/raid1/www/Hosts/bankrupt/TCR_Public/100904.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, September 4, 2010, Vol. 14, No. 245
Headlines
CAPMARK FINANCIAL: Reports $8,816,000 Net Income for July
CATHOLIC CHURCH: Wilmington Has $1.29MM Cash at End of June
CHEMTURA CORP: Reports $9,000,000 Net Income for July
FAIRPOINT COMMS: Has $111,361,790 Cash at End of July
GOODY'S LLC: Posts $198,134 Net Loss in April
GOODY'S LLC: Posts $153,669 Net Loss in May
MIG INC: Posts $2.2 Million Net Loss in July
PACIFIC ENERGY: Posts $219,623 Net Loss in July
PACIFIC ENERGY: Alaska Operating Earns $7,476 in July
PENN TRAFFIC: Incurs $850,000 Net Loss in July
REFCO INC: Refco LLC Has $6,708,000 at End of June
SOUTH BAY: Reports $12,024,504 Net Loss for July
TEXAS RANGERS: Posts $3 Million Profit in July
THORNBURG MORTGAGE: Ends July 2010 With $115.5 Million Cash
WASHINGTON MUTUAL: Has $4.548 Billion Cash at July 31
*********
CAPMARK FINANCIAL: Reports $8,816,000 Net Income for July
---------------------------------------------------------
Capmark Financial Group Inc.
Consolidated Debtor Balance Sheet
As of July 31, 2010
ASSETS
Cash & Cash Equivalents $812,451,000
Restricted cash 325,163,000
Accounts and other receivables 124,179,000
Receivables from Debtor subsidiaries 0
Receivables from Capmark Bank 1,896,000
Receivables from other non-debtor units 2,250,011,000
Investment securities:
Trading 6,337,000
Available for sale 511,597,000
Loans held for sale 623,978,000
Loans held for investment, net 886,471,000
Real estate investments 429,037,000
Equity Investments 921,601,000
Current taxes receivable 4,054,000
Deferred tax assets 291,000
Intangible assets, net 1,345,000
Other assets 178,251,000
Investment in Capmark Bank 1,812,743,000
Investment in other non-debtor units (309,507,000)
--------------
Total assets $8,579,898,000
==============
Liabilities and Equity
Liabilities:
Liabilities not subject to compromise
Short-term borrowings $24,197,000
Long-term borrowings 1,665,521,000
Payables to debtor subsidiaries 0
Payables to other nondebtor units 406,305,000
Other liabilities 119,639,000
Current taxes payable 7,423,000
--------------
Total liabilities not subject to compromise 2,223,085,000
Liabilities subject to compromise
Debt 6,758,094,000
Payables to debtor subsidiaries 0
Payables to Capmark bank 1,763,000
Payables to other non-debtor units 482,946,000
Real estate syndication proceeds 938,125,000
Other liabilities 487,650,000
--------------
Total liabilities subject to compromise 8,668,578,000
--------------
Total liabilities 10,891,663,000
Commitments and Contingent Liabilities
Mezzanine Equity 71,502,000
Equity:
Total stockholders' (deficit) equity (2,443,119,000)
Noncontrolling interests 59,852,000
--------------
Total (deficit) equity (2,383,267,000)
--------------
Total liabilities and equity $8,579,898,000
==============
Capmark Financial Group Inc
Consolidated Debtor Statement of Operations
For the Period Ended July 31, 2010
Net Interest Income
Interest income $8,525,000
Interest expense 8,996,000
--------------
Net interest Income (471,000)
Provision for loan losses 0
--------------
Net interest income after provision for loan losses (471,000)
Noninterest income
Net gains (losses):
Net gains (losses) on loans 55,000
Net (losses) gains on investment & real estate (25,000)
Other gains, net 6,963,000
Mortgage servicing fees 654,000
Placement fees 564,000
Investment banking fees and syndication in 1,549,000
Asset management fees 1,430,000
Equity in (losses) income of joint ventures (193,000)
Net real estate investment & other income 2,930,000
--------------
Total noninterest income 13,927,000
--------------
Net revenue 13,456,000
--------------
Noninterest expense
Compensation and benefits 3,487,000
Occupancy and equipment 1,880,000
Professional fees 801,000
Other expenses 1,426,000
Reorganization Items 3,728,000
--------------
Total noninterest expense 11,322,000
--------------
Loss before income tax provision 2,134,000
Income tax (benefit) provision (139,000)
--------------
Income (loss) before equity in net (losses)
earnings of subsidiaries 2,273,000
Equity in net (loss) earnings of subsidiaries 0
Equity in net (loss) of Capmark Bank 4,603,000
Equity in net earnings (losses) of other
non-debtor subsidiaries 797,000
--------------
Net income (loss) 7,673,000
Plus: Net loss attributable to
noncontrolling interests 1,143,000
--------------
Net income (loss) attributable to Capmark
Financial Group Inc. $8,816,000
==============
Capmark Financial Group Inc.
