/raid1/www/Hosts/bankrupt/TCR_Public/100731.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, July 31, 2010, Vol. 14, No. 210
Headlines
ACCENTIA BIOPHARMA: Files June 2010 Operating Report
ALMATIS B.V.: Reports $1,503,406 Net Loss for June
BIOVEST INTERNATIONAL: Files June 2010 Operating Report
CHEMTURA CORP: Reports $11,000,000 Net Loss for June
COLONIAL BANCGROUP: Ends June With $37.1 Million Cash
FLEETWOOD ENTERPRISES: Posts $4.4MM Net Loss From May 24 - June 20
GOTTSCHALKS INC: Has $9,675,000 Cash at July 3
LEHMAN BROTHERS: Has $18.922 Billion Cash at June 30
MESA AIR: Reports $13.7 Million June Operating Income
OPUS SOUTH: Has $579,306 Cash at End of June
OPUS WEST: OWPI Has $247,295 in Assets at June 30
PFF BANCORP: Posts $96,744 Net Loss in June
POINT BLANK: Reports $1.11 Million Net Loss in June
REFCO INC: Has $5,046,000 Cash at End of May
RQB RESORT: Reports $1.71 Million Net Loss for June
SOUTH BAY: Reports $3.05 Million Net Loss in June
TRONOX INC: Reports $600,000 Net Loss for June
VALUE CITY: Posts $102,000 Net Loss From May 2 - May 29
VALUE CITY: Ends May 30 - July 3 Period With $8,296,960 Cash
*********
ACCENTIA BIOPHARMA: Files June 2010 Operating Report
----------------------------------------------------
On July 21, 2010, Accentia BioPharmaceuticals, Inc., and certain
of its affiliates filed their unaudited combined monthly operating
report for June 2010 with the United States Bankruptcy Court for
the Middle District of Florida, Tampa Division.
Their schedule of receipts and disbursements for June 2010 showed:
Funds at beginning of period $955,360
Total Receipts $44,815
Total Funds Available for Operations $1,000,176
Total Disbursements $478,111
Funds at May 31, 2010 $522,064
A full-text copy of the Debtors' monthly operating report for
June 2010 is available at no charge at:
http://researcharchives.com/t/s?6751
Headquartered in Tampa, Florida, Accentia Biopharmaceuticals Inc.
(Nasdaq: ABPI) -- http://www.accentia.net/--is biopharmaceutical
company focused on the development and commercialization of drug
candidates that are in late-stage clinical development and
typically are based on active pharmaceutical ingredients that have
been previously approved by the FDA for other indications. The
Company's lead product candidate is SinuNase(TM), a novel
application and formulation of a known therapeutic to treat
chronic rhinosinusitis.
The Company has acquired the majority ownership interest in
Biovest International Inc. and a royalty interest in Biovest's
lead drug candidate, BiovaxID(TM) and any other biologic products
developed by Biovest. The Company also has a specialty
pharmaceutical business, which markets products focused on
respiratory disease and an analytical consulting business that
serves customers in the biopharmaceutical industry.
Accentia Biopharmaceuticals and nine affiliates filed for Chapter
11 protection on November 10, 2008 (Bankr. M.D. Fla., Lead Case
No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum,
Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida; and
Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar, P.A., represent
the Debtors as counsel. Attorneys at Olshan Grundman Frome
Rosenzweig, and Genovese Joblove & Battista PA, represent the
official committee of unsecured creditors. The Debtors said
assets totalled $134,919,728 while debts were $77,627,355 as of
June 30, 2008.
ALMATIS B.V.: Reports $1,503,406 Net Loss for June
--------------------------------------------------
Almatis B.V.
