/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/100313.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, March 13, 2010, Vol. 14, No. 71 Headlines ACCEPTANCE INSURANCE: Earns $1,199,442 in February BH S&B: Posts $234,805 Net Loss in January CHEMTURA CORP: Reports $20,000,000 Net Loss for January CHRYSLER LLC: Has $144,000,000 Cash at End of January COOPER-STANDARD: CSA FHS Reports $4.29 Mil. Net Income for January COOPER-STANDARD: CSA Inc Reports $9.08 Mil. Loss for January COOPER-STANDARD: CSA OH Reports $2.24 Mil. Net Income for January DECODE GENETICS: Reports $50.3 Million Net Income in January FAIRFIELD RESIDENTIAL: Posts $5,899,751 Net Loss in January FAIRPOINT COMMUNICATIONS: Has $127,673,082 Cash at End of January GENERAL GROWTH: Reports $539,591,000 Loss for December GENERAL GROWTH: Reports $90,017,000 Loss for January HELLER EHRMAN: Files January 2010 Monthly Operating Report LANDAMERICA FIN'L: Nov. Net Loss at $723MM Due to Impairment LEHMAN BROTHERS: Has $17.55 Bil. Cash at End of January NEWPOWER HOLDINGS: Files Monthly Operating Report for January PROTOSTAR LTD: Posts $3.3 Million Net Loss in January PROTOSTAR LTD: ProtoStar I Posts $3.9 Million Net Loss in January PROTOSTAR LTD: ProtoStar II Posts $616,537 Net Loss in January PROTOSTAR LTD: ProtoStar Asia Posts $65,421 Net Loss in January PROTOSTAR LTD: ProtoStar Dev't Files January Operating Report PROTOSTAR LTD: ProtoStar Satellite Earns $13,559 in January TOUSA INC: Reports $8,309,885 Net Loss for January TRIBUNE CO: Reports $5,448,000 Net Loss for January VALUE CITY: Posts $147,000 Net Loss in January VISTEON CORP: Incurs $48,082,000 Net Loss for January WASHINGTON MUTUAL: Has $4.57 Billion Cash at End of January YOUNG BROADCASTING: Posts $4,760,230 in January ********* ACCEPTANCE INSURANCE: Earns $1,199,442 in February -------------------------------------------------- Acceptance Insurance Companies Inc. filed with the U.S. Bankruptcy Court for the District of Nebraska on March 9, 2010, its monthly operating report for February 2010. For the month ended February 28, 2010, Acceptance Insurance Companies Inc. reported net income of $1,199,442 on net investment income of $206. Net income in February includes equity in operating earnings of AIC of $1,335,695 and equity in unrealized losses of securities of AIC of $79,155. The Debtor reported total assets of $3,206,168, total liabilities of $138,223,294, and stockholders' deficit of $135,017,126 as of February 28, 2010. A full-text copy of the Debtor's February 2010 operating report is available for free at http://researcharchives.com/t/s?58a8 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. BH S&B: Posts $234,805 Net Loss in January ------------------------------------------ BH S&B Holdings LLC filed with U.S. Bankruptcy Court for the Southern District of New York on February 22, 2010, a monthly operating report for the month of January 2010. The Company reported a net loss of $234,805 in January. At January 31, 2010, the Debtor had $10,181,237 in total assets and $144,239,808 in total liabilities. The Company ended January with $3,767,617 in unrestricted cash and cash equivalents, from $3,921,724 at the beginning of the period. The Company paid a total of $93,577 in professional fees in January. A copy of the Debtor' monthly operating report for the month of January is available at no charge at: http://bankrupt.com/misc/bhs&b.januarymor.pdf BH S&B Holdings LLC filed for bankruptcy protection together with seven other affiliates on Nov. 19, 2008 (Bankr. S.D. N.Y. Lead Case No. 08-14604). The seven debtor-affiliates are BH S&B Distribution LLC, BH S&B Lico LLC, BH S&B Retail LLC, BHY S&B Intermediate Holdco LLC, Cubicle Licensing LLC, Fashion Plate Licensing LLC, and Heritage Licensing LLC. BH S&B was formed by investment firms Bay Harbour Management and York Capital Management in August 2008 to acquire the business operations and assets of bankrupt retailer Steve & Barry's for $163 million in August 2008. Steve and Barry's, based in Port Washington, New York, was a specialty retailer of apparel and accessories, selling, among other things, university apparel and lifestyle brands, private-label casual clothing, and exclusive celebrity endorsed apparel. Steve & Barry's had 240 locations when it was bought and the new owners had planned to cut that down to 173 stores. BH S&B had intended to operate certain Steve & Barry's stores as going concerns and to liquidate inventory at other locations. Since the sale closing, however, for various reasons, including the general health of the American economy and the state of the retail market in particular, sales at all stores have been disappointing, and BH S&B's revenue has suffered. As a result, BH S&B was not in compliance with certain covenants under their senior secured credit facility and had no prospects for continued financing of their business as a going concern. In consultation with its lenders, BH S&B decided the appropriate course of action to maximize value for the benefit of all of its stakeholders was an orderly liquidation in Chapter 11. Bay Harbour Management is an SEC registered investment advisor with significant experience in purchasing distressed companies and effectuating their turnaround. The firm's holdings have included the retailer Barneys New York, the facilities based CLEC Telcove, and the former Aladdin Casino, now operating on the Las Vegas strip as the Planet Hollywood Resort and Casino following its rebranding and turnaround. York Capital Management is an SEC registered investment advisor with offices in New York, London, and Hong Kong with more than $15 billion in assets under management. York Capital was founded in 1991 and specializes in value oriented and event driven equity and credit investments. BH S&B is 100% owned by BHY S&B Intermediate Holdco LLC. BH S&B and its affiliates' chapter 11 cases are presided over by the Honorable Martin Glenn. Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at Cahill Gordon & Reindel LLP, in New York, serve as bankruptcy counsel to BH S&B and its affiliates. RAS Management Advisors LLC acts as restructuring advisors, and Kurtzman Carson Consultants LLC as claims and notice agent. CHEMTURA CORP: Reports $20,000,000 Net Loss for January ------------------------------------------------------- Chemtura Corporation, Et Al. Condensed Combined Balance Sheets (Unaudited) As of January 31, 2010 Assets Current Assets $662,000,000 Intercompany receivables 521,000,000 Investment in subsidiaries 1,884,000,000 Property, plan and equipment 417,000,000 Goodwill 149,000,000 Other assets 418,000,000 -------------- Total assets $4,051,000,000 ============== Liabilities and Stockholders' Equity Current liabilities $458,000,000 Intercompany payables 41,000,000 Other long-term liabilities 69,000,000 -------------- Total liabilities not subject to compromise 568,000,000 Liabilities subject to compromise 3,343,000,000 Total stockholders' equity 140,000,000 -------------- Total liabilities and stockholders' equity $4,051,000,000 ============== Chemtura Corporation, et al. Condensed Combined Statement of Operations (Unaudited) For the Period from January 1 to 31, 2010 Net sales $147,000,000 Cost of goods sold 130,000,000 Selling, general and administrative expenses 13,000,000 Depreciation and amortization 9,000,000 Research and development 2,000,000 -------------- Operating profit (loss) (7,000,000) Interest expense (6,000,000) Other income (expense) 3,000,000 Reorganization items, net (5,000,000) Equity in net earnings (loss) of subsidiaries (5,000,000) -------------- Income (loss) before income taxes (20,000,000) Income tax benefit - -------------- Net income (loss) ($20,000,000) ============== Chemtura Corporation, et al. Condensed Combined Statement of Cash Flows (Unaudited) For the Period from January 1 to 31, 2010 Cash Flows from Operating Activities: Net income (loss) ($20,000,000) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 9,000,000 Reorganization items, net 5,000,000 Changes in assets and debts, net (24,000,000) -------------- Net cash provided in operating activities (30,000,000) -------------- Cash flows from Investing Activities: Capital expenditures (2,000,000) -------------- Cash Flows from Financing Activities: Proceeds from credit facility, net 3,000,000 -------------- Cash and Cash Equivalents: Change in cash and cash equivalents (29,000,000) -------------- Cash and cash equivalents, beginning of period 81,000,000 -------------- Cash and cash equivalents, end of period $52,000,000 ============== About Chemtura Corp. Based in Middlebury, Connecticut, Chemtura Corporation (CEM) -- http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a global manufacturer and marketer of specialty chemicals, crop protection products, and pool, spa and home care products. Chemtura Corporation and 26 of its U.S. affiliates filed voluntary petitions for relief under Chapter 11 on March 18, 2009 (Bankr. S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel. Wolfblock LLP serves as the Debtors' special counsel. The Debtors' auditors and accountant are KPMG LLP; their investment bankers are Lazard Freres & Co.; their strategic communications advisors are Joele Frank, Wilkinson Brimmer Katcher; their business advisors are Alvarez & Marsal LLC and Ray Dombrowski serves as their chief restructuring officer; and their claims and noticing agent is Kurtzman Carson Consultants LLC. As of December 31, 2008, the Debtors had total assets of $3.06 billion and total debts of $1.02 billion. Bankruptcy Creditors' Service, Inc., publishes Chemtura Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Chemtura Corp. and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) CHRYSLER LLC: Has $144,000,000 Cash at End of January ----------------------------------------------------- Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Balance Sheet As of January 31, 2010 CURRENT ASSETS: Cash and cash equivalents $144,000,000 