/raid1/www/Hosts/bankrupt/TCR_Public/111001.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, October 1, 2011, Vol. 15, No. 272
Headlines
AMBASSADORS INTERNATIONAL: Ends August 2011 With $1.3 Million Cash
AMTRUST FINANCIAL: Ends August 2011 With $139,228 Cash
AMTRUST FINANCIAL: AmFin Insurance Ends August With $1.4MM Cash
AMTRUST FINANCIAL: AmFin Real Ends August 2011 With $6.75MM Cash
AMTRUST FINANCIAL: AmFin Properties Ends August With $472 Cash
CATHOLIC CHURCH: Milwaukee Has $7.2 Million Cash at Aug. 31
EMIVEST AEROSPACE: Incurs $435,792 Net Loss in August 2011
EVANS OIL: Posts $151,770 Net Loss in August 2011
EVANS OIL: Long Run LLC Posts $1,514 Net Loss in August 2011
EVANS OIL: Octane LLC Posts $49,731 Net Loss in August 2011
EVANS OIL: RML LLC Posts $0 Net Income in August 2011
HOWREY LLP: Files Monthly Operating Report for August 2011
IRWIN MORTGAGE: Ends August 2011 With $5.6 Million Cash
LOWER BUCKS: Posts $423,992 Net Loss in July 2011
LOWER BUCKS: Lower Bucks Health Posts $32,820 Net Loss in July
LTV CORPORATION: Ends August 2011 With $3.8 Million Cash
N.A. PETROLEUM: Posts $1.1 Million Net Loss in August 2011
N.A. PETROLEUM: Petroflow Energy Posts $44,020 Net Loss in August
NEWPAGE CORP: Initial MOR Provides 12-Month Cash Flow Projections
PROFILE TECHNOLOGIES: Ends August 2011 With $36,216 Cash
RCLC INC: Posts $592,688 Net Loss in August 2011
SBARRO INC: Posts $2.8 Million Net Loss From August 1 to 28
SOUTH EDGE: Ends August 2011 With $888,110 Cash
SOUTHWEST GEORGIA: Reports $2.15 Million Net Income in August 2011
THORNBURG MORTGAGE: Ends August 2011 With $106.3 Million Cash
*********
AMBASSADORS INTERNATIONAL: Ends August 2011 With $1.3 Million Cash
------------------------------------------------------------------
On Sept. 22, 2011, Ambassadors International, Inc., and its U.S.
subsidiaries filed their monthly operating report for the month
ended Aug. 31, 2011, with the U.S. Bankruptcy Court for the
District of Delaware.
As previously disclosed, substantially all the assets of the
Company and the other Debtors were sold on May 25, 2011, pursuant
to a sale order entered, following a hearing, by the Bankruptcy
Court pursuant to Section 363 of the Bankruptcy Code. The Debtors
are not currently conducting any business operations and will have
no business operations in the future. The remaining net cash
proceeds from the sale of assets represent the principal remaining
asset of the Debtors. The remaining cash proceeds are expected to
be used to provide for the wind-down and liquidation of the
Company's estate and to pay post-petition administrative claims in
the Company's bankruptcy proceedings. Accordingly, the Company
does not expect that there will be any proceeds available for
distribution to the Company's stockholders or holders of the
Company's convertible notes. The Debtors are currently winding up
their activities.
The Debtors have no operations and recognized no revenue during
August 2011.
At Aug. 31, 2011, the Debtors had $1.29 million in cash,
$33.64 million in total liabilities, and stockholders' equity of
$32.35 million. The Debtors paid a total of $2.48 million in
professional fees and $23,075 in U.S. Trustee Quarterly Fees in
August.
A copy of the August 2011 operating report is available for free
at http://is.gd/9xsTyZ
About Ambassadors International
Headquarters in Seattle, Washington, Ambassadors International,
Inc. (NASDAQ: AMIE) -- http://www.ambassadors.com/-- operates
Windstar Cruises, a three-ship fleet of luxury yachts that explore
the hidden harbors and secluded coves of the world's most sought-
after destinations. Carrying 148 to 312 guests, the luxurious
ships of Windstar cruise to nearly 50 nations, calling at 100
ports throughout Europe, the Caribbean and the Americas.
Ambassadors International Inc. and 11 affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-11002) on
April 1, 2011.
Kristopher M. Hansen, Esq.; Sayan Bhattacharyya, Esq.; Marianne
Mortimer, Esq.; and Matthew G. Garofalo, Esq., at Stroock &
Stroock & Lavan LLP, serve as the Debtors' bankruptcy counsel.
Imperial Capital, LLC, is the Debtors' financial advisor. Phase
Eleven Consultants, LLC, is the Debtors' claims and notice agent.
The Debtors tapped Bifferato Gentilotti LLC as Delaware counsel,
and Richards, Layton & Finger as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors tapped Kelley
Drye & Warren LLP as its counsel, and Lowenstein Sandler PC as its
co-counsel.
The Debtors disclosed $86.4 million in total assets and
$87.3 million in total debts as of Dec. 31, 2010.
AMTRUST FINANCIAL: Ends August 2011 With $139,228 Cash
------------------------------------------------------
AmTrust Financial Corp., nka AmFin Financial Corporation, reported
a net loss of $682,555 on $0 revenue for August 2011.
At Aug. 31, 2011, the Debtor had total assets of $98.32 million,
total postpetition liabilities of $1.06 million, total prepetition
liabilities of $156.91 million, and a stockholders' deficit of
$59.65 million.
The Debtor ended the period with $139,228 in cash, compared with
$120,902 at July 31, 2011.
A copy of the August 2011 monthly operating report is available
for free at:
http://bankrupt.com/misc/amfinfinancial.august2011mor.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 Insurance Ends August With $1.4MM Cash
---------------------------------------------------------------
AmTrust Insurance Agency Inc., nka AmFin Insurance Agency Inc.,
had no income or expense transactions in August 2011.
At Aug. 31, 2011, the Debtor had total assets of $1,726,005,
total postpetition liabilities of $148,392, total prepetition
liabilities of $813,175, and stockholders' equity of $764,438.
The Debtor ended the period with $1,449,411 in cash, unchanged
from the beginning of the period.
A copy of the August 2011 monthly operating report is available
for free at:
http://bankrupt.com/misc/amfininsurance.august2011mor.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 August 2011 With $6.75MM Cash
----------------------------------------------------------------
AmTrust Real Estate Investments Inc., nka AmFin Real Estate
Investments Inc., reported a net loss of $48,070 on $0 revenue
for July 2011.