Balance Sheet
As of June 30, 2010
ASSETS
Current Assets
Unrestricted cash & cash equivalents $17,512,763
Restricted cash & cash equivalents 609,862
Accounts receivable (net) 114,866,879
Notes receivable 0
Inventories 8,508,947
Prepaid expenses 1,899,408
Professional retainers 1,478,000
Other current assets 3,377,579
--------------
Total current assets 148,253,442
Real property & improvements 23,187,484
Machinery & equipment 19,800,684
Furniture, fixtures & office equipment 622,150
Leasehold improvements 0
Vehicles 0
Less: Accumulated depreciation (17,147,429)
--------------
Total property & equipment 26,462,889
Other Assets
Amounts due from insiders 0
Other assets 843,870,615
--------------
Total other assets 870,333,505
--------------
Total assets $1,018,586,947
==============
LIABILITIES & OWNER EQUITY
Liabilities
Accounts payable $3,544,315
Taxes payable 5,499
Wages payable 0
Notes payable 0
Secured debt/adequate protection payments 560,697,029
Professional fees 3,404,000
Amounts due to insiders 0
Other liabilities 132,375,597
--------------
Total liabilities 700,026,441
Liabilities subject to compromise (prepetition)
Secured debt 555,594,193
Priority debt -
Unsecured debt 123,673,718
--------------
Total prepetition liabilities 679,267,911
OWNERS' EQUITY
Capital stock 22,107
Additional paid-in capital 315,860,107
Profit/loss carried forward prior years 36,107,765
Retained earnings -- prepetition (8,038,474)
Retained earnings -- postpetition (3,778,782)
Foreign currency translation reserve (21,612,217)
Postpetition contributions -
--------------
Net Owners' Equity 318,560,505
--------------
Total liabilities and owners' equity $1,018,586,947
==============
Almatis B.V.
Statement of Operations
For the period June 1 to 30, 2010
Gross revenues $17,835,619
Less: Returns & allowances -
--------------
Net revenue 17,835,619
Cost of goods sold:
Beginning inventory 10,261,248
Add: Purchase + changes in inventory 4,940,333
Add: Cost of labor 709,021
Add: Other costs 7,964,764
Less: Ending inventory 8,508,947
Cost of goods sold 15,366,420
--------------
Gross profit 2,469,199
Operating expenses:
Advertising -
Auto & truck expense 10,591
Bad debts -
Contributions 3,455
Employee benefits programs 52,273
Officer/insider payments 88,311
Insurance 8,026
Management fees/bonuses -
Office expense 14,126
Pension & profit-sharing plans 26,381
Repairs & maintenance 60,002
Rent & lease expense 9,666
Salary/commission/fees (excl. insider payment) 100,641
Supplies 1,314
Taxes -- payroll 1,184
Taxes -- real estate -
Taxes -- other 620
Travel & entertainment 10,087
Utilities 6,165
Other 1,060,752
--------------
Total operating expenses including depreciation 1,453,601
Depreciation/depletion/amortization 279,556
--------------
Net profit (loss) before other income, expenses 736,041
Other Income & Expenses:
Other income (314,212)
Interest expense 2,539,881
Other expense 91,259
--------------
Net profit (loss) before taxes (1,580,888)
Income taxes (77,481)
--------------
Net profit (loss) ($1,503,406)
==============
Almatis B.V.
Schedule of Cash Receipts and Disbursements
For the period June 1 to 30, 2010
Cash, beginning of month $17,377,000
Receipts:
Accounts Receivable - Prepetition 0
Accounts Receivable - Postpetition 0
Others 1,342,000
-----------
Total Receipts 1,342,000
Disbursements:
Accounts Payable (4,271,000)
Feedstock (10,501,000)
Net Payroll (455,000)
Payroll Taxes (591,000)
Sales, Use & Other Taxes 0
Others (244,000)
-----------
Total Disbursements (16,063,000)
Total Balance Internal Payments 15,465,000
Balance Transactions 0
Net Cash Flow 744,000
-----------
Cash, End of Month $18,121,000
===========
A full-text copy of the June 2010 Operating Report is available
for free at http://bankrupt.com/misc/Almatis_MORJune2010.pdf
About Almatis Group
Alamtis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308). Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion as of the bankruptcy filing.
Almatis, operationally headquartered in Frankfurt, Germany, is a
global leader in the development, manufacture and supply of
premium specialty alumina products. With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries. Almatis operates nine
production facilities worldwide and serves customers around the
world. Until 2004, the business was known as the chemical
business of Alcoa. Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.
Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases. Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel. Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.
Bankruptcy Creditors' Service, Inc., publishes Almatis Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding and
ancillary foreign proceedings undertaken by Almatis B.V., and its
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
BIOVEST INTERNATIONAL: Files June 2010 Operating Report
-------------------------------------------------------
Biovest International Inc. and certain of its debtor-affiliates
filed with the U.S. Bankruptcy Court for the Middle District of
Florida, Tampa Division, on July 21, 2010, their unaudited
combined monthly operating report for the month of June 2010.