Schedule of Cash and Disbursements
For the Month Ended July 31, 2010
Receipts
Intercompany-debtor entities $75,730,470
Intercompany-non-debtor entities 58,427,602
Loans held for sale 85,479,102
Sale of Capmark Securities Inc. 11,403,884
Investment in securities, available for sale 9,175,288
Interest income 6,227,110
Net cash received from derivative settlement 4,405,651
Loans held for investment 2,042,332
Other fee income 1,016,966
Asset management fees 908,758
Accounts and other receivables 733,130
Placement fees 287,726
Mortgage servicing fees 246,208
Equity Investments 225,691
Occupancy and equipment 197,929
Construction escrow 108,517
Other gains 7,020
Investment securities, trading 6,556
Other receipts 215,979
--------------
$256,845,919
--------------
Disbursements
Intercompany-debtor entities ($75,841,279)
Intercompany-non-debtor entities (478,734)
Debt, not subject to compromise (100,726,870)
Debt interest payable-not subject to compromise (5,327,531)
Investment securities, available for sale (4,755,000)
Insurance premiums (3,905,597)
Professional fees (3,721,558)
Compensation and benefits (2,300,081)
Equity Investments (1,151,344)
Amounts due to Berkadia (437,458)
Occupancy and equipment (306,204)
Activity for entities consolidated under FIN46 (236,294)
Other assets (222,441)
Accounts payable and other liabilities (149,860)
Data processing and telecommunications (142,007)
Travel and entertainment (94,139)
Loans held for sale (78,836)
Amounts due from Berkadia (25,956)
Other disbursements (463,665)
--------------
Total disbursements ($200,364,855)
--------------
Net Cash Movement $56,481,064
==============
About Capmark Financial
Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- is a diversified company that provides
a broad range of financial services to investors in commercial
real estate-related assets. Capmark has three core businesses:
lending and mortgage banking, investments and funds management,
and servicing. Capmark operates in North America, Europe and
Asia. Capmark has 1,000 employees located in 37 offices
worldwide.
On October 25, 2009, Capmark Financial Group Inc. and certain of
its subsidiaries filed voluntary petitions for relief under
Chapter 11 (Bankr. D. Del. Case No. 09-13684)
Capmark's financial advisors are Lazard Freres & Co. LLC and
Loughlin Meghji + Company. Capmark's bankruptcy counsel is Dewey
& LeBoeuf LLP. Richards, Layton & Finger, P.A., serves as local
counsel. Beekman Advisors, Inc., is serving as strategic advisor.
KPMG LLP is tax and accounting advisor. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.
Capmark had total assets of US$20 billion against total debts of
US$21 billion as of June 30, 2009.
Protech Holdings C, LLC, an affiliate of Capmark, filed for
Chapter 11 on July 29, 2010 (Bankr. D. Del. Case No. 10-12387).
The Debtor estimated assets and debts in excess of $1 billion as
of the filing date.
Since filing in Chapter 11, Capmark completed three sales to
generate more than $1 billion cash. Berkshire Hathaway Inc. and
Leucadia National Corp. bought most of the business for
$468 million.
Bankruptcy Creditors' Service, Inc., publishes Capmark Financial
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Capmark Financial Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)
CATHOLIC CHURCH: Wilmington Has $1.29MM Cash at End of June
-----------------------------------------------------------
Catholic Diocese of Wilmington, Inc.
Balance Sheet
As of June 30, 2010
ASSETS
Cash & Equivalents $1,288,179
Accounts Receivable (Net) 2,155,863
Payroll Receivable -
Notes Receivable 1,469,136
Professional Retainers 545,000
Unrestricted Pooled Investments 13,586,296
Restricted Pooled Investments 27,868,906
Unallocated Audit Fees -
Other Assets 53,743
Real Estate 1,106,640
Assets Held for Others 74,774,400
-----------
TOTAL ASSETS $122,848,163
===========
LIABILITIES
Pre-Filing Accounts Payable $136,216
Payroll & Payroll Taxes Payable -
Payroll Garnishments Payable -
Accrued Vacation Time Payable 148,013
Blue Cross/Blue Shield Accrual 38,084
Accounts Payable Capital Campaign 13,872
Bonds Payable 11,000,000
Priest Pension 13,107,216
Lay Pensions 64,366,743
National Collections 381,460
Other Liabilities 52,858
Assets Held for Others 74,774,400
-----------
TOTAL LIABILITIES 164,018,862
NET ASSETS
Beginning Year Net Assets (41,816,364)
Net Assets - Prepetition 4,138,712
Net Assets - Postpetition (3,493,047)
-----------
TOTAL NET ASSETS (41,170,699)
-----------
TOTAL LIABILITIES & NET ASSETS $122,848,163
===========
Catholic Diocese of Wilmington, Inc.
