/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/100116.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, January 16, 2010, Vol. 14, No. 15 Headlines ABITIBIBOWATER INC: Posts $32.6 Million Net Loss in November ACCEPTANCE INSURANCE: Posts $43,311 Net Loss in December ALERIS INTERNATIONAL: Reports $18.4 Mil. Loss for November CHRYSLER LLC: Raises Cash by $24 Million in November ERICKSON RETIREMENT: Records $12.98 Mil. Loss for October ERICKSON RETIREMENT: Records $8.85 Mil. Loss for November ESCADA AG: U.S. Unit Reports $442,513 Net Loss for November FAIRFIELD RESIDENTIAL: Files Initial Monthly Operating Report FREEDOM COMMUNICATIONS: Posts $4.1 Million Net Loss in November GENERAL GROWTH: Reports $6,384,000 Net Loss for November GENERAL MOTORS: Old GM Reports $2.48BB Reorg. Gain for November GREEKTOWN HOLDINGS: Casino Records $5.96MM Net Loss for November METROMEDIA INT'L: Posts $2.1 Million Net Loss in November NEWPOWER HOLDINGS: Files Monthly Operating Report for November OPUS SOUTH: Reports $287,193 Net Income for November PNG VENTURES: Posts $221,950 Net Loss in November TLC VISION: Files Initial Monthly Operating Report TRIBUNE CO: Reports $39.7 Mil. Operating Income for November TRIDENT RESOURCES: Reports C$68.1 Million Net Profit in October TROPICANA ENTERTAINMENT: Reports $4,391,000 Loss for November TXCO RESOURCES: Posts $4,320,890 Net Loss in November VION PHARMACEUTICALS: Files Initial Monthly Operating Report WASHINGTON MUTUAL: Reports $7.5 Million Loss for November ********* ABITIBIBOWATER INC: Posts $32.6 Million Net Loss in November ------------------------------------------------------------ On January 7, 2010, AbitibiBowater Inc. and certain of its U.S. subsidiaries filed a monthly operating report for the period from November 1, 2009, to November 30, 2009, with the United States Bankruptcy Court for the District of Delaware. AbitibiBowater Inc., et al. Consolidated Balance Sheet As of November 30, 2009 ASSETS Cash and cash equivalents $417,797,851 Receivables - Net 334,006,409 Inventories 280,250,906 Prepaid Expense and Other 51,706,970 Notes Receivable from Affiliates 3,364,797,771 Income Tax Receivable - Deferred Income Taxes - ----------------- Total Current Assets 4,448,559,907 Plant and Equipment 5,172,965,199 Less Accumulated Depreciation (3,431,778,947) ----------------- Plant and Equipment, Net 1,741,186,252 Good will/Intangible Assets 56,084,447 Investment in Subsidiaries 14,698,145,759 Other Assets 166,711,178 ----------------- Total Assets $21,110,687,543 ================= LIABILITIES AND SHAREHOLDERS' EQUITY Trade Accounts Payable $45,274,985 Accrued Liabilities 150,773,152 Current Portion of Long Term Debt 206,000,000 Due to Affiliates 214,387,764 Income Tax Payable (7,551,506) ----------------- Total Current Liabilities 608,884,395 Long Term Debt - Reclassification to Current Portion - ----------------- Long Term Debt Net of Current Installments - Loans from Affiliates - Other Liabilities 234,267,625 Deferred Income Taxes (41,353,558) Liabilities Subject to Compromise Debt 2,964,532,267 Debt - Affiliate 3,669,443,217 Accounts Payable 97,386,804 Other 643,705,739 ----------------- Total Liabilities 8,176,866,489 Shareholder Equity - Net 12,933,821,054 ----------------- Total Liabilities & Shareholders' Equity $21,110,687,543 ================= AbitibiBowater Inc., et al. Consolidated Statement of Operations For the period from Nov. 1, 2009 to Nov. 30, 2009 Sales - Net $331,823,286 Cost of Sales 318,213,555 ----------------- Gross Profit (Loss) 13,609,731 Operating Expenses Selling, General and Administrative 6,030,025 Research and Development - Restructuring and Other Costs 6,503,038 ----------------- Total Operating Expenses 12,533,063 ----------------- Operating Income (Loss) 1,076,668 Interest Income (Expense) (12,985,098) Other Income (Expense) Net (19,751,100) Equity in Earnings of Subsidiaries (889,003) ----------------- Income Before Taxes (32,548,533) Income Tax Expense (13,423) ----------------- Net income before Discontinued Operations (32,561,956) Discontinued Operations - ----------------- Net Income (Loss) ($32,561,956) ================= AbitibiBowater Inc., et al. Consolidated Schedule of Receipts and Disbursements For the period from Nov. 1, 2009 to Nov. 30, 2009 Total Cash Receipts $225,762,000 Disbursements: Payroll & Payroll Taxes (28,252,000) Non-Payroll Labor (11,567,000) Raw Materials (57,985,000) Utilities (11,774,000) Freight (11,185,000) SG&A (19,392,000) Supplies (16,591,000) Rent (39,000) Customer Rebates (2,432,000) Interest (7,799,000) Security Deposits - Taxes - Other (26,828,000) ----------------- Total Cash Disbursements ($193,845,000) ================= About AbitibiBowater Inc. Headquartered in Montreal, Canada, AbitibiBowater Inc. -- http://www.abitibibowater.com/-- produces a wide range of newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 23 pulp and paper facilities and 28 wood products facilities located in the United States, Canada, the United Kingdom and South Korea. Marketing its products in more than 90 countries, the Company is also among the world's largest recyclers of old newspapers and magazines, and has third-party certified 100% of its managed woodlands to sustainable forest management standards. AbitibiBowater's shares trade over-the-counter on the Pink Sheets and on the OTC Bulletin Board under the stock symbol ABWTQ. The Company and several of its affiliates filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009 (Bankr. D. Del. Lead Case No. 09-11296). Judge Kevin J. Carey presides over the case. The Company and its Canadian affiliates commenced parallel restructuring proceedings under the Companies' Creditors Arrangement Act before the Quebec Superior Court Commercial Division the next day. Alex F. Morrison at Ernst & Young, Inc., was appointed CCAA monitor. Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, serves as the Debtors' co-counsel, while Troutman Sanders LLP in New York, serves as the Debtors' conflicts counsel in the Chapter 11 proceedings. The Debtors' financial advisors are Advisory Services LP, and their noticing and claims agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario. Abitibi-Consolidated Inc. and various Canadian subsidiaries filed for protection under Chapter 15 of the U.S. Bankruptcy Code on April 17, 2009 (Bankr. D. Del. 09-11348). Judge Carey also handles the Chapter 15 case. Pauline K. Morgan, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, represent the Chapter 15 Debtors. As of Sept. 30, 2008, the Company had $9,937,000,000 in total assets and $8,783,000,000 in total debts. Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings and parallel proceedings under the Companies' Creditors Arrangement Act in Canada undertaken by Abitibibowater Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). ACCEPTANCE INSURANCE: Posts $43,311 Net Loss in December -------------------------------------------------------- Acceptance Insurance Companies Inc. filed with the U.S. Bankruptcy Court for the District of Nebraska on January 12, 2010, its monthly operating report for December 2009. For the month ended December 31, 2009, Acceptance Insurance Companies Inc. posted a net loss of $43,311 on net investment income of $331. Legal fees and expenses totaled $30,344. The Debtor reported total assets of $1,984,019, total liabilities of $138,188,599, and stockholders' deficit of $136,204,580 as of December 31, 2009. A full-text copy of the Debtor's December 2009 operating report is available at http://researcharchives.com/t/s?4d65 Headquartered in Council Bluffs, Iowa, Acceptance Insurance Companies, Inc. -- http://www.aicins.com/-- owns, either directly or indirectly, several companies, one of which is an insurance company that accounts for substantially all of the business operations and assets of the corporate groups. The Company filed for Chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates -- Acceptance Insurance Services, Inc., and American Agrisurance, Inc. -- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 and 05-80058) on January 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP, represents the Debtor in its restructuring efforts. Lawyers at McGrath North Mullin & Kratz PC, LLO, represent the Official Committee of Unsecured Creditors in Acceptance Insurance's case. ALERIS INTERNATIONAL: Reports $18.4 Mil. Loss for November ---------------------------------------------------------- Aleris International, Inc., Et Al. Consolidated Balance Sheet As of November 30, 2009 ASSETS Current Assets: Cash and cash equivalents $19,871,234 Accounts receivable, net 140,988,317 Intercompany Receivable 86,761,799 Net Inventories 157,969,764 Other current assets 43,797,720 -------------- Total current assets 449,388,834 Property, plant and equipment, net 295,027,848 Goodwill & Org. Costs, Net 79,446,152 Other Intangibles, Net 58,425,712 Total Long Term Intercompany Receivable 10,146,146 Other Long-Term Assets 1,532,109,640 -------------- Total L/T Assets 1,975,155,498 -------------- Total Assets $2,424,544,332 ============== LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $58,196,583 Accrued & Other Current Liabilities 66,248,462 Toll Liability 9,630,633 Accrued Interest 9,326,148 Total current Interco Payable 47,867,800 Current Maturities of L/T Debt 843,020,626 Other current liabilities 3,487,989 -------------- Total current liabilities 1,037,778,241 Total Long-term debt 23,585 Intercompany payable (86,519,239) Other long-term liabilities 44,849,539 -------------- Total Long-term liabilities (41,646,115) Liabilities subject to compromise-external 1,703,638,532 Liabilities subject to compromise-internal 490,603,524 -------------- Total Liabilities Subject to Compromise 2,194,242,056 -------------- Total Liabilities 3,190,374,182 Stockholders' Equity: Additional paid-in Capital 858,173,225 Retained earnings (1,581,513,942) Total other comprehensive income(loss) (42,489,133) Other stockholders' equity 0 -------------- Total stockholders' equity (765,829,850) -------------- Total Liabilities and Stockholders' Equity $2,424,544,332 ============== Aleris International, Inc., Et Al. Consolidated Statement of Operations For the Period From Nov. 1 Through Nov. 30, 2009 Gross Revenue $108,897,000 Total costs of sales 97,879,000 -------------- Gross profits 11,018,000 Selling, general and administrative: Labor 3,639,000 Professional fees 272,000 Consulting expense 92,000 Depreciation & Amortization 481,000 Other 1,470,000 -------------- Total SG&A Expense 5,954,000 Restructuring & Merger-related items 100,000 Losses (gains) on Derivatives (978,000) -------------- Operating (loss) Income 5,942,000 Net Interest Expense 18,925,000 Other (Income) and Expense 4,579,000 Reorganization Items 1,215,000 -------------- Income before taxes (18,777,000) Income Tax Expenses (350,000) -------------- Net (loss) income ($18,427,000) ============== Aleris International, Inc., Et