Their schedule of receipts and disbursements for June 2010 showed:
Funds at beginning of period $40,924
Total Receipts $490,954
Total Funds Available for Operations $531,878
Total Disbursements $421,987
Funds at April 30, 2010 $109,890
A full-text copy of Biovest International Inc. and its debtor-
affiliates' monthly operating report for June 2010 is available
for free at http://researcharchives.com/t/s?6754
About Biovest International
Based in Tampa, Florida, Biovest International Inc. (OTCQB:
BVTI) -- http://www.biovest.com/-- is a pioneer in the
development of advanced individualized immunotherapies for life-
threatening cancers of the blood system. Biovest is a majority-
owned subsidiary of Accentia Biopharmaceuticals Inc., with its
remaining shares publicly traded.
Biovest filed for Chapter 11 bankruptcy protection on November 10,
2008 (Bankr. M.D. Fla. Case No. 08-17796).
CHEMTURA CORP: Reports $11,000,000 Net Loss for June
----------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of June 30, 2010
Assets
Current Assets $754,000,000
Intercompany receivables 496,000,000
Investment in subsidiaries 1,835,000,000
Property, plan and equipment 390,000,000
Goodwill 149,000,000
Other assets 387,000,000
--------------
Total assets $4,011,000,000
==============
Liabilities and Stockholders' Equity
Current liabilities $470,000,000
Intercompany payables 40,000,000
Other long-term liabilities 73,000,000
--------------
Total liabilities
not subject to compromise 583,000,000
Liabilities subject to compromise 3,511,000,000
Total stockholders' equity(deficit) (83,000,000)
--------------
Total liabilities and stockholders' equity $4,011,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from June 1 to 30, 2010
Net sales $227,000,000
Cost of goods sold 178,000,000
Selling, general and
administrative expenses 10,000,000
Depreciation and amortization 9,000,000
Research and development 2,000,000
Changes in estimates re expected claims 20,000,000
--------------
Operating profit (loss) 8,000,000
Interest expense (3,000,000)
Other income (expense) (1,000,000)
Reorganization items, net (17,000,000)
Equity in net earnings (loss) 2,000,000
of subsidiaries
--------------
Income (loss) before income taxes (11,000,000)
Income tax provision -
--------------
Net loss ($11,000,000)
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from June 1 to 31, 2010
Cash Flows from Operating Activities:
Net income (loss) ($11,000,000)
Adjustments to reconcile
net loss to net cash used
in operating activities:
Loss on sale of discontinued operations 1,000,000
Depreciation and amortization 9,000,000
Stock-based compensation expense (1,000,000)
Changes in estimates related to expected claims 20,000,000
Reorganization items, net 2,000,000
Changes in assets and debts, net 47,000,000
--------------
Net cash provided in operating activities 67,000,000
--------------
Cash flows from Investing Activities:
Net proceeds from divestments 1,000,000
Capital expenditures (10,000,000)
--------------
Net case provided by investing activities (9,000,000)
Cash Flows from Financing Activities:
Proceeds from 2007 credit facility, net 1,000,000
Payments on Amended DIP Credit Facility (25,000,000)
--------------
Net cash used in financing activities (24,000,000)
Cash and Cash Equivalents:
Change in cash and cash equivalents 34,000,000
--------------
Cash and cash equivalents, beginning of period 23,000,000
--------------
Cash and cash equivalents, end of period $57,000,000
==============
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)
COLONIAL BANCGROUP: Ends June With $37.1 Million Cash
-----------------------------------------------------
On July 20, 2010, The Colonial Bancgroup, Inc., filed its
monthly operating report for June 2010 with the U.S. Bankruptcy
Court for the Middle District of Alabama, Northern Division.
The Company ended June 2010 with $37.1 million cash, of which
roughly $585,579 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 $360,647 in professional fees in
June 2010.
At June 30, 2010, the Company had total assets of $42.1 million,
total liabilities of $365.6 million, and total equity of
($323.5 million).
Cash profit (loss) for the month was ($441,971) on total income of
$81 and total expenses of $442,052.
A full-text copy of the Company's June 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?674d
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.
FLEETWOOD ENTERPRISES: Posts $4.4MM Net Loss From May 24 - June 20
------------------------------------------------------------------
Fleetwood Enterprises, Inc., filed on July 21, 2010, its monthly
operating report for the period beginning on May 24, 2010, through
June 20, 2010, with the United States Trustee for the
Central District of California, Riverside Division.
Fleetwood posted a net loss of $4,376,388 in the May 2010 - June
2010 period.
