/raid1/www/Hosts/bankrupt/TCR_Public/110723.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, July 23, 2011, Vol. 15, No. 202
Headlines
4KIDS ENTERTAINMENT: Ends June 2011 With $2.07 Million Cash
AMERICAN SAFETY: Ends May 2011 With $719,000 Cash
AMTRUST FINANCIAL: AmFin Insurance Ends May 2011 With $1.47MM Cash
AMTRUST FINANCIAL: AmFin Properties Files May Operating Report
AMTRUST FINANCIAL: AmFin Real Ends May 2011 With $4.91MM Cash
AMTRUST FINANCIAL: Ends May 2011 With $211,726 Cash
AMTRUST FINANCIAL: Posts $418,190 Net Loss in June
BLACK CROW: Reports Pretax Earnings of $86,898 in May 2011
BORDERS GROUP: Posts Lower Net Loss of $1.5 Million in June
LOWER BUCKS: Lower Bucks Health Posts $30,179 Net Loss in May 2011
LOWER BUCKS: Posts $426,591 Net Loss in May 2011
PEGASUS RURAL: Files Initial Monthly Operating Report
SOUTH EDGE: Posts $75,484 Net Loss in May 2011
*********
4KIDS ENTERTAINMENT: Ends June 2011 With $2.07 Million Cash
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4Kids Entertainment, Inc., and its affiliates filed on July 14,
2011, their monthly operating reports for the period ended
June 30, 2011.
4Kids Entertainment, Inc., ended the period with $2,079,076.49
cash:
Cash, Beginning $3,092,956.48
Receipts $321,612.58
Disbursements ($1,335,492.57)
Net Cash Flow ($1,013,879.99)
Cash, End $2,079,076.49
A copy of the June 2011 monthly operating report is available at:
http://bankrupt.com/misc/4kidsentertainment.june2011mor.pdf
4Kids Entertainment Licensing, Inc., ended the period with
$2,568,521.72 cash:
Cash, Beginning $2,367,554.10
Receipts $426,953.65
Disbursements ($225,986.03)
Net Cash Flow $200,967.62
Cash, End $2,568,521.72
A copy of the June 2011 monthly operating report is available at:
http://bankrupt.com/misc/4kidsentlicensing.june2011mor.pdf
4Kids Productions, Inc., ended the period with $295,761.41 cash:
Cash, Beginning $283,549.14
Receipts $303,410.30
Disbursements ($291,198.03)
Net Cash Flow $12,212.27
Cash, End $295,761.41
A copy of the June 2011 monthly operating report is available at:
http://bankrupt.com/misc/4kidsproductions.june2011mor.pdf
4Kids Entertainment Music, Inc., ended the period with $191,532.60
cash:
Cash, Beginning $0.00
Receipts $191,532.60
Disbursements ($0.00)
Net Cash Flow $191,532.60
Cash, End $191,532.60
A copy of the June 2011 monthly operating report is available at:
http://bankrupt.com/misc/4kidsentertainmentmusic.june2011mor.pdf
4Kids Ad Sales, Inc., ended the period with $171,836.50 cash:
Cash, Beginning $514,049.99
Receipts $73,495.20
Disbursements ($414,708.69)
Net Cash Flow ($341,213.49)
Cash, End $171,836.50
A copy of the June 2011 monthly operating report is available at:
http://bankrupt.com/misc/4kidsadsales.june2011mor.pdf
4Sight Licensing Solutions, Inc., ended the period with $94,725.89
cash:
Cash, Beginning $94,725.89
Receipts $0.00
Disbursements $0.00
Net Cash Flow $0.00
Cash, End $94,725.89
A copy of the June 2011 monthly operating report is available at:
http://bankrupt.com/misc/4sightlicensingsolutions.june2011mor.pdf
Balance sheets and income statements will be provided on a
quarterly basis.
