
Taxes receivable 21,856,000
Property and Equipment 16,428,000
Title Plans 945,000
Other Assets 68,053,000
Investments in subsidiaries and
joint ventures 684,298,000
Intercompany receivables 269,101,000
---------------
Total Assets $1,265,938,000
===============
Liabilities
Accounts payable and accrued
liabilities $24,000,000
Liabilities subject to compromise 495,020,000
---------------
Total Liabilities 519,397,000
Total Shareholders' Equity 746,541,000
---------------
Total Liabilities and
Shareholders' Equity $1,265,938,000
===============
LandAmerica Financial Group, Inc.
Statement of Operations
For Month ended January 31, 2009
Revenue
Interest and other income $271,000
Valuation adjustment to Fidelity
National Title stock (100,006,000)
---------------
Total Revenue (9,735,000)
---------------
Expenses
General, administrative and other
expenses 2,768,000
Depreciation and amortization 341,000
Interest Expense 122,000
Loss on disposal of subsidiaries 0
---------------
Total Expenses 3,231,000
---------------
Net Loss before income taxes (12,966,000)
Income tax benefit 0
---------------
Net Loss ($12,966,000)
===============
LandAmerica Financial Group, Inc.
Schedule of Cash Receipts and Disbursements
For Month Ended January 31, 2009
Opening Cash and Cash Equivalents
Held for the benefit;
LandAmerica Financial Group, Inc. $76,660,000
Underwriters 10,362,000
Retained subsidiaries 6,356,000
---------------
Opening Cash 93,378,000
---------------
Cash Receipts
Collections received for the benefit of;
Underwriters 32,624,000
Retained subsidiaries 12,763,000
Payment reimbursements by;
Underwriters 30,914,000
Retained subsidiaries 17,331,000
Proceeds from sale of the Underwriting
businesses;
LandAmerica Financial Group, Inc. 0
Retained subsidiaries 0
Other Receipts 179,000
---------------
Total Receipts 93,811,000
---------------
Cash Disbursements
Related to LandAmerica Financial
Group, Inc.
Rent and other occupancy costs 440,000
Insurance 745,000
Leases 236,000
Payables 123,000
Bankruptcy Professional Fees 110,000
Other 0
---------------
Total 1,655,000
Payments made for the benefit of;
Underwriters 64,091,000
Retained subsidiaries 24,340,000
---------------
Total Disbursements 90,087,000
Net Cash Flow 3,724,000
---------------
Ending Cash and Cash Equivalents $97,102,000
===============
Ending Cash and Cash Equivalents
Held for the benefit;
LandAmerica Financial Group, Inc. $75,184,000
Underwriters 9,809,000
Retained Subsidiaries 12,109,000
---------------
Total $97,102,000
===============
About LandAmerica Financial
LandAmerica Financial Group, Inc., is a leading provider of real
estate transaction services with offices nationwide and a vast
network of active agents. LandAmerica serves its agent,
residential, commercial and lender customers throughout the
United States, Mexico, Canada, the Caribbean, Latin America,
Europe, and Asia.
LandAmerica Financial Group and its affiliate LandAmerica 1031
Exchange Services, Inc., filed for Chapter 11 protection
November 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994).
Dion W. Hayes, Esq., and John H. Maddock III, Esq., at
McGuireWoods LLP, are the Debtors' bankruptcy counsel.
In its bankruptcy petition, LFG listed total assets of
$3,325,100,000, and total debts of $2,839,800,000 as of
September 30, 2008.
Bankruptcy Creditors' Service, Inc., publishes LandAmerica
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by LandAmerica Financial and its affiliate LandAmerica
1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or
215/945-7000)
LEXINGTON PRECISION: Posts $1,069,000 Net Loss in January 2009
--------------------------------------------------------------
Lexington Precision Corp. and Lexington Rubber Group, Inc., filed
with the U.S. Bankruptcy Court for the Southern District of New
York their monthly operating report for the month of January 2009.
The Debtors reported a net loss of $1,069,000 on net sales of
$4,620,000 for the month of January 2009.
At January 31, 2009, the Debtors had total assets of $52,322,000,
total liabilities of $99,970,000, and a stockholders' deficit of
$47,648,000.