As of June 20, 2010, the Company had total assets of
$152,156,000, total liabilities of $367,598,000, and stockholders'
equity of ($215,442,000).
As of June 20, 2010, Fleetwood Enterprises had $30,625,970 cash in
the general account.
Beginning balance $28,915,078
Receipts $3,932,204
Disbursements $2,221,312
Ending Balance $30,625,970
A full-text copy of the May 2010 - June 2010 monthly operating
report is available at no charge at:
http://researcharchives.com/t/s?674f
Based in Riverside, California, Fleetwood Enterprises, Inc., was
the second largest manufactured housing maker in the U.S. and the
largest manufacturer of recreational vehicles over 30 feet in
length.
Fleetwood Enterprises listed assets of $560 million against debt
totaling $624 million in its bankruptcy petition. Fleetwood
Enterprises, together with 19 of affiliates, filed for Chapter 11
protection on March 10, 2009 (Bankr. C.D. Calif. Lead Case No.
09-14254). Craig Millet, Esq., and Solmaz Kraus, Esq., at Gibson,
Dunn & Crutcher LLP, represent the Debtors in their restructuring
efforts. FTI Consulting Inc. is the financial advisor to the
Debtors. The Debtors tapped Greenhill & Co. LLC as its investment
banker.
GOTTSCHALKS INC: Has $9,675,000 Cash at July 3
----------------------------------------------
On July 22, 2010, Gottschalks Inc. filed with the U.S. Bankruptcy
Court for the District of Delaware its monthly operating report
for the period May 30, 2010, through July 3, 2010.
The Debtor ended the period with $9,675,000 cash. During the
period, the Debtor paid a total of $1,084,153 in professional fees
and reimbursed a total of $79,829 in professional expenses.
The Company reported a net loss of $635,000 for the period.
At July 3, 2010, the Company had $25,618,000 in total assets,
$75,241,000 in total liabilities, and ($49,623,000) in net owner
equity.
The June 2010 operating report is available for free at:
http://researcharchives.com/t/s?6750
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.
LEHMAN BROTHERS: Has $18.922 Billion Cash at June 30
----------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and other
controlled entities for the month ended June 30, 2010:
Beginning Cash & Investments (06/01/10) $18,395,000,000
Total Sources of Cash 1,914,000,000
Total Uses of Cash (1,389,000,000)
FX Fluctuation (2,000,000)
---------------
Ending Cash & Investments (06/30/10) $18,922,000,000
LBHI reported $2.366 billion in cash and investments as of
June 1, 2010, and $2.075 billion as of June 30, 2010.
The monthly operating report also showed that from September 15,
2008 to June 30, 2010, a total of $873,090,000 was paid to
professionals including ordinary course professionals employed
by the Debtors, the Official Committee of Unsecured Creditors,
the Chapter 11 examiner and the Fee Examiner. Of the amount,
$311,628,000 was paid to Alvarez & Marsal LLC, the Debtors'
turnaround manager, while $200,587,000 was paid to Weil Gotshal &
Manges LLP, the Debtors' lead bankruptcy counsel.
A full-text copy of the June 2010 Operating Report is available
for free at http://bankrupt.com/misc/LehmanMORJune2010.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)
MESA AIR: Reports $13.7 Million June Operating Income
-----------------------------------------------------
Bill Rochelle at Bloomberg News reports that Mesa Air Group
Inc. reported a net loss of $275.4 million on $74.4 million
of revenue in June. The Company reported income before taxes
and reorganization of $11.2 million and operating income of
$13.7 million during the month. The net loss resulted mostly
from $449 million in reorganization items resulting in large
part from the termination of aircraft leases. Mesa ended June
with $52.2 million in cash, compared to $60.8 million from May.
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).
