/raid1/www/Hosts/bankrupt/TCR_Public/110108.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, January 8, 2011, Vol. 15, No. 7
Headlines
ACCREDITED HOME: Ends October 2010 With $6,389,513 Cash
ACCREDITED HOME: Ends November 2010 With $60,742,960 Cash
ADVANTA CORP: Ends November 2010 With $108.2 Million Cash
AMERICAN MEDIA: Received $16,284 for Nov. 17-30
BANKUNITED FINANCIAL: Posts $313,671 Net Loss in November
BLOCKBUSTER INC: Reports $61.1 Million Cash in November
BROADSTRIPE LLC: Incurs $3.15 Million Net Loss for November
CANAL CORPORATION: Reports $7.0 Million Cash at December 5, 2010
CATHOLIC CHURCH: Wilmington Has $136MM in Assets at Oct. 31
CB HOLDING: Reports $800,000 Gross Profit in November
CMR MORTGAGE II: Posts $327,100 Net Loss in November
FIRSTFED FINANCIAL: Posts $186,271 Net Loss in November
GENERAL GROWTH: Reports $82,138,000 Net Loss for October
GENERAL MOTORS: Old GM Has $250,650,000 Cash at Oct. 31
GOTTSCHALKS INC: Has $8.6 Million Cash at November 27
GUARANTY FINANCIAL: Ends November 2010 With $10.84 Million Cash
GULFSTREAM INT'L: Files Initial Monthly Operating Report
GULFSTREAM INT'L: GCI Posts $14,558 Net Loss in November
GULFSTREAM INT'L: GIA Ends November 2010 With $1.9 Million Cash
GULFSTREAM INT'L: GIA Holdings Posts $217,457 Loss in November
GULFSTREAM INT'L: GTA Posts $15,691 Net Loss in November
INNKEEPERS USA: Shows $1.65 Million November Operating Income
LEHMAN BROTHERS: Has $21.4 Billion Cash at Nov. 30
LTV CORPORATION: Ends November 2010 With $7.66 Million Cash
MESA AIR: Incurs $304,000 Net Loss in November
MIG INC: Ends November 2010 With $43 Million in Unrestricted Cash
NORTEL NETWORKS: Ends November 2010 With $937 Million Cash
OMC INC: Reports November Net Loss of $140,000
PFF BANCORP: Posts $254,208 Net Loss in November
POINT BLANK: Reports November Net Loss of $1.26 Million
PROFESSIONAL VETERINARY: Has $6.4 Million Cash at November 30
REFCO INC: Refco LLC $4,030,000 Cash at October 31
RQB RESORT: Makes November Profit Without Interest
SHARPER IMAGE: Reports $307,171 Net Income in November
STATION CASINOS: GV Ranch Has $106.2MM in Total Assets at Oct. 31
TERRESTAR NETWORKS: Posts $23,621,556 Net Loss in November
THORNBURG MORTGAGE: Ends November 2010 With $112.5 Million Cash
TOUSA INC: Cash Declines to $508 Million as of Nov. 30
TRIBUNE CO: Posts $41,931,000 Net Income for Oct25-Nov21
TRICO MARINE: Posts $39,953 Net Loss in October
U.S. DRY CLEANING: Posts $60,095 Net Loss in October
U.S. DRY CLEANING: Cleaners Club Posts $19,631 Net Loss in October
U.S. DRY CLEANING: Enivel Inc. Posts $37,267 Net Loss in October
U.S. DRY CLEANING: USDC Fresno Posts $23,181 Net Loss in October
U.S. DRY CLEANING: USDC Portsmouth Posts $25,529 Loss in October
U.S. DRY CLEANING: USDC Tuchman Earns $2,032 in October
WASHINGTON MUTUAL: Posts $31.6 Million Net Loss in November
WORLDSPACE INC: Posts $2.0 Million Net Loss in September
WORLDSPACE INC: Posts $2.1 Million Net Loss in October
WORLDSPACE, INC: Posts $2.0 Million Net Loss in November
*********
ACCREDITED HOME: Ends October 2010 With $6,389,513 Cash
-------------------------------------------------------
Accredited Home Lenders Holding Co. filed with the U.S. Bankruptcy
Court for the District of Delaware on November 23, 2010, its
monthly operating report for October 2010.
At October 31, 2010, the Debtors' condensed combined balance
sheet showed $226,228,378 in total assets, $469,957,704 in
total liabilities, and a stockholders' deficit of $243,729,327.
The Debtors ended the period with unrestricted cash of $6,389,513:
Beginning Cash $7,564,011
Total Cash Receipts $26,707
Total Cash Disbursements $1,201,205
Net Cash Flow ($1,174,498)
Ending Cash $6,389,513
A copy of the Debtors' monthly operating report for October 2010
is available for free at:
http://bankrupt.com/misc/ahl.october2010mor.pdf
About Accredited Home
San Diego, California-based Accredited Home Lenders Holding Co. --
http://www.accredhome.com/-- was a mortgage banker servicing U.S.
markets for conforming and non-prime residential mortgage loans
operating throughout the U.S. and in Canada. Founded in 1990, the
Company was acquired by Lone Star Funds for $300 million in
October 2007. Lone Star also owns Bruno's Supermarkets LLC and
Bi-Lo LLC, two grocery retailers in Chapter 11.
Accredited Home and its affiliates filed for Chapter 11 on May 1,
2009 (Bankr. D. Del. Lead Case No. 09-11516). Gregory G. Hesse,
Esq., Lynnette R. Warman, Esq., and Jesse T. Moore, Esq., at
Hunton & William LLP, serve as the Debtors' bankruptcy counsel.
Laura Davis Jones, Esq., James E. O'Neill, Esq., and Timothy P.
Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as
Delaware counsel. Kurtzman Carson Consultants is the Debtors'
claims agent. Andrew I Silfen, Esq., Schuyler G. Carroll, Esq.,
Robert M. Hirsch, Esq., at Arent Fox LLP in New York, and Jeffrey
N. Rothleder, Esq., at Arent Fox LLP in Washington, DC, represent
the official committee of unsecured creditors as co-counsel. Neil
R. Lapinski, Esq., and Shelley A. Kinsella, Esq., at Elliott
Greenleaf, represent the Committee as Delaware and conflicts
counsel.
As reported in the TCR on January 4, 2011, the Debtors submitted
to the Bankruptcy Court a proposed Plan of Liquidation and an
explanatory Disclosure Statement, as twice amended. According to
the Disclosure Statement, the purpose of the Plan is to effect a
liquidation of the Debtors' assets and to distribute the proceeds
of the Debtors' assets to creditors in a manner the will maximize
recoveries by creditors. The Plan does not contemplate a
continuation of the Debtors' collective businesses.
According to its bankruptcy petition, Accredited Home's assets
range from $10 million to $50 million and its debts from
$100 million to $500 million.
Accredited sold the mortgage servicing business in July 2009.
ACCREDITED HOME: Ends November 2010 With $60,742,960 Cash
---------------------------------------------------------
Accredited Home Lenders Holding Co. filed with the U.S. Bankruptcy
Court for the District of Delaware on December 17, 2010, its
monthly operating report for November 2010.
At November 30, 2010, the Debtors' condensed combined balance
sheet showed $267,055,732 in total assets, $472,435,954 in
total liabilities, and a stockholders' deficit of $205,380,222.
The Debtors ended the period with unrestricted cash of
$60,742,960:
Beginning Cash $6,389,513
Total Cash Receipts $54,479,112
Total Cash Disbursements $125,665
Net Cash Flow $54,353,447
Ending Cash $60,742,960
AHL received a $54 million federal tax refund in November 2010.
A copy of the Debtors' monthly operating report for November 2010
is available for free at:
http://bankrupt.com/misc/ahl.november2010mor.pdf
About Accredited Home
San Diego, California-based Accredited Home Lenders Holding Co. --
http://www.accredhome.com/-- was a mortgage banker servicing U.S.
markets for conforming and non-prime residential mortgage loans
operating throughout the U.S. and in Canada. Founded in 1990, the
Company was acquired by Lone Star Funds for $300 million in
October 2007. Lone Star also owns Bruno's Supermarkets LLC and
Bi-Lo LLC, two grocery retailers in Chapter 11.
Accredited Home and its affiliates filed for Chapter 11 on May 1,
2009 (Bankr. D. Del. Lead Case No. 09-11516). Gregory G. Hesse,
Esq., Lynnette R. Warman, Esq., and Jesse T. Moore, Esq., at
Hunton & William LLP, serve as the Debtors' bankruptcy counsel.
Laura Davis Jones, Esq., James E. O'Neill, Esq., and Timothy P.
Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as
Delaware counsel. Kurtzman Carson Consultants is the Debtors'
claims agent. Andrew I Silfen, Esq., Schuyler G. Carroll, Esq.,
Robert M. Hirsch, Esq., at Arent Fox LLP in New York, and Jeffrey
N. Rothleder, Esq., at Arent Fox LLP in Washington, DC, represent
the official committee of unsecured creditors as co-counsel. Neil
R. Lapinski, Esq., and Shelley A. Kinsella, Esq., at Elliott
Greenleaf, represent the Committee as Delaware and conflicts
counsel.
As reported in the TCR on January 4, 2011, the Debtors submitted
to the Bankruptcy Court a proposed Plan of Liquidation and an
explanatory Disclosure Statement, as twice amended. According to
the Disclosure Statement, the purpose of the Plan is to effect a
liquidation of the Debtors' assets and to distribute the proceeds
of the Debtors' assets to creditors in a manner the will maximize
recoveries by creditors. The Plan does not contemplate a
continuation of the Debtors' collective businesses.
According to its bankruptcy petition, Accredited Home's assets
range from $10 million to $50 million and its debts from
$100 million to $500 million.
Accredited sold the mortgage servicing business in July 2009.
ADVANTA CORP: Ends November 2010 With $108.2 Million Cash
---------------------------------------------------------
Advanta Corp. and certain of its subsidiaries filed on
December 22, 2010, their unaudited monthly operating report for
November 2010 with the U.S. Bankruptcy Court for the District of
Delaware.
The Debtors ended November 2010 with $108.22 million in cash, from
$109.97 million at the beginning of the period.
Advanta Corp. reported net income of $369,000 on $2,000 of net
interest income for the month.
At November 30, 2010, Advanta Corp. had $255.2 million in total
assets, $338.3 million in total liabilities, and a stockholders'
deficit of $83.1 million.
A copy of the Debtors' November 2010 monthly operating report is
available at no charge at http://researcharchives.com/t/s?719e
About Advanta Corp.
Advanta Corp. -- http://www.advanta.com/-- issues business
purpose credit cards to small businesses and business
professionals in the United States. Advanta primarily funds and
operates its business credit card business through Advanta Bank
Corp., which offers a range of deposit products that are insured
by the Federal Deposit Insurance Corporation.
In June 2009, the FDIC placed significant restrictions on the
activities and operations of Advanta Bank, as the Bank's capital
ratios were below required regulatory levels.
On November 8, 2009, Advanta Corp. filed for Chapter 11 (Bankr. D.
Del. Case No. 09-13931). Attorneys at Weil, Gotshal & Manges LLP,
and Richards, Layton & Finger, P.A., serve as the Debtor's
bankruptcy counsel. Alvarez & Marsal is the financial advisor.
The Garden City Group, Inc., is the claims agent. The filing did
not include Advanta Bank. The petition said that Advanta Corp.'s
assets totaled $363,000,000 while debts totaled $331,000,000 as of
September 30, 2009.
As reported in the Troubled Company Reporter on December 22, 2010,
Advanta Corp. will seek approval of its Chapter 11 plan at a
confirmation hearing on Feb. 10 after Judge Kevin J. Carey
approved the disclosure statement on December 17, 2010. Under
Advanta's plan, holders of $140.6 million in unsecured notes could
be paid in full. General unsecured creditors, with as much as
$180.6 million in claims, could recover up to 71.3%.
AMERICAN MEDIA: Received $16,284 for Nov. 17-30
-----------------------------------------------
American Media Inc. and its units delivered to the Bankruptcy
Court a monthly operating report for the period from November 17,
2010 through November 30, 2010. The Debtors said they had total
receipts of $16,284 and made payments totaling $8,593 for that
period. A full-text copy of the Report is available for free at:
http://bankrupt.com/misc/AMI_NovemberMOR.pdf
Based in New York, American Media, Inc., publishes celebrity
journalism and health and fitness magazines in the U.S. These
include Star, Shape, Men's Fitness, Fit Pregnancy, Natural Health,
and The National Enquirer. In addition to print properties, AMI
manages 14 different Web sites. The company also owns
Distribution Services, Inc., the country's #1 in-store magazine
merchandising company.
American Media, Inc., and 15 units, including American Media
Operations, Inc., filed for Chapter 11 protection in Manhattan
(Bankr. S.D.N.Y. Case No. 10-16140) on November 17, 2010. Judge
Martin Glenn presides over the case. Ira S. Dizengoff, Esq., Arik
Preis, Esq., Meredith A. Lahaie, Esq., Stefanie L. Kurlanzik,
Esq., and Kevin M. Eide, Esq., at Akin, Gump, Strauss, Hauer &
Feld, LLP, in New York, serve as the Debtors' bankruptcy counsel.
Moelis & Company is the Debtors' financial advisors and investment
bankers. Kurtzman Carson Consultants LLC is the claims and notice
agent.
AMI estimated assets of $0 to $50,000 and debts of $500 million to
$1 billion in its Chapter 11 petition. AMO, AMI's operating unit,
estimated assets of $100 million to $500 million and debts of
$500 million to $1 billion in its Chapter 11 petition.
American Media filed, together with the petition, a pre-packaged
Chapter 11 plan where holders of notes and bank debt would receive
either cash, new notes or stock. Judge Glenn confirmed the
Debtors' Amended Joint Prepackaged Plan of Reorganization on
December 20, 2010, clearing the way for the Debtors to emerge from
Chapter 11 reorganization by the end of 2010.
