/raid1/www/Hosts/bankrupt/TCR_Public/091226.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, December 26, 2009, Vol. 13, No. 355
Headlines
CHEMTURA CORP: Reports $9 Million Net Income for November
CHRYSLER LLC: Old CarCo Reports $44 Mil. Loss for October
CIRCUIT CITY: Records $125,000 Loss for October
CMR MORTGAGE II: Posts $589,724 Net Loss in November
COOPER-STANDARD: CSA FHS Records $1.6 Mil. Income for October
COOPER-STANDARD: CSA OH Records $2.8 Mil. Income for October
COOPER-STANDARD: CSAI Records $3.2 Million Loss for October
EDGE PETROLEUM: Posts $1.7 Million Net Loss in November
FREMONT GENERAL: Posts $2.4 Million Net Loss in November
GENERAL MOTORS: Reports $1.05 Billion Loss for October
GUARANTY FINANCIAL: Earns $92,314 in November
KUSHNER-LOCKE: Posts $32,276 Net Loss in October
MERUELO MADDUX: Posts $3.4 Million Net Loss in November
MERUELO MADDUX: 845 S Flower Reports $8,120 Net Income in November
QIMONDA NA: Reports $407,829 Net Income in November
QIMONDA RICHMOND: Posts $15.7 Million Net Loss in November
REFCO LLC: Balance at October 31 at $47,487,000
SHARPER IMAGE: Ends November With $4,122,263 Cash
TRUMP ENTERTAINMENT: Posts $5.8 Million Net Loss in November
TVIA INC: Posts $411,659 Net Loss in October
VERMILLION INC: Posts $602,614 Net Loss in October
WASHINGTON MUTUAL: Records $3.36 Million Profit for October
*********
CHEMTURA CORP: Reports $9 Million Net Income for November
---------------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of November 30, 2009
Assets
Current Assets $661,000,000
Intercompany receivables 510,000,000
Investment in subsidiaries 2,035,000,000
Property, plan and equipment 425,000,000
Goodwill 149,000,000
Other assets 412,000,000
--------------
Total assets 4,192,000,000
Liabilities and Stockholders' Equity
Current liabilities $434,000,000
Intercompany payables 46,000,000
Other long-term liabilities 72,000,000
--------------
Total liabilities
not subject to compromise 552,000,000
Liabilities subject to compromise 3,271,000,000
Total stockholders' equity 369,000,000
--------------
Total liabilities
and stockholders' equity $4,192,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from November 1 to 30, 2009
Net sales $155,000,000
Cost of goods sold 119,000,000
Selling, general and
administrative expenses 16,000,000
Depreciation and amortization 9,000,000
Research and development 2,000,000
--------------
Operating profit 9,000,000
Interest expense (6,000,000)
Other income (expense) 15,000,000
Reorganization items, net (8,000,000)
Equity in net earnings (loss)
of subsidiaries (5,000,000)
--------------
Income (loss) before income taxes 5,000,000
Income tax benefit 4,000,000
--------------
Net income (loss) $9,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from November 1 to 30, 2009
Cash Flows from Operating Activities:
Net income (loss) $9,000,000
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and amortization 9,000,000
Stock-based compensation expense 1,000,000
Reorganization items, net 1,000,000
Changes in assets and debts, net (16,000,000)
--------------
Net cash provided in
operating activities 4,000,000
--------------
Cash flows from Investing Activities:
Capital expenditures (3,000,000)
--------------
Cash Flows from Financing Activities:
Proceeds from credit facility, net 2,000,000
--------------
Cash and Cash Equivalents:
Change in cash and cash equivalents 3,000,000
Cash and cash equivalents, beg. 86,000,000
--------------
Cash and cash equivalents, end $89,000,000
==============
About Chemtura Corp.
Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a
global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.
Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel. The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.
As of December 31, 2008, the Debtors had total assets of
$3.06 billion and total debts of $1.02 billion.
Bankruptcy Creditors' Service, Inc., publishes Chemtura
Bankruptcy News. The newsletter tracks the Chapter 11
proceedings undertaken by Chemtura Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
CHRYSLER LLC: Old CarCo Reports $44 Mil. Loss for October
---------------------------------------------------------
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Balance Sheet
As of October 31, 2009
CURRENT ASSETS:
Cash and cash equivalents $241,000,000
Restricted cash 102,000,000
Inventories 29,000,000
Prepaid expenses and other current assets 457,000,000
Deferred taxes 18,000,000
--------------
TOTAL CURRENT ASSETS 847,000,000
OTHER ASSETS:
Property, plant and equipment, net 534,000,000
Investments, notes and advances 846,000,000
Restricted cash 2,000,000
Deferred taxes 18,000,000
Other assets 12,000,000
--------------
TOTAL OTHER ASSETS 1,412,000,000
--------------
TOTAL ASSETS $2,259,000,000
==============
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Accrued expenses & other current liabilities $594,000,000
Debtor-in-possession financing 3,344,000,000
Deferred taxes 4,000,000
--------------
TOTAL CURRENT LIABILITIES 3,942,000,000
LONG-TERM LIABILITIES NOT SUBJECT TO COMPROMISE:
Accrued expenses and other liabilities 191,000,000
Deferred taxes 249,000,000
--------------
TOTAL LONG-TERM LIABILITIES 440,000,000
Liabilities subject to compromise 17,936,000,000
--------------
TOTAL LIABILITIES 22,318,000,000
MEMBER'S DEFICIT:
Capital stock 316,000,000
Contributed capital 8,092,000,000
Accumulated losses (33,179,000,000)
Accumulated other comprehensive loss 4,712,000,000
--------------
TOTAL MEMBER'S DEFICIT (20,059,000,000)
--------------
TOTAL LIABILITIES & MEMBER'S DEFICIT $2,259,000,000
==============
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Statement of Operations
Month Ended October 31, 2009
Revenues $1,000,000
Cost of sales (37,000,000)
--------------
GROSS MARGIN 38,000,000
Selling, administrative & other expenses (1,000,000)
Research and development -
Other (income) loss, net -
Gain on Daimler pension settlement -
Restructuring (income) expense -
--------------
INCOME (LOSS) BEFORE FINANCIAL EXPENSE, 39,000,000
REORGANIZATION ITEMS AND INCOME TAXES
Financial expense, net (29,000,000)
--------------
INCOME (LOSS) BEFORE REORG. ITEMS
& INCOME TAXES 10,000,000
Reorganization items 54,000,000
Provision (credit) for income taxes -
--------------
NET LOSS ($44,000,000)
==============
Old Carco LLC (fka Chrysler LLC) et al.
