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/raid1/www/Hosts/bankrupt/TCR_Public/110319.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, March 19, 2011, Vol. 15, No. 77 Headlines AMES DEPARTMENT: Has $14,395,000 in Cash as of October 23 ANCHOR BLUE: Posts $11.1 Million Net Loss From Jan. 11 - Jan. 29 GUARANTY FINANCIAL: Posts $264,361 Net Loss in January LESLIE CONTROLS: Posts $140,829 Net Loss in January 2011 MOLECULAR INSIGHT: Reports $3.7 Million Net Loss in February QIMONDA NA: Has $12.6 Million Cash at January 28 QIMONDA RICHMOND: Posts $3.5MM Net Loss in Period Ended Jan. 28 WOLVERINE TUBE: Posts $245,806 Net Loss in January ********* AMES DEPARTMENT: Has $14,395,000 in Cash as of October 23 --------------------------------------------------------- Defunct retailer Ames Department Stores, Inc., and its affiliates reported holding $14,395,000 in cash and cash equivalents, as of Oct. 23, 2010. In a monthly operating report filed with the Bankruptcy Court last month, Ames said the bankruptcy estate has $24,863,000 in total assets, all current, and $830,009,000 in total liabilities; and $805,146,000 in stockholders' deficit. Ames said total revenue was $7,000 for the four weeks ended Nov. 20, 2010; it posted a net loss of $176,000. On Nov. 21, 2003, the Bankruptcy Court issued an order authorizing Ames to purchase Administrative Expense Claims held by (i) trade vendors and landlords at 50% of the amount of such Claims and (ii) former employees at 40% of the amount of such Claims. Pursuant to the order, the offer to purchase a Claim could only be made by a formal written offer from Ames signed by an officer of Ames, identifying the holder of the Claim, the amount of the Claim, and the amount Ames is offering to pay for the Claim. To accept the offer, the holder of the Claim must sign a release form and return it to Ames. In November 2003, Ames sent out approximately 2,200 offers to trade vendors and landlords holding Claims and approximately 16,300 to former employees holding Claims. As of Nov. 20, 2010, the Company had settled approximately 920 trade vendor and landlord Claims for approximately $5.6 million, and had settled approximately 9,300 former employee Claims for approximately $5.5 million. The related waivers of the balances of the Claims have been recorded as Revenue in Ames' Consolidated Condensed Statement of Operations for the reporting period. Ames filed its Monthly Operating Report for the period Oct. 24, 2010 to Nov. 20, 2010, Feb. 22, 2011. It also filed Monthly Operating Reports for the period September 26, 2010 to Oct. 23, 2010, and for the period Aug. 22, 2010 to Sept. 25, 2010, on the same day. About Ames Department Stores Rocky Hill, Connecticut-based Ames Department Stores was founded in 1958. At its peak, Ames operated 700 stores in 20 states, including the Northeast, Upper South, Midwest and the District of Columbia. In April 1990, Ames filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. In Ames I, the retailer closed 370 stores and emerged from chapter 11 on Dec. 30, 1992. Ames filed a second bankrupty petition under Chapter 11 on Aug. 20, 2001 (Bankr. S.D.N.Y. Case No. 01-42217). Togut, Segal & Segal LLP; Weil, Gotshal & Manges; Storch Amini Munves PC;, Cadwalader, Wickersham & Taft LLP;, and Dewey & LeBoeuf LLP represent the Debtors. When the Company filed for protection from their creditors, they reported $1,901,573,000 in assets and $1,558,410,000 in liabilities. The company closed all of its 327 department stores in 2002. Ames and its affiliates filed a consolidated Chapter 11 Plan, and a related Disclosure Statement explaining the Plan with the Court on Dec. 6, 2004. A full-text copy of Ames' Chapter 11 Plan is available at no charge at: http://bankrupt.com/misc/ames_chapter_11_plan.pdf and a full-text copy of Ames' Disclosure Statement is available at no charge at: http://bankrupt.com/misc/ames'_disclosure_statement.pdf As reported by the Troubled Company Reporter on March 16, a hearing to determine the adequacy of the Disclosure Statement explaining Ames' Plan has not yet been scheduled. ANCHOR BLUE: Posts $11.1 Million Net Loss From Jan. 11 - Jan. 29 ---------------------------------------------------------------- Anchor Blue Holding Corp. reported a net loss of $11.1 million on $8.6 million of sales for the period Jan. 11, 2011, to Jan. 29, 2011. At Jan. 29, 2011, the Debtor had $5.2 million in total assets, $35.3 million in total liabilities, and a stockholders' deficit of $30.1 million. The Debtor ended the period with $4,493,117 in cash and cash equivalents. A copy of the January 2011 monthly operating report is available for free at http://bankrupt.com/misc/anchorblue.jan2011mor.pdf About Anchor Blue Anchor Blue is a specialty retailer of casual apparel and accessories for the teenage market. Founded in 1972, the Company has 117 stores located in nine western and southwestern states: Arizona, California, Colorado, New Mexico, Oregon, Texas, Utah and Washington. The Company employs 1,400 full and part-time employees in their stores and their corporate headquarters in Corona, California. Anchor Blue is an indirect affiliate of Sun Capital Partners, a Florida-based investment firm. Anchor Blue Holding Corp., together with Anchor Blue Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 11-10110) on Jan. 11, 2011. As of Jan. 1, 2011, the Debtors' books and records reflected total combined assets of roughly $24.7 million (book value) and total combined liabilities of roughly $38.5 million. Neil Herman, Esq., and Rachel Mauceri, Esq., at Morgan Lewis, in Philadelphia, Pennsylvania, serve as counsel to the Debtors. Epiq Bankruptcy Solutions, LLC, is the claims and notice agent. The Official Committee of Unsecured Creditors is represented by Eric R. Wilson, Esq., at Kelley Drye & Warren LLP, in New York. The prepetition first lien lender is represented by Julia Frost-Davies, Esq., at Bingham McCutchen LLP, in Boston, Massachusetts, and Regina Stango Kelbon, Esq., at Blank Rome LLP, in Philadelphia, Pennsylvania. The prepetition second lien lenders are represented by Thomas E. Patterson, Esq., at Klee, Tuchin, Bogdanoff & Stern LLP, in Los Angeles, California. The Debtors' prepetition subordinated lender is represented by James Stempel, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois. GUARANTY FINANCIAL: Posts $264,361 Net Loss in January ------------------------------------------------------ On March 11, 2011, 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 February 2011 with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. Guaranty Financial Group reported a net loss of $264,361 for the month of February 2011. The Debtor incurred a total of $237,823 in professional fees for the month. At Feb. 28, 2011, Guaranty Financial Group had $14.4 million in total assets, $329.2 million in total liabilities, and a stockholders' deficit of $314.8 million. Guaranty Financial had unrestricted cash of $9.74 million and restricted cash of $1.22 million at Feb. 28, 2011, for total cash of $10.96 million, compared to unrestricted cash of $9.77 million and restricted cash of $1.22 million at Jan. 31, 2010, for total cash of $10.99 million. A full-text copy of Guaranty Financial Group's monthly operating report is available for free at: http://researcharchives.com/t/s?755b Guaranty Group Ventures had no income and expense transactions for the month of February 2011. At Feb. 28, 2011, Guaranty Group Ventures had $12.2 million in total assets, $371,385 in total liabilities, and stockholders' equity of $11.9 million. Guaranty Group Ventures ended the month with $6.3 million in cash. A full-text copy of Guaranty Group Ventures' monthly operating report is available for free at: http://researcharchives.com/t/s?755d Guaranty Holdings had no income and expense transactions for the month of February 2011. At Feb. 28, 2011, Guaranty Holdings had $6,521 in cash, $529 in total liabilities, and $5,992 in total equity. A full-text copy of Guaranty Holdings' monthly operating report is available for free at: http://researcharchives.com/t/s?755e Guaranty Group Capital had no income and expense transactions for the month of February 2011. At Feb. 28, 2011, Guaranty Group Capital had $4,173,743 in cash, $950 in total liabilities and $4,172,793 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?755c About Guaranty Financial