Bankruptcy Creditors' Service, Inc., publishes American Media
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by American Media Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)
BANKUNITED FINANCIAL: Posts $313,671 Net Loss in November
---------------------------------------------------------
On December 23, 2010, BankUnited Financial Corporation, together
with its subsidiaries BankUnited Financial Services, Inc., and CRE
America Corporation, filed its monthly operating report for
November 2010 with the United States Bankruptcy Court for the
Southern District of Florida.
Funds at November 30, 2010, were $12.8 million, compared to funds
of approximately $13.1 million at October 31, 2010.
BankUnited Financial Corporation, et al., reported a net loss of
$313,671 for the period. At November 30, 2010, BankUnited
Financial Corporation, et al., had $37.6 million in total assets,
$576.8 million in total liabilities, and a stockholders' deficit
of $539.2 million.
The November 2010 monthly operating report is available at no
charge at http://researcharchives.com/t/s?718a
About BankUnited Financial
BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) --
http://www.bankunited.com/-- was the holding company for
BankUnited FSB, the largest banking institution headquartered in
Coral Gables, Florida. On May 21, 2009, BankUnited FSB was closed
by regulators and the Federal Deposit Insurance Corporation
facilitated a sale of the bank to a management team headed by John
Kanas, a veteran of the banking industry and former head of North
Fork Bank, and a group of investors led by W.L. Ross & Co.
BankUnited, FSB, had assets of $12.8 billion and deposits of
$8.6 billion as of May 2, 2009.
The Company and its affiliates filed for Chapter 11 on May 22,
2009 (Bankr. S.D. Fla. Lead Case No. 09-19940). Stephen P.
Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen LLP; Mark
D. Bloom, Esq., and Scott M. Grossman, Esq., at Greenberg Traurig,
LLP; and Michael C. Sontag, at Camner, Lipsitz, P.A., serve as the
Debtors' bankruptcy counsel. Corali Lopez-Castro, Esq., David
Samole, Esq., at Kozyak Tropin & Throckmorton, P.A.; and Todd C.
Meyers, Esq., at Kilpatrick Stockton LLP, serve as counsel to the
official committee of unsecured creditors.
In its bankruptcy petition, BankUnited Financial Corp. disclosed
$37,729,520 in assets against $559,740,185 in debts. Aside from
those assets, BankUnited said that a "valuable" asset is its
$3.6 billion net operating loss carryforward.
Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York
were listed among the company's largest unsecured creditors in
their roles as trustees for security issues. BankUnited estimated
the Bank of New York claim tied to convertible securities at
$184 million. U.S. Bank and Wilmington Trust are owed
$120 million and $118.171 million on account of senior notes.
As reported in the Troubled Company Reporter on November 25, 2010,
BankUnited Financial Corp. filed a Chapter 11 plan premised upon a
cash infusion by a new investor, who in turn will receive 21% of
the new common stock plus preferred stock. The cash infusion will
be used to make cash distributions under the Plan, with the
remaining amount for working capital.
BLOCKBUSTER INC: Reports $61.1 Million Cash in November
-------------------------------------------------------
On December 28, 2010, Blockbuster Inc. and certain of its domestic
subsidiaries filed their monthly operating report for the period
from November 1, 2010, to November 28, 2010, with the U.S.
Bankruptcy Court for the Southern District of New York.
The Debtors reported a net loss of $42.1 million on total revenues
of $142.6 million for the 4 week period ended November 28, 2010.
At November 28, 2010, the Debtors had $1.065 billion in total
assets, $1.599 billion in total liabilities, and a stockholders'
deficit of $533.8 million. At November 28, 2010, the Debtors had
$61.1 million in cash and cash equivalents, compared to
$52.2 million at the beginning of the period.
A complete text of the monthly operating report is available for
free at http://researcharchives.com/t/s?71c0
About Blockbuster Inc.
Based in Dallas, Texas, Blockbuster Inc. (Pink Sheets: BLOKA,
BLOKB) -- http://www.blockbuster.com/-- is a global provider of
rental and retail movie and game entertainment. It has a library
of more than 125,000 movie and game titles. Blockbuster said it
had assets of $1,017,035,832 and debts of $1,464,939,759 as of
August 1, 2010.
Blockbuster Inc. and 12 U.S. affiliates initiated Chapter 11
bankruptcy proceedings with a pre-arranged reorganization plan
in Manhattan on September 23, 2010 (Bankr. S.D.N.Y. Case No.
10-14997).
Martin A Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the Debtors. Rothschild
Inc. is the financial advisor. Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer. Kurtzman Carson
Consultants LLC is the claims and notice agent.
A steering group of senior secured noteholders is represented by
James P. Seery, Esq., and Paul S. Caruso, Esq., at Sidley Austin
LLP. U.S. Bank National Association as trustee and collateral
agent for the senior secured notes is represented by David
McCarty, Esq., and Kyle Mathews, Esq., at Sheppard Mullin Richter
& Hampton LLP. BDO Consulting is the financial advisor for U.S.
Bank.
Lenders led by Wilmington Trust FSB are providing the DIP
financing. The DIP Agent is represented by Peter Neckles, Esq.
and Alexandra Margolis, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York.
The Official Committee of Unsecured Creditors has retained Cooley
LLP as its counsel.
Blockbuster's non-U.S. operations and its domestic and
international franchisees, all of which are legally separate
entities, were not included in the filings and are not parties to
the Chapter 11 proceedings.
Bankruptcy Creditors' Service, Inc., publishes BLOCKBUSTER
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by Blockbuster Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)
BROADSTRIPE LLC: Incurs $3.15 Million Net Loss for November
-----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Broadstripe LLC incurred a net loss of $3.15 million
in November on revenue of $7.63 million. Operating expenses in
the month were $5.45 million. Other expenses in November included
$3.48 million of interest on senior debt and $1.42 million in
depreciation and amortization.
About Broadstripe LLC
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.
CANAL CORPORATION: Reports $7.0 Million Cash at December 5, 2010
----------------------------------------------------------------
On December 28, 2010, Canal Corporation filed with the U.S.
Bankruptcy Court for the Eastern District of Virginia in Richmond
its unaudited monthly operating report for the period November 8,
2010, to December 5, 2010.
The Debtor reported net income of $16.3 million for the period.
As of December 5, 2010, the Debtor had $34.1 million in total
assets, $397.0 million in total liabilities, and a stockholders'
deficit of $362.9 million. The Company had cash and cash
equivalents of $7.0 million at December 5, 2010, compared to
$7.2 million at November 7, 2010.
A full-text copy of the monthly operating report for the period
November 8, 2010, to December 5, 2010, is available for free at:
http://researcharchives.com/t/s?71b1
About Canal Corp.
Headquartered in Richmond, Virginia, Canal Corp., formerly
Chesapeake Corporation, supplies specialty paperboard packaging
products in Europe and an international supplier of plastic
packaging products to niche end-use markets. The Company has 44
locations in Europe, North America, Africa and Asia.
Chesapeake and 18 affiliates filed Chapter 11 petitions (Bankr.
E.D. Va. Lead Case No. 08-336642) on Dec. 29, 2008. Lawyers at
Hunton & Williams LLP represent the Debtors. Chesapeake tapped
Alvarez and Marsal North America LLC, and Goldman Sachs & Co. as
financial advisors. Tavenner & Beran PLC serves as conflicts
counsel and Hammonds LLP as special counsel. Kurtzman Carson
Consultants LLC serves as claims agent. The United States Trustee
for Region 4 appointed seven creditors to serve on an Official
Committee of Unsecured Creditors for the Debtors' Chapter 11
cases. Lawyers at Greenberg Traurig LLP represent the Committee.
In its petition, Chesapeake disclosed $936,600,000 in total assets
and $937,100,000 in total debts as of September 28, 2008.
CATHOLIC CHURCH: Wilmington Has $136MM in Assets at Oct. 31
-----------------------------------------------------------
Catholic Diocese of Wilmington, Inc.
Balance Sheet
As of October 31, 2010
ASSETS
Cash & Equivalents $1,601,929
Accounts Receivable (Net) 3,347,332
Payroll Receivable -
Notes Receivable 1,457,182
Advance PIA Distributions 2,673,755
Professional Retainers 545,000
Unrestricted Pooled Investments 94,301,234
Restricted Pooled Investments 31,633,225
Unallocated Audit Fees -
Other Assets 53,743
Real Estate 1,314,140
Assets Held for Others -
-----------
TOTAL ASSETS $136,927,540
===========
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 34,891
Accounts Payable Capital Campaign 12,101
Bonds Payable 11,000,000
Priest Pension 13,107,216
Lay Pensions 64,366,743
National Collections 292,835
Other Liabilities 33,366
Assets Held for Others -
Pooled Investment Account Claims 80,537,602
-----------
TOTAL LIABILITIES 169,668,983
NET ASSETS
Beginning Year Net Assets (41,816,364)
Net Assets - Prepetition 4,138,712
Net Assets - Postpetition 4,936,209
-----------
TOTAL NET ASSETS (32,741,443)
-----------
TOTAL LIABILITIES & NET ASSETS $136,927,540
===========
Catholic Diocese of Wilmington, Inc.
Statement of Operations
For the month ending October 31, 2010
CDOW Operations
CDOW Revenue
Assessments $197,351
Investment Income 4,065,510
Operational Income 125,804
Designated Income (Education) 158,424
-----------
Total CDOW Revenue 4,547,089
CDOW Expenses
Payroll & Taxes (216,724)
Medical Payments -
Other Compensation (47,341)
Other Operational (257,271)
Capital Expenditures -
Catholic Schools, Inc. -
Casa San Francisco -
Ministry to the Elderly -
Bankruptcy professionals -
Neumann Center (5,150)
Vision for the Future
(Tuition Assistance) -
Owed to Parishes (Cap Campaign) (25)
-----------
Total CDOW Expenses (526,511)
-----------
CDOW NET OPERATING CASH 4,020,578
Program Services
Annual Appeal Revenue 294,264
Program Services Expenditures
Catholic Youth Organization (8,983)
Catholic Charities (85,858)
High School Appeal Allocation -
The Dialog (50,297)
-----------
Total Program Services Expenses (145,138)
-----------
PROGRAM SERVICES NET CASH 149,126
Benefits & Insurance Program Administration
Medical Program
Premiums Received 796,875
Expenses (729,482)
-----------
Net Medical 67,393
Workers Compensation
Premiums Received -
Expenses (25,850)
-----------
Net Workers Comp (25,850)
Property & Liability Insurance
Premiums Received 22,580
Expenses (32,824)
-----------
Net P&L Insurance (10,244)
Pensions
Priests (55,650)
Lay Employees -
-----------
Total Pensions (55,650)
-----------
NET CHANGE IN LIQUIDITY $4,145,353
===========
Catholic Diocese of Wilmington, Inc.
Schedule of Cash Receipts and Disbursements
For the month ending October 31, 2010
CASH BEGINNING OF PERIOD $1,158,423
RECEIPTS
ASSESSMENTS 197,351
ANNUAL APPEAL 294,264
INSURANCE PREMIUMS 819,455
OTHER OPERATING 284,228
-----------
TOTAL RECEIPTS 1,595,298
DISBURSEMENTS
NET PAYROLL AND TAXES 216,724
INSURANCE PAYMENTS 788,156
OPERATING EXPENSES 300,293
OTHER 145,138
PROFESSIONAL FEES -
U.S. TRUSTEE QUARTERLY FEES -
COURT COSTS -
-----------
TOTAL DISBURSEMENTS 1,450,311
-----------
NET CASH FLOW 144,987
Transfers out 9,494
Transfers in 300,000
Other transfers/returns/fees -
-----------
CASH - END OF PERIOD $1,593,916
===========
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).
CB HOLDING: Reports $800,000 Gross Profit in November
-----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Charlie Brown's filed an operating report showing a
gross profit of $800,000 for the fiscal month ended Nov. 21.
Revenue for the period was $1.21 million. The $24.2 million net
loss in the period resulted from $24.2 million of reorganization
costs. Earnings before interest, taxes, depreciation and
amortization for the month were $264,000.
About CB Holding
New York-based CB Holding Corp. owns and operates the Charlie
Brown's Steakhouse, Bugaboo Steak House, and The Office Beer Bar &
Grill. The Company currently operates 20 Charlie Brown's
Steakhouse, 12 Bugaboo Creek Steak House and seven The Office
outlets.
The Company and its affiliates filed for Chapter 11 bankruptcy
protection on November 17, 2010 (Bankr. D. Del. Case No.
10-13683). Christopher M. Samis, Esq., and Mark D. Collins, Esq.,
at Richards, Layton & Finger, P.A., assist the Debtors in their
restructuring effort. The Garden City Group, Inc., is the
Debtors' notice, claims and solicitation agent. CB Holding
estimated its assets at $100 million to $500 million and debts at
$50 million to $100 million.
CMR MORTGAGE II: Posts $327,100 Net Loss in November
----------------------------------------------------
CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of California on December 20, 2010, its
monthly operating report for November 2010.
The Company reported a net loss of $327,100 on total revenues
of $10,821 for the month of November 2010.
At November 30, 2010, the Debtor had total assets of
$51.6 million, total liabilities of $35.7 million, and total
equity of $15.9 million. The Company ended November 2010 with
$170 in cash and cash equivalents, from $414 at the beginning of
the period.
A full-text copy of the Debtor's operating report for November
2010 is available for free at:
http://researcharchives.com/t/s?71a3
About CMR Mortgage
San Francisco, California-based CMR Mortgage Fund II, LLC, is a
limited liability company organized for the purpose of making or
investing in business loans secured by deeds of trust or mortgages
on real properties located primarily in California. The Company
previously funded lending activities through loan pay downs or pay
offs, as well as by selling its membership interests, and by
selling all or a portion of interests in the loans to individual
investors. The Company commenced operations in February 2004.
