/raid1/www/Hosts/bankrupt/TCR_Public/110402.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, April 2, 2011, Vol. 14, No. 91
Headlines
AMES DEPARTMENT: Posts $370,000 Net Loss in December
AMTRUST FINANCIAL: Posts $426,123 Net Loss in February
APPLESEED'S INTERMEDIATE: Reports $10.4 Mil. Loss in February
BLOCKBUSTER INC: February G&A Expenses Exceed Gross Profit
CARITAS HEALTH: Ends February 2011 With $19.0 Million Cash
CLAIM JUMPER: Posts $3.2 Million Net Loss for Period Ended Oct. 26
CONSTAR INT'L: Reports Losses in Second Reorganization
INTERNATIONAL GARDEN: Reports $153,880 Net Income in February
LEHMAN BROTHERS: Has $22.619 Billion Cash at Feb. 28
NEXITY FINANCIAL: Posts $1.93 Million Net Loss in February
POINT BLANK: Posts $2.3 Million Net Loss in February
QIMONDA NA: Has $12.2 Million Cash at Feb. 25
QIMONDA RICHMOND: Reports $6,812 Net Income in February
RHI ENTERTAINMENT: Ends February 2011 With $9,235,000 Cash
SHARPER IMAGE: Posts $32,746 Net Loss in February
STATION CASINOS: GV Ranch Has $955,000 Net Loss in January
STATION CASINOS: GV Ranch Has $1,281,000 Net Loss in February
THORNBURG MORTGAGE: Posts $1.25 Million Net Loss in February
TRIBUNE CO: Reports $5,463,000 February Net Income
WOLVERINE TUBE: Posts $733,801 Net Loss in February
*********
AMES DEPARTMENT: Posts $370,000 Net Loss in December
----------------------------------------------------
BankruptcyData.com reports that Ames Department Stores filed with
the U.S. Bankruptcy Court a monthly operating report Nov. 21, 2010
through Dec. 25, 2010. For the period, the Company reported a net
loss of $370,000 on total revenue of $218,000.
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 bankruptcy petition under Chapter 11 (Bankr.
S.D.N.Y. Case No. 01-42217) on Aug. 20, 2001. 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.
AMTRUST FINANCIAL: Posts $426,123 Net Loss in February
------------------------------------------------------
BankruptcyData.com reports that AmTrust Financial filed with the
U.S. Bankruptcy Court a monthly operating report for February
2011. For the period, the Company reported a net loss of $426,123
on zero revenue.
About AmTrust Financial
AmTrust Financial Corp (PINK: AFNL) was the owner of the AmTrust
Bank. AmTrust was the seventh-largest holder of deposits in South
Florida, with $4.7 billion in deposits and 21 branches.
In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Ohio Lead Case No. 09-21323) on Nov. 30, 2009. G.
Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri L.
Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland,
Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey
(US) LLP, in Cincinnati, Ohio, assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management estimated $100 million to $500 million in
assets and liabilities in its Chapter 11 petition.
AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4,
2009, AmTrust Bank was closed by regulators and the Federal
Deposit Insurance Corporation was named receiver. New York
Community Bank, in Westbury, New York, assumed all of the deposits
of AmTrust Bank pursuant to a deal with the FDIC.
APPLESEED'S INTERMEDIATE: Reports $10.4 Mil. Loss in February
-------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
recounts that Orchard Brands Corp. units, seeking to confirm a
prepackaged reorganization on April 14, reported a net loss of
$10.4 million in February on sales of $58.2 million.
Reorganization expenses in the month totaled $5 million.
About Appleseed's Intermediate
Based in Beverly, Massachusetts, Appleseed's Intermediate Holdings
LLC, aka Appleseed's Intermediate Holdings, Inc., aka Orchard
Brands sells clothing to people 55 and older. Orchard Brands has
17 brands including Appleseed's, Draper's & Damon's, Gold Violin,
Haband and Norm Thompson. It publishes catalogs and has stores
under its Appleseed's and Draper's & Damon's brands. It has
annual sales of about $1 billion and earnings before interest,
taxes, depreciation and amortization are about $50 million.
Appleseed's is owned by Golden Gate Capital Corp., which also
holds stakes in retailers Express Inc., Eddie Bauer Holdings Inc.
and Zale Corp.
