/raid1/www/Hosts/bankrupt/TCR_Public/101016.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, October 16, 2010, Vol. 14, No. 287
Headlines
ABITIBIBOWATER INC: Reports $3,178,535 Net Income for August
AMTRUST FINANCIAL: Ends August 2010 With $1,501 Cash
AMTRUST FINANCIAL: AmFin Insurance Ends August With $1.7MM Cash
AMTRUST FINANCIAL: AmFin Properties Ends August With $1,514 Cash
AMTRUST FINANCIAL: AmFin Real Estate Ends August With $2.4MM Cash
BROADSTRIPE LLC: Posts August Net Loss of $3 Million
GENERAL GROWTH: Reports $984,916,000 Net Loss for August
JEVIC TRANSPORTATION: Ends May 2010 With $474,893 Cash
JEVIC TRANSPORTATION: Ends June 2010 With $467,311 Cash
JEVIC TRANSPORTATION: Ends July 2010 With $472,098 Cash
MAJESTIC STAR: Ends August 2010 With $26 Million Cash
MIDDLEBROOK PHARMA: Ends August 2010 With $18.7 Million Cash
NEWPOWER HOLDINGS: Ends August 2010 With $414,000 Cash
OTC HOLDINGS: Files Initial Monthly Operating Report
SEA ISLAND: Posts $2.7MM Net Loss in Aug. 11 - August 31 Period
TROPICANA ENT: Adamar of NJ Has $4,884,000 Cash at End of August
WASHINGTON MUTUAL: Has $4.54 Billion Cash at August 31
*********
ABITIBIBOWATER INC: Reports $3,178,535 Net Income for August
------------------------------------------------------------
AbitibiBowater Inc., et al.
Consolidated Balance Sheet
As of August 31, 2010
ASSETS
Cash and cash equivalents $341,936,776
Receivables - Net 354,253,991
Inventories 253,044,693
Prepaid Expense and Other 41,397,809
Notes Receivable from Affiliates 3,613,661,021
Income Tax Receivable -
Deferred Income Taxes -
-----------------
Total Current Assets 4,604,300,210
Plant and Equipment 5,263,571,514
Less Accumulated Depreciation (3,846,307,298)
-----------------
Plant and Equipment, Net 1,390,264,216
Goodwill/Intangible Assets 55,750,915
Investment in Subsidiaries 14,918,614,218
Other Assets 212,260,886
-----------------
Total Assets $21,181,190,445
=================
LIABILITIES AND SHAREHOLDERS' EQUITY
Trade Accounts Payable $40,737,174
Accrued Liabilities 251,416,531
Current Portion of Long Term Debt 40,000,000
Due to Affiliates 286,838,496
Income Tax Payable (1,334,543)
-----------------
Total Current Liabilities 617,657,658
Long Term Debt -
Reclassification to Current Portion -
-----------------
Long Term Debt Net of Current Installments 0
Loans from Affiliates -
Other Liabilities 219,422,852
Deferred Income Taxes (172,387,370)
Liabilities Subject to Compromise
Debt 3,037,578,822
Debt - Affiliate 3,686,624,808
Accounts Payable 98,000,184
Other 719,602,277
-----------------
Total Liabilities 8,206,499,231
Shareholder Equity - Net 12,974,691,214
-----------------
Total Liabilities & Shareholders' Equity $21,181,190,445
=================
AbitibiBowater Inc., et al.
Consolidated Statement of Operations
For the period from August 1 to 31, 2010
Sales - Net $396,295,431
Cost of Sales 376,543,267
-----------------
Gross Profit (Loss) 19,752,164
Operating Expenses
Selling, General and Administrative 6,652,885
Research and Development -
Restructuring and Other Costs 8,129,083
-----------------
Total Operating Expenses 14,781,968
-----------------
Operating Income (Loss) 4,970,196
Interest Income (Expense) (11,807,348)
Other Income (Expense) Net 10,570,469
Equity in Earnings of Subsidiaries (586,449)
-----------------
Income Before Taxes 3,146,868
Income Tax Expense 31,667
-----------------
Net income before Discontinued Operations 3,178,535
Discontinued Operations -
-----------------
Net Income (Loss) $3,178,535
=================
AbitibiBowater Inc., et al.
Consolidated Schedule of Receipts and Disbursements
For the period from August 1 to 31, 2010
Total Cash Receipts $346,492,000
Disbursements:
Payroll & Payroll Taxes 33,128,000
Non-Payroll Labor 7,362,000
Raw Materials 68,058,000
Utilities 23,253,000
Freight 17,283,000
SG&A 12,855,000
Supplies 15,287,000
Rent 81,000
Customer Rebates 1,766,000
Interest 7,309,000
Security Deposits -
Taxes -
Other 6,393,000
-----------------
Total Cash Disbursements $192,775,000
=================
About AbitibiBowater Inc.
AbitibiBowater (OTC: ABWTQ) produces newsprint, commercial
printing papers, market pulp and wood products. It is the eighth
largest publicly traded pulp and paper manufacturer in the world.
AbitibiBowater owns or operates 22 pulp and paper facilities and
26 wood products facilities located in the United States, Canada
and South Korea. The Company also recycles old newspapers and
magazines.
The Company and several of its affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009
(Bankr. D. Del. Lead Case No. 09-11296). The Company and its
Canadian affiliates commenced parallel restructuring proceedings
under the Companies' Creditors Arrangement Act before the Quebec
Superior Court Commercial Division the next day. Alex F. Morrison
at Ernst & Young, Inc., was appointed CCAA monitor.
Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel. Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel. Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings. The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC. The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348). Pauline K. Morgan,
Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt &
Taylor, in Wilmington, represent the Chapter 15 Debtors.