Condensed Combined Statement of Cash Flows
For the month ending October 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($44,000,000)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 6,000,000
Changes in deferred taxes -
Amortization of original issue
discount on DIP Financing -
Net (gain) loss on Fiat transaction 55,000,000
Net (gain) loss on disposal of fixed assets (2,000,000)
Other non-cash income and expense -
Changes in accrued expenses & other liabilities 39,000,000
Changes in other operating assets & liabilities:
* inventories 8,000,000
* trade receivables -
* trade liabilities -
* payments for reorganization items (3,000,000)
* other assets and liabilities (32,000,000)
--------------
NET CASH PROVIDED BY (USED IN) OPER. ACTIVITIES 27,000,000
CASH FLOWS FROM INVESTING (FINANCING) ACTIVITIES:
Proceeds from Fiat transaction -
Purchases of property, plant &
equipment, equipment on operating
leases & intangible assets -
Proceeds from disposals of property, plant
and equipment and intangible assets -
Proceeds from disposals of equipment on
operating leases -
Net change in restricted cash 1,000,000
Other -
--------------
NET CASH PROVIDED BY INVESTING ACTIVITIES 1,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from DIP Financing -
Repayment of first lien credit facility -
Change in financial liabilities - 3rd party -
Original issue discount on DIP Financing -
--------------
NET CASH PROVIDED BY FINANCING ACTIVITIES -
--------------
Net increase(decrease) in cash and cash equiv. 28,000,000
--------------
Cash & cash equiv. at beginning of period 213,000,000
--------------
Cash and cash equivalents at end of period $241,000,000
==============
About Chrysler LLC
Chrysler LLC and 24 affiliates on April 30 sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002). Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent. Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company. As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts. Chrysler
had $1.9 billion in cash at that time.
In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat. Under the
terms approved by the Bankruptcy Court, the company formerly known
as Chrysler LLC on June 10, 2009, formally sold substantially all
of its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC. Fiat has a 20
percent equity interest in Chrysler Group.
Headquartered in Auburn Hills, Michigan, Chrysler Group LLC,
formed in 2009 from a global strategic alliance with Fiat Group,
produces Chrysler, Jeep, Ram, Dodge, Mopar and Global Electric
Motorcars (GEM) brand vehicles and products.
Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
CIRCUIT CITY: Records $125,000 Loss for October
-----------------------------------------------
Circuit City Stores, Inc., et al.
Balance Sheet
As of October 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $362,890,000
Restricted cash 13,616,000
Short-term investments 1,001,000
Accounts receivable, net 420,168,000
Income tax receivable 75,033,000
Prepaid expenses and other current assets 6,378,000
Intercompany receivables and investments 85,035,000
in subsidiaries
--------------
Total Current Assets 964,121,000
Property and Equipment 6,871,000
Accumulated depreciation (3,428,000)
--------------
Net Property and Equipment 3,443,000
Other Assets 12,629,000
--------------
TOTAL ASSETS $980,193,000
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Merchandise payable $207,851,000
Expenses payable 19,553,000
Accrued expenses and other current 65,155,000
liabilities
Intercompany payables 607,000
--------------
Total Current Liabilities 293,166,000
Deferred income taxes 7,084,000
Other Liabilities 0
--------------
Liabilities Not Subject to Compromise 300,250,000
Liabilities Subject to Compromise 1,406,479,000
--------------
Total Liabilities 1,706,729,000
Stockholders' Equity
Common stock 435,612,000
Additional paid-in capital 304,915,000
Retained deficit (1,457,704,000)
Accumulated other comprehensive income (9,359,000)
--------------
Total Stockholders' Equity (726,536,000)
--------------
Total Liabilities & Shareholders' Deficit $980,193,000
==============
Circuit City Stores, Inc., et al.
Income Statement
For the Month Ended October 31, 2009
Net sales $0
Cost of sales, buying and warehousing 0
--------------
Gross profit (loss) 0
Selling, general and administrative expenses 2,348,000
(net gain)
Asset impairment charges 0
--------------
Operating loss (2,348,000)
Interest income 0
Interest expense 0
--------------
Loss before reorganization items, GAAP (2,348,000)
reversals and income taxes
Net loss from reorganization items 2,223,000
Net gain from GAAP reversals -
Income tax expense -
--------------
NET LOSS ($125,000)
==============
About Circuit City
Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- was a specialty
retailer of consumer electronics, home office products,
entertainment software and related services in the U.S. and
Canada.
Circuit City Stores together with 17 affiliates filed a voluntary
petition for reorganization relief under Chapter 11 of the
Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No. 08-
35653). InterTAN Canada, Ltd., which runs Circuit City's Canadian
operations, also sought protection under the Companies' Creditors
Arrangement Act in Canada.
Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, are the Debtors' general
restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley,
Esq., at McGuireWoods LLP, are the Debtors' local counsel. The
Debtors also tapped Kirkland & Ellis LLP as special financing
counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special
securities counsel; and FTI Consulting, Inc., and Rotschild Inc.
as financial advisors. The Debtors' Canadian general
restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman
Carson Consultants LLC is the Debtors' claims and voting agent.
The Debtors disclosed total assets of $3,400,080,000 and debts of
$2,323,328,000 as of August 31, 2008.
Circuit City has opted to liquidate its 721 stores. It has
obtained the Bankruptcy Court's approval to pursue going-out-of-
business sales, and sell its store leases.
Bankruptcy Creditors' Service, Inc., publishes Circuit City
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Circuit City Stores Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
CMR MORTGAGE II: Posts $589,724 Net Loss in November
----------------------------------------------------
CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of California on December 21, 2009, its
monthly operating report for the month ended November 30, 2009.
The Company reported a net loss of $589,724 for the month of
November 2009.
At November 30, 2009, the Debtor had total assets of $71,056,119,
total liabilities of $36,721,269 and total equity of $34,334,850.
A full-text copy of the Debtor's operating report for November
2009 is available at http://researcharchives.com/t/s?4c26
San Francisco, California-based CMR Mortgage Fund II, LLC, is a
limited liability company organized for the purpose of making or
investing in business loans secured by deeds of trust or mortgages
on real properties located primarily in California. The Company
previously funded lending activities through loan pay downs or pay
offs, as well as by selling its membership interests, and by
selling all or a portion of interests in the loans to individual
investors. The Company commenced operations in February 2004.
The Company ceased accepting new members in the third quarter of
2006.
The Company and CMR Mortgage Fund III, LLC filed for Chapter 11
protection on March 31, 2009 (Bankr. N. D. Calif. Case No.
09-30788 and 09-30802). Robert G. Harris, Esq., at the Law
Offices of Binder and Malter, represents the Debtor as counsel.
The Debtor listed between $10 million and $50 million each in
assets and debts.
COOPER-STANDARD: CSA FHS Records $1.6 Mil. Income for October
-------------------------------------------------------------
Cooper-Standard Automotive FHS Inc.