At Aug. 31, 2011, the Debtor had total assets of $103.85 million,
total postpetition liabilities of $383,345, total prepetition
liabilities of $136.75 million, and a stockholders' deficit of
$33.28 million.
The Debtor ended the period with $6,755,305 cash, from $7,356,334
at the beginning of the period.
A copy of the August 2011 monthly operating report is available
for free at http://bankrupt.com/misc/amfinreal.august2011mor.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 Ends August With $472 Cash
--------------------------------------------------------------
AmTrust Properties Inc., nka AmFin Properties Inc., had no income
or expense transactions for the month of August 2011.
At Aug. 31, 2011, the Debtor had total assets of $1,216,365, total
postpetition liabilities of $1,500, total prepetition
liabilities of $7,584,986, and a stockholders' deficit of
$6,370,121.
The Debtor ended the period with $472 in cash, unchanged from the
beginning of the period.
A copy of the August 2011 monthly operating report is available
for free at:
http://bankrupt.com/misc/amfinproperties.august2011mor.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.
CATHOLIC CHURCH: Milwaukee Has $7.2 Million Cash at Aug. 31
-----------------------------------------------------------
Archdiocese of Milwaukee
Statement of Financial Position
As of August 31, 2011
Current Assets
Cash and cash equivalents $7,204,473.06
Short-term investments 4,173,853.81
Receivables, net 3,512,384.51
Other assets 1,297,753.13
--------------
Total Current Assets 16,188,464.51
Ground burial & mausoleum crypt sites 5,857,086.04
Property and equipment, net 4,957,823.07
Investments and Other Assets
Long-term investments 11,379,679.23
Cemeteries Pre-Need Trust Fund Acct 3,579,795.78
Charitable gift annuities invest. 703,015.62
Other Assets 1,089,255.54
--------------
Total Investments and Other Assets 16,751,746.17
--------------
TOTAL ASSETS $43,755,119.79
==============
Current Liabilities
Current maturities of charitable
gift annuities 84,328.16
Accounts payable 631,530.22
Accrued expenses 1,279,944.10
Chapter 11 expenses 798,814.65
Contributions payable C.S.A. 2,557,224.00
--------------
Total Current Liabilities 5,351,841.13
Charitable gift annuities 457,088.84
Deferred revenue 3,579,795.78
Prepetition Debt
Note payable 4,649,912.50
Pre-Chapter 11 payables 507,448.88
Contractual contributions payable 2,850,554.00
Accrued post-retirement and pension benefits 15,124,294.00
--------------
Total prepetition debt 23,132,209.38
Total Liabilities 32,520,935.13
Net Assets
Unclassified current year operations (1,971,521.10)
Unrestricted
Undesignated operating (deficit) (4,392,883.84)
Designated 5,961,166.27
--------------
Total Unrestricted 1,568,282.43
Temporarily Restricted 7,921,057.28
Permanently Restricted 3,716,366.05
--------------
Total Net Assets 11,234,184.66
--------------
Total Liabilities and Net Assets $43,755,119.79
==============
Note: Invested funds held for others totaled $2,460,313.07
Archdiocese of Milwaukee
Statement of Activities
As of August 31, 2011
CHANCERY
Support and Revenue
Contributions $342,934.71
Parish assessments -
Parish assessments adj. to budget -
Tuition and fees 27,511.12
Activities and programs 101.00
Miscellaneous revenues 52,795.21
Net assets released from restrictions -
--------------
Total Support and Revenue 423,342.04
CHANCERY OPERATING EXPENSES
Payroll and fringe benefits 539,425.02
Maintenance, insurance, utility costs (37,177.36)
Travel and education 19,173.76
Supplies and services 52,210.58
Assessments 47,976.00
Purchased services 244,035.44
Professional services 407,426.28
Charity and donations 255,602.33
Miscellaneous expenses 49,061.84
Pension related changes other than NPPC -
--------------
Total Operating Expenses 1,577,733.89
Chancery income before fixed assets, --------------
non-operations gain (loss), and ($1,154,391.85)
extraordinary expense
FIXED ASSETS
Fixed asset purchases -
Depreciation expense (20,091.03)
Impairment of leasehold improvements -
Gain(loss) on sale of property and
equipment, net -
--------------
Total Fixed Asset Expense (Income) (20,091.03)
NON-OPERATING ACTIVITIES
Investment income 88,907.15
Net realized gains(losses) (372.43)
Net unrealized gains(losses) 173,877.64
Interest expense (21,063.96)
Other non-operating revenues(expenses) -
--------------
Total non-operating activities 241,348.40
--------------
Extraordinary events, net 0.00
--------------
Chancery net gain(loss) (933,134.48)
Reimbursed operations net gain(loss) 18,446.10
--------------
Change in net assets before cumulative (951,580.58)
effect and cemetery operations
Cumulative effect of change in 0.00
accounting principle
--------------
Chancery change in net assets (951,580.58)
Cemetery operations
Cemetery gain(loss) (51,530.82)
--------------
Cemetery change in net assets (51,530.82)
--------------
Total change in net assets ($1,003,111.40)
==============
Archdiocese of Milwaukee
Cash Receipts
For the month ending August 31, 2011
Receipt Category
Contributions $346,186.75
Assessments -
Tuition and fees 27,882.12
Cemetery cash receipts/transfers 328,332.80
Investment income 0.17
Realized gains -
Gains on sales and fixed assets -
Miscellaneous revenues 31,088.93
Clearing 11,404.02
A/R & N/R payments 360,833.50
--------------
Total Receipts $1,105,728.29
Notes: Funds transferred in from other
Archdiocesan accounts $1,501,966.01
Funds held for others -
==============
Archdiocese of Milwaukee
Cash Disbursements
For the month ending August 31, 2011
Disbursements Category
Salary and wages $496,728.86
Payroll taxes 180,482.54
Employee benefits 207,932.18
Employee withholdings 38,010.08
Facility and operating 156,502.44
Travel and education 25,655.59
Supplies 70,146.49
Assessments -
Purchased services 248,430.16
Legal/Professional 333,631.56
Grants 43,000.00
Interest and bank fees 22,606.67
Other 94,895.38
Reimbursed expense 56,185.17
Clearing 6,881.87
Fee assistance -
--------------
Total Disbursements $1,981,088.99
Notes: Funds transferred in from other
Archdiocesan accounts $1,151,966.01
Funds held for others $74,953.37
==============
About the Archdiocese of Milwaukee
The Diocese of Milwaukee was established on Nov. 28, 1843, and
was elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius
IX. The region served by the Archdiocese consists of 4,758 square
miles in southeast Wisconsin which includes counties Dodge, Fond
du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth,
Washington and Waukesha. There are 657,519 registered Catholics
in the Region.