Restricted cash 101,000,000 Inventories 12,000,000 Prepaid expenses and other current assets 478,000,000 Deferred taxes 17,000,000 -------------- TOTAL CURRENT ASSETS 752,000,000 OTHER ASSETS: Property, plant and equipment, net 492,000,000 Investments, notes and advances 909,000,000 Restricted cash 2,000,000 Deferred taxes 13,000,000 Other assets 13,000,000 -------------- TOTAL OTHER ASSETS 1,429,000,000 -------------- TOTAL ASSETS $2,181,000,000 ============== CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE: Accrued expenses & other current liabilities $673,000,000 Debtor-in-possession financing 3,344,000,000 Deferred taxes 4,000,000 -------------- TOTAL CURRENT LIABILITIES 4,021,000,000 LONG-TERM LIABILITIES NOT SUBJECT TO COMPROMISE: Accrued expenses and other liabilities 133,000,000 Deferred taxes 247,000,000 -------------- TOTAL LONG-TERM LIABILITIES 380,000,000 Liabilities subject to compromise 17,722,000,000 -------------- TOTAL LIABILITIES 22,123,000,000 MEMBER'S DEFICIT: Capital stock 316,000,000 Contributed capital 7,735,000,000 Accumulated losses (32,687,000,000) Accumulated other comprehensive loss (income) 4,694,000,000 -------------- TOTAL MEMBER'S DEFICIT (19,942,000,000) -------------- TOTAL LIABILITIES & MEMBER'S DEFICIT $2,181,000,000 ============== Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Statement of Operations Month Ended January 31, 2010 Revenues $1,000,000 Cost of sales 8,000,000 -------------- GROSS MARGIN (7,000,000) Selling, administrative & other expenses (72,000,000) Research and development - Other income (loss), net - Gain on Daimler pension settlement - Restructuring (income) expense - -------------- INCOME (LOSS) BEFORE FINANCIAL EXPENSE, 65,000,000 REORGANIZATION ITEMS AND INCOME TAXES Financial expense, net (29,000,000) -------------- INCOME (LOSS) BEFORE REORG. ITEMS & INCOME TAXES 36,000,000 Reorganization items 24,000,000 Provision (credit) for income taxes (2,000,000) -------------- NET INCOME (LOSS) $14,000,000 ============== Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Statement of Cash Flows For the month ending January 31, 2010 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $14,000,000 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 9,000,000 Changes in deferred taxes (2,000,000) Amortization of original issue discount on DIP Financing - Net loss (gain) on Fiat transaction 4,000,000 Net loss (gain) on disposal of fixed assets 16,000,000 Other non-cash income and expense - Changes in accrued expenses & other liabilities (37,000,000) Changes in other operating assets & liabilities: * inventories 8,000,000 * trade receivables - * trade liabilities - * payments for reorganization items (2,000,000) * other assets and liabilities (5,000,000) -------------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 5,000,000 CASH FLOWS FROM INVESTING (FINANCING) ACTIVITIES: Proceeds from Fiat transaction - Purchases of property, plant & equipment, equipment on operating leases & intangible assets - Proceeds from disposals of property, plant and equipment and intangible assets - Proceeds from disposals of equipment on operating leases - Net change in restricted cash - Other - -------------- NET CASH PROVIDED BY INVESTING ACTIVITIES - CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from DIP Financing - Repayment of first lien credit facility (7,000,000) Change in financial liabilities - 3rd party - Original issue discount on DIP Financing - -------------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (7,000,000) -------------- Net increase (decrease) in cash and cash equiv. (2,000,000) -------------- Cash & cash equiv. at beginning of period 146,000,000 -------------- Cash and cash equivalents at end of period $144,000,000 ============== About Chrysler Group LLC Chrysler Group LLC, formed in 2009 from a global strategic alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram Truck, Mopar(R) and Global Electric Motorcars (GEM) brand vehicles and products. Headquartered in Auburn Hills, Michigan, Chrysler Group LLC's product lineup features some of the world's most recognizable vehicles, including the Chrysler 300, Jeep Wrangler and Ram Truck. Fiat will contribute world-class technology, platforms and powertrains for small- and medium-sized cars, allowing Chrysler Group to offer an expanded product line including environmentally friendly vehicles. About Chrysler LLC Chrysler LLC and 24 affiliates on April 30 sought Chapter 11 protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case No. 09-50002). Chrysler hired Jones Day, as lead counsel; Togut Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group LLC, and Greenhill & Co. LLC, for financial advisory services; and Epiq Bankruptcy Solutions LLC, as its claims agent. Chrysler has changed its corporate name to Old CarCo following its sale to a Fiat-owned company. As of December 31, 2008, Chrysler had $39,336,000,000 in assets and $55,233,000,000 in debts. Chrysler had $1.9 billion in cash at that time. In connection with the bankruptcy filing, Chrysler reached an agreement with Fiat SpA, the U.S. and Canadian governments and other key constituents regarding a transaction under Section 363 of the Bankruptcy Code that would effect an alliance between Chrysler and Italian automobile manufacturer Fiat. Under the terms approved by the Bankruptcy Court, the company formerly known as Chrysler LLC on June 10, 2009, formally sold substantially all of its assets, without certain debts and liabilities, to a new company that will operate as Chrysler Group LLC. Fiat has a 20 percent equity interest in Chrysler Group. 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) COOPER-STANDARD: CSA FHS Reports $4.29 Mil. Net Income for January ------------------------------------------------------------------ Cooper-Standard Automotive FHS Inc. Unaudited Balance Sheet As of January 31, 2010 ASSETS Current Assets Cash and cash equivalents $754,415 Account receivable, net 20,472,899 Inventories, net 10,011,616 Prepaid expenses (49,006) Intercompany receivable 90,155,653 Others - -------------- Total current assets 121,345,577 Property, plant and equipment, net 33,371,554 Goodwill - Intangibles, net 640,498 Intercompany investments 2,405,255 Long-term intercompany receivable - Other assets 8,692 -------------- Total assets $157,771,576 ============== LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) Liabilities not subject to compromise: Current liabilities: Debt Payable within One Year - Accounts payable 7,368,071 Payroll liabilities 677,310 Accrued liabilities 1,206,235 Intercompany payable - -------------- Total current liabilities 9,251,616 Long-term debt - Pension benefits - Post-retirement benefits other than pensions - Deferred tax liabilities 5,853,239 Other long-term liabilities 190,784 Liabilities subject to compromise 2,506,815 -------------- Total liabilities 17,802,454 Common stock - Intercompany common stock - Additional paid-in capital - Intercompany paid-in capital 120,302,465 Retained Earnings (Accumulated deficit) 19,647,455 Accumulated other comprehensive income (loss) 19,202 -------------- Total stockholders' equity (deficit) 139,969,122 -------------- Total liabilities and equity (deficit) $157,771,576 ============== Cooper-Standard Automotive FHS Inc. Unaudited Income Statement For the Period Ended January 31, 2010 Sales $16,245,448 Material 7,291,143 Labor 1,118,664 Overhead 2,738,769 Scrap & Other 737,315 -------------- Cost of products sold 11,885,891 Gross profit 4,359,557 Salary & Benefits - Supplies/Occupancy - Travel & Entertainment - Contract Services 21 Other (13,962) Impairment - Amortization of intangibles - Restructuring 85,197 -------------- Total SG&A Expenses 71,256 Operating profit (loss) 4,288,301 Reorganization Items, net - Royalty income (loss) - Other income (expense) (2,329) Equity earnings (losses) - -------------- EBIT 4,285,972 Interest income (expense) - -------------- Income (loss) before income taxes 4,285,972 Provision for income tax (benefit) - -------------- Net income (loss) $4,285,972 ============== CS Automotive FHS also reported total receipts of $747,731 and total disbursements of -$49,713,773 for January 2010. About Cooper-Standard Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/ -- headquartered in Novi, Michigan, is a leading global automotive supplier specializing in the manufacture and marketing of systems and components for the automotive industry. Products include body sealing systems, fluid handling systems and NVH control systems. The Company is one of the leading suppliers of chassis products in North America, with about 14% of market share. The Company's main custoemrs include Ford Motor Company, General Motors, Chrysler, Audi, Volkswagen, BMW, Fiat and Honda, among other automakers. Cooper-Standard Automotive employs approximately 16,000 people globally with more than 70 facilities throughout the world. Cooper-Standard is a privately held portfolio company of The Cypress Group and Goldman Sachs Capital Partners Funds. Cooper-Standard Holdings Inc., together with affiliates, filed for Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743). Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and Richards, Layton & Finger, P.A., will serve as bankruptcy counsel to the Debtors. Lazard Freres & Co. is serving as investment banker while Alvarez & Marsal is financial advisor. Kurtzman Carson Consultants LLC is notice, claims and solicitation agent. In its bankruptcy petition, the Company said that assets on a consolidated basis total $1,733,017,000 while debts total $1,785,039,000 as of March 31, 2009. The Company's Canadian subsidiary, Cooper-Standard Automotive Canada Limited, also sought relief under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Toronto, Ontario, Canada. Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA proceedings undertaken by Cooper-Standard Holdings Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- COOPER-STANDARD: CSA Inc Reports $9.08 Mil. Loss for January ------------------------------------------------------------ Cooper-Standard Automotive Inc. Unaudited Balance Sheet As of January 31, 2010 ASSETS Current Assets Cash and cash equivalents $98,368,848 Account receivable, net 85,942,471 Inventories, net 26,334,404 Prepaid expenses 5,730,328 Intercompany receivable - Others 6,627,460 -------------- Total current assets 223,003,511 Property, plant and equipment, net 89,720,888 Goodwill 87,728,335 Intangibles, net 1,009,175 Intercompany investments 526,825,393 Long-term intercompany receivable 206,368,026 Other assets 30,747,036 -------------- Total assets $1,165,402,364 ============== LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) Liabilities not subject to compromise: Current liabilities: Debt Payable within One Year 75,046,768 Accounts payable 44,474,689 Payroll liabilities 19,924,489 Accrued liabilities 24,048,742 Intercompany payable 652,128,674 -------------- Total current liabilities 815,623,362 Long-term debt 2,093,808 Pension benefits 70,467,231 Post-retirement benefits other than pensions 54,126,480 Deferred tax liabilities (1,499,906) Other long-term liabilities 10,392,256 Liabilities subject to compromise 1,077,130,007 -------------- Total liabilities 2,028,333,238 Common stock 35 Intercompany common stock (1,515,999) Additional paid-in capital 793,394 Intercompany paid-in capital (321,453,257) Retained Earnings (Accumulated deficit) (421,874,641) Accumulated other comprehensive income (loss) (118,880,406) -------------- Total stockholders' equity (deficit) (862,930,874) -------------- Total liabilities and equity (deficit) $1,165,402,364 ============== Cooper-Standard Automotive Inc. Unaudited Income Statement For the Period Ended January 31, 2010 Sales $41,639,474 Material 24,618,374 Labor 3,405,672 Overhead 7,362,933 Scrap & Other 903,255 -------------- Cost of products sold 36,290,234 Gross profit 5,349,240 Salary & Benefits 5,079,512 Supplies/Occupancy 1,436,269 Travel & Entertainment 129,207 Contract Services 728,509 Other 1,756,927 Impairment - Amortization of intangibles 28,833 Restructuring 32,757 -------------- Total SG&A Expenses 9,192,014 Operating profit (loss) (3,842,774) Reorganization Items, net (3,492,255) Royalty income (loss) 544,049 Other income (expense) (987,261) Equity earnings (losses) - -------------- EBIT (7,778,241) Interest income (expense) (1,576,534) -------------- Income (loss) before income taxes (9,354,775) Provision for income tax (benefit) (279,466) -------------- Net income (loss) ($9,075,309) ============== CS Automotive Inc. also reported total receipts of $528,020,030, and total disbursements of -$328,738,987 for January 2010. About Cooper-Standard Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/ -- headquartered in Novi, Michigan, is a leading global automotive supplier specializing in the manufacture and marketing of systems and components for the automotive industry. Products include body sealing systems, fluid handling systems and NVH control systems. The Company is one of the leading suppliers of chassis products in North America, with about 14% of market share. The Company's main custoemrs include Ford Motor Company, General Motors, Chrysler, Audi, Volkswagen, BMW, Fiat and Honda, among other automakers. Cooper-Standard Automotive employs approximately 16,000 people globally with more than 70 facilities throughout the world. Cooper-Standard is a privately held portfolio company of The Cypress Group and Goldman Sachs Capital Partners Funds. Cooper-Standard Holdings Inc., together with affiliates, filed for Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743). Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and Richards, Layton & Finger, P.A., will serve as bankruptcy counsel to the Debtors. Lazard Freres & Co. is serving as investment banker while Alvarez & Marsal is financial advisor. Kurtzman Carson Consultants LLC is notice, claims and solicitation agent. In its bankruptcy petition, the Company said that assets on a consolidated basis total $1,733,017,000 while debts total $1,785,039,000 as of March 31, 2009. The Company's Canadian subsidiary, Cooper-Standard Automotive Canada Limited, also sought relief under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Toronto, Ontario, Canada. Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA proceedings undertaken by Cooper-Standard Holdings Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- COOPER-STANDARD: CSA OH Reports $2.24 Mil. Net Income for January ------------------------------------------------------------------ Cooper-Standard Automotive OH, LLC Unaudited Balance Sheet As of January 31, 2010 ASSETS Current Assets Cash and cash equivalents $1,884 Account receivable, net 20,304,624 Inventories, net 4,883,048 Prepaid expenses 301,340 Intercompany receivable 510,438,910 Others - -------------- Total current assets 535,929,806 Property, plant and equipment, net 39,779,224 Goodwill - Intangibles, net - Intercompany investments - Long-term intercompany receivable - Other assets 36,527 -------------- Total assets $575,745,557 ============== LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) Liabilities not subject to compromise: Current liabilities: Debt Payable within One Year - Accounts payable 4,777,940 Payroll liabilities 2,121,969 Accrued liabilities 342,979 Intercompany payable - -------------- Total current liabilities 7,242,888 Long-term debt - Pension benefits - Post-retirement benefits other than pensions - Deferred tax liabilities - Other long-term liabilities 69,817 Liabilities subject to compromise 513,457 -------------- Total liabilities 7,826,162 Common stock - Intercompany common stock - Additional paid-in capital - Intercompany paid-in capital 18,336,000 Retained Earnings (Accumulated deficit) 549,583,395 Accumulated other comprehensive income (loss) - -------------- Total stockholders' equity (deficit) 567,919,395 -------------- Total liabilities and equity (deficit) $575,745,557 ============== Cooper-Standard Automotive OH, LLC Unaudited Income Statement For the Period Ended January 31, 2010 Sales $14,021,563 Material 5,554,325 Labor 2,058,549 Overhead 3,558,996 Scrap & Other 605,316 -------------- Cost of products sold 11,777,186 Gross profit 2,244,377 Salary & Benefits - Supplies/Occupancy - Travel & Entertainment - Contract Services - Other 5,800 Impairment - Amortization of intangibles - Restructuring - -------------- Total SG&A Expenses 5,800 Operating profit (loss) 2,238,577 Reorganization Items, net - Royalty income (loss) - Otber income (expense) (73) Equity earnings (losses) - -------------- EBIT 2,238,504 Interest income (expense) - -------------- Income (loss) before income taxes 2,238,504 Provision for income tax (benefit) - -------------- Net income (loss) $2,238,504 ============== CS Automotive OH also reported total disbursements of -$7,933,075 for January 2010. About Cooper-Standard Cooper-Standard Automotive Inc. -- http://www.cooperstandard.com/ -- headquartered in Novi, Michigan, is a leading global automotive supplier specializing in the manufacture and marketing of systems and components for the automotive industry. Products include body sealing systems, fluid handling systems and NVH control systems. The Company is one of the leading suppliers of chassis products in North America, with about 14% of market share. The Company's main custoemrs include Ford Motor Company, General Motors, Chrysler, Audi, Volkswagen, BMW, Fiat and Honda, among other automakers. Cooper-Standard Automotive employs approximately 16,000 people globally with more than 70 facilities throughout the world. Cooper-Standard is a privately held portfolio company of The Cypress Group and Goldman Sachs Capital Partners Funds. Cooper-Standard Holdings Inc., together with affiliates, filed for Chapter 11 on August 4, 2009 (Bankr. D. Del. Case No. 09-12743). Attorneys at Fried, Frank, Harris, Shriver & Jacobson LLP and Richards, Layton & Finger, P.A., will serve as bankruptcy counsel to the Debtors. Lazard Freres & Co. is serving as investment banker while Alvarez & Marsal is financial advisor. Kurtzman Carson Consultants LLC is notice, claims and solicitation agent. In its bankruptcy petition, the Company said that assets on a consolidated basis total $1,733,017,000 while debts total $1,785,039,000 as of March 31, 2009. The Company's Canadian subsidiary, Cooper-Standard Automotive Canada Limited, also sought relief under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Toronto, Ontario, Canada. Bankruptcy Creditors' Service, Inc., publishes Cooper-Standard Bankruptcy News. The newsletter tracks the Chapter 11 and CCAA proceedings undertaken by Cooper-Standard Holdings Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- DECODE GENETICS: Reports $50.3 Million Net Income in January ------------------------------------------------------------ On February 23, 2010, DGI Resolution, Inc., formerly known as deCODE genetics, Inc., filed a monthly operating report for the month ended January 31, 2010. deCode genetics reported reported net income of $50,276,828 for the month of January 2010. Results include a gain on sale of subsidiary of $51,859,357. At January 31, 2010, deCODE genetics had total assets of $13,390,563, total liabilities of $237,313,269, and net owner equity of ($223,922,706). A full-text copy of deCODE's operating report for the month ended January 31, 2010, is available at no charge at: http://researcharchives.com/t/s?5878 deCODE Genetics Inc. is a global leader in analyzing and understanding the human genome. deCODE has identified key variations in the sequence of the genome conferring increased risk of major public health challenges from cardiovascular disease to cancer, and employs its gene discovery engine to develop DNA-based tests to assess individual risk of common diseases; to license its tests and intellectual property to partners; and to provide comprehensive, leading- edge contract services to companies and research institutions around the globe. The Company was founded in 1996 and is headquartered in Reykjavik, Iceland. deCODE's balance sheet at June 30, 2009, showed total assets of $69.85 million and total liabilities of $313.92 million, resulting in a stockholders' deficit of $244.07 million. The Company filed for Chapter 11 on November 16, 2009 (Bankr. D. Del. Case No. 09-14063). The petition listed assets of $69.9 million against debt of $314 million. Liabilities include $230 million on 3.5% senior convertible notes. FAIRFIELD RESIDENTIAL: Posts $5,899,751 Net Loss in January ----------------------------------------------------------- Fairfield Residential LLC, et al., filed on February 26, 2010, a monthly operating report for the month ended January 31, 2010, with the U.S. Bankruptcy Court for the District of Delaware. The Debtors reported a net loss of $5,899,751 on construction contracts revenue of $1,551,981 for the period. At January 31, 2010, the Debtors had $353,619,769 in total assets and $539,505,506 in total liabilities. The Debtors ended January with $83,124,957 in cash and cash equivalents and $776,399 in restricted cash. Restructuring disbursements totaled $89,594 in January. A copy of the Debtors' monthly operating report for the period is available for free at: http://bankrupt.com/misc/fairfield.januarymor.