U.S. Bankruptcy Judge Kevin Carey handles the Chapter 11 cases of
AbitibiBowater Inc. and its U.S. affiliates and the Chapter 15
case of ACI, et al.
As of Sept. 30, 2008, the Company had $9,937,000,000 in total
assets and $8,783,000,000 in total debts.
Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater
Bankruptcy News. The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
AMTRUST FINANCIAL: Ends August 2010 With $1,501 Cash
----------------------------------------------------
AmTrust Financial Corp., nka AmFin Financial Corporation, reported
a net loss of $6.2 million for August 2010.
At August 31, 2010, the Debtor had total assets of $158.1 million,
total postpetition liabilities of $2.3 million, total prepetition
liabilities of $156.9 million, and a stockholders' deficit of
$1.1 million. The Debtor ended the period with $1,501 in cash,
from $85,039 at July 31, 2010.
A full-text copy of the monthly operating report is available at
no charge at:
http://bankrupt.com/misc/amfinfinancial.august2010mor.pdf
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management estimated $100 million to $500 million in
assets and liabilities in its Chapter 11 petition.
AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4,
2009, AmTrust Bank was closed by regulators, and the Federal
Deposit Insurance Corporation was named receiver. New York
Community Bank, Westbury, New York, assumed all of the deposits of
AmTrust Bank, pursuant to a deal with the FDIC.
AMTRUST FINANCIAL: AmFin Insurance Ends August With $1.7MM Cash
---------------------------------------------------------------
AmTrust Insurance Agency Inc., nka AmFin Insurance Agency Inc.,
reported a net loss of $8,774 for August 2010.
At August 31, 2010, the Company had total assets of $1.8 million,
total postpetition liabilities of $139,915, total prepetition
liabilities of $902,146, and stockholders' equity of $739,930.
The Debtor ended the period with $1,746,902 in cash, from
$1,746,051 at July 31, 2010.
A full-text copy of the monthly operating report is available at
no charge at:
http://bankrupt.com/misc/amfininsurance.august2010mor.pdf
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management estimated $100 million to $500 million in
assets and liabilities in its Chapter 11 petition.
AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4,
2009, AmTrust Bank was closed by regulators, and the Federal
Deposit Insurance Corporation was named receiver. New York
Community Bank, Westbury, New York, assumed all of the deposits of
AmTrust Bank, pursuant to a deal with the FDIC.
AMTRUST FINANCIAL: AmFin Properties Ends August With $1,514 Cash
----------------------------------------------------------------
AmTrust Properties Inc., nka AmFin Properties Inc., had no income
and expense transactions for August 2010.
At August 31, 2010, the Company had total assets of $1.7 million,
total postpetition liabilities of $1,000, total prepetition
liabilities of $7.6 million, and a stockholders' deficit of
$5.9 million. The Debtor ended the period with $1,514 in cash,
unchanged from July 31, 2010.
A full-text copy of the monthly operating report is available at
no charge at:
http://bankrupt.com/misc/amfinproperties.august2010mor.pdf
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management estimated $100 million to $500 million in
assets and liabilities in its Chapter 11 petition.
AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4,
2009, AmTrust Bank was closed by regulators, and the Federal
Deposit Insurance Corporation was named receiver. New York
Community Bank, Westbury, New York, assumed all of the deposits of
AmTrust Bank, pursuant to a deal with the FDIC.
AMTRUST FINANCIAL: AmFin Real Estate Ends August With $2.4MM Cash
-----------------------------------------------------------------
AmTrust Real Estate Investments Inc., nka AmFin Real Estate
Investments Inc., reported a net loss of $27,553 for August 2010.
At August 31, 2010, the Company had total assets of
$156.6 million, total postpetition liabilities of $577,040, total
prepetition liabilities of $138.2 million, and stockholders'
equity of $17.8 million. The Debtor ended the period with
$2.4 million in cash, from $2.3 million at July 31, 2010.
A full-text copy of the monthly operating report is available at
no charge at:
http://bankrupt.com/misc/amfinrealestate.august2010mr.pdf
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management estimated $100 million to $500 million in
assets and liabilities in its Chapter 11 petition.
AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4,
2009, AmTrust Bank was closed by regulators, and the Federal
Deposit Insurance Corporation was named receiver. New York
Community Bank, Westbury, New York, assumed all of the deposits of
AmTrust Bank, pursuant to a deal with the FDIC.
BROADSTRIPE LLC: Posts August Net Loss of $3 Million
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Broadstripe LLC reported a $3.02 million net loss in
August on revenue of $7.63 million. For the month, depreciation
and amortization was $2.29 million. Interest expense was
$1.84 million. The balance sheet had $4.45 million in cash at the
end of August, compared with $5.02 million at the end of July.
Headquartered in Chesterfield, Missouri, Broadstripe LLC --
http://www.broadstripe.com/-- provides videos and telephone
services to consumers and business in Maryland, Michigan,
Washington and Oregon. The Company and five of its affiliates
filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-10006)
on Jan. 2, 2009. Attorneys at Ashby & Geddes, and Gardere
Wynne Sewell LLP represent the Debtors in their restructuring
efforts. The Debtors tapped FTI Consulting Inc. as their
restructuring consultant, and Epiq Bankruptcy Consultants LLC as
their claims agent. In its petition, Broadstripe estimated assets
and debts between $100 million and $500 million.
Broadstripe has been in Chapter 11 more than 18 months thus any
creditor can file a plan.
GENERAL GROWTH: Reports $984,916,000 Net Loss for August
--------------------------------------------------------
General Growth Properties, Inc.