About 4Kids Entertainment
New York-based 4Kids Entertainment, Inc., dba 4Kids, is an
entertainment and media company specializing in the youth oriented
market, with operations in these business segments: (i) licensing,
(ii) advertising and media broadcast, and (iii) television and
film production/distribution. The parent entity, 4Kids
Entertainment, was organized as a New York corporation in 1970.
4Kids Entertainment, along with affiliates, filed for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 11-11607) on
April 6, 2011. Kaye Scholer LLP is the Debtors' restructuring
counsel. Epiq Bankruptcy Solutions, LLC, is the Debtors' claims
and notice agent. BDO Capital Advisors, LLC, is the financial
advisor and investment banker. An official committee of unsecured
creditors has not been appointed by the Office of the United
States Trustee.
In its amended schedules, 4Kids Entertainment, Inc., disclosed
$78,397,971 in assets and $86,515,395 in liabilities as of the
Petition Date.
AMERICAN SAFETY: Ends May 2011 With $719,000 Cash
-------------------------------------------------
American Safety Razor Company, LLC, now known as Old Razor
Company, ended the month of May 2011 with $719,000 cash.
The Company had no revenue or expense transactions for the month.
At May 31, 2011, the Debtor's balance sheet showed $1,653,000
total assets, $181,000 in total liabilities, and stockholders'
equity of $1,472,000.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/oldrazor.may2011mor.pdf
About American Safety Razor
American Safety Razor Company, LLC, doing business as Personna
American Safety Razor, manufactures private-label shaving razors
and blades. ASR also makes and distributes blades and bladed hand
tools for a variety of industrial uses and specialty industrial
and medical blades. The Company has roots going back to 1875.
American Safety, along with affiliates, sought Chapter 11 relief
(Bankr. D. Del. Case No. 10-12351) on July 28, 2010. Mark
J. Thompson, Esq., and Morris J. Massel, Esq., at Simpson Thacher
& Bartlett LLP, serve as bankruptcy attorneys. Howard A. Cohen,
Esq., at Drinker Biddle & Reath LLP, is co-counsel. In addition,
Lazard Middle Market LLC is the investment banker and Kurtzman
Carson Consultants LLC is the claims and notice agent.
At Dec. 31, 2010, the Debtor's balance sheet showed $10.2 million
in total assets, $8.5 million in total liabilities, and
stockholders' equity of $1.7 million.
AMTRUST FINANCIAL: AmFin Insurance Ends May 2011 With $1.47MM Cash
------------------------------------------------------------------
AmTrust Insurance Agency Inc., nka AmFin Insurance Agency Inc.,
reported a net loss of $243 on $0 revenue in May 2011.
At May 31, 2011, the Debtor had total assets of $1,751,301,
total postpetition liabilities of $205,574, total prepetition
liabilities of $813,175, and stockholders' equity of $732,551.
The Debtor ended the period with $1,474,707 in cash, compared to
$1,477,318 at the beginning of the period.
A copy of the May 2011 monthly operating report is available at:
http://bankrupt.com/misc/amfininsurance.may2011mor.pdf
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 Case No. 09-21323) on Nov. 30, 2009. The debtor
subsidiaries include AmFin Real Estate Investments, Inc., formerly
AmTrust Real Estate Investments, Inc. (Case No. 09-21328).
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, serve as counsel to the Debtors.
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.
AMTRUST FINANCIAL: AmFin Properties Files May Operating Report
--------------------------------------------------------------
AmTrust Properties Inc., nka AmFin Properties Inc., reported a net
loss of $243 on $0 revenue for the month of May 2011.
At May 31, 2011, the Debtor had total assets of $1,225,643, total
postpetition liabilities of $1,000, total prepetition
liabilities of $7,584,986, and a stockholders' deficit of
$6,360,343. The Debtor ended the period with $297 in cash,
compared to $539 at the beginning of the period.