Dallas, Texas-based Guaranty Financial Group Inc. -- http://www.guarantygroup.com/-- was a unitary savings and loan holding company. The Company's primary operating entities were 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 Sept. 30, 2008. Guaranty Financial and its affiliates filed for Chapter 11 (Bankr. N.D. Tex. Case No. 09-35582) on Aug. 27, 2009. Attorneys at Haynes & Boone, LLP, represent the Debtors. According to the schedules attached to its petition, the Company disclosed $24.3 million in total assets and $323.4 million in total debts, including $305.0 million in trust preferred securities. LESLIE CONTROLS: Posts $140,829 Net Loss in January 2011 -------------------------------------------------------- Leslie Controls, Inc., reported a net loss of $140,829 on $3.0 million of net revenue for the period from Jan. 1, 2011, to Jan. 31, 2011. The Debtor paid a total of $351,020 in professional fees during the period. A copy of the January 2011 monthly operating report is available for free at http://bankrupt.com/misc/lesliecontrols.jan2011mor.pdf Leslie Controls reported a net loss of $151,806 on $3.8 million of net revenue for the period from Nov. 29, 2010, to Dec. 31, 2010. The Debtor paid a total of $997,150 in professional fees during the period. A copy of the December 2010 monthly operating report is available for free at http://bankrupt.com/misc/lesliecontrols.dec2010mor.pdf About Leslie Controls Based in Tampa, Florida, Leslie Controls manufacturers process control valves, severe service control valves, on-off valves, regulators, steam water heaters, actuators and controls. Leslie is a unit of CIRCOR International, Inc. Leslie Controls sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 10-12199) on July 12, 2010. Marion M. Quirk, Esq., and Norman L. Pernick, Esq., at Cole, Schotz, Meisel, Forman & Leonard, assist the Company in its restructuring effort. Natalie Ramsey, Esq., at Montgomery, McCracken, Walker & Rhodes, LLP, represents the Asbestos Claimants Committee, and Edwin J. Heron, Esq., at Young, Conaway, Stargatt & Taylor, LLP, represents the Future Claimants' Representative. William R. Hanlon, Esq., at Goodwin Procter LLP advises CIRCOR International, Inc. The Company estimated its assets at $10 million to $50 million and its debts at $50 million to $100 million at that the time of the filing. As reported by the Troubled Company Reporter, the Bankruptcy Court entered an order on October 28, 2010, confirming the amended prenegotiated Chapter 11 reorganization plan filed by Leslie Controls, Inc., on July 12, 2010. The reorganization plan is intended to permanently resolve Leslie's asbestos liability through the creation of a trust pursuant to Section 524(g) of the U.S. Bankruptcy Code. All current and future asbestos claims against Leslie would be channeled to the trust for review and payment, thus providing both Leslie and CIRCOR with permanent court protection from such claims. As reported by the TCR on February 8, 2011, the U.S. District Court for the District of Delaware affirmed the U.S. Bankruptcy Court's confirmation of the amended pre-negotiated Chapter 11 reorganization plan filed by Leslie Controls. MOLECULAR INSIGHT: Reports $3.7 Million Net Loss in February ------------------------------------------------------------On March 14, 2011, Molecular Insight Pharmaceuticals, Inc., submitted its unaudited monthly operating report for February 2011. The Debtor reported a net loss of $3.7 million on $95,727 of grant revenue for the period. At Feb. 28, 2011, the Debtor's balance sheet showed $23.1 million in total assets, $204.3 million in total liabilities, and a stockholders' deficit of $181.2 million. The Debtor ended the period with $10.7 million in unrestricted cash and cash equivalents, and $522,636 in restricted cash and cash equivalents. Payments for professional fees totaled $604,206 during the period. A copy of the unaudited Monthly Operating Report as submitted to the Office of the United States Trustee is available for free at: http://researcharchives.com/t/s?7564 About Molecular Insight Cambridge, Massachusetts-based Molecular Insight Pharmaceuticals, Inc., is a clinical-stage biopharmaceutical