A full-text copy of the Debtor's monthly operating report for the
month of January 2009, is available at:
http://bankrupt.com/misc/LexingtonPrecisionJanuary2009MOR.pdf
About Lexington Precision
Headquartered in New York, Lexington Precision Corp.
-- http://www.lexingtonprecision.com/-- manufactures tight-
tolerance rubber and metal components for use in medical,
automotive, and industrial applications. As of Feb. 29, 2008, the
Company employed about 651 regular and 22 temporary personnel.
The Company and its affiliate, Lexington Rubber Group Inc., filed
for Chapter 11 protection on April 1, 2008 (Bankr. S.D.N.Y. Lead
Case No.08-11153). Christopher J. Marcus, Esq., and Victoria
Vron, Esq., at Weil, Gotshal & Manges, represent the Debtors in
their restructuring efforts. The Debtors selected Epiq Systems -
Bankruptcy Solutions LLC as claims agent. The U.S. Trustee for
Region 2 appointed six creditors to serve on an Official Committee
of Unsecured Creditors. Paul N. Silverstein, Esq., and Jonathan
Levine, Esq., at Andrews Kurth LLP, represent the Committee as
counsel.
At December 31, 2008, the Debtors had total assets of $53,354,000,
total liabilities of $100,061,000, and a stockholders' deficit of
$46,707,000.
MASONITE INTERNATIONAL: Files Balance Sheet as of June 30, 2008
---------------------------------------------------------------
Masonite International, Inc.
Unaudited Consolidated Balance Sheet
As of June 30, 2008
ASSETS
Cash and cash equivalents $241,400,000
Accounts receivable 348,200,000
Inventories 296,500,000
Prepaid expenses 20,700,000
Assets held for sale 5,300,000
Income taxes recoverable 1,800,000
Current future income taxes 36,000,000
--------------
950,000,000
Property, plant and equipment 786,200,000
Goodwill and other intangible assets 524,400,000
Other assets 19,300,000
Long-term future income taxes 19,100,000
--------------
1,348,900,000
--------------
Total Assets $2,298,900,000
==============
LIABILITIES AND SHAREHOLDER'S EQUITY
Bank indebtedness $355,300,000
Accounts payable and accrued expenses 337,600,000
Income taxes payable 16,100,000
Current future income taxes 2,000,000
Debt due on demand 1,909,600,000
Current portion of debt 9,700,000
--------------
2,630,400,000
Debt 1,800,000
Long-term future income taxes 98,300,000
Other long-term liabilities 36,000,000
--------------
2,766,600,000
Non-controlling interest 28,200,000
Share capital 567,200,000
Contributed surplus 7,700,000
Deficit (1,123,200,000)
Accumulated other comprehensive income 52,500,000
--------------
(495,900,000)
--------------
Total liabilities & shareholders' equity $2,298,900,000
==============
Masonite International, Inc., said it has total assets of
$1,527,495,443 and total debts of $2,641,590,842 as of
January 31, 2009.
About Masonite International
Based in Ontario, Canada, Masonite International Corporation --
http://www.masonite.com/-- (TSE:MHM) is a vertically integrated
producer, manufacturing key components of doors, including
composite molded and veneer door facings, glass door lites and cut
stock. The company provides these products to its customers in
more than 70 countries around the world. The company is a wholly
owned subsidiary of Masonite International Inc. It offers a range
of interior and exterior doors. Masonite Canada operates Masonite
International's Canadian subsidiaries, well as certain other non-
United States subsidiaries.
Masonite International, Inc., and six affiliates filed petitions
on March 16, 2009, before the Ontario Superior Court of Justice
(Commercial List) under the Companies' Creditors Arrangement Act.
The Honorable Justice Campbell presides over the CCAA proceedings.
Derrick Tay and Orestes Pasparakis at Ernst & Young, Inc. serve as
monitor. Jay A. Carfagnini, Esq., and Brian F. Emprey, Esq., at
Goodmans LLP in Toronto, serve as the Applicants' counsel.
