/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/111119.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, November 19, 2011, Vol. 15, No. 321 Headlines ALEXANDER GALLO: Posts $2.1MM Net Loss in Sept. 7 - 30 Period BEAR ISLAND: Ends September 2011 With $19.09 Million Cash BLOCKBUSTER INC: Posts $800,000 Net Loss in September 2011 BROADSTRIPE LLC: Reports $2 Million September Net Loss CARITAS HEALTH: Ends September 2011 With $18.47 Million Cash CATHOLIC CHURCH: Wilmington Has $237,134 Net Cash Flow for May CATHOLIC CHURCH: Wilmington Has $575,848 Net Cash Flow for June CATHOLIC CHURCH: Wilmington Has ($105,773) Net Cash Flow in July CATHOLIC CHURCH: Milw. Has $2.38MM in Cash Receipts in September GREAT ATLANTIC: Has $234.4 Million Cash at October 8 GSC GROUP: Ends September 2011 With $17.05 Million Cash LOS ANGELES DODGERS: LA Holdco Posts $6.6MM Net Loss in September NEW STREAM: NS Insurance Ends September 2011 With $26 Million Cash NEW STREAM: NS Secured Ends September 2011 With $7.1 Million Cash NEW STREAM: NS Capital Ends September 2011 With $751,755 Cash PEGASUS RURAL: Posts $1.8 Million Net Loss in September 2011 PROFESSIONAL VETERINARY: Ends October 2011 With $8.83 Million Cash SAND SPRING: Files Initial Monthly Operating Report WASHINGTON MUTUAL: Posts $6.5 Million Net Loss in September ********* ALEXANDER GALLO: Posts $2.1MM Net Loss in Sept. 7 - 30 Period ------------------------------------------------------------- Alexander Gallo Holdings, LLC, et al., reported a net loss of $2.1 million on $8.7 million of revenue for the period Sept. 7, 2011, to Sept. 30, 2011. Professional fees totaled $864,532 for the period. At Sept. 30, 2011, the Debtors had $191.9 million in total assets, $225.3 million in total liabilities, and a stockholders' deficit of $33.4 million. The Debtors ended the period with $1.5 million cash, compared to $886,153 cash at Sept. 7, 2011. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/alexandergallo.dkt221.pdf About Alexander Gallo Marietta, Georgia-based Alexander Gallo Holdings LLC -- http://www.alexandergalloholdings.com-- is the largest full service, IT-enabled court reporting and litigation support services company in the United States. AGH offers court reporting, litigation support, trial software and other similar services and has the only true national footprint in its market, with roughly 55 offices located throughout the United States, and a preferred provider network which serves as an extension of Alexander Gallo's geographic reach. Founded in 1999 by Alexander J. Gallo, a former court reporter, AGH has made 18 acquisitions since 2003. Mr. Gallo has remained as CEO. AGH, along with affiliates, filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 11-14220) on Sept. 7, 2011. Alexander Gallo will sell the business via 11 U.S.C. Sec. 363 to Bayside Capital Inc., which had acquired $22 million in second- lien debt. The price wasn't disclosed. Alexander Gallo disclosed assets of $208 million and debt totaling $258 million as of June 30, 2011. Liabilities include $47 million on a first-lien revolving credit and term loan where Wells Fargo Bank NA is agent. In addition to the second-lien debt held by Bayside, there is $33 million in junior unsecured subordinated notes owing to Harvest Equity Partners LLC plus another $148 million in junior unsecured subordinated notes owing to insider Gallo Holdings LLC. As reported in the Troubled Company Reporter on Nov. 1, 2011, the Alexander Gallo disclosed $41,981,048 in assets and $259,153,046 in liabilities as of the Chapter 11 filing. Bayside is providing $20 million in financing for the Chapter 11 effort. The new loan will have a first priority lien on unencumbered assets and a lien behind the first-lien debt. Bankruptcy Judge Allan J. Gropper presides over the case. Thomas R. Califano, Esq., Jeremy R. Johnson, Esq., Esq., and Daniel G. Egan, Esq., at DLA Piper LLP (US), in New York, serve as the Debtors' general counsel. Squire, Sanders & Demsey (US) LLP serves as the Debtor's corporate counsel. The Debtors' financial advisor is Gordian Group, LLC. Marc L. Pfefferle, a partner at Carl Marks Advisory Group LLC, serves as the Debtors' chief restructuring advisor. Kurtzman Carson Consultants LLC serves as the Debtor's claims agent. KPMG LLP serves as their auditors to provide auditing, tax compliance and tax consulting services. BEAR ISLAND: Ends September 2011 With $19.09 Million Cash --------------------------------------------------------- Bear Island Paper Company, L.L.C., reported net income of $675,546 on net sales of $11.8 million for September 2011. Gross profit was $1.3 million. At Sept. 30, 2011, the Company had $144.1 million in total assets, $152.7 million in total liabilities, and a stockholders' deficit of $8.6 million. The Company ended the period with $19,089,291 cash. Beginning cash was $18,928,292. A copy of the operating report is available for free at: http://bankrupt.com/misc/bearisland.sept2011mor.pdf About White Birch & Bear Island Canada-based White Birch Paper Company is the second largest newsprint producer in North America. As of Dec. 31, 2009, the White Birch Group held a 12% share of the North American newsprint market and employed roughly 1,300 individuals (the majority of which reside in Canada). Bear Island Paper Company, L.L.C., is a U.S.-based unit of White Birch. Bear Island filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on Feb. 24, 2010. At June 30, 2011, the Company had $141.9 million in total assets, $153.2 million in total liabilities, and a stockholders' deficit of $11.3 million. White Birch filed for bankruptcy protection under Canada's Companies' Creditors Arrangement Act, before the Superior Court for the Province of Quebec, Commercial Division, Judicial District of Montreal, Canada. White Birch and five other affiliates -- F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners, Limited Partnership; Papier Masson Ltee; Stadacona Limited Partnership; and Stadacona General Partner, Inc. -- also sought bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia Beach, Virginia; and Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as counsel to White Birch, as Foreign Representative. Kirkland & Ellis and Troutman Sanders also serve as Chapter 11 counsel to Bear Island. AlixPartners LLP serves as financial and restructuring advisors to Bear Island, and Lazard Freres & Co., serves as investment banker. Garden City Group is the claims and notice agent. Jason William Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia, represents the Official Committee of Unsecured Creditors. Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and Chapter 15 cases. As reported in the TCR on Oct. 10, 2011, the Debtor won bankruptcy court approval to seek votes on its amended liquidation plan. The confirmation hearing is scheduled for Nov. 22, at 2:00 p.m. BLOCKBUSTER INC: Posts $800,000 Net Loss in September 2011 ---------------------------------------------------------- On Nov. 1, 2011, Blockbuster Inc., now known as BB Liquidating Inc., and certain of its domestic subsidiaries filed their monthly operating report for the period ended Sept. 30, 2011, with the U.S. Bankruptcy Court for the Southern District of New York. The Debtors reported a net loss of $800,000 on $0 revenue for the period. At Sept. 30, 2011, the Debtors had $51.5 million in total assets, $1.361 billion in total liabilities, and a stockholders' deficit of $1.3095 billion. A complete text of the operating report is available for free at: http://bankrupt.com/misc/blockbuster.sept2011mor.pdf About Blockbuster Inc. Blockbuster Inc., the movie rental chain with a library of more than 125,000 titles, along with 12 U.S. affiliates, initiated Chapter 11 bankruptcy proceedings with a pre-arranged reorganization plan in Manhattan (Bankr. S.D.N.Y. Case No. 10-14997) on Sept. 23, 2010. It disclosed assets of $1 billion and debts of $1.4 billion at the time of the filing. Martin A. Sosland, Esq., and Stephen Karotkin, Esq., at Weil, Gotshal & Manges, serve as counsel to the U.S. Debtors. Rothschild Inc. is the financial advisor. Alvarez & Marsal is the restructuring advisor with A&M managing director Jeffery J. Stegenga as chief restructuring officer. Kurtzman Carson Consultants LLC is the claims and notice agent. The Official Committee of Unsecured Creditors retained Cooley LLP as its counsel. In April 2011, Blockbuster conducted a bankruptcy court-sanctioned auction for all the assets. Dish Network Corp. won with an offer having a gross value of $320 million. BROADSTRIPE LLC: Reports $2 Million September Net Loss ------------------------------------------------------ Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Broadstripe LLC filed an operating statement showing a $2 million net loss in September on revenue of $7.56 million. Depreciation in the month was $1.8 million while interest expense on senior debt was $1.69 million. About Broadstripe LLC Headquartered in Chesterfield, Missouri, Broadstripe LLC -- http://www.broadstripe.com/-- provides videos and telephone services to consumers and business in Maryland, Michigan, Washington and Oregon. The Company and five of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-10006) on Jan. 2, 2009. Attorneys at Ashby & Geddes, and Gardere Wynne Sewell LLP represent the Debtors in their restructuring efforts. The Debtors tapped FTI Consulting Inc. as their restructuring consultant, and Epiq Bankruptcy Consultants LLC as their claims agent. In its petition, Broadstripe estimated assets and debts between $100 million and $500 million. An Official Committee of Unsecured Creditors has been appointed in the case. Broadstripe is seeking confirmation of its reorganization plan on Dec. 8, 2011. Broadstripe has a plan that calls for selling the business to four buyers for about $95 million. CARITAS HEALTH: Ends September 2011 With $18.47 Million Cash ------------------------------------------------------------ Caritas Health Care, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of New York on Oct. 21, 2011, its monthly operating report for September 2011. The Debtor reported a net loss of $54,112 on $2,121 of revenue for the month. At Sept. 30, 2011, the Debtor had $32.1 million in total assets, $161.0 million in total liabilities, and a stockholders' deficit of $128.9 million. The Company ended the period with $18,471,464 in unrestricted cash and equivalents, from beginning cash of $18,951,380. Payments to professionals totaled $99,827 in September. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/caritashealth.sept2011mor.pdf About Caritas Health Care Caritas Health Care Inc. was the owner of Mary Immaculate Hospital and St. John's Queens Hospital. Caritas, created by Wyckoff Heights Medical Center, purchased the two hospitals in a bankruptcy sale in early 2007 from St. Vincent Catholic Medical Centers of New York. St. John's has 227 generate acute-care beds while Mary Immaculate has 189. Caritas Health Care, Inc., and eight of its affiliates sought chapter 11 protection (Bankr. E.D.N.Y., Case No. 09-40901) on Feb. 6, 2009. Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at Proskauer Rose, LLP, represent the Debtors. Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP, represent the official committee of unsecured creditors. Caritas sold the hospitals to Joshua Guttman in November 2009 for $17.7 million. CATHOLIC CHURCH: Wilmington Has $237,134 Net Cash Flow for May -------------------------------------------------------------- Catholic Diocese of Wilmington, Inc. Balance Sheet As of May 31, 2011 ASSETS Cash & Equivalents $1,639,819 Accounts Receivable (Net) 2,890,991 Payroll Receivable - Notes Receivable 1,389,726 Advance PIA Distributions 3,686,397 Professional Retainers 545,000 Unrestricted Pooled Investments 98,849,605 Restricted Pooled Investments 30,188,434 Unallocated Audit Fees - Other Assets 53,743 Real Estate 899,140 Assets Held for Others - ----------- TOTAL ASSETS $140,142,855 =========== LIABILITIES Pre-Filing Accounts Payable $136,216 Payroll & Payroll Taxes Payable - Payroll Garnishments Payable - Accrued Vacation Time Payable 148,013 Blue Cross/Blue Shield Accrual 37,956 Accounts Payable Capital Campaign 9,929 Bonds Payable 11,000,000 Priest Pension 13,107,216 Lay Pensions 64,366,743 National Collections 430,277 Other Liabilities 91,443 Assets Held for Others - Pooled Investment Account Claims 84,512,292 ----------- TOTAL LIABILITIES 173,840,085 NET ASSETS Beginning Year Net Assets (41,816,364) Net Assets - Prepetition 4,138,712 Net Assets - Postpetition 384,198 ----------- TOTAL NET ASSETS (33,697,230) ----------- TOTAL LIABILITIES & NET ASSETS $140,142,855 =========== Catholic Diocese of Wilmington, Inc. Statement of Operations For the month ending May 31, 2011 CDOW Operations CDOW Revenue Assessments $217,062 Investment Income (852,056) Operational Income 955,092 Designated Income (Education) - ----------- Total