A copy of the May 2011 monthly operating report is available at:
http://bankrupt.com/misc/amfinproperties.may2011mor.pdf
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 Case No. 09-21323) on Nov. 30, 2009. The debtor
subsidiaries include AmFin Real Estate Investments, Inc., formerly
AmTrust Real Estate Investments, Inc. (Case No. 09-21328).
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, serve as counsel to the Debtors.
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.
AMTRUST FINANCIAL: AmFin Real Ends May 2011 With $4.91MM Cash
-------------------------------------------------------------
AmTrust Real Estate Investments Inc., nka AmFin Real Estate
Investments Inc., reported a net loss of $47,567 on $0 revenue for
May 2011.
At May 31, 2011, the Debtor had total assets of $104.08 million,
total postpetition liabilities of $471,844, total prepetition
liabilities of $137.26 million, and a stockholders' deficit of
$33.66 million. The Debtor ended the period with $4,913,567 in
cash, from $4,696,237 at the beginning of the period.
A copy of the May 2011 monthly operating report is available at:
http://bankrupt.com/misc/amfinreal.may2011mor.pdf
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 Case No. 09-21323) on Nov. 30, 2009. The debtor
subsidiaries include AmFin Real Estate Investments, Inc., formerly
AmTrust Real Estate Investments, Inc. (Case No. 09-21328).
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, serve as counsel to the Debtors.
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.
AMTRUST FINANCIAL: Ends May 2011 With $211,726 Cash
---------------------------------------------------
AmTrust Financial Corp., nka AmFin Financial Corporation, reported
a net loss of $1,009,994 on $0 revenue for May 2011.
At May 31, 2011, the Debtor had total assets of $99.16 million,
total postpetition liabilities of $1.38 million, total prepetition
liabilities of $156.91 million, and a stockholders' deficit of
$59.13 million. The Debtor ended the period with $211,726 in
cash, from $6,522 at April 30, 2011.
A copy of the May 2011 monthly operating report is available at:
http://bankrupt.com/misc/amfinfinancial.may2011mor.pdf
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 Case No. 09-21323) on Nov. 30, 2009. The debtor
subsidiaries include AmFin Real Estate Investments, Inc., formerly
AmTrust Real Estate Investments, Inc. (Case No. 09-21328).
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, serve as counsel to the Debtors.
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.
AMTRUST FINANCIAL: Posts $418,190 Net Loss in June
--------------------------------------------------
BankruptcyData.com reports that AmTrust Financial filed with the
U.S. Bankruptcy Court a monthly operating report for June 2011.
For the period, the Company reported a net loss of $418,190 on
zero revenue. The Company reports that it paid $500,782 in
professional fees during the month -- and a total of $12.7 million
in professional fees since its Chapter 11 proceeding commenced.
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 Case No. 09-21323) on Nov. 30, 2009. The debtor
subsidiaries include AmFin Real Estate Investments, Inc., formerly
AmTrust Real Estate Investments, Inc. (Case No. 09-21328).
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, serve as counsel to the Debtors.
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.
BLACK CROW: Reports Pretax Earnings of $86,898 in May 2011
----------------------------------------------------------
Black Crow Media Group, LLC, et al., filed on June 22, 2011, their
monthly operating report for the month ended May 31, 2011.
Black Crow Media Group LLC, et al., reported pretax earnings of
$86,898 on $1.15 million of revenues for May. Reorganization
expenses in the month totaled $197,000.
At May 31, 2011, the Debtors had $37.67 million in total assets,
$47.48 million in total liabilities, and a stockholders' deficit
of $9.81 million.
A copy of the May 2011operating report is available at:
http://bankrupt.com/misc/blackcrow.may2011mor.pdf
About Black Crow
Daytona Beach, Florida-based Black Crow Media Group, LLC, owns and
operates 17 FM and 5 AM radio stations in Daytona Beach, Live Oak,
Valdosta, Huntsville, Alabama, and Jackson, Tennessee.