Statement of Operations
For the month ending June 30, 2010
CDOW Operations
CDOW Revenue
Assessments $517,178
Investment Income (994,204)
Operational Income 316,750
Designated Income (Education) 1,022
-----------
Total CDOW Revenue (159,254)
CDOW Expenses
Payroll & Taxes (209,859)
Medical Payments -
Other Compensation (66,056)
Other Operational (192,214)
Capital Expenditures -
Catholic Schools, Inc. (19,196)
Casa San Francisco -
Ministry to the Elderly -
Bankruptcy professionals (233,756)
Neumann Center (4,775)
Vision for the Future (Tuition Assistance) (295,455)
Owed to Parishes (Cap Campaign) (612)
-----------
Total CDOW Expenses (1,021,923)
-----------
CDOW NET OPERATING CASH (1,181,177)
Program Services
Annual Appeal Revenue 680,013
Program Services Expenditures
Catholic Youth Organization (9,000)
Catholic Charities -
High School Appeal Allocation -
The Dialog (46,420)
-----------
Total Program Services Expenses (55,420)
-----------
PROGRAM SERVICES NET CASH 624,593
Benefits & Insurance Program Administration
Medical Program
Premiums Received 855,527
Expenses (876,173)
-----------
Net Medical (20,646)
Workers Compensation
Premiums Received -
Expenses (9,150)
-----------
Net Workers Comp (9,150)
Property & Liability Insurance
Premiums Received -
Expenses (24,417)
-----------
Net P&L Insurance (24,417)
Pensions
Priests (52,117)
Lay Employees -
-----------
Total Pensions (52,117)
-----------
NET CHANGE IN LIQUIDITY ($662,914)
===========
Catholic Diocese of Wilmington, Inc.
Schedule of Cash Receipts and Disbursements
For the month ending June 30, 2010
CASH BEGINNING OF PERIOD $963,479
RECEIPTS
ASSESSMENTS 517,178
ANNUAL APPEAL 680,013
INSURANCE PREMIUMS 855,527
OTHER OPERATING 317,772
-----------
TOTAL RECEIPTS 2,370,490
DISBURSEMENTS
NET PAYROLL AND TAXES 209,859
INSURANCE PAYMENTS 909,740
OPERATING EXPENSES 240,273
OTHER 370,071
PROFESSIONAL FEES -
U.S. TRUSTEE QUARTERLY FEES -
COURT COSTS -
-----------
TOTAL DISBURSEMENTS 1,729,943
-----------
NET CASH FLOW 640,547
-----------
Transfers out 323,383
Transfers in -
-----------
CASH - END OF PERIOD $1,280,643
===========
About the Diocese of Wilmington
The Diocese of Wilmington covers Delaware and the Eastern Shore of
Maryland and serves about 230,000 Catholics. The Delaware diocese
is the seventh Roman Catholic diocese to file for Chapter 11
protection to deal with lawsuits for sexual abuse. Previous
filings were by the dioceses in Spokane, Washington; Portland,
Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and
San Diego, California.
The bankruptcy filing automatically stayed eight consecutive abuse
trials scheduled in Delaware scheduled to begin October 19. There
are 131 cases filed against the Diocese, with 30 scheduled for
trial.
The Diocese filed for Chapter 11 on Oct. 18, 2009 (Bankr. D. Del.