Masonite Corporation, based in Tampa, Florida, and several U.S.
affiliates filed for Chapter 11 bankruptcy protection on the same
day (Bankr. D. Del. Case No. 09-10844). Judge Peter J. Walsh
handles the cases. Richard M. Cieri, Esq., Jonathan S. Henes,
Esq., and Christopher J. Marcus, Esq., at Kirkland & Ellis LLP;
and Daniel J. DeFranceschi, Esq., Jason M. Madron, Esq., and
Katisha D. Fortune, Esq., at Richards, Layton & Finger, P.A.,
serve as bankruptcy counsel. The Debtors' Investment Banker and
Financial Advisor is Perella Wenberg Partners LLP; the Debtors'
Restructuring Advisors is Alvarez & Marsal North American LLC; and
the Debtors' Claims Agent is Kurtzman Carson Consultants LLC.
As of January 31, 2009, the Debtors had total assets of
$1,527,495,443 and total debts of $2,641,590,842.
The Debtors filed with the Bankruptcy Court a pre-negotiated
reorganization plan together with their petitions. The Plan
provides that Masonite's existing senior secured obligations will
be converted on a pro rata basis subject to the election of each
existing holder of Senior Secured Obligations into: (i) a new
first-priority senior secured term loan; (ii) a new second-
priority senior secured PIK loan; and (iii) 97.5% of the common
equity of the reorganized Masonite. Holders of Masonite's
existing senior subordinated notes will be allocated 2.5% of the
common equity in the reorganized Masonite plus warrants for 17.5%
of the common stock of the reorganized Company, subject to
dilution under certain conditions. Holders of Class 5 General
Unsecured Claims under the Plan will be unimpaired and is expected
to recover 100% under the Plan.
Bankruptcy Creditors' Service, Inc., publishes Masonite Bankruptcy
News. The newsletter tracks the CCAA proceedings in Canada and
parallel chapter 11 proceedings in Delaware undertaken by company
and its various affiliates. http://bankrupt.com/newsstand/or
215/945-7000)
POWERMATE CORP: Jan. 31 Balance Sheet Upside-Down by $67.6 Million
------------------------------------------------------------------
Powermate Corporation posted a net loss of $2,091,253 on zero
revenues for the month ended January 31, 2009.
At January 31, 2009, Powermate Corporation had $17,386,967 in
total assets, $85,021,531 in total liabilities, and $67,634,564 in
stockholders' deficit.
A full-text copy of Powermate Corporation's January 2009 monthly
operating report is available at:
http://bankrupt.com/misc/PowermateCorp.January2009MOR.pdf
About Powermate Corp.
Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, and pressure washers.
Powermate Holding Corp. is the parent of Powermate Corp. In
turn, Powermate Corp. owns 100% of Powermate International Inc.
Powermate Corp. operates the company's assets located in the
United States. Powermate International has sales employees in
Hong Kong and the Philippines. Powermate Holding has no
employees or operations. Sun Capital Partners bought 95% of
Powermate in 2004.
Powermate Holding has two other non-debtor subsidiaries,
Powermate Canadian Corp., located in Canada and Powermate S. de
R.L. de C.V., which is domiciled in Mexico.
The three companies filed for Chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498). Neil Herman, Esq.,
at Morgan, Lewis & Bokius, represents the Debtors as counsel.
Kenneth Enos, Esq., and Michael Nestor, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as local counsel. Monika
J. Machen, Esq., at Sonnenschein Nath Rosenthal LLP, represents
the Official Committee of Unsecured Creditors as counsel.
Charlene D. Davis, Esq., Eric M. Sutty, Esq., Daniel A. O'Brien,
Esq., at Bayard P.A., represent the Creditors Committee as local
counsel.
In schedules filed with the Court, the Debtors listed total assets
of and debts of over $69 million and $144 million, respectively.
POWERMATE CORP: Holding Posts $2,091,253 Net Loss in January 2009
-----------------------------------------------------------------
Powermate Holding Corp. posted a net loss of $2,091,253 on zero
revenues for the month ended January 31, 2009.
At January 31, 2009, Powermate Holding had $14,581,100 in total
assets, $87,257,347 in total liabilities, and $72,676,247 in
stockholders' deficit.