company that provides services on the detection and treatment of various forms of cancer and other life-threatening diseases. The Debtor disclosed $36,453,000 in total assets and $198,829,000 in total debts as of Sept. 30, 2010. Molecular Insight filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 10-23355) on Dec. 9, 2010. Kramer Levin Naftalis & Franklin LLP serves as the Debtor's lead bankruptcy counsel. Alan L. Braunstein, Esq., at Riemer & Braunstein, LLP, serves as the Debtor's local Massachusetts counsel. Foley & Lardner LLP is the Debtor's special counsel. Tatum LLC, a division of SFN Professional Services LLC, is the Debtor's financial consultant. Omni Management Group, LLC, is the claims, and balloting agent. QIMONDA NA: Has $12.6 Million Cash at January 28 ------------------------------------------------ Qimonda North America Corp. had $12,643,801 in cash and cash equivalents as of Jan. 28, 2011. The Debtor's balance sheet at Jan. 28, 2011, showed $59.5 million in total assets, $50.5 million in total liabilities, and stockholders' equity of $9.0 million. A profit and loss statement for the filing period ended Jan. 28, 2011, was not provided. A copy of Qimonda North America's monthly operating report for the period ended Jan. 28, 2011, is available for free at: http://bankrupt.com/misc/qimondana.jan2011mor.pdf Qimonda North America Corp. reported net income of $13,499 for the filing period ended Dec. 31, 2010. The Debtor's balance sheet at Dec. 31, 2010, showed $59.3 million in total assets, $50.4 million in total liabilities, and stockholders' equity of $8.4 million. The Debtor ended the period with $12,393,598 in cash and cash equivalents as of Dec. 31, 2010. A copy of Qimonda North America's monthly operating report for the period ended Dec. 31, 2010, is available for free at: http://bankrupt.com/misc/qimondana.dec2010mor.pdf About Qimonda AG Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading global memory supplier with a diversified DRAM product portfolio. The Company generated net sales of EUR1.79 billion in financial year 2008 and had -- prior to its announcement of a repositioning of its business -- approximately 12,200 employees worldwide, of which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond, Va. Qimonda AG commenced insolvency proceedings in a local court in Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed a petition (Bankr. E.D. Va. Case No. 09-14766) for relief under Chapter 15 of the U.S. Bankruptcy Code. Qimonda North America Corp., an indirect and wholly owned subsidiary of QAG, is the North American sales and marketing subsidiary of QAG. QNA is also the parent company of Qimonda Richmond LLC. QNA and QR sought Chapter 11 protection (Bankr. D. Del. Case No. 09-10589) on Feb. 20, 2009. Mark D. Collins, Esq., Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at Richards Layton & Finger PA, represent the Debtors. Roberta A. DeAngelis, the United States Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. Jones Day and Ashby & Geddes represent the Committee. In its bankruptcy petition, Qimonda Richmond, LLC, estimated more than US$1 billion in assets and debts. The information, the Debtors said, was based on Qimonda Richmond's financial records which are maintained on a consolidated basis with Qimonda North America Corp. QIMONDA RICHMOND: Posts $3.5MM Net Loss in Period Ended Jan. 28 --------------------------------------------------------------- Qimonda Richmond, LLC, reported a net loss of $3.5 million on $0 revenue for the filing period ended Jan. 28, 2011. The Debtor ended the period with $66,625,898 in unrestricted cash and equivalents and $52,629,073 in restricted cash and cash equivalents. The Debtor's balance sheet at Jan. 28, 2011, showed $119.6 million in total assets, $431.6 million in total liabilities, and a stockholders' deficit of $312.0 million. A copy of Qimonda Richmond's monthly operating report for the period ended Jan. 28, 2011, is available for free at: http://bankrupt.com/misc/qimondarichmond.jan2011mor.pdf Qimonda Richmond, LLC, reported a net loss of $1.7 million on $0 revenue for the filing period ended Dec. 31, 2010. The Debtor ended the period with $67.6 million in unrestricted cash and equivalents and $52.6 in restricted cash and cash equivalents. The Debtor's balance sheet at Dec. 31, 2010, showed $121.0 million in total assets, $429.5 million in total liabilities, and a stockholders' deficit of $308.5 million. A copy of Qimonda Richmond's monthly operating report for the period ended Dec. 31, 2010, is available for free at: http://bankrupt.com/misc/qimondarichmond.dec2010mor.pdf About Qimonda AG Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading global memory supplier with a diversified DRAM product portfolio. The Company generated net sales of EUR1.79 billion in financial year 2008 and had -- prior to its announcement of a repositioning of its business -- approximately 12,200 employees worldwide, of which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond, Va. Qimonda AG commenced insolvency proceedings in a local court in Munich, Germany, on January 23, 2009. On June 15, 2009, QAG filed a petition (Bankr. E.D. Va. Case No. 09-14766) for relief under Chapter 15 of the U.S. Bankruptcy Code. Qimonda North America Corp., an indirect and wholly owned subsidiary of QAG, is the North American sales and marketing subsidiary of QAG. QNA is also the parent company of Qimonda Richmond LLC. QNA and QR sought Chapter 11 protection (Bankr. D. Del. Case No. 09-10589) on Feb. 20, 2009. Mark D. Collins, Esq., Michael J. Merchant, Esq., and Maris J. Finnegan, Esq., at Richards Layton & Finger PA, represent the Debtors. Roberta A. DeAngelis, the United States Trustee for Region 3, appointed seven creditors to serve on an official committee of unsecured creditors. Jones Day and Ashby & Geddes represent the Committee. In its bankruptcy petition, Qimonda Richmond, LLC, estimated more than US$1 billion in assets and debts. The information, the Debtors said, was based on Qimonda Richmond's financial records which are maintained on a consolidated basis with Qimonda North America Corp. WOLVERINE TUBE: Posts $245,806 Net Loss in January -------------------------------------------------- Wolverine Tube, Inc., et al., reported a net loss of $245,806 on $25.1 million of total revenue for all debtors in January 2011. At Jan. 31, 2011, the Debtors reported $126.9 million in total assets, $238.8 million in total liabilities, and a stockholders' deficit of $111.9 million. A copy of the Debtors' January 2011 monthly operating report is available for free at: http://bankrupt.com/misc/wolverinetube.jan2011mor.pdf About Wolverine Tube Huntsville, Alabama-based Wolverine Tube, Inc., is a global manufacturer and distributor of copper and copper alloy tube, fabricated products, and metal joining products. The Company currently operates seven facilities in the United States, Mexico, China, and Portugal. It also has distribution operations in the Netherlands and the United States. Wolverine Tube sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 10-13522) on Nov. 1, 2010. Mark E. Felger, Esq., and Simon E. Fraser, Esq., at Cozen O'Connor represent the Debtor. Scott K. Rutsky, Esq., and Adam T. Berkowitz, Esq., at Proskauer Rose LLP, serve as the Debtor's special corporate and tax counsel. Deloitte Financial Advisory Services LLP is the Debtor's financial advisor. Donlin Recano & Company, Inc., is the Debtor's claim agent. The Debtor disclosed $115 million in total assets and $237 million in total debts at the time of the filing. Affiliates Tube Forming, L.P. (Bankr. D. Del. Case No. 10-13523), Wolverine Joining Technologies, LLC (Bankr. D. Del. Case No. 10-13524), TF Investor Inc. (Bankr. D. Del. Case No. 10-13525), and WT Holding Company, Inc. (Bankr. D. Del. Case No. 10-13526) filed separate Chapter 11 petitions. No official committee of unsecured creditors has been appointed in the case. The Debtors filed a prearranged chapter 11 plan proposing to pay unsecured creditors in full and turning ownership of the reorganized company over to their noteholders. ********* 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. Jhonas Dampog, 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained 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- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***