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. The Official Committee of Unsecured Creditors is represented by Brett H. Miller, Esq., Stefan W. Engelhardt, Esq., and Melissa A. Hager, Esq., at Morrison & Foerster LLP; and William E. Chipman Jr., Esq., Kerri K. Mumford, Esq., and Kimberly A. Brown, Esq., at Landis Rath & Cobb LLP. Fairfield Residential listed $100,000,001 to $500,000,000 in assets and more than $1,000,000,000 in liabilities. Dow Jones says Fairfield listed assets worth $958 million and liabilities of nearly $835 million. FAIRPOINT COMMUNICATIONS: Has $127,673,082 Cash at End of January ----------------------------------------------------------------- FairPoint Communications, Inc., and Subsidiaries Schedule of Cash Receipts and Disbursements For the Period January 1 - 31, 2010 Cash Beginning of the Month $113,391,257 Receipts: Cash 89,769,955 Intra-debtor transfers 206,543,934 -------------- Total Receipts 296,313,890 Disbursements: Employee Expenses (32,699,945) Restructuring (3,801,241) Operating Taxes (4,599,057) Marketing Expenses (837,902) Insurance (100,203) Other Expenses (25,450,151) Capital Expenditures (7,927,263) Intra-debtor transfers (206,543,934) ------------- Total Disbursements (281,959,700) ------------- Net Cash Flow 14,281,824 ------------- Cash - End of the month $127,673,082 ============= The Debtors' January 2010 Monthly Operating Report does not include a balance sheet table and an income statement table. According to Lisa R. Hood, FairPoint Communications' senior vice president and corporate controller, the Debtors' financial results for January 2010 are subject to the completion of the Debtors' financial statements and the completion of the annual audit by their independent accounting firm for the year ended December 31, 2009. About FairPoint Communications FairPoint Communications, Inc. (NYSE: FRP) -- http://www.fairpoint.com/-- is an industry leading provider of communications services to communities across the country. FairPoint owns and operates local exchange companies in 18 states offering advanced communications with a personal touch, including local and long distance voice, data, Internet, television and broadband services. FairPoint is traded on the New York Stock Exchange under the symbols FRP and FRP.BC. Fairpoint and its affiliates filed for Chapter 11 on Oct. 26, 2009 (Bankr. D. Del. Case No. 09-16335). Rothschild Inc. is acting as financial advisor for the Company; AlixPartners, LLP as the restructuring advisor; and Paul, Hastings, Janofsky & Walker LLP is the Company's counsel. BMC Group is claims and notice agent. As of June 30, 2009, Fairpoint reported $3.24 billion in total assets, $321.41 million in total current liabilities, $2.91 billion in total long-term liabilities, and $1.23 million in total stockholders' equity. Bankruptcy Creditors' Service, Inc., publishes Fairpoint Communications Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Fairpoint Communications Inc. and its debtor- affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) GENERAL GROWTH: Reports $539,591,000 Loss for December ------------------------------------------------------ General Growth Properties, Inc. Consolidated Condensed Balance Sheet As of December 31, 2009 Assets Investment in real estate: Land $2,902,580,000 Buildings and equipment 18,915,748,000 Less accumulated depreciation (3,784,278,000) Developments in progress 359,559,000 ---------------- Net property and equipment 18,393,609,000 Investment in and loans to/from Unconsolidated Real Estate Affiliates 384,863,000 Investment property and property held for development and sale 1,193,559,000 Investment in controlled non-debtor entities 3,965,039,000 ---------------- Net investment in real estate 23,937,070,000 Cash and cash equivalents 594,086,000 Accounts and notes receivable, net 335,989,000 Goodwill 199,664,000 Deferred expenses, net 231,676,000 Prepaid expenses and other assets 582,527,000 ---------------- Total assets $25,881,012,000 ================ Liabilities and Equity: Mortgages, notes and loans payable $4,679,402,000 Investment in and loans to/from Unconsolidated Real Estate Affairs 33,005,000 Deferred tax liabilities 910,847,000 Accounts payable and accrued expenses 930,039,000 ---------------- Liabilities not subject to compromise 6,553,293,000 ---------------- Liabilities subject to compromise 17,767,253,000 ---------------- Total liabilities 24,320,546,000 ---------------- Redeemable noncontrolling interests: Preferred 120,756,000 Common 86,077,000 ---------------- Total redeemable noncontrolling interests 206,833,000 ---------------- Equity: Common stock 3,138,000 Additional paid-in capital 3,729,453,000 Retained earnings (accumulated deficit) (2,315,888,000) Accumulated other comprehensive loss (425,000) Less common stock in treasury, at cost (76,752,000) ---------------- Total stockholder's equity 1,339,526,000 Noncontrolling interests in consolidated real estate affiliates 14,107,000 ---------------- Total equity 1,353,633,000 ---------------- Total liabilities and equity $25,881,012,000 ================ General Growth Properties, Inc. Consolidated Statement of Income For the Month ended December 31, 2009 Revenues: Minimum rents $143,362,000 Tenant recoveries 62,448,000 Overage rents 12,271,000 Land sales 446,000 Other 10,247,000 ---------------- Total revenues 228,774,000 ---------------- Expenses: Real estate taxes 20,106,000 Repairs and maintenance 24,628,000 Marketing 5,089,000 Ground and other rents 1,508,000 Other property operating costs 27,124,000 Land sales operations 1,841,000 Provision for doubtful accounts 3,204,000 Property management and other costs 8,712,000 General and administrative 2,768,000 Provisions for impairment 721,650,000 Depreciation and amortization 47,844,000 ---------------- Total expenses 864,474,000 ---------------- Operating income (loss) (635,700,000) Interest (expense) income, net (97,160,000) ---------------- Loss before income taxes, noncontrolling interests, equity in income of Unconsolidated Real Estate Affiliates and reorganization items (732,860,000) Provision for income taxes (6,998,000) Equity in income of Unconsolidated Real Estate Affiliates (22,581,000) Reorganization items 209,921,000 ---------------- Loss from continuing operations (552,518,000) ---------------- Net loss (552,518,000) Allocation to noncontrolling interests 12,927,000 ---------------- Net loss attributable to common stockholders ($539,591,000) ================ About General Growth 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 GROWTH: Reports $90,017,000 Loss for January ---------------------------------------------------- General Growth Properties, Inc. Consolidated Condensed Balance Sheet As of January 31, 2010 Assets Investment in real estate: Land $2,902,580,000 Buildings and equipment 18,914,594,000 Less accumulated depreciation (3,823,933,000) Developments in progress 362,746,000 ---------------- Net property and equipment 18,355,987,000 Investment in and loans to/from Unconsolidated Real Estate Affiliates 386,647,000 Investment property and property held for development and sale 1,194,529,000 Investment in controlled non-debtor entities 3,973,526,000 ---------------- Net investment in real estate 23,910,689,000 Cash and cash equivalents 477,604,000 Accounts and notes receivable, net 340,180,000 Goodwill 199,664,000 Deferred expenses, net 223,658,000 Prepaid expenses and other assets 592,185,000 ---------------- Total assets $25,743,980,000 ================ Liabilities and Equity: Mortgages, notes and loans payable 10,211,156,000 Investment in and loans to/from Unconsolidated Real Estate Affairs 32,794,000 Deferred tax liabilities 910,847,000 Accounts payable and accrued expenses 891,957,000 ---------------- Liabilities not subject to compromise 12,046,754,000 ---------------- Liabilities subject to compromise 12,172,327,000 ---------------- Total liabilities 24,219,081,000 ---------------- Redeemable noncontrolling interests: Preferred 120,756,000 Common 67,562,000 ---------------- Total redeemable noncontrolling interests 188,318,000 ---------------- Equity: Common stock 3,188,000 Additional paid-in capital 3,799,234,000 Retained earnings (accumulated deficit) (2,390,189,000) Accumulated other comprehensive loss (13,120,000) Less common stock in treasury, at cost (76,752,000) ---------------- Total stockholder's equity 1,322,361,000 Noncontrolling interests in consolidated real estate affiliates 14,220,000 ---------------- Total equity 1,336,581,000 ---------------- Total liabilities and equity $25,743,980,000 ================ General