Case No. 09-13560). Attorneys at Young Conaway Stargatt & Taylor,
LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC is
the financial advisor. The petition says assets range $50,000,001
to $100,000,000 while debts are between $100,000,001 to
$500,000,000. (Catholic Church Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
CHEMTURA CORP: Reports $9,000,000 Net Income for July
-----------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of July 31, 2010
Assets
Current Assets $727,000,000
Intercompany receivables 514,000,000
Investment in subsidiaries 1,888,000,000
Property, plan and equipment 386,000,000
Goodwill 149,000,000
Other assets 389,000,000
--------------
Total assets $4,053,000,000
==============
Liabilities and Stockholders' Equity
Current liabilities $459,000,000
Intercompany payables 28,000,000
Other long-term liabilities 77,000,000
--------------
Total liabilities
not subject to compromise 564,000,000
Liabilities subject to compromise 3,557,000,000
Total stockholders' equity(deficit) (68,000,000)
--------------
Total liabilities and stockholders' equity $4,053,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from July 1 to 31, 2010
Net sales $206,000,000
Cost of goods sold 155,000,000
Selling, general and
administrative expenses 17,000,000
Depreciation and amortization 9,000,000
Research and development 2,000,000
Gain on sale of businesses (2,000,000)
Changes in estimates re expected claims (1,000,000)
--------------
Operating profit (loss) 26,000,000
Interest expense (10,000,000)
Other income (expense) (10,000,000)
Reorganization items, net (7,000,000)
Equity in net earnings (loss) 10,000,000
of subsidiaries
--------------
Net earnings (loss) $9,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from July 1 to 31, 2010
Cash Flows from Operating Activities:
Net income (loss) $9,000,000
Adjustments to reconcile
net loss to net cash used
in operating activities:
Gain on sale of businesses (2,000,000)
Depreciation and amortization 9,000,000
Stock-based compensation expense (1,000,000)
Contractual postpetition interest expense 7,000,000
Changes in assets and debts, net (11,000,000)
--------------
Net cash provided in operating activities 11,000,000
--------------
Cash flows from Investing Activities:
Net proceeds from divestments 5,000,000
Capital expenditures (3,000,000)
--------------
Net case provided by investing activities 2,000,000)
Cash and Cash Equivalents:
Change in cash and cash equivalents 13,000,000
--------------
Cash and cash equivalents, beginning of period 57,000,000
--------------
Cash and cash equivalents, end of period $70,000,000
==============
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)
FAIRPOINT COMMS: Has $111,361,790 Cash at End of July
-----------------------------------------------------
FairPoint Communications, Inc., and Subsidiaries
Schedule of Cash Receipts and Disbursements
For the Period July 1 - 31, 2010
Cash Beginning of the Month $115,906,811
Receipts:
Cash 89,377,650
Intra-debtor transfers 301,302,155
--------------
Total Receipts 390,679,806
Disbursements:
Employee Expenses (29,984,050)
Restructuring (5,766,387)
Operating Taxes (600,591)
Marketing Expenses (1,070,537)
Insurance (2,142,658)
Other Expenses (39,283,927)
Cure Payments on Assumed Contracts (772,104)
DIP Interest Expense/Fees (92,130)
Capital Expenditures (14,210,283)
Intra-debtor transfers (301,302,155)
--------------
Total Disbursements (395,224,827)
--------------
Net Cash Flow (4,545,021)
--------------
Cash - End of the month $111,361,790
==============
The Debtors made payments, aggregating $12,125,157, to their
professionals for July 2010, a schedule of which is available
for free at:
http://bankrupt.com/misc/FairPt_ProfFees_July2010.pdf
The Debtors' July 2010 Monthly Operating Report does not
include a balance sheet table and an income statement table.
According to D. Brett Ellis, FairPoint Communications' vice
president for investor relations and assistant controller, the
Debtors' financial results for July 2010 are subject to the
completion of the Debtors' financial statements and the
completion of the annual audit by their independent accounting
firm for the year ended December 31, 2009.
About FairPoint Communications
FairPoint Communications, Inc. (NYSE: FRP) --
http://www.fairpoint.com/-- is an industry-leading provider of
communications services to communities across the country.
FairPoint owns and operates local exchange companies in 18 states
offering advanced communications with a personal touch, including
local and long distance voice, data, Internet, television and
broadband services. FairPoint is traded on the New York Stock
Exchange under the symbols FRP and FRP.BC.
FairPoint and its affiliates filed for Chapter 11 on Oct. 26, 2009
(Bankr. D. Del. Case No. 09-16335). Rothschild Inc. is acting as
financial advisor for the Company; AlixPartners, LLP as the
restructuring advisor; and Paul, Hastings, Janofsky & Walker LLP
is the Company's counsel. BMC Group is claims and notice agent.
As of June 30, 2009, FairPoint reported $3.24 billion in total
assets, $321.41 million in total current liabilities,
$2.91 billion in total long-term liabilities, and $1.23 million in
total stockholders' equity.
(FairPoint Bankruptcy News; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
GOODY'S LLC: Posts $198,134 Net Loss in April
---------------------------------------------
Goody's LLC reported a net loss of $198,134 for April 2010.
At April 30, 2010, the Debtor had total assets of $55.6 million,
total liabilities of $74.2 million, and stockholders' deficit of
$18.6 million.