CDOW Revenue 320,098 CDOW Expenses Payroll & Taxes (219,117) Medical Payments - Other Compensation (29,399) Other Operational (295,743) Capital Expenditures - Catholic Schools, Inc. - Casa San Francisco - Ministry to the Elderly - Bankruptcy professionals (191,107) Neumann Center (5,150) Vision for the Future (Tuition Assistance) - Owed to Parishes (Cap Campaign) (475) ----------- Total CDOW Expenses (740,991) ----------- CDOW NET OPERATING CASH (420,893) Program Services Annual Appeal Revenue 472,891 Program Services Expenditures Catholic Youth Organization (8,983) Catholic Charities (85,858) High School Appeal Allocation - The Dialog (50,297) ----------- Total Program Services Expenses (145,138) ----------- PROGRAM SERVICES NET CASH 327,753 Benefits & Insurance Program Administration Medical Program Premiums Received 943,333 Expenses (842,409) ----------- Net Medical 100,924 Workers Compensation Premiums Received - Expenses (155,802) ----------- Net Workers Comp (155,802) Property & Liability Insurance Premiums Received - Expenses - ----------- Net P&L Insurance - Pensions Priests (55,650) Lay Employees - ----------- Total Pensions (55,650) ----------- NET CHANGE IN LIQUIDITY ($203,668) =========== Catholic Diocese of Wilmington, Inc. Schedule of Cash Receipts and Disbursements For the month ending May 31, 2011 CASH BEGINNING OF PERIOD $1,690,620 RECEIPTS ASSESSMENTS 217,062 ANNUAL APPEAL 472,891 INSURANCE PREMIUMS 943,333 OTHER OPERATING 284,658 ----------- TOTAL RECEIPTS 1,917,944 DISBURSEMENTS NET PAYROLL AND TAXES 219,117 INSURANCE PAYMENTS 998,211 OPERATING EXPENSES 318,344 OTHER 145,138 PROFESSIONAL FEES - U.S. TRUSTEE QUARTERLY FEES - COURT COSTS - ----------- TOTAL DISBURSEMENTS 1,680,810 ----------- NET CASH FLOW 237,134 Transfers out 371,789 Transfers in - Other transfers/returns/fees - ----------- CASH - END OF PERIOD $1,555,965 =========== About the Diocese of Wilmington The Diocese of Wilmington covers Delaware and the Eastern Shore of Maryland and serves about 230,000 Catholics. The Delaware diocese is the seventh Roman Catholic diocese to file for Chapter 11 protection to deal with lawsuits for sexual abuse. Previous filings were by the dioceses in Spokane, Washington; Portland, Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and San Diego, California. The Diocese filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-13560) on Oct. 18, 2009. Attorneys at Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC, is the financial advisor. The petition says assets range $50 million to $100 million while debts are between $100 million to $500 million. The bankruptcy filing automatically stayed eight consecutive abuse trials scheduled in Delaware scheduled to begin Oct. 19, 2009. There were 131 cases filed against the Diocese, with 30 scheduled for trial, as of the bankruptcy filing. Judge Christopher Sontchi confirmed the Second Amended Chapter 11 Plan of Reorganization filed by the Diocese as a settlement plan, at a hearing held July 28, 2011. The Plan aims to pay approximately $77.4 million to people who were sexually abused by priests. The Plan was declared effective on September 26, 2011, according to a notice filed by Patrick A. Jackson, Esq., at Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware. Kenneth Martin and Charles W. Wiggins, two priests accused of sexual abuse, took separate appeals to the U.S. District Court for the District of Delaware from Judge Sontchi's July 28, 2011 order confirming the Plan. (Catholic Church Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CATHOLIC CHURCH: Wilmington Has $575,848 Net Cash Flow for June --------------------------------------------------------------- Catholic Diocese of Wilmington, Inc. Balance Sheet As of June 30, 2011 ASSETS Cash & Equivalents $2,213,241 Accounts Receivable (Net) 1,418,632 Payroll Receivable - Notes Receivable 1,387,786 Advance PIA Distributions 3,686,610 Professional Retainers 0 Unrestricted Pooled Investments 98,888,606 Restricted Pooled Investments 29,695,761 Unallocated Audit Fees - Other Assets 53,743 Real Estate 899,140 Assets Held for Others - ----------- TOTAL ASSETS $138,243,519 =========== LIABILITIES Pre-Filing Accounts Payable $136,216 Payroll & Payroll Taxes Payable - Payroll Garnishments Payable - Accrued Vacation Time Payable 119,695 Blue Cross/Blue Shield Accrual 38,531 Accounts Payable Capital Campaign 9,282 Bonds Payable 11,000,000 Priest Pension 13,107,216 Lay Pensions 64,366,743 National Collections 439,458 Other Liabilities 125,295 Assets Held for Others - Pooled Investment Account Claims 84,512,292 ----------- TOTAL LIABILITIES 173,854,728 NET ASSETS Beginning Year Net Assets (41,816,364) Net Assets - Prepetition 4,138,712 Net Assets - Postpetition (1,529,781) ----------- TOTAL NET ASSETS (35,611,209) ----------- TOTAL LIABILITIES & NET ASSETS $138,243,519 =========== Catholic Diocese of Wilmington, Inc. Statement of Operations For the month ending June 30, 2011 CDOW Operations CDOW Revenue Assessments $562,347 Investment Income (869,845) Operational Income 211,026 Designated Income (Education) 10,000 ----------- Total CDOW Revenue (86,472) CDOW Expenses Payroll & Taxes (235,519) Medical Payments - Other Compensation (48,537) Other Operational (191,700) Capital Expenditures - Catholic Schools, Inc. - Casa San Francisco - Ministry to the Elderly - Bankruptcy professionals (233,639) Neumann Center (5,150) Vision for the Future (Tuition Assistance) - Owed to Parishes (Cap Campaign) - ----------- Total CDOW Expenses (714,545) ----------- CDOW NET OPERATING CASH (801,017) Program Services Annual Appeal Revenue 622,870 Program Services Expenditures Catholic Youth Organization (8,983) Catholic Charities (85,858) High School Appeal Allocation - The Dialog (50,297) ----------- Total Program Services Expenses (145,138) ----------- PROGRAM SERVICES NET CASH 477,732 Benefits & Insurance Program Administration Medical Program Premiums Received 688,641 Expenses (848,353) ----------- Net Medical (159,712) Workers Compensation Premiums Received - Expenses (47,186) ----------- Net Workers Comp (47,186) Property & Liability Insurance Premiums Received - Expenses - ----------- Net P&L Insurance - Pensions Priests (53,618) Lay Employees - ----------- Total Pensions (53,618) ----------- NET CHANGE IN LIQUIDITY ($583,801) =========== Catholic Diocese of Wilmington, Inc. Schedule of Cash Receipts and Disbursements For the month ending June 30, 2011 CASH BEGINNING OF PERIOD $1,555,965 