A full-text copy of Powermate Holding Corp.'s January 2009 monthly
operating report is available at:
http://bankrupt.com/misc/PowermateHoldingJanuary2009MOR.pdf
About Powermate Corp.
Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, and pressure washers.
Powermate Holding Corp. is the parent of Powermate Corp. In
turn, Powermate Corp. owns 100% of Powermate International Inc.
Powermate Corp. operates the company's assets located in the
United States. Powermate International has sales employees in
Hong Kong and the Philippines. Powermate Holding has no
employees or operations. Sun Capital Partners bought 95% of
Powermate in 2004.
Powermate Holding has two other non-debtor subsidiaries,
Powermate Canadian Corp., located in Canada and Powermate S. de
R.L. de C.V., which is domiciled in Mexico.
The three companies filed for Chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498). Neil Herman, Esq.,
at Morgan, Lewis & Bokius, represents the Debtors as counsel.
Kenneth Enos, Esq., and Michael Nestor, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as local counsel. Monika
J. Machen, Esq., at Sonnenschein Nath Rosenthal LLP, represents
the Official Committee of Unsecured Creditors as counsel.
Charlene D. Davis, Esq., Eric M. Sutty, Esq., Daniel A. O'Brien,
Esq., at Bayard P.A., represent the Creditors Committee as local
counsel.
In schedules filed with the Court, the Debtors listed total assets
of and debts of over $69 million and $144 million, respectively.
POWERMATE CORP: International Files January Operating Report
------------------------------------------------------------
Powermate International Corp. had zero income on zero revenue for
the month ended January 31, 2009.
At January 31, 2009, Powermate International had $607,544 in total
assets, $110,420 in total liabilities, and $497,124 in net
stockholders' equity.
A full-text copy of Powermate International's January 2009 monthly
operating report is available at:
http://bankrupt.com/misc/PowerInternationalJanuary2009MOR.pdf
About Powermate Corp.
Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, and pressure washers.
Powermate Holding Corp. is the parent of Powermate Corp. In
turn, Powermate Corp. owns 100% of Powermate International Inc.
Powermate Corp. operates the company's assets located in the
United States. Powermate International has sales employees in
Hong Kong and the Philippines. Powermate Holding has no
employees or operations. Sun Capital Partners bought 95% of
Powermate in 2004.
Powermate Holding has two other non-debtor subsidiaries,
Powermate Canadian Corp., located in Canada and Powermate S. de
R.L. de C.V., which is domiciled in Mexico.
The three companies filed for Chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498). Neil Herman, Esq.,
at Morgan, Lewis & Bokius, represents the Debtors as counsel.
Kenneth Enos, Esq., and Michael Nestor, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as local counsel. Monika
J. Machen, Esq., at Sonnenschein Nath Rosenthal LLP, represents
the Official Committee of Unsecured Creditors as counsel.
Charlene D. Davis, Esq., Eric M. Sutty, Esq., Daniel A. O'Brien,
Esq., at Bayard P.A., represent the Creditors Committee as local
counsel.
In schedules filed with the Court, the Debtors listed total assets
of and debts of over $69 million and $144 million, respectively.
REFCO INC: REFCO LLC's Monthly Operating Report for January 2009
----------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly statement of cash receipts
and disbursements for the period from January 1 to 31, 2009.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
in its Money Market account with JPMorgan Chase Bank, N.A.,
totaled $80,257,000 as of January 1.
During the Reporting Period, Refco LLC received $24,000 in
interest income. It reported transfers, aggregating $10,000, on
account of cleared checks as of December 2008. The Debtor held
$79,642,000 at the end of the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through JPMorgan Money Market and Checking Accounts
January 1 through January 31, 2009
Beginning Balance, January 1, 2009 $80,257,000
RECEIPTS
Interest Income 24,000
Sale of Assets 0
Marshalling of Excess Capital 0
Man Financial - Excess Capital return 0
Membership and Clearing Deposits 0
Other Receivables 0
-------------
TOTAL RECEIPTS 24,000
TRANSFERS
Money Market Account to checking account 0
December 2008 cleared checks (10,000)
-------------
TOTAL TRANSFERS (10,000)
DISBURSEMENTS
Operating expenses & other disbursements 10,000
Executory contract cure payments 0
Pursuant to payment stipulation 0
Purchase price escrow deposit 0
Expected account escrow fund 0
Membership & clearing deposits 0
Payment on account of prepetition claims 152,000
Other disbursements 0
Reorganization Expenses
Attorney fees 203,000
Trustee bond premium 0
Other professional fees 264,000
-------------
TOTAL DISBURSEMENTS 629,000
-------------
Ending Balance, January 30, 2009 $79,642,000
=============
Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base. Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore. In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives. The company has operations in Bermuda.