Appleseed's Intermediate and its affiliates filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-10160) on
Jan. 19, 2011. Appleseed's Intermediate estimated assets at
$100 million to $500 million and debts at $500 million to
$1 billion in its Chapter 11 petition.
Richard M. Cieri, Esq., Joshua A. Sussberg, Esq., at Brian E.
Schartz, at Kirkland & Ellis LLP, serve as the Debtors' bankruptcy
counsel. Domenic E. Pacitti, Esq., at Klehr Harrison Harvey
Branzburg LLP, serves as local counsel to the Debtors. Moelis &
Company LLC is the Debtors' investment banker and financial
advisor. Alvarez & Marshal North America, LLC, is the Debtors'
restructuring advisor. Pricewaterhousecoopers LLP is the Debtors'
independent auditor. Kurtzman Carson Consultants LLC is the
notice, claims and balloting agent.
Jay R Indyke, Esq., Cathy Hershcopf, Esq., Brent Weisenberg, Esq.,
and Richelle Kalnit, Esq., at Cooley LLP, in New York, and Robert
K Malone, Esq., Michael P Pompeo, Esq., and Howard A Cohen, Esq.,
at Drinker Biddle & Reath LLP, in Wilmington, Delaware, represent
the Official Committee of Unsecured Creditors.
BLOCKBUSTER INC: February G&A Expenses Exceed Gross Profit
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Blockbuster Inc.'s operating report for February
highlights the distress in the business. The $143.2 million in
revenue resulted in a $27.5 million operating loss. The gross
profit of $81.1 million was exceeded by $99.7 million in general
and administrative expenses. The net loss of $44.8 million
included $13.1 million of reorganization items. Operating
activities consumed $6.6 million cash in the month. During the
four weeks, cash declined by $7.4 million to end at $6l.2 million.
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 Inc. and 12 U.S. affiliates initiated Chapter 11
bankruptcy proceedings with a pre-arranged reorganization plan
in Manhattan on Sept. 23, 2010 (Bankr. S.D.N.Y. Case No.
10-14997). It disclosed assets of $1 billion and debts of
$1.4 billion at the time of the filing.
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.
CARITAS HEALTH: Ends February 2011 With $19.0 Million Cash
----------------------------------------------------------
Caritas Health Care, Inc., filed with the U.S. Bankruptcy Court
for the Eastern District of New York on March 17, 2011, its
monthly operating report for February 2011.
The Company reported net income of $114,933 on $153,047 of revenue
for the month.
At Feb. 28, 2011, the Debtor had $32.6 million in total assets,
$161.1 million in total liabilities, and a stockholders' deficit
of $128.5 million. The Company ended the period with $19,031,413
in cash. Payments to professionals totaled $90,261 for the month.
A copy of Caritas Health's operating report for the month ended
Feb. 28, 2011, is available for free at:
http://bankrupt.com/misc/caritashealthcare.feb2011mor.pdf
Caritas Health Care Inc. was the owner of Mary Immaculate Hospital
and St. John's Queens Hospital. Caritas, created by Wyckoff
Heights Medical Center, purchased the two hospitals in a
bankruptcy sale in early 2007 from St. Vincent Catholic Medical
Centers of New York. St. John's has 227 generate acute-care beds
while Mary Immaculate has 189.
Caritas Health Care, Inc., and eight of its affiliates sought
chapter 11 protection (Bankr. E.D.N.Y., Case No. 09-40901) on
Feb. 6, 2009. Jeffrey W. Levitan, Esq., and Adam T. Berkowitz,
Esq., at Proskauer Rose, LLP, represent the Debtors. Martin G.
Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP,
represent the official committee of unsecured creditors.
Caritas sold the hospitals to Joshua Guttman in November 2009 for
$17.7 million.
CLAIM JUMPER: Posts $3.2 Million Net Loss for Period Ended Oct. 26
------------------------------------------------------------------
Claim Jumper Restaurants, LLC, reported a net loss of $3.2 million
on $16.2 million of revenue for the reporting period Sept. 29,
2010 to Oct. 26, 2010.
At Oct. 26, 2010, the Debtor had $96.2 million in total assets,
($354.5 million) in total liabilities, and members' equity of
$450.7 million.