During the month of April 2010, the Company's schedule of cash
receipts and disbursements showed:
Cash, beginning $7,344,681
Total Receipts $77,167
Total Disbursements $380,067
Net Cash Flow ($302,900)
Cash, end $7,041,781
A full-text copy of the Debtor's monthly operating report for
April 2010 is available at no charge at:
http://bankrupt.com/misc/goody'sllc.april2010mor.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 $153,669 Net Loss in May
-------------------------------------------
Goody's LLC reported a net loss of $153,669 for May 2010.
At May 31, 2010, the Debtor had total assets of $55.4 million,
total liabilities of $74.1 million, and stockholders' deficit of
$18.7 million.
During the month of May 2010, the Company's schedule of cash
receipts and disbursements showed:
Cash, beginning $7,041,781
Total Receipts $43,035
Total Disbursements $216,653
Net Cash Flow ($173,618)
Cash, end $6,868,163
A full-text copy of the Debtor's monthly operating report for
May 2010 is available at no charge at:
http://bankrupt.com/misc/goody'sllc.may2010mor.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.
MIG INC: Posts $2.2 Million Net Loss in July
--------------------------------------------
MIG, Inc., reported a net loss of $2.2 million on net revenue of
$4,303 for July 2010.
At July 31, 2010, MIG had $1.032 billion in total assets,
$206.3 million in total liabilities, and $826.1 million in total
equity.
The Company ended July 2010 with roughly $48.6 million in
unrestricted cash. For the month, the Company paid a total of
$891,510 in professional fees and expenses.
A copy of the Debtor's monthly operating report is available for
free at http://bankrupt.com/misc/miginc.july2010mor.pdf
About MIG Inc.
Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM,
MTRMP) -- http://www.metromedia-group.com/-- through its wholly
owned subsidiaries, owns interests in several communications
businesses in the country of Georgia. The Company's core
businesses include Magticom Ltd., a mobile telephony operator
located in Tbilisi, Georgia, Telecom Georgia, a long distance
telephony operator, and Telenet, which provides Internet access,
data communications, voice telephony and international access
services.
MIG, fka Metromedia International Group, Inc., filed for Chapter
11 bankruptcy protection on June 18, 2009 (Bankr. D. Del. Case No.
09-12118). Scott D. Cousins, Esq., at Greenberg Traurig LLP,
assists the Company in its restructuring efforts. Debevoise &
Plimpton LLP is the Company's special corporate counsel, while
Potter Anderson & Corroon LLP is the Company's special litigation
counsel. The official committee of unsecured creditors of MIG
retained Baker & McKenzie LLP as its bankruptcy counsel, nunc pro
tunc to June 30, 2009.
In its petition, the Company estimated US$100 million to
US$500 million in assets and US$100 million to US$500 million in
debts. In its formal schedules, the Company said it had assets of
$54,820,681 against debts of $210,183,657.
PACIFIC ENERGY: Posts $219,623 Net Loss in July
-----------------------------------------------
Pacific Energy Resources Ltd. filed with the U.S. Bankruptcy Court
for the District of Delaware on August 30, 2010, a monthly
operating report for July 2010.
The Debtor reported a net loss of $219,623 for the period.
At July 31, 2010, the Debtor had total assets of $509.6 million,
total liabilities of $139.2 million, and net stockholders' equity
of $370.4 million.
During the month of July, the Debtor's schedule of cash
receipts and disbursements showed:
Cash, beginning $7,284,582
Total Receipts $1,358,062
Total Disbursements $313,672
Net Cash Flow $1,044,391
Cash, end $8,308,972
During May, the Debtor paid a total of $132,433 in professional
fees and reimbursed a total of $8,936 in professional expenses.
A full-text copy of the Debtor's July 2010 operating report is
available for free at:
http://bankrupt.com/misc/pacificenergy.july2010mor.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). The Debtor estimated between $100 million and
$500 million in assets and debts in its Chapter 11 petition.
Attorneys at Pachulski Stang Ziehl & Jones LLP, serve as
bankruptcy counsel to the Debtors. The Debtors also tapped 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.
PACIFIC ENERGY: Alaska Operating Earns $7,476 in July
-----------------------------------------------------
Pacific Energy Alaska Operating, LLC, filed with the U.S.
Bankruptcy Court for the District of Delaware on August 30, 2010,
a monthly operating report for July 2010.
The Debtor reported net profit of $7,476 for the period.
At July 31, 2010, the Company had total assets of $20.6 million,
total liabilities of $453.6 million, and net stockholders' equity
of $433.0 million.