OPUS SOUTH: Has $579,306 Cash at End of June
--------------------------------------------
Opus South Corporation
Balance Sheet
As of June 30, 2010
ASSETS:
Cash & cash equivalents $579,306
Receivables:
Construction contracts 8,589,340
Related party -
Management fees -
Other (2,052,788)
------------
Total receivables 6,536,553
Costs & estimated earnings -
Prepaid expenses & other assets 516,081
Pursuit costs -
Real estate:
Completed -
Under construction -
Land held for development 412,969
Real estate held for investment -
Investment in real estate ventures 1,949,659
Accumulated depreciation -
------------
Total real estate 2,362,628
Notes receivable -
Investment in subsidiaries 56,592,196
Property & equipment, net 539
------------
Total assets $66,587,303
============
LIABILITIES:
Accounts payable $11,000,248
Accrued expenses 1,872,117
Accrued income taxes -
Billings in excess of costs -
Mortgages and notes payable 61,000,000
Subordinated notes payable -
Postpetition accounts payable 28,068
Postpetition accrued expenses (82,283)
------------
Total liabilities 73,818,150
Minority interest in subsidiary -
EQUITY:
Common stock 9,660
Additional paid-in capital 71,674,223
Prepetition retained earnings (70,303,142)
Postpetition retained earnings (8,611,588)
------------
Total equity (7,230,847)
------------
Total liabilities & equity $66,587,303
============
Opus South Corporation
Income Statement
For the month ended June 30, 2010
Gross Revenues:
Construction - related party $0
Construction - 3rd party 0
Real estate 0
Rental property 0
Management fee 0
------------
Total gross revenues 0
Gross Margin:
Construction - related party 0
Construction - 3rd party 0
Real estate 0
Rental property 0
Management fee 0
------------
Total gross margin 0
Other Income:
Interest 18
Real estate ventures -
Other 3
------------
Total income 21
Expenses:
Salary and related 24,211
General & administrative 21,282
Reorganization expenses -
Project costs capitalized -
Interest -
Interest capitalized -
Corporate overhead & variable compensation (40,000)
Charitable contributions -
------------
Total expenses 5,493
Income(Loss) before minority interest & taxes (5,473)
Minority Int. in income(loss) loss of cons sub -
------------
Income(Loss) before taxes (5,473)
------------
Net income(loss) (5,473)
============
Opus South Corporation's June 2010 operating report also
includes an illegible Cash Receipts & Disbursements statement, a
copy of which is available for free at:
http://bankrupt.com/misc/OpS0610CD.pdf
About Opus South
Headquartered in Atlanta, Georgia, Opus South Corporation --
http://www.opuscorp.com/-- provides an array of real estate
related services across the United States including real estate
development, architecture & engineering, construction and project
management, property management and financial services.
The Company and its affiliates filed for Chapter 11 on April 22,
2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson
Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors
in their restructuring efforts. The Debtors propose to employ
Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial
Corporation as real estate broker, Delaware Claims Agency LLC as
claims agent. The Debtors have assets and debts both ranging from
$50 million to $100 million.
The U.S. Bankruptcy Court for the District of Delaware confirmed
the Chapter 11 Plan of Liquidation filed by Wachovia Bank,
National Association, as administrative agent, and certain lender
parties for Waters Edge One, L.L.C., one of the Opus South
Debtors, on February 18, 2010.
Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News. The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000).
OPUS WEST: OWPI Has $247,295 in Assets at June 30
-------------------------------------------------
Two affiliates of Opus West Corporation delivered separate
individual monthly operating reports to the Court for the month
of June 2010. The Opus West affiliates reported these assets
and liabilities as of June 30, 2010:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- --------------
Opus West Partners, Inc. $247,295 $0
OW Commercial, Inc. 1,339 11,212,507
The Debtor affiliates listed zero income for the Reporting
Period.
The Debtor affiliates also reported their cash receipts and
disbursements for the Reporting Period:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Opus West Partners Inc. 0 0 0
OW Commercial, Inc. 0 $325 ($325)
About Opus West Corporation
Based in Phoenix, Arizona, Opus West Corporation is a full-service
real estate development firm that focuses on acquiring,
constructing, operating, managing, leasing and/or disposing of
real estate development projects primarily located in the western
United States.
Opus West and its affiliates filed for Chapter 11 on July 6, 2009
(Bankr. N.D. Tex. Case No. 09-34356). Clifton R. Jessup, Jr., at
Greenberg Traurig, LLP, represents the Debtors in their
restructuring efforts. Franklin Skierski Lovall Hayward, LLP, is
co-counsel to the Debtors. Pronske & Patel, P.C., is conflicts
counsel. Chatham Financial Corp. is financial advisor. BMC Group
is the Company's claims and notice agent. As of May 31, Opus West
-- together with its non-debtor affiliates -- had $1,275,334,000
in assets against $1,462,328,000 in debts. In its bankruptcy
petition, Opus West said it had assets and debts both ranging from
$100 million to $500 million.
Opus West joins affiliates that previously filed for bankruptcy.
Opus East LLC, a real estate operator from Rockville, Maryland,
commenced a Chapter 7 liquidation on July 1 in Delaware. Opus
South Corp., a Florida condominium developer based in Atlanta,
filed a Chapter 11 petition April 22 in Delaware.