RECEIPTS ASSESSMENTS 562,347 ANNUAL APPEAL 622,870 INSURANCE PREMIUMS 688,641 OTHER OPERATING 221,026 ----------- TOTAL RECEIPTS 2,094,884 DISBURSEMENTS NET PAYROLL AND TAXES 235,519 INSURANCE PAYMENTS 895,539 OPERATING EXPENSES 242,840 OTHER 145,138 PROFESSIONAL FEES - U.S. TRUSTEE QUARTERLY FEES - COURT COSTS - ----------- TOTAL DISBURSEMENTS 1,519,036 ----------- NET CASH FLOW 575,848 Transfers out 2,425 Transfers in - Other transfers/returns/fees - ----------- CASH - END OF PERIOD $2,129,388 =========== About the Diocese of Wilmington The Diocese of Wilmington covers Delaware and the Eastern Shore of Maryland and serves about 230,000 Catholics. The Delaware diocese is the seventh Roman Catholic diocese to file for Chapter 11 protection to deal with lawsuits for sexual abuse. Previous filings were by the dioceses in Spokane, Washington; Portland, Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and San Diego, California. The Diocese filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-13560) on Oct. 18, 2009. Attorneys at Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC, is the financial advisor. The petition says assets range $50 million to $100 million while debts are between $100 million to $500 million. The bankruptcy filing automatically stayed eight consecutive abuse trials scheduled in Delaware scheduled to begin Oct. 19, 2009. There were 131 cases filed against the Diocese, with 30 scheduled for trial, as of the bankruptcy filing. Judge Christopher Sontchi confirmed the Second Amended Chapter 11 Plan of Reorganization filed by the Diocese as a settlement plan, at a hearing held July 28, 2011. The Plan aims to pay approximately $77.4 million to people who were sexually abused by priests. The Plan was declared effective on September 26, 2011, according to a notice filed by Patrick A. Jackson, Esq., at Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware. Kenneth Martin and Charles W. Wiggins, two priests accused of sexual abuse, took separate appeals to the U.S. District Court for the District of Delaware from Judge Sontchi's July 28, 2011 order confirming the Plan. (Catholic Church Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CATHOLIC CHURCH: Wilmington Has ($105,773) Net Cash Flow in July ---------------------------------------------------------------- Catholic Diocese of Wilmington, Inc. Balance Sheet As of July 31, 2011 ASSETS Cash & Equivalents $2,026,144 Accounts Receivable (Net) 910,248 Payroll Receivable - Notes Receivable 1,332,433 Advance PIA Distributions 3,687,609 Professional Retainers - Unrestricted Pooled Investments 97,963,742 Restricted Pooled Investments 29,294,711 Unallocated Audit Fees - Other Assets 53,743 Real Estate 899,140 Assets Held for Others - ----------- TOTAL ASSETS $136,167,770 =========== LIABILITIES Pre-Filing Accounts Payable $136,216 Payroll & Payroll Taxes Payable - Payroll Garnishments Payable - Accrued Vacation Time Payable 119,695 Blue Cross/Blue Shield Accrual 34,268 Accounts Payable Capital Campaign 9,282 Bonds Payable 11,000,000 Priest Pension 13,107,216 Lay Pensions 64,366,743 National Collections 370,816 Other Liabilities 78,152 Assets Held for Others - Pooled Investment Account Claims 84,512,292 ----------- TOTAL LIABILITIES 173,734,680 NET ASSETS Beginning Year Net Assets (41,816,364) Net Assets - Prepetition 4,138,712 Net Assets - Postpetition (3,485,485) ----------- TOTAL NET ASSETS (37,566,910) ----------- TOTAL LIABILITIES & NET ASSETS $136,167,770 =========== Catholic Diocese of Wilmington, Inc. Statement of Operations For the month ending July 31, 2011 CDOW Operations CDOW Revenue Assessments $322,947 Investment Income (721,410) Operational Income 331,175 Designated Income (Education) 5,750 ----------- Total CDOW Revenue (61,538) CDOW Expenses Payroll & Taxes (224,107) Medical Payments - Other Compensation (26,226) Other Operational (337,816) Capital Expenditures - Catholic Schools, Inc. - Casa San Francisco - Ministry to the Elderly - Bankruptcy professionals (597,900) Neumann Center (5,150) Vision for the Future (Tuition Assistance) - Owed to Parishes (Cap Campaign) - ----------- Total CDOW Expenses (1,191,199) ----------- CDOW NET OPERATING CASH (1,252,737) Program Services Annual Appeal Revenue 373,367 Program Services Expenditures Catholic Youth Organization (7,594) Catholic Charities (65,417) High School Appeal Allocation - The Dialog (37,723) ----------- Total Program Services Expenses (110,734) ----------- PROGRAM SERVICES NET CASH 262,633 Benefits & Insurance Program Administration Medical Program Premiums Received 690,229 Expenses (1,079,499) ----------- Net Medical (389,270) Workers Compensation Premiums Received - Expenses (12,804) ----------- Net Workers Comp (12,804) Property & Liability Insurance Premiums Received - Expenses (5,556) ----------- Net P&L Insurance (5,556) Pensions Priests (57,151) Lay Employees - ----------- Total Pensions (57,151) ----------- NET CHANGE IN LIQUIDITY ($1,454,885) =========== Catholic Diocese of Wilmington, Inc. Schedule of Cash Receipts and Disbursements For the month ending July 31, 2011 CASH BEGINNING OF PERIOD $2,129,388 RECEIPTS ASSESSMENTS 322,947 ANNUAL APPEAL 373,367 INSURANCE PREMIUMS 690,229 OTHER OPERATING 336,925 ----------- TOTAL RECEIPTS 1,723,468 DISBURSEMENTS NET PAYROLL AND TAXES 224,107 INSURANCE PAYMENTS 1,097,859 OPERATING EXPENSES 369,100 OTHER 110,734 PROFESSIONAL FEES 14,441 U.S. TRUSTEE QUARTERLY FEES 13,000 COURT COSTS - ----------- TOTAL DISBURSEMENTS 1,829,241 ----------- NET CASH FLOW (105,773) Transfers out - Transfers in - Other transfers/returns/fees - ----------- CASH - END OF PERIOD $2,023,615 =========== About the Diocese of Wilmington The Diocese of Wilmington covers Delaware and the Eastern Shore of Maryland and serves about 230,000 Catholics. The Delaware diocese is the seventh Roman Catholic diocese to file for Chapter 11 protection to deal with lawsuits for sexual abuse. Previous filings were by the dioceses in Spokane, Washington; Portland, Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and San Diego, California. The Diocese filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-13560) on Oct. 18, 2009. Attorneys at Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC, is the financial advisor. The petition says assets range $50 million to $100 million while debts are between $100 million to $500 million. The bankruptcy filing automatically stayed eight consecutive abuse trials scheduled in Delaware scheduled to