During the month of July, the Company's schedule of cash
receipts and disbursements showed:
Cash, beginning $14,427,869
Total Receipts $7,688
Total Disbursements $212
Net Cash Flow $7,476
Cash, end $14,435,344
During May, the Company paid a total of $132,433 in professional
fees and reimbursed a total of $8,936 in professional expenses.
A full-text copy of the Debtor's July 2010 operating report is
available for free at:
http://bankrupt.com/misc/alaskaoperating.july2010mor.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). The Debtor estimated between $100 million and
$500 million in assets and debts in its Chapter 11 petition.
Attorneys at Pachulski Stang Ziehl & Jones LLP, serve as
bankruptcy counsel to the Debtors. The Debtors also tapped 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.
PENN TRAFFIC: Incurs $850,000 Net Loss in July
----------------------------------------------
On August 26, 2010, The Penn Traffic Company, et al., filed their
monthly operating report for July 2010, with the U.S. Bankruptcy
Court for the District of Delaware.
The Debtors reported a net loss of $850,000 on revenues of $3,000
for the period. Reorganization expense totaled $472,000.
At July 31, 2010, the Debtors had total assets of $82.6 million,
total liabilities of $98.0 million, and a stockholders' deficit of
$15.4 million.
A full-text copy of the Debtors monthly operating report for the
period ended July 31, 2010, is available for free at:
http://researcharchives.com/t/s?6aa3
About Penn Traffic
Syracuse, New York-based The Penn Traffic Company -- dba P&C
Foods, Bi-Lo Foods, and Quality Markets -- operates supermarkets
in Pennsylvania, upstate New York, Vermont, and New Hampshire
under the Bilo, P&C and Quality trade names. The Company filed
for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr.
D. Del. Case No. 09-14078). Ann C. Cordo, Esq., and Gregory W.
Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell assist the
Company in its restructuring effort. Donlin Recano is the
Company's claims agent. The Company listed $150,347,730 in assets
and $136,874,394 in liabilities as of May 4, 2009.
The Company's affiliates also filed separate Chapter 11 petitions
-- Sunrise Properties, Inc.; Pennway Express, Inc.; Penny Curtiss
Baking Company, Inc.; Big M Supermarkets, Inc.; Commander Foods
Inc.; P and C Food Markets, Inc. of Vermont; and P.T. Development,
LLC.
Following a bankruptcy court-sanctioned auction, Tops Markets LLC
purchased almost all of Penn Traffic's stores as a going concern
by paying $85 million cash. The sale was structured so Penn
Traffic avoided a $72 million claim for pension plan termination
and a $27 million claim by the principal supplier.
REFCO INC: Refco LLC Has $6,708,000 at End of June
--------------------------------------------------
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 June 1 to 30,
2010.
The Chapter 7 Trustee reported that Refco LLC's beginning balance
in its Money Market account with Union Bank, totaled $5,046,000
as of June 1.
During the Reporting Period, Refco LLC received a total of
$1,662,000 in interest income and other receivables. No
transfers were made, according to Mr. Togut.
Refco LLC held $6,708,000 at the end of the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through Union Bank Money Market and Checking Accounts
June 1 through June 30, 2010
Beginning Balance, June 1, 2010 $5,046,000
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 1,661
-------------
TOTALRECEIPTS $1,662
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 0
Other professional fee 0
--------------
TOTAL DISBURSEMENTS 0
--------------
Ending Balance, June 30, 2010 $6,708,000
==============
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)
SOUTH BAY: Reports $12,024,504 Net Loss for July
------------------------------------------------
South Bay Expressway, L.P.
Balance Sheet
As of July 31, 2010
Assets
Cash and cash equivalents $1,215,361
Restricted cash 1,768,700
Short-term investments, restricted 38,947,074
Accounts receivable 17,454,054
Unbilled accounts receivable 701,074
Franchise development costs 20,000
Due from affiliates 658,917
Property and equipment, net 555,390,840
Land 6,078,972
Prepaid expenses and other assets 898,416
-------------
Total assets $623,133,408
=============
Liabilities and partners capital
Postpetition liabilities
Accounts payable $2,500,784
Accrued liabilities 3,703,772
Unearned revenue 1,182,922
-------------
Total prepetition liabilities 7,387,478
Prepetition liabilities
Accounts payable 3,983,857
Accrued liabilities 28,497,132
Interest rate swaps, at fair value 22,345,000
Notes payable 512,005,767
Related party note payable 3,476,271
-------------
Total prepetition liabilities 570,308,026
Equity
Partners capital 100,885,474
Prepetition net income/(loss) (35,005,063)
Postpetition net income/(loss) (20,442,508)
-------------
Total equity 45,437,904
-------------
Total liabilities and partners capital $623,133,408
=============
South Bay Expressway, L.P.