Unaudited Balance Sheet
As of October 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $583,180
Account receivable, net 25,752,185
Inventories, net 10,856,288
Prepaid expenses 72,362
Intercompany receivable 74,238,722
Others -
--------------
Total current assets 111,502,737
Property, plant and equipment, net 39,138,050
Goodwill -
Intangibles, net 653,667
Intercompany investments 2,405,255
Long-term intercompany receivable -
Other assets 8,903
--------------
Total assets $153,708,612
==============
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
Liabilities not subject to compromise:
Current liabilities:
Debt Payable within One Year -
Accounts payable 9,864,926
Payroll liabilities 1,167,096
Accrued liabilities 1,455,416
Intercompany payable -
--------------
Total current liabilities 12,487,438
Long-term debt -
Pension benefits -
Post-retirement benefits other than pensions -
Deferred tax liabilities 5,853,239
Other long-term liabilities 172,656
Liabilities subject to compromise 2,708,169
--------------
Total liabilities 21,221,502
Common stock -
Intercompany common stock -
Additional paid-in capital -
Intercompany paid-in capital 120,523,333
Retained Earnings (Accumulated deficit) 11,944,506
Accumulated other comprehensive income (loss) 19,271
--------------
Total stockholders' equity (deficit) 132,487,110
--------------
Total liabilities and equity (deficit) $153,708,612
==============
Cooper-Standard Automotive FHS Inc.
Unaudited Income Statement
For the Period Ended October 31, 2009
Sales $16,385,397
Material 7,656,574
Labor 1,283,858
Overhead 3,028,918
Scrap & Other 966,329
--------------
Cost of products sold 12,935,679
Gross profit 3,449,718
Salary & Benefits -
Supplies/Occupancy -
Travel & Entertainment -
Contract Services -
Other 1,691,307
Impairment -
Amortization of intangibles 6,585
Restructuring 13,608
--------------
Total SG&A Expenses 1,711,500
Operating profit (loss) 1,738,218
Reorganization Items, net -
Royalty income (loss) -
Otber income (expense) (133,520)
Equity earnings (losses) -
--------------
EBIT 1,604,698
Interest income (expense) -
--------------
Income (loss) before income taxes 1,604,698
Provision for income tax (benefit) -
--------------
Net income (loss) $1,604,698
==============
CS Automotive FHS also reported total receipts of $571,705 and
total disbursements of -$24,804,809 for October.
About Cooper-Standard
Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share. The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.
Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor. Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.
The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.
Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
COOPER-STANDARD: CSA OH Records $2.8 Mil. Income for October
------------------------------------------------------------
Cooper-Standard Automotive OH, LLC
Unaudited Balance Sheet
As of October 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $1,748
Account receivable, net 28,082,563
Inventories, net 4,900,823
Prepaid expenses 527,776
Intercompany receivable 494,324,332
Others -
--------------
Total current assets 527,837,242
Property, plant and equipment, net 42,229,908
Goodwill -
Intangibles, net -
Intercompany investments -
Long-term intercompany receivable -
Other assets 111,825
--------------
Total assets 570,178,975
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
Liabilities not subject to compromise:
Current liabilities:
Debt Payable within One Year -
Accounts payable 6,409,428
Payroll liabilities 2,740,606
Accrued liabilities 308,789
Intercompany payable -
--------------
Total current liabilities 9,458,823
Long-term debt -
Pension benefits -
Post-retirement benefits other than pensions -
Deferred tax liabilities -
Other long-term liabilities 89,235
Liabilities subject to compromise 681,151
--------------
Total liabilities 10,229,209
Common stock -
Intercompany common stock -
Additional paid-in capital -
Intercompany paid-in capital 18,336,000
Retained Earnings (Accumulated deficit) 541,613,766
Accumulated other comprehensive income (loss) -
--------------
Total stockholders' equity (deficit) 559,949,766
--------------
Total liabilities and equity (deficit) $570,178,975
==============
Cooper-Standard Automotive OH, LLC
Unaudited Income Statement
For the Period Ended October 31, 2009
Sales $15,668,332
Material 6,256,632
Labor 2,412,142
Overhead 3,162,580
Scrap & Other 1,004,932
--------------
Cost of products sold 12,836,286
Gross profit 2,832,046
Salary & Benefits -
Supplies/Occupancy -
Travel & Entertainment -
Contract Services -
Other 325
Impairment -
Amortization of intangibles -
Restructuring -
--------------
Total SG&A Expenses 325
Operating profit (loss) 2,831,721
Reorganization Items, net -
Royalty income (loss) -
Otber income (expense) -
Equity earnings (losses) -
--------------
EBIT 2,831,721
Interest income (expense) -
--------------
Income (loss) before income taxes 2,831,721
Provision for income tax (benefit) -
--------------
Net income (loss) $2,831,721
==============
CS Automotive OH also reported total disbursements of
-$29,635,027 for October.
About Cooper-Standard
Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share. The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.
Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor. Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.
The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.
Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
COOPER-STANDARD: CSAI Records $3.2 Million Loss for October
-----------------------------------------------------------
Cooper-Standard Automotive Inc.
Unaudited Balance Sheet
As of October 31, 2009
ASSETS
Current Assets
Cash and cash equivalents $83,981,694
Account receivable, net 98,407,013
Inventories, net 26,656,011
Prepaid expenses 2,941,423
Intercompany receivable -
Others 10,777,905
--------------
Total current assets 222,764,046
Property, plant and equipment, net 91,688,192
Goodwill 87,728,335
Intangibles, net 1,095,674
Intercompany investments 346,474,993
Long-term intercompany receivable 207,423,338
Other assets 14,594,555
--------------
Total assets $971,769,133
==============
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
Liabilities not subject to compromise:
Current liabilities:
Debt Payable within One Year 74,859,268
Accounts payable 44,738,361
Payroll liabilities 18,489,990
Accrued liabilities 13,234,589
Intercompany payable 630,700,620
--------------
Total current liabilities 782,022,828
Long-term debt 3,086,955
Pension benefits 72,641,225
Post-retirement benefits other than pensions 57,987,265
Deferred tax liabilities 2,754,189
Other long-term liabilities 10,257,608
Liabilities subject to compromise 1,078,115,927
--------------
Total liabilities 2,006,865,997
Common stock 35
Intercompany common stock (68,156,342)
Additional paid-in capital 484,379
Intercompany paid-in capital (272,591,960)
Retained Earnings (Accummulated deficit) (574,138,574)
Accumulated other comprehensive income (loss) (120,694,402)
--------------
Total stockholders' equity (deficit) (1,035,096,864)
--------------
Total liabilities and equity (deficit) $971,769,133
==============
Cooper-Standard Automotive Inc.
Unaudited Income Statement
For the Period Ended October 31, 2009
Sales $46,640,181
Material 27,120,276
Labor 3,680,077
Overhead 5,056,394
Scrap & Other 914,641
--------------
Cost of products sold 36,771,388
Gross profit 9,868,793
Salary & Benefits 5,948,097
Supplies/Occupancy 1,523,195
Travel & Entertainment 220,642
Contract Services 829,082
Other 1,217,081
Impairment -
Amortization of intangibles 28,833
Restructuring 46,400
--------------
Total SG&A Expenses 9,813,330
Operating profit (loss) 55,463
Reorganization Items, net (2,900,479)
Royalty income (loss) 520,279
Otber income (expense) 150,593
Equity earnings (losses) -
--------------
EBIT (2,174,144)
Interest income (expense) (2,075,399)
--------------
Income (loss) before income taxes (4,249,543)
Provision for income tax (benefit) (1,018,582)
--------------
Net income (loss) ($3,230,961)
==============
CS Automotive Inc. also reported total receipts of $255,512,286
and total disbursements of -$128,608,167 for October.