The Company ceased accepting new members in the third quarter of
2006.
The Company and CMR Mortgage Fund III, LLC, filed for Chapter 11
protection on March 31, 2009 (Bankr. N. D. Calif. Case No.
09-30788 and 09-30802). Robert G. Harris, Esq., at the Law
Offices of Binder and Malter, serves as the Debtor's bankruptcy
counsel. The Debtor estimated its assets and debts at $10 million
to $50 million.
FIRSTFED FINANCIAL: Posts $186,271 Net Loss in November
-------------------------------------------------------
FirstFed Financial Corp. filed on December 15, 2010, a monthly
operating report for the month of November 2010 with the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division. The report is unaudited and is not presented in
accordance with generally accepted accounting principles in the
United States.
The Company reported a net loss of $186,271 for the period.
At November 30, 2010, the Company had $4.1 million in total
assets, $159.6 million in total liabilities, and a stockholders'
deficit of $155.5 million. The Company ended the period with
$3.9 million cash.
A full-text copy of the November 2010 operating report is
available for free at http://researcharchives.com/t/s?71a5
About FirstFed Financial
Irvine, Calif.-based FirstFed Financial Corp. is the bank
holding company for First Federal Bank of California and its
subsidiaries. The Bank was closed by federal regulators on
December 18, 2009.
FirstFed Financial Corp. filed for Chapter 11 protection on
Jan. 6, 2010 (Bankr. C.D. Calif. Case No. 10-10150). Jon L.
Dalberg, Esq., at Landau Gottfried & Berger LLP, serves as the
Debtor's bankruptcy counsel. In its petition, the Debtor
estimated its assets at $1 million and $10 million, and debts at
$100 million and $500 million.
GENERAL GROWTH: Reports $82,138,000 Net Loss for October
--------------------------------------------------------
GGP, Inc.
Consolidated Condensed Balance Sheet
As of October 31, 2010
Assets
Investment in real estate:
Land $2,903,273,000
Buildings and equipment 18,931,919,000
Less accumulated depreciation (4,154,578,000)
Developments in progress 359,636,000
-------------------
Net property and equipment 18,040,250,000
Investment in and loans to/from
Unconsolidated Real Estate Affiliates 379,804,000
Investment property and property held for
development and sale 1,326,490,000
Investment in controlled non-debtor entities 4,125,251,000
-------------------
Net investment in real estate 23,871,795,000
Cash and cash equivalents 559,524,000
Accounts and notes receivable, net 319,056,000
Goodwill 199,664,000
Deferred expenses, net 202,170,000
Prepaid expenses and other assets 577,209,000
-------------------
Total assets $25,729,418,000
===================
Liabilities and Equity:
Mortgages, notes and loans payable $14,325,147,000
Investment in and loans to/from
Unconsolidated Real Estate Affairs 33,551,000
Deferred tax liabilities 835,965,000
Accounts payable and accrued expenses 1,167,309,000
-------------------
Liabilities not subject to compromise 16,361,972,000
-------------------
Liabilities subject to compromise 7,834,346,000
-------------------
Total liabilities 24,196,318,000
-------------------
Redeemable noncontrolling interests:
Preferred 120,756,000
Common 123,972,000
-------------------
Total redeemable noncontrolling interests 244,728,000
-------------------
Equity:
Common stock 3,188,000
Additional paid-in capital 3,717,142,000
Retained earnings (accumulated deficit) (2,419,269,000)
Accumulated other comprehensive loss 45,717,000
Less common stock in treasury, at cost (76,752,000)
-------------------
Total stockholder's equity 1,270,026,000
Noncontrolling interests in consolidated real
estate affiliates 18,346,000
-------------------
Total equity 1,288,372,000
-------------------
Total liabilities and equity $25,729,418,000
===================
GGP, Inc.
Consolidated Statement of Income
For the Month ended October 31, 2010
Revenues:
Minimum rents $137,922,000
Tenant recoveries 60,303,000
Overage rents 5,784,000
Land sales 9,722,000
Management fees and other corporate revenues 934,000
Other 4,778,000
-------------------
Total revenues 219,443,000
-------------------
Expenses:
Real estate taxes 19,883,000
Property maintenance costs 8,487,000
Marketing 2,915,000
Ground and other rents 1,162,000
Other property operating costs 38,786,000
Land sales operations 8,726,000
Provision for doubtful accounts 1,346,000
Property management and other costs 6,955,000
General and administrative 2,586,000
Provisions for impairment 263,000
Depreciation and amortization 49,540,000
-------------------
Total expenses 140,649,000
-------------------
Operating income (loss) 78,794,000
Interest (expense) income, net (101,814,000)
-------------------
Loss before income taxes, noncontrolling
interests, equity in income of
Unconsolidated Real Estate Affiliates
and reorganization items (23,020,000)
Benefit (provision) for income taxes (796,000)
Equity in income of Unconsolidated Real Estate
Affiliates (14,370,000)
Reorganization items (44,289,000)
-------------------
Net loss (82,475,000)
Allocation to noncontrolling interests 337,000
-------------------
Net (loss) income attributable to common
Stockholders ($82,138,000)
===================
The Reorganized Debtors disclosed that for the month ended
October 31, 2010, they paid a total of $12,339,000 to about 29
bankruptcy professionals, with $3,751,000 going to Weil, Gotshal &
Manges LLP, as the Reorganized Debtors' counsel.
A full-text copy of the October 2010 MOR is available for free
at http://bankrupt.com/misc/ggp_oct2010mor.pdf
General Growth Properties, Inc. ("New GGP") filed with the Court
an amended monthly operating report for the period ended
October 31, 2010, to correct certain typographical errors,
including spacing. Otherwise, no substantial changes are made in
the amended MOR. A full-text copy of the amended MOR is
accessible for free at http://ResearchArchives.com/t/s?7114
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.
General Growth Properties on November 9, 2010, successfully
completed the final steps of its financial restructuring and
emerged from Chapter 11. GGP successfully restructured
approximately $15 billion of project-level debt Recapitalized with
$6.8 billion in new equity capital Paid all creditor claims in
full achieved substantial recovery for equity holders.
As part of its plan of reorganization, GGP has split itself into
two separate and independent publicly traded corporations. GGP
shareholders as of the record date of November 1, 2010 received
common stock in both companies. The new GGP, which will commence
trading November 10 on The New York Stock Exchange under the
ticker symbol "GGP," is the second-largest shopping mall owner and
operator in the country, with more than 183 regional malls in 43
states. The spin-off company, The Howard Hughes Corporation,
consists of GGP's portfolio of master planned communities and
other strategic real estate development opportunities. This
company will trade under the ticker symbol "HHC" on The New York
Stock Exchange.
Bankruptcy Creditors' Service, Inc., publishes General Growth
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Growth Properties Inc. and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
GENERAL MOTORS: Old GM Has $250,650,000 Cash at Oct. 31
-------------------------------------------------------
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Net Assets
As of October 31, 2010
ASSETS:
Cash and cash equivalents $250,650,000
Short term investments in U.S. Treasury securities 346,206,000
Due from affiliates 13,000
Prepaid expenses 2,500,000
Other current assets 23,084,000
-----------------
Total Current Assets 622,453,000
Property, plant and equipment
Land and building 79,878,000
Machinery and equipment 50,363,000
-----------------
Total property, plant and equipment 130,241,000
Investment in GMC -
Investments in U.S. Treasury securities 346,346,000
Restricted cash 73,760,000
Other assets -
-----------------
Total Assets $1,172,800,000
=================
LIABILITIES:
DIP Financing $1,252,184,000
Accounts payable 8,945,000
Due to GM LLC 258,000
Due to affiliates 959,000
Accrued sales, use and other taxes 2,446,000
Accrued professional fees 37,601,000
Environmental reserves 525,603,000
Other accrued liabilities 4,637,000
-----------------
Total current liabilities 1,832,633,000
Liabilities subject to compromise 35,020,222,000
-----------------
Total Liabilities 36,852,855,000
-----------------
Net Assets (Liabilities) ($35,680,055,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Operations
For the Month Ended October 31, 2010
Rental and other income $1,238,000
Selling, administrative and other expenses 3,363,000
-----------------
Operating loss (2,125,000)
Interest expense 5,363,000
Interest income (356,000)
-----------------
Loss before reorganization items
& income taxes (7,132,000)
Reorganization items (gain)/loss 4,237,000
-----------------
Income (Loss) before income taxes (11,369,000)
Income taxes -
-----------------
Net Income (Loss) ($11,369,000)
=================
Motors Liquidation Company, et al.
Unaudited Condensed Combined Statement of Cash Flows
For the Month Ended October 31, 2010
Cash Flows from Operating Activities:
Net Income ($11,369,000)
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Non-cash interest expense 5,363,000
Amortization of premium/(discount) on investments
in U.S. Treasury securities 136,000
Reorganization items (gain)/loss 4,237,000
Reorganization related payments (5,907,000)
Changes in assets & liabilities:
Due from affiliates -
Prepaid expenses 311,000
Due to /(due from) GM LLC (38,000)
Other current assets (1,950,000)
Accounts payable 18,000
Accrued payroll and employee benefits -
Accrued sales, use and other types 961,000
Environmental reserves (536,000)
Other accrued liabilities (1,015,000)
-----------------
Net Cash used in Operating Activities (7,759,000)
Cash Flows from Investing Activities:
Purchases of U.S. Treasury securities (464,543,000)
Maturities of U.S. Treasury securities -
Proceeds from disposal of assets 2,316,000
Proceeds from sale and dissolution of subsidiaries -
Changes in restricted cash -
-----------------
Net cash provided by investing activities (462,227,000)
Decrease in cash & cash equivalents (469,986,000)
Cash & cash equivalents
at beginning of period 720,636,000
-----------------
Cash & cash equivalents at end of period $250,650,000
=================
According to Motors Liquidation Co. Vice President and Treasurer
James Selzer, the Debtors paid a total of $5,419,000 to 13
professionals retained in their Chapter 11 cases the month ended
October 31, 2010.
A full-text copy of the October 2010 Operating Report is available
for free at http://bankrupt.com/misc/GMOct2010MOR.pdf
About General Motors
With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers. GM employs 205,000 people in every major region of
the world and does business in some 157 countries. GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling. GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy. GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.
General Motors Co. is 60.8% owned by the U.S. Government. It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing. The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co. Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.
At September 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, $971 million in non-controlling interest, and
US$23.718 billion in total equity.
New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company. GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors. GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee. Attorneys at Butzel Long serve as counsel regarding
supplier contract matters. FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee. Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee. Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GOTTSCHALKS INC: Has $8.6 Million Cash at November 27
-----------------------------------------------------
On December 17, 2010, Gottschalks Inc. filed with the U.S.
Bankruptcy Court for the District of Delaware its monthly
operating report for the period October 31, 2010, to November 27,
2010.
The Debtor ended the period with $8.6 million cash. During the
period, the Debtor paid a total of $144,714 in professional fees
and reimbursed a total of $39,071 in professional expenses.
The Company reported a net loss of $182,000 for the period.
At November 27, 2010, the Company had $22.8 million in total
assets, $74.6 million in total liabilities, and a stockholders'
deficit of $51.8 million.
The monthly operating report for the period October 31, 2010, to
November 27, 2010, is available for free at:
http://researcharchives.com/t/s?71a4
About Gottschalks Inc.
Headquartered in Fresno, California, Gottschalks Inc. (Pink
Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- was a
department and specialty store chain in United States that
operated 58 full-line department stores and 3 specialty stories
in 6 western states.
The Company filed for Chapter 11 protection on January 14, 2009
(Bankr. D. Del. Case No. 09-10157). Stephen H. Warren, Esq.,
Karen Rinehart, Esq., Alexandra B. Redwine, Esq., and Ana Acevedo,
Esq., at O'Melveny & Myers LLP, serves as the Debtor's bankruptcy
counsel. Mark D. Collins, Esq., Michael J. Merchant, Esq., and
Lee E. Kaufman, Esq., at Richards, Layton & Finger, P.A., serve as
the Debtors' co-counsel. The Debtor selected Kurtzman Carson
Consultants LLC as its claims agent. When the Debtor filed for
protection from its creditors, it disclosed $288,438,000 in total
assets and $197,072,000 in total debts.
GUARANTY FINANCIAL: Ends November 2010 With $10.84 Million Cash
---------------------------------------------------------------
On December 15, 2010, Guaranty Financial Group Inc. and each of
its wholly owned subsidiaries, Guaranty Group Ventures Inc.,
Guaranty Holdings Inc., and Guaranty Group Capital Inc. filed
their unaudited monthly operating reports for November 2010 with
the United States Bankruptcy Court for the Northern District of
Texas, Dallas Division.
Guaranty Financial Group reported a net loss of $21,468 for the
month of November 2010. The Debtor incurred a total of $63,052
in professional fees for the month.
At November 30, 2010, Guaranty Financial Group had $14.71 million
in total assets, $329.11 million in total liabilities, and
a stockholders' deficit of $314.40 million.
Guaranty Financial had unrestricted cash of $10.060 million
and restricted cash of $779,448 at November 30, 2010, for
total cash of $10.84 million, compared to unrestricted cash of
$10.062 million and restricted cash of $735,517 at October 31,
2010, for total cash of $10.80 million.
A full-text copy of Guaranty Financial Group's monthly operating
report is available for free at:
http://researcharchives.com/t/s?71a7
Guaranty Group Ventures reported net income of $620 for the month
of November 2010.
At November 30, 2010, Guaranty Group Ventures had $12.24 million
in total assets, $371,185 in total liabilities, and stockholders'
equity of $11.87 million. Guaranty Group Ventures ended the month
with $6.29 million in cash.