A copy of the Debtor's monthly operating report for the filing
period ended Oct. 26, 2010, is available for free at:
http://bankrupt.com/misc/claimjumperrest.oct262011mor.pdf
Claim Jumper Management, LLC, reported a net loss of $6.5 million
on $0 revenue for the reporting period Sept. 29, 2010, to Oct. 26,
2010.
At Oct. 26, 2010, the Debtor had zero assets, $601.1 million in
total liabilities, and an members' deficit of $601.1 million.
A copy of the Debtor's monthly operating report for the filing
period ended Oct. 26, 2010, is available for free at:
http://bankrupt.com/misc/claimjumpermgt.oct262011mor.pdf
About Claim Jumper
Irvine, California-based Claim Jumper Restaurants, LLC --
http://www.claimjumper.com/-- operates a chain of casual dining
restaurants. It was founded in 1977. It has locations in
Arizona, California, Colorado, Illinois, Nevada, Oregon,
Washington, and Wisconsin.
Claim Jumper filed for Chapter 11 bankruptcy protection (Bankr.
D. Del. Case No. 10-12819) on Sept. 10, 2010. The Debtor
estimated its assets at $50 million to $100 million and debts at
$100 million to $500 million as of the Petition Date.
The Debtor's affiliate, Claim Jumper Management, LLC, filed a
separate Chapter 11 petition (Bankr. D. Del. Case No. 10-12820).
Curtis A. Hehn, Esq., James E. O'Neill, Esq., and Laura Davis
Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, are the
Debtors' local counsel. Milbank, Tweed, Hadley & Mccloy LLP is
the Debtors' general bankruptcy counsel. Piper Jaffray & Co. is
the Debtors' financial advisors and investment bankers. Kurtzman
Carson Consultants LLC is the Debtors' notice, claims and
solicitation agent.
The Creditors Committee has selected the law firms of Cooley LLP
and Klehr Harrison Harvey Branzburg LLP as counsel.
In December 2010, Claim Jumper completed the sale its business
to Landry's Restaurants Inc., in a transaction valued at
$76.6 million. Landry's outbid the offer of holders of mezzanine
debt with a winning bid that included $48.3 million cash, the
assumption of $23.3 million in debt, and $5 million cash to
collateralize existing letters of credit.
CONSTAR INT'L: Reports Losses in Second Reorganization
------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Constar International Inc. filed operating reports
for the first two months of the second Chapter 11 reorganization
in two years.
He relates that for the last 20 days in January following the
Chapter 11 filing, the net loss was $35.8 million, largely because
of $30.6 million in "reorganization items." Sales for Jan. 11
through Jan. 31 were $20.1 million.
In February, the net loss was $2.6 million on sales of
$27.2 million. Operating losses were $1.5 million in February
and $1.6 million in January, according to Mr. Rochelle.
About Constar International
Philadelphia, Pennsylvania-based Constar International Inc. --
http://www.constar.net/-- produces and supplies polyethylene
terephthalate plastic containers for food and beverages.
Constar filed for Chapter 11 protection in December 2008 (Bankr.
D. Del. Lead Case No. 08-13432), with a pre-negotiated Chapter 11
plan. The plan, which reduced Constar's debt load by roughly
$175 million, became effective on May 29, 2009. Attorneys at
Bayard P.A., and Wilmer Cutler Pickering Hale and Dorr LLP
represented the Debtor in the case.
Due to operating losses caused by a significant decline in demand
for its products from Pepsi-Cola Advertising and Marketing Inc.
and other customers, Constar and its affiliates returned to
Chapter 11 protection on Jan. 11, 2011 (Bankr. D. Del. Case No.
11-10109), with a Chapter 11 plan negotiated with holders of 75%
of the holders of $220 million in senior secured floating-rate
notes.
Andrew Goldman, Esq., and Dennis Jenkins, Esq., at Wilmer Cutler
Pickering Hale and Dorr LLP, serve as the Debtors' general
bankruptcy counsel. Jamie Lynne Edmonson, Esq., and Neil B.
Glassman, Esq., at Bayard, P.A., serve as co-counsel to the
Debtors. PricewaterhouseCoopers serves as the Debtors'
independent auditors and accountants. Kurtzman Carson Consultants
LLC serves as the Debtors' claims agent.