The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for
Chapter 11 bankruptcy protection (Bankr. E.D. Wisc. Case No.
11-20059) on Jan. 4, 2011, to address claims over sexual abuse
by priests on minors.
The Archdiocese became at least the eighth Roman Catholic diocese
in the U.S. to file for bankruptcy to settle claims from current
and former parishioners who say they were sexually molested by
priests.
Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in
Milwaukee, Wisconsin, serves as the Archdiocese's counsel. The
Official Committee of Unsecured Creditors in the bankruptcy case
has retained Pachulski Stang Ziehl & Jones LLP as its counsel, and
Howard, Solochek & Weber, S.C., as its local counsel.
The Archdiocese estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.
(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
EMIVEST AEROSPACE: Incurs $435,792 Net Loss in August 2011
----------------------------------------------------------
Emivest Aerospace Corporation reported a net loss of $435,792
on $0 revenue for August 2011.
At Aug. 31, 2011, the Debtor had $2.6 million in total assets,
$81.8 million in total liabilities, and a shareholders' deficit of
$79.2 million.
A copy of the August 2011 monthly operating report is available
for free at http://bankrupt.com/misc/emivest.august2011mor.pdf
Emivest Aerospace Corporation reported a net loss of $671,965 on
$0 revenue for July 2011.
At July 31, 2011, the Debtor had $2.6 million in total assets,
$81.4 million in total liabilities, and a shareholders' deficit of
$78.8 million.
A copy of the July 2011 monthly operating report is available for
free at http://bankrupt.com/misc/emivest.july2011mor.pdf
Emivest Aerospace Corporation reported a net loss of $14.8 million
on $0 revenue for June 2011. The net loss includes a loss of
$14.3 million from disposition of assets.
At June 30, 2011, the Debtor had $2.8 million in total assets,
$80.9 million in total liabilities, and a shareholders' deficit of
$78.1 million.
A copy of the June 2011 monthly operating report is available for
free at http://bankrupt.com/misc/emivest.june2011mor.pdf
Emivest Aerospace Corporation reported a net loss of $739,201 on
$0 revenue for May 2011.
At May 31, 2011, the Debtor had $18.0 million in total assets,
$81.2 million in total liabilities, and a shareholders' deficit of
$63.2 million.
A copy of the May 2011 monthly operating report is available for
free at http://bankrupt.com/misc/emivest.may2011mor.pdf
About Emivest Aerospace
Emivest Aerospace Corporation -- http://www.sj30jet.com/-- is a
U.S.-based aircraft manufacturing company and a subsidiary of
Emirates Investment & Development PSC. Emivest Aerospace
Corporation produces the SJ30 light jet.
Emivest Aerospace Corporation filed for Chapter 11 protection
(Bankr. D. Del. Case No. 10-13391) on Oct. 20, 2010. Emivest
disclosed $80,700,232 in assets and $77,333,546 in liabilities as
of the Chapter 11 filing.
Daniel B. Butz, Esq., at Morris, Nichols, Arsht & Tunnell LLP, in
Wilmington, Delaware, serves as counsel to the Debtor. Morgan
Joseph & Co. Inc. is the financial advisor to the Debtor. The
Debtor also hired DLA Piper LLP (US) as special counsel to assist
in the marketing of its assets. Attorneys at Pachulski Stang
Ziehl & Jones LLP serve as counsel to the Official Committee of
Unsecured Creditors. Deloitte Financial Services LLP is the
Committee's financial advisor.
EVANS OIL: Posts $151,770 Net Loss in August 2011
-------------------------------------------------
Evans Oil Company LLC reported a net loss of $151,770 on
$12.64 million of revenue for the month of August 2011.
At Aug. 31, 2011, the Debtor had $21.64 million in total assets,
$37.52 million in total liabilities, and an equity deficit of
$15.88 million.
A copy of Evans Oil's August 2011 monthly operating report is
available for free at:
http://bankrupt.com/misc/evansoil.august2011mor.pdf
Evans Oil Company LLC reported a net loss of $352,914 on
$11.77 million of revenue for the month of July 2011.
At July 31, 2011, the Debtor had $21.11 million in total assets,
$37.16 million in total liabilities, and an equity deficit of
$16.05 million.
A copy of Evans Oil's July 2011 monthly operating report is
available for free at:
http://bankrupt.com/misc/evansoil.july2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30,
2011.
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
EVANS OIL: Long Run LLC Posts $1,514 Net Loss in August 2011
------------------------------------------------------------
Long Run LLC reported a net loss of $1,514 on $0 revenue for the
month of August 2011.
At Aug. 31, 2011, the Debtor had $1.03 million in total assets,
$1.58 million in total liabilities, and an equity deficit of
$545,359.
A copy of Long Run LLC's August 2011 monthly operating report is
available for free at:
http://bankrupt.com/misc/longrun.august2011mor.pdf
Long Run LLC reported a net loss of $1,514 on $0 revenue for the
month of July 2011.
At July 31, 2011, the Debtor had $1.03 million in total assets,
$1.58 million in total liabilities, and an equity deficit of
$546,845.
A copy of Long Run LLC's July 2011 monthly operating report is
available for free at:
http://bankrupt.com/misc/longrun.july2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30,
2011.
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
EVANS OIL: Octane LLC Posts $49,731 Net Loss in August 2011
-----------------------------------------------------------
Octane LLC reported a net loss of $49,731 on $0 revenue for the
month of August 2011.
At Aug. 31, 2011, the Debtor had $3.18 million in total assets,
$3.76 million in total liabilities, and an equity deficit of
$576,475.
A copy of Octane LLC's August 2011 monthly operating report is
available for free at:
http://bankrupt.com/misc/octanellc.august2011mor.pdf
Octane LLC reported a net loss of $49,731 on $0 revenue for the
month of July 2011.
At July 31, 2011, the Debtor had $3.23 million in total assets,
$3.76 million in total liabilities, and an equity deficit of
$526,744.
A copy of Octane LLC's July 2011 monthly operating report is
available for free at:
http://bankrupt.com/misc/octanellc.july2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30,
2011.
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
EVANS OIL: RML LLC Posts $0 Net Income in August 2011
-----------------------------------------------------
RML LLC reported $0 net profit on lease income of $113,757 for the
month of August 2011.