Al. Consolidated Schedule of Cash Receipts and Disbursements For the Period From Nov. 1 Through Nov. 30, 2009 Receipts Cash Sales $0 Accounts Receivable 128,152,886 Affiliates 237 Sale of Assets 0 Other 3,063,777 Transfer (From DIP Accts) 131,400,770 -------------- Total Receipts 262,617,671 Disbursements Benefits 2,537,062 Payroll 13,821,229 Primary 25,548,359 Recycling/Scrap 43,406,315 Hardeners 2,810,453 Flux 1,312,920 Insurance 438,230 MRO 11,507,396 Freight 3,892,540 Energy 4,305,238 Taxes 809,098 By Product 990,146 Capex 2,602,518 Other accounts payable 3,153,652 U.S. Trustee Fees 282,925 Chapter 11 professional fees 1,492,195 Chapter 11 adjustments 0 Collateral Returns 0 Collateral Disbursements 3,913,704 Hedge Premiums 0 Affiliates 0 Interest & Fees 5,144,719 Extraordinaries 0 Other 0 Transfers (To DIP Accts) 131,956,596 -------------- Total Disbursements 259,925,294 --------------- Net Cash Flow $2,692,377 ============== About Aleris International Aleris International, Inc., produces and sells aluminum rolled and extruded products. Aleris operates primarily through two reportable business segments: (i) global rolled and extruded products and (ii) global recycling. Headquartered in Beachwood, Ohio, a suburb of Cleveland, the Company operates over 40 production facilities in North America, Europe, South America and Asia, and employs approximately 8,400 employees. Aleris operates 27 production facilities in the United States with eight production facilities that provided rolled and extruded aluminum products and 19 recycling production plants. Aleris International, Inc., aka IMCO Recycling Inc., and various affiliates filed for bankruptcy on February 12, 2009 (Bankr. D. Del. Case No. 09-10478). The Hon. Brendan Linehan Shannon presides over the cases. Stephen Karotkin, Esq., and Debra A. Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve as lead counsel for the Debtors. L. Katherine Good, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A. In Wilmington, Delaware, serves as local counsel. Moelis & Company LLC, acts as financial advisors; Alvarez & Marsal LLC as restructuring advisors, and Kurtzman Carson Consultants LLC as claims and noticing agent for the Debtors. As of December 31, 2008, the Debtors had total assets of $4,168,700,000; and total debts of $3,978,699,000. Bankruptcy Creditors' Service, Inc., publishes Aleris International Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Aleris International, Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- 7000) CHRYSLER LLC: Raises Cash by $24 Million in November ---------------------------------------------------- Bill Rochelle at Bloomberg News reports that Chrysler LLC, now named Old Carco LLC, increased cash during November by $24 million, ending the month with $265 million in cash. Current liabilities at the end of the month were $4 billion, including $3.34 billion on a debtor-in-possession loan. Old Chrysler produced $479 million of net income in November, due to a $686 million gain on reorganization items. About Chrysler LLC 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. 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. 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) ERICKSON RETIREMENT: Records $12.98 Mil. Loss for October --------------------------------------------------------- Erickson Retirement Communities, LLC Balance Sheet As of October 31, 2009 Assets Unrestricted cash $15,612,000 Restricted cash 15,095,000 -------------- Total cash 30,707,000 Accounts receivable, net 0 Inventory 0 Notes receivable 32,401,000 Prepaid expenses 3,350,000 Other 15,786,721 -------------- Total current assets 82,244,721 Property, Plant & Equipment 86,714,464 Less: Accumulated depreciation (30,438,464) -------------- Net property, plant & equipment 56,276,000 Due from insiders (301,168,653) Other assets - Net of amortization 2,463,000 Other 62,210,000 -------------- Total assets ($97,974,932) ============== Liabilities and Equity: Postpetition Liabilities Accounts payable $499,101 Taxes payable 0 Notes payable 0 Professional fees 0 Secured debt 0 Other 2,998,820 -------------- Total postpetition liabilities 3,497,921 Prepetition Liabilities Secured debt 216,083,896 Priority debt 0 Unsecured debt 91,737,339 Other 20,231,911 -------------- Total prepetition liabilities 328,053,146 -------------- Total liabilities 331,551,067 -------------- Equity: Prepetition owner's equity (416,545,000) Postpetition cumulative profit or (loss) (12,980,999) Direct charges to equity 0 -------------- Total equity (429,525,999) -------------- Total liabilities and equity ($97,974,932) ============== Erickson Retirement Communities, LLC Statement of Income For the Month ended October 31, 2009 Revenues: Gross revenues $0 Less returns & discounts 0 -------------- Net revenue 0 Cost of goods sold Material 0 Direct labor 0 Direct overhead 0 -------------- Total cost of goods sold 0 -------------- Gross profit 0 Operating expenses Officer/insider compensation 397,301 Selling & marketing 0 General & administrative 3,563,604 Rent & lease 0 Other 0 -------------- Total operating expenses 3,960,905 -------------- Income before non-operating income & expense (3,960,905) Other Income & expenses Non-operating income (rent) (57,000) Non-operating expense 0 Interest expense 450,000 Depreciation 295,133 Amortization 25,867 Other 7,749,000 -------------- Net other income & expenses 8,463,000 Reorganization expenses Professional fees 557,094 U.S. Trustee fees 0 Other 0 -------------- Total reorganization expenses 557,094 Income tax 0 -------------- Net profit (loss) ($12,980,999) ============== Erickson Retirement Communities, LLC Cash Receipts and Disbursements For the Month Ended October 30, 2009 Cash - beginning of month $27,942,788 Receipts from operations Cash sales 0 Collection of accounts receivable Prepetition 0 Postpetition 0 -------------- Total operating receipts 0 Non-operating receipts Loans & advances (DIP Funding), net 0 Sale of assets 0 Other 2,846,181 -------------- Total non-operating receipts 2,846,181 Total receipts 2,846,181 -------------- Total cash available 30,788,949 Operating disbursements Net payroll 794,781 Payroll taxes paid 774,036 Sales, use & other taxes paid 0 Secured/rental/leases 0 Utilities 0 Insurance (1,625,349) Inventory purchases 0 Vehicle expenses 0 Travel 99,523 Entertainment 0 Repairs & maintenance 0 Supplies 0 Advertising 0 Other 38,958 -------------- Total operating disbursements 81,949 Reorganization expenses Professional fees 0 U.S. Trustee fees 0 Other 0 -------------- Total reorganization expenses 0 Total disbursements 81,949 -------------- Net cash flow 2,764,232 -------------- Cash - end of month $30,707,000 ============== Other Erickson Retirement Affiliates Fifteen affiliates of Erickson Retirement also delivered separate individual monthly operating reports to the Court. The Erickson Retirement affiliates reported these assets and liabilities as of October 31, 2009: Debtor Affiliate Total Assets Total Debts ---------------- -------------- ------------ Warminster Campus, LP $299,337,859 $299,337,859 Concord Campus, LP $282,572,167 $282,572,167 Novi Campus, LLC $236,006,203 $236,006,203 Littleton Campus, LLC $226,151,552 $226,151,552 Ashburn Campus, LLC $186,949,613 $186,949,613 Houston Campus, LP $161,934,732 $161,934,732 Dallas Campus, LP $154,194,436 $154,194,436 Kansas Campus, LLC $123,936,307 $123,936,307 Columbus Campus, LLC $75,551,105 $75,551,105 Erickson Construction, LLC $20,601,220 $20,601,220 Senior Campus Services, LLC $0 $0 Erickson Group, LLC $0 $0 Warminster Campus GP, LLC $0 $0 Concord Campus GP, LLC $0 $0 Dallas Campus GP, LLC $0 $0 The Debtor affiliates listed their net income or loss for the period from October 1 to 31, 2009: Company Net Income(Loss) ------------- ---------------- Ashburn Campus, LLC ($578,944) Concord Campus, LP ($447,635) Warminster Campus, LP ($429,000) Novi Campus, LLC ($359,584) Littleton Campus, LLC ($345,694) Dallas Campus, LP ($344,078) Houston Campus, LP ($304,053) Kansas Campus, LLC ($316,338) Columbus Campus, LLC ($287,559) Warminster Campus GP, LLC $0 Senior Campus Services, LLC $0 Erickson Group, LLC $0 Erickson Construction, LLC $0 Concord Campus GP, LLC $0 Dallas Campus GP, LLC $0 The Debtor affiliates also reported their cash receipts and disbursements for the period from October 1 to 31, 2009: Company Receipts Disbursements Cash Flow ------------- ----------- ------------- --------- Ashburn Campus, LLC $4,944,787 $0 $4,944,787 Concord Campus, LP $111,652 $0 $111,652 Novi Campus, LLC $93,739 $11,264 $82,475 Littleton Campus, LLC $87,442 $1,661 $85,781 Houston Campus, LP $48,149 $1,622 $46,527 Dallas Campus, LP $37,323 $0 $37,323 Kansas Campus, LLC $17,397 $921 $16,476 Warminster Campus, LP $0 $862 ($862) Warminster Campus GP, LLC $0 $0 $0 Erickson Construction, LLC $0 $0 $0 Concord Campus GP, LLC $0 $0 $0 Dallas Campus GP, LLC $0 $0 $0 Senior Campus Services, LLC $0 $0 $0 Erickson Group, LLC $0 $0 $0 Columbus Campus, LLC $0 $0 $0 About Erickson Retirement The Baltimore, Maryland-based Erickson Retirement Communities LLC owns 20 continuing care retirement communities in 11 states. Among Erickson's 20 communities, eight are completed, 11 are open although in construction, and one is in development. They have 23,000 residents in total. Erickson, along with affiliates, filed for Chapter 11 on October 19, 2009 (Bankr. N.D. Tex. Case No. 09-37010). DLA Piper LLP (US) serves as counsel to the Debtors. BMC Group Inc. serves as claims and notice agent. Houlihan, Lokey, Howard & Zoukin, Inc., is also serving as investment and financial consultant. Alvarez & Marsal is serving as restructuring adviser. As of September 30, 2009, on a book value basis, ERC had approximately $2.7 billion in assets, including $2.2 billion of property and equipment, and $3.0 billion in liabilities. Liabilities include $195.8 million on the revolving credit, $347.5 million on construction credit, $64 million in accounts payable, $47.8 million in subordinate debt, and $475 million in purchase option deposits. Bankruptcy Creditors' Service, Inc., publishes Erickson Retirement Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Erickson Retirement Communities LLC and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) ERICKSON RETIREMENT: Records $8.85 Mil. Loss for November --------------------------------------------------------- Erickson Retirement Communities, LLC Balance Sheet As of November 30, 2009 Assets Unrestricted cash $16,405,000 Restricted cash 15,231,000 -------------- Total cash 31,636,000 Accounts receivable, net 0 Inventory 0 Notes receivable 32,401,000 Prepaid expenses 3,251,000 Other 17,584,633 -------------- Total current assets 84,872,633 Property, Plant & Equipment 86,727,434 Less: Accumulated depreciation (31,127,434) -------------- Net property, plant & equipment 55,600,000 Due from insiders (307,127,125) Other assets - Net of amortization (2,396,000) Other 