Black Crow filed for Chapter 11 protection two days before a
hearing in U.S. district court where GECC was seeking appointment
of a receiver following default on term loans and a revolving
credit.
The Company filed for Chapter 11 bankruptcy protection (Bankr.
M.D. Fla. Case No. 10-00172) on Jan. 11, 2010. The Company's
affiliates -- Black Crow Media, LLC, et al. -- also filed separate
Chapter 11 petitions.
H. Jason Gold, Esq., Valerie P. Morrison, Esq., and Dylan G.
Trache, Esq., at Wiley Rein LLP, in McLean, Virginia, serve as the
Debtors' counsel. Mariane L. Dorris, Esq., and R. Scott Shuker,
Esq., at Latham, Shuker, Eden & Beaudine, LLP, have been tapped as
co-counsel. Protiviti Inc. is the Debtors' financial advisor.
Epiq Bankruptcy Solutions, LLC, is the claims and notice agent.
Brian G. Rich, Esq., and Douglas Bates, Esq., at Berger Singerman,
P.A., represent the Official Committee of Unsecured Creditors.
Black Crow disclosed $14,661,198 in assets and $48,830,319 in
liabilities.
BORDERS GROUP: Posts Lower Net Loss of $1.5 Million in June
-----------------------------------------------------------
Chapter11Cases.com reports that Borders Group, Inc., released
Wednesday its monthly operating report for the period from May 29,
2011, to June 25, 2011.
According to Chapter11Cases.com, while Borders' operating results
did improve from April to May, Borders' operating results for June
do not appear substantially improved from May despite
demonstrating a substantially smaller net loss ($1.5 million loss
for June versus $35.4 million loss for May). "The difference in
net loss is due primarily, however, to a $36.3 million swing in
the amount of net reorganization items, not a dramatic improvement
in Borders' operating results. While Borders' gross margin did
improve in June, that improvement was more than offset by an
increase in SG&A expenses which resulted in a larger operating
loss in June."
Borders reported loss from continuing operations before
reorganization items and income taxes of $20.6 million for the
period. Operating loss was $16.8 million. Net loss was
$1.5 million.
Revenues were $90.1 million, which includes $86.6 million of sales
revenue.
A copy of Borders' June monthly operating report is available at:
http://bankrupt.com/misc/bordersgroup.may29-june25mor.pdf
A copy of Borders' May monthly operating report is available at:
http://bankrupt.com/misc/Borders_May2011MOR.pdf
About Borders Group
Borders Group operates book, music and movie superstores and mall-
based bookstores. At Jan. 29, 2011, the Debtors operated 642
stores, under the Borders, Waldenbooks, Borders Express and
Borders Outlet names, as well as Borders-branded airport stores in
the United States, of which 639 stores are located in the United
States and 3 in Puerto Rico. In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components. As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.
Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.
David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor. DJM Property
Management is the lease and real estate services provider. AP
Services LLC is the interim management and restructuring services
provider. The Garden City Group, Inc., is the claims and notice
agent.
Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.
Lowenstein Sandler represents the official unsecured creditors
committee for Borders Group. Bruce S. Nathan and Bruce Buechler,
members of Lowenstein Sandlers' Bankruptcy, Financial
Reorganization & Creditors' Rights Group, are leading the team.
The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010
Borders Group has sought approval to sell merchandise and owned
furniture, fixtures and equipment located at approximately 200 of
their stores and, at Borders' option, up to 75 of 136 potential
other stores, through store closing sales.
Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP
BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by Borders Group Inc., the United States' second
largest bookstore chain. (http://bankrupt.com/newsstand/or
215/945-7000)
LOWER BUCKS: Lower Bucks Health Posts $30,179 Net Loss in May 2011
------------------------------------------------------------------
Lower Bucks Health Enterprises, Inc., reported a net loss of
$30,179 on $52,579 of revenue for the month ended May 31, 2011.