At Aug. 31, 2011, the Debtor had $3.56 million in total assets,
$1.58 million in total liabilities, and total equity of
$1.98 million.
A copy of RML LLC's August 2011 monthly operating report is
available for free at:
http://bankrupt.com/misc/rmlllc.august2011mor.pdf
RML LLC reported $0 net profit on lease income of $79,953 for the
month of July 2011.
At July 31, 2011, the Debtor had $3.62 million in total assets,
$1.69 million in total liabilities, and total equity of
$1.93 million.
A copy of RML LLC's July 2011 2011 monthly operating report is
available for free at:
http://bankrupt.com/misc/rmlllc.july2011mor.pdf
About Evans Oil
Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC,
distributes bulk oil, gas, diesel and lubricant products. Evans
Oil, together with affiliates, filed for Chapter 11 bankruptcy
protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30,
2011.
Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve
as bankruptcy counsel to the Debtors. Garden City Group Inc. is
the claims and notice agent. The Parkland Group Inc. is the
restructuring advisor.
Evans Oil estimated assets and debts at $10 million to $50 million
as of the Chapter 11 filing.
HOWREY LLP: Files Monthly Operating Report for August 2011
----------------------------------------------------------
Chapter11Cases.com reports that on Sept. 21, 2011, Howrey LLP
filed its monthly operating report for August 2011.
According to Chapter11Cases.com, the monthly operating report for
August shows:
* Total assets decreased during the month from $53.75 million
to $50.45 million. Current assets decreased from
$37.4 million to $35.2 million.
* The former law firm had cash receipts of almost $4.4 million
during the month. Receipts outpaced disbursements,
resulting in an increase in the amount of cash on hand from
$5.6 million to $7.1 million (note: there is a slight
discrepancy between the balance sheet and the statement of
cash flows included in the monthly operating report. The
above numbers are from the statement of cash flows. The
balance sheet lists ending cash balances of $6.85 million
(unrestricted) and $3.72 million (restricted). No
explanation of the discrepancy is provided.)
* Accounts receivable decreased from $27.4 million to
$23.8 million (both amounts take into account Howrey's
allowance for doubtful accounts). As of the end of August,
Howrey listed total accounts receivable of $41.8 million,
with $40 million being 91 or more days past due. The firm's
allowance for doubtful accounts was $17.98 million.
About Howrey LLP
Three creditors filed an involuntary Chapter 7 petition (Bankr.
N.D. Calif. Case No. 11-31376) on April 11, 2011, against the
remnants of the Washington-based law firm Howrey LLP. The filing
was in San Francisco, where the firm had an office. The firm
previously was known as Howrey & Simon and Howrey Simon Arnold &
White LLP. The firm at one time had more than 700 lawyers in 17
offices. The partners voted to dissolve in March.
The firm specialized in antitrust and intellectual-property
matters. The three creditors filing the involuntary petition
together have $36,600 in claims, according to their petition.
The involuntary chapter 7 petition was converted to a chapter 11
case in June at the request of the firm. In its schedules filed
in July, the Debtor disclosed assets of $138.7 million and
liabilities of $107.0 million.
Representing Citibank, the firm's largest creditor, is Kelley
Cornish, Esq. -- kcornish@paulweiss.com -- a partner at Paul,
Weiss, Rifkind, Wharton & Garrison. Representing Howrey is H.
Jason Gold, Esq. -- jgold@wileyrein.com -- a partner at Wiley
Rein.
IRWIN MORTGAGE: Ends August 2011 With $5.6 Million Cash
-------------------------------------------------------
Irwin Mortgage Corporation filed on Sept. 20, 2011, its monthly
operating report for August 2011.
The Debtor submitted a cash receipts & disbursements summary for
August, disclosing:
Beginning Cash $5,556,504
Receipts $4,805
Disbursements $33
Net Receipts (Disbursement) $4,772
Ending Cash $5,561,276
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/irwinmortgage.august2011mor.pdf
About Irwin Mortgage
For a number of years, Irwin Mortgage Corporation, based in
Dublin, Ohio, originated, purchased, sold and serviced
conventional and government agency backed residential mortgage
loans throughout the United States. However, in 2006 and
continuing into early 2007, IMC sold substantially all of its
assets, including its mortgage origination business, its mortgage
servicing business, and its mortgage servicing rights portfolio,
to a number of third party purchasers. As a result of those
sales, IMC terminated its operations and has been winding down
since 2006.
Irwin Mortgage filed for Chapter 11 bankruptcy (Bankr. S.D. Ohio
Case No. 11-57191) on July 8, 2011. Judge Charles M. Caldwell
presides over the case. In its petition, the Debtor estimated
assets of $10 million to $50 million, and debts of $50 million to
$100 million. The petition was signed by Fred C. Caruso,
president.
Nick V. Cavalieri, Esq., and Matthew T. Schaeffer, Esq., at Bailey
Cavalieri LLC, in Columbus, Ohio; and Robert B. Berner, Esq., at
Bailey Cavalieri LLC, in Dayton, Ohio, serve as the Debtor's
counsel. Fred C. Caruso and Development Specialists Inc. provide
wind-down management services to the Debtor.
LOWER BUCKS: Posts $423,992 Net Loss in July 2011
-------------------------------------------------
Lower Bucks Hospital, Inc., reported a net loss of $423,992 on
on $8.03 million of revenue for the month ended July 31, 2011.
The Company's balance sheet at July 31, 2011, showed
$52.44 million in total assets, $67.26 million in total
liabilities, and an unrestricted fund balance of ($14.82) million
A copy of the operating report is available for free at
http://bankrupt.com/misc/lowerbucks.july2011mor.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: Lower Bucks Health Posts $32,820 Net Loss in July
--------------------------------------------------------------
Lower Bucks Health Enterprises, Inc., reported a net loss of
$32,820 on $50,606 of revenue for the month ended July 31, 2011.
The Company's balance sheet at July 31, 2011, showed
$6.63 million in total assets, $366,164 in total liabilities, all
current, and an unrestricted fund balance of $6.27 million.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/lowerbuckshealth.july2011mor.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.
LTV CORPORATION: Ends August 2011 With $3.8 Million Cash
--------------------------------------------------------
On Sept. 20, 2011, The LTV Corporation, et al., submitted to
the United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division, their monthly operating report for
August 2011.
LTV ended the period with a $3,806,000 cash balance. LTV
reported $1,000 in receipts and $674,000 in disbursements in
August, including $634,00 paid to Chapter 11 professionals.