begin Oct. 19, 2009. There were 131 cases filed against the Diocese, with 30 scheduled for trial, as of the bankruptcy filing. Judge Christopher Sontchi confirmed the Second Amended Chapter 11 Plan of Reorganization filed by the Diocese as a settlement plan, at a hearing held July 28, 2011. The Plan aims to pay approximately $77.4 million to people who were sexually abused by priests. The Plan was declared effective on September 26, 2011, according to a notice filed by Patrick A. Jackson, Esq., at Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware. Kenneth Martin and Charles W. Wiggins, two priests accused of sexual abuse, took separate appeals to the U.S. District Court for the District of Delaware from Judge Sontchi's July 28, 2011 order confirming the Plan. (Catholic Church Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CATHOLIC CHURCH: Milw. Has $2.38MM in Cash Receipts in September ---------------------------------------------------------------- Archdiocese of Milwaukee Statement of Financial Position As of September 30, 2011 Current Assets Cash and cash equivalents $7,597,506.13 Short-term investments 3,674,268.35 Receivables, net 2,929,345.45 Other assets 1,287,970.60 -------------- Total Current Assets 15,489,090.53 Ground burial & mausoleum crypt sites 5,817,299.04 Property and equipment, net 4,941,815.98 Investments and Other Assets Long-term investments 11,064,360.72 Cemeteries Pre-Need Trust Fund Acct 3,633,407.27 Charitable gift annuities invest. 689,262.70 Other Assets 1,089,255.54 -------------- Total Investments and Other Assets 16,476,286.23 -------------- TOTAL ASSETS $42,724,491.78 ============== Current Liabilities Current maturities of charitable gift annuities 84,328.16 Accounts payable 312,602.70 Accrued expenses 579,194.62 Chapter 11 expenses 627,222.34 Contributions payable C.S.A. 2,557,224.00 -------------- Total Current Liabilities 4,160,571.82 Charitable gift annuities 457,088.84 Deferred revenue 3,633,407.27 Prepetition Debt Note payable 4,649,912.50 Pre-Chapter 11 payables 1,194,157.62 Contractual contributions payable 2,850,554.00 Accrued post-retirement and pension benefits 15,124,294.00 -------------- Total prepetition debt 23,818,918.12 Total Liabilities 32,069,986.05 Net Assets Unclassified current year operations (2,551,200.03) 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 10,654,505.73 -------------- Total Liabilities and Net Assets $42,724,491.78 ============== Note: Invested funds held for others totaled $2,538,746.98 Archdiocese of Milwaukee Statement of Activities As of September 30, 2011 CHANCERY Support and Revenue Contributions $804,105.95 Parish assessments 1,774.50 Parish assessments adj. to budget - Tuition and fees 59,800.00 Activities and programs 849.33 Miscellaneous revenues 66,913.27 Net assets released from restrictions - -------------- Total Support and Revenue 933,443.05 CHANCERY OPERATING EXPENSES Payroll and fringe benefits 551,607.76 Maintenance, insurance, utility costs 33,493.63 Travel and education 58,509.47 Supplies and services 110,824.46 Assessments 41,119.50 Purchased services 156,333.07 Professional services 294,884.25 Charity and donations 278,975.65 Miscellaneous expenses 85,048.93 Pension related changes other than NPPC - -------------- Total Operating Expenses 1,610,796.72 Chancery income before fixed assets, -------------- non-operations gain (loss), and ($677,353.67) extraordinary expense FIXED ASSETS Fixed asset purchases - Depreciation expense (18,985.83) Impairment of leasehold improvements - Gain(loss) on sale of property and equipment, net - -------------- Total Fixed Asset Expense (Income) (18,985.83) NON-OPERATING ACTIVITIES Investment income 29,341.74 Net realized gains(losses) 32,116.81 Net unrealized gains(losses) (224,781.57) Interest expense (20,404.61) Other non-operating revenues(expenses) - -------------- Total non-operating activities (183,727.63) -------------- Extraordinary events, net 0.00 -------------- Chancery net gain(loss) (880,067.13) Reimbursed operations net gain(loss) (13,777.69) -------------- Change in net assets before cumulative (893,844.82) effect and cemetery operations Cumulative effect of change in 0.00 accounting principle -------------- Chancery change in net assets (893,844.82) Cemetery operations Cemetery gain(loss) 314,165.89 -------------- Cemetery change in net assets 314,165.89 -------------- Total change in net assets ($579,678.93) ============== Archdiocese of Milwaukee Cash Receipts For the month ending September 30, 2011 Receipt Category Contributions $803,694.81 Assessments - Tuition and fees 64,584.33 Cemetery cash receipts/transfers 768,463.19 Investment income 0.16 Realized gains - Gains on sales and fixed assets - Miscellaneous revenues 534,647.98 Clearing 2,000.00 A/R & N/R payments 210,043.22 -------------- Total Receipts $2,383,433.69 Notes: Funds transferred in from other Archdiocesan accounts $2,697,867.76 Funds held for others - ============== Archdiocese of Milwaukee Cash Disbursements For the month ending September 30, 2011 Disbursements Category Salary and wages $488,104.73 Payroll taxes 178,350.69 Employee benefits 224,858.99 Employee withholdings 38,588.92 Facility and operating 124,310.48 Travel and education 66,897.07 Supplies 93,918.04 Assessments 89,095.50 Purchased services 190,954.74 Legal/Professional 466,476.56 Grants 282,670.08 Interest and bank fees 21,722.69 Other 81,764.83 Reimbursed expense 81,357.90 Clearing 3,951.26 Fee assistance - -------------- Total Disbursements $2,433,022.48 Notes: Funds transferred in from other Archdiocesan accounts $2,097,867.76 Funds held for others $78,433.91 ============== 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) 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) GREAT ATLANTIC: Has $234.4 Million Cash at October 8 ---------------------------------------------------- On Nov. 10, 2011, The Great Atlantic & Pacific Tea Company, Inc., and its U.S. subsidiaries filed their monthly operating report for the period from Sept. 11, 2011, to Oct. 8, 2011, with the U.S. Bankruptcy Court for the Southern District of New York. The Debtors reported a net loss of $36.5 million on $524.7 million of sales for the four weeks ended Oct. 8, 2011. At Oct. 8, 2011, the Debtors' consolidated balance sheet showed $2.204 billion in total assets, $3.481 billion in total liabilities, $147.3 million in Series A redeemable preferred stock, and a stockholders' deficit of $1.425 billion. The Debtors ended the period with $234.4 million in cash and cash equivalents compared to $301.6 million at the beginning of the period. A copy of the operating report is available for free at: http://is.gd/orrEsj About Great Atlantic & Pacific Founded in 1859, Montvale, New Jersey-based Great Atlantic & Pacific is a supermarket retailer, operating under a variety of well-known trade names, or "banners" across the mid-Atlantic and Northeastern United States. Before filing for bankruptcy in 2010, A&P operated 429 stores in 8 states and the District of Columbia under the following trade names: A&P, Waldbaum's, Pathmark, Pathmark Sav-a-Center, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics. A&P had 41,000 employees prior to the bankruptcy filing. A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, in White Plains, New York. In its petition, A&P reported total assets of $2.5 billion and liabilities of $3.2 billion as of Sept. 11, 2010. Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C. Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, serve as counsel to the Debtors. Kurtzman Carson Consultants LLC is the claims and notice agent. Lazard Freres & Co. LLC is the financial advisor. Huron Consulting Group is the management consultant. Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and Abhilash M. Raval, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represent the Official Committee of Unsecured Creditors. A&P obtained court approval for a new contract with C&S Wholesale Grocers Inc., its principal supplier. The contract is designed to save A&P $50 million a year when the supermarket operator emerges from Chapter 11 reorganization. A&P sold 12 Super-Fresh stores in the Baltimore-Washington area for $37.83 million, plus the value of inventory. Thirteen other locations didn't attract buyers at auction and were closed mid- July 2011. GSC GROUP: Ends September 2011 With $17.05 Million Cash ------------------------------------------------------- GSC Group, Inc., and affiliated entities filed on Oct. 31, 2011, a monthly operating report for September 2011. GSCP, LLC, GSCP Group, Inc., GSC Active Partners, Inc., GSCP (NJ), Inc., GSCP (NJ) Holdings, L.P., and GSC Secondary Interest Fund had no income or expense transactions for the month of September 2011. GSCP (NJ), L.P., reported a net loss of $1.6 million on $151,796 of revenue for the month. The Debtors had total cash of $17,052,033 at Sept. 30, 2011, compared to $18,484,153 at the beginning of the month. The Debtors paid $1,198,256 in professional fees during the month. A copy of the September 2011 monthly operating report is available for free at http://bankrupt.com/misc/gscgroup.sept2011mor.pdf About GSC Group Florham Park, New Jersey-based GSC Group, Inc. -- http://www.gsc.com/-- was a private equity firm that specialized in mezzanine and fund of fund investments. Originally named Greenwich Street Capital Partners Inc. when it was a subsidiary of Travelers Group Inc., GSC became independent in 1998 and at one time had $28 billion of assets under management. Market reverses, termination of some funds, and withdrawal of customers' investments reduced funds under management at the time of bankruptcy to $8.4 billion. GSC Group Inc. filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 10-14653) on Aug. 31, 2010. Michael B. Solow, Esq., at Kaye Scholer LLP, served as the Debtor's bankruptcy counsel. Epiq Bankruptcy Solutions, LLC, is the Debtor's notice and claims agent. Capstone Advisory Group LLC served as the Debtor's financial advisor. The Debtor estimated its assets at $1 million to $10 million and debts at $100 million to $500 million as of the Chapter 11 filing. Since Jan. 7, 2011, the Debtors have been operated by James L. Garrity Jr., as Chapter 11 trustee for the Debtors. The Chapter 11 trustee tapped Shearman & Sterling LLP as his counsel, and Togut, Segal & Segal LLP as his conflicts counsel. No committee of unsecured creditors has been appointed in the case. The Chapter 11 trustee completed the sale of business on July 26 and filed a liquidating Chapter 11 plan and explanatory disclosure statement in late August. The bankruptcy court authorized the trustee to sell the business to Black Diamond Capital Finance LLC, as agent for the secured lenders. Proceeds were used to pay secured claims. The price paid by the lenders' agent was designed for full payment on $256.8 million in secured claims, with $18.6 million cash left over. Black Diamond bought most assets with a $224 million credit bid, a $6.7 million note, $5 million cash, and debt assumption. A minority group of secured lenders filed an appeal from the order allowing the sale. Through a suit in state court, the minority lenders failed to halt Black Diamond from completing the sale. The Chapter 11 Trustee and Black Diamond have filed rival repayment plans for GSC Group. The Trustee's Plan cautioned there can be no assurance that general unsecured creditor recoveries will not be higher or lower than the estimated recovery of between 42% and 84%. Black Diamond's Plan projects between 31% and 43% recovery. Court papers filed by Black Diamond indicate the Trustee's Plan provides 17% and 26% recovery. Adam Goldberg, Esq., and Douglas Bacon, Esq., at Latham & Watkins, represent Black Diamond Capital Management, LLC, as counsel. LOS ANGELES DODGERS: LA Holdco Posts $6.6MM Net Loss in September ----------------------------------------------------------------- LA Holdco LLC reported a net loss of $6.6 million on $32.1 million of revenues for the month of September 2011. LA Holdco LLC's consolidated balance sheet at Sept. 30, 2011, showed $361.0 million in total assets, $638.7 million in total liabilities, and a members' deficit of $277.7 million. Los Angeles Dodgers LLC reported a net loss of $3.5 million on $32.8 million of revenues for the month ended Sept. 30, 2011. As of Sept. 30, 2011, Los Angeles Dodgers LLC had $181.6 million in total assets, $256.4 million in total liabilities, and a members' deficit of $74.8 million. LA Real Estate LLC reported a net loss of $3.2 million on $12.2 million of revenues for the entire month of September 2011. The report includes activity of Dodger Tickets LLC, a non-Debtor. As of Sept. 30, 2011, LA Real Estate LLC had total assets of $227.9 million, total liabilities of $430.8 million, and a members' deficit of $202.9 million. Debtors Los Angeles Dodgers Holding Company LLC and LA Real Estate Holding Company LLC are holding companies and do not prepare financial statements. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/losangelesdodgers.sept2011mor.pdf About Los Angeles Dodgers Los Angeles Dodgers LLC operates the Los Angeles Dodgers, a professional Major League Baseball club in the Los Angeles metropolitan area. Frank McCourt, a Boston real-estate developer who unsuccessfully bid for the Boston Red Sox, bought the Dodgers from Rupert Murdoch's Fox Entertainment Group, Inc. in 2004 for $330 million. Mr. McCourt also bought the Dodgers Stadium from Fox for $100 million. Los Angeles Dodgers LLC filed for bankruptcy protection (Bankr. D. Del. Lead Case No. 11-12010) on June 27, 2011, after MLB Commissioner Bud Selig rejected a television deal with News Corp.'s Fox Sports, leaving Mr. McCourt unable to make payroll for June 30 and July 1. Fox Sports has exclusive cable television rights for Dodgers games until the end of 2013 baseball season. Chapter 11 filings were also made for LA Real Estate LLC, an affiliated entity which owns Dodger Stadium, and three other related holding companies. The petition estimates assets of up to $500 million and debts of up to $1 billion. In its schedules, the LA Dodgers baseball club disclosed $77,963,734 in assets and $4,695,702 in liabilities. LA Real Estate LLC disclosed $161,761,883 in assets and $0 in liabilities. According to Forbes, the team is worth about $800 million, making it the third most valuable baseball team after the New York Yankees and the Boston Red Sox. Judge Kevin Gross presides over the case. Lawyers at Young, Conaway, Stargatt & Taylor and Dewey & LeBoeuf LLP serve as the Debtors' bankruptcy counsel. Epiq Bankruptcy Solutions LLC is the claims and notice agent. Public relations specialist Kekst and Company has been hired for crisis support. Covington & Burling LLP serves as special counsel. An official committee of unsecured creditors has been appointed in the case. The panel has tapped Lazard Freres & Co. as financial adviser and investment banker, and Morrison & Foerster LLP and Pinckney, Harris & Weidinger, LLC as counsel. The LA Dodgers is the 12th sports team in North America to have sought bankruptcy protection, according to The Wall Street Journal. The reorganization is being financed with a $150 million unsecured loan from the Commissioner of Major League Baseball. The loan gives the Commissioner few of the controls lenders often demanded from bankrupt companies. NEW STREAM: NS Insurance Ends September 2011 With $26 Million Cash ------------------------------------------------------------------ New Stream Insurance, LLC, reported a net loss of $3.7 million on $nil revenue for the month ended September 2011. At Sept. 30, 2011, the Company had $66.3 million in total assets, $6.9 million in total liabilities, all current, and total equity of $59.4 million. The Company ended the period with $26.0 million cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/newstreaminsurance.sept2011mor.pdf New Stream Insurance, LLC, reported a net loss of $11.5 million on $nil revenue for the month ended Aug. 31, 2011. At Aug. 31, 2011, the Company had $69.1 million in total assets, $6.1 million in total liabilities, all current, and total equity of $63.1 million. The Company ended the period with $28.3 million cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/newstreamisurance.aug2011mor.pdf About New Stream New Stream is an inter-related group of companies that collectively comprise an investment fund, headquartered in Ridgefield, Connecticut. Founded in 2002, New Stream focuses on providing non-traded private debt to the insurance, real estate and commercial finance sectors. On March 7, 2011, when New Stream was still soliciting votes on the Chapter 11 plan, certain investors filed a petition (Bankr. D. Del. Lead Case No. 11-10690) seeking to force three New Stream funds -- New Stream Secured Capital Fund (U.S.) LLC, New Stream Secured Capital Fund P1 (Cayman), Ltd. and New Stream Secured Capital Fund K1 (Cayman), Ltd. -- to Chapter 11 bankruptcy. The petitioning investors in the New Stream investment enterprise say they are collectively owed over $90 million, representing roughly 28% of the approximately $320 million owed to all U.S. and Cayman investors. The Petitioners are represented by (i) Joseph H. Huston, Jr., Esq., Maria Aprile Sawczuk, Esq., Meghan A. Cashman, Esq., at Stevens & Lee, P.C., in Wilmington, Delaware, and Beth Stern Fleming, Esq., at Stevens & Lee, P.C., in Philadelphia, Pennsylvania, and Nicholas F. Kajon, Esq., David M. Green, Esq., and Constantine Pourakis, Esq., at Stevens & Lee, P.C., in New York, (ii) Edward Toptani, Esq., at Toptani Law Offices, in New York, and (iii) John M Bradham, Esq., and David Hartheimer, Esq., at Mazzeo Song & Bradham LLP, in New York. New Stream Secured Capital, Inc., and three affiliates (New Stream Insurance, LLC, New Stream Capital, LLC, and New Stream Secured Capital, L.P.) filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 11-10753) on March 13, 2011, with a proposed prepackaged Chapter 11 plan. Kurt F. Gwynne, Esq., J. Cory Falgowski, Esq., Michael J. Venditto, Esq., and Scott M Esterbrook, Esq., at Reed Smith LLP, serve as the Debtors' bankruptcy counsel. Kurtzman Carson Consultants LLC is the Debtors' claims and notice agent. NSSC, Inc., estimated its assets and debts at up to $50,000. NSC estimated its assets at $100,000 to $500,000 and debts at $50,000 to $100,000. NSI estimated its assets at $100 million to $500 million and debts at $50 million to $100 million. NSSC, LP, estimated its assets and debts at $500 million to $1 billion. NSI's insurance portfolio is being sold for $184.35 million as part of the Chapter 11 plan. The aggregate indebtedness secured by the investment portfolio of NSSC is $688,412,974. NSI owes $81,573,376 to certain account classes under a Bermuda fund. The Official Committee of Unsecured Creditors proposes to hire Kurtzman Carson Consultants LLC as its communications agent; Houlihan Lokey Howard & Zukin Capital, Inc., as its financial advisor and investment banker; and Zolfo Cooper, LLC, as its forensic accountants and litigation support consultants. New Stream completed a sale of its assets on June 3. New Stream sold the portfolio of life-insurance policies to an affiliate of McKinsey & Co. for $127.5 million. There were no competing bids at auction. NEW STREAM: NS Secured Ends September 2011 With $7.1 Million Cash ----------------------------------------------------------------- New