Consolidated Condensed Balance Sheet
As of August 31, 2010
Assets
Investment in real estate:
Land $2,903,493,000
Buildings and equipment 18,900,041,000
Less accumulated depreciation (4,068,173,000)
Developments in progress 356,758,000
-----------------
Net property and equipment 18,092,119,000
Investment in and loans to/from Unconsolidated
Real Estate Affiliates 381,010,000
Investment property and property held for
development and sale 1,329,984,000
Investment in controlled non-debtor entities 4,126,754,000
-----------------
Net investment in real estate 23,929,867,000
Cash and cash equivalents 572,289,000
Accounts and notes receivable, net 309,633,000
Goodwill 199,664,000
Deferred expenses, net 195,133,000
Prepaid expenses and other assets 588,607,000
-----------------
Total assets $25,795,193,000
=================
Liabilities and Equity:
Mortgages, notes and loans payable $14,267,831,000
Investment in and loans to/from Unconsolidated
Real Estate Affairs 32,806,000
Deferred tax liabilities 831,438,000
Accounts payable and accrued expenses 1,120,614,000
-----------------
Liabilities not subject to compromise 16,252,689,000
-----------------
Liabilities subject to compromise 7,818,747,000
-----------------
Total liabilities 24,071,436,000
-----------------
Redeemable noncontrolling interests:
Preferred 120,756,000
Common 17,395,000
-----------------
Total redeemable noncontrolling interests 138,151,000
-----------------
Equity:
Common stock 3,188,000
Additional paid-in capital 3,850,650,000
Retained earnings (accumulated deficit) (2,213,394,000)
Accumulated other comprehensive loss 4,768,000
Less common stock in treasury, at cost (76,752,000)
-----------------
Total stockholder's equity 1,568,460,000
Noncontrolling interests in consolidated
real estate affiliates 17,146,000
-----------------
Total equity 1,585,606,000
-----------------
Total liabilities and equity $25,795,193,000
=================
General Growth Properties, Inc.
Consolidated Statement of Income
For the Month ended August 31, 2010
Revenues:
Minimum rents $2,277,476,000
Tenant recoveries 1,022,169,000
Overage rents 58,542,000
Land sales 71,282,000
Management fees and other corporate revenues 13,871,000
Other 90,110,000
-----------------
Total revenues 3,533,450,000
-----------------
Expenses:
Real estate taxes 327,669,000
Property maintenance costs 139,147,000
Marketing 40,696,000
Ground and other rents 19,407,000
Other property operating costs 594,222,000
Land sales operations 141,735,000
Provision for doubtful accounts 30,876,000
Property management and other costs 135,493,000
General and administrative 67,112,000
Provisions for impairment 830,420,000
Depreciation and amortization 821,994,000
-----------------
Total expenses 3,148,771,000
-----------------
Operating income (loss) 384,679,000
Interest (expense) income, net (1,578,753,000)
-----------------
Loss before income taxes, noncontrolling
interests, equity in income of Unconsolidated
Real Estate Affiliates and reorganization
items (1,194,074,000)
Benefit (provision) for income taxes (22,126,000)
Equity in income of Unconsolidated Real Estate
Affiliates 130,349,000
Reorganization items 95,889,000
-----------------
Net loss (989,951,000)
Allocation to noncontrolling interests 5,035,000
-----------------
Net (loss) income attributable to common
Stockholders ($984,916,000)
=================
The Debtors disclosed that for the month ended July 31, 2010, they
paid a total of $9,171,000 to about 29 bankruptcy professionals,
with $3,164,000 going to AlixPartners, LLP, as the
Debtors' restructuring advisor.
A full-text copy of the August 2010 MOR is available for free
at http://bankrupt.com/misc/ggp_aug2010mor.pdf
About General Growth
Based in Chicago, Illinois, General Growth Properties, Inc. --
http://www.ggp.com/-- is the second-largest U.S. mall owner,
having ownership interest in, or management responsibility for,
more than 200 regional shopping malls in 44 states, as well as
ownership in master planned community developments and commercial
office buildings. The Company's portfolio totals roughly
200 million square feet of retail space and includes more than
24,000 retail stores nationwide. General Growth is a self-
administered and self-managed real estate investment trust. The
Company's common stock is trading in the pink sheets under the
symbol GGWPQ.
General Growth Properties Inc. and its affiliates filed for
Chapter 11 protection on April 16, 2009 (Bankr. S.D.N.Y., Case No.
09-11977). Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq.,
Adam P. Strochak, Esq., and Stephen A. Youngman, Esq., at Weil,
Gotshal & Manges LLP, serve as bankruptcy counsel. Kirkland &
Ellis LLP is co-counsel. Kurtzman Carson Consultants LLC has been
engaged as claims agent. The Company also hired AlixPartners LLP
as financial advisor and Miller Buckfire Co. LLC, as investment
bankers. The Debtors disclosed $29,557,330,000 in assets and
$27,293,734,000 in debts as of December 31, 2008.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
JEVIC TRANSPORTATION: Ends May 2010 With $474,893 Cash
------------------------------------------------------
Jevic Transportation, Inc., filed with the U.S. Bankruptcy Court
for the District of Delaware on August 13, 2010, its monthly
operating report for May 2010.
The Debtor reported net income of $70,647 for the period.
At May 31, 2010, the Debtor had total assets of $678,875, total
liabilities of $12.2 million, and a stockholders' deficit of
$11.5 million. The Debtor ended the period with $474,893 in cash,
which includes $66,977 of restricted cash.