Growth Properties, Inc. Consolidated Statement of Income For the Month ended January 31, 2010 Revenues: Minimum rents $140,854,000 Tenant recoveries 61,903,000 Overage rents 5,868,000 Land sales 308,000 Other 3,818,000 ---------------- Total revenues 212,751,000 ---------------- Expenses: Real estate taxes 20,316,000 Repairs and maintenance 15,478,000 Marketing 2,035,000 Ground and other rents 969,000 Other property operating costs 25,892,000 Land sales operations 1,269,000 Provision for doubtful accounts 123,000 Property management and other costs 8,937,000 General and administrative 2,887,000 Provisions for impairment - Depreciation and amortization 45,302,000 ---------------- Total expenses 123,208,000 ---------------- Operating income (loss) 89,543,000 ---------------- Interest (expense) income, net (95,162,000) ---------------- Loss before income taxes, noncontrolling interests, equity in income of Unconsolidated Real Estate Affiliates and reorganization Items (5,619,000) Benefit (provision) from income taxes 75,000 Equity in income of Unconsolidated Real Estate Affiliates 12,007,000 Reorganization items (97,532,000) ---------------- Loss from continuing operations (91,069,000) ---------------- Net loss (91,069,000) Allocation to noncontrolling interests 1,052,000 ---------------- Net loss attributable to common stockholders ($90,017,000) ================ About General Growth 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) HELLER EHRMAN: Files January 2010 Monthly Operating Report ---------------------------------------------------------- netDockets reports that Heller Ehrman LLP filed its monthly operating report for January 2010 this week. netDocket says the report details changes in the firm's financial status, including changes in assets and liabilities and the firm's cash flow, during the month of January. According to netDockets: -- The firm's total assets declined by almost $900,000 during January. Heller Ehrman ended January with roughly $87.1 million in total assets, which represents a significant decrease from the reported assets of $131.7 million at the bankruptcy filing. Despite the decrease in total assets during January, current assets increased slightly to $62.8 million. -- Heller ended January with $9.5 million in unrestricted cash, $1.8 million in restricted cash, and $48.2 million in accounts receivable. -- Accounts receivable decreased during January to $48.22 million from $48.88 million. -- The firm's total reported liabilities were nearly unchanged during January, increasing only slightly from $43.49 million to $43.54 million. Reported liabilities have increased by roughly $2.5 million since the bankruptcy filing. Of the reported liabilities, roughly $582,000 are post-petition liabilities. -- The firm's $43 million in acknowledged prepetition liabilities are comprised of (a) $1.48 million in secured claims, (b) $5.62 million in unsecured priority claims, and (c) $35.9 million in general unsecured claims. -- Heller Ehrman incurred slightly less than $1 million in expenses during January, which includes $271,000 in reorganization expenses. The firm has incurred roughly $5.5 million in net reorganization expenses (which factors in a $422,000 gain on the sale of equipment) during the bankruptcy case. Headquartered in San Francisco, California, Heller Ehrman, LLP LP -- http://www.hewm.com/-- was an international law firm of more than 730 attorneys in 15 offices in the United States, Europe, and Asia. The firm filed a voluntary petition under Chapter 11 of the Bankruptcy Code on December 28, 2008 (Bankr. N.D. Calif., Case No. 08-32514). Members of the firm's dissolution committee led by Peter J. Benvenutti approved a plan dated September 26, 2008, to dissolve the firm. The Hon. Dennis Montali presides over the case. John D. Fiero, Esq., and Miriam Khatiblou, Esq., at Pachulski, Stang, Ziehl, Young and Jones, represent the Debtors as counsel. Thomas A. Willoughby, Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi LLP, represents the official committee of unsecured creditors of the Debtor. The firm listed assets and debts between $50 million and $100 million each in its bankruptcy petition. According to reports, the firm still has roughly $63 million in assets and 54 employees at the time of its filing. LANDAMERICA FIN'L: Nov. Net Loss at $723MM Due to Impairment ------------------------------------------------------------ LandAmerica Financial Group, Inc. Balance Sheet As of December 7, 2009 ASSETS Cash $100,988,000 Restricted Cash 0 Notes: Fidelity National Title 51,118,000 Other 1,000,000 Fidelity National Title Stock 21,371,000 Taxes receivable 21,319,000 Property and equipment 1,683,000 Title Plans 0 Other assets 11,227,000 Investments in subsidiaries and consolidated joint ventures 3,000,000 Intercompany receivable 220,237,000 --------------- Total Assets $431,943,000 =============== LIABILITIES Accounts payable and accrued liabilities $16,048,000 Liabilities subject to compromise 477,557,000 --------------- Total Liabilities 493,605,000 Total Shareholders' Equity (61,662,000) --------------- Total Liabilities and Shareholders' Equity $431,943,000 =============== LandAmerica Financial Group, Inc. Statement of Operations For the Period Nov. 1 through Dec. 7, 2009 Revenue: Investment and other income $227,000 Valuation adjustment related to Fidelity National Title Stock 492,000 --------------- Total Revenue $719,000 =============== Expenses General, administrative and other expenses 13,990,000 Professional fees 4,163,000 Impairment of assets 671,371,000 Depreciation and amortization 96,000 Interest Expense 0 Loss (Gain) on disposal of subsidiaries 34,778,000 --------------- Total Expenses 724,397,000 --------------- Net Loss before income taxes (723,678,000) Income tax benefit 0 --------------- Net Loss ($723,678,000) =============== LandAmerica Financial Group, Inc. Schedule of Cash Receipts and Disbursements For the Period Nov. 1 through Dec. 7, 2009 Operating Cash and Cash Equivalents Held for the benefit: LandAmerica Financial Group, Inc. $91,537,000 Underwriters 0 Retained Subsidiaries 0 --------------- Opening Cash 91,537,000 --------------- Cash Receipts Collection received for the benefit of: Underwriters 0 Retained subsidiaries 18,000 Payment reimbursements by: Underwriters 0 Retained Subsidiaries 6,331,000 Proceeds from sale of the Underwriting business; LandAmerica Financial Group, Inc. 0 Retained Subsidiaries 0 Proceeds from LandAmerica Valuation Corp. 0 Proceeds from LoanCare, net 0 Proceeds from RealEC 0 Proceeds from FNF Settlement 0 Proceeds from sale of FNF Stock 0 Proceeds from sale of Home Warranty 8,950,000 Other Receipts 1,628,000 --------------- Total Receipts 16,928,000 --------------- Cash Disbursement Related to LFG Payroll 439,000 Rent & other occupancy costs 15,000 Insurance 0 Leases 511,000 Information Technology 325,000 Payables 97,000 Bankruptcy Professional Fees 6,278,000 Return of Funds - Underwriters 0 Cash Balance Plan Funding 15,000,000 Others (15,522,000) --------------- Total 7,142,000 --------------- Payments made for the benefit of: Underwriters 1,000 Retained subsidiaries 334,000 --------------- Total Disbursements 7,477,000 Net Cash Flow 9,451,000 --------------- Ending Cash and Cash Equivalents $100,988,000 =============== Ending Cash and Cash Equivalents Held for the benefit: LFG $100,988,000 Underwriters 0 Retained subsidiaries 0 --------------- Total $100,988,000 =============== About LandAmerica Financial LandAmerica Financial Group, Inc., provides real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc. filed for Chapter 11 protection Nov. 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Attorneys at Willkie Farr & Gallagher LLP and McGuireWoods LLP serve as co- counsel. Zolfo Cooper is the restructuring advisor. Epiq Bankruptcy Solutions serves as claims and notice agent. Attorneys at Akin Gump Strauss Hauer & Feld LLP and Tavenner & Beran, PLC, serve as counsel to the Creditors Committee of 1031 Exchange. Bingham McCutchen LLP and LeClair Ryan serve as counsel to the Creditors Committee of LFG. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. LandAmerica Credit Services, Inc., filed for Chapter 11 in July 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LEHMAN BROTHERS: Has $17.55 Bil. Cash at End of January ------------------------------------------------------- Lehman Brothers Holdings Inc. and its affiliated debtors disclosed these cash receipts and disbursements for the month ended January 31, 2010: Beginning Cash & Investments (01/01/10) $17,154,000,000 Receipts 625,000,000 Disbursements (383,000,000) FX Fluctuation (14,000,000) --------------- Ending cash & Investments (01/31/10) $17,554,000,000 LBHI reported $3.026 billion in cash as of January 1, 2010, and $2.927 billion in cash as of January 31, 2010. The monthly operating report also showed that from September 15, 2008 to January 31, 2010, a total of $641,948,000 had been paid to professionals, including ordinary course professionals, retained by the Debtors, the Official Committee of Unsecured Creditors, the Chapter 11 examiner and the Fee Examiner. Of the amount, Alvarez & Marsal LLC, the Debtors' turnaround manager, raked in $232,981,000, while Weil Gotshal & Manges LLP, the Debtors' lead bankruptcy counsel, got $149,502,000. A full-text copy of the January 2010 Operating Report is available for free at: http://bankrupt.com/misc/LehmanMORJanuary2010.pdf About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) NEWPOWER HOLDINGS: Files Monthly Operating Report for January ------------------------------------------------------------- NewPower Holdings, Inc., filed its monthly operating report for the period December 31, 2009, to January 31, 2010, with the Bankruptcy Court on March 9, 2010. The Debtor had an opening cash balance of $574 and an ending cash balance of $561. A full-text copy of the Debtor's January 2010 operating report is available for free at