62,140,000 -------------- Total assets ($102,118,492) ============== Liabilities and Equity: Postpetition Liabilities Accounts payable $1,141,717 Taxes payable 0 Notes payable 0 Professional fees 0 Secured debt 1,383,000 Other 5,213,024 -------------- Total postpetition liabilities 7,737,741 Prepetition Liabilities Secured debt 216,083,588 Priority debt 0 Unsecured debt 92,203,186 Other 20,231,911 -------------- Total prepetition liabilities 328,518,685 -------------- Total liabilities 336,256,426 -------------- Equity: Prepetition owner's equity (416,544,999) Postpetition cumulative profit or (loss) (21,829,919) Direct charges to equity 0 -------------- Total equity (438,374,918) -------------- Total liabilities and equity ($102,118,492) ============== Erickson Retirement Communities, LLC Statement of Income For the Month ended November 30, 2009 Revenues: Gross revenues $2,566,657 Less returns & discounts 0 -------------- Net revenue 2,566,657 Cost of goods sold Material 0 Direct labor 0 Direct overhead 0 -------------- Total cost of goods sold 0 -------------- Gross profit 2,566,657 Operating expenses Officer/insider compensation 912,421 Selling & marketing 0 General & administrative (1,216,746) Rent & lease 116,325 Other 0 -------------- Total operating expenses (188,000) -------------- Income before non-operating income & expense (2,754,657) Other Income & expenses Non-operating income (rent) (262,356) Non-operating expense 0 Interest expense 1,118,611 Depreciation 688,971 Amortization 66,823 Other 8,091,528 -------------- Net other income & expenses 9,703,577 Reorganization expenses Professional fees 150,000 U.S. Trustee fees 0 Other 1,750,000 -------------- Total reorganization expenses 1,900,000 -------------- Income tax 0 -------------- Net profit (loss) ($8,848,920) ============== Erickson Retirement Communities, LLC Cash Receipts and Disbursements For the Month Ended November 30, 2009 Cash - beginning of month $30,707,000 Receipts from operations Cash sales 5,314,221 Collection of accounts receivable Prepetition 0 Postpetition 0 -------------- Total operating receipts 5,314,221 Non-operating receipts Loans & advances (DIP Funding), net 1,383,000 Sale of assets 0 Other 1,005,940 -------------- Total non-operating receipts 2,388,940 Total receipts 7,703,161 -------------- Total cash available 38,410,161 Operating disbursements Net payroll 1,629,601 Payroll taxes paid 1,211,236 Sales, use & other taxes paid 0 Secured/rental/leases 10,417 Utilities 89,851 Insurance 821,296 Inventory purchases 0 Vehicle expenses 0 Travel 290,844 Entertainment 0 Repairs & maintenance 1,224 Supplies 32,870 Advertising 432,557 Other 354,266 -------------- Total operating disbursements 4,874,162 Reorganization expenses Professional fees 150,000 U.S. Trustee fees 0 Other 1,750,000 -------------- Total reorganization expenses 1,900,000 Total disbursements 6,774,162 -------------- Net cash flow 928,999 -------------- Cash - end of month $31,635,999 ============== Other Erickson Retirement Affiliates Fifteen affiliates of Erickson Retirement also delivered separate individual monthly operating reports to the Court. The Erickson Retirement affiliates reported these assets and liabilities as of November 30, 2009: Debtor Affiliate Total Assets Total Debts ---------------- -------------- ------------ Warminster Campus, LP $298,883,517 $298,883,517 Concord Campus, LP $282,443,621 $282,443,621 Novi Campus, LLC $236,116,674 $236,116,674 Littleton Campus, LLC $225,934,532 $225,934,532 Ashburn Campus, LLC $186,774,528 $186,774,528 Houston Campus, LP $161,735,635 $161,735,635 Dallas Campus, LP $154,058,349 $154,058,349 Kansas Campus, LLC $123,944,742 $123,944,742 Columbus Campus, LLC $75,539,544 $75,539,544 Erickson Construction, LLC $20,950,745 $20,950,745 Senior Campus Services, LLC $0 $0 Erickson Group, LLC $0 $0 Warminster Campus GP, LLC $0 $0 Concord Campus GP, LLC $0 $0 Dallas Campus GP, LLC $0 $0 The Debtor affiliates listed their net income or loss for the period from November 1 to 30, 2009: Company Net Income(Loss) ------------- ---------------- Dallas Campus, LP ($2,185,828) Ashburn Campus, LLC ($1,293,712) Concord Campus, LP ($1,086,586) Warminster Campus, LP ($922,007) Kansas Campus, LLC ($826,538) Columbus Campus, LLC ($746,356) Littleton Campus, LLC ($718,976) Houston Campus, LP ($641,892) Novi Campus, LLC ($585,593) Erickson Construction, LLC ($8,606) Concord Campus GP, LLC $0 Dallas Campus GP, LLC $0 Warminster Campus GP, LLC $0 Senior Campus Services, LLC $0 Erickson Group, LLC $0 The Debtor affiliates also reported their cash receipts and disbursements for the period from November 1 to 30, 2009: Company Receipts Disbursements Cash Flow ------------- ----------- ------------- --------- Ashburn Campus, LLC $1,483,424 $2,189,607 ($706,183) Novi Campus, LLC $489,344 $571,877 ($82,533) Houston Campus, LP $168,803 $136,673 $32,130 Kansas Campus, LLC $119,396 $133,476 ($14,080) Concord Campus, LP $111,652 $9,287 $102,365 Littleton Campus, LLC $74,384 $9,815 $64,570 Dallas Campus, LP $48,765 $23,231 $25,534 Erickson Construction, LLC $20 ($217,572) $217,592 Warminster Campus, LP $0 $9,958 ($9,958) Columbus Campus, LLC $0 $14 ($14) Warminster Campus GP, LLC $0 $0 $0 Senior Campus Services, LLC $0 $0 $0 Erickson Group, LLC $0 $0 $0 Concord Campus GP, LLC $0 $0 $0 Dallas Campus GP, LLC $0 $0 $0 About Erickson Retirement The Baltimore, Maryland-based Erickson Retirement Communities LLC owns 20 continuing care retirement communities in 11 states. Among Erickson's 20 communities, eight are completed, 11 are open although in construction, and one is in development. They have 23,000 residents in total. Erickson, along with affiliates, filed for Chapter 11 on October 19, 2009 (Bankr. N.D. Tex. Case No. 09-37010). DLA Piper LLP (US) serves as counsel to the Debtors. BMC Group Inc. serves as claims and notice agent. Houlihan, Lokey, Howard & Zoukin, Inc., is also serving as investment and financial consultant. Alvarez & Marsal is serving as restructuring adviser. As of September 30, 2009, on a book value basis, ERC had approximately $2.7 billion in assets, including $2.2 billion of property and equipment, and $3.0 billion in liabilities. Liabilities include $195.8 million on the revolving credit, $347.5 million on construction credit, $64 million in accounts payable, $47.8 million in subordinate debt, and $475 million in purchase option deposits. Bankruptcy Creditors' Service, Inc., publishes Erickson Retirement Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Erickson Retirement Communities LLC and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) ESCADA AG: U.S. Unit Reports $442,513 Net Loss for November ----------------------------------------------------------- Escada (USA), Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating report for the period from November 1 to November 30, 2009. According to Christian D. Marques, a member of the Board of Directors at Escada USA, the Company's beginning balance in its working fund and disbursement account at JPMorgan Chase Bank, N.A., PNC Lockbox and local store accounts totaled $3,714,611 at the beginning of the Reporting Period. Escada held $5,469,681 at the end of the Period. Escada (USA) Inc. Balance Sheet As of November 30, 2009 ASSETS CURRENT ASSETS: Unrestricted cash & cash equivalents $5,469,681 Restricted cash & cash equivalents - Petty cash & register funds 27,313 Accounts receivable (net) 889,021 Notes receivable - Inventories 16,732,571 Prepaid expenses 576,275 Professional retainers - Other current assets 7,411,877 ------------- Total Current Assets 31,106,738 PROPERTY & EQUIPMENT Real Property & improvements - Machinery & equipment - EDP hardware 1,605,832 EDP software 1,449,069 Furniture, fixtures & office equipment 19,248,895 Leasehold improvements 20,090,923 Wholesale shop in shops 1,488,338 Vehicles - Construction in progress 2,147,166 Less: Accumulated Depreciation (43,882,849) ------------- Total Property & Equipment 2,147,374 OTHER ASSETS Amounts due from insiders 0 Other assets 8,742,180 ------------- Total Other Assets 8,742,180 ------------- TOTAL ASSETS $41,996,292 ============= LIABILITIES AND OWNER EQUITY LIABILITIES NOT SUBJECT TO COMPROMISE: Accounts payable $685,308 Accounts payable - intercompany - Taxes payable 265,374 Accrued payroll 255,323 Accrued bonuses 476,184 Notes payable - Rent/Leases - building equipment 363,758 Secured debt/Adequate protection payments - Professional fees 1,122,618 Amounts due to insiders 2,296,492 Other postpetition liabilities 40,362,975 ------------- Total Postpetition Liabilities 45,828,032 LIABILITIES SUBJECT TO COMPROMISE: Secured debt - Priority debt - US Customs 13,711,413 Unsecured debt - bonds/senior credit facility estimate 367,800,000 Unsecured debt - letters of credit 7,519,982 Unsecured debt - accounts payable 1,178,074 Unsecured debt - intercompany 37,368,373 ------------- Total Prepetition Liabilities 427,577,842 ------------- TOTAL LIABILITIES 473,405,874 OWNERS' EQUITY Capital stock 4,700,000 Additional paid-in capital 21,316,288 Partners' capital account - Owner's equity account - Retained earnings - prepetition (438,420,596) Retained earnings - postpetition (19,005,274) Adjustments to owner equity - Postpetition contributions - ------------- NEW OWNERS' EQUITY (431,409,582) ------------- TOTAL LIABILITIES AND OWNERS' EQUITY $41,996,292 ============= Escada (USA) Inc. Statement of Operations November 1 through November 30, 2009 REVENUES: Gross revenues $8,182,668 Less: returns and allowances 1,092,592 ------------- Net revenue 7,090,076 Cost of Goods Sold: Beginning Inventory - Add: purchases - Add: cost of labor - Add: other costs - Less: ending inventory - Cost of goods sold 3,994,199 ------------- Gross profit 3,095,877 Operating Expenses: Advertising 125,490 Auto and truck expense 4,092 Bad debts 8,880 Contributions 1,866 Employee benefits programs 181,983 Officer/insider compensation 128,418 Insurance 61,065 Management fees/bonuses (4,228) Office expense - Pension & profit sharing plans 2,383 Repairs and maintenance 63,031 Rent and lease expense 918,405 Salaries/commissions/fees 1,251,274 Supplies 32,886 Taxes - payroll 80,249 Taxes - real estate 51,785 Taxes - other 2,193 Travel and entertainment 61,671 Utilities 77,433 Other 173,373 ------------- Total Operating Expenses Before Depreciation 3,222,249 Depreciation/depletion/amortization 1,864 ------------- Net Loss Before Other Income & Expenses (128,236) Other Income and Expenses: Other income - Interest expense 14,277 Other expense - ------------- Net Loss Before Reorganization Items (142,513) Reorganization Items: Professional fees 300,000 U.S. Trustee quarterly fees - Interest earned on accumulated cash from Chapter 11 - Gain (Loss) from sale of equipment - Other reorganization expenses - Total reorganization expenses 300,000 Income taxes - ------------- Net Profit (Loss) ($442,513) ============= Escada (USA) Inc. Schedule