A full-text copy of Guaranty Group Ventures' monthly operating
report is available for free at:
http://researcharchives.com/t/s?71a9
Guaranty Holdings had no revenue and expense transactions for the
month of November 2010.
At October 31, 2010, Guaranty Holdings had $6,846 in cash, and
$6,846 in total equity.
A full-text copy of Guaranty Holdings' monthly operating report is
available for free at:
http://researcharchives.com/t/s?71aa
Guaranty Group Capital reported net profit of $309 for the month
of November 2010.
At November 30, 2010, Guaranty Group Capital had $4.17 million in
cash and $4.17 million in total equity.
A full-text copy of Guaranty Group Capital's monthly operating
report is available for free at:
http://researcharchives.com/t/s?71a8
Dallas, Texas-based Guaranty Financial Group Inc. --
http://www.guarantygroup.com/-- is a unitary savings and loan
holding company. The Company's primary operating entities are
Guaranty Bank and Guaranty Insurance Services, Inc. Guaranty
Financial filed for bankruptcy after the Guaranty bank was seized
by regulators and sent to receivership under the Federal Deposit
Insurance Corporation. Before the bank was taken over, the
balance sheet of the holding company had $15.4 billion in assets
as of September 30, 2008.
Guaranty Financial together with affiliates filed for Chapter 11
on August 27, 2009 (Bankr. N.D. Tex. Case No. 09-35582).
Attorneys at Haynes & Boone, LLP, represent the Debtors.
According to the schedules attached to its petition, Guaranty
Financial disclosed $24,295,000 in total assets and $323,413,428
in total debts, including $305 million in trust preferred
security.
GULFSTREAM INT'L: Files Initial Monthly Operating Report
--------------------------------------------------------
Gulfstream International Group, Inc., filed with the U.S.
Bankruptcy Court for the Southern District of Florida on
December 23, 2010, its monthly operating report for the period
November 5, 2010, to November 30, 2010.
At November 30, 2010, the Debtor had funds of $1,470.66.
A complete text of the initial monthly report is available for
free at http://bankrupt.com/misc/gulfstreamintl.initialmor.pdf
About Gulfstream International
Fort Lauderdale, Florida-based Gulfstream International Airlines
(NYSE Amex:GIA) operates a fleet of turboprop Beechcraft 19000
aircraft, and specializes in providing travelers with access to
niche locations not typically covered by major carriers. GIA
operates more than 150 scheduled flights per day, serving nine
destinations in Florida, 10 destinations in the Bahamas, five
destinations from Continental Airline's hub under the Department
of Transportation's Essential Air Service Program and supports
charter service to Cuba through a services agreement with
Gulfstream Air Charter, Inc., an entity otherwise unrelated to the
Debtors. GIA operates as a Continental Connection carrier, as
well as for United Airlines, Northwest Airlines and Copa Airlines,
through code share agreements. GIA has 620 employees, including
530 working full-time.
Gulfstream International Group, Inc., filed for Chapter 11
bankruptcy protection on November 4, 2010 (Bankr. S.D. Fla. Case
No. 10-44131). Brian K. Gart, Esq., at Berger Singerman, P.A.,
serves as the Debtor's bankruptcy counsel. The Debtor estimated
its assets at $100,001 to $500,000 and debts at $1 million to
$10 million.
Affiliates Gulfstream International Airlines, Inc., Gulfstream
Training Academy, Inc., GIA Holdings Corp., Inc., and Gulstream
Connection, Inc., filed separate Chapter 11 petitions on
November 4, 2010.
GULFSTREAM INT'L: GCI Posts $14,558 Net Loss in November
--------------------------------------------------------
Gulfstream Connection, Inc., filed with the U.S. Bankruptcy Court
for the Southern District of Florida on December 23, 2010, its
monthly operating report for the period November 5, 2010, to
November 30, 2010.
The Debtor reported a net loss of $14,558 on $34,557 of operating
revenues for the period.
At November 30, 2010, the Debtor's balance sheet showed
$61,748 in total assets, $694,228 in total liabilities, and a
stockholders' deficit of $632,479. The Debtor ended
November 30, 2010, with cash and cash equivalents of $4,123.63.
A complete text of the initial monthly report is available for
free at:
http://bankrupt.com/misc/gulfstreamconnection.initialmor.pdf
About Gulfstream International
Fort Lauderdale, Florida-based Gulfstream International Airlines
(NYSE Amex:GIA) operates a fleet of turboprop Beechcraft 19000
aircraft, and specializes in providing travelers with access to
niche locations not typically covered by major carriers. GIA
operates more than 150 scheduled flights per day, serving nine
destinations in Florida, 10 destinations in the Bahamas, five
destinations from Continental Airline's hub under the Department
of Transportation's Essential Air Service Program and supports
charter service to Cuba through a services agreement with
Gulfstream Air Charter, Inc., an entity otherwise unrelated to the
Debtors. GIA operates as a Continental Connection carrier, as
well as for United Airlines, Northwest Airlines and Copa Airlines,
through code share agreements. GIA has 620 employees, including
530 working full-time.
Gulfstream International Group, Inc., filed for Chapter 11
bankruptcy protection on November 4, 2010 (Bankr. S.D. Fla. Case
No. 10-44131). Brian K. Gart, Esq., at Berger Singerman, P.A.,
serves as the Debtor's bankruptcy counsel. The Debtor estimated
its assets at $100,001 to $500,000 and debts at $1 million to
$10 million.
Affiliates Gulfstream International Group, Inc., Gulfstream
International Airline, Inc., Gulfstream Training Academy, Inc.,
GIA Holdings Corp., Inc., and Gulstream Connection, Inc., filed
separate Chapter 11 petitions on November 4, 2010.
GULFSTREAM INT'L: GIA Ends November 2010 With $1.9 Million Cash
---------------------------------------------------------------
Gulfstream International Airlines, Inc., filed with the U.S.
Bankruptcy Court for the Southern District of Florida on
December 23, 2010, its monthly operating report for the period
November 5, 2010, to November 30, 2010.
The Debtor reported a net loss of $288,104 on $4.9 million of
total operating revenue for the period.
At November 30, 2010, the Debtor's balance sheet showed
$11.9 million in total assets, $24.3 million in total liabilities,
and a stockholders' deficit of $12.4 million. The Debtor ended
November 30, 2010, with cash and cash equivalents of $1.9 million.
A complete text of the initial monthly report is available for
free at:
http://bankrupt.com/misc/gulfstreamintlairlines.initialmor.pdf
About Gulfstream International
Fort Lauderdale, Florida-based Gulfstream International Airlines
(NYSE Amex:GIA) operates a fleet of turboprop Beechcraft 19000
aircraft, and specializes in providing travelers with access to
niche locations not typically covered by major carriers. GIA
operates more than 150 scheduled flights per day, serving nine
destinations in Florida, 10 destinations in the Bahamas, five
destinations from Continental Airline's hub under the Department
of Transportation's Essential Air Service Program and supports
charter service to Cuba through a services agreement with
Gulfstream Air Charter, Inc., an entity otherwise unrelated to the
Debtors. GIA operates as a Continental Connection carrier, as
well as for United Airlines, Northwest Airlines and Copa Airlines,
through code share agreements. GIA has 620 employees, including
530 working full-time.
Gulfstream International Group, Inc., filed for Chapter 11
bankruptcy protection on November 4, 2010 (Bankr. S.D. Fla. Case
No. 10-44131). Brian K. Gart, Esq., at Berger Singerman, P.A.,
serves as the Debtor's bankruptcy counsel. The Debtor estimated
its assets at $100,001 to $500,000 and debts at $1 million to
$10 million.
Affiliates Gulfstream International Group, Inc., Gulfstream
International Airline, Inc., Gulfstream Training Academy, Inc.,
GIA Holdings Corp., Inc., and Gulstream Connection, Inc., filed
separate Chapter 11 petitions on November 4, 2010.
GULFSTREAM INT'L: GIA Holdings Posts $217,457 Loss in November
--------------------------------------------------------------
GIA Holdings Corporation, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of Florida on December 23, 2010,
its monthly operating report for the period November 5, 2010, to
November 30, 2010.
The Debtor reported a net loss of $217,457 on total operating
revenue of ($217,442) for the period.
At November 30, 2010, the Debtor's balance sheet showed
$1.5 million in total assets and stockholders' equity of
$1.5 million. The Debtor ended the period with cash and cash
equivalents of $1,400.51.
A complete text of the initial monthly report is available for
free at http://bankrupt.com/misc/giaholdings.initialmor.pdf
About Gulfstream International
Fort Lauderdale, Florida-based Gulfstream International Airlines
(NYSE Amex:GIA) operates a fleet of turboprop Beechcraft 19000
aircraft, and specializes in providing travelers with access to
niche locations not typically covered by major carriers. GIA
operates more than 150 scheduled flights per day, serving nine
destinations in Florida, 10 destinations in the Bahamas, five
destinations from Continental Airline's hub under the Department
of Transportation's Essential Air Service Program and supports
charter service to Cuba through a services agreement with
Gulfstream Air Charter, Inc., an entity otherwise unrelated to the
Debtors. GIA operates as a Continental Connection carrier, as
well as for United Airlines, Northwest Airlines and Copa Airlines,
through code share agreements. GIA has 620 employees, including
530 working full-time.
Gulfstream International Group, Inc., filed for Chapter 11
bankruptcy protection on November 4, 2010 (Bankr. S.D. Fla. Case
No. 10-44131). Brian K. Gart, Esq., at Berger Singerman, P.A.,
serves as the Debtor's bankruptcy counsel. The Debtor estimated
its assets at $100,001 to $500,000 and debts at $1 million to
$10 million.
Affiliates Gulfstream International Group, Inc., Gulfstream
International Airline, Inc., Gulfstream Training Academy, Inc.,
GIA Holdings Corp., Inc., and Gulstream Connection, Inc., filed
separate Chapter 11 petitions on November 4, 2010.
GULFSTREAM INT'L: GTA Posts $15,691 Net Loss in November
--------------------------------------------------------
Gulfstream Training Academy, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of Florida on December 23, 2010,
its monthly operating report for the period November 5, 2010, to
November 30, 2010.
The Debtor reported a net loss of $15,691 on $66,912 of revenues
for the period.
At November 30, 2010, the Debtor's balance sheet showed
$3.1 million in total assets, $2.4 million in total liabilities,
and stockholders' equity of $706,361. The Debtor ended
November 30, 2010, with cash and cash equivalents of $8,386.25.
A complete text of the initial monthly report is available for
free at http://bankrupt.com/misc/gulfstreamtraining.initialmor.pdf
About Gulfstream International
Fort Lauderdale, Florida-based Gulfstream International Airlines
(NYSE Amex:GIA) operates a fleet of turboprop Beechcraft 19000
aircraft, and specializes in providing travelers with access to
niche locations not typically covered by major carriers. GIA
operates more than 150 scheduled flights per day, serving nine
destinations in Florida, 10 destinations in the Bahamas, five
destinations from Continental Airline's hub under the Department
of Transportation's Essential Air Service Program and supports
charter service to Cuba through a services agreement with
Gulfstream Air Charter, Inc., an entity otherwise unrelated to the
Debtors. GIA operates as a Continental Connection carrier, as
well as for United Airlines, Northwest Airlines and Copa Airlines,
through code share agreements. GIA has 620 employees, including
530 working full-time.
Gulfstream International Group, Inc., filed for Chapter 11
bankruptcy protection on November 4, 2010 (Bankr. S.D. Fla. Case
No. 10-44131). Brian K. Gart, Esq., at Berger Singerman, P.A.,
serves as the Debtor's bankruptcy counsel. The Debtor estimated
its assets at $100,001 to $500,000 and debts at $1 million to
$10 million.
Affiliates Gulfstream International Group, Inc., Gulfstream
International Airline, Inc., Gulfstream Training Academy, Inc.,
GIA Holdings Corp., Inc., and Gulstream Connection, Inc., filed
separate Chapter 11 petitions on November 4, 2010.
INNKEEPERS USA: Shows $1.65 Million November Operating Income
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Innkeepers USA Trust reported a $2.65 million net
loss in November on revenue of $23.23 million. Operating income
for the month was $1.65 million. Reorganization items and
interest expense in the month were $3.7 million and $367,000,
respectively.
About Innkeepers USA Trust
Innkeepers USA Trust is a self-administered Maryland real estate
investment trust with a primary business focus on acquiring
premium-branded upscale extended-stay, mid-priced limited service,
and select-service hotels.
Innkeepers, through its indirect subsidiaries, owns and operates
an expansive portfolio of 72 upscale and mid-priced extended-stay
and select-service hotels, consisting of approximately 10,000
rooms, located in 20 states across the United States.
Apollo Investment Corporation acquired Innkeepers in June 2007.
Innkeepers USA Trust and a number of affiliates filed for
Chapter 11 on July 19, 2010 (Bankr. S.D.N.Y. Case No. 10-13800).
Paul M. Basta, Esq., at Kirkland & Ellis LLP, in New York; Anup
Sathy, P.C., Esq., Marc J. Carmel, Esq., at Kirkland & Ellis in
Chicago; and Daniel T. Donovan, Esq., at Kirkland & Ellis in
Washington, DC, serve as counsel to the Debtors. AlixPartners is
the restructuring advisor and Marc A. Beilinson is the chief
restructuring officer. Moelis & Company is the financial advisor.
Omni Management Group, LLC, is the claims and notice agent. The
petition estimated assets and debts of more than $1 billion as of
the bankruptcy filing.
In 2009, Innkeepers' consolidated revenues were approximately
$292 million and adjusted EBITDA were approximately $85 million.
The Company's consolidated assets for 2009 totaled approximately
$1.5 billion. As of July 19, 2010, the Company and its affiliates
have incurred approximately $1.29 billion of secured debt.