A full-text copy of the Debtor's monthly operating report for the
month ended May 31, 2010, is available at no charge at:
http://bankrupt.com/misc/jevictransportation.may2010mor.pdf
About Jevic Transportation
Based in Delanco, New Jersey, Jevic Transportation Inc. --
http://www.jevic.com/-- provided trucking services. Two
affiliates -- Jevic Holding Corp. and Creek Road Properties --
have no assets or operations. The three debtors sought Chapter 11
protection (Bankr. D. Del. Case No. 08-11008) on May 20, 2008.
Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr
Harrison Harvey Branzburg & Ellers, in Wilmington, Del., represent
the Debtors. The U.S. Trustee for Region 3 has appointed five
creditors to serve on an Official Committee of Unsecured
Creditors. Robert J. Feinstein, Esq., Bruce Grohsgal, Esq., and
Maria A. Bove, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors.
Before filing for bankruptcy, the Debtors initiated an orderly
wind-down process. As a part of the wind-down process, the
Debtors ceased substantially all of their business and
terminated approximately 90% of their employees. The Debtors
continue to manage the wind-down process in an attempt to
deliver all freight in their system and to retrieve their
assets.
When the Debtors sought protection from their creditors, they
estimated assets and debts between $50 million and $100 million.
JEVIC TRANSPORTATION: Ends June 2010 With $467,311 Cash
-------------------------------------------------------
Jevic Transportation, Inc., filed with the U.S. Bankruptcy Court
for the District of Delaware on August 17, 2010, its monthly
operating report for June 2010.
The Debtor reported a net loss of $7,583 for the period.
At June 30, 2010, the Debtor had total assets of $671,292, total
liabilities of $12.2 million, and a stockholders' deficit of
$11.5 million. The Debtor ended the period with $467,311 in cash,
which includes $66,977 of restricted cash.
A full-text copy of the Debtor's monthly operating report for the
month ended June 30, 2010, is available at no charge at:
http://bankrupt.com/misc/jevictransportation.june2010mor.pdf
About Jevic Transportation
Based in Delanco, New Jersey, Jevic Transportation Inc. --
http://www.jevic.com/-- provided trucking services. Two
affiliates -- Jevic Holding Corp. and Creek Road Properties --
have no assets or operations. The three debtors sought Chapter 11
protection (Bankr. D. Del. Case No. 08-11008) on May 20, 2008.
Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr
Harrison Harvey Branzburg & Ellers, in Wilmington, Del., represent
the Debtors. The U.S. Trustee for Region 3 has appointed five
creditors to serve on an Official Committee of Unsecured
Creditors. Robert J. Feinstein, Esq., Bruce Grohsgal, Esq., and
Maria A. Bove, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors.
Before filing for bankruptcy, the Debtors initiated an orderly
wind-down process. As a part of the wind-down process, the
Debtors ceased substantially all of their business and
terminated approximately 90% of their employees. The Debtors
continue to manage the wind-down process in an attempt to
deliver all freight in their system and to retrieve their
assets.
When the Debtors sought protection from their creditors, they
estimated assets and debts between $50 million and $100 million.
JEVIC TRANSPORTATION: Ends July 2010 With $472,098 Cash
-------------------------------------------------------
Jevic Transportation, Inc., filed with the U.S. Bankruptcy Court
for the District of Delaware on September 14, 2010, its monthly
operating report for July 2010.
The Debtor reported net income of $4,788 for the period.
At July 31, 2010, the Debtor had total assets of $676,080, total
liabilities of $12.2 million, and a stockholders' deficit of
$11.5 million. The Debtor ended the period with $472,098 in cash,
which includes restricted cash of $66,977.
A full-text copy of the Debtor's monthly operating report for the
month ended July 31, 2010, is available at no charge at:
http://bankrupt.com/misc/jevictransportation.july2010mor.pdf
About Jevic Transportation
Based in Delanco, New Jersey, Jevic Transportation Inc. --
http://www.jevic.com/-- provided trucking services. Two
affiliates -- Jevic Holding Corp. and Creek Road Properties --
have no assets or operations. The three debtors sought Chapter 11
protection (Bankr. D. Del. Case No. 08-11008) on May 20, 2008.
Domenic E. Pacitti, Esq., and Michael W. Yurkewicz, Esq., at Klehr
Harrison Harvey Branzburg & Ellers, in Wilmington, Del., represent
the Debtors. The U.S. Trustee for Region 3 has appointed five
creditors to serve on an Official Committee of Unsecured
Creditors. Robert J. Feinstein, Esq., Bruce Grohsgal, Esq., and
Maria A. Bove, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Del., represent the Official Committee of Unsecured
Creditors.
Before filing for bankruptcy, the Debtors initiated an orderly
wind-down process. As a part of the wind-down process, the
Debtors ceased substantially all of their business and
terminated approximately 90% of their employees. The Debtors
continue to manage the wind-down process in an attempt to
deliver all freight in their system and to retrieve their
assets.
When the Debtors sought protection from their creditors, they
estimated assets and debts between $50 million and $100 million.
MAJESTIC STAR: Ends August 2010 With $26 Million Cash
-----------------------------------------------------
The Majestic Star Casino, LLC, reported a net loss of $2.6 million
on net revenues of $7.6 million for August 2010.
At August 31, 2010, the Company had $292.8 million in total
assets, $790.2 million in total liabilities, and a member's
deficit of $497.4 million. The Debtor ended the period with
$26.0 million in cash and cash equivalents, which includes
$15.2 million of restricted cash. This compares with
$25.1 million in cash and cash equivalents at July 31, 2010,
which includes $14.6 million of restricted cash.