The Company's balance sheet at May 31, 2011, showed
$7.02 million in total assets, $354,547 in total liabilities, all
current, and an unrestricted fund balance of $6.66 million.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/lowerbuckshealth.may2011mor.pdf
About Lower Bucks Hospital
Bristol, Pennsylvania-based Lower Bucks Hospital is a non-profit
hospital based in Bristol, Pennsylvania. The Hospital is
currently licensed to operate 183 beds. Together with affiliates
Advanced Primary Care Physicians and Lower Bucks Health
Enterprises, Inc., Lower Bucks owns a 36-acre campus with several
medical facilities. The Hospital's emergency room serves
approximately 30,000 patients annually. For the fiscal year
ending June 30, 2009, Lower Bucks had $114 million in consolidated
revenues.
The Hospital filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Pa. Case No. 10-10239) on Jan. 13, 2010. The Hospital's
affiliates -- Lower Bucks Health Enterprises, Inc, and Advanced
Primary Care Physicians also filed Chapter 11 petitions. Jeffrey
C. Hampton, Esq., and Adam H. Isenberg, at Saul Ewing LLP, assist
the Hospital in its restructuring effort. Donlin, Recano &
Company, Inc., is the Hospital's claims and notice agent. The
Debtors tapped Zelenkofske Axelrod LLC for the provision of tax
preparation services. The Hospital estimated assets and
liabilities at $50 million to $100 million.
LOWER BUCKS: Posts $426,591 Net Loss in May 2011
------------------------------------------------
Lower Bucks Hospital, Inc., reported a net loss of $426,591 on
on $7.44 million of revenue for the month ended May 31, 2011.
The Company's balance sheet at May 31, 2011, showed
$53.60 million in total assets, $67.41 million in total
liabilities, and an unrestricted fund balance of ($13.81) million
A copy of the operating report is available at:
http://bankrupt.com/misc/lowerbucks.may2011mor.pdf
About Lower Bucks Hospital
Bristol, Pennsylvania-based Lower Bucks Hospital is a non-profit
hospital based in Bristol, Pennsylvania. The Hospital is
currently licensed to operate 183 beds. Together with affiliates
Advanced Primary Care Physicians and Lower Bucks Health
Enterprises, Inc., Lower Bucks owns a 36-acre campus with several
medical facilities. The Hospital's emergency room serves
approximately 30,000 patients annually. For the fiscal year
ending June 30, 2009, Lower Bucks had $114 million in consolidated
revenues.
The Hospital filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Pa. Case No. 10-10239) on Jan. 13, 2010. The Hospital's
affiliates -- Lower Bucks Health Enterprises, Inc, and Advanced
Primary Care Physicians also filed Chapter 11 petitions. Jeffrey
C. Hampton, Esq., and Adam H. Isenberg, at Saul Ewing LLP, assist
the Hospital in its restructuring effort. Donlin, Recano &
Company, Inc., is the Hospital's claims and notice agent. The
Debtors tapped Zelenkofske Axelrod LLC for the provision of tax
preparation services. The Hospital estimated assets and
liabilities at $50 million to $100 million.
PEGASUS RURAL: Files Initial Monthly Operating Report
-----------------------------------------------------
Pegasus Rural Broadband, LLC, et al., filed with the U.S.
Bankruptcy Court for the District of Delaware on June 30, 2011, an
initial monthly operating report.
The Debtors submitted cash flow projections for the 12 month
period July 1, 2011, through June 30, 2012.
A copy of the initial monthly operating report is available at:
http://bankrupt.com/misc/pegasusrural.initialmor.pdf
About Pegasus Rural Broadband
Pegasus Rural Broadband, LLC, and its affiliates, including
Xanadoo Holdings Inc., sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 11-11772) on June 10, 2011.
The Debtors are subsidiaries of Xanadoo Company, a 4G wireless
Internet provider. Xanadoo Co. was not among the Chapter 11
filers.