LEHMAN BROTHERS: Has $21.4 Billion Cash at Nov. 30
--------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and other
controlled entities for the month ended November 30, 2010:
Beginning Cash & Investments (11/0/10) $21,089,000,000
Total Sources of Cash 1,789,000,000
Total Uses of Cash (1,463,000,000)
FX Fluctuation (7,000,000)
---------------
Ending Cash & Investments (11/30/10) $21,408,000,000
LBHI reported $2.572 billion in cash and investments as of
November 1, 2010, and $1.999 billion as of November 30, 2010.
The monthly operating report also showed that from September 15,
2008 to November 30, 2010, a total of $1,100,297,000 was paid to
professionals that were retained in the Debtors' Chapter 11
cases. Of the amount, $382.440 million was paid to the Debtors'
turnaround manager, Alvarez & Marsal LLC, while $254.575 million
was paid to their bankruptcy counsel, Weil Gotshal & Manges LLP.
A full-text copy of the November 2010 Operating Report is
available for free at:
http://bankrupt.com/misc/LehmanMORNov2010.pdf
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LTV CORPORATION: Ends November 2010 With $7.66 Million Cash
-----------------------------------------------------------
On December 14, 2010, The LTV Corporation, et al., submitted to
the United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division, their operating report for the period
ended November 30, 2010.
LTV ended the period with a $7.66 million cash balance. LTV
reported $118,000 in receipts and $223,000 in disbursements in
November, including $197,000 paid to Chapter 11 professionals.
Beginning cash was $7.77 million.
A full-text copy of the Debtors' November 2010 operating report is
available at no charge at http://researcharchives.com/t/s?71ab
About The LTV Corporation
Headquartered in Cleveland, Ohio, The LTV Corp. operates as a
domestic integrated steel producer. The Company along with 48
subsidiaries filed for Chapter 11 protection on December 29, 2000
(Bankr. N.D. Ohio, Case No. 00-43866). On August 31, 2001, the
Company disclosed $4,853,100,000 in total assets and
$4,823,200,000 in total liabilities.
By order dated February 28, 2002, the Court approved the sale of
substantially all of the Debtors' integrated steel assets to WLR
Acquisition Corp. n/k/a International Steel Group, Inc., for a
purchase price of approximately $80 million, plus the assumption
of certain environmental and other obligations. ISG also
purchased inventories which were located at the integrated steel
facilities for approximately $52 million. The sale of the
Debtors' integrated steel assets to ISG closed in April 2002, and
a second closing related to the purchase of the inventory occurred
in May 2002.
On December 31, 2002, substantially all of the assets of the Pipe
and Conduit Business, consisting of LTV Tubular Company, a
division of LTV Steel Company, Inc., and Georgia Tubing
Corporation, were sold to Maverick Tube Corporation for cash of
approximately $120 million plus the assumption of certain
environmental and other obligations. On October 16, 2002, the
Debtors announced that they intended to reorganize the Copperweld
Business as a stand-alone business. The LTV Corporation no longer
exercised any control over the business or affairs of the
Copperweld Business. A separate plan of reorganization was
developed for the Copperweld Business. On August 5, 2003, the
Copperweld Business filed a disclosure statement for the Joint
Plan of Reorganization of Copperweld Corporation and certain of
its debtor affiliates. On October 8, 2003, the Court approved the
Second Amended Disclosure Statement. On November 17, 2003, the
Court confirmed the Second Amended Joint Plan, as modified, and on
December 17, 2003, the Effective Date occurred and the common
stock was canceled. Because The LTV Corporation received no
distributions under the Second Amended Plan, its equity in the
Copperweld Business is worthless and has been canceled.
In November 2002, the Debtors paid the DIP Lenders the remaining
balance due for outstanding loans and in December 2002, the
remaining letters of credit were canceled or cash collateralized.
Consequently, the Debtors have no remaining obligation to the DIP
Lenders. Pursuant to an order of the Court entered on
February 11, 2003, LTV Steel has continued the orderly liquidation
and wind down of its businesses.
On October 8, 2003, the Court entered an Order substantively
consolidating the Chapter 11 estates of LTV Steel and Georgia
Tubing Corporation for all purposes.
In November and December 2003, approximately $91.9 million was
distributed by LTV Steel to other Debtors pursuant to the
Intercompany Settlement Agreement that was approved by the Court
on November 17, 2003. On December 23, 2003, the Court entered an
Order authorizing LTV Steel and Georgia Tubing to make
distributions to their administrative creditors and, after the
final distribution, to dismiss their Chapter 11 cases and
dissolve.
On March 31, 2005, the Court entered an order that among other
things: (a) approved a distribution and dismissal plan for LTV and
certain other debtors; (b) authorized The LTV Corporation and LTV
Steel to take any and all actions that are necessary or
appropriate to implement the distribution and dismissal plan;
(c) established March 31, 2005, as the record date for identifying
shareholders of LTV that are entitled to any and all shareholder
rights with respect to the distribution and dismissal plan and the
eventual dissolution of LTV; and (d) authorized The LTV
Corporation to establish and fund a reserve account for the
conduct of post-dismissal activities and the payment of post-
dismissal claims.
LTV is in the process of liquidating, and its stock is worthless.
On March 28, 2007, the Official Committee of Administrative
Claimants filed a motion with the Court requesting an order to
approve the appointment of a Chapter 11 trustee. On April 11,
2007, April 12, 2007, and May 1, 2007, certain of the Defendants
filed motions to convert the case to Chapter 7. On June 28, 2007,
the ACC filed a motion to withdraw the Chapter 11 Trustee Motion;
the Court granted the ACC's withdrawal motion on August 1, 2007.
An evidentiary hearing on the Chapter 7 Trustee Motion was held in
August 2007. The Court has not yet issued its order.
MESA AIR: Incurs $304,000 Net Loss in November
----------------------------------------------
Mesa Air Group, Inc., et al.
Condensed Consolidated Balance Sheet
As of November 30, 2010
ASSETS
Current Assets
Cash and cash equivalents $62,526,000
Short-term investments 1,747,000
Restricted investments 9,692,000
Receivables, net of allowance 15,154,000
Inventories, net of allowance 27,488,000
Prepaid expenses and other assets 91,403,000
--------------
Total current assets 208,010,000
Property and equipment, net 492,006,000
Security and other deposits 6,484,000
Other assets 477,685,000
--------------
TOTAL ASSETS $1,184,184,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
Current Liabilities
Accounts payable $14,540,000
Air traffic liability 5,085,000
Other accrued expenses 55,624,000
Income tax payable 2,595,000
Deferred revenue & other current liabilities 0
--------------
Total current liabilities not subject to 77,844,000
compromise
Deferred credits and other liabilities 55,588,000
Long-term deferred income tax 156,719,000
Other long-term debt postpetition 0
--------------
Total liabilities not subject to compromise 212,306,000
Liabilities subject to compromise 1,392,232,000
--------------
Total Liabilities 1,682,382,000
Stockholders' Equity
Preferred stock, no par value, authorized 0
2,000,000 shares, none issued
Common stock, no par value and additional 115,500,000
paid-in capital, 900,000,000 shares
authorized; 175,217,249 and 175,217,249
shares issued and outstanding, respectively
Deferred stock compensation 1,768,000
Retained earnings (615,466,000)
--------------
Total shareholders' equity (498,198,000)
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $1,184,184,000
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Operations
For the Month Ended November 30, 2010
Revenues
Passenger $55,461,000
Cargo 0
Other 301,000
--------------
Total revenue 55,762,000
--------------
Operating Expenses
Flight operations 15,042,000
Flight operations - nonoperating aircraft 13,000
Aircraft fuel 18,694,000
Aircraft and traffic servicing 3,835,000
Maintenance 9,797,000
Promotion and sales 372,000
General and administrative 4,019,000
Depreciation and amortization 2,951,000
impairment of long-lived asset 0
--------------
Total operating expenses 54,721,000
Operating Income (Loss) 1,041,000
Nonoperating Income (Expense)
Interest income 369,000
Interest expense (1,183,000)
Other, net (562,000)
--------------
Total nonoperating income (expense) (1,375,000)
Income (Loss) before reorganization items and (334,000)
Income Taxes
Income Taxes (178,000)
Loss (Gain) on reorganization items 148,000
Income (Loss) before discontinued operations (304,000)
Loss (Gain) from discontinued operations 0
--------------
NET INCOME (LOSS) ($304,000)
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Cash Flows
For the Month Ended November 30, 2010
Cash Flows from Operating Activities:
Net income (loss) from continuing operations ($304,000)
Net income (loss) from discontinued operations 0
--------------
Net income (loss) (304,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 2,951,000
Impairment charges 0
Amortization of deferred credits (758,000)
Amortization of restricted stock awards 36,000
Amortization of contract incentive payments 24,000
Provisions for obsolete expendable parts 101,000
and supplies
Changes in operating assets and liabilities:
Net (purchase) sales of investment securities (66,000)
Receivables (9,066,000)
Expendable parts and supplies (589,000)
Prepaid expenses and other assets 4,866,000
Other assets 50,000
Accounts payable 9,047,000
Income taxes payable (180,000)
Air traffic liability 0
Other accrued liabilities (1,199,000)
--------------
Net cash provided by (used in) operating 4,912,000
activities
Cash Flows from Reorganization Activities:
Net cash provided by (used in) reorganization (148,000)
activities
--------------
Total net cash provided by (used in) operating 4,764,000
activities
Cash Flows from Investing Activities:
Capital expenditures (514,000)
Proceeds from sale of flight equipment and 0
expendable inventory
Change in restricted cash 0
Equity method investment 584,000
Investment deposits 0
Change in other assets 5,000
Net returns (payments) of lease and equipment (51,000)
deposits
--------------
Net cash (used in) provided by investing 24,000
activities
Cash Flows from Financing Activities:
Unsecured claims for rejected aircraft 0
Principal payments on long-term borrowings (2,744,000)
--------------
Net cash (used in) provided by financing (2,744,000)
activities
Increase (decrease) in cash and cash 2,044,000
equivalents
Cash and cash equivalents at beginning of 60,482,000
period
--------------
Cash and cash equivalents at end of period $62,526,000
==============
About Mesa Air Group
Mesa currently operates 130 aircraft with approximately 700 daily
system departures to 127 cities, 41 states, Canada, and Mexico.
Mesa operates as Delta Connection, US Airways Express and United
Express under contractual agreements with Delta Air Lines, US
Airways and United Airlines, respectively, and independently as
Mesa Airlines and go! Mokulele. This operation links Honolulu to
the neighbor island airports of Hilo, Kahului, Kona and Lihue. The
Company, founded by Larry and Janie Risley in New Mexico in 1982,
has approximately 3,500 employees.
Mesa Air Group Inc. and its units filed their Chapter 11 petitions
Jan. 5 in New York (Bankr. S.D.N.Y. Case No. 10-10018), listing
assets of $976 million against debt totaling $869 million as of
Sept. 30, 2009.
Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel to the
Debtors. Imperial Capital LLC is the investment banker. Epiq
Bankruptcy Solutions is claims and notice agent. Brett Miller,
Esq., Lorenzo Marinuzzi, Esq., and Todd Goren, Esq., at Morrison &
Foerster LLP, serve as counsel to the Official Committee of
Unsecured Creditors.
Bankruptcy Creditors' Service, Inc., publishes Mesa Air Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Mesa Air Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000).
MIG INC: Ends November 2010 With $43 Million in Unrestricted Cash
-----------------------------------------------------------------
MIG, Inc., reported a net loss of $1.0 million on net revenue of
$3,889 for November 2010.
At September 30, 2010, MIG had $1.026 billion in total assets,
$204.9 million in total liabilities, and stockholders' equity of
$821.5 million.
The Company ended November with roughly $43.0 million in
unrestricted cash. For the month, the Company paid a total of
$648,577 in professional fees.
A copy of the Debtor's monthly operating report is available for
free at http://bankrupt.com/misc/miginc.november2010mor.pdf
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, Inc., 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,
Inc., has 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.
NORTEL NETWORKS: Ends November 2010 With $937 Million Cash
----------------------------------------------------------
On December 22, 2010, Nortel Networks Inc., a Delaware
corporation and an indirect subsidiary of Nortel Networks Corp.,
and several other direct and indirect U.S. subsidiaries of Nortel
Networks Corp., filed their unaudited condensed combined debtors-
in-possession financial statements included in the monthly
operating report for November 2010 with the United States
Bankruptcy Court for the District of Delaware.
Nortel Networks Inc. reported a net loss of $12.0 million on
total revenues of $7.0 million for the period. Reorganization
expenses totaled $12.0 million for the month.
The Company ended November 2010 with $937.0 million in cash and
cash equivalents, as compared to $906.0 million at the beginning
of the month.
As of November 30, 2010, Nortel Networks Inc. had $1.575 billion
in total assets, $5.899 billion in total liabilities, and a
stockholders' deficit of $4.324 billion.
A full-text copy of the monthly operating report is available at
no charge at http://researcharchives.com/t/s?718b
Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for the Company's customers. The
Company's next-generation technologies, for both service provider
and enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.
Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List). Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.
The Monitor sought recognition of the CCAA Proceedings in the U.S.
by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.
Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case. James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel. The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.
Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection. The Nortel Companies related in
a press release that Nortel Networks UK Limited and certain
subsidiaries of the Nortel group incorporated in the EMEA region
have each obtained an administration order from the English High
Court of Justice under the Insolvency Act 1986. The applications
were made by the EMEA Subsidiaries under the provisions of the
European Union's Council Regulation (EC) No. 1346/2000 on
Insolvency Proceedings and on the basis that each EMEA
Subsidiary's centre of main interests is in England. Under the
terms of the orders, representatives of Ernst & Young LLP have
been appointed as administrators of each of the EMEA Companies and
will continue to manage the EMEA Companies and operate their
businesses under the jurisdiction of the English Court and in
accordance with the applicable provisions of the Insolvency Act.
Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.
As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion. The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies. As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about
US$4.2 billion of unsecured public debt.
OMC INC: Reports November Net Loss of $140,000
----------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that OMC Inc. reported that the cost of goods sold in
November exceeded revenue of $455,000. The net loss for the
month was $140,000. Since the Chapter 11 case began on Sept. 15,
the cumulative net loss is $831,000 on revenue of $1.52 million.
The largest contributor to the loss was a $550,000 bad debt
expense.
OMC Inc. is a subcontractor that makes and installs sheet
metal ductwork for heating and cooling systems. OMC filed for
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 10-14864) on
Sept. 15, 2010. Jonathan S. Pasternak, Esq., at Rattet, Pasternak
& Gordon Oliver, LLP, in New York, serves as counsel. The Debtor
estimated assets of $1 million to $10 million, and debts of
$10 million to $50 million.
PFF BANCORP: Posts $254,208 Net Loss in November
------------------------------------------------
On December 29, 2010, PFF Bancorp, Inc., and Glencrest Investment
Advisors, Inc., Glencrest Insurance Services, Inc., Diversified
Builder Services, Inc., and PFF Real Estate Services, Inc., filed
their monthly operating reports for November 2010 with the
United States Bankruptcy Court for the District of Delaware.
PFF Bancorp reported a net loss of $254,208 for the month of
November 2010.
PFF Bancorp paid a total of $205,982 in professional fees and
expenses for the month of November 2010.
At November 30, 2010, PFF Bancorp had total assets of
$13.5 million, total liabilities of $117.4 million, and a
stockholders' deficit of $103.9 million. Bank Accounts totaled
$2.41 million at November 30, 2010, compared to $2.71 million at
October 31, 2010.
A full-text copy of the Debtors' November 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?71bf
About PFF Bancorp
PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California. Bancorp is the direct
parent of each of the remaining Debtors.
Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.
PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to
08-13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at
Richards, Layton & Finger, P.A., serve as the Debtors' bankruptcy
counsel. Kurtzman Carson Consultants LLC serves as the Debtors'
claims agent. Jason W. Salib, Esq., at Blank Rome LLP, represents
the official committee of unsecured creditors as counsel.
POINT BLANK: Reports November Net Loss of $1.26 Million
-------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Point Blank Solutions Inc. reported a $1.26 million
net loss in November on sales of $5.66 million. Before tax
benefits, the loss was $2.08 million.
About Point Blank
Headquartered in Pompano Beach, Florida, Point Blank Solutions,
Inc. -- http://www.pointblanksolutionsinc.com/-- designs and
produces body armor systems for the U.S. Military, Government and
law enforcement agencies, as well as select international markets.
The Company maintains facilities in Pompano Beach, Florida, and
Jacksboro, Tennessee.
The Company's former chief executive officer and chief operating
officer were convicted in September 2010 of orchestrating a
$185 million fraud.
Point Blank Solutions, formerly DHB Industries, filed for
Chapter 11 protection on April 14, 2010 (Bankr. D. Del. Case No.
10-11255). Laura Davis Jones, Esq., and Timothy P. Cairns, Esq.,
at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel
to the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP
serves as corporate counsel. T. Scott Avila of CRG Partners Group
LLC is the restructuring officer. Epiq Bankruptcy Solutions
serves as claims and notice agent.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Equity Security
Holders in the case. The Equity Committee has tapped Morrison
Cohen LLP, and The Bayard, P.A., as counsel. Robert M. Hirsh,
Esq., and Heike M. Vogel, Esq., at Arent Fox LLP, serve as counsel
to the Creditors Committee, and Frederick B. Rosner, Esq., and
Brian L. Arban, Esq., at Messana Rosner & Stern LLP, serve as co-
counsel.
PROFESSIONAL VETERINARY: Has $6.4 Million Cash at November 30
-------------------------------------------------------------
On December 14, 2010, Professional Veterinary Products, Ltd., and
its subsidiaries, ProConn, LLC, and Exact Logistics, LLC, filed
their unaudited monthly operating report for the period from
November 1, 2010, through November 30, 2010, with the U.S.
Bankruptcy Court for the District of Nebraska.
The Debtors submitted a summary of cash receipts and disbursements
for the period, showing:
Beginning Balance $5,747,512
Total Receipts $1,175,204
Disbursements $506,499
Net Cash Flow $668,704
Ending Cash Balance $6,416,216
A copy of the monthly operating report is available for free at:
http://researcharchives.com/t/s?71a6
About Professional Veterinary Products
Professional Veterinary Products Ltd. -- http://www.pvpl.com/--
operates a veterinary supply company owned and managed by
veterinarians.
Professional Veterinary sought Chapter 11 protection from
creditors on August 20, 2010, in Omaha, Nebraska (Bankr. D. Neb.
Case No. 10-82436). Affiliates ProConn and Exact Logistics also
filed for Chapter 11.
The Company reported $89.79 million in total assets,
$78.23 million in total liabilities, and $11.56 million in
stockholders' equity at April 30, 2010.
The Company hired McGrath North Mullin & Kratz PC LLC, as
bankruptcy counsel and Alliance Management as financial and
restructuring advisors.
As reported in the Troubled Company Reporter on December 29, 2010,
the Debtors and the Official Committee of Unsecured Creditors have
submitted to the Bankruptcy Court a proposed Plan of Liquidation
and an explanatory Disclosure Statement.
REFCO INC: Refco LLC $4,030,000 Cash at October 31
--------------------------------------------------
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 October 1 to 31, 2010.
The Chapter 7 Trustee reported that Refco LLC's beginning balance
in its Money Market account with Union Bank, totaled $4,205,000 as
of October 1.
During the Reporting Period, Refco LLC received a total of $1,000
in interest income. No transfers were made, according to Mr.
Togut. However, a total of $175,000 was disbursed on account of
prepetition claims payment.
Refco LLC held $4,030,000 at the end of the period.
Refco, LLC
Schedule of Cash Receipts and Disbursements
Through Union Bank Money Market and Checking Accounts
October 1 to 31, 2010
Beginning Balance, September 1, 2010 $4,204,000
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 0
-------------
TOTAL RECEIPTS $1,000
TRANSFERS
Transfer funds to Union Bank $0
-------------
TOTAL TRANSFERS $0
DISBURSEMENTS
Operating expenses & other disbursements $0
Executory contract cure payments 0
Pursuant to payment stipulation 0
Purchase price escrow deposit 0
Expected account escrow fund 0
Membership & clearing deposits 0
Payment on account of prepetition claims 175,000
Other disbursements 0
Reorganization Expenses
Attorney fees 0
Trustee bond premium 0
Other professional fee 0
--------------
TOTAL DISBURSEMENTS 175,000
--------------
Ending Balance, September 30, 2010 $4,030,000
==============
About Refco Inc.
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore. Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products. Refco was one of the largest global clearing firms for
derivatives. The Company had operations in Bermuda.
The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No.
05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, represented the Debtors in their restructuring
efforts. Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors. Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006. That Plan became effective on Dec. 26,
2006. Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc., and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.
Bankruptcy Creditors' Service, Inc., publishes Refco Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Refco Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
RQB RESORT: Makes November Profit Without Interest
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that RQB Resort LP, the owner of the Sawgrass Marriott
Resort in Ponte Vedra Beach, Florida, reported a net loss of
$71,131 in November on total revenue of $3.54 million. Net
operating income for the month was $828,000. For November,
earnings before interest, taxes, depreciation and amortization
were $530,000. The net loss didn't include an accrual for
interest expense. Depreciation and amortization was $601,000.
About RQB Resort
RQB Resort LP and RQB Development LP own Florida's Sawgrass
Marriott Resort, the site of the U.S. PGA Tour's Tournament
Players Championship.
Ponte Vedra Beach, Florida-based RQB Resort, LP, aka Sawgrass
Marriott Resort & Cabana Club, filed for Chapter 11 bankruptcy
protection on March 1, 2010 (Bankr. M.D. Fla. Case No. 10-01596).
The Company's affiliate -- RQB Development, LP, aka Sawgrass
Marriott Golf Villas & Spa -- filed a separate Chapter 11
petition. The Company estimated its assets and debts at
$100 million to $500 million in its Chapter 11 petition.
SHARPER IMAGE: Reports $307,171 Net Income in November
------------------------------------------------------
TSIC, Inc., formerly known as The Sharper Image Corporation, filed
with the Securities and Exchange Commission on December 21, 2010,
its monthly operating report for November 2010.
The Company reported net profit of $307,171 on $0 revenue for the
month. Professional fees totaled $67,362.
At November 30, 2010, the Company's balance sheet showed
$7,176,645 in assets, $95,835,438 in liabilities, and a
stockholders' deficit of $88,658,794.
The Debtor has $3,828,360 in cash at November 30.
A full-text copy of TSIC's November 2010 monthly operating report
is available at no charge at:
http://researcharchives.com/t/s?71a0
About Sharper Image
Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- was a multi-channel specialty
retailer. It operated in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The Company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it was also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The Company filed for Chapter 11 protection on February 19, 2008
(Bankr. D. Del. Case No. 08-10322). Judge Kevin Gross presides
over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Company's lead counsel. Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Company's local Delaware counsel.
An official committee of unsecured creditors has been appointed in
the case. Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel. Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.
When the Debtor filed for bankruptcy, it disclosed total assets of
$251,500,000 and total debts of $199,000,000. As of June 30,
2008, the Debtor disclosed $52,962,174 in total assets and
$39,302,455 in total debts.
Sharper Image obtained the Court's approval to change
its name to "TSIC, Inc." in relation to an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners, LLC,
GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer
Capital, LLC.
STATION CASINOS: GV Ranch Has $106.2MM in Total Assets at Oct. 31
-----------------------------------------------------------------
GV Ranch Station Inc. disclosed that as of October 31, 2010, it
had:
Current Intercompanies, net $97,165,000
Non-current deferred tax asset $9,045,000
Total Assets $106,210,000
Current Liabilities $8,768,000
Total members' equity $69,765,000
Total Liabilities and Equity $106,210,000
GV Ranch also said that for the month ended October 31, 2010, it
had:
Operating income (loss) $1,154,000
Income (loss) before income taxes and
reorganization items ($1,136,000)
Income (loss) before income taxes ($1,290,000)
Net income (loss) ($838,000)
Reorganization costs $154,000
Losses from joint ventures $1,116,000
Intercompany receivables and payables, net ($435,000)
GV Ranch said it had zero balance at the end of October 31 and
made total disbursements of $474,000 as of October 31.
About Station Casinos
Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.
Station Casinos Inc., together with its affiliates, filed for
Chapter 11 protection on July 28, 2009 (Bankr. D. Nev. Case No.
09-52477). Milbank, Tweed, Hadley & McCloy LLP serves as legal
counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck,
LLP, as regulatory counsel; and Lewis and Roca LLP is local
counsel. Lazard Freres & Co. LLC is investment banker and
financial advisor. Kurtzman Carson Consultants LLC is the claims
and noticing agent.
In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009. About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.
Bankruptcy Creditors' Service, Inc., publishes Station Casinos
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Station Casinos Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TERRESTAR NETWORKS: Posts $23,621,556 Net Loss in November
----------------------------------------------------------
TerreStar Networks, Inc., Et Al.
Condensed Consolidated Balance Sheet
As of November 30, 2010
ASSETS
Current Assets
Cash and cash equivalents $11,259,202
Inventories, net 6,504,550
Due from TerreStar Global 9,351
Deferred issuance costs 6,231,283
Other current assets 5,140,034
--------------
Total current assets 29,144,420
Restricted Cash 237,227
Property and equipment 1,030,594,070
(net of accumulated depreciation
$37,497,816 as of Nov. 30, 2010)
Intangible assets
(net of accumulated amortization 801,696
$477,560 as of Nov. 30, 2010)
Deferred issuance costs 4,487,716
Other non-current assets -
--------------
Total assets $1,065,265,129
==============
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current Liabilities
Accounts payable and accrued expenses $77,031,834
Debtors-in-Possession Loan, net 20,292,165
Due to TerreStar Corporation 53,363,786
Deferred satellite performance incentives 14,289,345
Obligations under capital leases -
Deferred rent 948,550
TerreStar-2 Purchase Money Credit 87,389,407
Agreement, including contingent
interest derivative and accrued
interest, thereon
--------------
Total current liabilities 253,315,087
TerreStar Notes, including interest 915,606,581
TerreStar Exchangeable Notes, plus interest 119,025,485
TerreStar-2 PMCA, plus interest -
Deferred revenue 40,000,000
Deferred satellite performance incentives, 6,694,119
net of current portion
Due to TerreStar Corporation, 60,019,178
net of current portion
Obligations under capital leases, -
net of current portion
Deferred rent, net of current portion 553,467
--------------
Total liabilities 1,395,213,917
STOCKHOLDERS' DEFICIT
Common stock 40,899
Additional paid-in capital 519,176,506
Cumulative translation adjustment 4,600,517
Accumulated deficit (853,766,710)
--------------
Total stockholders' deficit (329,948,788)
--------------
Total liabilities & stockholders' deficit $1,065,265,129
==============
TerreStar Networks, Inc., Et Al.
Condensed Consolidated Statements of Operations
For the Month Ended November 30, 2010
Revenues $91,626
Operating Expenses
Cost of goods sold 125,189
General and administrative 4,711,591
Research and development 1,632,074
Depreciation and amortization 5,311,746
--------------
Total operating expenses 11,780,600
Net operating (loss) income (11,688,974)
Interest expense (11,933,808)
Interest and other income(expense) 1,226
--------------
Net (loss) income ($23,621,556)
==============
TerreStar Networks, Inc., Et Al.