About Cooper-Standard
Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/
-- headquartered in Novi, Michigan, is a leading global automotive
supplier specializing in the manufacture and marketing of systems
and components for the automotive industry. Products include body
sealing systems, fluid handling systems and NVH control systems.
The Company is one of the leading suppliers of chassis products in
North America, with about 14% of market share. The Company's main
custoemrs include Ford Motor Company, General Motors, Chrysler,
Audi, Volkswagen, BMW, Fiat and Honda, among other automakers.
Cooper-Standard Automotive employs approximately 16,000 people
globally with more than 70 facilities throughout the world.
Cooper-Standard is a privately held portfolio company of The
Cypress Group and Goldman Sachs Capital Partners Funds.
Cooper-Standard Holdings Inc., together with affiliates, filed for
Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743).
Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and
Richards, Layton & Finger, P.A., will serve as bankruptcy counsel
to the Debtors. Lazard Freres & Co. is serving as investment
banker while Alvarez & Marsal is financial advisor. Kurtzman
Carson Consultants LLC is notice, claims and solicitation agent.
In its bankruptcy petition, the Company said that assets on a
consolidated basis total $1,733,017,000 while debts total
$1,785,039,000 as of March 31, 2009.
The Company's Canadian subsidiary, Cooper-Standard Automotive
Canada Limited, also sought relief under the Companies' Creditors
Arrangement Act in the Ontario Superior Court of Justice in
Toronto, Ontario, Canada.
Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard
Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA
proceedings undertaken by Cooper-Standard Holdings Inc. and its
various affiliates. (http://bankrupt.com/newsstand/or 215/945-
7000)
EDGE PETROLEUM: Posts $1.7 Million Net Loss in November
-------------------------------------------------------
On December 16, 2009, Edge Petroleum Corporation and its direct
and indirect subsidiaries filed their monthly operating report for
the month ended November 30, 2009, with the U.S. Bankruptcy Court
for the Southern District of Texas, Corpus Christi Division.
The Debtors reported a net loss of $1.7 million on revenues of
$4.3 million for the month of November 2009.
For the month of October 2009, the Debtors reported a net loss of
$1.5 million on revenues of $4.8 million.
At November 30, 2009, the Company had total assets of
$248.6 million, total liabilities of $248.4 million, and total
owner's equity of $251,981. The Company had cash of $20.6 million
at November 30, 2009. The Debtors paid a total of $235,840 in
professional fees in November.
A copy of the Debtors' November operating report is available at
no charge at http://researcharchives.com/t/s?4c0f
About Edge Petroleum
Edge Petroleum Corporation (Nasdaq:EPEX) (Nasdaq:EPEXP) -
http://www.edgepet.com/-- is a Houston-based independent energy
company that focuses its exploration, production and marketing
activities in selected onshore basins of the United States.
At September 30, 2009, the Company had total assets of
$247.5 million, total liabilities of $244.2 million, and a
stockholders' deficit of $3.3 million.
Edge Petroleum filed for Chapter 11 on October 2, 2009 (Bankr.
S.D. Tex. Case No. 09-20644). The Company has retained Akin Gump
Strauss Hauer and Feld as legal counsel, Jordan, Hyden, Womble,
Culbreth & Holzer, P.C., as local counsel, and Parkman Whaling LLC
as financial advisor. Kurtzman Carson Consultants LLC serves as
claims and notice agent.
FREMONT GENERAL: Posts $2.4 Million Net Loss in November
--------------------------------------------------------
Fremont General Corporation filed with the United States Trustee
for the Central District of California, Santa Ana Division on
December 15, 2009, its monthly operating report for the month
ended November 30, 2009.
The November monthly operating report contains financial
information that has not been audited or reviewed by independent
registered accountants, is not presented in accordance with
generally accepted accounting principles and may be subject to
future reconciliation and adjustments.
The information contained in the November monthly operating report
represents financial information of the Company only and does not
include financial information for its indirect wholly-owned
subsidiary, Fremont Reorganizing Corporation (formerly known as
Fremont Investment & Loan).
Fremont General posted a net loss of $2.4 million in November.
At November 30, 2009, the Company had $444.6 million in total
assets, $392.5 million in total liabilities, and $52.1 million in
total equity. Unrestricted cash was $25.2 million at
November 30, 2009, compared to $25.9 million at October 31, 2009.
A full-text copy of Fremont's Novembre monthly operating report is
available at no charge at http://researcharchives.com/t/s?4c0d
Based in Santa Monica, California, Fremont General Corp. (OTC:
FMNTQ) -- http://www.fremontgeneral.com/-- was a financial
services holding company with $8.8 billion in total assets at
September 30, 2007. Fremont General ceased being a financial
services holding company on July 25, 2008, when its wholly owned
bank subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont
Investment & Loan) completed the sale of its assets, including all
of its 22 branches, and 100% of its $5.2 billion of deposits to
CapitalSource Bank.
Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421). Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore
Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq., at
Stutman Treister & Glatt, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC is the Debtor's noticing
agent and claims processor. Lee R. Bogdanoff, Esq., Jonathan S.
Shenson, Esq., and Brian M. Metcalf, at Klee, Tuchin, Bogdanoff &
Stern LLP, represent the Official Committee of Unsecured
Creditors as counsel. Fremont's formal schedules showed
$330,036,435 in total assets and $326,560,878 in total debts.