Profit and Loss Statement
For the month ending July 31, 2010
Revenues
Toll Revenue, net $2,014,538
Interest Income 1,341
-------------
Total Revenues 2,015,879
Operating Expense
Salaries & Benefits 375,487
Credit Card Processing 35,055
Armored Car Service 13,343
CHP Services 13,859
Other Services 37,738
Maintenance 66,076
Facility 7,026
Office Supplies & Leasing 10,476
Insurance 101,198
Postage/Mailing/Courier 10,814
Communications 7,780
Information Systems Services 5,566
Technical Support 6,811
Utilities & Electric 18,856
Professional Fees & Services 27,401
Marketing & Public Relations 20,987
Taxes 303,000
Travel & Entertainment 1,557
Other G&A Costs 6,443
-------------
Total Operating Expense 1,069,474
Other Income/Expense
Depreciation & Amortization 1,835,689
Debt Issuance Cost 9,251,017
Extraordinary Legal Expenses 884,203
Adequate Assurance - Senior Lenders 1,000,000
-------------
Total Other Income/Expense 12,970,909
-------------
Net Income (loss) ($12,024,504)
=============
South Bay Expressway, L.P.
Cash Receipts and Disbursements
For the month ending July 31, 2010
Ending Balances for Period:
Collections Account $120,916
Project Account 4,314,015
Payments Account (42,547)
Payroll Account (1,108)
Sweep Account 1,129,959
SANDAG Account 3,590
Construction Reserve Account 7,473,000
Debt Service Reserve Account 14,000,000
Litigation Reserve Sub Account 406,058
BBVA New York Litigation Account 1,728,854
Additional Equity Account 12,754,000
Utility Deposit Account 39,846
Petty Cash 4,550
-------------
Total Cash Available $41,931,134
=============
California Transportation Ventures, Inc., also delivered to the
Court a copy of its Monthly Operating Report for the period from
July 1 to 31, 2010. However, since the Debtor has no business
activity, the report contains zero figures.
About South Bay Expressway
South Bay Expressway, L.P., dba San Diego Expressway, L.P.,
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.
South Bay Expressway 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. 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).
TEXAS RANGERS: Posts $3 Million Profit in July
----------------------------------------------
Eric Morath at Dow Jones' Daily Bankruptcy Review reports that the
Texas Rangers finished the last full month under former owner Tom
Hicks' control as a profitable ballclub.
According to DBR, fueled by a slate of 17 homes games, the first-
place team took in $111 million in revenue in July and cleared a
$3 million monthly profit, according to papers filed with the U.S.
Bankruptcy Court in Fort Worth, Texas.
According to the report, the team saw its revenue, largely
dependent on ticket sales, jump 40% in July from June, court
papers showed. In June, the team lost $4.8 million.
That's a strong month for a team that lost $11.9 million last
year, according to Deadspin's leak of Major League Baseball
financial information.
DBR also relates the Rangers spent $6 million on interest payments
in July. The Rangers never tapped the $21.5 million bankruptcy
loan MLB extended. That loan was intended to ensure the Rangers
could continue to pay its players, vendors and other creditors
while it reorganized.
Mr. Hicks sold the team for $593 million to a group led by Hall of
Fame pitcher Nolan Ryan and sports attorney Charles Greenberg.
The deal closed on Aug. 12.
According to DBR, under new ownership, the team's prospects for
continued profitability should improve. The bankruptcy allowed
the Rangers to dispense with debt obligations connected to the
team's partial guarantee of a $525 million loan taken out by Mr.
Hicks' HSG Sports Group LLC.
About Texas Rangers Baseball
Texas Rangers Baseball Partners owns and operates the Texas
Rangers Major League Baseball Club, a professional baseball club
in the Dallas/Fort Worth Metroplex. TRBP is a Texas general
partnership, in which subsidiaries of HSG Sports Group LLC own a
100% stake. Controlled by Thomas O. Hicks, HSG also indirectly
wholly-owns Dallas Stars, L.P., which owns and operates the Dallas
Stars National Hockey League franchise. The Texas Rangers have
had five owners since the club moved to Arlington in 1972. Mr.
Hicks became the fifth owner in the history of the Texas Rangers
on June 16, 1998.
In its petition, Texas Rangers Baseball Partners said it had both
assets and debt of less than $500 million.
Martin A. Sosland, Esq., at Weil, Gotshal & Manges LLP, serves as
bankruptcy counsel to the Debtor. Forshey & Prostok LLP is the
conflicts counsel. Parella Weinberg Partners LP serves as
financial advisor.