Condensed Consolidated Statements of Cash Flows
For the Month Ended November 30, 2010
Cash Flow Used in Operating Activities:
Net (loss) Income ($23,621,556)
Adjustments to reconcile net loss to
net cash used in operating activities:
Depreciation and amortization 5,311,746
Amortization of debt discount and 1,437,470
deferred issuance costs
Changes in assets and liabilities:
Due from TerreStar Corporation (3)
Accounts payable and accrued expenses 3,254,260
Inventories (1,246,213)
Deferred rent (70,672)
Accrued interest 10,495,963
Other current assets 1,202,852
--------------
Net cash used in operating activities (3,236,153)
--------------
Cash Flows used in Investing Activities:
Restricted Cash -
Additions to property and equipment, net 47,269
--------------
Net cash used in investing activities 47,269
Cash Flows from Financing Activities:
Payments for capital lease obligations -
--------------
Net cash used by financing activities -
--------------
Foreign exchange effect on cash
and cash equivalents (1,130)
--------------
Net decreased in cash and cash equivalents (3,190,014)
--------------
Cash and cash equivalents, beginning of period 14,449,216
--------------
Cash and cash equivalents, end of period $11,259,202
==============
About TerreStar Networks
Reston, Va.-based TerreStar Corporation (NASDAQ: TSTR)
-- http://www.terrestar.com/-- is in the mobile communications
business through its ownership of TerreStar Networks, its
principal operating subsidiary, and TerreStar Global.
TerreStar Networks, in cooperation with its Canadian partners,
TerreStar Canada and TerreStar Solutions, majority-owned
subsidiaries of Trio 1 and 2 General Partnerships, plans to launch
an innovative wireless communications system to provide mobile
coverage throughout the United States and Canada using integrated
satellite-terrestrial smartphones and other devices. This system
build out will be based on an integrated satellite and ground-
based technology intended to provide communication service in most
hard-to-reach areas and will provide a nationwide interoperable,
survivable and critical communications infrastructure. The
Company intends to provide multiple communications applications,
including voice, data and video services.
As of June 30, 2010, the Company had four wholly owned
subsidiaries, MVH Holdings Inc., Motient Holdings Inc., TerreStar
Holdings Inc., and TerreStar New York Inc. Motient Ventures
Holding Inc., a wholly owned subsidiary of MVH Holdings Inc.,
directly holds approximately 89.3% and 86.5% interest in TerreStar
Networks and TerreStar Global, respectively.
TerreStar Networks Inc. and Its affiliates filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code in Manhattan (Bankr. S.D.N.Y. Lead Case No.
10-15446).
The Debtors' parent, TerreStar Corporation (NASDAQ: TSTR), is not
among the Chapter 11 filers.
The Garden City Group, Inc., will act as claims and noticing agent
in the Chapter 11 cases. Michel Wunder, Esq., Ryan Jacobs, Esq.,
and Jarvis Hetu, Esq. at Fraser Milner Casgrain LLP and Ira
Dizengoff, Esq., Arik Preis, Esq., and Ashleigh Blaylock, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, serve as bankruptcy
counsel to the Debtors. Blackstone Advisory Partners LP is the
financial advisor.
Bankruptcy Creditors' Service, Inc., publishes TerreStar
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by TerreStar Networks Inc. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
THORNBURG MORTGAGE: Ends November 2010 With $112.5 Million Cash
---------------------------------------------------------------
On December 20, 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 November 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 November 2010 with $112.53 million in
cash. Payments to attorneys and other professionals totaled
$920,195 for the current month. The Debtors reported a net loss
of $613,056 on net operating revenue of $16,891 for the month.
At November 30, 2010, the Debtors had $114.36 million in total
assets, $3.429 billion in total liabilities, and a stockholders'
deficit of $3.315 billion.
A full-text copy of the TMST, Inc.'s November 2010 monthly
operating report is available for free at:
http://researcharchives.com/t/s?71a1
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 disclosed $24.4 billion in
total assets and $24.7 billion in total debts, 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.
TOUSA INC: Cash Declines to $508 Million as of Nov. 30
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Tousa Inc. reported that the cash balance at
the end of November was $508.4 million, a decline of
$2.8 million from October. Revenue in the month was $917,500
from the sale of land.
About Tousa Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West.
The Debtor and its debtor-affiliates filed for separate
Chapter 11 protection on January 29, 2008 (Bankr. S.D. Fla. Case
No. 08-10928). The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M.
Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman,
Esq., at Berger Singerman, to represent them in their
restructuring efforts. Lazard Freres & Co. LLC is the Debtors'
investment banker. Ernst & Young LLP is the Debtors' independent
auditor and tax services provider. Kurtzman Carson Consultants
LLC acts as the Debtors' Notice, Claims & Balloting Agent.
TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746). It estimated assets and
debts of $1 million to $10 million in its Chapter 11 petition.
The Official Committee of Unsecured Creditors filed a Chapter 11
plan and explanatory disclosure statement for Tousa on July 16,
2010.
TRIBUNE CO: Posts $41,931,000 Net Income for Oct25-Nov21
--------------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of November 21, 2010
ASSETS
Current Assets:
Cash and cash equivalents $1,031,243,000
Accounts receivable, net 500,419,000
Inventories 19,112,000
Broadcast rights 209,305,000
Prepaid expenses and other 199,502,000
--------------
Total current assets 1,959,581,000
Property, plant and equipment, net 958,917,000
Other Assets:
Broadcast rights 146,132,000
Goodwill & other intangible assets, net 791,391,000
Prepaid pension costs 2,630,000
Investments in non-debtor units 1,515,179,000
Other investments 47,322,000
Intercompany receivables from non-debtors 3,133,707,000
Restricted cash 726,243,000
Other 78,483,000
--------------
Total Assets $9,359,585,000
==============
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of broadcast rights $128,110,000
Current portion of long-term debt 6,225,000
Accounts payable, accrued expenses, and other 466,105,000
--------------
Total current liabilities 600,440,000
Pension obligations 161,956,000
Long-term broadcast rights 86,792,000
Long-term debt 6,855,000
Other obligations 193,916,000
--------------
Total Liabilities 1,049,959,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,112,716,000
--------------
Total Liabilities Subject to Compromise 16,571,833,000
Shareholders' Equity (Deficit) (8,262,207,000)
--------------
Total Liabilities & Shareholders'
Equity (Deficit) $9,359,585,000
==============
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From Oct. 25 to Nov. 21, 2010
Total Revenue $265,574,000
Operating Expenses:
Cost of sales 127,318,000
Selling, general and administrative 72,999,000
Depreciation 11,852,000
Amortization of intangible assets 1,138,000
--------------
Total operating expenses 213,307,000
--------------
Operating Profit (Loss) 52,267,000
--------------
Income on equity investments, net 704,000
Interest expense, net (3,065,000)
Management fee 1,324,000
Non-operating income (loss), net 56,000
--------------
Income (loss) before income taxes & Reorg. Costs 51,286,000
Reorganization costs (8,176,000)
--------------
Income (loss) before income taxes 43,110,000
Income taxes (1,179,000)
--------------
Income (loss) from continuing operations 41,931,000
Income from discontinued operations, net of tax 0
--------------
Net Income (Loss) $41,931,000
==============
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period From Oct. 25 to Nov. 21, 2010
Beginning Cash Balance $1,729,497,000
Cash Receipts:
Operating receipts 242,322,000
Other 0
--------------
Total Cash Receipts 242,322,000
Cash Disbursements
Compensation and benefits 77,467,000
General disbursements 133,458,000
Reorganization related disbursements 13,081,000
--------------
Total Disbursements 224,006,000
--------------
Debtors' Net Cash Flow 18,316,000
From/(To) Non-Debtors 2,851,000
--------------
Net Cash Flow 21,167,000
Other (3,505,000)
--------------
Ending Available Cash Balance $1,747,159,000
==============
About Tribune Co.
Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.
The Company and 110 of its affiliates filed for Chapter 11
protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-
13141). The Debtors proposed Sidley Austin LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North America LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As
of December 8, 2008, the Debtors have $7,604,195,000 in total
assets and $12,972,541,148 in total debts.
Chadbourne & Parke LLP and Landis Rath LLP serve as co-counsel to
the Official Committee of Unsecured Creditors. AlixPartners LLP
is the Committee's financial advisor. Landis Rath Moelis &
Company serves as the Committee's investment banker. Thomas G.
Macauley, Esq., at Zuckerman Spaeder LLP, in Wilmington, Delaware,
represents the Committee in connection with the lawsuit filed
against former officers and shareholders for the 2007 LBO of
Tribune.
Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TRICO MARINE: Posts $39,953 Net Loss in October
-----------------------------------------------
On November 30, 2010, Trico Marine Services, Inc., and certain of
its subsidiaries, Trico Marine Assets, Inc., Trico Holdco, LLC,
Trico Marine Operators, Inc., Trico Marine Cayman, LP, and Trico
Marine International, Inc., filed their unaudited combined monthly
operating report for the period October 1, 2010, through
October 31, 2010, with the United States Bankruptcy Court for
the District of Delaware.
Trico Marine Services reported a net loss of $39,953 on $0 revenue
for the period.
At October 31, 2010, Trico Marine Services' balance sheet showed
$410.1 million in total assets, $152.7 million in total
liabilities, and stockholders' equity of $257.4 million.
A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?71ac
About Trico Marine
Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653). John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
assist the Debtor in its restructuring effort. The Debtor
disclosed US$30,562,681 in assets and US$353,606,467 in
liabilities as of the Petition Date.
Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.
Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer. Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent. Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.
Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.
U.S. DRY CLEANING: Posts $60,095 Net Loss in October
----------------------------------------------------
On December 23, 2010, U.S. Dry Cleaning Services Corporation filed
with the U.S. Securities and Exchange Commission copies of its
monthly operating reports for August, September, and October 2010
which were originally filed with the U.S. Bankruptcy Court for the
Central District of California.
The Debtor reported a net loss of $90,678 on $0 revenue for the
month of August 2010.
A full-text copy of the August 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?718d
The Debtor reported a net loss of $149,595 on $0 revenue for the
month of September 2010.
A full-text copy of the September 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?718e
The Debtor reported a net loss of $60,095 on $0 revenue for the
month of October 2010.
At October 31, 2010, the Debtor's balance sheet showed
$1.5 million in total assets, $23.8 million in total liabilities,
and a stockholders' deficit of $22.3 million.
A full-text copy of the October 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?718f
Newport Beach, California-based U.S. Dry Cleaning Services
Corporation (d/b/a US Dry Cleaning Corporation) and seven of its
affiliates filed for Chapter 11 bankruptcy protection on
March 4, 2010 (Bankr. C.D. Calif. Lead Case No. 10-12748).
Garrick A. Hollander, Esq., and Marc J Winthrop, Esq., at Winthrop
Couchot, serve as the Company's bankruptcy counsel.
Charles T. Moffitt, a managing partner at C.T. Moffitt & Company,
the Debtors' court approved financial advisor, is currently the
Debtors' Chief Restructuring Officer. He was appointed CRO
pursuant to a stipulation executed on August 17, 2010, and
approved by the Bankruptcy Court on August 27, 2010. The Company
listed $1,000,001 to $10,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.
U.S. DRY CLEANING: Cleaners Club Posts $19,631 Net Loss in October
------------------------------------------------------------------
On December 23, 2010, Cleaners Club Acquisition Sub, Inc., filed
with the U.S. Securities and Exchange Commission copies of its
monthly operating reports for August, September, and October 2010
which were originally filed with the U.S. Bankruptcy Court for the
Central District of California.
The Debtor reported a net loss of $16,505 on $101,656 of net sales
for the month of August 2010.
A full-text copy of the August 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7195
The Debtor reported a net loss of $10,761 on $94,876 for the month
of September 2010.
A full-text copy of the September 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7196
The Debtor reported a net loss of $19,631 on $89,934 of net sales
for the month of October 2010.
At October 31, 2010, the Debtor's balance sheet showed
$559,399 in total assets, $1.1 million in total liabilities, and a
stockholders' deficit of $517,632.
A full-text copy of the October 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7197
Newport Beach, California-based U.S. Dry Cleaning Services
Corporation (d/b/a US Dry Cleaning Corporation) and seven of its
affiliates filed for Chapter 11 bankruptcy protection on
March 4, 2010 (Bankr. C.D. Calif. Lead Case No. 10-12748).
Garrick A. Hollander, Esq., and Marc J Winthrop, Esq., at Winthrop
Couchot, serve as the Company's bankruptcy counsel.
Charles T. Moffitt, a managing partner at C.T. Moffitt & Company,
the Debtors' court approved financial advisor, is currently the
Debtors' Chief Restructuring Officer. He was appointed CRO
pursuant to a stipulation executed on August 17, 2010, and
approved by the Bankruptcy Court on August 27, 2010. The Company
listed $1,000,001 to $10,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.
U.S. DRY CLEANING: Enivel Inc. Posts $37,267 Net Loss in October
----------------------------------------------------------------
On December 23, 2010, Enivel, Inc., filed with the U.S. Securities
and Exchange Commission copies of its monthly operating reports
for August, September, and October 2010 which were originally
filed with the U.S. Bankruptcy Court for the Central District of
California.
The Debtor reported a net loss of $50,626 on $498,864 for the
month of August 2010.
A full-text copy of the August 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?718c
The Debtor reported a net loss of $57,293 on $473,382 of net sales
for the month of September 2010.
A full-text copy of the September 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7190
The Debtor reported a net loss of $37,267 on $481,172 of net sales
for the month of October 2010.
At October 31, 2010, the Debtor's balance sheet showed
$6.7 million in total assets, $2.3 million in total liabilities,
and stockholders' equity of $4.4 million.