GENERAL MOTORS: Reports $1.05 Billion Loss for October
------------------------------------------------------
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Net Assets
As of October 31, 2009
ASSETS:
Cash and cash equivalents $1,057,486,000
Due from affiliates 332,000
Prepaid expenses 5,089,000
Other current assets 26,430,000
-----------------
Total Current Assets 1,089,337,000
Property, plant and equipment
Land and building 207,223,000
Machinery and equipment 47,215,000
-----------------
Total property, plant and equipment 254,438,000
Investment in GMC -
Investments in subsidiaries 16,788,000
Restricted Cash 89,600,000
-----------------
Total Assets $1,450,163,000
=================
LIABILITIES:
DIP Financing $1,183,813,000
Accounts payable 2,725,000
Due to GM LLC 4,581,000
Accrued payroll and employee benefits 48,183,000
Accrued professional fees 36,393,000
Other accrued liabilities 11,619,000
-----------------
Total current liabilities 1,287,314,000
Liabilities subject to compromise 34,778,078,000
-----------------
Total Liabilities 36,065,392,000
-----------------
Net Assets (Liabilities) ($34,615,229,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Operations
For the Month Ended Oct. 31, 2009
Rental Income $2,037,000
Selling, administrative and other expenses 26,012,000
-----------------
Operating loss (23,975,000)
Interest expense 5,097,000
Interest income (377,000)
-----------------
Loss before reorganization items
& income taxes (28,695,000)
Reorganization items 1,026,169,000
-----------------
Loss before income taxes (1,054,864,000)
Income taxes -
-----------------
Net Loss ($1,054,864,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Cash Flows
For the Month Ended Oct. 31, 2009
Cash Flows from Operating Activities:
Net Loss ($1,054,864,000)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Reorganization charges 1,026,168,000
Reorganization-related payments (19,633,000)
Changes in assets & liabilities
Due from affiliates 81,000
Prepaid expenses 359,000
Other current assets 280,000
Accounts payable 1,409,000
Due to GM LLC 2,032,000
Accrued payroll & employee benefits (417,000)
Other accrued liabilities 4,086,000
-----------------
Net Cash used in Operating Activities (40,499,000)
Cash Flows from Investing Activities:
Proceeds from disposal of assets 555,000
Proceeds from sale of investment
in subsidiaries 712,000
Changes in restricted cash -
-----------------
Net cash used in investing activities 1,267,000
-----------------
Decrease in cash & cash equivalents (39,232,000)
Cash & cash equivalents at beginning of period 1,096,718,000
-----------------
Cash & cash equivalents at end of period $1,057,486,000
=================
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GUARANTY FINANCIAL: Earns $92,314 in November
---------------------------------------------
On December 16, 2009, Guaranty Financial Group Inc. and each of
its wholly owned subsidiaries, Guaranty Group Ventures Inc.,
Guaranty Holdings Inc., and Guaranty Group Capital Inc. filed
their unaudited monthly operating reports for the period from
November 1, 2009, through November 30, 2009, with the United
States Bankruptcy Court for the Northern District of Texas, Dallas
Division.
Guaranty Financial Group reported net income of $92,314 for the
month of November 2009.
At November 30, 2009, Guaranty Financial Group had $12,464,666 in
total assets and $329,130,613 in total liabilities.
A full-text copy of Guaranty Financial Group's monthly operating
report is available for free at:
http://researcharchives.com/t/s?4c27
Guaranty Group Ventures reported net income of $617 for the month
of November 2009. At November 30, 2009, Guaranty Group Ventures
had $12,241,187 in total assets, $371,185 in total liabilities,
and $11,870,002 in total equity.
A full-text copy of Guaranty Group Ventures' monthly operating
report is available for free at:
http://researcharchives.com/t/s?4c28
Guaranty Holdings had $0 income/loss for the month of November.
At November 30, 2009, Guaranty Holdings had $8,148 in total assets
and $8,148 in total equity.
A full-text copy of Guaranty Holdings' monthly operating report is
available for free at http://researcharchives.com/t/s?4c2c
Guaranty Group Capital reported net income of $309 for the month
of November 2009.
At November 30, 2009, Guaranty Group Capital had $4,170,975 in
total assets and $4,170,975 in total equity.
A full-text copy of Guaranty Group Capital's monthly operating
report is available at http://researcharchives.com/t/s?4c2d
Guaranty Financial Group Inc. -- http://www.guarantygroup.com/--
is based in Dallas, Texas. Guaranty Financial is a unitary
savings and loan holding company. The Company's primary operating
entities are Guaranty Bank and Guaranty Insurance Services, Inc.
Guaranty Financial filed for bankruptcy after the Guaranty bank
was seized by regulators and sent to receivership under the
Federal Deposit Insurance Corporation. Before the bank was taken
over, the balance sheet of the holding company had $15.4 billion
in assets as of Sept. 30, 2008.
Guaranty Financial together with affiliates filed for Chapter 11
on Aug. 27, 2009 (Bankr. N.D. Tex. Case No. 09-35582). Attorneys
at Haynes & Boone, LLP, represent the Debtors. According to the
schedules attached to its petition, the Company has assets of at
least $24,295,000, and total debts of $323,413,428, including
$305 million in trust preferred security.
KUSHNER-LOCKE: Posts $32,276 Net Loss in October
------------------------------------------------
The Kushner-Locke Company has filed its unaudited monthly
operating reports for August - October 2009.
The Debtor posted a net loss of $32,276 in October.
The Debtor had $2,631,204 in total assets, ($585) in total
liabilities, and $2,361,789 in total equity at October 31, 2009.
A full-text copy of the Debtor's October operating report is
available at no charge at http://researcharchives.com/t/s?4c10
The Debtor posted a net loss of $50,930 for the month of September
and a net loss of $45,527 for the month of August.
A full-text copy of the Debtor's September operating report is
available at no charge at http://researcharchives.com/t/s?4c11
A full-text copy of the Debtor's August operating report is
available at no charge at http://researcharchives.com/t/s?4c12
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on November 21, 2001 (Bankr. C.D. Calif. Lead Case No. 01-44828).
Carol Chow, Esq., and Charles Axelrod, Esq., at Stutman, Treister
& Glatt; Mara Mornet-Ritt, Esq., at Brandon & Morner-Ritt; and
Martin Fineman, Esq., at Davis Wright Tremaine LLP, represent the
Debtors in their restructuring efforts. Jeremy V. Richards, Esq.,
at Pachulski Stang Ziehl & Jones LLP, represent the Official
Committee of Unsecured Creditors as counsel.
MERUELO MADDUX: Posts $3.4 Million Net Loss in November
-------------------------------------------------------
On December 15, 2009, Meruelo Maddux Properties, Inc., and 53 of
its direct and indirect subsidiaries and affiliates filed their
unaudited condensed combined debtors-in-possession financial
statements included in the monthly operating report for the month
ended November 30, 2009, with the United States Bankruptcy
Court for the Central District of California, San Fernando Valley
Division.
The Debtors posted a net loss of $3,391,151 on total revenue of
$2,101,501 for the month of November.
As of November 30, 2009, the Debtors had $538,598,220 in total
assets, $320,628,067 in total liabilities, and $217,970,154 in
total stockholders' equity.
A full-text copy of the November operating report is available at
no charge at http://researcharchives.com/t/s?4c24
About Meruelo Maddux Properties
Based in Los Angeles, California, Meruelo Maddux Properties, Inc.
-- http://www.meruelomaddux.com/-- and its subsidiaries engage in
commercial and residential property development predominantly in
downtown Los Angeles and other densely populated urban areas in
California.
Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C.D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts. Peter C. Anderson, the
United States Trustee for Region 16, appointed five creditors to
serve on the Creditors Committee. Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Professional Corporation, represent the Creditors Committee as
counsel. The Debtors' financial condition as of December 31,
2008, showed estimated assets of $681,769,000 and estimated debts
of $342,022,000.
MERUELO MADDUX: 845 S Flower Reports $8,120 Net Income in November
------------------------------------------------------------------
On December 15, 2009, Meruelo Maddux - 845 S. Flower Street, LLC
and Meruelo Chinatown, LLC, which are both subsidiaries of Meruelo
Maddux Properties, Inc., filed their unaudited condensed debtors-
in-possession financial statements included in the monthly
operating report for the month ended November 30, 2009, with
the United States Bankruptcy Court for the Central District of
California, San Fernando Valley Division.