A copy of the Company's August 2010 monthly operating report is
available at:
http://bankrupt.com/misc/majesticstar.august2010mor.pdf
About Majestic Star
The Majestic Star Casino, LLC -- aka Majestic Star Casino, aka
Majestic Star -- is based in Las Vegas, Nevada. It is a wholly
owned subsidiary of Majestic Holdco, LLC, which is a wholly owned
subsidiary of Barden Development, Inc. The Company was formed on
December 8, 1993, as an Indiana limited liability company to
provide gaming and related entertainment to the public. The
Company commenced gaming operations in the City of Gary at
Buffington Harbor, located in Lake County, Indiana on June 7,
1996. The Company is a multi-jurisdictional gaming company with
operations in three states -- Indiana, Mississippi and Colorado.
The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-14136) on November 23, 2009.
The Company's affiliates -- The Majestic Star Casino II, Inc., The
Majestic Star Casino Capital Corp., Majestic Star Casino Capital
Corp. II, Barden Mississippi Gaming, LLC, Barden Colorado Gaming,
LLC, Majestic Holdco, LLC, and Majestic Star Holdco, Inc. -- also
filed separate Chapter 11 petitions.
Kirkland & Ellis LLP is the Debtors' bankruptcy counsel. James E.
O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl & Jones LLP are the Debtors'
Delaware counsel. Xroads Solutions Group, LLC, is the Debtors'
financial advisor, while EPIQ Bankruptcy Solutions LLC are the
Debtors' claims and notice agent.
The Majestic Star Casino's balance sheet at June 30, 2009, showed
total assets of $406.42 million and total liabilities of
$749.55 million. When it filed for bankruptcy, the Company
estimated up to $500 million in assets and up to $1 billion in
debts.
MIDDLEBROOK PHARMA: Ends August 2010 With $18.7 Million Cash
------------------------------------------------------------
MiddleBrook Pharmaceuticals, Inc., reported a net loss of
$1.3 million on ($26,382) of net revenue for August 2010.
At August 31, 2010, the Company had $20.4 million in total assets,
$21.8 million in total liabilities, and a stockholders' deficit of
$1.4 million. The Company ended August with $18.7 million in
cash, from $17.6 million at the beginning of the period.
A full-text copy of the monthly operating report is available for
free at http://bankrupt.com/misc/middlebrook.august2010mor.pdf
About MiddleBrook Pharmaceuticals
Westlake, Texas-based Middlebrook Pharmaceuticals, Inc., aka
Advancis Pharmaceuticals Corporation, is a pharmaceutical company
focused on commercializing anti-infective products that fulfill
unmet medical needs. MiddleBrook's proprietary delivery
technology, PULSYS, enables the pulsatile delivery, or delivery in
rapid bursts, of certain drugs. MiddleBrook currently markets
MOXATAG, the first and only FDA-approved once-daily amoxicillin,
and KEFLEX, the immediate-release brand of cephalexin.
The Company filed for Chapter 11 bankruptcy protection on
April 30, 2010 (Bankr. D. Del. Case No. 10-11485). Joel A. Waite,
Esq., at Young, Conaway, Stargatt & Taylor, assists the Company in
its restructuring effort. The Company estimated its assets and
debts at $10 million to $50 million.
NEWPOWER HOLDINGS: Ends August 2010 With $414,000 Cash
-----------------------------------------------------
NewPower Holdings, Inc., filed its monthly operating report for
the period July 31, 2010, to August 31, 2010, with the Bankruptcy
Court on October 5, 2010.
The Debtor had an opening cash balance of $429,000 and an ending
cash balance of $414,000.
A full-text copy of the Debtor's August 2010 operating report
is available for free at http://researcharchives.com/t/s?6c72
About NewPower Holdings
NewPower Holdings, Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for Chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel. When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.
On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary of the Company. That
Plan became effective on October 9, 2003, with respect to the
company and TNPC.
On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
OTC HOLDINGS: Files Initial Monthly Operating Report
----------------------------------------------------
OTC Holdings Corporation filed with the Bankruptcy Court an
initial monthly operating report on September 7, 2010. Per
agreement of the U.S. Trustee, the Debtors provided the 13-week
cash flow projections submitted to the Debtor-in-Possession.
A copy of the initial monthly operating report is available for
free at http://bankrupt.com/misc/otcholdings.initialmor.pdf
About OTC Holdings
Omaha, Nebraska-based OTC Holdings Corporation filed for Chapter
11 protection on August 25, 2010 (Bankr. D. Del. Case No. 10-
12636). Affiliates OTC Investors Corporation (Bankr. D. Del. Case
No. 10-12637), Oriental Trading Company, Inc. (Bankr. D. Del. Case
No. 10-12638), Fun Express, Inc. (Bankr. D. Del. Case No. 10-
12639), and Oriental Trading Marketing, Inc. (Bankr. D. Del. Case
No. 10-12640), filed separate Chapter 11 petitions on August 25,
2010. The Debtors disclosed $463 million in total assets and
$757 million in total liabilities as of the Petition Date.
Richard Hahn, Esq., My Chi To, Esq., Jae-Sun Chung, Esq., Huyue
Angela Zhang, Esq., and Jessica Katz, Esq., at Debevoise &
Plimpton LLP, assist the Debtors in their restructuring efforts.
Joel A. Waite, Esq., and Kenneth J. Enos, Esq., at Young, Conaway,
Stargatt & Taylor, serve as the Debtors' local counsel. Jefferies
& Company, Inc., is the Debtors' financial advisor. Protiviti,
Inc., is the Debtors' restructuring consultant. Kurtzman Carson
Consultants LLC is the Debtors' claims agent.
The Official Committee of Unsecured Creditors' Delaware counsel is
Ashby & Geddes, P.A.
