/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/100626.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, June 26, 2010, Vol. 14, No. 175 Headlines AMTRUST FINANCIAL: Earns $554,110 in February AMTRUST FINANCIAL: Posts $3.3 Million Net Loss in March AMTRUST FINANCIAL: Posts $554,032 Net Loss in April BH S&B: Posts $365,302 Net Loss in April BH S&B: Posts $388,357 Net Loss in May CARITAS HEALTH: Posts $1.2 Million Net Loss in March CARITAS HEALTH: Earns $53,275 Net Income in April CHEMTURA CORP: Reports $2,000,000 Net Income for May CIRCUIT CITY: Has $459,476,000 Cash at End of April CMR MORTGAGE: Posts $300,334 Net Loss in May COLONIAL BANCGROUP: Reports Cash Loss of $523,838 in May ERICKSON RETIREMENT: Reports $15,725,622 Net Loss for March ERICKSON RETIREMENT: Reports $374,504,797 Profit for April EXTENDED STAY: Reports $20,285,000 Net Loss for May GOODY'S LLC: Earns $281,122 in February GOODY'S LLC: Posts $149,047 Net Loss in March GOTTSCHALKS INC: Posts $5.9 Million Net Loss in May LTV CORPORATION: Ends May 2010 With $8,465,000 Cash MAGNA ENTERTAINMENT: Posts $18.1 MM Net Loss From April 5 to 30 MESA AIR: Posts $2.6 Million Net Loss in May MIDDLEBROOK PHARMA: Posts $2.0 Million Net Loss in May PACIFIC ENERGY: Posts $34,940 Net Loss in April PACIFIC ENERGY: Posts $483,277 Net Loss in March PROVIDENT ROYALTIES: Posts $1.1 Million Net Loss in May SHARPER IMAGE: Ends April 2010 With $3,753,937 Cash TARRAGON CORP: Ends April 2010 With $2.1 Mln. in Unrestricted Cash TLC VISION: Posts $4.2 Million Net Loss in February TLC VISION: Posts $4.8 Million Net Loss in March TLC VISION: Posts $3.2 Million Net Loss in April THORNBURG MORTGAGE: Ends May 2010 With $116.6 Million Cash TRUMP ENTERTAINMENT: Posts $2.7 Million Net Loss in May ********* AMTRUST FINANCIAL: Earns $554,110 in February --------------------------------------------- AmTrust Financial Corp. nka AmFin Financial Corporation reported net income of $554,110 for the month ended February 28, 2010. Results include equity in earnings of affiliates of $848,038. At February 28, 2010, the Company had total assets of $168,692,748, total prepetition liabilities of $156,884,732, and total equity of $11,808,016. A full-text copy of the monthly operating report is available at no charge at: http://bankrupt.com/misc/amtrustfinancial.februarymor.pdf AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial Corp., was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection on November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G. Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire Sanders & Dempsey L.L.P., assist the Debtors in their restructuring effort. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management listed $100,000,001 to $500,000,000 in assets and $100,000,001 to $500,000,000 in liabilities. AmTrust Bank is not part of the Chapter 11 filings. On December 4, 2009, AmTrust Bank was closed by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with New York Community Bank, Westbury, New York, to assume all of the deposits of AmTrust Bank. AMTRUST FINANCIAL: Posts $3.3 Million Net Loss in March ------------------------------------------------------- AmTrust Financial Corp. nka AmFin Financial Corporation reported a net loss of $3,307,109 for the month ended March 31, 2010. At March 31, 2010, the Company had total assets of $165,385,639, total prepetition liabilities of $156,884,732, and total equity of $8,500,907. A full-text copy of the monthly operating report is available at no charge at: http://bankrupt.com/misc/amtrustfinancial.marchmor.pdf AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial Corp., was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection on November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G. Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire Sanders & Dempsey L.L.P., assist the Debtors in their restructuring effort. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management listed $100,000,001 to $500,000,000 in assets and $100,000,001 to $500,000,000 in liabilities. AmTrust Bank is not part of the Chapter 11 filings. On December 4, 2009, AmTrust Bank was closed by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with New York Community Bank, Westbury, New York, to assume all of the deposits of AmTrust Bank. AMTRUST FINANCIAL: Posts $554,032 Net Loss in April --------------------------------------------------- AmTrust Financial Corp. nka AmFin Financial Corporation reported a net loss of $554,032 for the month ended April 30, 2010. At April 30, 2010, the Company had total assets of $166,724,441, total postpetition liabilities of $1,868,119, total prepetition liabilities of $156,909,447, and total equity of $7,946,876. A full-text copy of the monthly operating report is available at no charge at: http://bankrupt.com/misc/amtrustfinancial.aprilmor.pdf AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial Corp., was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection on November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G. Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire Sanders & Dempsey L.L.P., assist the Debtors in their restructuring effort. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management listed $100,000,001 to $500,000,000 in assets and $100,000,001 to $500,000,000 in liabilities. AmTrust Bank is not part of the Chapter 11 filings. On December 4, 2009, AmTrust Bank was closed by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with New York Community Bank, Westbury, New York, to assume all of the deposits of AmTrust Bank. BH S&B: Posts $365,302 Net Loss in April ---------------------------------------- BH S&B Holdings LLC filed with the U.S. Bankruptcy Court for the Southern District of New York on May 20, 2010, a monthly operating report for the month of April 2010. The Company reported a net loss of $365,302 in April. At April 30, 2010, the Debtor had $9,387,369 in total assets and $141,071,637 in total liabilities. The Company ended April with $2,941,469 in unrestricted cash and cash equivalents, from $3,097,112 at the beginning of the period. A copy of the Debtor' monthly operating report for the month of April is available at no charge at: http://bankrupt.com/misc/bhs&b.april2010mor.pdf BH S&B Holdings LLC and seven affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 08-14604) on Nov. 19, 2008. 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. Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at Cahill Gordon & Reindel LLP, in Manhattan, serve as bankruptcy counsel to BH S&B and its affiliates. RAS Management Advisors LLC is the company's restructuring advisors, and Kurtzman Carson Consultants LLC is the claims and noticing agent. BH S&B: Posts $388,357 Net Loss in May -------------------------------------- BH S&B Holdings LLC filed with U.S. Bankruptcy Court for the Southern District of New York on June 21, 2010, a monthly operating report for the month of May 2010. The Company reported a net loss of $388,357 in May. At May 31, 2010, the Debtor had $9,171,252 in total assets and $141,243,878 in total liabilities. The Company ended May with $2,924,412 in unrestricted cash and cash equivalents, from $2,941,469 at the beginning of the period. A copy of the Debtor' monthly operating report for the month of May 2010 is available at no charge at: http://bankrupt.com/misc/bhs&b.may2010mor.pdf BH S&B Holdings LLC and seven affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 08-14604) on Nov. 19, 2008. 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. Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at Cahill Gordon & Reindel LLP, in Manhattan, serve as bankruptcy counsel to BH S&B and its affiliates. RAS Management Advisors LLC is the company's restructuring advisors, and Kurtzman Carson Consultants LLC is the claims and noticing agent. CARITAS HEALTH: Posts $1.2 Million Net Loss in March ---------------------------------------------------- On April 20, 2010, Caritas Health Care, Inc., filed a monthly operating report for the filing period ended March 31, 2010, with the U.S. Bankruptcy Court for the Eastern District of New York. The Company reported a net loss of $1,202,368 on net revenue of $417,716 for the month ended March 31, 2010. At March 31, 2010, the Company had $42,789,444 in total assets and $168,401,223 in total liabilities. The Company ended the period with $28,938,145 cash. The Company paid a total of $296,666 in professional fees for the month. A full-text copy of Caritas Health's operating report for the month ended March 31, 2010, is available for free at: http://bankrupt.com/misc/caritashealthcare.march2010.pdf Caritas Health Care Inc. is the owner of Mary Immaculate Hospital and St. John's Queens Hospital. Caritas, created by Wyckoff Heights Medical Center, purchased the two hospitals in a bankruptcy sale in early 2007 from St. Vincent Catholic Medical Centers of New York. St. John's has 227 generate acute-care beds while Mary Immaculate has 189. Caritas Health Care and eight of its affiliates filed for Chapter 11 on Feb. 6, 2009 (Bankr. E.D.N.Y., Lead Case No. 09- 40901). Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at Proskauer Rose, LLP, represent the Debtors in their restructuring effort. Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP, represent the official committee of unsecured creditors. Caritas in its bankruptcy petition estimated assets of $50 million to $100 million, and debts of $100 million to $500 million. CARITAS HEALTH: Earns $53,275 Net Income in April ------------------------------------------------- On May 24, 2010, Caritas Health Care, Inc., filed a monthly operating report for the filing period ended April 30, 2010, with the U.S. Bankruptcy Court for the Eastern District of New York. The Company reported net income of $53,275 on net revenue of $134,626 for the month ended April 30, 2010. At April 30, 2010, the Company had $42,520,654 in total assets and $168,103,507 in total liabilities. The Company ended the period with $28,735,444 in cash. The Company paid zero amount of professional fees for the month. A full-text copy of Caritas Health's operating report for the month ended April 30, 2010, is available for free at: http://bankrupt.com/misc/caritashealthcare.april2010mor.pdf Caritas Health Care Inc. is the owner of Mary Immaculate Hospital and St. John's Queens Hospital. Caritas, created by Wyckoff Heights Medical Center, purchased the two hospitals in a bankruptcy sale in early 2007 from St. Vincent Catholic Medical Centers of New York. St. John's has 227 generate acute-care beds while Mary Immaculate has 189. Caritas Health Care and eight of its affiliates filed for Chapter 11 on Feb. 6, 2009 (Bankr. E.D.N.Y., Lead Case No. 09- 40901). Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at Proskauer Rose, LLP, represent the Debtors in their restructuring effort. Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP, represent the official committee of unsecured creditors. Caritas in its bankruptcy petition estimated assets of $50 million to $100 million, and debts of $100 million to $500 million. CHEMTURA CORP: Reports $2,000,000 Net Income for May ---------------------------------------------------- Chemtura Corporation, Et Al. Condensed Combined Balance Sheets (Unaudited) As of May 31, 2010 Assets Current Assets $753,000,000 Intercompany receivables 500,000,000 Investment in subsidiaries 1,832,000,000 Property, plan and equipment 387,000,000 Goodwill 149,000,000 Other assets 389,000,000 -------------- Total assets $4,010,000,000 ============== Liabilities and Stockholders' Equity Current liabilities $478,000,000 Intercompany payables 37,000,000 Other long-term liabilities 73,000,000 -------------- Total liabilities not subject to compromise 588,000,000 Liabilities subject to compromise 3,497,000,000 Total stockholders' equity(deficit) (75,000,000) -------------- Total liabilities and stockholders' equity $4,010,000,000 ============== Chemtura Corporation, et al. Condensed Combined Statement of Operations (Unaudited) For the Period from May 1 to 31, 2010 Net sales $209,000,000 Cost of goods sold 166,000,000 Selling, general and administrative expenses 13,000,000 Depreciation and amortization 12,000,000 Research and development 2,000,000 Changes in estimates re expected claims 13,000,000 -------------- Operating profit (loss) 3,000,000 Interest expense (4,000,000) Other income (expense) 8,000,000 Reorganization items, net (4,000,000) Equity in net earnings (loss) (3,000,000) of subsidiaries -------------- Income (loss) before income taxes - Income tax provision - -------------- Earnings from continuing operations - Earnings from discontinued operations, net 2,000,000 -------------- Net income (loss) $2,000,000 ============== Chemtura Corporation, et al. Condensed Combined Statement of Cash Flows (Unaudited) For the Period from May 1 to 31, 2010 Cash Flows from Operating Activities: Net income (loss) $2,000,000 Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 12,000,000 Changes in estimates related to expected claims 13,000,000 Reorganization items, net (2,000,000) Changes in assets and debts, net (52,000,000) -------------- Net cash provided in operating activities (27,000,000) -------------- Cash flows from Investing Activities: Net proceeds from divestments 3,000,000 Capital expenditures (4,000,000) -------------- Net case provided by investing activities (1,000,000) Cash Flows from Financing Activities: Proceeds from credit facility, net 25,000,000 -------------- Cash and Cash Equivalents: Change in cash and cash equivalents (3,000,000) -------------- Cash and cash equivalents, beginning of period 26,000,000 -------------- Cash and cash equivalents, end of period $23,000,000 ============== 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) CIRCUIT CITY: Has $459,476,000 Cash at End of April --------------------------------------------------- Circuit City Stores, Inc., et al. Balance Sheet As of April 30, 2010 ASSETS Current Assets Cash and cash equivalents $459,476,000 Restricted cash 5,640,000 Short-term investments 1,158,000 Accounts receivable, net 306,953,000 Tax receivable 58,065,000 Prepaid expenses and other current assets 3,998,000 Intercompany receivables and investments 85,134,000 in subsidiaries -------------- Total Current Assets 920,424,000 Property and Equipment 3,847,000 Accumulated depreciation (690,000) -------------- Net Property and Equipment 3,157,000 Other Assets 20,183,000 -------------- TOTAL ASSETS $943,764,000 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Merchandise payable $172,324,000 Expenses payable 23,710,000 Accrued expenses and other current 27,582,000 liabilities Intercompany payables 0 -------------- Total Current Liabilities 223,616,000 Deferred income taxes 7,084,000 Other Liabilities 0 -------------- Liabilities Not Subject to Compromise 230,700,000 Liabilities Subject to Compromise 1,492,865,000 -------------- Total Liabilities 1,723,565,000 Stockholders' Equity Common stock 435,612,000 Additional paid-in capital 304,915,000 Retained deficit (1,510,560,000) Accumulated other comprehensive income (9,768,000) -------------- Total Stockholders' Equity (779,801,000) -------------- Total Liabilities & Shareholders' Deficit $943,764,000 ============== Circuit City Stores, Inc., et al. Income Statement For the Month Ended April 30, 2010 Net sales $0 Cost of sales, buying and warehousing 0 -------------- Gross profit (loss) 0 Selling, general and administrative expenses 5,992,000 (net gain) Asset impairment charges 0 -------------- Operating income (5,992,000) Interest income 0 Interest expense 0 -------------- Loss before reorganization items, GAAP (5,992,000) reversals and income taxes Net loss from reorganization items (1,677,000) Net gain from GAAP reversals 0 Income tax expense (1,000) -------------- NET LOSS ($7,670,000) ============== According to the monthly operating report, the Debtors have paid a total of $47.3 million in professional fees through April. About Circuit City Headquartered in Richmond, Virginia, Circuit City Stores Inc. (NYSE: CC) -- http://www.circuitcity.com/-- was a specialty retailer of consumer electronics, home office products, entertainment software and related services in the U.S. and Canada. Circuit City Stores together with 17 affiliates filed a voluntary petition for reorganization relief under Chapter 11 of the Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No. 08-35653). InterTAN Canada, Ltd., which runs Circuit City's Canadian operations, also sought protection under the Companies' Creditors Arrangement Act in Canada. Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, are the Debtors' general restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, are the Debtors' local counsel. The Debtors also tapped Kirkland & Ellis LLP as special financing counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special securities counsel; and FTI Consulting, Inc., and Rotschild Inc. as financial advisors. The Debtors' Canadian general restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman Carson Consultants LLC is the Debtors' claims and voting agent. The Debtors disclosed total assets of $3,400,080,000 and debts of $2,323,328,000 as of August 31, 2008. Circuit City has opted to liquidate its 721 stores. It has obtained the Bankruptcy Court's approval to pursue going-out-of- business sales, and sell its store leases. In May 2009, Systemax Inc., a multi-channel retailer of computers, electronics, and industrial products, acquired certain assets, including the name Circuit City, from the Debtors through a Court- approved auction. Bankruptcy Creditors' Service, Inc., publishes Circuit City Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Circuit City Stores Inc. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). CMR MORTGAGE: Posts $300,334 Net Loss in May -------------------------------------------- CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court for the Northern District of California on June 20, 2010, its monthly operating report for the month ended May 31, 2010. The Company reported a net loss of $300,334 on total revenues of $19,448 for the month of May 2010. At May 31, 2010, the Debtor had total assets of $62,804,484, total liabilities of $37,802,595 and total equity of $25,001,889. A full-text copy of the Debtor's operating report for May 2010 is available at http://researcharchives.com/t/s?654b San Francisco, California-based CMR Mortgage Fund II, LLC, is a limited liability company organized for the purpose of making or investing in business loans secured by deeds of trust or mortgages on real properties located primarily in California. The Company previously funded lending activities through loan pay downs or pay offs, as well as by selling its membership interests, and by selling all or a portion of interests in the loans to individual investors. The Company commenced operations in February 2004. The Company ceased accepting new members in the third quarter of 2006. The Company and CMR Mortgage Fund III, LLC, filed for Chapter 11 protection on March 31, 2009 (Bankr. N. D. Calif. Case No. 09-30788 and 09-30802). Robert G. Harris, Esq., at the Law Offices of Binder and Malter, represents the Debtor as counsel. The Debtor listed between $10 million and $50 million each in assets and debts. COLONIAL BANCGROUP: Reports Cash Loss of $523,838 in May -------------------------------------------------------- On June 18, 2010, The Colonial Bancgroup, Inc., filed its monthly operating report for May 2010 with the U.S. Bankruptcy Court for the Middle District of Alabama, Northern Division. The Company ended May 2010 with $37.5 million cash, of which roughly $1.0 million is currently available to the Company. On August 14, 2009, the FDIC placed a hold on all cash deposits of Colonial BancGroup. The Colonial BancGroup is unable to access its cash deposits (except for those amounts released per bankruptcy court order). The Company paid a total of $378,784 in professional fees in May 2010. At May 31, 2010, the Company had total assets of $42.6 million, total liabilities of $365.6 million, and total equity of ($323.0 million). Cash profit (loss) for the month