Meruelo Maddux - 845 S. Flower Street reported net income of
$8,120 for the month of November.
At November 30, 2009, Meruelo Maddux - 845 S. Flower Street had
$56,173,753 in total assets and $89,098,482 in total liabilities.
Meruelo Chinatown reported net income of $16,336 on total revenue
of $24,500 for the month of November.
At November 30, 2009, Meruelo Chinatown had $1,369,200 in total
assets, $48,930 in total liabilities, and $1,320,270 in total
shareholders' equity.
A full-text copy of the report is available at:
http://researcharchives.com/t/s?4c25
About Meruelo Maddux Properties
Based in Los Angeles, California, Meruelo Maddux Properties, Inc.
-- http://www.meruelomaddux.com/-- and its subsidiaries engage in
commercial and residential property development predominantly in
downtown Los Angeles and other densely populated urban areas in
California.
Meruelo Maddux and its affiliates filed for Chapter 11 protection
on March 26, 2009 (Bankr. C.D. Calif. Lead Case No. 09-13356).
Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N.
Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the
Debtors in their restructuring efforts. Peter C. Anderson, the
United States Trustee for Region 16, appointed five creditors to
serve on the Creditors Committee. Asa S. Hami, Esq., Tamar
Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A
Professional Corporation, represent the Creditors Committee as
counsel. The Debtors' financial condition as of December 31,
2008, showed estimated assets of $681,769,000 and estimated debts
of $342,022,000.
QIMONDA NA: Reports $407,829 Net Income in November
---------------------------------------------------
Qimonda North America Corp. reported net income of $407,829 for
the month ended November 27, 2009. In November, QNA recognized
remaining deferred grant income of $979,285.
At November 27, 2009, the Company had total assets of
$300.4 million, total liabilities of $218.4 million, and total
stockholders' equity of $82.0 million.
The Company's schedule of cash receipts and disbursements for the
month of November 2009 showed:
Cash, beginning $8.3 million
Total receipts $1.0 million
Total disbursements $1.5 million
Net Cash Flow (.5 million)
Cash, end $7.8 million
The Company paid $605,584 in professional fees and reimbursed
$57,773 in professional expenses during November.
A copy of Qimonda North America's November monthly operating
report is available for free at:
http://bankrupt.com/misc/qimondana.novembermor.pdf
Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA). The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs. Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.
Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).
Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG. QNA is also the parent company of Qimonda
Richmond LLC. QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589). Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors. Jones Day and Ashby & Geddes represent the
Committee. In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts. The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.
QIMONDA RICHMOND: Posts $15.7 Million Net Loss in November
----------------------------------------------------------
Qimonda Richmond, LLC, reported a net loss of $15.7 million for
the month ended November 27, 2009.
At November 27, 2009, the Company had $584.9 million in total
assets and $1.08 billion in total liabilities.
The Company's schedule of cash receipts and disbursements for the
month of November 2009 showed:
Cash, beginning $95.8 million
Total receipts $2.7 million
Total disbursements $2.9 million
Net Cash Flow $.2 million
Cash, end $95.6 million
The Company paid $321,470 in professional fees and reimbursed
$27,519 in professional expenses during the month of November.
A copy of Qimonda Richmond's November monthly operating report is
available for free at:
http://bankrupt.com/misc/qimondarichmond.novembermor.pdf
Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The Company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA). The Company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs. Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.
Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed
a petition for relief under Chapter 15 of the Bankruptcy Code
(Bankr. E.D. Virginia Case No. 09-14766).
Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG. QNA is also the parent company of Qimonda
Richmond LLC. QNA and QR filed for Chapter 11 on February 20
(Bankr. D. Del. Lead Case No. 09-10589). Mark D. Collins, Esq.,
Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at
Richards Layton & Finger PA, represents the Debtors as counsel.
Roberta A. DeAngelis, the United States Trustee for Region 3,
appointed seven creditors to serve on an official committee of
unsecured creditors. Jones Day and Ashby & Geddes represent the
Committee. In its bankruptcy petition, Qimonda Richmond, LLC,
listed more than US$1 billion each in assets and debts. The
information was based on Qimonda Richmond's financial records
which are maintained on a consolidated basis with Qimonda North
America Corp.
REFCO LLC: Balance at October 31 at $47,487,000
-----------------------------------------------
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 October 1 to 31,
2009.
The Chapter 7 Trustee reported that Refco LLC's beginning balance
in its Money Market account with JPMorgan Chase Bank, N.A.,
totaled $47,476,000, as of October 1.
During the Reporting Period, Refco LLC received a total of
$11,000 in interest income and other receivables. No transfers
were made, according to Mr. Togut.
Refco LLC held $47,487,000 at the end of the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through JPMorgan Money Market and Checking Accounts
October 1 through October 31, 2009
Beginning Balance, October 1, 2009 $47,476,000
RECEIPTS
Interest Income 10,000
Sale of Assets -
Marshalling of Excess Capital -
Man Financial - Excess Capital return -
Membership and Clearing Deposits -
Other Receivables 1,000
-------------
TOTAL RECEIPTS 11,000
TRANSFERS
Money Market Account to checking account -
-------------
TOTAL TRANSFERS -
DISBURSEMENTS
Operating expenses & other disbursements -
Executory contract cure payments -
Pursuant to payment stipulation -
Purchase price escrow deposit -
Expected account escrow fund -
Membership & clearing deposits -
Payment on account of prepetition claims -
Other disbursements -
Reorganization Expenses
Attorney fees -
Trustee bond premium -
Other professional fees -
-------------
TOTAL DISBURSEMENTS 0
-------------
$47,487,000
=============
About Refco Inc.
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 October 17, 2005 (Bankr. S.D.N.Y. Case No. 05-
60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represented the Debtors in their restructuring
efforts. Milbank, Tweed, Hadley & McCloy LLP, represented 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 December 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.
Bankruptcy Creditors' Service, Inc., publishes Refco Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Refco Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SHARPER IMAGE: Ends November With $4,122,263 Cash
-------------------------------------------------
TSIC, Inc., formerly known as The Sharper Image Corporation, filed
with the U.S. Bankruptcy Court for the District of Delaware on
December 18, 2009, its monthly operating report for October 2009.
TSIC ended November with $4,122,263 in unrestricted cash and
equivalents. TSIC paid $1,133,645 in bankruptcy professional fees
and reimbursed $15,261 in professional expenses in November.
TSIC posted a net loss of $360,369 during the period.
At November 30, 2009, TSIC had $8,141,635 in total assets,
($99,158,734) in total liabilities, and $91,017,099 in net
owner's equity.
A full-text copy of TSIC's November operating report is available
at no charge at http://researcharchives.com/t/s?4c2f
About The Sharper Image
Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- was a multi-channel specialty
retailer. It operated 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 was 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 February 19, 2008
(Bankr. D. Del. 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.
Sharper Image sought and obtained the Court's approval to change
its name to "TSIC, Inc." in relation to 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.