SEA ISLAND: Posts $2.7MM Net Loss in Aug. 11 - August 31 Period
---------------------------------------------------------------
Sea Island Company reported a net loss of $2.7 million on total
revenue of $6.0 million for the period from August 11, 2010,
through August 31, 2010.
The Debtor's balance sheet at August 31, 2010, showed
$531.0 million in assets, $811.1 million in liabilities, and a
stockholders' deficit of $280.1 million.
The Debtor ended the period with $16.7 million in cash.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/seaisland.aug11-aug31.2010.mor.pdf
About Sea Island
St. Simons Island, Georgia-based Sea Island Company --
http://www.seaisland.com/-- aka Sea Island Shooting School, Sea
Island Yacht Club, Sea Island Stables, and Cabin Bluff, is a
private resort and real estate development company founded in
1926. Sea Island Company owns and operates Sea Island Resorts,
featuring two of the world's most exceptional destinations: the
Forbes Five-Star Cloister at Sea Island and The Lodge at Sea
Island.
Sea Island filed for Chapter 11 protection on August 10, 2010
(Bankr. S.D. Ga. Case No. 10-21034). Sea Island filed a Chapter
11 plan based upon an agreement to sell substantially all of its
assets to Sea Island Acquisition LP, a limited partnership formed
by investment funds managed by the global investment firms Oaktree
Capital Management, L.P., and Avenue Capital Group.
Sarah R. Borders, Esq., Harris Winsberg, Esq., Sarah L. Taub,
Esq., and Jeffrey R. Dutson, Esq., at King & Spalding LLP, assist
the Debtor in its restructuring effort. Robert M. Cunningham,
Esq., at Gilbert, Harrell, Sumerford & Martin PC, is the Debtor's
co-counsel. FTI Consulting, Inc., is the Debtor's restructuring
advisor. EPIQ Bankruptcy Solutions, LLC, is the Debtor's claims
and notice agent.
Donald F. Walton, the U.S. Trustee for Region 21, appointed seven
members to the official committee of unsecured creditors in the
Chapter 11 cases of Sea Island Company, et al. The official
committee of unsecured creditors has retained Jordi Guso, Esq. and
Berger Singerman, P.A. as its counsel. The Debtor estimated its
assets and debts at $500 million to $1 billion as of the Petition
Date.
Affiliates Sea Island Coastal Properties, LLC; Sea Island
Services, Inc.; Sea Island Resort Residences, LLC; Sea Island
Apparel, LLC; First Sea Island, LLC; and Sical, LLC, filed
separate Chapter 11 petitions on August 10, 2010.
TROPICANA ENT: Adamar of NJ Has $4,884,000 Cash at End of August
----------------------------------------------------------------
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Balance Sheet
As of August 31, 2010
ASSETS
Current Assets
Cash and cash equivalents $4,884,000
Receivables, gaming, hotel and other, net 0
Inventories 0
Prepaid expenses and other 0
Deferred income taxes 0
--------------
Total current assets 4,884,000
Property and equipment, at cost, net 0
Investments 0
Tenant allowances and other assets 0
--------------
TOTAL ASSETS $4,884,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accruals $2,380,000
Accrued payroll and employee benefits 0
Current portion of long-term debt 0
Casino reinvestment obligation 0
Advances from TE and other affiliates, net 0
Advances from NJ affiliates, net 0
Other current liabilities 0
Liabilities subject to compromise 9,560,000
--------------
Total current liabilities 11,940,000
Long-term debt, net of current portion 0
Deferred income taxes 0
--------------
Total Liabilities 11,940,000
Stockholders' Equity
Common stock, no par value (100 shares 0
authorized, issued and outstanding)
Paid-in capital 0
Accumulated deficit (7,057,000)
--------------
Total shareholders' equity (7,057,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $4,884,000
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Consolidated Statement of Operations
For the Month Ended August 31, 2010
Revenues
Casino $0
Rooms 0
Food and beverage 0
Other 0
--------------
Total revenues 0
--------------
Costs and Expenses
Casino 0
Rooms 0
Food and beverage 0
Other 1,000
Marketing 0
General and administrative 0
Utilities 0
Repairs and maintenance 0
Provision for doubtful accounts 0
Property taxes and insurance 0
Rent 0
Rent to New Jersey affiliate 0
Depreciation and amortization 0
Reorganization expense 65,000
--------------
Total 66,000
Operating profit (loss) (66,000)
License denial expense 0
Interest income, net 4,000
Interest expense 0
--------------
Income before income taxes (62,000)
Income taxes benefit/(provision) 0
--------------
NET (LOSS) ($62,000)
==============
Adamar of New Jersey, Inc.
DBA Tropicana Casino and Resort
Cash Flows
For the Month Ended August 31, 2010
Beginning cash $4,926,000
Disbursements:
Claims settlement 1,000
Professional fees disbursements 35,000
UST fees 10,000
--------------
Total disbursements 45,000
Interest income 4,000
--------------
Ending Cash $4,884,000
==============
About Tropicana Entertainment
Tropicana Entertainment LLC and its units owned eleven casino
properties in eight distinct gaming markets with premier
properties in Las Vegas, Nevada, and Atlantic City, New Jersey.
Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08-
10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts. Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent. AlixPartners LLP is the Debtors'
restructuring advisor. Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case. Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.
The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana
obtained confirmation from the Bankruptcy Court of a
reorganization plan. On April 29, 2009, non-debtor units of the
OpCo Debtors, designated as the New Jersey Debtors -- Adamar of
New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn. Judge Judith H. Wizmur
presides over the cases. Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
Effective March 8, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.
A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.
Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as
their claims and notice agent. Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.