The company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.
Milbank, Tweed, Hadley & McCloy LLP, represents the Official
Committee of Unsecured Creditors. Refco reported US$16.5 billion
in assets and US$16.8 billion in debts to the Bankruptcy Court on
the first day of its Chapter 11 cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2006.
Pursuant to the plan, RJM, LLC, was named plan administrator to
reorganized Refco, Inc. and its affiliates, and Marc S. Kirschner
as plan administrator to Refco Capital Markets, Ltd. (Refco
Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
RITZ CAMERA: Files Initial Monthly Operating Report
---------------------------------------------------
Ritz Camera Centers Inc. filed an initial monthly operating report
with the U.S. Bankruptcy Court on March 9, 2009.
A full-text copy of Ritz Camera's initial monthly operating report
is available at:
http://bankrupt.com/misc/RitzCameraInitialMOR.pdf
About Ritz Camera Centers Inc
Headquartered in Beltsville, Maryland, Ritz Camera Centers Inc. --
http://www.ritzcamera.com-- sells digital cameras and
accessories, and electronic products. The company filed for
Chapter 11 protection on February 22, 2009 (Bankr. D. Del. Case
No. 09-10617). Karen M. McKinley, Esq., and Norman L. Pernick,
Esq., at Cole Scholtz Meisel Forman Leonard, P.A., represent the
Debtor in its restructuring efforts. The Debtor proposed Thomas &
Libowitz PA as corporate counsel; FTI Consulting Inc. t/a FTI
Palladium Partners as financial advisor; and Kurtzman Carson
Consultants LLC as claims agent. When the Debtor filed for
protection from its creditors, it listed assets and debts between
$100 million and $500 million.
SHARPER IMAGE: Files Monthly Operating Report for January 2009
--------------------------------------------------------------
Sharper Image Corp.
Balance Sheet
As of January 31, 2009
ASSETS
Current assets:
Unrestricted Cash and Equivalents $5,221,125
Restricted Cash and Equivalents -
Trade Accounts Receivable, net 240,315
Other Accounts Receivable (Credit cards etc.) 126,539
Other Accounts Receivable (Subject to set-off
against AP and accrued liabilities) 2,847,267
Notes Receivable -
Inventories -
Prepaid Expenses 1,220,007
Professional Retainers -
Deferred Income Taxes/Prepaid Income Taxes 17,013,260
Debit balances in AP 1,018,659
------------
Total current assets 27,687,172
Property and Equipment:
Real Property and Improvements -
Machinery and Equipment -
Furniture, Fixtures and Office Equipment -
Leasehold Improvements -
Vehicles -
Work In Progress -
Less: Accumulated Depreciation -
-------------
Total Property and Equipment -
Other assets:
Loans to Insiders -
Other Assets 5,716,367
-------------
Total Assets $33,403,539
=============
LIABILITIES AND OWNER'S EQUITY
Liabilities not subject to Compromise (Post)
Accounts Payable ($7,618,181)
Taxes Payable (823,788)
Wages Payable -
Notes Payable -
Rent/Leases - Building/Equipment -
Secured Debt - Line of credit -
Other Reserves -
Liquidation (GOB Sales) Clearing Account -
Amounts Due to Insiders -
Accrual for Unpaid Professional Fees (544,000)
Licensing advances received postpetition (975,000)
Other Postpetition Liabilities -
------------
Total Postpetition Liabilities (9,960,969)
Liabilities not subject to Compromise (Pre)
Secured Debt - Line of credit -
Secured Debt - Other -
Priority Debt -
Unsecured Debt (Accounts Payable) (47,461,185)
Expense Accruals and Other Liabilities (2,765,935)
Short Term Liabilities (3,554,215)
Deferred (GAAP) rent/landlord allowances etc (526,174)
Deferred Tax (Liability)/Asset 91,920,506
Deferred Revenue (Gift cards and Royalties) (33,789,666)
Other Reserves and allowances (2,870,595)
------------
Total Prepetition Liabilities 952,735
------------
Total Liabilities (9,008,234)
Owner's Equity
Capital Stock (152,132)
Additional Paid-In Capital (116,716,579)
Deferred Stock Compensation
and Stock Repurchase 180,069
Retained Earnings - Prepetition 63,247,322
Retained Earnings - Postpetition 29,046,015
------------
Net Owner's Equity (24,395,305)
------------
Total Liabilities and Owner's Equity ($33,403,539)
============
Sharper Image Corp.