Beginning cash was $4,479,000.
A complete text of the operating report is available for free at:
http://is.gd/NEg8w6
About The LTV Corporation
Headquartered in Cleveland, Ohio, The LTV Corp. operates as a
domestic integrated steel producer. The Company along with 48
subsidiaries filed for Chapter 11 protection on Dec. 29, 2000
(Bankr. N.D. Ohio, Case No. 00-43866). On Aug. 31, 2001, the
Company disclosed $4,853,100,000 in total assets and
$4,823,200,000 in total liabilities.
By order dated Feb. 28, 2002, the Court approved the sale of
substantially all of the Debtors' integrated steel assets to WLR
Acquisition Corp. n/k/a International Steel Group, Inc., for a
purchase price of roughly $80 million, plus the assumption of
certain environmental and other obligations. ISG also purchased
inventories which were located at the integrated steel facilities
for roughly $52 million. The sale of the Debtors' integrated
steel assets to ISG closed in April 2002, and a second closing
related to the purchase of the inventory occurred in May 2002.
On Dec. 31, 2002, substantially all of the assets of the Pipe
and Conduit Business, consisting of LTV Tubular Company, a
division of LTV Steel Company, Inc., and Georgia Tubing
Corporation, were sold to Maverick Tube Corporation for cash of
roughly $120 million plus the assumption of certain environmental
and other obligations. On Oct. 16, 2002, the Debtors announced
that they intended to reorganize the Copperweld Business as a
stand-alone business. The LTV Corporation no longer exercised any
control over the business or affairs of the Copperweld Business.
A separate plan of reorganization was developed for the Copperweld
Business. On Aug. 5, 2003, the Copperweld Business filed a
disclosure statement for the Joint Plan of Reorganization of
Copperweld Corporation and certain of its debtor affiliates. On
Oct. 8, 2003, the Court approved the Second Amended Disclosure
Statement. On Nov. 17, 2003, the Court confirmed the Second
Amended Joint Plan, as modified, and on Dec. 17, 2003, the Plan
became effective and the common stock was canceled. Because The
LTV Corporation received no distributions under the Second Amended
Plan, its equity in the Copperweld Business is worthless and has
been canceled.
In November 2002, the Debtors paid the DIP Lenders the remaining
balance due for outstanding loans and in December 2002, the
remaining letters of credit were canceled or cash collateralized.
Consequently, the Debtors have no remaining obligation to the DIP
Lenders. Pursuant to a February 2003 Court order, LTV Steel
continued the orderly liquidation and wind down of its businesses.
On Oct. 8, 2003, the Court entered an Order substantively
consolidating the Chapter 11 estates of LTV Steel and Georgia
Tubing Corporation for all purposes.
In November and December 2003, approximately $91.9 million was
distributed by LTV Steel to other Debtors pursuant to the
Intercompany Settlement Agreement that was approved by the Court
on Nov. 17, 2003. On Dec. 23, 2003, the Court authorized LTV
Steel and Georgia Tubing to make distributions to their
administrative creditors and, after the final distribution, to
dismiss their Chapter 11 cases and dissolve.
On March 31, 2005, the Court entered an order that among other
things: (a) approved a distribution and dismissal plan for LTV
and certain other debtors; (b) authorized The LTV Corporation
and LTV Steel to take any and all actions that are necessary or
appropriate to implement the distribution and dismissal plan;
(c) established March 31, 2005, as the record date for identifying
shareholders of LTV that are entitled to any and all shareholder
rights with respect to the distribution and dismissal plan and the
eventual dissolution of LTV; and (d) authorized The LTV
Corporation to establish and fund a reserve account for the
conduct of post-dismissal activities and the payment of post-
dismissal claims.
LTV is in the process of liquidating, and its stock is worthless.
There is no set of facts known to LTV that will result in proceeds
of asset sales exceeding LTV's known liabilities. Thus, there
will be no recovery to LTV's stockholders.
On March 28, 2007, the Official Committee of Administrative
Claimants filed a motion with the Court requesting an order to
approve the appointment of a Chapter 11 trustee. On April 11,
2007, April 12, 2007, and May 1, 2007, certain of the Defendants
filed motions to convert the case to Chapter 7. On June 28, 2007,
the ACC filed a motion to withdraw the Chapter 11 Trustee Motion;
the Court granted the ACC's withdrawal motion on Aug. 1, 2007. An
evidentiary hearing on the Chapter 7 Trustee Motion was held in
August 2007. The Court has not yet issued its order.
N.A. PETROLEUM: Posts $1.1 Million Net Loss in August 2011
----------------------------------------------------------
North American Petroleum Corp. USA reported a net loss of
$1.1 million on net revenue of $18,096 for August 2011.
At Aug. 31, 2011, the Debtor had $21.2 million in total assets,
$6.1 million in total liabilities, and $15.1 million in
net owner equity.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/napetroleum.august2011mor.pdf
About North American Petroleum
Denver, Colorado-based North American Petroleum Corp. USA is a
natural gas driller. North American Petroleum and Prize Petroleum
are subsidiaries of Petroflow Energy Ltd. North American
Petroleum sought Chapter 11 protection (Bankr. D. Del. Case No.
10-11707) on May 25, 2010. In its schedules, North American
Petroleum disclosed $140,678,983 in total assets and $125,595,183
in total liabilities as of the Petition Date.
The Debtor's affiliate, Prize Petroleum LLC, filed a separate
Chapter 11 petition on May 25, 2010 (Case No. 10-11708). Prize
Petroleum scheduled $121,945,092 in liabilities.
These cases are being jointly administered for procedural
purposes, under the case docket for North American Petroleum
Corporation USA, Case No. 10-11707.
On Aug. 20, 2010, Petroflow Energy Ltd., the parent company of
North American Petroleum Corporation USA and Prize Petroleum, LLC,
filed a petition in the U.S. Bankruptcy Court for the District of
Delaware seeking relief under Chapter 11 of the Bankruptcy Code
(Case No. 10-12608). On Sept. 10, 2010, the Bankruptcy Court
granted permission for Petroflow's Chapter 11 case to be jointly
administered with those of its two Chapter 11 debtor-affiliates.
On Sept. 17, 2010, Petroflow received recognition of the U.S.
Chapter 11 proceedings from the Alberta Court of Queen's Bench
under the Companies' Creditors Arrangement Act in Canada. In its
petition, Petroflow disclosed assets and debts of between
$100 million and $500 million each.