Debtors Adamar of New Jersey Inc. and Manchester Mall Inc. have
merged into Adamar of NJ In Liquidation, LLC. The merger and name
change is in accordance with an Amended and Restated Purchase
Agreement, which governs the sale and transfer of the operations
of the Tropicana Casino and Resort - Atlantic City, including
substantially all of the New Jersey Debtors' assets, to Tropicana
Entertainment Inc., Tropicana Atlantic City Corp., and Tropicana
AC Sub Corp., free and clear of any and all liens, claims and
encumbrances.
Bankruptcy Creditors' Service, Inc., publishes Tropicana
Bankruptcy News. The newsletter tracks the chapter 11
restructuring proceedings commenced by Tropicana Entertainment LLC
and its affiliates. (http://bankrupt.com/newsstand/or
215/945-7000).
WASHINGTON MUTUAL: Has $4.54 Billion Cash at August 31
------------------------------------------------------
WASHINGTON MUTUAL, INC.
Unaudited Balance Sheet
As of August 31, 2010
ASSETS
Unrestricted cash and cash equivalent $4,536,894,109
Restricted cash and cash equivalents 91,613,897
Investment securities 72,331,501
Accrued interest receivable 995,292
Income tax receivable 475,509,207
Prepaid expenses 2,665,710
Cash surrender value of BOLI/COLI 44,395,006
Funded Pension 39,173,922
Other investments -
Investment in subsidiaries 1,486,246,364
Notes receivable, intercompany 12,891,506
Fixed assets 181,163
Other assets 97,045,182
----------------
Total Assets $6,859,942,858
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable $5,745,754
Accrued wages and benefits 1,046,947
Other accrued liabilities 15,690,357
Minority interest 1,114,734
----------------
Total Postpetition Liabilities 23,597,792
LIABILITIES SUBJECT TO COMPROMISE
Senior debt 4,132,421,622
Subordinated debt 1,666,464,970
Junior subordinated debt 765,674,200
Intercompany payables 684,095,259
Accounts payable 4,480,720
Taxes payable 550,769,514
Payroll and benefit accruals 386,847,225
Other accrued liabilities 76,456,255
Other prepetition liabilities 198
----------------
Total Prepetition Liabilities 8,267,209,961
----------------
Total Liabilities 8,290,807,753
SHAREHOLDERS' EQUITY
Preferred stock 3,392,341,954
Common stock 12,988,753,556
Other comprehensive income (753,806,933)
Retained earnings - prepetition (16,742,191,966)
Retained earnings - postpetition (315,961,506)
----------------
Total Shareholders' Equity (1,430,864,895)
----------------
Total Liabilities and Shareholders' Equity $6,859,942,858
================
WASHINGTON MUTUAL, INC.
Unaudited Statement of Operations
For the period August 1 to August 31, 2010
REVENUES
Interest income:
Cash equivalents $759,627
Securities 241,128
Notes receivable - intercompany 49,576
Other 155
----------------
Total Interest Income 1,050,486
Earnings (losses) from subsidiaries and
other equity investments 3,736,621
Gains (losses) from securities/investments (42,114)
Other income 324,617
----------------
Total Revenues 5,069,610
OPERATING EXPENSES
Compensation and benefits 438,582
Occupancy and equipment 80,542
Professional fees 457,558
Loss/(Income) from BOLI/COLI policies (36,436)
Management fees/transition services (55,454)
Insurance 187,500
Other 145,098
----------------
Total Operating Expenses 1,217,389
Net profit (loss) before other income
and expenses 3,852,222
OTHER INCOME AND EXPENSES
Interest expense: -
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense -
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items 3,852,222
REORGANIZATION ITEMS
Professional fees 8,405,019
Claims adjustments 187,500
U.S. Trustee quarterly fees 7,000
Gains (losses) from sale of assets -
Other reorganization expenses 1,564,916
----------------
Total Reorganization Items 10,164,435
Net profit (loss) before income taxes (6,312,213)
----------------
Income taxes -
----------------
NET PROFIT (LOSS) ($6,312,213)
================
WASHINGTON MUTUAL, INC.
Unaudited Schedule of Cash Receipts and Disbursements
For the period August 1 to August 31, 2010
Opening Balance 07/31/10 $3,960,000,859
RECEIPTS
Interest & investment returns 649,384
Tax refunds 356,885
Reimbursements/distributions from subs -
Sales of assets/securities -
Other miscellaneous receipts 4,155
----------------
Total Receipts 1,010,423
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to)from Wells Managed account 25,000,000
----------------
Total Transfers 25,000,000
DISBURSEMENTS
Salaries and benefits 323,635
Travel and other expenses 30,846
Occupancy and supplies 107,439
Professional fees 11,433,337
Other outside services 414,247
Bank fees 20,799
U.S. trustee quarterly fees 30,000
Directors fees 60,000
Taxes paid 181,389
----------------
Total Disbursements 12,601,692
----------------
Net Cash Flow 13,408,731
----------------
Cash - End of Month 3,973,409,589
GL Balance 3,973,409,588
Net value -- Short Term Securities 563,484,521
----------------
Total Cash and Cash Equivalents $4,536,894,109
================
WMI INVESTMENT CORP.