The Debtors disclosed $418 million in total assets and
$414 million in total debts as of Sept. 30, 2010.
Constar filed for Chapter 11 protection with a pre-arranged
debt-for-equity exchange, expected to be completed by mid-2011.
The Company and holders of more than 75% of its senior secured
floating- rate notes agreed on a restructuring plan that would
reduce debt by as much as $150 million.
INTERNATIONAL GARDEN: Reports $153,880 Net Income in February
-------------------------------------------------------------
International Garden Products, Inc., et al., reported net income
of $153,880 on $5.3 million of sales for February 2011.
At Feb. 28, 2010, the Debtors had total assets of $61.2 million,
total liabilities of $72.1 million, and a stockholders' deficit of
$10.9 million.
A copy of the February 2011 monthly operating report is available
for free at http://bankrupt.com/misc/int'lgarden.feb2011mor.pdf
About International Garden Products
International Garden Products, Inc. was incorporated in 1996 as a
holding company for Iseli Nursery, Inc., California Nursery
Supply, Weeks Wholesale Rose Grower, and Old Skagit, Inc. The
company's operating businesses, Iseli and Weeks, focus primarily
on growing horticultural products for nationwide sale to
independent garden centers, landscape suppliers, landscapers and
similar parties. Iseli's is known in the industry as the premium
source of dwarf conifers, Japanese maples and unique companion
plants. Weeks is one of the largest wholesale breeders and
growers of premium roses in the U.S.
International Garden Products, Inc., and its affiliates filed for
Chapter 11 protection on Oct. 4, 2010 (Bankr. Lead Case No. 10-
13207). International Garden estimated assets and debts at
$10 million to $50 million in its Chapter 11 petition.
Andrew R. Remming, Esq., at Morris, Nichols, Arsht & Tunnell,
serves as bankruptcy counsel. Bryan Cave LLP is the legal
counsel. FTI Consulting is the restructuring advisor. Garden
City Group is the claims and notice agent.
The debtor-affiliates are Weeks Wholesale Rose Grower (Bankr. D.
Del. Case No. 10-13208), California Nursery Supply (Case No. 10-
13209), Iseli Nursery, Inc. (Case No. 10-13210), and Old Skagit,
Inc. (Case No. 10-13211).
LEHMAN BROTHERS: Has $22.619 Billion Cash at Feb. 28
----------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and other
controlled entities for the month ended Feb. 28, 2011:
Beginning Cash & Investments (02/01/11) $22,517,000,000
Total Sources of Cash 496,000,000
Total Uses of Cash (387,000,000)
FX Fluctuation (7,000,000)
---------------
Ending Cash & Investments (02/28/11) $22,619,000,000
LBHI reported $2.353 billion in cash and investments as of
Feb. 1, 2011, and $2.316 billion as of Feb. 28, 2011.
The monthly operating report also showed that from Feb. 1 to
28, 2011, a total of $30,112,000 was paid to professionals that
were retained in the Debtors' Chapter 11 cases.
Meanwhile, from Sept. 15, 2008 to Feb. 28, 2011, a total of
$1,203,840,000 was paid to professionals, of which $412,695,000
was paid to the Debtors' turnaround manager, Alvarez & Marsal LLC,
while $279,878 was paid to their bankruptcy counsel, Weil Gotshal
& Manges LLP.
A full-text copy of the February 2011 Operating Report is
available for free at:
http://bankrupt.com/misc/LehmanMORFeb2011.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 Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
disclosed 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.
Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.
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.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 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 Sept. 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 Sept. 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)
NEXITY FINANCIAL: Posts $1.93 Million Net Loss in February
----------------------------------------------------------
BankruptcyData.com reports that Nexity Financial filed a monthly
operating report with the U.S. Bankruptcy Court for February 2011.
For the period, the Company reported a net loss of $1.93 million
on zero net revenue.
Nexity Financial Corporation -- http://www.nexitybank.com/--
claims to be a leading provider of capital and support services
for community banks. Its bank subsidiary, Nexity Bank, is
operating under a cease and desist order issued by regulators.