David R. Seligman, Esq., Ryan Blaine Bennett, Esq., and Paul
Wierbicki, Esq., at Kirkland & Ellis LLP, in Chicago, serve as
lead bankruptcy counsel. Domenic E. Pacitti, Esq., at Klehr
Harrison Harvey Branzburg LLP in Wilmington, Del., and Morton R.
Branzburg, Esq., at Klehr Harrison Harvey Branzburg LLP, in
Philadephia, Pa., serve as the Debtors' co-counsel. Epiq
Bankruptcy Solutions, LLC, is the Debtors' notice, claims and
balloting agent.
N.A. PETROLEUM: Petroflow Energy Posts $44,020 Net Loss in August
-----------------------------------------------------------------
Petroflow Energy Ltd. reported a net loss of $44,020 on $nil
revenue for the month of August 2011.
At Aug. 31, 2011, the Debtor had $19.55 million in total assets,
$154,791 in total liabilities, and $19.40 million in net owner
equity.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/petroflow.august2011mor.pdf
About North American Petroleum
Denver, Colorado-based North American Petroleum Corp. USA is a
natural gas driller. North American Petroleum and Prize Petroleum
are subsidiaries of Petroflow Energy Ltd. North American
Petroleum sought Chapter 11 protection (Bankr. D. Del. Case No.
10-11707) on May 25, 2010. In its schedules, North American
Petroleum disclosed $140,678,983 in total assets and $125,595,183
in total liabilities as of the Petition Date.
The Debtor's affiliate, Prize Petroleum LLC, filed a separate
Chapter 11 petition on May 25, 2010 (Case No. 10-11708). Prize
Petroleum scheduled $121,945,092 in liabilities.
These cases are being jointly administered for procedural
purposes, under the case docket for North American Petroleum
Corporation USA, Case No. 10-11707.
On Aug. 20, 2010, Petroflow Energy Ltd., the parent company of
North American Petroleum Corporation USA and Prize Petroleum, LLC,
filed a petition in the U.S. Bankruptcy Court for the District of
Delaware seeking relief under Chapter 11 of the Bankruptcy Code
(Case No. 10-12608). On Sept. 10, 2010, the Bankruptcy Court
granted permission for Petroflow's Chapter 11 case to be jointly
administered with those of its two Chapter 11 debtor-affiliates.
On Sept. 17, 2010, Petroflow received recognition of the U.S.
Chapter 11 proceedings from the Alberta Court of Queen's Bench
under the Companies' Creditors Arrangement Act in Canada. In its
petition, Petroflow disclosed assets and debts of between
$100 million and $500 million each.
David R. Seligman, Esq., Ryan Blaine Bennett, Esq., and Paul
Wierbicki, Esq., at Kirkland & Ellis LLP, in Chicago, serve as
lead bankruptcy counsel. Domenic E. Pacitti, Esq., at Klehr
Harrison Harvey Branzburg LLP in Wilmington, Del., and Morton R.
Branzburg, Esq., at Klehr Harrison Harvey Branzburg LLP, in
Philadephia, Pa., serve as the Debtors' co-counsel. Epiq
Bankruptcy Solutions, LLC, is the Debtors' notice, claims and
balloting agent.
NEWPAGE CORP: Initial MOR Provides 12-Month Cash Flow Projections
-----------------------------------------------------------------
Chapter11Cases.com reports that on Sept. 22, 2011, NewPage
Corporation filed its first monthly operating report with the
Delaware bankruptcy court.
NewPage's first monthly operating report provides 12-month cash
flow projections, certificates of the companies' insurance
policies, and a summary of the retainers that the companies have
paid to their professional advisors.
According to the cash flow projections included in the monthly
operating report, NewPage projects positive cash flows during the
first three calendar months of its chapter 11 cases (Sept., Oct.,
and Nov.) and an unrestricted cash balance of approximately
$98.4 million at the end of November. More than half of that
unrestricted cash balance will be used, however, to fund
disbursements in excess of receipts during the months of
December and January 2012. At that point, cash flows are expected
to be positive for the next four calendar months, with
unrestricted cash growing to nearly $105 million by the end of
May 2012. The companies' cash balance is anticipated to fall
dramatically (by nearly $82 million) during June 2012, with nearly
$103 million in interest and fees anticipated to be paid during
that month. The companies' unrestricted cash is expected to fall
further in July, ending the month with only $15 million, before
cash flows turn positive again next August.
About NewPage Corporation
Headquartered in Miamisburg, Ohio, NewPage Corporation is the
leading producer of printing and specialty papers in North
America, based on production capacity, with $3.6 billion in net
sales for the year ended Dec. 31, 2010. The Company's product
portfolio is the broadest in North America and includes coated
freesheet, coated groundwood, supercalendered, newsprint and
specialty papers. These papers are used for corporate collateral,
commercial printing, magazines, catalogs, books, coupons, inserts,
newspapers, packaging applications and direct mail advertising.
NewPage owns paper mills in Kentucky, Maine, Maryland, Michigan,
Minnesota, Wisconsin and Nova Scotia, Canada. These mills have a
total annual production capacity of approximately 4.1 million tons
of paper, including approximately 2.9 million tons of coated
paper, approximately 1.0 million tons of uncoated paper and
approximately 200,000 tons of specialty paper.
NewPage Corporation, along with affiliates, filed Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12804) on
Sept. 7, 2011. Martin J. Bienenstock, Esq., Judy G.Z. Liu, Esq.,
and Philip M. Abelson, Esq., Dewey & Leboeuf LLP, in New York,
serve as counsel. Laura Davis Jones, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serves as co-counsel.
Lazard Freres & Co. LLC is the investment banker, and FTI
Consulting Inc. is the financial advisor. Kurtzman Carson
Consultants LLC is the claims and notice agent. In its balance
sheet, the Debtors disclosed $3.4 billion in assets and
$4.2 billion in total liabilities as of June 30, 2011.
PROFILE TECHNOLOGIES: Ends August 2011 With $36,216 Cash
--------------------------------------------------------
Profile Technologies, Inc., filed with the U.S. Bankruptcy Court
for the Eastern District of New York its (i) amended monthly
operating report for the July 1, 2011 to July 31, 2011 period on
Sept. 26, 2011; and (ii) monthly operating report for the Aug. 1,
2011 to Aug. 31, 2011 period on Sept. 20, 2011.
For the July 1, 2011, to July 31, 2011 period, the Debtor reported
a net loss of $17,234 on $636 of total income.