Statement of Operations
For Month Ended January 31, 2009
Revenues:
Gross Revenues $54,485,184
Less: Returns and Allowances -
-------------
Net Revenue 54,485,184
Cost of Goods Sold:
Cost of Goods Sold 72,667,942
-------------
Gross Profit (18,182,758)
Operating Expenses:
Advertising -
Auto and Truck Expense -
Bad Debts 3,638
Contributions -
Employee Benefit Programs -
Insider Compensations -
Insurance 94,152
Management Fees/Bonuses -
Office Expense -
Pension & Profit-Sharing Plans -
Repairs and Maintenance 53,182
Rent and Lease Expense 23,382
Salaries/Commissions/Fees 31,667
Supplies -
Taxes- Payroll 4,708
Taxes- Real Estate -
Taxes- Other 55,299
Travel and Entertainment (5,008)
Utilities 17,911
Other 47,160
-------------
Total Operating Expense Before Depr. 326,090
Depreciation/Depletion/Amortization -
-------------
Net Profit (Loss)
Before Other Income & Expenses (18,508,848)
Other Income and Expenses:
Licensing Income -
Interest Income 766
------------
Net Profit (Loss) (18,508,082)
before reorganization items
Reorganization Items:
Professional Fees 336,667
US Trustee Quarterly Fees 9,250
Interest Earned on Accm Case -
Loss(Gain) from sale of assets -
Other Reorganization Expense (29,401,224)
-------------
Total Reorganization Expenses (29,055,308)
-------------
Net Profit (Loss)
Before Income Taxes (Benefit) 10,547,226
Income Taxes (Benefit) 112,779
-------------
Net Profit (Loss) $10,434,447
=============
Sharper Image Corp.
Statement of Cash Flows
For Month Ended January 31, 2009
Opening Balance $5,569,904
Receipts
Cash Sales (from stores) -
Credit Card Settlements -
Other Settlements -
Accounts Receivable 1,034
Sale of Assets -
Interest/Dividend Income 473
Tax Refunds Received 14,047
Collections from vendors 200,303
Mail Order/License Deposits, Other Deposits 187,242
-------------
Total Receipts 403,099
Transfers
Line of Credit Draw/Pay Down -
Transfers from stores to deposit a/c - sweep -
Transfers from concentration to refunds -
Transfers from concentration to payroll -
Other Inter-account transfers -
Transfers from Concentration to Disbursement -
-------------
Total Transfers -
-------------
Total Receipts & Transfers 403,099
Disbursements
Liquidator Reimbursements -
Net Payroll 19,504
Payroll Taxes 15,395
401k -
Employee Benefits 264
Sales, Use & Other Taxes 632
Inventory Purchases -
Secured/Rental/Leases -
Insurance 1,276
Administrative 11,664
Selling -
Bank/Credit Card Fees/Sales audit adjs 5,218
Refund checks issued (net of stop payments) 16
Other -
Customs/Duties/Freight -
Interest and LC fees -
Professional Fees 488,160
US Trustee Quarterly Fees 9,750
Court Costs -
-------------
Total Disbursements 551,878
-------------
Net Cash Flow $148,779
=============
About Sharper Image Corp.
Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer. It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322). Judge Kevin Gross presides
over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel. Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.
An Official Committee of Unsecured Creditors has been appointed in
the case. Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel. Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.
When the Debtor filed for bankruptcy, it listed total assets of
$251,500,000 and total debts of $199,000,000. As of June 30,
2008, the Debtor listed $52,962,174 in total assets and
$39,302,455 in total debts.
The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008. Sharper
Image sought and obtained the Court's approval to change its name
to "TSIC, Inc." in relation to an an Asset Purchase Agreement by
the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands,
LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital,
LLC.
(Sharper Image Bankruptcy News, Issue No. 28; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)
SPANSION INC: Files Initial Monthly Operating Report
----------------------------------------------------
Spansion Inc., filed with the Court an initial monthly operating
report on March 16, 2009. The Initial Report incorporated a 13-
week cash flow projection for the period from March 8 through
May 31, 2009.
The Debtors estimate that for the period ending May 31, 2009:
-- cash inflow is $383,400,000;
-- cash outflow is $381,400,000;
-- weekly net cash inflow is $2,000,000; and
-- ending cash balance is $48,600,000.
The Debtors also disclose the retainers paid to professionals
prior to the Petition Date:
Approximate
Professional Balance
------------ -----------
Latham & Watkins LLP $1,297,772
McKinsey & Company, Inc. 1,050,000
KPMG LLP 780,000
Baker & McKenzie LLP 213,876
Brincko Associates Inc. 124,637
Duane Morris LLP 111,529
Gordian Group LLC 29,464
Sitrick and Company Inc. 7,217
Epiq Bankruptcy Solutions, LLC 0
Brown Rudnick LLP 0
Wilson Sonsini Goodrich & Rosati, PC 0
Houlihan Lokey unknown
Bialson, Bergen & Schwab unknown
Kirkpatrick & Lockhart LLP unknown
Barclays Capital unknown
A full-text copy of the Initial Monthly Operating Report is
available for free at:
http://bankrupt.com/misc/Spansion_InitialMOR.pdf
About Spansion
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive, networking
and consumer electronics applications. Spansion, previously a
joint venture of AMD and Fujitsu, is the largest company in
the world dedicated exclusively to designing, developing,
manufacturing, marketing, selling and licensing Flash memory
solutions.
Spansion Inc. and four affiliates filed voluntary petitions for
Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No.
09-10690). Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and
Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped
as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane
Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions
LLC, is the claims agent. As of Sept. 30, 2008, Spansion
disclosed total assets of $3,840,000,000, and total debts of
$2,398,000,000.
(Spansion Bankruptcy News, Issue No. 4; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
TRIBUNE COMPANY: Files Operating Report for Month Ended February 1
------------------------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of February 1, 2009
ASSETS
Current Assets:
Cash and cash equivalents $789,954,000
Accounts receivable, net 81,774,000
Inventories 36,266,000
Broadcast rights 223,920,000
Prepaid expenses and other 85,789,000
---------------
Total current assets 1,217,703,000
Property, plant and equipment, net 1,361,517,000
Other Assets:
Broadcast rights 183,878,000
Goodwill & other tangible assets 3,164,764,000
Prepaid pension costs 0
Investments in non-debtor units 1,125,528,000
Other investments 16,152,000
Intercompany receivables from
non-debtors 4,905,813,000
Other 102,438,000
---------------
Total Assets $12,077,793,000
===============
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable, accrued expenses
and other $244,414,000
---------------
Total current liabilities 244,414,000
Pension obligations 205,499,000
Other obligations 269,804,000
---------------
Total Liabilities 719,717,000
Liabilities Subject to Compromise:
Intercompany payables to
non-debtors 4,565,344,000
Obligations to third parties 13,979,073,000
---------------
Total Liabilities Subject to Compromise 18,544,417,000
Shareholders' Equity (Deficit) (7,186,341,000)
---------------
Total Liabilities & Shareholders' Equity $12,077,793,000
===============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period Dec. 29, 2008 through Feb. 1, 2009
Total Revenue $287,234,000
Operating Expenses:
Cost of sales 174,053,000
Selling, general and administrative 99,697,000
Depreciation 16,440,000
Amortization of intangible assets 1,769,000
--------------
Total operating assets 291,959,000
Operating Loss (4,725,000)
Net loss on equity investments (506,000)
Interest income, net 23,499,000
Management fee (1,174,000)
Non-operating loss, net (3,355,000)
--------------
Loss before income taxes and
reorganization costs 13,739,000
Reorganization costs (8,075,000)
--------------
Income (Loss) before income taxes 5,664,000
Income taxes 247,000
--------------
Net loss $5,911,000
==============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period Dec. 29, 2008 through Feb. 1, 2009
Beginning Cash Balance $554,632,000
Cash Receipts:
Operating receipts 348,926,000
Other 0
--------------
Total Cash Receipts 348,926,000
Cash Disbursements
Compensation and benefits 108,607,000
General disbursements 97,478,000
Reorganization, interest & fees 0
--------------
Total Disbursements 206,085,000
Debtors' Net Cash Flow 142,841,000
From/(To) Non-Debtors 61,305,000
--------------
Net Cash Flow 204,146,000
Other (5,357,000)
--------------
Ending Available Cash Balance $753,421,000
==============
About Tribune Co.