A full-text copy of the October 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7191
Newport Beach, California-based U.S. Dry Cleaning Services
Corporation (d/b/a US Dry Cleaning Corporation) and seven of its
affiliates filed for Chapter 11 bankruptcy protection on
March 4, 2010 (Bankr. C.D. Calif. Lead Case No. 10-12748).
Garrick A. Hollander, Esq., and Marc J Winthrop, Esq., at Winthrop
Couchot, serve as the Company's bankruptcy counsel.
Charles T. Moffitt, a managing partner at C.T. Moffitt & Company,
the Debtors' court approved financial advisor, is currently the
Debtors' Chief Restructuring Officer. He was appointed CRO
pursuant to a stipulation executed on August 17, 2010, and
approved by the Bankruptcy Court on August 27, 2010. The Company
listed $1,000,001 to $10,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.
U.S. DRY CLEANING: USDC Fresno Posts $23,181 Net Loss in October
----------------------------------------------------------------
On December 23, 2010, USDC Fresno, Inc., and USDC Fresno 2, Inc.
filed with the U.S. Securities and Exchange Commission copies of
their monthly operating reports for August, September, and
October 2010 which were originally filed with the U.S. Bankruptcy
Court for the Central District of California.
The Debtors share one set of accounting records.
The Debtors reported a net loss of $35,896 on $400,007 of net
sales for the month of August 2010.
A full-text copy of the August 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?719b
The Debtors reported net income of $23,356 on $395,220 of net
sales for the month of September 2010.
A full-text copy of the September 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?719c
The Debtors reported a net loss of $23,181 on $421,993 of net
sales for the month of October 2010.
At October 31, 2010, the Debtor's balance sheet showed
$5.1 million in total assets, $286,990 in total liabilities, and
stockholders' equity of $4.8 million.
A full-text copy of the October 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?719d
Newport Beach, California-based U.S. Dry Cleaning Services
Corporation (d/b/a US Dry Cleaning Corporation) and seven of its
affiliates filed for Chapter 11 bankruptcy protection on
March 4, 2010 (Bankr. C.D. Calif. Lead Case No. 10-12748).
Garrick A. Hollander, Esq., and Marc J Winthrop, Esq., at Winthrop
Couchot, serve as the Company's bankruptcy counsel.
Charles T. Moffitt, a managing partner at C.T. Moffitt & Company,
the Debtors' court approved financial advisor, is currently the
Debtors' Chief Restructuring Officer. He was appointed CRO
pursuant to a stipulation executed on August 17, 2010, and
approved by the Bankruptcy Court on August 27, 2010. The Company
listed $1,000,001 to $10,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.
U.S. DRY CLEANING: USDC Portsmouth Posts $25,529 Loss in October
----------------------------------------------------------------
On December 23, 2010, USDC Portsmouth, Inc., filed with the U.S.
Securities and Exchange Commission copies of its monthly operating
reports for August, September, and October 2010 which were
originally filed with the U.S. Bankruptcy Court for the Central
District of California.
The Debtor reported net income of $2,213 on $312,494 of net sales
for the month of August 2010.
A full-text copy of the August 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7198
The Debtor reported a net loss of $26,198 on $296,441 of net sales
for the month of September 2010.
A full-text copy of the September 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7199
The Debtor reported a net loss of $25,529 on $326,024 of net sales
for the month of October 2010.
At October 31, 2010, the Debtor's balance sheet showed
$1.9 million in total assets, $1.2 million in total liabilities,
and stockholders' equity of $738,572.
A full-text copy of the October 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?719a
Newport Beach, California-based U.S. Dry Cleaning Services
Corporation (d/b/a US Dry Cleaning Corporation) and seven of its
affiliates filed for Chapter 11 bankruptcy protection on
March 4, 2010 (Bankr. C.D. Calif. Lead Case No. 10-12748).
Garrick A. Hollander, Esq., and Marc J Winthrop, Esq., at Winthrop
Couchot, serve as the Company's bankruptcy counsel.
Charles T. Moffitt, a managing partner at C.T. Moffitt & Company,
the Debtors' court approved financial advisor, is currently the
Debtors' Chief Restructuring Officer. He was appointed CRO
pursuant to a stipulation executed on August 17, 2010, and
approved by the Bankruptcy Court on August 27, 2010. The Company
listed $1,000,001 to $10,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.
U.S. DRY CLEANING: USDC Tuchman Earns $2,032 in October
-------------------------------------------------------
On December 23, 2010, USDC Tuchman Indiana, Inc., filed with the
U.S. Securities and Exchange Commission copies of its monthly
operating reports for August, September, and October 2010 which
were originally filed with the U.S. Bankruptcy Court for the
Central District of California.
The Debtor reported a net loss of $5,887 on $574,097 of net sales
for the month of August 2010.
A full-text copy of the August 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7192
The Debtor reported a net loss of $28,577 on $570,209 of net sales
for the month of September 2010.
A full-text copy of the September 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7193
The Debtor reported net income of $2,032 on $635,151 of net sales
for the month of October 2010.
At October 31, 2010, the Debtor's balance sheet showed
$2.9 million in total assets, $957,682 in total liabilities, and
stockholders' equity of $1.9 million.
A full-text copy of the October 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7194
Newport Beach, California-based U.S. Dry Cleaning Services
Corporation (d/b/a US Dry Cleaning Corporation) and seven of its
affiliates filed for Chapter 11 bankruptcy protection on
March 4, 2010 (Bankr. C.D. Calif. Lead Case No. 10-12748).
Garrick A. Hollander, Esq., and Marc J Winthrop, Esq., at Winthrop
Couchot, serve as the Company's bankruptcy counsel.
Charles T. Moffitt, a managing partner at C.T. Moffitt & Company,
the Debtors' court approved financial advisor, is currently the
Debtors' Chief Restructuring Officer. He was appointed CRO
pursuant to a stipulation executed on August 17, 2010, and
approved by the Bankruptcy Court on August 27, 2010. The Company
listed $1,000,001 to $10,000,000 in assets and $10,000,001 to
$50,000,000 in liabilities.
WASHINGTON MUTUAL: Posts $31.6 Million Net Loss in November
-----------------------------------------------------------
On December 21, 2010, Washington Mutual, Inc., and WMI Investment
Corp. filed their monthly operating report for November 2010 with
the United States Bankruptcy Court for the District of Delaware.
Washington Mutual reported a net loss of $31.6 million on total
revenues of $6.8 million for the month of November.
At November 30, 2010, Washington Mutual had $6.845 billion in
total assets, $8.403 billion in total liabilities, and a
shareholders' deficit of $1.558 billion. Washington Mutual ended
November 2010 with $4.528 billion in unrestricted cash and cash
equivalents compared to $4.530 billion in unrestricted cash and
cash equivalents at October 31, 2010. Washington Mutual paid a
total of $1,490,425 in professional fees and reimbursed a total
of $1,922,894 in professional expenses in November.
WMI Investment reported a net loss of $14,673 on total revenues of
($212) for the month of November.
At November 30, 2010, WMI Investment had $921.39 million in total
assets, $14,825 in post-petition liabilities, and $921.37 million
in stockholders' equity. WMI Investment ended November with
$276.03 million in cash and cash equivalents, compared to cash and
cash equivalents of $275.89 million at October 31, 2010.
A full-text copy of Washington Mutual and WMI Investment's monthly
operating report for November 2010 is available at:
http://researcharchives.com/t/s?719f
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.
Washington Mutual Bank was taken over on Sept. 25, 2008, 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. 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 million to $1 billion with zero debts.
WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP. Fred S. Hodera, Esq., at Akin Gump Strauss Hauer &
Fled LLP in New York City and David B. Stratton, Esq., at Pepper
Hamilton LLP in Wilmington, Del., represent the Official Committee
of Unseucred Creditors. Stephen D. Susman, Esq., at Susman
Godfrey LLP and William P. Bowden, Esq., at Ashby & Geddes, P.A.,
represent the Equity Committee. Stacey R. Friedman, Esq., at
Sullivan & Cromwell LLP and Adam G. Landis, Esq., at Landis Rath &
Cobb LLP in Wilmington, Del., represent JPMorgan Chase, which
acquired WaMu's assets prior to the Petition Date.
WORLDSPACE INC: Posts $2.0 Million Net Loss in September
--------------------------------------------------------
WorldSpace, Inc., et al., posted a consolidated net loss of
$2.0 million on total revenue of $98,888 for September 2010.
The Debtors reported an operating loss of $86,313 for the month.
The Debtors incurred interest expenses of $1.7 million and
professional fees of $197,736 during the month.
At September 30, 2010, the Debtors had $12.4 million in total
assets, $2.176 billion in total liabilities, and a stockholders'
deficit of $2.164 billion. The Debtors had $2.6 million in
unrestricted cash and cash equivalents at September 30, 2010.
A full-text copy of the Debtors' September 2010 operating report
is available for free at:
http://bankrupt.com/misc/worlspace.september2010mor.pdf
About WorldSpace Inc.
WorldSpace, Inc. (OTC US: WRSPQ) provided satellite-based radio
and data broadcasting services to paying subscribers in 10
countries throughout Europe, India, the Middle East, and Africa.
WorldSpace, Inc. was founded in 1990 and is headquartered in
Silver Spring, Maryland.
The Debtor and two of its affiliates filed for Chapter 11
bankruptcy protection on October 17, 2008 (Bankr. D. Del., Case
No. 08-12412 - 08-12414). James E. O'Neill, Esq., Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl
& Jones, LLP, serve as the Debtors' bankruptcy counsel. Kurtzman
Carson Consultants serves as claims and notice agent. Neil
Raymond Lapinski, Esq., and Rafael Xavier Zahralddin-Aravena,
Esq., at Elliot Greenleaf, represent the Official Committee of
Unsecured Creditors. When the Debtors filed for bankruptcy, they
listed total assets of $307,382,000 and total debts of
$2,122,904,000.
WorldSpace, Inc., and certain of its affiliates completed the sale
of substantially all the assets related to business effective
June 23, 2010.
WORLDSPACE INC: Posts $2.1 Million Net Loss in October
------------------------------------------------------
WorldSpace, Inc., et al., posted a consolidated net loss of
$2.1 million on total revenue of $32,222 for October 2010. The
Debtors reported an operating loss of $134,993 for the month.
The Debtors incurred interest expenses of $1.8 million and
professional fees of $196,111 during the month.
At October 31, 2010, the Debtors had $12.2 million in total
assets, $2.178 billion in total liabilities, and a stockholders'
deficit of $2.166 billion. The Debtors had $2.4 million in
unrestricted cash and cash equivalents at October 31, 2010.
A full-text copy of the Debtors' October 2010 operating report is
available for free at:
http://bankrupt.com/misc/worldspace.october2010mor.pdf
About WorldSpace Inc.
WorldSpace, Inc. (OTC US: WRSPQ) provided satellite-based radio
and data broadcasting services to paying subscribers in 10
countries throughout Europe, India, the Middle East, and Africa.
WorldSpace, Inc. was founded in 1990 and is headquartered in
Silver Spring, Maryland.
The Debtor and two of its affiliates filed for Chapter 11
bankruptcy protection on October 17, 2008 (Bankr. D. Del., Case
No. 08-12412 - 08-12414). James E. O'Neill, Esq., Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl
& Jones, LLP, serve as the Debtors' bankruptcy counsel. Kurtzman
Carson Consultants serves as claims and notice agent. Neil
Raymond Lapinski, Esq., and Rafael Xavier Zahralddin-Aravena,
Esq., at Elliot Greenleaf, represent the Official Committee of
Unsecured Creditors. When the Debtors filed for bankruptcy, they
listed total assets of $307,382,000 and total debts of
$2,122,904,000.
WorldSpace, Inc., and certain of its affiliates completed the sale
of substantially all the assets related to business effective
June 23, 2010.
WORLDSPACE, INC: Posts $2.0 Million Net Loss in November
--------------------------------------------------------
WorldSpace, Inc., et al., posted a consolidated net loss of
$2.0 million on total revenue of $32,222 for November 2010.
The Debtors reported an operating loss of $72,906 for the month.
The Debtors incurred interest expenses of $1.7 million and
professional fees of $196,111 during the month.
At November 30, 2010, the Debtors had $11.9 million in total
assets, $2.180 billion in total liabilities, and a stockholders'
deficit of $2.168 billion. The Debtors had $2.1 million in
unrestricted cash and cash equivalents at November 30, 2010.
A full-text copy of the Debtors' November 2010 operating report is
available for free at:
http://bankrupt.com/misc/worldspace.november2010mor.pdf
About WorldSpace Inc.
WorldSpace, Inc. (OTC US: WRSPQ) provided satellite-based radio
and data broadcasting services to paying subscribers in 10
countries throughout Europe, India, the Middle East, and Africa.
WorldSpace, Inc. was founded in 1990 and is headquartered in
Silver Spring, Maryland.
The Debtor and two of its affiliates filed for Chapter 11
bankruptcy protection on October 17, 2008 (Bankr. D. Del., Case
No. 08-12412 - 08-12414). James E. O'Neill, Esq., Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl
& Jones, LLP, serve as the Debtors' bankruptcy counsel. Kurtzman
Carson Consultants serves as claims and notice agent. Neil
Raymond Lapinski, Esq., and Rafael Xavier Zahralddin-Aravena,
Esq., at Elliot Greenleaf, represent the Official Committee of
Unsecured Creditors. When the Debtors filed for bankruptcy, they
listed total assets of $307,382,000 and total debts of
$2,122,904,000.
WorldSpace, Inc., and certain of its affiliates completed the sale
of substantially all the assets related to business effective
June 23, 2010.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com by e-mail.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases by individuals and business entities estimating
assets and debts or disclosing assets and liabilities at less than
$1,000,000. The list includes links to freely downloadable images
of the small-dollar business-related petitions in Acrobat PDF
format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2011. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
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are $25 each. For subscription information, contact Christopher
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