At July 31, 2011, the Debtor's Statement of Assets and Liabilities
showed $41,139 in total assets, $1,460,556 in total liabilities,
and a stockholders' deficit of $1,419,417.
The Debtor ended the period with $5,839 cash.
A copy of the July 2011 monthly operating report is available for
free at http://is.gd/6jVRtE
For the month ended Aug. 31, 2011, the Debtor reported a net loss
of $9,621 on $12,250 of total income.
At Aug. 31, 2011, the Debtor's Statement of Assets and Liabilities
showed $71,517 in total assets, $1,500,555 in
total liabilities, and a stockholders' deficit of $1,429,038.
The Debtor ended the period with $36,216 cash.
A copy of the August 2011 monthly operating report is available
for free at http://is.gd/wmIZz0
About Profile Technologies
Profile Technologies, Inc. -- http://www.profiletech.net-- is
headquartered in Manhasset, N.Y. with an Operations and Research
facility in Albuquerque, N.M. It is the developer and owner of
proprietary, patented technologies that utilize electromagnetic
waves to detect and characterize corrosion and other anomalies on
cased, insulated and other pipelines.
The Company filed for Chapter 11 protection on May 9, 2011
(Bankr. E.D.N.Y., Case No. 11-73269). Judge Alan S. Trust
(Central Islip) presides over the case. Randall S.D. Jacobs,
Esq., represents the Debtor as counsel. The Debtor's balance
sheet at March 31, 2011, showed $242,675 in total assets and
$1,372,736 in total liabilities as of March 31, 2011.
RCLC INC: Posts $592,688 Net Loss in August 2011
------------------------------------------------
On Sept. 19, 2011, RCLC, Inc., and certain of its subsidiaries
filed their unaudited monthly operating reports for August 2011
with the U.S. Bankruptcy Court for the District of New Jersey.
RCLC, Inc., reported a net loss of $592,688 on $56,606 of revenues
for the month of August 2011.
At Aug. 31, 2011, RCLC had $16.65 million in total assets,
$11.28 million in total liabilities, and stockholders' equity of
$5.37 million.
RCLC ended August 2011 with $505,804 in cash. It paid a total of
$5,871 in professional fees and expenses in August.
A copy of RCLC's August 2011 monthly operating report is available
for free at http://is.gd/lZ0K5Q
RCPC Liquidating Corp. reported a net loss of $51,845 on $0
revenue for August 2011.
At Aug. 31, 2011, RCPC Liquidating had $4.01 million in total
assets, $3.03 million in total liabilities, and stockholders'
equity of $975,598.
RCPC Liquidating ended August 2011 with $1.12 million in
unrestricted cash. It paid a total of $5,871 in professional
fees and expenses in August.
A copy of RCPC Liquidating Corp.'s August 2011 monthly operating
report is available for free at http://is.gd/9EN8xJ
RA Liquidating Corp. reported a net loss of $52,804 on $nil
revenue in July.
At Aug. 31, 2011, RA Liquidating had $5.48 million in total
assets, $1.57 million in total liabilities, and stockholders'
equity of $3.91 million.
RA Liquidating ended August 2011 with $1.05 million cash. It paid
a total of $5,873 in professional fees and expenses in July.
A copy of RA Liquidating Corp.'s August 2011 monthly operating
report is available for free at http://is.gd/qzuB2e
About RCLC Inc.
RCLC, Inc., formerly known as Ronson Corporation, in Woodbridge,
New Jersey, historically, has been engaged principally in these
businesses -- Consumer Products; and Aviation-Fixed Wing and
Helicopter Services.
Trenton, New Jersey-based Ronson Aviation, Inc., now known as RA
Liquidating Corp., filed for Chapter 11 protection on Aug. 17,
2010 (Bankr. D. N.J. Case No. 10-35315). The Debtor estimated its
assets at $10 million to $50 million and its debts at $1 million
to $10 million. Affiliates RCLC, Inc. (Bankr. D. N.J. Case No.
10-35313), and RCPC Liquidating Corporation (Bankr. D. N.J. Case
No. 10-35318) filed separate Chapter 11 petitions on Aug. 17,
2010, each estimating their assets at $1 million to $10 million
and debts at $1 million to $10 million. The cases, along with
RCLC, Inc.'s, are jointly administered, with RCLC, Inc., as the
lead case.
Michael D. Sirota, Esq., and David M. Bass, Esq., and Felice R.
Yudkin, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in
Hackensack, N.J., represent the Debtors as counsel. Wilson Elser
Moskowitz Edelman & Dicker LLP serves as special environmental
counsel.
Attorneys at Lowenstein Sandler, PC, represent the Creditors'
Committee as counsel.
The Company's foreign subsidiary, RCC, Inc., formerly known as
Ronson Corporation of Canada Ltd., is not included in the filing.
Upon the closing of the sale of the Company's Aviation Division on
Oct. 15, 2010, the Company ceased to have operations, other
than to effectuate its wind-down and approve its liquidation plan
by the Bankruptcy Court.
SBARRO INC: Posts $2.8 Million Net Loss From August 1 to 28
-----------------------------------------------------------
Sbarro, Inc., et al., reported a net loss of $2.8 million on
$26.7 million of revenues for the filing period Aug. 1, 2011,
through Aug. 28, 2011. Income from operations before interest,
reorganization items and income taxes was $1.4 million.
Reorganization items totaled $2.6 million (including $2.4 million
of accrued professional fees directly related to the
restructuring). Interest expense was $1.5 million.
At Aug. 28, 2011, the Debtors had $393.9 million in total assets,
$527.6 million in total liabilities, and a stockholders' deficit
of $133.7 million. The Debtors ended the period with
$23.5 million in cash and cash equivalents, compared to
$24.1 million at the beginning of the period.
On Aug. 10, 2011, Sbarro, Inc., and its debtor affiliates filed a
Joint Plan of Reorganization and related Disclosure Statement with
the U.S. Bankruptcy Court for the Southern District of New York.
The Plan provides that the Debtors' prepetition first lien lenders
will become the new owners of Sbarro, subject to an overbid and
auction process whereby third parties may "top" the bid that
serves as the basis for the Plan and take control of the Company.
On Aug. 17, 2011, the Debtors filed a motion to approve procedures
for consideration of alternative restructuring proposals setting
forth the proposed parameters and timeline for the overbid and
auction process.