TRUMP ENTERTAINMENT: Posts $5.8 Million Net Loss in November
------------------------------------------------------------
On December 18, 2009, Trump Entertainment Resorts, Inc., and
certain of its direct and indirect subsidiaries filed their
monthly operating report for the month ended November 30, 2009,
with the United States Bankruptcy Court for the District of
New Jersey in Camden, New Jersey.
The Debtors reported a consolidated net loss of $5.8 million on
net revenues of $60.5 million for the period.
At November 30, 2009, the Debtors had $1.435 billion in total
assets and $2.054 billion in total liabilities. Cash and cash
equivalents were approximately $77.7 million at November 30, 2009,
2009, compared with approximately $84.0 million at the beginning
of the period.
A full-text copy of the report is available at no charge at:
http://researcharchives.com/t/s?4c0e
About Trump Entertainment
Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino. The Company
conducts gaming activities and provides customers with casino
resort and entertainment.
Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company. The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.
Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D.
N.J., Lead Case No. 09-13654). The Company has tapped Charles A.
Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel,
and Weil Gotshal & Manges as co-counsel. Ernst & Young LLP is the
Company's auditor and accountant and Lazard Freres & Co. LLC is
the financial advisor. Garden City Group is the claims agent.
The Company disclosed assets of $2,055,555,000 and debts of
$1,737,726,000 as of December 31, 2008.
Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). Trump Hotels' obtained the Court's
confirmation of its Chapter 11 plan on April 5, 2005, and in May
2005, it exited from bankruptcy under the name Trump Entertainment
Resorts Inc.
TVIA INC: Posts $411,659 Net Loss in October
--------------------------------------------
Tvia, Inc., reported a net loss $411,659 on net sales of $89,808
for the month ended October 31, 2009.
The Debtor ended October 2009 with $1,961,067 in unrestricted cash
and cash equivalents and $1,502,172 in restricted cash and cash
equivalents. Payments to professionals totaled $197,012 for the
month.
A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?4c1e
Tvia, Inc. (OTC: TVIAQ.PK), headquartered in Santa Clara,
California, with a wholly owned subsidiary in China, is a fabless
semiconductor company that designed, developed, marketed digital
video image display processors and other related products.
The Company filed for Chapter 11 protections on Oct. 15, 2008
(Bankr. N.D. Calif. Case No. 08-55860). John Walshe Murray, Esq.,
at the Law Offices of Murray and Murray, represents the Debtor.
When the Debtor filed for protection from its creditors,
it listed total assets of $5,577,657 and total debts of
$1,077,966.
VERMILLION INC: Posts $602,614 Net Loss in October
--------------------------------------------------
On December 15, 2009, Vermillion, Inc., filed its financial
statements included in threee monthly operating reports for the
periods from August 1, 2009, to August 31, 2009, September 1,
2009, to September 30, 2009, and October 1, 2009, to October 31,
2009, with the United States Bankruptcy Court for the District of
Delaware.
Vermillion reported a net loss of $602,614 for the month of
October.
At October 31, 2009, the Debtor had total assets of $13.3 million
and total liabilities of 33.1 million, resulting in a shareholders
deficit of $19.8 million.
A full-text copy of the Debtor's monthly operating report for
October is available at http://researcharchives.com/t/s?4c13
Vermillion reported a net loss of $374,643 for the month of
September and a net loss of $548,732 for the month of August.
A full-text copy of the Debtor's monthly operating report for
September is available at http://researcharchives.com/t/s?4c15
A full-text copy of the Debtor's monthly operating report for
August is available at http://researcharchives.com/t/s?4c14
About Vermillion Inc.
Vermillion, Inc. -- http://www.vermillion.com/-- is dedicated to
the discovery, development and commercialization of novel high-
value diagnostic tests that help physicians diagnose, treat and
improve outcomes for patients. Vermillion, along with its
prestigious scientific collaborators, has diagnostic programs in
oncology, hematology, cardiology and women's health. Vermillion
is based in Fremont, California.
The Company filed for Chapter 11 on March 30, 2009 (Bankr. D. Del.
Case No. 09-11091). Francis A. Monaco Jr., Esq., and Mark L.
Desgrosseilliers, Esq., at Womble Carlyle Sandridge & Rie, PLLC,
represent the Debtor as counsel. At September 30, 2008, the
Debtor had $7,150,000 in total assets and $32,015,000 in total
liabilities.
WASHINGTON MUTUAL: Records $3.36 Million Profit for October
-----------------------------------------------------------
WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of October 31, 2009
ASSETS
Unrestricted cash and cash equivalents $4,585,108,365
Restricted cash and cash equivalents 93,827,151
Investment securities 70,737,193
Accrued interest receivable 782,103
Accounts receivable -
Income tax receivable 477,533,575
Prepaid expenses 4,235,524
Cash surrender value of BOLI/COLI 88,644,525
Funded Pension 39,173,922
Other investments -
Investment in subsidiaries 1,485,873,572
Notes receivable, intercompany 12,367,119
Fixed assets 98,487
Other assets 79,880,821
----------------
Total Assets $6,938,262,357
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $4,518,867
Taxes payable -
Accrued wages and benefits 1,111,185
Other accrued liabilities 13,486,725
Rent and equipment lease payable -
Deferred tax liability (asset) -
Other liabilities - intercompany -
Other postpetition liabilities -
Minority interest 1,112,221
----------------
Total Postpetition Liabilities 20,228,998
LIABILITIES 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
Intercompany payables 684,095,259
Accounts payable 4,480,720
Taxes payable 550,080,833
Payroll and benefit accruals 407,236,707
Other accrued liabilities 86,362,520
Other prepetition liabilities 198
----------------
Total Prepetition Liabilities 8,273,543,104
----------------
Total Liabilities 38,293,772,102
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,753,556
Other comprehensive income (754,071,384)
Retained earnings - prepetition (16,741,804,781)
Retained earnings - postpetition (240,729,089)
----------------
Total Shareholders' Equity (1,355,509,745)
----------------
Total Liabilities and Shareholders' Equity $6,938,262,357
================
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period October 1 to October 31, 2009
REVENUES
Interest income:
Cash equivalents $741,063
Securities 294,242
Notes receivable - intercompany 44,846
Other 150
----------------
Total Interest Income 1,080,301
Earnings (losses) from subsidiaries and
other equity investments 10,872,913
Gains (losses) from securities (935)
Other income 68,557
----------------
Total Revenues 12,020,836
OPERATING EXPENSES
Compensation and benefits 424,058
Occupancy and equipment 97,426
Professional fees 1,258,907
Loss (Income) from BOLI/COLI policies (310,755)
Management fees/transition services 50,250
Insurance (158,337)
Other 38,441
----------------
Total Operating Expenses 1,399,990
Net profit (loss) before other income
and expenses 10,620,846
OTHER INCOME AND EXPENSE
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense -
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items 10,620,846
REORGANIZATION ITEMS
Professional fees 6,333,419
U.S. Trustee quarterly fees 13,000
Gains (losses) from sale of assets -
Other reorganization expenses 918,646
----------------
Total Reorganization Items 7,265,065
Net profit (loss) before income taxes 3,355,781
Income taxes -
----------------
NET PROFIT (LOSS) $3,355,781
================
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period October 1 to October 31, 2009
Opening Balance 09/30/09 $3,945,439,167
RECEIPTS
Interest & investment returns 2,113,747
Tax refunds 1,980
Reimbursements/distributions from subs -
Sales of assets/securities -
Rebates 767,313
Other miscellaneous receipts 150
----------------
Total Receipts 2,883,190
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to)from Wells Managed account 10,000,000
----------------
Total Transfers 10,000,000
DISBURSEMENTS
Salaries and benefits 355,901
Travel and other expenses 25,653
Occupancy and supplies 217,056
Professional fees 6,930,876
Other outside services 429,538
Bank fees 31,179
U.S. trustee quarterly fees 20,000
Directors fees 60,000
D&O Insurance 3,000,000
Taxes paid 80,706
----------------
Total Disbursements 11,150,909
----------------
Net Cash Flow 1,732,281
----------------
Cash - End of Month 3,947,171,448
GL Balance 3,947,171,448
----------------
Net value -- Short Term Securities 637,936,916
----------------
Total Cash and Cash Equivalents $4,585,108,385
================
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of October 31, 2009
ASSETS
Unrestricted cash and cash equivalents $275,047,865
Restricted cash and cash equivalents -
Investment Securities -
Accrued interest receivable 294
Accounts receivable -
Income tax receivable 22,187,560
Prepaid expenses -
Cash surrender value of BOLI/COLI -
Funded Pension -
Other investments 40,347,735
Investment in subsidiaries -
Notes receivable, intercompany 565,844,197
Fixed assets -
Other assets -
----------------
Total Assets $903,427,651
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable
Taxes payable $0
Accrued wages and benefits -
Other accrued liabilities 14,825
Rent and equipment lease payable -
Deferred tax liability (asset) -
Other liabilities - intercompany -
Other postpetition liabilities -
Minority interest -
----------------
Total Postpetition Liabilities 14,825
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt -
Subordinated debt -
Junior subordinated debt -
Accrued interest payable -
Intercompany payables -
Accrued interest payable - intercompany -
Accounts payable -
Accounts payable - intercompany -
Taxes payable -
Payroll and benefit accruals -
Other accrued liabilities -
Other prepetition liabilities -
----------------
Total Prepetition Liabilities 0
----------------
Total Liabilities 14,825
SHAREHOLDERS' EQUITY
Preferred stock -
Common stock 1,000,000,000
Other comprehensive income 22,187,560
Retained earnings - prepetition 14,133,260
Retained earnings - postpetition (132,907,994)
----------------
Total Shareholders' Equity 903,412,826
----------------
Total Liabilities and Shareholders' Equity $903,427,651
================
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period October 1 to October 30, 2009
REVENUES
Interest income:
Cash equivalents $41,812
Securities -
Notes receivable - intercompany -
Other -
----------------
Total Interest Income 41,812
Earnings (losses) from subsidiaries
and other equity investments -
Gains (losses) from securities -
Other income -
----------------
Total Revenues 41,812
OPERATING EXPENSES
Compensation and benefits -
Occupancy and equipment -
Professional fees -
Loss (Income) from BOLI/COLI policies -
Management fees/transition services -
Insurance -
Other 13,952
----------------
Total Operating Expenses 13,952
Net profit (loss) before other income
and expenses 27,860
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense -
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items 27,860
REORGANIZATION ITEMS
Professional fees -
U.S. Trustee quarterly fees 325
Gains (losses) from sale of assets -
Other reorganization expenses -
----------------
Total Reorganization Items 325
----------------
Net profit (loss) before income taxes 27,535
Income taxes -
----------------
NET PROFIT (LOSS) $27,535
================
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period October 1 to October 30, 2009
Opening Balance 09/30/09 $53,799,001
RECEIPTS
Interest & investment returns 213,389
Tax refunds -
Reimbursements/distributions from subs -
Sales of assets/securities -
Rebates -
Other miscellaneous receipts -
----------------
Total Receipts 213,389
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to) from Wells Managed account -
----------------
Total Transfers -
DISBURSEMENTS
Salaries and benefits -
Travel and other expenses -
Occupancy and supplies -
Professional fees -
Other outside services 487
Bank fees 325
U.S. trustee quarterly fees -
Directors fees -
D&O Insurance -
Taxes paid -
Miscellaneous adjustments -
----------------
Total Disbursements 812
----------------
Net Cash Flow 212,576
----------------
Cash - End of Month 54,011,577
GL Balance 54,011,577
Net value -- Short Term Securities 221,036,287
----------------
Total Cash and Cash Equivalents $275,047,864
================
John Maciel, chief financial officer at WaMu, disclosed that as
of October 31, 2009, the Debtors paid these firms an aggregate of
$6,930,875 on account of services rendered in the Debtors' cases:
Professional Fees Expenses
------------ --------- --------
Akin, Gump, Strauss, Hauer & Fled $434,707 $22,975
Alvarez & Marsal 2,345,407 109,487
CP Energy Group, LLC 8,000 30
Elliott Greenleaf 47,413 3,153
FTI Consulting, Inc. 201,210 423
Gibson, Dunn & Crutcher LLP 70,339 1,664
Grant Thornton 28,728 11,854
John W. Wolfe, P.S. 101,744 369
Kurtzman Carson Consultants LLC 68,124 -
Miller & Chevalier Chartered 33,992 20
McKee Nelson LLP 169,685 344
Pepper Hamilton LLP 96,916 7,615
Perkins Coie 228,554 33,516
PricewaterhouseCoppers LLP 242,361 32,709
Quinn Emmanuel Urquhart Oliver & Hedges 1,171,646 55,046
Richards, Layton & Finger, P.A. 22,122 4,733
Shearman & Sterling 22,420 6
Simpson Thacher & Barlett LLP 63,891 1,126
Weil, Gotshal & Manges LLP 1,159,607 38,950
As of October 31, 2009, WaMu paid a total of $4,518,867 to 26
vendors for certain postpetition accounts. A complete list of
the Vendor Payments is available for free at:
http://bankrupt.com/misc/WaMu_Oct2009VendorPayments.pdf
Mr. Maciel reported that for the period from October 1 to 31,
2009, WaMu did not file property tax returns and sales and use
tax returns. Withholding summaries of deposits, unemployment tax
liabilities, unemployment summary of deposits, and labor and
industries were filed under payroll tax filings. Corporate
income, franchise and emergency excise tax returns were also
filed during the Reporting Period.
A full-text copy of WaMu's September 2009 Operating Report is
available for free at the U.S. Securities and Exchange Commission
at http://ResearchArchives.com/t/s?4baa
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 September 25 by U.S.
government regulators. The next day, WaMu and its 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.
Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
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. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, 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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