Birmingham, Alabama-based Nexity had net losses of $26 million in
2009 and $13 million in 2008.
The Company filed for Chapter 11 bankruptcy protection on July 22,
2010 (Bankr. D. Del. Case No. 10-12293). Drew G. Sloan, Esq.;
Mark D. Collins, Esq.; and Michael Joseph Merchant, Esq., at
Richards Layton & Finger, assist the Company in its restructuring
effort. The Company estimated its assets and debts at $10 million
to $50 million as of the Petition Date.
POINT BLANK: Posts $2.3 Million Net Loss in February
----------------------------------------------------
Point Blank Solutions, Inc., and its subsidiaries reported a
consolidated net loss of $2.3 million on $7.5 million of sales in
February 2011.
At Feb. 28, 2011, the Debtors had $46.6 million in total assets
and $73.8 million in total liabilities.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/pointblank.feb2011mor.pdf
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.
QIMONDA NA: Has $12.2 Million Cash at Feb. 25
---------------------------------------------
Qimonda North America Corp. reported a net loss of $1.7 million on
$0 revenue for the reporting period ended Feb. 25, 2011.
At Feb. 25, 2011, the Debtor had $12,206,940 in cash and cash
equivalents, compared to $12,643,800 as of Jan. 28, 2011.
The Debtor's balance sheet at Feb. 25, 2011, showed $59.3 million
in total assets, $52.0 million in total liabilities, and
stockholders' equity of $7.3 million.
A copy of Qimonda North America's monthly operating report for the
period ended Feb. 25, 2011, is available for free at:
http://bankrupt.com/misc/qimondana.feb2011mor.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: Reports $6,812 Net Income in February
-------------------------------------------------------
Qimonda Richmond, LLC, reported income of $6,812 on $0 revenue for
the filing period ended Feb. 25, 2011.
The Debtor ended the period with $65,665,077 in unrestricted cash
and equivalents and $52,641,652 in restricted cash and cash
equivalents.
The Debtor's balance sheet at Feb. 25, 2011, showed $118.6 million
in total assets, $430.6 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 Feb. 25, 2011, is available for free at:
http://bankrupt.com/misc/qimondarichmond.feb2011mor.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.
RHI ENTERTAINMENT: Ends February 2011 With $9,235,000 Cash
----------------------------------------------------------
RHI Entertainment, Inc., et al., reported a net loss of
$13.9 million on $4.6 million of total revenue for the
reporting period Dec. 10, 2010, to Jan. 31, 2011.
At Jan. 31, 2011, the Debtors' balance sheet showed $498.7 million
in total assets, $839.1 million in total liabilities, and a
stockholders' deficit of $340.4 million. The Debtors ended the
period with $10,457,000 cash.
Payments to professionals totaled $392,961 for the period.
A complete text of the monthly operating report is available for
free at http://is.gd/LRmpo5
The Debtors reported a net loss of $1.9 million on $986,000 of
total revenue for the month ended Feb. 28, 2011.
At Feb. 28, 2011, the Debtors' balance sheet showed $495.7 million
in total assets, $837.9 million in total liabilities, and
stockholders' deficit of $342.2 million. The Debtors ended the
period with $9,235,000 cash.
Payments to professionals totaled $475,864 for the period.
A complete text of the February 2010 monthly operating report is
available for free at http://is.gd/yFvaiY
About RHI Entertainment
New York-based RHI Entertainment, Inc., develops, produces and
distribute new made-for-television movies, mini-series and other
television programming worldwide.
RHI and its affiliates filed for Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Lead Case No. 10-16536) on Dec. 10, 2010. D.J.
Baker, Esq., Rosalie Walker Gray, Esq., Keith A. Simon, Esq., Adam
S. Ravin, Esq., and Jude Gorman, Esq., at Latham & Watkins LLP,
serve as the Debtors' bankruptcy counsel. Logan & Company, Inc.,
serves as the Debtors' claims and noticing agent.
RHI's First Lien Lenders are represented by Michael A. Chapnick,
Esq. -- mchapnick@morganlewis.com -- and Wendy S. Walker, Esq. --
wwalker@morganlewis.com -- at Morgan, Lewis & Bockius LLP, and
RHI's Second Lien Lenders are represented by Mark R. Somerstein,
Esq. -- mark.somerstein@ropesgray.com -- and Patricia I. Chen,
Esq. -- patricia.chen@ropesgray.com -- at Ropes & Gray LLP.