Bankruptcy Creditors' Service, Inc., publishes Opus West
Bankruptcy News. The newsletter tracks the separate Chapter 11
proceedings of Opus West Corp. and Opus South Corp. and their
related debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000).
PFF BANCORP: Posts $96,744 Net Loss in June
-------------------------------------------
On July 15, 2010, PFF Bancorp, Inc., and Glencrest Investment
Advisors, Inc., Glencrest Insurance Services, Inc., Diversified
Builder Services, Inc., and PFF Real Estate Services, Inc., filed
their monthly operating reports for the period June 2010 with the
United States Bankruptcy Court for the District of Delaware.
PFF Bancorp reported a net loss of $96,744 for the month of
June 2010.
PFF Bancorp paid a total of $43,221 in professional fees and
expenses for the month of June 2010.
At June 30, 2010, PFF Bancorp had total assets of $14,746,065,
total liabilities of $117,430,056, and total equity of
($102,683,990).
A full-text copy of the Debtors' June 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?674e
About PFF Bancorp
PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California. Bancorp is the direct
parent of each of the remaining Debtors.
Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to 08-
13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC serves as
the Debtors' claims agent. Jason W. Salib, Esq., at Blank Rome
LLP, represents the official committee of unsecured creditors as
counsel.
POINT BLANK: Reports $1.11 Million Net Loss in June
---------------------------------------------------
Bill Rochelle at Bloomberg News reports that Point Blank Solutions
Inc. reported a $1.11 million net loss in June on net sales of
$6.46 million. The operating loss in the month was $1.09 million.
Reorganization items were $545,000.
About Point Blank
Pompano Beach, Fla.-based Point Blank Solutions, Inc.
-- http://www.pointblanksolutionsinc.com/-- designs and produces
body armor systems for the U.S. Military, Government and law
enforcement agencies, well as select international markets. The
Company is recognized as the largest producer of soft body armor
in the U.S. The Company maintains facilities in Pompano Beach,
Florida and Jacksboro, Tennessee.
Point Blank Solutions filed for Chapter 11 on April 14, 2010
(Bankr. D. Del. Case No. 10-11255).
The Company's bankruptcy counsel is Pachulski Stang Ziehl & Jones
LLP.
REFCO INC: Has $5,046,000 Cash at End of May
--------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly statement of cash
receipts and disbursements for the period from May 1 to 31, 2010.
The Chapter 7 Trustee reported that Refco LLC's beginning balance
in its Money Market account with Union Bank, totaled $5,057,000
as of May 1.
During the Reporting Period, Refco LLC received a total of $1,000
in interest income and other receivables. No transfers were
made, according to Mr. Togut.
Refco LLC held $5,046,000 at the end of the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through Union Bank Money Market and Checking Accounts
May 1 through May 31, 2010
Beginning Balance, May 1, 2010 $5,057,000
RECEIPTS
Interest Income 1,000
Sale of Assets 0
Marwilling of Excess Capital 0
Man Financial - Excess Capital return 0
Membership and Clearing Deposits 0
Other Receivables 5,000
-------------
TOTAL RECEIPTS 6,000
TRANSFERS
Transfer funds to Union Bank 0
-------------
TOTAL TRANSFERS 0
DISBURSEMENTS
Operating expenses & other disbursements 0
Executory contract cure payments 0
Pursuant to payment stipulation 0
Purchase price escrow deposit 0
Expected account escrow fund 0
Membership & clearing deposits 0
Payment on account of prepetition claims 0
Other disbursements 0
Reorganization Expenses
Attorney fees 0
Trustee bond premium 10,000
Other professional fee 2,000
-------------
TOTAL DISBURSEMENTS 12,000
-------------
Ending Balance, May 31, 2010 $5,046,000
=============
About Refco Inc.
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products. Refco was one of the largest global clearing firms for
derivatives. The Company had operations in Bermuda.
The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No. 05-
60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represented the Debtors in their restructuring
efforts. Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors. Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006. That Plan became effective on Dec. 26,
2006. Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc., and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.
Bankruptcy Creditors' Service, Inc., publishes Refco Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Refco Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
RQB RESORT: Reports $1.71 Million Net Loss for June
---------------------------------------------------
Bill Rochelle at Bloomberg News reports that RQB Resort LP
reported revenue of $3.27 million in June and reported a
$1.71 million net loss for the month. Net operating income in the
month was $305,000 and earnings before interest, taxes,
depreciation and amortization were $197,000. Interest expense was
$1.32 million while depreciation and amortization totaled
$584,000.