was ($523,838) on total income of $309 and total expenses of $524,147. A full-text copy of the Company's May 2010 monthly operating report is available for free at: http://researcharchives.com/t/s?654d About Colonial BancGroup Headquartered in Montgomery, Alabama, The Colonial BancGroup, Inc. (NYSE: CNB) was holding company to Colonial Bank, N.A, its banking subsidiary. Colonial bank -- http://www.colonialbank.com/ -- operated 354 branches in Florida, Alabama, Georgia, Nevada and Texas with over $26 billion in assets. On August 14, 2009, Colonial Bank was seized by regulators and the Federal Deposit Insurance Corporation was named receiver. The FDIC sold most of the assets to Branch Banking and Trust, Winston-Salem, North Carolina. BB&T acquired $22 billion in assets and assumed $20 billion in deposits of the Bank. The Colonial BancGroup filed for Chapter 11 bankruptcy protection on August 25, 2009 (Bankr. M.D. Ala. Case No. 09-32303). W. Clark Watson, Esq., at Balch & Bingham LLP and Rufus T. Dorsey IV, Esq., at Parker Hudson Rainer & Dobbs LLP, assist the Company in its restructuring effort. The Company listed $45,000,000 in assets and $380,000,000 in debts in its bankruptcy filing. ERICKSON RETIREMENT: Reports $15,725,622 Net Loss for March ----------------------------------------------------------- Erickson Retirement Communities, LLC Balance Sheet As of March 31, 2010 Assets Unrestricted cash $14,747,000 Restricted cash 15,545,000 -------------- Total cash 30,292,000 Accounts receivable, net 0 Inventory 0 Notes receivable 32,401,000 Prepaid expenses 2,556,000 Other 18,372,558 -------------- Total current assets 83,621,558 Property, Plant & Equipment 86,695,692 Less: Accumulated depreciation (33,873,692) -------------- Net property, plant & equipment 52,822,000 Due from insiders (340,929,540) Other assets - Net of amortization 2,129,000 Other 62,127,000 -------------- Total assets ($140,229,982) ============== Liabilities and Equity: Postpetition Liabilities Accounts payable $1,725,127 Taxes payable 0 Notes payable 0 Professional fees 0 Secured debt 536,301 Other 13,142,438 -------------- Total postpetition liabilities 15,403,866 Prepetition Liabilities Secured debt 216,990,913 Priority debt 0 Unsecured debt 89,210,920 Other 20,231,911 -------------- Total prepetition liabilities 326,433,744 -------------- Total liabilities 341,837,610 -------------- Equity: Prepetition owner's equity (416,545,000) Postpetition cumulative profit or (loss) (65,522,592) Direct charges to equity 0 -------------- Total equity (482,067,592) -------------- Total liabilities and equity ($140,229,982) ============== Erickson Retirement Communities, LLC Statement of Income For the Month ended March 31, 2010 Revenues: Gross revenues $2,643,674 Less returns & discounts 0 -------------- Net revenue 2,643,674 Cost of goods sold Material 0 Direct labor 0 Direct overhead 0 Real estate taxes 0 -------------- Total cost of goods sold 0 -------------- Gross profit 2,643,674 Operating expenses Officer/insider compensation 984,399 Selling & marketing 0 General & administrative (273,456) Rent & lease 0 Other 0 -------------- Total operating expenses 710,943 -------------- Income before non-operating income & expense 1,932,731 Other Income & expenses Non-operating income (rent) (164,969) Non-operating expense 0 Interest expense 1,167,000 Depreciation 660,262 Amortization 66,823 Other 12,085,180 -------------- Net other income & expenses 13,814,296 Reorganization expenses Professional fees 3,824,292 U.S. Trustee fees 19,765 Other 0 -------------- Total reorganization expenses 3,844,057 Income tax 0 -------------- Net profit (loss) ($15,725,622) ============== Erickson Retirement Communities, LLC Cash Receipts and Disbursements For the Month Ended March 31, 2010 Cash - beginning of month $32,209,000 Receipts from operations Cash sales 5,459,494 Collection of accounts receivable Prepetition 0 Postpetition 0 -------------- Total operating receipts 5,459,494 Non-operating receipts Loans & advances (DIP Funding), net (1,545,330) Sale of assets 0 Other 5,163,426 -------------- Total non-operating receipts 3,618,096 Total receipts 9,077,590 -------------- Total cash available 41,286,590 Operating disbursements Net payroll 1,903,829 Payroll taxes paid 1,717,508 Sales, use & other taxes paid 0 Secured/rental/leases 65,478 Utilities 325,323 Insurance 1,323,897 Inventory purchases 0 Vehicle expenses 0 Travel 73,191 Entertainment 0 Repairs & maintenance 213,379 Supplies 136,562 Advertising 1,024,988 Other 1,098,319 -------------- Total operating disbursements 7,882,475 Reorganization expenses Professional fees 3,092,350 U.S. Trustee fees 19,765 Other 0 -------------- Total reorganization expenses 3,112,115 Total disbursements 10,994,590 -------------- Net cash flow (1,917,000) -------------- Cash - end of month $30,292,000 ============== Fifteen affiliates of Erickson Retirement did not file with the Court separate individual monthly operating reports for the month of March 2010. The Debtor affiliates are: * Warminster Campus, LP * Concord Campus, LP * Novi Campus, LLC * Littleton Campus, LLC * Ashburn Campus, LLC * Houston Campus, LP * Dallas Campus, LP * Kansas Campus, LLC * Columbus Campus, LLC * Erickson Construction, LLC * Concord Campus GP, LLC * Dallas Campus GP, LLC * Erickson Group, LLC * Warminster Campus GP, LLC * Senior Campus Services, LLC About Erickson Retirement The Baltimore, Maryland-based Erickson Retirement Communities LLC owns 20 continuing care retirement communities in 11 states. Among Erickson's 20 communities, eight are completed, 11 are open although in construction, and one is in development. They have 23,000 residents in total. Erickson, along with affiliates, filed for Chapter 11 on Oct. 19, 2009 (Bankr. N.D. Tex. Case No. 09-37010). DLA Piper LLP (US) serves as counsel to the Debtors. BMC Group Inc. serves as claims and notice agent. Houlihan, Lokey, Howard & Zoukin, Inc., is also serving as investment and financial consultant. Alvarez & Marsal is serving as restructuring adviser. As of September 30, 2009, on a book value basis, ERC had approximately $2.7 billion in assets, including $2.2 billion of property and equipment, and $3.0 billion in liabilities. Liabilities include $195.8 million on the revolving credit, $347.5 million on construction credit, $64 million in accounts payable, $47.8 million in subordinate debt, and $475 million in purchase option deposits. Judge Stacey G.C. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas confirmed Erickson's Plan of Reorganization on April 16, 2010. The confirmed Chapter 11 Plan is premised on the $365 million sale of substantially all of the Erickson Retirement assets to Redwood Capital Investments LLC and its affiliates. The Plan became effective effective on April 30, 2010. Bankruptcy Creditors' Service, Inc., publishes Erickson Retirement Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Erickson Retirement Communities LLC and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) ERICKSON RETIREMENT: Reports $374,504,797 Profit for April ---------------------------------------------------------- Erickson Retirement Communities, LLC Balance Sheet As of April 30, 2010 Assets Unrestricted cash $26,263,686 Restricted cash 0 -------------- Total cash 26,263,686 Accounts receivable, net 0 Inventory 0 Notes receivable 0 Prepaid expenses 75,000 Other 3,421,960 -------------- Total current assets 29,760,646 Property, Plant & Equipment 37,060,673 Less: Accumulated depreciation (2,685,859) -------------- Net property, plant & equipment 34,374,814 Due from insiders (150,754,626) Other assets - Net of amortization 0 Other 109,827 -------------- Total assets ($86,509,338) ============== Liabilities and Equity: Postpetition Liabilities Accounts payable $1,976,149 Taxes payable 0 Notes payable 0 Professional fees 0 Secured debt 0 Other 8,865,456 -------------- Total postpetition liabilities 10,841,605 -------------- Prepetition Liabilities Secured debt 0 Priority debt 0 Unsecured debt 10,211,852 Other 0 -------------- Total prepetition liabilities 10,211,852 -------------- Total liabilities 21,053,457 -------------- Equity: Prepetition owner's equity (416,545,000) Postpetition cumulative profit or (loss) 308,982,204 Direct charges to equity 0 -------------- Total equity (107,562,796) -------------- Total liabilities and equity ($86,509,338) ============== Erickson Retirement Communities, LLC Statement of Income For the Month ended April 30, 2010 Revenues: Gross revenues $2,730,234 Less returns & discounts 0 -------------- Net revenue 2,730,234 Cost of goods sold Material 0 Direct labor 0 Direct overhead 0 Real estate taxes 0 -------------- Total cost of goods sold 0 -------------- Gross profit 2,730,234 Operating expenses Officer/insider compensation 1,294,405 Selling & marketing 0 General & administrative (1,907,857) Rent & lease 0 Other 0 -------------- Total operating expenses 196,548 -------------- Income before non-operating income & expense 2,533,686 Other Income & expenses Non-operating income (rent) (78,450) Non-operating expense 0 Interest expense 1,115,252 Depreciation 655,891 Amortization 66,823 Other (261,086,100) -------------- Net other income & expenses (259,326,584) Reorganization expenses Professional fees 2,105,624 U.S. Trustee fees 20,235 Other (114,770,386) -------------- Total reorganization expenses (112,644,527) Income tax 0 -------------- Net profit (loss) $374,504,797 ============== Erickson Retirement Communities, LLC Cash Receipts and Disbursements For the Month Ended April 30, 2010 Cash - beginning of month $30,292,000 Receipts from operations Cash sales 5,547,433 Collection of accounts receivable Prepetition 0 Postpetition 0 -------------- Total operating receipts 5,547,433 Non-operating receipts Loans & advances (DIP Funding), net 536,301 Sale of assets 0 Other 9,160,666 -------------- Total non-operating receipts 9,696,967 Total receipts 15,244,400 -------------- Total cash available 45,536,401 Operating disbursements Net payroll 4,458,580 Payroll taxes paid 2,127,194 Sales, use & other taxes paid 0 