of Cash Receipts and Disbursements November 1 through November 30, 2009 CASH, BEGINNING OF MONTH $3,714,611 RECEIPTS Cash Sales 356,145 Accounts Receivable - prepetition - Accounts Receivable - postpetition 7,372,530 Loans and Advances - Sales of Assets - Other - Transfers (from DIP Accounts) 5,438,255 ------------- TOTAL RECEIPTS 13,166,930 DISBURSEMENTS Net Payroll 969,715 Payroll Taxes 414,194 Sales, Use and Other taxes 190,969 Inventory Purchases 1,391,842 Secured/Rental/Leases 590,000 Insurance - Administrative 2,304,932 Selling - Other (37,764) Owner Draw - Transfers (to DIP Accounts) 5,438,255 Professional Fees 149,717 U.S. Trustee Quarterly Fees - Court Costs - ------------- TOTAL DISBURSEMENTS 11,411,860 ------------- Net Cash Flow (Receipts Less Disbursements) 1,755,070 ------------- Cash - End of Month $5,469,681 ============= About Escada AG The ESCADA Group -- http://www.escada.com/-- is an international fashion group for women's apparel and accessories, which is active on the international luxury goods market. It has pursued a course of steady expansion since its founding in 1976 by Margaretha and Wolfgang Ley and today has 182 own shops and 225 franchise shops/corners in more than 60 countries. As of August 10, 2009, the Escada Group operated 176 owned stores and so-called shop in shops, of which 26 owned stores are located in the United States and operated by Escada (USA) Inc. and 2 stores are planned to be opened in the United States before year end. Escada Group products are also sold in 163 stores worldwide which are operated by franchisees. Escada Group had total assets of EUR322.2 million against total liabilities of 338.9 million as of April 30, 2009. Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008). Judge Stuart M. Bernstein handles the case. O'Melveny & Myers LLP has been tapped as bankruptcy counsel. Kurtzman Carson Consultants serves as claims and notice agent. Escada US listed US$50 million to US$100 million in assets and US$100 million to US$500 million in debts in its petition. Bankruptcy Creditors' Service, Inc., publishes Escada USA Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Escada USA, and the insolvency proceedings of ESCADA AG and its units. (http://bankrupt.com/newsstand/or 215/945-7000) FAIRFIELD RESIDENTIAL: Files Initial Monthly Operating Report ------------------------------------------------------------- Fairfield Residential LLC, et al., filed on January 4, 2010, an initial monthly with the U.S. Bankruptcy Court for the District of Delaware. The Debtors submitted cash flow projections for the 15 week period December 13, 2009, through March 27, 2010, disclosing: Beginning Cash $82,455,038 ----------- Total Cash Receits $15,790,984 Total Cash Disbursements $29,345,326 Net Intercompany Transactions ($30,000) ----------- Cash Source (Use) $13,584,342 ----------- Ending Cash $68,870,697 A copy of the Debtors' initial monthly operating report is available for free at: http://bankrupt.com/misc/fairfieldresidential.initialmor.pdf About Fairfield Residential San Diego, California-based Fairfield Residential LLC is a fully integrated multifamily housing company that through its various subsidiaries provides a diverse mix of services to a wide range of investors, joint venture partners and clients. FFR either directly or indirectly acts as a general partner or managing member of, and owns varying stakes in, a number of project level operating companies. The Company and its affiliates -- FF Development, Inc., et al. -- filed for Chapter 11 bankruptcy protection on December 13, 2009 (Bankr. D. Delaware Case No. 09-14378). Daniel J. DeFranceschi, Esq.; Lee E. Kaufman, Esq.; Paul Noble Heath, Esq.; and Travis A. McRoberts, Esq., at Richards, Layton & Finger, P.A., assist the Debtors in their restructuring efforts. As of December 31, 2008, the Company had $1.2 billion in total assets and $978 million in total liabilities, exclusive of $3 billion of contingent guaranty liabilities. FREEDOM COMMUNICATIONS: Posts $4.1 Million Net Loss in November --------------------------------------------------------------- Freedom Communications Holdings Inc., et al., reported a net loss of $4.1 million on total operating revenue of $52.2 million for the month of November 2009. The Debtors ended November 2009 with approximately $100.8 million in cash and cash equivalents. The Debtor paid a total of $399,769 in professional fees and expenses during the month. At November 30, 2009, the Debtors had $801.7 million in total assets, $143.2 million in total current liabilities, $194.8 million in total long-term liabilities, $804.0 million in liabilities subject to compromise, and $185,000 in minority interests, resulting in a $340.5 million stockholders' deficiency. A copy of the Company's November 2009 operating report is available for free at : http://bankrupt.com/misc/fchi.novembermor.pdf Freedom Communications, headquartered in Irvine, California, is a national privately owned information and entertainment company of print publications, broadcast television stations and interactive businesses. The company's print portfolio includes approximately 90 daily and weekly publications, including approximately 30 daily newspapers, plus ancillary magazines and other specialty publications. The broadcast company's stations -- five CBS, two ABC network affiliates and one CW affiliate -- reach more than 3 million households across the country. The Company's news, information and entertainment Web sites complement its print and broadcast properties. Freedom Communications filed for Chapter 11 on Sept. 1, 2009 (Bankr. D. Del. Case No. 09-13046). Attorneys at Young Conaway Stargatt & Taylor, and Latham & Watkins LLP serve as Chapter 11 counsel. Houlihan, Lokey, Howard & Zukin, Inc., serves as financial advisor while AlixPartners LLC is restructuring consultant. Logan & Co. serves as claims and notice agent. Freedom Communications had $757,000,000 in assets against debts of $1,077,000,000 as of July 31, 2009. GENERAL GROWTH: Reports $6,384,000 Net Loss for November -------------------------------------------------------- General Growth Properties, Inc. Consolidated Condensed Balance Sheet As of November 30, 2009 Assets Investment in real estate: Land $2,946,948,000 Buildings and equipment 19,475,610,000 Less accumulated depreciation (4,074,153,000) Developments in progress 780,120,000 ---------------- Net property and equipment 19,128,525,000 Investment in and loans to/from Unconsolidated Real Estate Affiliates 390,402,000 Investment property and property held for development and sale 1,188,232,000 Investment in controlled non-debtor entities 3,982,625,000 ---------------- Net investment in real estate 24,689,784,000 Cash and cash equivalents 739,157,000 Accounts and notes receivable, net 332,173,000 Goodwill 205,257,000 Deferred expenses, net 238,635,000 Prepaid expenses and other assets 546,753,000 ---------------- Total assets $26,751,759,000 ================ Liabilities and Equity: Mortgages, notes and loans payable $400,000,000 Investment in and loans to/from Unconsolidated Real Estate Affairs 32,363,000 Deferred tax liabilities 906,021,000 Accounts payable and accrued expenses 735,374,000 ---------------- Liabilities not subject to compromise 2,073,758,000 ---------------- Liabilities subject to compromise 22,508,578,000 ---------------- Total liabilities 24,582,336,000 ---------------- Redeemable noncontrolling interests: Preferred 120,756,000 Common 35,686,000 ---------------- Total redeemable noncontrolling interests 156,442,000 ---------------- Equity: Common stock 3,138,000 Additional paid-in capital 3,793,991,000 Retained earnings (accumulated deficit) (1,717,855,000) Accumulated other comprehensive loss (3,617,000) Less common stock in treasury, at cost (76,752,000) ---------------- Total stockholder's equity 1,998,905,000 Noncontrolling interests in consolidated real estate affiliates 14,076,000 ---------------- Total equity 2,012,981,000 ---------------- Total liabilities and equity $26,751,759,000 ================ General Growth Properties, Inc. Consolidated Statement of Income For the Month ended November 30, 2009 Revenues: Minimum rents $141,206,000 Tenant recoveries 62,657,000 Overage rents 5,776,000 Land sales 746,000 Other 6,414,000 ---------------- Total revenues 216,799,000 ---------------- Expenses: Real estate taxes 20,157,000 Repairs and maintenance 18,143,000 Marketing 3,625,000 Ground and other rents 932,000 Other property operating costs 25,680,000 Land sales operations 1,511,000 Provision for doubtful accounts 75,000 Property management and other costs 9,329,000 General and administrative 1,475,000 Provisions for impairment - Depreciation and amortization 50,700,000 ---------------- Total expenses 131,627,000 ---------------- Operating income 85,172,000 Interest (expense) income, net (94,645,000) ---------------- Loss before income taxes, noncontrolling interests, equity in income of Unconsolidated Real Estate Affiliates and reorganization items (9,473,000) Benefit (provision) from income taxes (1,831,000) Equity in income of Unconsolidated Real Estate Affiliates 10,889,000 Reorganization items (4,977,000) ---------------- Net loss (5,392,000) Allocation to noncontrolling interests (992,000) ---------------- Net loss attributable to common stockholders ($6,384,000) ================ About General Growth Properties Based in Chicago, Illinois, General Growth Properties, Inc. -- http://www.ggp.com/-- is the second-largest U.S. mall owner, having ownership interest in, or management responsibility for, more than 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company's portfolio totals roughly 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. General Growth is a self- administered and self-managed real estate investment trust. The Company's common stock is trading in the pink sheets under the symbol GGWPQ. General Growth Properties Inc. and its affiliates filed for Chapter 11 on April 16, 2009 (Bankr. S.D.N.Y., Case No. 09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq., Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil, Gotshal & Manges LLP, have been tapped as bankruptcy counsel. Kirkland & Ellis LLP is co-counsel. Kurtzman Carson Consultants LLC has been engaged as claims agent. The Company also hired AlixPartners LLP as financial advisor and Miller Buckfire Co. LLC, as investment bankers. The Debtors disclosed $29,557,330,000 in assets and $27,293,734,000 in debts as of December 31, 2008. Bankruptcy Creditors' Service, Inc., publishes General Growth Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Growth Properties Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) GENERAL MOTORS: Old GM Reports $2.48BB Reorg. Gain for November --------------------------------------------------------------- On January 11, 2010, Motors Liquidation Company and certain of its subsidiaries filed their unaudited monthly operating report for the month