http://researcharchives.com/t/s?587a 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. PROTOSTAR LTD: Posts $3.3 Million Net Loss in January ----------------------------------------------------- ProtoStar Ltd. reported a net loss of $3.3 million for the month of January 2010. Interest expense was approximately $3.5 million. At January 31, 2009, ProtoStar Ltd. had total assets of $353.0 million, total liabilities of $312.9 million, and net owner equity of $40.1 million. A full-text copy of the January report is available at no charge at http://bankrupt.com/misc/protostarltd.januarymor.pdf About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar I Posts $3.9 Million Net Loss in January ----------------------------------------------------------------- ProtoStar I Ltd. had unrestricted cash and cash equivalents of $2.2 million at January 31, 2010. Beginning cash was $2.8 million. ProtoStar I reported a net loss of $3.9 million for the month of January. Interest expense totaled $3.9 million. Intercompany expenses totaled $135,695. At January 31, 2010, ProtoStar I had total assets of $215.8 million and total liabilities of $262.8 million. A full-text copy of the January operating report is available at no charge at http://bankrupt.com/misc/protostarI.januarymor.pdf About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar II Posts $616,537 Net Loss in January -------------------------------------------------------------- ProtoStar II Ltd. had cash and cash equivalents of $41.6 million at January 31, 2010. Beginning cash was $37.8 million. ProtoStar II reported a net loss of $616,537 on net revenue of $1.8 million for the month of January. Interest expense totaled $108,351. Other expense, consisting of intercompany expenses, totaled $404,991. At January 31, 2009, ProtoStar II had total assets of $312.0 million and total liabilities of $237.3 million. A full-text copy of the January operating report is available at no charge at http://bankrupt.com/misc/protostarII.januarymor.pdf About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar Asia Posts $65,421 Net Loss in January --------------------------------------------------------------- ProtoStar Asia Pte. Ltd. reported a net loss of $65,421 in January. At January 31, 2010, the Company had $2,793,783 in total assets and $3,574,781 in total liabilities. A full-text copy of the January operating report is available at no charge at http://bankrupt.com/misc/protostarasia.januarymor.pdf About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar Dev't Files January Operating Report ------------------------------------------------------------- At January 31, 2010, ProtoStar Development Ltd. had $820,492 in total assets and $940,224 in total liabilities. ProtoStar Development generated zero income and zero revenue in January. A full-text copy of the January operating report is available at no charge at: http://bankrupt.com/misc/protostardevelopment.januarymor.pdf About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. PROTOSTAR LTD: ProtoStar Satellite Earns $13,559 in January ----------------------------------------------------------- ProtoStar Satellite Systems, Inc. reported net income of $13,559 for the month of January 2010. Net income in January includes intercompany income of $296,390. At January 31, 2010, the Company had $16.9 million in total assets, $15.9 million in total liabilities, and $1.0 million in net owner equity. A full-text copy of the January operating report is available at no charge at: http://bankrupt.com/misc/protostarsatellite.januarymor.pdf About ProtoStar Ltd. Hamilton, HM EX, Bermuda-based ProtoStar Ltd. is a satellite operator formed in 2005 to acquire, modify, launch and operate high-power geostationary communication satellites for direct-to- home satellite television and broadband internet access across the Asia-Pacific region. The Company and its affiliates filed for Chapter 11 on July 29, 2009 (Bankr. D. Del. Lead Case No. 09-12659). The Debtor selected Pachulski Stang Ziehl & Jones LLP as Delaware counsel; Law Firm of Appleby as their Bermuda counsel; UBS Securities LLC as financial advisor & investment banker and Kurtzman Carson Consultants LLC as claims and noticing agent. The Debtors have tapped UBS Securities LLC as investment banker and financial advisor. Also on July 29, 2009, ProtoStar and its affiliates, including ProtoStar Development Ltd., commenced a coordinated proceeding in the Supreme Court of Bermuda. John C. McKenna of Finance & Risk Services Ltd. as liquidator of the Bermuda Group. In their Chapter 11 petition, the Debtors listed between US$100 million and US$500 million each in assets and debts. As of December 31, 2008, ProtoStar's consolidated financial statements, which include non-debtor affiliates, showed total assets of US$463,000,000 against debts of US$528,000,000. TOUSA INC: Reports $8,309,885 Net Loss for January -------------------------------------------------- TOUSA, INC., and Subsidiaries Consolidated Balance Sheet As of January 31, 2010 ASSETS Cash and Cash Equivalents: Cash in bank $409,673,057 Cash equivalents (due from title company from closings) 229,478 Inventory: Deposits 10,854,202 Land 135,636,430 Residences completed and under construction 72,302,776 Inventory not owned - --------------- 218,793,408 Property and equipment, net 2,654,635 Investments in unconsolidated joint ventures 2,085,668 Receivables from unconsolidated joint ventures - Accounts receivable 15,111,289 Other assets 36,230,677 Goodwill - --------------- 684,778,212 Net Assets of Financial Services 5,584,517 --------------- Total Assets $690,362,729 =============== LIABILITIES & STOCKHOLDERS' EQUITY Accounts payable and other liabilities $290,936,154 Customer deposits 3,159,004 Obligations for inventory not owned - Notes payable 1,615,378,129 Bank borrowings 194,413,120 --------------- Total Liabilities 2,103,886,407 Stockholders' Equity: Preferred stock 26,163,734 Common stock 596,042 Additional paid in capital 551,877,826 Retained earnings (1,992,161,280) --------------- Total Stockholders' Equity (1,413,523,678) --------------- Total liabilities and Stockholders' Equity $690,362,729 =============== TOUSA, INC., and Subsidiaries Consolidated Statement of Operations For the Period January 1 to 31, 2010 Revenues: Home sales $2,563,613 Land sales 2,780,012 --------------- 5,343,625 Cost of Sales: Home sales 1,913,676 Land sales 5,763,787 --------------- 7,677,463 --------------- Gross Profit (2,333,838) Total selling, general and admin expenses 3,952,059 Income (loss) from joint ventures, net - Interest expense, net 1,932,708 Other (income) expense, net (44,296) --------------- Homebuilding pretax income (loss) (8,174,309) Equity in Financial services pretax income (loss) (135,576) Income (loss) before income taxes (8,309,885) Provision (benefit) for income taxes - --------------- Net Income (loss) ($8,309,885) =============== TOUSA, INC. and Subsidiaries Consolidated Schedule of Receipts and Disbursements For the Period January 1 to 31, 2010 Funds at beginning of period $313,217,367 RECEIPTS Cash sales 4,856,229 Accounts receivable 314,418 Other receipts 98,659,038 --------------- Total receipts 103,829,685 --------------- Total funds available for operations 417,047,052 DISBURSEMENTS Advertising 11,335 Bank charges 100 Contract labor 65,185 Fixed asset payments - Insurance - Inventory payments 896,281 Leases 7,324 Manufacturing supplies - Office supplies 62,496 Payroll - net 1,340,212 Professional fees (accounting and legal) 1,694,628 Rent 232,247 Repairs & maintenance 33,564 Secured creditor payments 2,196,216 Taxes paid - payroll 50,620 Taxes paid - sales & use 20,549 Taxes paid - other 593,790 Telephone 15,330 Travel & entertainment 21,197 U.S. Trustee quarterly fees - Utilities 10,930 Vehicle expenses 1,296 Other operating expenses 120,695 --------------- Total disbursements 7,373,995 --------------- Ending Balance $409,673,057 =============== About Tousa Inc. Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets: TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. The Debtor and its debtor-affiliates filed for separate Chapter 11 protection on January 29, 2008 (Bankr. S.D. Fla. Case No. 08- 10928). The Debtors have selected M. Natasha Labovitz, Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger Singerman, to represent them in their restructuring efforts. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' independent auditor and tax services provider. Kurtzman Carson Consultants LLC acts as the Debtors' Notice, Claims & Balloting Agent. TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba Eagle Homes, filed for Chapter 11 Protection on July 30, 2008 (Bankr. S.D. Fla. Case No. 08-20746). It listed assets between $1 million and $10 million, and debts between $1 million and $10 million. TRIBUNE CO: Reports $5,448,000 Net Loss for January --------------------------------------------------- Tribune Company, et al. Condensed Combined Balance Sheet As of January 31, 2010 ASSETS Current Assets: Cash and cash equivalents $734,968,000 Accounts receivable, net 72,441,000 Inventories 24,880,000 Broadcast rights 186,155,000 Prepaid expenses and other 208,191,000 -------------- Total current assets 1,226,635,000 Property, plant and equipment, net 1,017,337,000 Other Assets: Broadcast rights 117,423,000 Goodwill & other intangible assets 803,006,000 Prepaid pension costs 1,739,000 Investments in non-debtor units 1,515,179,000 Other investments 36,683,000 Intercompany receivables from non-debtors 3,594,822,000 Restricted cash 715,567,000 Other 85,002,000 -------------- Total Assets $9,113,393,000 ============== LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities: Current portion of broadcast rights $64,162,000 Current portion of long-term debt 6,184,000 Accounts payable, accrued expenses, and other 450,036,000 -------------- Total current liabilities 520,382,000 Pension obligations 188,771,000 Long-term broadcast rights 58,362,000 Long-term