About RQB Resort
RQB Resort LP and RQB Development LP own Florida's Sawgrass
Marriott Resort, the site of the U.S. PGA Tour's Tournament
Players Championship.
Ponte Vedra Beach, Florida-based RQB Resort, LP, aka Sawgrass
Marriott Resort & Cabana Club, filed for Chapter 11 bankruptcy
protection on March 1, 2010 (Bankr. M.D. Fla. Case No. 10-01596).
The Company's affiliate -- RQB Development, LP, aka Sawgrass
Marriott Golf Villas & Spa -- filed a separate Chapter 11
petition.
The Company estimated its assets and debts at $100,000,001 to
$500,000,000.
SOUTH BAY: Reports $3.05 Million Net Loss in June
-------------------------------------------------
Bill Rochelle at Bloomberg News reports that South Bay Expressway
LP generated $1.99 million revenue in June, resulting in a
$3.05 million net loss in view of $3.88 million in depreciation,
amortization, legal costs, and $1 million in adequate protection
for secured lenders.
About South Bay Expressway
South Bay Expressway, L.P., dba San Diego Expressway, L.P., filed
for Chapter 11 on March 22, 2010 (Bankr. S.D. Calif. Case No.
10-04516). Its affiliate, California Transportation Ventures
Inc., also filed for bankruptcy.
The Debtors developed and operate a four lane, nine mile express
toll road in Southern California commonly referred to as the South
Bay Expressway or State Road 125. Both estimated assets and debts
of $500 million to $1 billion in their bankruptcy petitions.
Robert Pilmer, Esq., at Kirkland & Ellis LLP, represents the
Debtors in their restructuring effort. PricewaterhouseCoopers LLP
is auditor and tax advisor. Imperial Capital LLC is financial
advisor. Epiq Bankruptcy Solutions LLC serves as claims and notice
agent.
The Debtors say that as of the bankruptcy filing, they have
roughly $640 million in book value of total assets and roughly
$570 million in book value of total liabilities.
Bankruptcy Creditors' Service, Inc., publishes South Bay
Expressway Bankruptcy News. The newsletter tracks the Chapter 11
proceeding undertaken by South Bay Expressway LP and California
Transportation Ventures Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
TRONOX INC: Reports $600,000 Net Loss for June
----------------------------------------------
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Balance Sheet
As of June 30, 2010
ASSETS
Cash and cash equivalents $71,400,000
Notes and accounts receivable intercompany 349,300,000
Accounts receivable, third parties 134,200,000
Inventories, net 92,300,000
Prepaid and other assets 151,700,000
----------------
Total Current Assets 798,900,000
Property, plant and equipment, net 166,800,000
Notes and advances receivable, intercompany 111,600,000
Other long-term assets 342,800,000
----------------
Total Assets $1,420,100,000
================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable, third parties $56,400,000
Accrued liabilities 109,700,000
Long-term debt due within one year 3,400,000
Income taxes payable 800,000
----------------
Total Current Liabilities 170,300,000
Noncurrent liabilities:
Environmental remediation and restoration 94,700,000
Long-term Debt 421,700,000
Notes and advances payable, intercompany 8,800,000
Deferred income taxes 1,400,000
Other 120,900,000
----------------
Total Liabilities
Not Subject to Compromise 817,800,000
Minority Interest 3,400,000
Liabilities Subject to compromise 436,700,000
Commitments and contingencies -
Stockholders' equity
Common stock 400,000
Capital in excess of par value 496,500,000
Retained earnings (accumulated deficit) (273,400,000)
Accumulated other comprehensive
income (54,100,000)
Treasury stock, at cost (7,200,000)
----------------
Total Stockholders' Equity 162,200,000
----------------
Total Liabilities and Stockholders' Equity $1,420,100,000
================
TRONOX INCORPORATED CHAPTER 11 DEBTORS
Unaudited Condensed Consolidated Statement of Operations
Month Ended June 30, 2010
Net Sales $61,300,000
Cost of goods sold 47,700,000
----------------
Gross margin 13,600,000
Selling, general and admin. Expenses 4,100,000
Gain on land sales -
Impairment of goodwill -
Restructuring charges (300,000)
Provision for environmental remediation 500,000
----------------
9,300,000
Interest and debt expense 2,800,000
Other (income) expense, net (1,600,000)
Reorganization items 9,100,000
----------------
Income (loss) from continuing operations
before income taxes (1,000,000)
Income tax provision (benefit) 100,000
----------------
Income (loss) from continuing operations (1,100,000)
Income (loss) from discontinued operations,
net of tax 500,000
----------------
Net income (loss) ($600,000)
================
The Debtors disclosed that for the month ended June 30, 2010,
they paid a total of $2,014,495 to their professionals with
Kirkland & Ellis LLP, their counsel, getting $1,179,439.