ending November 30, 2009, with the United States Bankruptcy Court for the Southern District of New York. The Company cautions 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 the securities of the Company. The monthly operating report has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in the Debtors' Chapter 11 cases and is in a format acceptable to the Office of the United States Trustee for the Southern District of New York. The monthly operating report is limited in scope and only covers a limited time period. The financial statements in the monthly operating report were not audited or reviewed by independent accountants and were not prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Motors Liquidation Company, et al. Unaudited Condensed Combined Statement of Net Assets As of November 30, 2009 ASSETS: Cash and cash equivalents $1,032,811,000 Due from affiliates 332,000 Prepaid expenses 4,814,000 Other current assets 26,411,000 ----------------- Total Current Assets 1,064,368,000 Property, plant and equipment Land and building 207,223,000 Machinery and equipment 46,639,000 ----------------- Total property, plant and equipment 253,862,000 Investment in GMC - Investments in subsidiaries 14,570,000 Restricted Cash 89,600,000 ----------------- Total Assets $1,422,400,000 ================= LIABILITIES: DIP Financing $1,183,813,000 Accounts payable 3,981,000 Due to GM LLC 3,714,000 Accrued payroll and employee benefits 35,468,000 Accrued professional fees 38,176,000 Other accrued liabilities 16,552,000 ----------------- Total current liabilities 1,281,704,000 Liabilities subject to compromise 32,288,992,000 ----------------- Total Liabilities 33,570,696,000 ----------------- Net Assets (Liabilities) ($32,148,296,000) ================= Motors Liquidation Company, et al. Unaudited Condensed Combined Statement of Operations For the Month Ended Nov. 30, 2009 Rental Income $1,806,000 Selling, administrative and other expenses 12,743,000 ----------------- Operating loss (10,937,000) Interest expense 4,932,000 Interest income (353,000) ----------------- Loss before reorganization items & income taxes (15,516,000) Reorganization items (gain)/loss (2,482,449,000) ----------------- Income before income taxes 2,466,933,000 Income taxes - ----------------- Net Income $2,466,933,000 ================= Motors Liquidation Company, et al. Unaudited Condensed Combined Statement of Cash Flows For the Month Ended Nov. 30, 2009 Cash Flows from Operating Activities: Net Income $2,466,933,000 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Reorganization charges (2,482,448,000) Reorganization-related payments (5,183,000) Changes in assets & liabilities Due from affiliates - Prepaid expenses 275,000 Other current assets 20,000 Accounts payable 1,259,000 Due to GM LLC (867,000) Accrued payroll & employee benefits (12,715,000) Other accrued liabilities 5,257,000 ----------------- Net Cash used in Operating Activities (27,469,000) Cash Flows from Investing Activities: Proceeds from disposal of assets 576,000 Proceeds from sale of investment in subsidiaries 2,218,000 Changes in restricted cash - ----------------- Net cash provided by (used in) investing activities 2,794,000 ----------------- Decrease in cash & cash equivalents (24,675,000) Cash & cash equivalents at beginning of period 1,057,486,000 ----------------- Cash & cash equivalents at end of period $1,032,811,000 ================= 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) GREEKTOWN HOLDINGS: Casino Records $5.96MM Net Loss for November ---------------------------------------------------------------- Greektown Holdings, LLC Balance Sheet As of November 30, 2009 Assets Cash $0 Inventory Accounts receivable Insider Receivables 3,442,586 Property and Equipment Land and buildings 0 Furniture, fixtures and equipment 0 Other Assets Financing Fees 0 Notes receivables from affiliates 500,475,307 Investments in affiliate (44,320,571) -------------- Total Assets $459,597,322 ============== Liabilities and Stockholder's Equity Postpetition liabilities: Accounts payable $0 Rent and lease payable 0 Wages and salaries 0 Taxes payable 0 Other 1,350,000 -------------- Total postpetition liabilities 1,350,000 Secured liabilities subject to postpetition collateral or financing order 186,509,542 All other secured liabilities 313,965,764 -------------- Total secured liabilities 500,476,307 Prepetition liabilities: Taxes and other priority liabilities 0 Unsecured liabilities 236,795,057 Discount on bonds 0 -------------- Total prepetition liabilities 236,795,057 Kewadin equity (99,399,607) Monroe equity (87,697,011) Owner's capital 488,947 Retained earnings prepetition 116,601,907 Retained earnings postpetition (209,017,277) -------------- Total stockholders' equity (279,023,041) -------------- Total liabilities 738,620,363 -------------- Total Liabilities & Shareholders' Deficit $459,597,322 ============== Greektown Holdings, LLC Income Statement For the month ended November 30, 2010 Total revenue/sales $0 Cost of sales 0 -------------- Gross profit 0 Operating Expenses Interest expense 1,657,292 Accounting fees - credit 0 -------------- Total expenses 1,657,292 Net operating profit/(loss) Add: Non-operating income 0 Interest income 0 Other income 0 Less: Non-operating expenses 0 -------------- Net Income (Loss) ($1,657,292) ============== Greektown Holdings, LLC Cash Flow Statement For the month ended November 30, 2009 Cash - beginning of month $0 Receipts 0 Balance available 0 -------------- Less disbursements 0 -------------- Cash - end of month $0 ============== Greektown Casino LLC Balance Sheet As of November 30, 2009 Assets Cash $23,682,709 Inventory 383,807 Accounts receivable 4,714,491 Insider Receivables - Property and Equipment Land and buildings 539,564,168 Furniture, fixtures and equipment 85,402,357 Accumulated depreciation (149,606,815) Other current 23,939,266 Other long term 11,351,801 -------------- Total Assets $539,431,784 ============== Liabilities and Stockholder's Equity Postpetition liabilities: Accounts payable $13,986,560 Notes payable 2,054,457 Rent and lease payable 0 Wages and salaries 1,510,461 Taxes payable 442,531 Other 86,671 -------------- Total postpetition liabilities 18,080,681 Secured liabilities subject to postpetition collateral or financing order 186,509,542 All other secured liabilities 313,965,764 -------------- Total secured liabilities 500,475,306 Prepetition liabilities: Taxes and other priority liabilities 0 Unsecured liabilities 61,542,083 Other 3,654,286 -------------- Total prepetition liabilities 65,196,369 Equity 47,575,616 Owner's capital 0 Retained earnings prepetition 82,744,007 Retained earnings postpetition (174,641,195) -------------- Total shareholders' equity (44,320,572) -------------- Total liabilities 583,752,356 -------------- Total Liabilities & Shareholders' Equity $539,431,784 ============== Greektown Casino LLC Income Statement For the month ended November 30, 2009 Total revenue/sales $30,530,848 Cost of sales 3,413,363 -------------- Gross profit 27,117,485 Operating Expenses Officer compensation 26,849 Salary expenses, other employees 4,901,137 Employees benefits & pensions 2,076,139 Payroll taxes 553,578 Other taxes 618,483 Rent and lease expense 7,989 Interest expense 5,159,324 Insurance 257,073 Automobile & truck expense 0 Utilities 239,026 Depreciation 2,981,628 Travel and entertainment 5,888 Repairs and maintenance 55,756 Advertising 1,347,538 Supplies, office expense, etc. 14,155 Gaming taxes 7,474,055 G&A expenses 2,773,151 F&B expenses 854,543 MGCB Fee 846,387 Parking/other 2,000 Pre-opening expenses - Impairment of intangible assets - -------------- Total expenses 30,192,698 Net operating profit (loss) (3,075,213) Add: Non-operating income: Interest income - Other income - Less: Non-operating expenses Professional fees 2,708,606 Other 175,000 -------------- Net Income (Loss) ($5,958,819) ============== Greektown Casino LLC Cash Flow Statement For the month ended November 30, 2009 Cash - beginning of month $10,246,739 Receipts 44,284,869 Balance available 54,531,608 -------------- Less disbursements 44,247,250 -------------- Cash - end of month $10,284,359 ============== About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC, and its affiliates -- http://www.greektowncasino.com/-- operates world-class casino gaming facilities located in Detroit's historic Greektown district featuring more than 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. Greektown Casino employs approximately 1,971 employees, and estimates that it attracts over 15,800 patrons each day, many of whom make regular visits to its casino complex and related properties. In 2007, Greektown Casino achieved a 25.6% market share of the metropolitan Detroit gaming market. Greektown Casino has also been rated as the "Best Casino in Michigan" and "Best Casino in Detroit" numerous times in annual readers' polls in Detroit's two largest newspapers. The Company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC as claims, noticing, and balloting agent. Clark Hill PLC serves as counsel to the Official Committee of Unsecured Creditors. Greektown Holdings listed assets and debts of $100 million to $500 million in its bankruptcy petition. Bankruptcy Creditors' Service, Inc., publishes Greektown Casino Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Greektown Casino and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) METROMEDIA INT'L: Posts $2.1 Million Net Loss in November --------------------------------------------------------- MIG, Inc., reported a net loss of $2.1 million on net revenue of $13,760 for the month ended November 30, 2009. Professional fees incurred in November and included in reorganization items totaled $1.9 million. At November 30, 2009, MIG had $1.03 billion in total assets, $205.4 million in total liabilities, and $824.1 million in total equity. The Company ended November with approximately $49.3 million in cash, which includes $3.6 million of restricted cash. For the month, the Company paid a total of $743,474 in professional fees. A copy of the Company's November operating report is available for free at http://bankrupt.com/misc/mig.novembermor.pdf About MIG Inc. Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM, MTRMP) -- http://www.metromedia-group.com/-- through its wholly owned subsidiaries, owns interests in several communications businesses in the country of Georgia. The Company's core businesses include Magticom Ltd., a mobile telephony operator located in Tbilisi, Georgia, Telecom Georgia, a long distance telephony operator, and Telenet, which provides Internet access, data communications, voice telephony and international access services. MIG, Inc., fka Metromedia International Group, Inc., filed for Chapter 11 bankruptcy protection on June 18, 2009 (Bankr. D. Del. Case No. 09-12118). Scott D. Cousins, Esq., at Greenberg Traurig LLP assists the Company in its restructuring efforts. Debevoise & Plimpton LLP is the Company's special corporate counsel, while Potter Anderson & Corroon LLP is the Company's special litigation counsel. The official committee of unsecured creditors of MIG, Inc., has retained Baker & McKenzie LLP as its bankruptcy counsel, nunc pro tunc to June 30, 2009. In its petition, the Company said it had US$100 million to US$500 million in assets and US$100 million to US$500 million in debts. In its formal schedules, the Company said it had assets of $54,820,681 against debts of $210,183,657. NEWPOWER HOLDINGS: Files Monthly Operating Report for November -------------------------------------------------------------- NewPower Holdings, Inc., filed its monthly operating report for the period October 31, 2009, to November 30, 2009, with the Bankruptcy Court on January 11, 2010. The Debtor had an opening cash balance of $610 and an ending cash balance of $584. A full-text copy of the Debtor's November 2009 operating report is available for free at http://researcharchives.com/t/s?4d61 On November 30, 2009, the Company filed its monthly operating report for the period from September 30, 2009, to October 31, 2009. The Debtor had an opening cash balance of $630 and an ending cash balance of $610. A full-text copy of the Debtor's October 2009 operating report is available for free at http://researcharchives.com/t/s?4d63 NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor- affiliates filed for Chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King & Spalding, and William M. Goldman, Esq., at Sidley Austin Brown & Wood LLP, represent the Debtors as counsel. When the Debtors filed for protection from their creditors, they reported $231,837,000 in assets and $87,936,000 in debts. On August 15, 2003, the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, confirmed the Second Amended Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC Holdings, Inc., a wholly owned subsidiary of the Company. That Plan became effective on October 9, 2003, with respect to the company and TNPC. On February 28, 2003, the Bankruptcy Court confirmed The New Power Company's Plan, and that Plan has been effective as of March 11, 2003, with respect to New Power. The New Power Company is a wholly owned subsidiary of the company. OPUS SOUTH: Reports $287,193 Net Income for November ---------------------------------------------------- Opus South Corporation Balance Sheet As of November 30, 2009 ASSETS: Cash & cash equivalents $830,528 Receivables: Construction contracts 8,589,340 Related party - Management fees - Other (1,826,761) ------------ Total receivables 6,762,580 Costs & estimated earnings 22,022 Prepaid expenses & other assets 546,990 Pursuit costs - Real estate: Completed - Under construction - Land held for development 412,969 Real estate held for investment - Investment in real estate ventures 1,949,659 Accumulated depreciation - ------------ Total real estate 2,362,628 Notes receivable - Investment in subsidiaries 56,592,196 Property & equipment, net 16,013 ------------ Total assets $67,132,956 ============ LIABILITIES: Accounts payable $10,990,220 Accrued expenses 1,872,118 Accrued income taxes - Billings in excess of costs - Mortgages and notes payable 61,000,000 Subordinated notes payable - Postpetition accounts payable 446,047 Postpetition accrued expenses (76,771) ------------ Total liabilities 74,231,614 Minority interest in subsidiary - EQUITY: Common stock 9,660 Additional paid-in capital 71,674,223 Prepetition retained earnings (70,246,617) Postpetition retained earnings (8,532,923) ------------ Total equity (7,098,657) ------------ Total liabilities & equity $67,132,956 ============ Opus South Corporation Income Statement For the month ended November 30, 2009 Gross Revenues: Construction - related party $0 Construction - 3rd party 0 Real estate 235,000 Rental property 0 Management fee 0 ------------ Total gross revenues 235,000 Gross Margin: Construction - related party 0 Construction - 3rd party (425) Real estate 86,876 Rental property 0 Management fee 0 ------------ Total gross margin 86,451 Other Income: Interest - Real estate ventures - Other (740) ------------ Total income 85,711 Expenses: Salary and related 28,342 General & administrative (229,824) Reorganization expenses - Project costs capitalized - Interest - Interest capitalized - Corporate overhead & variable compensation - Charitable contributions - ------------ Total expenses (201,482) Income(Loss) before minority interest & taxes 287,193 Minority Int. in income(loss) loss of cons sub - ------------ Income(Loss) before taxes 287,193 ------------ Net income(loss) $287,193 ============ Opus South Corporation's November 2009 operating report also includes a Cash Receipts & Disbursements statement. A copy is available for free at http://bankrupt.com/misc/OpS11MORCD.pdf About Opus South Headquartered in Atlanta, Georgia, Opus South Corporation -- http://www.opuscorp.com/-- provides an array of real estate related services across the United States including real estate development, architecture & engineering, construction and project management, property management and financial services. The Company and its affiliates filed for Chapter 11 on April 22, 2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors in their restructuring efforts. The Debtors propose to employ Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial Corporation as real estate broker, Delaware Claims Agency LLC as claims agent. The Debtors have assets and debts both ranging from $50 million to $100 million. Bankruptcy Creditors' Service, Inc., publishes Opus West Bankruptcy News. The newsletter tracks the separate Chapter 11 proceedings of Opus West Corp. and Opus South Corp. and their related debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) PNG VENTURES: Posts $221,950 Net Loss in November ------------------------------------------------- On January 4, 2010, PNG Ventures, Inc., et al., filed their monthly operating report for the month ended November 30, 2009. PNG Ventures reported a net loss of $221,950 on total revenue of $1,410,640 for the month of November 2009. At November 30, 2009, PNG Ventures had $79,701,913 in total assets and $73,219,786 in total liabilities. A full-text copy of the Debtors' November monthly operating report is available for free at http://researcharchives.com/t/s?4d5c PNG Ventures, Inc., produces, distributes, and sells liquefied natural gas to customers within the transportation, industrial, and municipal markets in the western United States and parts of Mexico. The Company sells substantially all of its LNG to fleet customers, who typically own and operate their fueling stations. The Company also sells a small volume of LNG to customers for non- vehicle use. The Company owns one public LNG fueling station from which it sells LNG to numerous parties. The Company produces LNG at its liquefaction plant in Arizona, but also purchases, from time to time, LNG supplies from third parties, typically on spot contracts. The Company sells LNG principally through supply contracts that are normally on an index-plus basis, although it also occasionally enters into fixed-price contracts. The Company is headquartered in Dallas, Texas. The LNG business conducts its operations principally in Arizona and California. Through the Company's LNG business, the Company offers turnkey fuel solutions to its customers, including clean LNG fuel (99% methane gas) and delivery, equipment storage, fuel dispensing equipment and fuel loading facilities. PNG Ventures and its affiliates filed for Chapter 11 on September 10, 2009 (Bankr. D. Del. Case No. 09-13162). Attorneys at Fox Rothschild LLP represent the Debtors in their restructuring effort. Logan & Co. serves as claims and notice agent. TLC VISION: Files Initial Monthly Operating Report -------------------------------------------------- On January 5, 2010, TlC Vision (USA) Corporation, et al., filed an initial monthly operating report with the Bankruptcy Court. The Debtors submitted cash flow projections for the 22 week period from December 21, 2009, through May 21, 2010, disclosing: Beginning Cash Balance $2,413,000 Net Cash Flows ($1,244,000) Dip Loan Borrowings/(Repayments) $6,271,000 Ending Cash $7,440,000 A copy of the Company's initial monthly operating report is available for free at http://bankrupt.com/misc/tlcvision.initialmor.pdf TLC Vision -- http://www.tlcvision.com/-- is North America's premier eye care services company, providing eye doctors with the tools and technologies needed to deliver high-quality patient care. Through its centers' management, technology access service models, extensive optometric relationships, direct to consumer advertising and managed care contracting strength, TLCVision maintains leading positions in Refractive, Cataract and Eye Care markets. TLC Vision (USA) Corporation, and two of its corporate affiliates filed petitions for Chapter 11 on Dec. 21, 2009 (Bankr. D. Del. Case No. 09-14473). The petition says assets and debts are $100 million to $500 million. The Company's lead U.S. restructuring counsel is the law firm of Proskauer Rose LLP and Canadian restructuring counsel is the law firm of Torys LLP. The Company's financial advisor is Conway Del Genio Gries & Co., LLC. Epiq Bankruptcy Solutions is claims and notice agent. TRIBUNE CO: Reports $39.7 Mil. Operating Income for November ------------------------------------------------------------ Tribune Company, et al. Condensed Combined Balance Sheet As of November 22, 2009 ASSETS Current Assets: Cash and cash equivalents $1,342,016,000 Accounts receivable, net 74,841,000 Inventories 19,665,000 Broadcast rights 209,615,000 Prepaid expenses and other 106,409,000 -------------- Total current assets 1,752,546,000 Property, plant and equipment, net 1,026,567,000 Other Assets: Broadcast rights 132,205,000 Goodwill & other intangible assets 815,160,000 Prepaid pension costs 1,425,000 Investments in non-debtor units 1,515,179,000 Other investments 48,109,000 Intercompany receivables from non-debtors 3,617,040,000 Other 99,547,000 -------------- Total Assets $9,007,778,000 ============== LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities: Current portion of broadcast rights $74,414,000 Current portion of long-term debt 5,938,000 Accounts payable, accrued expenses, and other 386,905,000 -------------- Total current liabilities 467,257,000 Pension obligations 183,603,000 Long-term broadcast rights 58,180,000 Long-term debt 13,205,000 Other obligations 166,335,000 -------------- Total Liabilities 888,580,000 Liabilities Subject to Compromise: Intercompany payables to non-debtors 3,459,687,000 Obligations to third parties 13,371,725,000 -------------- Total Liabilities Subject to Compromise 16,831,412,000 Shareholders' Equity (Deficit) (8,712,214,000) -------------- Total Liabilities & Shareholders' Equity $9,007,778,000 ============== Tribune Company, et al. Condensed