Headquartered in Chicago, Illinois, Tribune Company --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball
team. The company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No.
08-13141). The Debtors proposed Sidley Austion LLP as their
counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware
counsel; Lazard Ltd. and Alvarez & Marsal North Americal LLC as
financial advisors; and Epiq Bankruptcy Solutions LLC as claims
agent. As of Dec. 8, 2008, the Debtors have $7,604,195,000 in
total assets and $12,972,541,148 in total debts.
Bankruptcy Creditors' Service, Inc., publishes Tribune
Bankruptcy News. The newsletter tracks the chapter 11 proceeding
undertaken by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
WCI COMMUNITIES: Posts Net Loss of $18.8 Million in December 2008
-----------------------------------------------------------------
WCI Communities, Inc., and certain of its subsidiaries filed with
the U.S. Bankruptcy Court for the Southern District of New York
on February 11, 2009, their monthly operating report for the month
ended December 31, 2008.
WCI Communities, Inc., et al., reported a consolidated net loss of
$18.8 million on revenue of $36.0 million for the month ended
December 31, 2008.
At December 31, 2008, the Debtors had total assets of
$1.59 billion, total liabilities of $1.96 billion, minority
interests of $26.6 million, and stockholders' deficit of
$403.4 million.
The Debtors' consolidated schedule of receipts and disbursements
for the month ended December 31, 2008, discloses:
Total Cash Receipts $64,199,769
Total Cash Disbursement $46,037,481
Net Receipts $18,162,288
A full-text copy of the Debtors' monthly operating report for the
month ended December 31, 2008, is available at:
http://bankrupt.com/misc/WCICommunities.December2008MOR.pdf
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.
WCI COMMUNITIES: Posts $18.8 Million Net Loss in January 2009
-------------------------------------------------------------
WCI Communities, Inc., and certain of its subsidiaries filed with
the U.S. Bankruptcy Court for the Southern District of New York
on March 12, 2009, their monthly operating report for the month
ended January 31, 2009.
WCI Communities, Inc., et al., reported a consolidated net loss of
$18.8 million on revenue of $27.9 million for the month ended
January 31, 2009.
At January 31, 2009, the Debtors had total assets of
$1.57 billion, total liabilities of $1.97 billion, minority
interests of $26.7 million, and stockholders' deficit of
$423.4 million.
The Debtors' consolidated schedule of receipts and disbursements
for the month ended January 31, 2009, discloses:
Total Cash Receipts $33,496,672
Total Cash Disbursement $39,678,342
Net Disbursements $6,181,670
A full-text copy of the Debtors' monthly operating report for the
month ended January 31, 2009, is available at:
http://bankrupt.com/misc/WCICommunities.January2009MOR.pdf
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
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Don't be fooled. Assets, for example, reported at historical cost
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On Thursdays, the TCR delivers a list of recently filed chapter 11
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delivered to nation's bankruptcy courts. The list includes links
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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
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USA. Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug,
and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9474.
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