A full-text copy of the June 2010 MOR is available for free
at http://bankrupt.com/misc/tronoxjun2010mor.pdf
About Tronox Inc.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders have been appointed in the
cases. The Creditors Committee has retained Paul, Weiss, Rifkind,
Wharton & Garrison LLP as counsel.
Until September 30, 2008, Tronox Inc. was publicly traded on the
New York Stock Exchange under the symbols TRX and TRX.B. Since
then, Tronox Inc. has traded on the Over the Counter Bulletin
Board under the symbols TROX.A.PK and TROX.B.PK. As of
December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares
of class A common stock and 22,889,431 outstanding shares of class
B common stock.
Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy
News. The newsletter tracks the Chapter 11 proceeding undertaken
by Tronox Inc. and its 14 affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
VALUE CITY: Posts $102,000 Net Loss From May 2 - May 29
-------------------------------------------------------
On June 30, 2010, Value City Holdings, Inc., et al., filed a
monthly operating report for the period from May 2, 2010, through
May 29, 2010, with the U.S. Bankruptcy Court for the Southern
District of New York.
The Debtors posted a net loss of $102,000 for the period.
The Debtors ended the period with $9,290,000 cash, from beginning
cash of $9,342,000.
At May 29, 2010, the Debtor had $16,855,000 in assets,
$105,256,000 of liabilities, and ($88,401,000) of shareholders'
equity.
A full-text copy of the Debtors' monthly operating report for the
period is available for free at:
http://bankrupt.com/misc/valuecity.may2010mor.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.
On February 4, 2010, the Debtors filed the Joint Chapter 11 Plan
of Liquidation for Value City Holdings, Inc and Its Affiliates and
the Disclosure Statement with respect to the Plan. On March 15,
2010, the Debtors filed the First Amended Plan and related
Disclosure Statement.
On March 18, 2010, the Bankruptcy Court entered an order approving
the Disclosure Statement with respect to the Debtors' First
Amended Plan. On March 23, 2010, the Debtors filed a modified
version of the First Amended Plan and Disclosure Statement. On
May 17, 2010, the Plan was confirmed. On June 10, 2010, the
Effective Date occurred. Pursuant to the Confirmation Order, as
of the Effective Date, each of the Debtors' Cases were closed
except for Case No. 08-14197 (the "Lead Case").
VALUE CITY: Ends May 30 - July 3 Period With $8,296,960 Cash
------------------------------------------------------------
On July 20, 2010, Value City Holdings, Inc., filed a
post-confirmation monthly operating report for the period from
May 30, 2010, through July 3, 2010, with the U.S. Bankruptcy Court
for the Southern District of New York.
Value City Holdings, Inc., ended the period with $8,296,960 cash:
Cash (Beginning of Period) $9,289,851
Income or Receipts $358,882
Disbursements $1,351,773
Cash (End of Period) $8,296,960
A full-text copy of the Debtor's monthly operating report for the
period ended July 3, 2010, is available for free at:
http://bankrupt.com/misc/valuecity.june2010mor.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.
On February 4, 2010, the Debtors filed the Joint Chapter 11 Plan
of Liquidation for Value City Holdings, Inc and Its Affiliates and
the Disclosure Statement with respect to the Plan. On March 15,
2010, the Debtors filed the First Amended Plan and related
Disclosure Statement.
On March 18, 2010, the Bankruptcy Court entered an order approving
the Disclosure Statement with respect to the Debtors' First
Amended Plan. On March 23, 2010, the Debtors filed a modified
version of the First Amended Plan and Disclosure Statement. On
May 17, 2010, the Plan was confirmed. On June 10, 2010, the
Effective Date occurred. Pursuant to the Confirmation Order, as
of the Effective Date, each of the Debtors' Cases were closed
except for Case No. 08-14197 (the "Lead Case").
*********
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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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
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*** End of Transmission ***