Combined Statement of Operations For the Period October 26, 2009 through November 22, 2009 Total Revenue $251,779,000 Operating Expenses: Cost of sales 119,809,000 Selling, general and administrative 79,049,000 Depreciation 12,089,000 Amortization of intangible assets 1,132,000 -------------- Total operating expenses 212,079,000 -------------- Operating Profit (Loss) 39,700,000 -------------- Net income on equity investments (111,000) Interest income, net 631,000 Management fee (1,588,000) Non-operating loss, net (3,934,000) -------------- Income (loss) before income taxes & Reorg. Costs 34,698,000 Reorganization costs (5,869,000) -------------- Income (loss) before income taxes 28,829,000 Income taxes (519,000) -------------- Income (loss) from continuing operations 28,310,000 Income from discontinued operations, net of tax 471,457,000 -------------- Net Income (Loss) $499,767,000 ============== Tribune Company, et al. Combined Schedule of Operating Cash Flow For the Period October 26, 2009 through November 22, 2009 Beginning Cash Balance $795,826,000 Cash Receipts: Operating receipts 220,140,000 Other 700,030,000 -------------- Total Cash Receipts 920,170,000 Cash Disbursements Compensation and benefits 74,587,000 General disbursements 128,732,000 Reorganization related disbursements 4,650,000 -------------- Total Disbursements 207,969,000 -------------- Debtors' Net Cash Flow 712,201,000 From/(To) Non-Debtors (170,884,000) -------------- Net Cash Flow 541,317,000 Other 385,000 -------------- Ending Available Cash Balance $1,337,528,000 ============== About Tribune Co. Headquartered in Chicago, Illinois, Tribune Co. -- 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 Dec. 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) TRIDENT RESOURCES: Reports C$68.1 Million Net Profit in October --------------------------------------------------------------- Trident Resources Corp. reported net profit of C$68,087,883 on no revenues for the month ending October 31, 2009. Professional fees totaled C$645,414. At October 31, 2009, Trident Resources had C$374,454,818 in total assets and C$612,233,705 in total liabilities. At October 31, 2009, Trident Resources had unrestricted cash and cah equivalents of C$316,779. Trident Resources' schedule of cash receipts and disbursements for October 2009 showed: Cash Beginning $800,162.78 Total Transfers ($312,978.23) Total Disbursements $173,104.12 Net Cash Flow ($486,082.35) Foreign Exchange Changes $2,698.64 Cash End $316,779.07 A copy of Trident Resources Corp., et al.'s October operating report is available for free at: http://bankrupt.com/misc/trident.octobermor.pdf About Trident Resources Calgary, Alberta-based Trident Resources Corp. operates a natural gas exploration and development company. The Company and its affiliates filed for Chapter 11 on Sept. 8, 2009 (Bankr. D. Del. Case Nos. 09-13150 to 09-13154). Trident Exploration Corp. and certain of TEC's Canadian subsidiaries filed an application with the Court of Queen's Bench of Alberta, Judicial District of Calgary, under the Companies' Creditors Arrangement Act (Canada). Trident on December 3, 2009, obtained an extension from the Canadian Court of the "stay period" in its Canadian proceedings until January 15, 2010, to allow the Debtors to focus on their restructuring efforts. In their petition, the Debtors listed $10,000,001 to $50,000,000 in assets and $500,000,001 to $1,000,000,000 in debts. As of October 31, 2009, the Debtors had $374,484,559 in total assets against $612,233,705 in total liabilities. TROPICANA ENTERTAINMENT: Reports $4,391,000 Loss for November ------------------------------------------------------------- Tropicana Entertainment, LLC Balance Sheet As of November 30, 2009 Unaudited ASSETS Current Assets Accounts receivable - trade $15,000 Cash & temporary cash investments 4,355,000 Restricted cash 2,772,000 Deposits 10,978,000 Inventories 0 Other receivables 0 Prepaid expenses 192,000 -------------- Total Current Assets 18,312,000 Property and Equipment Buildings 0 Construction in progress 12,000 Furniture & fixtures 2,492,000 Land 0 Riverboats, barges & ramps 0 Vehicles 0 -------------- Total Property and Equipment 2,504,000 Reserve for Depreciation Boats, barges & ramp reserve for depreciation 0 Building reserve for depreciation 0 Furn. & fixtures reserve for depreciation (358,000) Gaming entertainment reserve for depreciation 0 Vehicle reserve for depreciation 0 -------------- Total Reserve for Depreciation (358,000) Other Assets Investments 2,775,215,000 Other assets 8,239,000 -------------- Total Other Assets 2,783,453,000 -------------- TOTAL ASSETS $2,803,912,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Accounts payable $10,696,000 Accrued other expenses 1,735,000 Accrued payroll 2,472,000 Deferred income 0 Notes payable - Evansville 0 Payroll taxes payable 0 Sales tax payable (3,000) Current portion of long-term debt due 1 Yr 0 Amounts due to affiliated guarantors 51,540,000 -------------- Total Current Liabilities 66,440,000 Long Term Debt Due Beyond One Year DIP financing 65,219,000 -------------- Total Long Term Debt Due Beyond One Year 65,219,000 Other Liabilities Deferred fed taxes 0 Deferred rent 0 Deferred state inc taxes 0 Deferred tax liability 5,941,000 Intercompany 85,922,000 -------------- Total Other Liabilities 91,864,000 Total Liabilities not Subject to Compromise 223,523,000 Liabilities Subject to Compromise Non-intercompany 911,678,000 Intercompany 1,569,999,000 -------------- Total Liabilities Subject to Compromise 2,481,677,000 -------------- Total Liabilities 2,705,200,000 Total Stockholders' Equity 98,712,000 -------------- Total Liabilities & Shareholders' Deficit $2,803,912,000 ============== Tropicana Entertainment, LLC Income Statement For the Month Ended November 30, 2009 Unaudited Operating Revenues Casino revenue $0 Rooms revenue 0 Food & beverage revenue 0 Other casino & hotel revenue - less int income 0 -------------- Operating Revenues 0 Less promotional allowances 0 -------------- Net Operating Revenues 0 Operating Expenses Casino operating expenses 21,000 Rooms operating expenses 0 Food and beverage operating expenses 0 Other casino and hotel operating expenses (143,000) Utilities 0 Marketing, advertising and casino promotions 10,000 Repairs and maintenance 34,000 Insurance (45,000) Property and local taxes 0 Gaming tax and licenses 0 Administrative and general 1,946,000 Leased land and facilities 58,000 Depreciation and amortization 42,000 Loss on disposition of assets 0 Bad debt expense - loans 0 Impairment charge 0 Restructuring cost 0 Chapter 11 reorg. & other prof. fees 401,000 -------------- Total Operating Expense 2,322,000 Income from Operations (2,322,000) Other Income (Expense) Interest expense (901,000) Intercompany interest income 0 Intercompany interest expense (143,000) -------------- Total Other Income (Expense) (1,044,000) Federal Income Tax 1,025,000 Income Before Minority Interest (4,391,000) -------------- NET INCOME ($4,391,000) ============== For the reporting period, Tropicana Entertainment LLC and its debtor affiliates listed cash receipts totaling $28,738,000 and cash disbursements totaling $28,858,000. About Tropicana Entertainment Tropicana Entertainment LLC and its units owned eleven casino properties in eight distinct gaming markets with premier properties in Las Vegas, Nevada, and Atlantic City, New Jersey. Tropicana Entertainment LLC and certain affiliates filed for Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08- 10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at Richards Layton & Finger, represent the Debtors in their restructuring efforts. Their financial advisor is Lazard Ltd. Their notice, claims, and balloting agent is Kurtzman Carson Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors' Web site administration agent. AlixPartners LLP is the Debtors' restructuring advisor. Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell LLP represent the Official Committee of Unsecured Creditors in this case. Capstone Advisory Group LLC is financial advisor to the Creditors' Committee. The OpCo Debtors, a group of Tropicana entities owning casinos and resorts in Atlantic City, New Jersey and Evansville, Indiana have emerged from bankruptcy pursuant to a reorganization plan. A group of Tropicana entities, known as the LandCo Debtors, which own Tropicana casino property in Las Vegas, have emerged from Chapter 11 via a separate Chapter 11 plan. On April 29, 2009, non-debtor units of the OpCo Debtors, designated as the New Jersey Debtors -- Adamar of New Jersey, Inc., and its affiliate, Manchester Mall, Inc. -- filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to effectuate a sale of the Atlantic City Resort and Casino to a group of Investors-led by Carl Icahn. Judge Judith H. Wizmur presides over the cases. Manchester Mall is a wholly owned subsidiary of Adamar that owns and operates certain real property utilized in the New Jersey Debtors' business operations. Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman & Leonard, in Hackensack, New Jersey, represent the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as their claims and notice agent. Adamar disclosed $500 million to $1 billion both in total assets and debts in its petition. Manchester Mall disclosed $1 million to $10 million in total assets, and less than $50,000 in total debts in its petition. Bankruptcy Creditors' Service, Inc., publishes Tropicana Bankruptcy News. The newsletter tracks the chapter 11 restructuring proceedings commenced by Tropicana Entertainment LLC and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TXCO RESOURCES: Posts $4,320,890 Net Loss in November ----------------------------------------------------- On January 7, 2010, TXCO Resources Inc. and its subsidiaries filed an unaudited consolidated monthly operating report for the period ended November 30, 2009. The Debtors reported a net loss of $4,320,890 on revenues of $4,729,384 for the month of November. At November 30, 2009, the Debtors had $364,872,640 in total assets, $366,235,879 in total liabilities, and ($1,363,238) in total owner's equity. The Debtors had cash of $11,463,128 at November 30, 2009. A full-text copy of the Debtors' monthly operating report for November 2009 is available for free at: http://researcharchives.com/t/s?4d5e The Debtors reported a net loss of $4,304,310 on revenues of $4,407,598 for the month of October 2009. A full-text copy of the Debtors' monthly operating report for October 2009 is available for free at: http://researcharchives.com/t/s?4d5f About TXCO Resources TXCO Resources Inc. is an independent oil and natural gas enterprise with interests in the Maverick Basin of Southwest Texas, the Fort Trinidad area of East Texas, the onshore Gulf Coast region and the Marfa Basin of Texas, the Midcontinent region of Western Oklahoma and willow Gulf of Mexico waters. The Company's business strategy is to