A copy of the operating report is available for free at:
http://bankrupt.com/misc/sbarro.aug(1-28)2011mor.pdf
Sale-Based Plan
Sbarro was scheduled to hold an auction Sept. 27 to determine the
best offer to underpin a Chapter 11 reorganization plan. The
hearing for approval of a disclosure statement to explain the
plan is now on the bankruptcy court's calendar for Oct. 6.
Unless outbid, the senior lenders intend on converting a maturing
$35 million loan for the bankruptcy case, plus $75 million from
pre-bankruptcy secured debt, into a $110 million term loan to kick
in when Sbarro exits bankruptcy. The remainder of the pre-
bankruptcy loan, about $100 million, will convert to
ownership of the reorganized business.
Trade suppliers who continue doing business could divide
$250,000 cash among themselves. All other creditor classes
receive nothing. Those being wiped out include unsecured
noteholders and other unsecured creditors. The indenture trustee
for holders owed $157.8 million on senior unsecured notes
opposed holding the auction.
The lenders will also provide a fresh $18.6 million credit
on emergence from Chapter 11.
About Sbarro Inc.
The Sbarro family started its business after moving to Brooklyn,
New York, from Naples, Italy, in 1956. Today Sbarro is a leading,
global Italian quick service restaurant concept with approximately
5,170 employees, 1,045 restaurants throughout 42 countries, and
annual revenues in excess of $300 million.
Sbarro Inc. sought bankruptcy protection under Chapter 11 (Bankr.
S.D.N.Y. Lead Case No. 11-11527) to eliminate about $200 million
in debt. The Debtor disclosed $51,537,899 in assets and
$460,975,646 in liabilities as of the Chapter 11 filing.
Sbarro said it has reached an agreement with all of its second-
lien secured lenders and approximately 70% of its senior
noteholders on the terms of a reorganization plan that will
eliminate more than half of the Company's total indebtedness.
Edward Sassower, Esq., and Nicole Greenblatt, Esq., at Kirkland &
Ellis, LLP, serve as the Debtors' general bankruptcy counsel.
Rothschild, Inc., is the Debtors' investment banker and financial
advisor. PriceWaterhouseCoopers LLP is the Debtors' bankruptcy
consultants. Marotta Gund Budd & Dzera, LLC, is the Debtors'
special financial advisor. Curtis, Mallet-Prevost, Colt & Mosle
LLP serves as the Debtors' conflicts counsel. Epiq Bankruptcy
Solutions, LLC, is the Debtors' claims agent. Sard Verbinnen & Co
is the Debtors' communications advisor.
SOUTH EDGE: Ends August 2011 With $888,110 Cash
-----------------------------------------------
South Edge, LLC, reported a net loss of $410,918 on $nil revenue
for the month of August 2011.
The Debtor's balance sheet at Aug. 31, 2011, showed $514.6 million
in total assets, $458.9 million in total liabilities, and equity
of $55.7 million.
The Debtor ended the period with $888,110 cash, from $1,198,529
cash at the beginning of the period.
A copy of the August 2011 monthly operating report is available
for free at http://bankrupt.com/misc/southedge.august2011mor.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.
SOUTHWEST GEORGIA: Reports $2.15 Million Net Income in August 2011
------------------------------------------------------------------
Southwest Georgia Ethanol LLC reported net income of $2.15 million
on $34.39 million of revenues for the month ending Aug. 31, 2011.
EBITDA was $3,655,472 for the month.
Professional fees in the month were $504,117.
The Debtor's balance sheet at Aug. 31, 2011, showed
$181.64 million in total assets, $159.56 million in total
liabilities, and total equity of $22.08 million.
A copy of the August 2011 operating report is available for free
at http://bankrupt.com/misc/southwestgeorgia.aug2011mor.pdf
About Southwest Georgia Ethanol
Southwest Georgia Ethanol LLC, a unit of First United Ethanol Co.,
sought bankruptcy protection (Bankr. M.D. Ga. 11-10145) in Albany,
Georgia, on Feb. 1, 2011.
The Debtor owns and operates an ethanol production facility
located on 267 acres in Mitchell County, Georgia, producing
100 million gallons of ethanol annually. Ethanol production
operations commenced in October 2008. Revenue was $168.9 million
for fiscal year ended Sept. 30, 2010. The Debtor said
profitability and liquidity have been materially reduced by
unfavorable fluctuations in commodity prices for ethanol and corn.
John Michael Levengood, Esq., at McKenna Long & Aldridge LLP, in
Atlanta, Georgia, serves as counsel to the Debtor. Morgan Keegan
& Company, Inc., is the investment banker and financial advisor.
The Debtor's balance sheet showed $164.7 million in assets and
$134.1 million in debt as of Dec. 31, 2010.
Since 2008, at least 11 ethanol-related companies have sought
court protection, including VeraSun Energy Corp., once the second-
largest U.S. ethanol maker; units of Pacific Ethanol Inc.; and
White Energy Holding Co.
THORNBURG MORTGAGE: Ends August 2011 With $106.3 Million Cash
-------------------------------------------------------------
On Sept. 22, 2011, the Chapter 11 trustee for TMST, Inc., formerly
known as Thornburg Mortgage, Inc., filed on behalf of the Debtors,
except for ADFITECH, Inc., a monthly operating report for
August 2011.
TMST, Inc., et al., ended August with $106.3 million in cash.
Payments to attorneys and other professionals totaled $511,727 for
the current month. The Debtors reported a net loss of
$662,781 on net operating revenue of $1,688 in August. Operating
loss was $183,524. Reorganization expenses totaled $479,257.
At Aug. 31, 2011, the Debtors had $107.7 million in total
assets, $3.430 billion in total liabilities, and a stockholders'
deficit of $3.322 billion.
A copy of the August 2011 operating report is available for free
at http://is.gd/IWdguO
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
bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009.
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, served as counsel to
Thornburg Mortgage. Orrick, Herrington & Sutcliffe LLP served as
special counsel. Jim Murray, and David Hilty, at Houlihan Lokey
Howard & Zukin Capital, Inc., served as investment banker and
financial advisor. Protiviti Inc. served as financial advisory
services. KPMG LLP served as the tax consultant. Epiq Systems,
Inc., serves claims and noticing agent. Thornburg disclosed total
assets of $24.4 billion and total debts of $24.7 billion, as of
Jan. 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. He is represented by Shapiro Sher Guinot &
Sandler.
*********
Monday's edition of the TCR delivers a list of indicative prices
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then-ending.
For copies of court documents filed in the District of Delaware,
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*********
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
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Copyright 2011. All rights reserved. ISSN: 1520-9474.
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