Secured/rental/leases 0 Utilities 199,041 Insurance 1,764,894 Inventory purchases 0 Vehicle expenses 0 Travel 136,431 Entertainment 0 Repairs & maintenance 59,812 Supplies 41,975 Advertising 483,377 Other 884,331 -------------- Total operating disbursements 10,155,635 Reorganization expenses Professional fees 2,105,624 U.S. Trustee fees 20,235 Other 6,991,219 -------------- Total reorganization expenses 9,117,079 Total disbursements 19,272,714 -------------- Net cash flow (4,028,314) -------------- Cash - end of month $26,263,686 ============== Other Erickson Retirement Affiliates Fifteen affiliates of Erickson Retirement also delivered separate individual monthly operating reports to the Court. The Erickson Retirement affiliates reported these assets and liabilities as of April 30, 2010: Debtor Affiliate Total Assets Total Debts ---------------- -------------- ------------ Warminster Campus, LP $294,391,204 $294,391,204 Columbus Campus, LLC $75,854,941 $75,854,941 Erickson Construction, LLC $5,864,139 $5,864,139 Kansas Campus, LLC $190,958 $190,958 Concord Campus, LP $53,962 $53,962 Ashburn Campus, LLC $41,388 $41,388 Novi Campus, LLC $40,189 $40,189 Littleton Campus, LLC $144 $144 Dallas Campus, LP $100 $100 Houston Campus, LP ($85) ($85) Erickson Group, LLC $0 $0 Senior Campus Services, LLC $0 $0 Concord Campus GP, LLC $0 $0 Dallas Campus GP, LLC $0 $0 Warminster Campus GP, LLC $0 $0 The Debtor affiliates listed their net income or loss for the period from April 1 to 30, 2010: Company Net Income(Loss) ------------- ---------------- Ashburn Campus, LLC $50,581,550 Kansas Campus, LLC $33,404,207 Concord Campus, LLC $31,993,864 Houston Campus, LP $31,680,558 Warminster Campus, LP $21,639,119 Novi Campus, LLC $12,757,580 Littleton Campus, LLC $11,747,540 Dallas Campus, LP ($25,587,558) Erickson Construction, LLC ($7,585,598) Columbus Campus, LLC ($2,299,909) Erickson Group, LLC $0 Senior Campus Services, LLC $0 Concord Campus GP, LP $0 Dallas Campus GP, LLC $0 Warminster Campus GP, LLC $0 The Debtor affiliates also reported their cash receipts and disbursements for the period from April 1 to 30, 2010: Company Receipts Disbursements Cash Flow ------------- ----------- ------------- --------- Littleton Campus, LLC $478,334 $481,080 ($2,745) Kansas Campus, LLC $244,337 $246,101 ($1,764) Novi Campus, LLC $196,003 $514,357 (318,354) Warminster Campus, LP $196,003 ($524,135) $630,478 Concord Campus LLC $159,196 $246,020 ($86,824) Houston Campus, LP $150,123 $225,964 ($75,841) Dallas Campus, LP $74,435 $118,712 ($44,277) Ashburn Campus, LLC $64,640 $455,398 ($390,759) Columbus Campus, LLC $5,039 $7,875 ($2,836) Erickson Construction, LLC $0 $120,868 ($120,868) Erickson Group, LLC $0 $0 $0 Senior Campus Services, LLC $0 $0 $0 Concord Campus GP, LP $0 $0 $0 Dallas Campus GP, LLC $0 $0 $0 Warminster Campus GP, LLC $0 $0 $0 About Erickson Retirement The Baltimore, Maryland-based Erickson Retirement Communities LLC owns 20 continuing care retirement communities in 11 states. Among Erickson's 20 communities, eight are completed, 11 are open although in construction, and one is in development. They have 23,000 residents in total. Erickson, along with affiliates, filed for Chapter 11 on Oct. 19, 2009 (Bankr. N.D. Tex. Case No. 09-37010). DLA Piper LLP (US) serves as counsel to the Debtors. BMC Group Inc. serves as claims and notice agent. Houlihan, Lokey, Howard & Zoukin, Inc., is also serving as investment and financial consultant. Alvarez & Marsal is serving as restructuring adviser. As of September 30, 2009, on a book value basis, ERC had approximately $2.7 billion in assets, including $2.2 billion of property and equipment, and $3.0 billion in liabilities. Liabilities include $195.8 million on the revolving credit, $347.5 million on construction credit, $64 million in accounts payable, $47.8 million in subordinate debt, and $475 million in purchase option deposits. Judge Stacey G.C. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas confirmed Erickson's Plan of Reorganization on April 16, 2010. The confirmed Chapter 11 Plan is premised on the $365 million sale of substantially all of the Erickson Retirement assets to Redwood Capital Investments LLC and its affiliates. The Plan became effective effective on April 30, 2010. Bankruptcy Creditors' Service, Inc., publishes Erickson Retirement Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Erickson Retirement Communities LLC and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) EXTENDED STAY: Reports $20,285,000 Net Loss for May --------------------------------------------------- Extended Stay Inc., et al. Combined Balance Sheet As of May 31, 2010 ASSETS Current assets Cash and cash equivalents, unrestricted $2,260,000 Debtor in possession cash account 56,930,000 Cash management account, including deposits in transit 17,002,000 Accounts receivable-net of allowance for doubtful accounts 15,561,000 Restricted cash 2,733,000 Other current assets 30,464,000 Investment in derivative instruments, at fair value - Due from insiders - non-debtor affiliates - -------------- Total current assets 124,950,000 Property and equipment, net of accumulated depreciation 6,208,498,000 Undeveloped land 1,100,000 Deferred financing costs, net of accumulated amortization - Trademarks 13,182,000 License of trademarks, net of accumulated amortization 8,391,000 Under market trademark licenses, net of accumulated amortization 11,679,000 Intangible assets, net of accumulated amortization 16,470,000 Other assets 7,216,000 -------------- Total assets $6,391,486,000 ============== LIABILITIES AND SHAREHOLDERS/MEMBERS' (DEFICIT) EQUITY Liabilities not subject to compromise Current liabilities Accounts payable $143,000 Accrued occupancy taxes payable 4,392,000 Accrued state franchise tax 1,447,000 Accrued sales and use taxes payable 3,151,000 Accrued property & general liability insurance reserves 4,446,000 Accrued utilities 5,115,000 Other property accruals 1,123,000 Deferred revenue 10,720,000 General and administrative accruals 1,982,000 Accrued professional fees - billings rendered 10,894,000 Accrued professional fees - accrual estimate 2,900,000 Accrued real estate taxes 23,334,000 Accrued interest payable 9,930,000 Income taxes payable - state 431,000 Advance from insider 7,939,000 Due to insiders - non-debtor affiliates 37,740,000 -------------- Total current liabilities 125,687,000 Other liabilities 4,904,000 Deferred income tax liability - noncurrent 1,101,737,000 -------------- Total liabilities not subject to compromise 1,232,328,000 Liabilities subject to compromise Accounts payable 545,000 Accrued interest payable 9,577,000 Mortgages payable 4,108,349,000 Mezzanine loans 3,295,456,000 Subordinated notes 8,149,000 -------------- Total liabilities subject to compromise 7,422,076,000 Shareholders'/Members' (deficit) equity Additional paid in capital 573,141,000 Retained deficit - pre-petition (1,370,408,000) Retained deficit - post-petition (1,465,651,000) -------------- Total shareholders'/members' (deficit) equity (2,262,918,000) -------------- Total liabilities and shareholders'/members' (deficit) equity $6,391,486,000 ============== Extended Stay Inc., et al. Combined Statement of Operations For the period May 1 to 31, 2010 Revenues Room revenues $73,353,000 Other property revenues 1,663,000 -------------- Total revenues 75,016,000 Operating expenses Property operating expenses 35,384,000 Corporate operating expenses 1,481,000 Officer/Insider Compensation - Trademark license fees expense 79,000 Management fees and G&A reimbursement expense 5,644,000 Depreciation and amortization 31,406,000 (Gain)/ Loss on disposition of property and equip - Impairment of property and equipment - Impairment of intangibles/allowances - -------------- Total operating expenses 73,994,000 Other income - -------------- Operating loss 1,022,000 Interest expense (18,064,000) Loss on investments in debt securities & interest rate caps - Interest income 1,000 Tax expense - current (60,000) Tax expense - deferred (345,000) -------------- Net loss before reorganization items (17,446,000) Reorganization items Professional fees 2,800,000 Professional fees - YE GAAP accrual estimate - U.S. Trustee quarterly fees 39,000 Reorganization expense - deferred financing cost - Reorganization expense - discount write-off - Interest earned on accumulated cash from Chapter 11 - -------------- Total reorganization items 2,839,000 -------------- Net loss ($20,285,000) ============== The Debtors reported $79,627,901 in total cash receipts and $73,679,041 in total disbursements for May 2010. About Extended Stay Extended Stay is the largest owner and operator of mid-price extended stay hotels in the United States, holding one of the most geographically diverse portfolios in the lodging sector with properties located across 44 states (including 11 hotels located in New York) and two provinces in Canada. As a result of acquisitions and mergers, Extended Stay's portfolio has expanded to encompass over 680 properties, consisting of hotels directly owned or leased by Extended Stay or one of its affiliates. Extended Stay currently operates five hotel brands: (i) Crossland Economy Studios, (ii) Extended Stay America, (iii) Extended Stay Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe Studios. Extended Stay Inc. and its affiliates filed for Chapter 11 on June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M. Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, in New York, represents the Debtors. Lazard Freres & Co. LLC is the Debtors' financial advisors. Kurtzman Carson Consultants LLC is the claims agent. Extended Stay had assets of $7.1 billion and debts of $7.6 billion as of the end of 2008. Bankruptcy Creditors' Service, Inc., publishes Extended Stay Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings undertaken by Extended Stay Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). GOODY'S LLC: Earns $281,122 in February --------------------------------------- Goody's LLC reported net income of $281,122 for the month of February 2010. At February 28, 2010, the Debtor had total assets of $56,109,756, total liabilities of $74,343,102, and stockholders' deficit of $18,233,346. During the month of February 2010, the Company's schedule of cash receipts and disbursements showed: Cash, beginning $7,752,001 Total Receipts $45,467 Total Disbursements $246,596 Net Cash Flow ($201,129) Cash, end $7,550,872 A full-text copy of the Debtor's monthly operating report for February 2010 is available at no charge at: http://bankrupt.com/misc/goody'sllc.februarymor.pdf About Goody's LLC Headquartered in Wilmington, Delaware, Goody's LLC, successor to Goody's Family Clothing Inc., operates a chain of clothing stores. Goody's Family Clothing Inc., and 19 of its affiliates filed for Chapter 11 protection on June 9, 2008 (Bankr. D. Del. Lead Case No. 08-11133). Gregg M. Galardi, Esq., and Marion M. Quirk, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings, Esq., at Bass, Berry & Sims PLC, represented the Debtors. The Company emerged from bankruptcy October 20, 2008, after closing more than 70 stores. The reorganized entity was named Goody's LLC, and headquartered in Wilmington, Delaware. Goody's subsequently announced plans to liquidate in January 2009 when it was unable to restructure terms with creditors. Goody's LLC and 13 of its affiliates filed for Chapter 11 protection on January 13, 2009 (Bankr. D. Del. Lead Case No. 09-10124). M. Blake Cleary, Esq., at Young, Conaway, Stargatt & Taylor, LLP; Paul G. Jennings, Esq., Gene L. Humphreys, Esq., Edward C. Meade, Esq., and Kristen C. Wright, Esq., at Bass Berry & Sims PLC represent the Debtors as counsel. Skadden, Arps, Slate Meagher & Flom, LLP, is the Debtors' special counsel; FTI Consulting Inc. is the Debtors' financial advisor. Goody's has closed its 282 stores and liquidated its inventory and other assets. In its schedules, Goody's LLC listed assets of $542,231,601 and liabilities of $510,471,005. GOODY'S LLC: Posts $149,047 Net Loss in March --------------------------------------------- Goody's LLC reported a net loss of $149,047 for the month of March 2010. At March 31, 2010, the Debtor had total assets of $55,905,191, total liabilities of $74,287,583, and stockholders' deficit of $18,382,392. During the month of March 2010, the Company's schedule of cash receipts and disbursements showed: Cash, beginning $7,550,872 Total Receipts $55,564 Total Disbursements $261,755 Net Cash Flow ($206,191) Cash, end $7,344,681 A full-text copy of the Debtor's monthly operating report for March 2010 is available at no charge at: http://bankrupt.com/misc/goody'sllc.marchmor.pdf About Goody's LLC Headquartered in Wilmington, Delaware, Goody's LLC, successor to Goody's Family Clothing Inc., operates a chain of clothing stores. Goody's Family Clothing Inc., and 19 of its affiliates filed for Chapter 11 protection on June 9, 2008 (Bankr. D. Del. Lead Case No. 08-11133). Gregg M. Galardi, Esq., and Marion M. Quirk, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings, Esq., at Bass, Berry & Sims PLC, represented the Debtors. The Company emerged from bankruptcy October 20, 2008, after closing more than 70 stores. The reorganized entity was named Goody's LLC, and headquartered in Wilmington, Delaware. Goody's subsequently announced plans to liquidate in January 2009 when it was unable to restructure terms with creditors. Goody's LLC and 13 of its affiliates filed for Chapter 11 protection on January 13, 2009 (Bankr. D. Del. Lead Case No. 09-10124). M. Blake Cleary, Esq., at Young, Conaway, Stargatt & Taylor, LLP; Paul G. Jennings, Esq., Gene L. Humphreys, Esq., Edward C. Meade, Esq., and Kristen C. Wright, Esq., at Bass Berry & Sims PLC represent the Debtors as counsel. Skadden, Arps, Slate Meagher & Flom, LLP, is the Debtors' special counsel; FTI Consulting Inc. is the Debtors' financial advisor. Goody's has closed its 282 stores and liquidated its inventory and other assets. In its schedules, Goody's LLC listed assets of $542,231,601 and liabilities of $510,471,005. GOTTSCHALKS INC: Posts $5.9 Million Net Loss in May --------------------------------------------------- On June 21, 2010, Gottschalks Inc. filed with the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for the period May 2, 2010, through May 29, 2010. The Debtor ended the period with $11,137,000 cash. During the period, the Debtor paid a total of $651,961 in professional fees and reimbursed a total of $39,422 in professional expenses. The Company reported a net loss of $5,863,000 for the period. At May 29, 2010, the Company had $26,949,000 in total assets, $75,937,000 in total liabilities, and ($48,988,000) in net owner equity. The May 2010 operating report is available for free at: http://researcharchives.com/t/s?654e Headquartered in Fresno, California, Gottschalks Inc. (Pink Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- is a regional department store chain, operating 58 department stores and three specialty apparel stores in six western states. Gottschalks offers better to moderate brand-name fashion apparel, cosmetics, shoes, accessories and home merchandise. The Company filed for Chapter 11 protection on January 14, 2009 (Bankr. D. Del. Case No. 09-10157). O'Melveny & Myers LLP represents the Debtor in its Chapter 11 case. Lee E. Kaufman, Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., serves as the Debtors' co-counsel. The Debtor selected Kurtzman Carson Consultants LLC as its claims agent. The U.S. Trustee for Region 3 appointed seven creditors to serve on an official committee of unsecured creditors. When the Debtor filed for protection from its creditors, it listed $288,438,000 in total assets and $197,072,000 in total debts. LTV CORPORATION: Ends May 2010 With $8,465,000 Cash --------------------------------------------------- On June 16, 2010, The LTV Corporation, et al., submitted to the United States Bankruptcy Court for the Northern District of Ohio, Eastern Division their operating report for the period ended May 31, 2010. LTV ended the period with a $8,465,000 cash balance. LTV reported $347,000 in disbursements in April, including $314,000 paid to Chapter 11 professionals. A full-text copy of the Debtors' May 2010 operating report is available at no charge at http://researcharchives.com/t/s?6520 Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer with interests in steel and steel-related businesses, employing some 17,650 workers and operating 53 plants in Europe and the Americas. The Company filed for Chapter 11 protection on December 29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866). On August 31, 2001, the company listed $4,853,100,000 in assets and $4,823,200,000 in liabilities. MAGNA ENTERTAINMENT: Posts $18.1 MM Net Loss From April 5 to 30 --------------------------------------------------------------- On June 1, Magna Entertainment Corp., et al., filed their monthly operating report for the period from April 5, 2010, to April 30, 2010, with the United States Bankruptcy Court for the District of Delaware. Magna Entertainment reported a net loss of $18.1 million for the period. The Company incurred $13.0 million in professional fees during the period. At April 30, 2010, the Company had $1.041 billion in total assets, $495.0 million on in total liabilities, and $545.7 million in net owner equity. The Company ended the period with $2.542 billion in cash and cash equivalents, including restricted cash and cash equivalents of $1.642 billion. At April 4, 2010, the Company had cash and equivalents of $53.9 million. During the period, the Company paid a total $3.0 million in professional fees. A full-text copy of the Company's monthly operating report is available at no charge at: http://bankrupt.com/misc/magnaentertainment.april2010mor.pdf About Magna Entertainment Based in Aurora, Ontario, Magna Entertainment Corp. is North America's largest owner and operator of horse racetracks based on revenue. The Company develops, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. MEC also develops, owns and operates casinos in conjunction with its racetracks where permitted by law. MEC owns and operates AmTote International, Inc., a provider of totalisator services to the pari-mutuel industry, XpressBet(R), a national Internet and telephone account wagering system, as well as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC has a 50% interest in HorseRacing TV(R), a 24-hour horse racing television network, and TrackNet Media Group LLC, a content management company formed for distribution of the full breadth of MEC's horse racing content. Following its failure to meet obligations to lenders led by PNC Bank, National Association, and Wells Fargo Bank, National Association, and controlling shareholder MI Developments Inc.'s decision not to provide further financial backing, Magna Entertainment Corp. and 24 affiliates filed for Chapter 11 on March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720). Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil, Gotshal & Manges LLP, have been engaged as bankruptcy counsel. Mark D. Collins, Esq., L. Katherine Good, Esq., and Maris J. Finnegan, Esq., at Richards, Layton & Finger, P.A., are the Debtors' local counsel. Miller Buckfire & Co. LLC is the Debtors' investment banker and financial advisor. Kurtzman Carson Consultants LLC is the claims and noticing agent for the Debtors. Magna Entertainment Corp. had total assets of $1.054 billion and total liabilities of $947.3 million based on unaudited consolidated financial statements as of December 31, 2008. On April 29, 2010, the Bankruptcy Court confirmed the Second Modified Third Amended Joint Plan of Magna Entertainment Corp., its affiliated Debtors, the official committee of unsecured creditors, MI Developments Inc., and MI Developments US Financing. The Debtors emerged from Bankruptcy on April 30, 2010. MESA AIR: Posts $2.6 Million Net Loss in May -------------------------------------------- Mesa Air Group, Inc., filed on June 18, 2010, a monthly operating report for the period from May 1, 2010, to May 31, 2010, with the U.S. Bankruptcy Court for the Southern District of New York. The Debtors reported a net loss of $2.6 million on revenue of $65.6 million for the month of May 2010. Operating loss for the month was $341,000. The Company incurred $1.3 million in interest expense and $691,000 in professional fees for the period. At May 31, 2010, the Debtors' balance sheets showed $928.5 million in assets, $828.6 million of liabilities, and $100.0 million of stockholders' equity. The Company ended the period with $60.8 million in cash and cash equivalents, compared to $57.5 million at April 30, 2010. Mesa Air Group, Inc., et al. Condensed Consolidated Balance Sheet As of May 31, 2010 ASSETS Current Assets Cash and cash equivalents $60,833,000 Short-term investments 1,258,000 Restricted investments 11,341,000 Receivables, net of allowance 8,024,000 Inventories, net of allowance 27,631,000 Prepaid expenses and other assets 127,244,000 -------------- Total current assets 236,333,000 Property and equipment, net 546,281,000 Security and other deposits 12,192,000 Other assets 133,713,000 -------------- TOTAL ASSETS $928,518,000 ============== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Not Subject to Compromise: Current Liabilities Accounts payable $3,415,000 Air traffic liability 4,909,000 Other accrued expenses 48,317,000 Income tax payable (1,774,000) Deferred revenue & other current liabilities 0 -------------- Total current liabilities not subject to 54,868,000 compromise Deferred credits and other liabilities 97,388,000 Long-term deferred income tax 156,719,000 Other long-term debt postpetition 0 -------------- Total liabilities not subject to compromise 254,107,000 Liabilities subject to compromise 519,577,000 -------------- Total Liabilities 828,552,000 Stockholders' Equity Preferred stock, no par value, authorized 0 2,000,000 shares, none issued Common stock, no par value and additional 118,676,000 paid-in capital, 900,000,000 shares authorized; 175,217,249 and 175,217,249 shares issued and outstanding, respectively Deferred stock compensation 1,605,000 Retained earnings (20,316,000) -------------- Total shareholders' equity 99,966,000 -------------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $928,518,000 ============== Mesa Air Group, Inc., et al. Condensed Consolidated Statement of Operations For the Month Ended May 31, 2010 Revenues Passenger $65,209,000 Cargo 0 Other 424,000 -------------- Total revenue 65,632,000 -------------- Operating Expenses Flight operations 18,692,000 Flight operations - nonoperating aircraft 5,790,000 Aircraft fuel 18,635,000 Aircraft and traffic servicing 3,604,000 Maintenance 12,288,000 Promotion and sales 468,000 General and administrative 3,169,000 Depreciation and amortization 3,328,000 impairment of long-lived asset 0 -------------- Total operating expenses 65,974,000 Operating Income (Loss) (341,000) Non-operating Income (Expense) Interest income 370,000 Interest expense (1,349,000) Other, net (312,000) -------------- Total non-operating income (expense) (1,291,000) Income (Loss) before reorganization items and (1,632,000) Income Taxes Income Taxes (1,553,000) Loss (Gain) on reorganization items 2,553,000 Income (Loss) before discontinued operations (2,633,000) Loss (Gain) from discontinued operations 0 -------------- NET INCOME (LOSS) ($2,633,000) ============== Mesa Air Group, Inc., et al. Condensed Consolidated Statement of Cash Flows For the Month Ended May 31, 2010 Cash Flows from Operating Activities: Net income (loss) from continuing operations ($2,633,000) Net income (loss) from discontinued operations 0 -------------- Net income (loss) (2,633,000) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 3,328,000 Impairment charges 0 Amortization of deferred credits (1,357,000) Amortization of restricted stock awards 33,000 Amortization of contract incentive payments 27,000 Provisions for obsolete expendable parts 301,000 and supplies Changes in operating assets and liabilities: Net (purchase) sales of investment securities (408,000) Receivables (1,331,000) Expendable parts and supplies (155,000) Prepaid expenses and other assets 12,922,000 Other assets 50,000 Accounts payable (1,398,000) Income taxes payable (1,557,000) Air traffic liability 0 Other accrued liabilities 2,005,000 Reorganization items (2,553,000) -------------- Net cash provided by (used in) operating 7,275,000 activities Cash Flows from Reorganization Activities: Net cash provided by (used in) reorganization 0 activities -------------- Total net cash provided by (used in) operating 0 activities Cash Flows from Investing Activities: Capital expenditures (1,599,000) Proceeds from sale of flight equipment and 0 expendable inventory Change in restricted cash 7,000 Equity method investment 334,000 Investment deposits 0 Change in other assets 6,000 Net returns (payments) of lease and equipment 0 deposits -------------- Net cash (used in) provided by investing (1,253,000) activities Cash Flows from Financing Activities: Principal payments on long-term borrowings (2,673,000) -------------- Net cash (used in) provided by financing (2,673,000) activities Increase (decrease) in cash and cash 3,350,000 equivalents Cash and cash equivalents at beginning of 57,484,000 period -------------- Cash and cash equivalents at end of period $60,833,000 ============== About Mesa Air Group Mesa currently operates 130 aircraft with approximately 700 daily system departures to 127 cities, 41 states, Canada, and Mexico. Mesa operates as Delta Connection, US Airways Express and United Express under contractual agreements with Delta Air Lines, US Airways and United Airlines, respectively, and independently as Mesa Airlines and go! Mokulele. This operation links Honolulu to the neighbor island airports of Hilo, Kahului, Kona and Lihue. The Company, founded by Larry and Janie Risley in New Mexico in 1982, has approximately 3,500 employees. Mesa Air Group Inc. and its units filed their Chapter 11 petitions Jan. 5 in New York (Bankr. S.D.N.Y. Case No. 10-10018), listing assets of $976 million against debt totaling $869 million as of Sept. 30, 2009. Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as local counsel. Imperial Capital LLC is the investment banker. Epiq Bankruptcy Solutions is claims and notice agent. Bankruptcy Creditors' Service, Inc., publishes Mesa Air Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Mesa Air Group Inc. and its units. (http://bankrupt.com/newsstand/or 215/945-7000). MIDDLEBROOK PHARMA: Posts $2.0 Million Net Loss in May ------------------------------------------------------ On June 21, 2010, MiddleBrook Pharmaceuticals, Inc. filed its unaudited monthly operating report for May 2010 with the Bankruptcy Court. The Company reported a net loss of $2,000,137 on $301,029 of revenue for the month of May. At May 31, 2010, the Company had $21,541,803 in total assets, ($26,559,814) of liabilities, and $5,018,012 of stockholders' equity. The Company ended May with $4,914,605 cash. A full-text copy of the quarterly report is available for free at: http://researcharchives.com/t/s?654f About MiddleBrook Pharmaceuticals Westlake, Texas-based Middlebrook Pharmaceuticals, Inc., aka Advancis Pharmaceuticals Corporation, is a pharmaceutical company focused on commercializing anti-infective products that fulfill unmet medical needs. MiddleBrook's proprietary delivery technology, PULSYS, enables the pulsatile delivery, or delivery in rapid bursts, of certain drugs. MiddleBrook currently markets MOXATAG, the first and only FDA-approved once-daily amoxicillin, and KEFLEX, the immediate-release brand of cephalexin. The Company filed for Chapter 11 bankruptcy protection on April 30, 2010 (Bankr. D. Del. Case No. 10-11485). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor, assists the Company in its restructuring effort. The Company estimated its assets and debts at $10,000,001 to $50,000,000. PACIFIC ENERGY: Posts $34,940 Net Loss in April ----------------------------------------------- Pacific Energy Resources Ltd. filed with the U.S. Bankruptcy Court for the District of Delaware on May 26, 2010, a monthly operating report for April 2010. Pacific Energy Resources Ltd. reported a net loss of $34,940 for the month of April 2010. At April 30, 2010, the Company had total assets of $526.0 million, total liabilities of $155.0 million, and net stockholders' equity of $371.0 million. During the month of April, the Company's schedule of cash receipts and disbursement showed: Cash, beginning $11,362,863 Total Receipts $9,473,890 Total Disbursements $10,760,317 Net Cash Flow ($1,286,427) Cash, end $10,076,436 During April, the Company paid $797,642 in professional fees and reimbursed $24,700 in professional expenses. A full-text copy of the Debtor's April 2010 operating report is available for free at: http://bankrupt.com/misc/pacificenergy.april2010mor.pdf About Pacific Energy Headquartered in Long Beach, California, Pacific Energy Resources Ltd. -- http://www.pacenergy.com/-- engaged in the acquisition and development of oil and gas properties, primarily in the United States. The Company and seven of its affiliates filed for Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as counsel. The Debtors proposed Rutan & Tucker LLP as special corporation and litigation counsel; Schully, Roberts, Slattery & Marino, PLC, as special oil and gas and transactional counsel; Devlin Jensen as special Canadian counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief restructuring officer; Lazard Freres & Co. LLC as investment banker; and Albrecht & Associates, Inc., as agent for the Debtors in the sale of their oil and gas properties. Omni Management Group, LLC, is the claims, balloting, notice and administrative agent for the Debtors. When the Debtors filed for protection from their creditors, they listed between $100 million and $500 million each in assets and debts. PACIFIC ENERGY: Posts $483,277 Net Loss in March ------------------------------------------------ Pacific Energy Resources Ltd. filed with the U.S. Bankruptcy Court for the District of Delaware on April 28, 2010, a monthly operating report for March 2010. Pacific Energy Resources Ltd. reported a net loss of $483,277 