acquire undeveloped mineral interests and internally develop a multi-year drilling inventory through the use of advanced technologies, such as 3-D seismic and horizontal drilling. The Company accounts for its oil and natural gas operations under the successful efforts method of accounting and trade its common stock under the symbol "TXCOQ.pk." The Company and its subsidiaries filed for Chapter 11 protection on May 17, 2009 (Bankr. W.D. Tex. Case No. 09-51807). The Debtors hired Deborah D. Williamson, Esq., and Lindsey D. Graham, Esq., at Cox Smith Matthews Incorporated, as general restructuring counsel; Fulbright and Jaworski, L.L.P., as corporate counsel & conflicts counsel; Albert S. Conly as chief restructuring officer and FTI Consulting Inc. as financial advisor; Goldman, Sachs & Co. as financial advisor for assets sale; Global Hunter Securities, LLC, as financial advisors and investment bankers; and Administar Services Group LLC as claims agent. Gardere Wynne Sewell LLP represents the Committee. VION PHARMACEUTICALS: Files Initial Monthly Operating Report ------------------------------------------------------------ On January 7, 2010, Vion Pharmaceuticals, Inc., filed its unaudited initial monthly operating report with the U.S. Bankruptcy Court for the District of Delaware. The Company provided a 13-week budget for the period December 17, 2009, through March 19, 2010, disclosing: Cash, Beginning $14,365,000 Total Receipts 59,256 Total Disbursements $2,528,682 Net Cash Flow $2,469,426 Cash, Ending $11,895,574 A full-text copy of the Company's initial monthly operating report is available for free at http://researcharchives.com/t/s?4d60 Vion Pharmaceuticals, Inc., a development-stage pharmaceutical company, develops and commercializes therapeutics for the treatment of cancer. New Haven, Connecticut-based Vion Pharmaceuticals, Inc., filed for Chapter 11 bankruptcy protection on December 17, 2009 (Bankr. D. Delaware Case No. 09-14429). Christopher M. Samis, Esq., and John Henry Knight, Esq., at Richards, Layton & Finger, P.A., assist the Company in its restructuring effort. Vion has retained the services of Roth Capital Partners, LLC to assist with the sale of the Company or its key assets during the Chapter 11 proceeding. The Company listed $10,000,001 to $50,000,000 in assets and $50,000,001 to $100,000,000 in liabilities. WASHINGTON MUTUAL: Reports $7.5 Million Loss for November --------------------------------------------------------- Unaudited Balance Sheet As of November 30, 2009 ASSETS Unrestricted cash and cash equivalents $4,580,569,810 Restricted cash and cash equivalents 94,741,216 Investment securities 70,348,048 Accrued interest receivable 695,367 Accounts receivable - Income tax receivable 477,528,528 Prepaid expenses 4,010,524 Cash surrender value of BOLI/COLI 88,810,116 Funded Pension 39,173,922 Other investments - Investment in subsidiaries 1,483,675,777 Notes receivable, intercompany 12,413,460 Fixed assets 95,258 Other assets 80,154,466 --------------- Total Assets $6,932,216,493 =============== LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $6,867,480 Taxes payable - Accrued wages and benefits 1,215,820 Other accrued liabilities 12,220,419 Rent and equipment lease payable - Deferred tax liability (asset) - Other liabilities - intercompany - Other postpetition liabilities - Minority interest 1,112,436 --------------- Total Postpetition Liabilities 21,416,154 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 8,294,959,259 SHAREHOLDERS' EQUITY Preferred stock 3,392,341,954 Common stock 12,988,753,556 Other comprehensive income (753,790,541) Retained earnings - prepetition (16,741,804,781) Retained earnings - postpetition (248,242,954) --------------- Total Shareholders' Equity (1,362,742,766) --------------- Total Liabilities and Shareholders' Equity $6,932,216,493 =============== WASHINGTON MUTUAL, INC. Unaudited Statement of Operations For the period November 1 to November 30, 2009 REVENUES Interest income: Cash equivalents $601,954 Securities 276,102 Notes receivable - intercompany 46,341 Other 155 --------------- Total Interest Income 924,552 Earnings (losses) from subsidiaries and other equity investments (2,198,010) Gains (losses) from securities (2,430) Other income 297,607 --------------- Total Revenues (978,281) OPERATING EXPENSES Compensation and benefits 409,181 Occupancy and equipment 93,979 Professional fees 125,724 Loss (Income) from BOLI/COLI policies (232,602) Management fees/transition services 50,000 Insurance 225,000 Other 194,067 --------------- Total Operating Expenses 865,349 Net profit (loss) before other income and expenses (1,843,630) OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany - Borrowings - --------------- Total Interest Expense - Other expense/(income) - --------------- Net profit (loss) before reorganization items (1,843,630) REORGANIZATION ITEMS Professional fees 5,136,918 U.S. Trustee quarterly fees 7,000 Gains (losses) from sale of assets - Other reorganization expenses 526,316 --------------- Total Reorganization Items 5,670,234 Net profit (loss) before income taxes (7,513,864) Income taxes - --------------- NET PROFIT (LOSS) ($7,513,864) =============== WASHINGTON MUTUAL, INC. Unaudited Schedule of Cash Receipts and Disbursements For the period November 1 to November 30, 2009 Opening Balance 10/31/09 $3,947,171,449 RECEIPTS Interest & investment returns 588,520 Tax refunds 5,047 Reimbursements/distributions from subs - Sales of assets/securities - Life insurance proceeds 67,011 Other miscellaneous receipts 187 --------------- Total Receipts 660,766 TRANSFERS Sweep to/(from) Money Market account - Sweep (to)from Wells Managed account - --------------- Total Transfers - DISBURSEMENTS Salaries and benefits 303,244 Travel and other expenses 44,511 Occupancy and supplies 145,190 Professional fees 4,227,870 Other outside services 448,767 Bank fees 22,817 U.S. trustee quarterly fees - Directors fees 60,000 Taxes paid - --------------- Total Disbursements 5,252,398 =============== Net Cash Flow (4,591,633) --------------- Cash - End of Month 3,942,579,816 GL Balance 3,942,579,816 Net value -- Short Term Securities 637,989,995 --------------- Total Cash and Cash Equivalents $4,580,569,810 =============== WMI INVESTMENT CORP. Unaudited Balance Sheet As of November 30, 2009 ASSETS Unrestricted cash and cash equivalents $275,234,178 Restricted cash and cash equivalents - Investment Securities - Accrued interest receivable (2,291) Accounts receivable - Income tax receivable 22,187,560 Prepaid expenses - Cash surrender value of BOLI/COLI - Funded Pension - Other investments 40,189,032 Investment in subsidiaries - Notes receivable, intercompany 565,844,197 Fixed Assets - Other assets - --------------- Total Assets $903,452,677 =============== LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $0 Taxes payable - 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 - --------------- 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 (132,882,969) --------------- Total Shareholders' Equity 903,437,852 --------------- Total Liabilities and Shareholders' Equity $903,452,677 =============== WMI INVESTMENT CORP. Unaudited Statement of Operations For the period November 1 to November 30, 2009 REVENUES Interest income: Cash equivalents $39,412 Securities - Notes receivable - intercompany - Other - --------------- Total Interest Income 39,412 Earnings (losses) from subsidiaries and other equity investments - Gains (losses) from securities - Other income - --------------- Total Revenues 39,412 OPERATING EXPENSES Compensation and benefits - Occupancy and equipment - Professional fees - Loss (Income) from BOLI/COLI policies - Management fees/transition services - Insurance - Other 14,386 --------------- Total Operating Expenses 14,386 Net profit (loss) before other income and expenses 25,026 OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany - Borrowings - --------------- Total Interest Expense - Other expense/(income) - --------------- Net profit (loss) before reorganization items 25,026 REORGANIZATION ITEMS Professional fees - U.S. Trustee quarterly fees - Gains (losses) from sale of assets - Other reorganization expenses - --------------- Total Reorganization Items - --------------- Net profit (loss) before income taxes 25,026 Income taxes - --------------- NET PROFIT (LOSS) $25,026 =============== WMI INVESTMENT CORP. Unaudited Schedule of Cash Receipts and Disbursements For the period November 1 to November 30, 2009 Opening Balance 10/31/09 $54,011,577 RECEIPTS Interest & investment returns 167,789 Tax refunds - Reimbursements/distributions from subs - Sales of assets/securities - Life insurance proceeds - Other miscellaneous receipts - --------------- Total Receipts 167,789 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 - Bank fees - U.S. trustee quarterly fees - Directors fees - Taxes paid - Miscellaneous adjustments - --------------- Total Disbursements - =============== Net Cash Flow 167,789 --------------- Cash - End of Month 54,179,367 GL Balance 54,179,367 Net value -- Short Term Securities 221,054,810 --------------- Total Cash and Cash Equivalents $275,234,177 =============== WaMu Chief Financial Officer John Maciel disclosed that as of November 30, 2009, the Debtors paid these firms an aggregate of $4,227,869 on account of services rendered in their cases: Professional Fees Expenses ------------ --------- -------- Akin, Gump, Strauss, Hauer & Fled $351,568 $14,121 Alvarez & Marsal 2,231,164 94,818 CP Energy Group, LLC 8,000 - FTI Consulting, Inc. 187,454 217 Grant Thornton 27,067 3,358 Joele Frank, Wilkinson Brimmer Katcher 28,151 1,417 John W. Wolfe, P.S. 97,727 159 Kurtzman Carson Consultants LLC 58,492 - McKee Nelson LLP/Bingham McCutchen 312,542 1,379 Miller & Chevalier Chartered 22,792 75 Pepper Hamilton LLP 48,418 3,571 Perkins Coie LLP 54,419 4,106 PricewaterhouseCoppers LLP 138,977 16,616 Silverstein & Pomerantz LLP 9,826 77 Simpson Thacher & Barlett LLP 4,552 - Weil, Gotshal & Manges LLP 486,326 20,471 As of November 30, 2009, WaMu paid a total of $6,867,479 to 29 vendors for certain postpetition accounts. A complete list of the Vendor Payments is available for free at: http://bankrupt.com/misc/WaMu_Nov2009VendorPayments.pdf Mr. Maciel reported that for the period from November 1 to 30, 2009, WaMu did not file property tax returns and sales and use tax returns. Withholding summaries of deposits and corporate license tax returns were filed during the Reporting Period. A full-text copy of WaMu's November 2009 Operating Report is available for free at the U.S. Securities and Exchange Commission at http://ResearchArchives.com/t/s?4ce8 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. 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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 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 2010. 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