Unaudited Balance Sheet
As of August 31, 2010
ASSETS
Unrestricted cash and cash equivalents $275,637,567
Restricted cash and cash equivalents -
Investment Securities -
Accrued interest receivable 4,998
Income tax receivable 22,187,560
Prepaid expenses -
Cash surrender value of BOLI/COLI -
Funded Pension -
Other investments 57,752,966
Investment in subsidiaries -
Notes receivable, intercompany 565,844,197
Fixed Assets -
Other assets -
----------------
Total Assets $921,427,289
================
LIABILITIES NOT SUBJECT TO COMPROMISE
Accounts payable -
Accrued wages and benefits -
Other accrued liabilities 14,825
Minority interest -
----------------
Total Postpetition Liabilities 14,825
LIABILITIES NOT SUBJECT TO COMPROMISE
Senior debt -
Subordinated debt -
Junior subordinated debt -
Intercompany payables -
Accounts payable -
Taxes payable -
Payroll and benefit accruals -
Other accrued liabilities -
Other prepetition liabilities -
----------------
Total Prepetition Liabilities -
----------------
Total Liabilities 14,825
SHAREHOLDERS' EQUITY
Preferred stock -
Common stock 1,000,000,000
Other comprehensive income 22,187,560
Retained earnings - prepetition 14,133,260
Retained earnings - postpetition (114,908,357)
----------------
Total Shareholders' Equity 921,412,464
----------------
Total Liabilities and Shareholders' Equity $921,427,289
================
WMI INVESTMENT CORP.
Unaudited Statement of Operations
For the period August 1 to August 31, 2010
REVENUES
Interest income:
Cash equivalents $45,095
Securities -
Notes receivable - intercompany -
Other -
----------------
Total Interest Income 45,095
Earnings (losses) from subsidiaries and
other equity investments (41,563)
Gains (losses) from securities/investments 3
Other income -
----------------
Total Revenues 3,535
OPERATING EXPENSES
Compensation and benefits -
Occupancy and equipment -
Professional fees -
Loss/(Income) from BOLI/COLI policies -
Management fees/transition services -
Insurance -
Other 14,528
----------------
Total Operating Expenses 14,528
Net profit (loss) before other income
and expenses (10,993)
OTHER INCOME AND EXPENSES
Interest expense:
Notes payable - intercompany -
Borrowings -
----------------
Total Interest Expense -
Other expense/(income) -
----------------
Net profit (loss) before
reorganization items (10,933)
REORGANIZATION ITEMS
Professional fees -
Claims adjustments -
U.S. Trustee quarterly fees -
Gains (losses) from sale of assets -
Other reorganization expenses -
----------------
Total Reorganization Items -
----------------
Net profit (loss) before income taxes (10,933)
Income taxes -
----------------
NET PROFIT (LOSS) ($10,933)
================
WMI INVESTMENT CORP.
Unaudited Schedule of Cash Receipts and Disbursements
For the period August 1 to August 31, 2010
Opening Balance 07/31/10 $53,867,562
RECEIPTS
Interest & investment returns 8,804
Tax refunds -
Reimbursements/distributions from subs -
Sales of assets/securities -
Other miscellaneous receipts -
----------------
Total Receipts 8,804
TRANSFERS
Sweep to/(from) Money Market account -
Sweep (to) from Wells Managed account -
----------------
Total Transfers -
DISBURSEMENTS
Salaries and benefits -
Travel and other expenses -
Occupancy and supplies -
Professional fees -
Other outside services -
Bank fees 325
U.S. trustee quarterly fees -
Directors fees -
Taxes paid -
----------------
Total Disbursements 325
----------------
Net Cash Flow 8,479
----------------
Cash - End of Month 53,876,041
GL Balance 53,876,041
Net value -- Short Term Securities 221,761,527
----------------
Total Cash and Cash Equivalents $275,637,567
================
WaMu Chief Financial Officer John Maciel disclosed that as of
August 31, 2010, the Debtors paid these firms an aggregate of
approximately $ 11,406,337 on account of services rendered in
their cases:
Professional Fees Expenses
------------ --------- ---------
Akin, Gump, Strauss, Hauer & Feld $1,052,698 $21,723
Alvarez & Marsal 1,897,577 70,482
Ashby & Geddes, P.A. 338,536 31,668
Benesch, Friedlander, Coplan & Aronoff 24,742 1,677
Blackstone Advisory Partners LLP - -
CONSOR Intellectual Asset Management - -
CP Energy Group, LLC - -
Davis Wright Tremaine LLP 18,355 8
Elliot Greenleaf 60,789 3,846
FTI Consulting, Inc. 365,341 1,339
Gibson, Dunn & Crutcher LLP 9,548 -
Grant Thornton 15,662 -
Joele Frank, Wilkinson Brimmer Katcher 4,781 302
John W. Wolfe, P.S. 351,331 381
Kurtzman Carson Consultants LLC 97,950 461,707
McKee Nelson LLP/Bingham McCutchen LLP 117,178 -
Miller & Chevalier Chartered 56,765 -
Milliman - -
Pepper Hamilton LLP 88,850 4,767
Perkins Coie LLP 222,058 4,350
Peter J. Solomon Company 266,250 2,351
PricewaterhouseCoopers LLP 1,016 -
Quinn Emanuel Urquhart Oliver & Hedges 863,157 8,255
Richards, Layton & Finger P.A. 60,530 -
Shearman & Sterling LLP 96,644 48
Silverstein & Pomerantz, LLP 7,106 -
Simpson Thacher & Bartlett LLP 6,665 -
Susman Godfrey LLP 65,071 -
Towers Watson Pennsylvania Inc. 20,140 -
Venable LLP 128,152 -
Weil, Gotshal & Manges LLP 4,515,583 67,938
As of August 31, 2010, WaMu paid a total of $5,745,753 to about
31 vendors for certain postpetition accounts.
According to Mr. Maciel, for the period from August 1 to 31,
2010, WaMu did not file property tax returns; sales and use tax
returns; and corporate income or franchise taxes. Payroll taxes
were filed during the Reporting Period.
A full-text copy of WaMu's August 2010 Operating Report is
available for free at:
http://bankrupt.com/misc/WaMu_MORAug2010.pdf
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 disclosed 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.
*********
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