The Debtors disclosed $524,722,000 in total assets and
$834,094,000 as of the Chapter 11 filing.
As reported in the TCR on March 30, 2011, RHI Entertainment,
Inc., received approval from the bankruptcy court to emerge from
Chapter 11 under a pre-packaged Plan of Reorganization that will
effectively reduce debt and obligations by over $400 million. RHI
is working with its key constituencies and exit lenders to
complete the restructuring and make the reorganization plan
effective as quickly as possible.
SHARPER IMAGE: Posts $32,746 Net Loss in February
-------------------------------------------------
TSIC, Inc., formerly known as The Sharper Image Corporation, filed
with the U.S. Bankruptcy Court for the District of Delaware on
March 17, 2011, its monthly operating report for February 2011.
The Debtor reported a net loss of $32,746 on $0 revenue for the
month. The Debtor incurred a total of $54,047 in professional
fees for the month.
A full-text copy of TSIC's February 2011 monthly operating report
is available at no charge at http://is.gd/C1eoGy
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 $955,000 Net Loss in January
----------------------------------------------------------
GV Ranch Station Inc. disclosed that as of Jan. 31, 2011, it had:
Current Intercompanies, net $110,081,000
Non-current deferred tax asset -
Total Assets $110,081,000
Current Liabilities $8,952,000
Total members' equity $62,557,000
Total Liabilities and Equity $110,081,000
GV Ranch also said that for the month ended Jan. 31, 2011, it had:
Operating income (loss) $857,000
Income (loss) before income taxes and
reorganization items ($1,467,000)
Income (loss) before income taxes ($1,469,000)
Net income (loss) ($955,000)
Reorganization costs $2,000
Losses from joint ventures $1,444,000
Intercompany receivables and payables, net ($9,557,000)
GV Ranch said it had zero balance at the end of Jan. 31 and made
total disbursements of $328,000 as of Jan. 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. Brad E Scheler, Esq., and Bonnie Steingart,
Esq., at Fried, Frank, Shriver, Harris & Jacobson LLP, in New
York, serves as counsel to the Official Committee of Unsecured
Creditors.
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)
STATION CASINOS: GV Ranch Has $1,281,000 Net Loss in February
-------------------------------------------------------------
GV Ranch Station Inc. disclosed that as of Feb. 28, 2011, it had:
Current Intercompanies, net $110,771,000
Non-current deferred tax asset -
Total Assets $110,771,000
Current Liabilities $9,225,000
Total members' equity $61,276,000
Total Liabilities and Equity $110,771,000
GV Ranch also said that for the month ended Feb. 28, 2011, it had:
Operating income (loss) $399,000
Income (loss) before income taxes and
reorganization items ($1,718,000)
Income (loss) before income taxes ($1,971,000)
Net income (loss) ($1,281,000)
Reorganization costs $253,000
Losses from joint ventures $1,698,000
Intercompany receivables and payables, net ($690,000)
GV Ranch said it had zero balance at the end of Feb. 28 and made
total disbursements of $360,000 as of Feb. 28.
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. Brad E Scheler, Esq., and Bonnie Steingart,
Esq., at Fried, Frank, Shriver, Harris & Jacobson LLP, in New
York, serves as counsel to the Official Committee of Unsecured
Creditors.
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)
THORNBURG MORTGAGE: Posts $1.25 Million Net Loss in February
------------------------------------------------------------
BankruptcyData.com reports that Thornburg Mortgage filed with the
U.S. Bankruptcy Court a monthly operating report for February
2011. For the period, the Company reported a net loss of
$1.25 million on $2,293 in net operating revenue.
About Thornburg Mortgage
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages. It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets. Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage and its four affiliates filed for Chapter 11 on
May 1, 2009 (Bankr. D. Md. Lead Case No. 09-17787). Thornburg
changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, is tapped as counsel.
Orrick, Herrington & Sutcliffe LLP is employed as special counsel.
Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin
Capital, Inc., are tapped as investment banker and financial
advisor. Protiviti Inc. is also engaged for financial advisory
services. KPMG LLP is the tax consultant. Epiq Systems, Inc., is
claims and noticing agent. Thornburg listed total assets of
$24.4 billion and total debts of $24.7 billion, as of January 31,
2009.
On Oct. 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.
TRIBUNE CO: Reports $5,463,000 February Net Income
--------------------------------------------------
Tribune Company, et al.
Condensed Combined Balance Sheet
As of February 27, 2011
ASSETS
Current Assets:
Cash and cash equivalents $1,063,385,000
Accounts receivable, net 456,992,000
Inventories 23,399,000
Broadcast rights 196,058,000
Prepaid expenses and other 217,529,000
------------------
Total current assets 1,957,363,000
Property, plant and equipment, net 946,862,000
Other Assets:
Broadcast rights 142,662,000
Goodwill & other intangible assets, net 784,575,000
Prepaid pension costs 2,024,000
Investments in non-debtor units 1,525,681,000
Other investments 34,686,000
Intercompany receivables from non-debtors 3,110,875,000
Restricted cash 726,582,000
Other 74,560,000
------------------
Total Assets $9,305,870,000
==================
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current portion of broadcast rights $113,062,000
Current portion of long-term debt 2,078,000
Accounts payable, accrued expenses, and other 397,980,000
------------------
Total current liabilities 513,120,000
Pension obligations 237,946,000
Long-term broadcast rights 105,190,000
Long-term debt 6,080,000
Other obligations 177,104,000
------------------
Total Liabilities 1,039,440,000
Liabilities Subject to Compromise:
Intercompany payables to non-debtors 3,459,117,000
Obligations to third parties 13,099,134,000
------------------
Total Liabilities Subject to Compromise 16,558,251,000
Shareholders' Equity (Deficit) (8,291,821,000)
------------------
Total Liabilities & Shareholders'
Equity(Deficit) $9,305,870,000
==================
Tribune Company, et al.
Condensed Combined Statement of Operations
For the Period From Jan. 31 to Feb. 27, 2011
Total Revenue $227,462,000
Operating Expenses:
Cost of sales 123,343,000
Selling, general and administrative 70,769,000
Depreciation 10,033,000
Amortization of intangible assets 1,100,000
------------------
Total operating expenses 205,245,000
------------------
Operating Profit (Loss) 22,217,000
------------------
Income (loss) on equity investments, net (201,000)
Interest expense, net (3,195,000)
Management fee (1,515,000)
Non-operating income (loss), net 1,000
------------------
Income (loss) before income taxes & Reorg.
costs 17,307,000
Reorganization costs (11,215,000)
------------------
Income (loss) before income taxes 6,092,000
Income taxes (629,000)
------------------
Income (loss) from continuing operations 5,463,000
Income from discontinued operations, net of tax -
------------------
Net Income (Loss) $5,463,000
==================
Tribune Company, et al.
Combined Schedule of Operating Cash Flow
For the Period From Jan. 31 to Feb. 27, 2011
Beginning Cash Balance $1,801,209,000
Cash Receipts:
Operating receipts 243,250,000
Other 107,000
------------------
Total Cash Receipts 243,357,000
Cash Disbursements
Compensation and benefits 139,621,000
General disbursements 127,379,000
Reorganization related disbursements 3,921,000
------------------
Total Disbursements 270,921,000
------------------
Debtors' Net Cash Flow (27,564,000)
------------------
From/(To) Non-Debtors 6,092,000
------------------
Net Cash Flow (21,472,000)
Other (3,822,000)
------------------
Ending Available Cash Balance $1,775,854,000
==================
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 Dec. 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 Dec. 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)
WOLVERINE TUBE: Posts $733,801 Net Loss in February
---------------------------------------------------
Wolverine Tube, Inc., et al., reported a net loss of $733,801 on
$26.7 million of total revenue for all debtors in February 2011.
At Feb. 26, 2011, the Debtors reported $126.5 million in total
assets, $247.9 million in total liabilities, and a stockholders'
deficit of $121.4 million.
A copy of the Debtors' February 2011 monthly operating report is
available for free at:
http://bankrupt.com/misc/wolverinetube.feb2011mor.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. Wolverine Tube
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/
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. 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.
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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
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*** End of Transmission ***