Lenders to the Texas Rangers sought to force the baseball team's
equity owners -- Rangers Equity Holdings, L.P. and Rangers Equity
Holdings GP, LLC -- into bankruptcy court protection (Bankr. N.D.
Tex. Case No. 10-43624 and 10-43625). The lenders, a group that
includes investment funds Monarch Alternative Capital and
Kingsland Capital Management, filed an involuntary bankruptcy
petition on May 28 against the two companies. The two companies
were not included in the May 24 Chapter 11 filing of TRBP.
THORNBURG MORTGAGE: Ends July 2010 With $115.5 Million Cash
-----------------------------------------------------------
On August 24, 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 July 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 June with $115.5 million cash. Payment
for professional fees and U.S. Trustee Fees totaled $584,671. The
Debtors reported a net loss of $1.1 million on net operating
revenue of $15,913 for the month.
At July 31, 2010, the Debtors had $117.4 in total assets,
$3.429 billion in total liabilities, and a stockholders' deficit
of $3.312 billion.
A full-text copy of the TMST, Inc.'s July 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?6aa4
About Thornburg Mortgage
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 and its four affiliates filed for Chapter 11 on
May 1, 2009 (Bankr. D. Md. Lead Case No. 09-17787). Thornburg
changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, is tapped as counsel.
Orrick, Herrington & Sutcliffe LLP is employed as special counsel.
Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin
Capital, Inc., are tapped as investment banker and financial
advisor. Protiviti Inc. is also engaged for financial advisory
services. KPMG LLP is the tax consultant. Epiq Systems, Inc., is
claims and noticing agent. Thornburg listed total assets of
$24.4 billion and total debts of $24.7 billion, 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.
WASHINGTON MUTUAL: Has $4.548 Billion Cash at July 31
-----------------------------------------------------
On August 30, 2010, Washington Mutual, Inc., and WMI Investment
Corp. filed their monthly operating report for July 2010, with the
United States Bankruptcy Court for the District of Delaware.
Washington Mutual reported a net loss of $11.3 million on total
revenues of ($1.8) million for the month of July.
At July 31, 2010, Washington Mutual had $6.868 billion in
total assets, $8.293 billion in total liabilities, and a
shareholders' deficit of $1.425 billion. Washington Mutual ended
July 2010 with $4.548 billion in cash and cash equivalents,
compared to $4.557 billion in cash and cash equivalents at
June 30, 2010. Washington Mutual paid a total of $5.4 million
in professional fees and reimbursed a total of $754,705 in
professional expenses for the month.
WMI Investment reported a net loss of $12,840 on total revenues of
$2,058 for the month of July.
At July 31, 2010, WMI Investment had $921.44 million in total
assets, $15,150 in total liabilities, and $921.42 million in
stockholders' equity. WMI Investment ended July 2010 with
$275.61 million in cash and cash equivalents, compared to cash and
cash equivalents of $275.56 million at June 30, 2010.
A full-text copy of Washington Mutual and WMI Investment's monthly
operating report for July 2010 is available at:
http://researcharchives.com/t/s?6aa5
About Washington Mutual
Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries. The Company
operates in four segments: the Retail Banking Group, which
operates a retail bank network of 2,257 stores in California,
Florida, Texas, New York, Washington, Illinois, Oregon, New
Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and
Connecticut; the Card Services Group, which operates a nationwide
credit card lending business; the Commercial Group, which conducts
a multi-family and commercial real estate lending business in
selected markets, and the Home Loans Group, which engages in
nationwide single-family residential real estate lending,
servicing and capital markets activities.
Washington Mutual Bank was taken over September 25 by U.S.
government regulators. The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns
100% of the equity in WMI Investment. Weil Gotshal & Manges
represents the Debtors as counsel. When WaMu filed for protection
from its creditors, it listed assets of $32,896,605,516 and debts
of $8,167,022,695. WMI Investment estimated assets of
$500,000,000 to $1,000,000,000 with zero debts.
Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel
Urquhart Oliver & Hedges, LLP, served as legal counsel to WMI with
responsibility for the litigation. Brian Rosen, Esq., at Weil,
Gotshal & Manges LLP served as legal counsel to WMI with
responsibility for the Chapter 11 case.
Bankruptcy Creditors' Service Inc. publishes Washington Mutual
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Washington Mutual Inc. (http://bankrupt.com/newsstand/or
215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
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related conferences are encouraged. Send announcements to
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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
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Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
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Copyright 2010. All rights reserved. ISSN: 1520-9474.
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