debt 8,473,000 Other obligations 214,312,000 -------------- Total Liabilities 990,300,000 Liabilities Subject to Compromise: Intercompany payables to non-debtors 3,459,117,000 Obligations to third parties 13,297,503,000 -------------- Total Liabilities Subject to Compromise 16,756,620,000 Shareholders' Equity (Deficit) (8,633,527,000) -------------- Total Liabilities & Shareholders' Equity (Deficit) $9,113,393,000 ============== Tribune Company, et al. Condensed Combined Statement of Operations For the Period Dec. 28, 2009 to Jan. 31, 2010 Total Revenue $267,259,000 Operating Expenses: Cost of sales 150,828,000 Selling, general and administrative 81,938,000 Depreciation 16,527,000 Amortization of intangible assets 1,344,000 -------------- Total operating expenses 250,637,000 -------------- Operating Profit (Loss) 16,622,000 -------------- Net income on equity investments 172,000 Interest income, net (57,000) Management fee (1,272,000) Non-operating loss, net (4,291,000) -------------- Income (loss) before income taxes & Reorg. Costs 11,174,000 Reorganization costs (5,650,000) -------------- Income (loss) before income taxes 5,524,000 Income taxes (76,000) -------------- Income (loss) from continuing operations 5,448,000 Income from discontinued operations, net of tax 0 -------------- Net Income (Loss) $5,448,000 ============== Tribune Company, et al. Combined Schedule of Operating Cash Flow For the Period Dec. 28, 2009 to Jan. 31, 2010 Beginning Cash Balance $1,383,325,000 Cash Receipts: Operating receipts 310,892,000 Other 1,081,000 -------------- Total Cash Receipts 311,973,000 Cash Disbursements Compensation and benefits 101,467,000 General disbursements 173,270,000 Reorganization related disbursements 926,000 -------------- Total Disbursements 275,662,000 -------------- Debtors' Net Cash Flow 36,311,000 From/(To) Non-Debtors 3,193,000 -------------- Net Cash Flow 39,504,000 Other 1,727,000 -------------- Ending Available Cash Balance $1,424,555,000 ============== 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) VALUE CITY: Posts $147,000 Net Loss in January ---------------------------------------------- On March 1, 2010, Value City Holdings, Inc., et al., filed a monthly operating report for the period from January 3, 2010, through January 30, 2010, with the U.S. Bankruptcy Court for the Southern District of New York. Value City Holdings, Inc., et al., reported a net loss of $147,000 for the period. At January 30, 2010, the Debtors had $21,041,000 in total assets and $108,619,000 in total liabilities. The Debtors ended the period with $13,252,000 in cash, compared to $13,150,000 at the beginning of the period. For the period, payments to professionals amounted to $8,883.79 A full-text copy of the Debtors' monthly operating report for the period ended January 30, 2010, is available for free at: http://bankrupt.com/misc/valuecity.januarymor.pdf About Value City Headquartered in Columbus, Ohio, Value City Holdings Inc. -- http://www.valuecity.com/-- operates a chain of department stores in the United States. The company and eight of its affiliates filed for Chapter 11 protection on Oct. 26, 2008 (Bankr. S.D.N.Y. Lead Case No. 08-14197). John Longmire, Esq., and Lauren C. Cohen, Esq., at Willkie Farr & Gallagher LLP, represent the Debtors' in their restructuring efforts. Epiq Bankruptcy Solutions LLC is the claims, noticing and balloting agent for the Debtors. Glenn R. Rice, Esq., at Otterbourg Steindler Houston & Rosen, PC, represents the official committee of unsecured creditors as counsel. When the Debtors filed for protection from their creditors, they listed assets and debts between $100 million and $500 million each. In November 2008, Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York granted Value City Holdings permission to conduct going-out-of-business sales to be managed by liquidator and financial consultant Tiger Capital Group LLC. VISTEON CORP: Incurs $48,082,000 Net Loss for January ----------------------------------------------------- Visteon Corporation Balance Sheet As of January 31, 2010 ASSETS Current Assets: Cash and cash equivalents $323,426,000 Restricted cash 93,789,000 Accounts receivable, net 4,326,270,000 Inventories, net 28,653,000 Other current assets 51,850,000 --------------- Total current assets 4,823,988,000 Property and equipment, net 115,282,000 Other non-current assets 1,360,291,000 --------------- Total Assets $6,299,562,000 =============== LIABILITIES & SHAREHOLDERS' DEFICIT Short-term debt, including current portion of long-term debt $10,965,150,000 Accounts payable 1,197,056,000 Accrued employee liabilities 27,701,000 Other current liabilities 56,395,000 --------------- Total current liabilities 12,246,302,000 Liabilities subject to compromise 2,834,690,000 Long-term debt 515,000 Postretirement benefits other than pensions 0 Employee benefits, including pensions 285,526,000 Deferred income taxes 92,194,000 Other non-current liabilities 187,991,000 --------------- Total liabilities 15,647,219,000 Shareholders' deficit Visteon Corporation Shareholders' deficit Preferred stock 0 Common stock 131,053,000 Stock warrants 127,024,000 Additional paid-in capital 2,226,477,000 Retained earnings (deficit) (11,384,219,000) Accumulated other comprehensive income(loss) (310,620,000) Other (4,402,000) --------------- Total Debtor shareholders' equity (deficit) (9,214,687,000) Non-controlling interests (132,970,000) --------------- Total shareholders' equity (deficit) (9,347,657,000) --------------- Total Liabilities and shareholders' equity $6,299,562,000 =============== Visteon Corporation Statement of Operations For the Period Ended January 31, 2010 Net sales Accounts receivable, net $32,399,000 Services 20,331,000 --------------- 52,730,000 Cost of Sales Products Materials 19,678,000 Labor and overhead 11,346,000 Product engineering 19,144,000 Freight and duty 1,350,000 Manufacturing spending 590,000 Warranty and recall 72,000 Other 7,646,000 Services 19,662,000 --------------- 79,487,000 --------------- Gross margin (26,757,000) Selling, general and administrative expenses Personnel 7,413,000 Depreciation 2,288,000 Other 895,000 --------------- 10,596,000 Restructuring expenses 675,000 Reimbursement from Escrow Account 0 Reorganization costs 6,669,000 Asset impairments an other (gains)/losses (9,000) --------------- Operating income (loss) (44,689,000) Interest expense 3,831,000 Interest income 451,000 Equity in net income of non-consolidated affiliates 0 --------------- Income(loss) before income taxes (48,069,000) Provision for income taxes 12,000 --------------- Net Income (loss) ($48,082,000) =============== Visteon Corporation, et al. Combined Schedules of Operating Cash Flow For the Month Ended January 31, 2010 Customer receipts $194,579,000 Other receipts 27,338,000 Intercompany receipts 38,989,000 DIP Financing 0 --------------- Total receipts 260,906,000 Disbursements Payroll Related (34,998,000) Operating disbursements (101,470,000) Intercompany disbursements (138,360,000) Other disbursements (5,505,000) --------------- Total Disbursements (280,333,000) --------------- Net Cash Flow (19,427,000) =============== Beginning Balance $557,882,000 Net Cash Flow (19,427,000) Foreign Currency and Other Adjustments 37,000 --------------- Ending Cash Balance $538,492,000 =============== About Visteon Corp. Headquartered in Van Buren Township, Michigan, Visteon Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. The company has corporate offices in Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen, Germany. It has facilities in 27 countries and employs roughly 35,500 people. The Company has assets of $4,561,000,000 and debts of $5,311,000,000 as of March 31, 2009. Visteon Corporation and 30 of its affiliates filed for Chapter 11 protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786 through 09-11818). Judge Christopher S. Sontchi oversees the Chapter 11 cases. James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, represent the Debtors in their restructuring efforts. Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors' local counsel. The Debtors' investment banker and financial advisor is Rothschild Inc. The Debtors' notice, claims, and solicitation agent is Kurtzman Carson Consultants LLC. The Debtors' restructuring advisor is Alvarez & Marsal North America, LLC. Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Visteon Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) WASHINGTON MUTUAL: Has $4.57 Billion Cash at End of January ----------------------------------------------------------- WASHINGTON MUTUAL, INC. Unaudited Balance Sheet As of January 31, 2010 ASSETS Unrestricted cash and cash equivalents $4,572,893,823 Restricted cash and cash equivalents 95,590,447 Investment securities 67,589,737 Accrued interest receivable 832,178 Income tax receivable 475,941,477 Prepaid expenses 3,668,628 Cash surrender value of BOLI/COLI 89,580,280 Funded Pension 39,173,922 Other investments - Investment in subsidiaries 1,480,015,818 Notes receivable, intercompany 12,558,871 Fixed assets 88,800 Other assets 95,510,357 ---------------- Total Assets $6,933,444,337 ================ LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $5,346,733 Accrued wages and benefits 191,056 Other accrued liabilities 10,228,780 Minority interest 1,112,871 ---------------- Total Postpetition Liabilities 16,879,440 LIABILITIES SUBJECT TO COMPROMISE Senior debt 4,132,421,622 Subordinated debt 1,666,464,970 Junior subordinated debt 765,674,200 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 86,364,578 Other prepetition liabilities 198 ---------------- Total Prepetition Liabilities 8,296,819,086 ---------------- Total Liabilities 8,313,698,526 SHAREHOLDERS' EQUITY Preferred stock 3,392,341,954 Common stock 12,988,753,556 Other comprehensive income (755,200,378) Retained earnings - prepetition (16,741,804,781) Retained earnings - postpetition (264,344,539) ---------------- Total Shareholders' Equity (1,380,254,188) ---------------- Total Liabilities and Shareholders' Equity $6,933,444,337 ================ WASHINGTON MUTUAL, INC. Unaudited Statement of Operations For the period January 1 to January 31, 2010 REVENUES Interest income: Cash equivalents $511,657 Securities 268,933 Notes receivable - intercompany 48,000 Other 155 ---------------- Total Interest Income 828,746 Earnings (losses) from subsidiaries and other equity investments 5,980,743 Gains (losses) from securities/investments 335,989 Other income (526,280) ---------------- Total Revenues 6,619,198 OPERATING EXPENSES Compensation and benefits 520,771 Occupancy and equipment 129,368 Professional fees 736,667 Loss (Income) from BOLI/COLI policies (333,917) Management fees/transition services 59,002 Insurance 226,000 Other 157,952 ---------------- Total Operating Expenses 1,495,843 Net profit (loss) before other income and expenses 5,123,355 OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany - Borrowings - ---------------- Total Interest Expense - Other expense/(income) - ---------------- Net profit (loss) before reorganization items 5,123,355 REORGANIZATION ITEMS Professional fees 4,950,941 Claims adjustments 13,228,764 U.S. Trustee quarterly fees 13,000 Gains (losses) from sale of assets - Other reorganization expenses 243,690 ---------------- Total Reorganization Items 18,436,395 Net profit (loss) before income taxes (13,313,040) Income taxes - ---------------- NET PROFIT (LOSS) ($13,313,040) ================ WASHINGTON MUTUAL, INC. Unaudited Schedule of Cash Receipts and Disbursements For the period January 1 to January 31, 2010 Opening Balance 12/31/09 $3,966,195,576 RECEIPTS Interest & investment returns 402,888 Tax refunds 202,080 Reimbursements/distributions from subs - Sales of assets/securities - Rebates 6,050 Other miscellaneous receipts 155 ---------------- Total Receipts 611,172 TRANSFERS Sweep to/(from) Money Market account - Sweep (to)from Wells Managed account - ---------------- Total Transfers - DISBURSEMENTS Salaries and benefits 1,741,438 Travel and other expenses 48,977 Occupancy and supplies 241,986 Professional fees 4,337,677 Other outside services 541,097 Bank fees 23,461 U.S. trustee quarterly fees 20,000 Directors fees 60,000 Taxes paid 2,870 ---------------- Total Disbursements 7,017,506 Net Cash Flow (6,406,333) ---------------- Cash - End of Month 3,959,789,243 GL Balance 3,959,789,242 Net value -- Short Term Securities 613,104,581 ---------------- Total Cash and Cash Equivalents $4,572,893,823 ================ WMI INVESTMENT CORP. Unaudited Balance Sheet As of January 31, 2010 ASSETS Unrestricted cash and cash equivalents $274,987,062 Restricted cash and cash equivalents - Investment Securities - Accrued interest receivable 3,745 Income tax receivable 22,187,560 Prepaid expenses - Cash surrender value of BOLI/COLI - Funded Pension - Other investments 58,845,279 Investment in subsidiaries - Notes receivable, intercompany 565,844,197 Fixed Assets - Other assets - ---------------- Total Assets $921,867,844 ================ LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $22,043 Accrued wages and benefits - Other accrued liabilities 19,375 Minority interest - ---------------- Total Postpetition Liabilities 41,418 LIABILITIES NOT SUBJECT TO COMPROMISE Senior debt - Subordinated debt - Junior subordinated debt - Intercompany payables - Accounts payable - Taxes payable - Payroll and benefit accruals - Other accrued liabilities - Other prepetition liabilities - ---------------- Total Prepetition Liabilities - ---------------- Total Liabilities 41,418 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 (114,494,395) ---------------- Total Shareholders' Equity 921,826,426 ---------------- Total Liabilities and Shareholders' Equity $921,867,844 ================ WMI INVESTMENT CORP. Unaudited Statement of Operations For the period January 1 to January 31, 2010 REVENUES Interest income: Cash equivalents $40,187 Securities - Notes receivable - intercompany - Other - ---------------- Total Interest Income 40,187 Earnings (losses) from subsidiaries and other equity investments (41,563) Gains (losses) from securities/investments - Other income - ---------------- Total Revenues (1,376) OPERATING EXPENSES Compensation and benefits - Occupancy and equipment - Professional fees - Loss (Income) from BOLI/COLI policies - Management fees/transition services - Insurance - Other 14,563 ---------------- Total Operating Expenses 14,563 Net profit (loss) before other income and expenses (15,939) OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany - Borrowings - ---------------- Total Interest Expense - Other expense/(income) - ---------------- Net profit (loss) before reorganization items (15,939) REORGANIZATION ITEMS Professional fees 22,043 Claims adjustments - U.S. Trustee quarterly fees 4,875 Gains (losses) from sale of assets - Other reorganization expenses - ---------------- Total Reorganization Items 26,918 ---------------- Net profit (loss) before income taxes (42,857) Income taxes - ---------------- NET PROFIT (LOSS) ($42,857) ================ WMI INVESTMENT CORP. Unaudited Schedule of Cash Receipts and Disbursements For the period January 1 to January 31, 2010 Opening Balance 12/31/09 $53,689,295 RECEIPTS Interest & investment returns 6,216 Tax refunds - Reimbursements/distributions from subs - Sales of assets/securities - Rebates - Other miscellaneous receipts - ---------------- Total Receipts 6,216 TRANSFERS Sweep to/(from) Money Market account - Sweep (to) from Wells Managed account 250,000 ---------------- Total Transfers 250,000 DISBURSEMENTS Salaries and benefits - Travel and other expenses - Occupancy and supplies - Professional fees 300,000 Other outside services - Bank fees 129 U.S. trustee quarterly fees 325 Directors fees - Taxes paid - Miscellaneous adjustments - ---------------- Total Disbursements 300,454 Net Cash Flow (44,238) ---------------- Cash - End of Month 53,645,057 GL Balance 53,645,057 Net value -- Short Term Securities 221,342,005 ---------------- Total Cash and Cash Equivalents $274,987,062 ================ WaMu Chief Financial Officer John Maciel disclosed that as of January 31, 2010, the Debtors paid these firms an aggregate of $4,337,676 on account of services rendered in their cases: Professional Fees Expenses ------------ --------- -------- Akin, Gump, Strauss, Hauer & Fled $414,435 $33,082 Alvarez & Marsal 1,568,589 64,757 Elliott Greenleaf 81,084 6,546 FTI Consulting, Inc. 203,116 4,611 Grant Thornton 2,966 200 John W. Wolfe, P.S. 105,888 114 Pepper Hamilton LLP 78,989 6,728 PricewaterhouseCoppers LLP 215,967 17,626 Quinn Emmanuel Urquhart Oliver & Hedges 839,561 31,308 Weil, Gotshal & Manges LLP 644,216 19,865 As of December 31, 2009, WaMu paid a total of $5,368,775 to 26 vendors for certain postpetition accounts. A complete list of the Vendor Payments is available for free at: http://bankrupt.com/misc/WaMu_Jan2010VendorPayments.pdf Mr. Maciel reported that for the period from January 1 to 31, 2010, WaMu did not file property tax returns and sales and use tax returns. Taxes relating to business and occupation, business license and employee hours, as well as withholding summaries of deposits, were filed during the Reporting Period. A full-text copy of WaMu's December 2009 Operating Report is available for free at the U.S. Securities and Exchange Commission at http://ResearchArchives.com/t/s?56fa 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). YOUNG BROADCASTING: Posts $4,760,230 in January ----------------------------------------------- On March 2, 2010, Young Broadcasting Inc. and its subsidiaries filed their monthly operating report for the month ended January 31, 2010, with the United States Bankruptcy Court for the Southern District of New York. The Debtors posted a consolidated net loss of $4,760,230 on net operating revenues of $11,467,393 for the month of January. Net operating income was $1,751,902 for a net operating margin of $15.3%. Reorganization costs were $3,029,383 for the month. As of January 31, 2010, the Company had $335,694,069 in total assets, $31,548,620 in total liabilities not subject to compromise, and $912,685,437 in total liabilities subject to compromise, resulting in a $608,539,988 stockholders' deficit. A full-text copy of Young Broadcasting's January operating report is available at http://researcharchives.com/t/s?5879 Young Broadcasting, Inc. -- http://www.youngbroadcasting.com/-- owns 10 television stations and the national television representation firm, Adam Young, Inc. Five stations are affiliated with the ABC Television Network (WKRN-TV -Nashville, TN, WTEN-TV - Albany, NY, WRIC-TV - Richmond, VA, WATE-TV - Knoxville, TN, and WBAY-TV - Green Bay, WI), three are affiliated with the CBS Television Network (WLNS-TV - Lansing, MI, KLFY-TV - Lafayette, LA and KELO-TV - Sioux Falls, SD), one is affiliated with the NBC Television Network (KWQC-TV - Davenport, IA) and one is affiliated with MyNetwork (KRON-TV - San Francisco, CA). In addition, KELO- TV- Sioux Falls, SD is also the MyNetwork affiliate in that market through the use of its digital channel capacity. The Company and its affiliates filed for Chapter 11 protection on February 13, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-10645). Jo Christine Reed, Esq., at Sonnenschein Nath & Rosenthal LLP, represents the Debtors in their restructuring effort. The Debtors selected UBS Securities LLC as consultant; Ernst & Young LLP as accountant; Epiq Bankruptcy Solutions LLC as claims agent; and David Pauker chief restructuring officer Andrew N. Rosenberg, Esq., at Paul Weiss Rifkind Wharton & Harrison LLP, serves as counsel to the official unsecured creditors committee. ********* 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. 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A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN: 1520-9474. 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