The subsidiaries sought Chapter 11 protection after they were
unable to restructure $52 million in 12.5% senior secured
promissory notes that matured in May. The notes are owing to
Beach Point Capital Management LP.
Xanadoo Holdings, through Xanadoo LLC -- XLC -- offers wireless
high-speed broadband service, including digital phone services,
under the Xanadoo brand utilizing licensed frequencies in the 2.5
GHz frequency band. As of May 31, 2011, XLC served 12,000
subscribers in Texas, Oklahoma and Illinois. In the summer of
2010, the Debtors closed all of their retail stores and kiosks in
its six operating markets and severed all fulltime sales
personnel. Since the closings, the Debtors relied one key
retailer in each market to serve as local point of presence to
market customer transactions.
Judge Peter J. Walsh presides over the case. Jonathan M.
Stemerman, Esq., Neil Raymond Lapinski, Esq., and Rafael Xavier
Zahralddin-Aravena, Esq., Shelley A. Kinsella, Esq., at Elliott
Greenleaf, in Wilmington, Delaware, serve as counsel to the
Debtor. Epiq Systems, Inc., is the claims and notice agent.
Xanadoo Holdings, Pegasus Guard Band and Xanadoo Spectrum each
estimated assets of $100 million to $500 million and debts of
$50 million to $100 million.
SOUTH EDGE: Posts $75,484 Net Loss in May 2011
----------------------------------------------
South Edge, LLC, reported a net loss of $75,484 on $322 of
revenues for the month ended May 31, 2011.
The Debtor's balance sheet at May 31, 2011, showed $514.8 million
in total assets, $457.7 million in total liabilities, and equity
of $57.1 million.
The Debtor ended the period with $973,419 cash, from $1,001,657 at
the beginning of the period.
A copy of the May 2011 monthly operating report is available at:
http://bankrupt.com/misc/southedge.may2011mor.pdf
About South Edge
Las Vegas, Nevada-based South Edge LLC owns the Inspirada project,
an uncompleted 2,000-acre residential development in Henderson,
Nevada, about 16 miles (26 kilometers) southeast of Las Vegas.
The eight owners of the project include an affiliate of KB Home, a
49% owner. Other owners are Coleman Toll LP with 10.5%, Pardee
Homes Nevada Inc. with 4.9%, Meritage Homes with 3.5%, and Beazer
Homes USA Inc. with 2.6%.
JPMorgan Chase Bank, N.A., Credit Agricole Corporate and
Investment Bank, and Wells Fargo Bank, N.A., filed an involuntary
chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 10-32968)
on Dec. 9, 2010, against South Edge, LLC. The petitioning
creditors are part of a lender group that provided a $595 million
credit. New York-based JPMorgan serves as lender and agent for
the group. South Edge filed motions to dismiss the involuntary
petition.
The Court conducted a contested trial on Jan. 24 and 25, 2011, and
Feb. 2 and 3, 2011. On Feb. 3, 2011, the Court entered an order
for relief under Chapter 11 of the Bankruptcy Code against the
Debtor and issued an order directing the appointment of a chapter
11 trustee. The United States Trustee appointed Cynthia Nelson to
serve as Chapter 11 trustee on Feb. 20, 2011. The Court approved
the appointment three days later.
South Edge is represented by lawyers at Klee, Tuchin, Bogdanoff
and Stern LLP, and The Schwartz Law Firm, Inc., as legal counsel.
The Chapter 11 trustee also tapped Schwartzer & McPherson Law Firm
as local counsel.
Petitioning creditors JPMorgan Chase Bank, N.A., and Wells Fargo
Bank, N.A., are represented by lawyers at Morrison and Foerster
LLP; and Lewis and Roca LLP. Credit Agricole is represented by
lawyers at Haynes and Boone LLP, and Jolley Urga Wirth Woodbury &
Standish.
*********
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.
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.
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