for the month of March 2010. At March 31, 2010, the Company had total assets of $526.3 million, total liabilities of $155.2 million, and net stockholders' equity of $371.1 million. During the month of March, the Company's schedule of cash receipts and disbursement showed: Cash, beginning $12,578,557 Total Receipts $7,996,432 Total Disbursements $9,212,125 Net Cash Flow ($1,215,694) Cash, end $11,362,863 During March , the Company paid $237,477 in professional fees and reimbursed $9,452 in professional expenses. A full-text copy of the Debtor's March 2010 operating report is available for free at: http://bankrupt.com/misc/pacificenergy.march2010mor.pdf About Pacific Energy Headquartered in Long Beach, California, Pacific Energy Resources Ltd. -- http://www.pacenergy.com/-- engaged in the acquisition and development of oil and gas properties, primarily in the United States. The Company and seven of its affiliates filed for Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as counsel. The Debtors proposed Rutan & Tucker LLP as special corporation and litigation counsel; Schully, Roberts, Slattery & Marino, PLC, as special oil and gas and transactional counsel; Devlin Jensen as special Canadian counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief restructuring officer; Lazard Freres & Co. LLC as investment banker; and Albrecht & Associates, Inc., as agent for the Debtors in the sale of their oil and gas properties. Omni Management Group, LLC, is the claims, balloting, notice and administrative agent for the Debtors. When the Debtors filed for protection from their creditors, they listed between $100 million and $500 million each in assets and debts. PROVIDENT ROYALTIES: Posts $1.1 Million Net Loss in May ------------------------------------------------------- Provident Royalties LLC, et al., reported a net loss of $1,061,374 on net revenue of $7,398 for the month ended May 31, 2010. The Debtors ended the month with $56,859,566 in cash. The Debtors paid a total of $786,902 in professional fees in May. At May 31, 2010, the Debtors had total assets of $156,612,154, total post petition liabilities of ($716,957), total pre-petition liabilities of $57,630,864, and total equity of $99,698,247. A copy of Provident Royalties' May 2010 monthly operating report is available for free at: http://bankrupt.com/misc/providentroyalties.may2010mor.pdf About Provident Royalties Based in Dallas, Texas, Provident Royalties LLC owns working interests in oil and gas properties primarily in Oklahoma. Provident and its affiliates filed for Chapter 11 on June 22, 2009 (Bankr. N.D. Tex. Case No. 09-33886). Judge Harlin DeWayne Hale presides over the case. Epiq Bankruptcy Solutions, LLC is the claims and noticing agent. The United States Trustee for the Northern District of Texas appointed nine members to the Official Committee of Unsecured Creditors. On July 2, 2009, the Securities and Exchange Commission filed, under seal, a complaint in District Court for the Northern District of Texas against the Debtors and certain of their principals and managing partners on allegations that they sold stock and limited partnership interest to over 7,700 investors as part of a $485 million Ponzi scheme. On July 2, 2009, the District Court for the Northern District of Texas appointed Dennis L. Roossien, Jr., at Munsch Hardt Kopf & Harr P.C. in Dallas, Texas, as receiver for the Debtors. On July 20, 2009, the Bankruptcy Court appointed the receiver as the Debtors' Chapter 11 trustee. Mr. Roossien, Jr., has taken possession and control of the Debtors' property and business. Mr. Roossien, Jr., has selected Patton Boggs, LLP, as his special counsel. Patton Boggs, LLP, was Debtors' counsel before the appointment of Mr. Roossien, Jr., as Chapter 11 trustee. Mr. Roossien, Jr., has selected Munsch Hardt Koph & Harr, P.C., as counsel. Gardere, Wynne, Sewell, LLP represents the official committee of unsecured creditors. Rochelle McCullough, LLP represents the official investors committee. The Company, in its petition, listed between $100 million and $500 million each in assets and debts. As reported in the Troubled Company Reporter on June 21, 2010, the Chapter 11 Trustee, the official committee of unsecured creditors and the official investors committee for Provident Royalties LLC and its affiliates have obtained confirmation of their plan of liquidation. The Plan provides 100% return to all creditors on their claims with interest, and creates a liquidating trust to pursue claims against third parties for the benefit of holders of preferred stock interests. SHARPER IMAGE: Ends April 2010 With $3,753,937 Cash --------------------------------------------------- TSIC, Inc., formerly known as The Sharper Image Corporation, filed with the U.S. Bankruptcy Court for the District of Delaware on June 16, 2010, its monthly operating report for April 2010. TSIC ended April 2010 with $3,753,937 in unrestricted cash and equivalents. TSIC paid a total of $235,060 in professional fees and reimbursed a total of $7,561 in professional expenses during the month. TSIC reported a net loss of $148,115 for the month. At April 30, 2010, TSIC had $7,332,265 in total assets, ($99,035,009) in total liabilities, and $91,702,744 in net owner's equity. A full-text copy of TSIC's April 2010 monthly operating report is available at no charge at http://researcharchives.com/t/s?6523 Headquartered in San Francisco, California, Sharper Image Corp. -- http://www.sharperimage.com/-- was a multi-channel specialty retailer. It operated in three principal selling channels: the Sharper Image specialty stores throughout the U.S., the Sharper Image catalog and the Internet. The Company has operations in Australia, Brazil and Mexico. In addition, through its Brand Licensing Division, it was also licensing the Sharper Image brand to select third parties to allow them to sell Sharper Image branded products in other channels of distribution. The Company filed for Chapter 11 protection on February 19, 2008 (Bankr. D. Del. Case No. 08-10322). Judge Kevin Gross presides over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP, serve as the Debtor's lead counsel. Steven K. Kortanek, Esq., and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice, P.L.L.C., serve as the Debtor's local Delaware counsel. An official committee of unsecured creditors has been appointed in the case. Cooley Godward Kronish LLP is the Committee's lead bankruptcy counsel. Whiteford Taylor Preston LLC is the Committee's Delaware counsel. When the Debtor filed for bankruptcy, it listed total assets of $251,500,000 and total debts of $199,000,000. As of June 30, 2008, the Debtor listed $52,962,174 in total assets and $39,302,455 in total debts. Sharper Image sought and obtained the Court's approval to change its name to "TSIC, Inc." in relation to an Asset Purchase Agreement by the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital, LLC. TARRAGON CORP: Ends April 2010 With $2.1 Mln. in Unrestricted Cash ------------------------------------------------------------------ Tarragon Corporation and certain of its direct and indirect subsidiaries and affiliates filed on June 3, 2010, their unaudited monthly operating reports for the period April 1, 2010, through April 30, 2010, with the United States Bankruptcy Court for the District of New Jersey. As previously disclosed, it is not expected that there will be any distribution to Tarragon equity holders in conjunction with the Debtors' bankruptcy cases pending before the Bankruptcy Court. In this regard, the Debtors' proposed plan of reorganization currently on file with the Bankruptcy Court does not provide for any distribution to Tarragon equity holders. Tarragon Corporation's consolidating income statement for the sixteen months ended March 31, 2010, showed a net loss of $142.2 million on total revenue of $141.7 million. At April 30, 2010, Tarragon Corporation's consolidating balance sheet showed $523.4 million in total assets, $895.5 million of total liabilities, for a stockholders deficit of $372.0 million. Tarragon Corporation's cash and cash equivalents were $2.1 million at April 30, 2010, compared with cash and cash equivalents of $3.1 million at March 31, 2010. Restricted cash was $12.4 million at April 30, 2010, compared with $12.1 million at March 31, 2010. A full-text copy of the Debtor's' monthly operating report for the month ended April 30, 2010, is available for free at: http://researcharchives.com/t/s?649a Based in New York City, Tarragon Corporation (NasdaqGS:TARR) -- http://www.tarragoncorp.com/-- is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas, and Tennessee. Tarragon and its affiliates filed for Chapter 11 protection on January 12, 2009 (Bankr. D. N.J. Case No. 09-10555). The Hon. Donald H. Steckroth presides over the case. Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A. represent the Debtor as bankruptcy counsel. TLC VISION: Posts $4.2 Million Net Loss in February --------------------------------------------------- TLC Vision (USA) Corporation reported a net loss attributable to TLC of $4,205,659 on zero revenue for February 2010. At February 28, 2010, TLC Vision (USA) had total assets of ($4,878,726), total liabilities of $121,864,470, and net owner equity of ($126,743,196). TLC Vision Corporation reported a net loss attributable to TLC of $435,901 on $660,541 of revenue for February. At February 28, 2010, TLC Vision Corporation had $459,153,409 in total assets, $10,417,788 in total liabilities, and $448,735,621 in net owner equity. TLC Management Services Inc. reported net income of $883 on $43,030 of revenue for February. At February 28, 2010, TLC Management had total assets of $25,813,171, total liabilities of $11,710,295, and net owner equity of $14,102,876. A full-text copy of the Debtors' February 2010 monthly operating report is available at no charge at: http://bankrupt.com/misc/tlcvision.february2010mor.pdf Based in Chesterfield, Mo., TLC Vision Corporation -- http://www.tlcvision.com/-- is North America's premier eye care services company, providing eye doctors with the tools and technologies needed to deliver high-quality patient care. Through its centers' management, technology access service models, extensive optometric relationships, direct to consumer advertising and managed care contracting strength, TLC Vision maintains leading positions in Refractive, Cataract and Eye Care markets. TLC Vision Corporation and two of its wholly owned subsidiaries, TLC Vision (USA) Corporation, and TLC Management Services, Inc. filed petitions for Chapter 11 on Dec. 21, 2009 (Bankr. D. Del. Case No. 09-14473). The petition says assets and debts are $100 million to $500 million. The Company's lead U.S. restructuring counsel is the law firm of Proskauer Rose LLP and Canadian restructuring counsel is the law firm of Torys LLP. The Company's financial advisor is Conway Del Genio Gries & Co., LLC. Epiq Bankruptcy Solutions is claims and notice agent. As reported in the Troubled Company Reporter on May 21, 2010, TLC Vision (USA) Corporation officially emerged from Chapter 11 as a newly reorganized private company. TLC VISION: Posts $4.8 Million Net Loss in March ------------------------------------------------ TLC Vision (USA) Corporation reported a net loss attributable to TLC of $4,815,703 on zero revenue for March 2010. At March 31, 2010, TLC Vision (USA) had total assets of ($8,805,412), total liabilities of $122,716,066, and net owner equity of ($131,521,478). TLC Vision Corporation reported a net loss attributable to TLC of $570,016 on $708,136 of revenue for March. At March 31, 2010, TLC Vision Corporation had $458,508,169 in total assets, $9,820,302 in total liabilities, and $448,687,867 in net owner equity. TLC Management Services Inc. reported net income of $303,191 on $96,140 of revenue for March. At March 31, 2010, TLC Management had total assets of $26,502,582, total liabilities of $12,336,785, and net owner equity of $14,165,798. A full-text copy of the Debtors' March 2010 monthly operating report is available at no charge at: http://bankrupt.com/misc/tlcvision.march2010mor.pdf Based in Chesterfield, Mo., TLC Vision Corporation -- http://www.tlcvision.com/-- is North America's premier eye care services company, providing eye doctors with the tools and technologies needed to deliver high-quality patient care. Through its centers' management, technology access service models, extensive optometric relationships, direct to consumer advertising and managed care contracting strength, TLC Vision maintains leading positions in Refractive, Cataract and Eye Care markets. TLC Vision Corporation and two of its wholly owned subsidiaries, TLC Vision (USA) Corporation, and TLC Management Services, Inc. filed petitions for Chapter 11 on Dec. 21, 2009 (Bankr. D. Del. Case No. 09-14473). The petition says assets and debts are $100 million to $500 million. The Company's lead U.S. restructuring counsel is the law firm of Proskauer Rose LLP and Canadian restructuring counsel is the law firm of Torys LLP. The Company's financial advisor is Conway Del Genio Gries & Co., LLC. Epiq Bankruptcy Solutions is claims and notice agent. As reported in the Troubled Company Reporter on May 21, 2010, TLC Vision (USA) Corporation officially emerged from Chapter 11 as a newly reorganized private company. TLC VISION: Posts $3.2 Million Net Loss in April ------------------------------------------------ TLC Vision (USA) Corporation reported a net loss attributable to TLC of $3,193,491 on zero revenue for April 2010. At April 30, 2010, TLC Vision (USA) had total assets of ($12,717,962), total liabilities of $122,440,797, and net owner equity of ($135,158,759). TLC Vision Corporation reported a net loss attributable to TLC of $685,288 on $903,666 of revenue for April. At April 30, 2010, TLC Vision Corporation had $457,732,356 in total assets, $9,478,762 in total liabilities, and $448,253,594 in net owner equity. TLC Management Services Inc. reported net income of $216,197 on $40,798 of revenue for April. At April 30, 2010, TLC Management had total assets of $25,960,533, total liabilities of $11,814,553, and net owner equity of $14,145,980. A full-text copy of the Debtors' April 2010 monthly operating report is available at no charge at: http://bankrupt.com/misc/tlcvision.april2010mor.pdf Based in Chesterfield, Mo., TLC Vision Corporation -- http://www.tlcvision.com/-- is North America's premier eye care services company, providing eye doctors with the tools and technologies needed to deliver high-quality patient care. Through its centers' management, technology access service models, extensive optometric relationships, direct to consumer advertising and managed care contracting strength, TLC Vision maintains leading positions in Refractive, Cataract and Eye Care markets. TLC Vision Corporation and two of its wholly owned subsidiaries, TLC Vision (USA) Corporation, and TLC Management Services, Inc. filed petitions for Chapter 11 on Dec. 21, 2009 (Bankr. D. Del. Case No. 09-14473). The petition says assets and debts are $100 million to $500 million. The Company's lead U.S. restructuring counsel is the law firm of Proskauer Rose LLP and Canadian restructuring counsel is the law firm of Torys LLP. The Company's financial advisor is Conway Del Genio Gries & Co., LLC. Epiq Bankruptcy Solutions is claims and notice agent. As reported in the Troubled Company Reporter on May 21, 2010, TLC Vision (USA) Corporation officially emerged from Chapter 11 as a newly reorganized private company. THORNBURG MORTGAGE: Ends May 2010 With $116.6 Million Cash ---------------------------------------------------------- On June 18, 2010, the Chapter 11 trustee for TMST, Inc., formerly known as Thornburg Mortgage, Inc., filed on behalf of the Debtors, except for ADFITECH, Inc., a monthly operating report for May 2010. ADFITECH is no longer a wholly- owned subsidiary of the Company and, therefore, its operating reports are no longer required to be filed by the Company. TMST, Inc., et al., ended May with $116,601,243 cash. The Debtors reported a net loss of $895,845 on net operating revenue of $17,381 for the month. At May 31, 2010, the Debtors had $118,758,363 in total assets, $3,428,446,692 of total liabilities, and ($3,309,688,329) of owners' euqity. A full-text copy of the TMST, Inc.'s May 2010 monthly operating report is available for free at: http://researcharchives.com/t/s?6550 Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA) -- http://www.thornburgmortgage.com/-- was a single-family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable rate mortgages. It originated, acquired, and retained investments in adjustable and variable rate mortgage assets. Its ARM assets comprised of purchased ARM assets and ARM loans, including traditional ARM assets and hybrid ARM assets. Thornburg Mortgage, Inc., and its four affiliates filed for Chapter 11 on May 1 (Bankr. D. Md. Lead Case No. 09-17787). Thornburg has changed its name to TMST, Inc. Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, has been tapped as counsel. Orrick, Herrington & Sutcliffe LLP is employed as special counsel. Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin Capital, Inc., have been tapped as investment banker and financial advisor. Protiviti Inc. has also been engaged for financial advisory services. KPMG LLP is the tax consultant. Epiq Systems, Inc., is claims and noticing agent. In its bankruptcy petition, Thornburg listed total assets of $24,400,000,000 and total debts of $24,700,000,000, as of January 31, 2009. On October 28, 2009, the Court approved the appointment of Joel I. Sher as the Chapter 11 Trustee for the Company, TMST Acquisition Subsidiary, Inc., TMST Home Loans, Inc. and TMST Hedging Strategies, Inc. TRUMP ENTERTAINMENT: Posts $2.7 Million Net Loss in May ------------------------------------------------------- On June 18, 2010, Trump Entertainment Resorts, Inc., and certain of its direct and indirect subsidiaries filed their monthly operating report for the month ended May 31, 2010, with the United States Bankruptcy Court for the District of New Jersey in Camden, New Jersey. The Debtors reported a consolidated net loss of $2.7 million on net revenues of $63.4 million for the period. At May 31, the Debtors had $1.371 billion in total assets and $2.104 billion in total liabilities. Cash and cash equivalents were roughly $63.1 million at May 31, 2010, compared with roughly $62.7 million at the beginning of the period. A full-text copy of the monthly operating report is available at no charge at http://researcharchives.com/t/s?6528 About Trump Entertainment Based in Atlantic City, New Jersey, Trump Entertainment Resorts Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and operates three casino hotel properties in Atlantic City, New Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino. The Company conducts gaming activities and provides customers with casino resort and entertainment. Donald Trump is a shareholder of the Company and, as its non- executive Chairman, is not involved in the daily operations of the Company. The Company is separate and distinct from Mr. Trump's privately held real estate and other holdings. Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D. N.J., Lead Case No. 09-13654). The Company has tapped Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel, and Weil Gotshal & Manges as co-counsel. Ernst & Young LLP is the Company's auditor and accountant and Lazard Freres & Co. LLC is the financial advisor. Garden City Group is the claims agent. The Company disclosed assets of $2,055,555,000 and debts of $1,737,726,000 as of December 31, 2008. Trump Hotels & Casino Resorts, Inc., filed for Chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Trump Hotels' obtained the Court's confirmation of its Chapter 11 plan on April 5, 2005, and in May 2005, it exited from bankruptcy under the name Trump Entertainment Resorts Inc. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers" public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors" Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2010. All rights reserved. ISSN: 1520-9474. 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