Stream Secured Capital, L.P., reported a net loss of $6.8 million for the month of September 2011. At Sept. 30, 2011, the Company had $201.0 million in total assets $706.6 million in total liabilities, and an equity deficit of $504.6 million. The Company ended the period with $7,102,485 cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/nssecuredcapital.sept2011mor.pdf New Stream Secured Capital, L.P., reported a net loss of $13.0 million for the month of August 2011. At Aug. 31, 2011, the Company had $211.3 million in total assets $709.0 million in total liabilities, and an equity deficit of $497.7 million. The Company ended the period with $7,097,021 cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/nssecured.aug2011mor.pdf About New Stream New Stream is an inter-related group of companies that collectively comprise an investment fund, headquartered in Ridgefield, Connecticut. Founded in 2002, New Stream focuses on providing non-traded private debt to the insurance, real estate and commercial finance sectors. On March 7, 2011, when New Stream was still soliciting votes on the Chapter 11 plan, certain investors filed a petition (Bankr. D. Del. Lead Case No. 11-10690) seeking to force three New Stream funds -- New Stream Secured Capital Fund (U.S.) LLC, New Stream Secured Capital Fund P1 (Cayman), Ltd. and New Stream Secured Capital Fund K1 (Cayman), Ltd. -- to Chapter 11 bankruptcy. The petitioning investors in the New Stream investment enterprise say they are collectively owed over $90 million, representing roughly 28% of the approximately $320 million owed to all U.S. and Cayman investors. The Petitioners are represented by (i) Joseph H. Huston, Jr., Esq., Maria Aprile Sawczuk, Esq., Meghan A. Cashman, Esq., at Stevens & Lee, P.C., in Wilmington, Delaware, and Beth Stern Fleming, Esq., at Stevens & Lee, P.C., in Philadelphia, Pennsylvania, and Nicholas F. Kajon, Esq., David M. Green, Esq., and Constantine Pourakis, Esq., at Stevens & Lee, P.C., in New York, (ii) Edward Toptani, Esq., at Toptani Law Offices, in New York, and (iii) John M Bradham, Esq., and David Hartheimer, Esq., at Mazzeo Song & Bradham LLP, in New York. New Stream Secured Capital, Inc., and three affiliates (New Stream Insurance, LLC, New Stream Capital, LLC, and New Stream Secured Capital, L.P.) filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 11-10753) on March 13, 2011, with a proposed prepackaged Chapter 11 plan. Kurt F. Gwynne, Esq., J. Cory Falgowski, Esq., Michael J. Venditto, Esq., and Scott M Esterbrook, Esq., at Reed Smith LLP, serve as the Debtors' bankruptcy counsel. Kurtzman Carson Consultants LLC is the Debtors' claims and notice agent. NSSC, Inc., estimated its assets and debts at up to $50,000. NSC estimated its assets at $100,000 to $500,000 and debts at $50,000 to $100,000. NSI estimated its assets at $100 million to $500 million and debts at $50 million to $100 million. NSSC, LP, estimated its assets and debts at $500 million to $1 billion. NSI's insurance portfolio is being sold for $184.35 million as part of the Chapter 11 plan. The aggregate indebtedness secured by the investment portfolio of NSSC is $688,412,974. NSI owes $81,573,376 to certain account classes under a Bermuda fund. The Official Committee of Unsecured Creditors proposes to hire Kurtzman Carson Consultants LLC as its communications agent; Houlihan Lokey Howard & Zukin Capital, Inc., as its financial advisor and investment banker; and Zolfo Cooper, LLC, as its forensic accountants and litigation support consultants. New Stream completed a sale of its assets on June 3. New Stream sold the portfolio of life-insurance policies to an affiliate of McKinsey & Co. for $127.5 million. There were no competing bids at auction. NEW STREAM: NS Capital Ends September 2011 With $751,755 Cash ------------------------------------------------------------- New Stream Capital, LLC, reported net income of $81,101 on total income of $81,101 for September 2011. At Sept. 30, 2011, the Company had $2.5 million in total assets $1.8 million in total liabilities, and total equity of $689,994. The Company ended the period with $751,755 cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/newstreamcapital.sept2011mor.pdf New Stream Capital, LLC, reported net income of $116,283 on total income of $116,283 for the month of August 2011. At Aug. 31, 2011, the Company had $2.3 million in total assets $1.7 million in total liabilities, and total equity of $608,893. The Company ended the period with $751,924 cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/newstreamcapital.aug2011mor.pdf About New Stream New Stream is an inter-related group of companies that collectively comprise an investment fund, headquartered in Ridgefield, Connecticut. Founded in 2002, New Stream focuses on providing non-traded private debt to the insurance, real estate and commercial finance sectors. On March 7, 2011, when New Stream was still soliciting votes on the Chapter 11 plan, certain investors filed a petition (Bankr. D. Del. Lead Case No. 11-10690) seeking to force three New Stream funds -- New Stream Secured Capital Fund (U.S.) LLC, New Stream Secured Capital Fund P1 (Cayman), Ltd. and New Stream Secured Capital Fund K1 (Cayman), Ltd. -- to Chapter 11 bankruptcy. The petitioning investors in the New Stream investment enterprise say they are collectively owed over $90 million, representing roughly 28% of the approximately $320 million owed to all U.S. and Cayman investors. The Petitioners are represented by (i) Joseph H. Huston, Jr., Esq., Maria Aprile Sawczuk, Esq., Meghan A. Cashman, Esq., at Stevens & Lee, P.C., in Wilmington, Delaware, and Beth Stern Fleming, Esq., at Stevens & Lee, P.C., in Philadelphia, Pennsylvania, and Nicholas F. Kajon, Esq., David M. Green, Esq., and Constantine Pourakis, Esq., at Stevens & Lee, P.C., in New York, (ii) Edward Toptani, Esq., at Toptani Law Offices, in New York, and (iii) John M Bradham, Esq., and David Hartheimer, Esq., at Mazzeo Song & Bradham LLP, in New York. New Stream Secured Capital, Inc., and three affiliates (New Stream Insurance, LLC, New Stream Capital, LLC, and New Stream Secured Capital, L.P.) filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 11-10753) on March 13, 2011, with a proposed prepackaged Chapter 11 plan. Kurt F. Gwynne, Esq., J. Cory Falgowski, Esq., Michael J. Venditto, Esq., and Scott M Esterbrook, Esq., at Reed Smith LLP, serve as the Debtors' bankruptcy counsel. Kurtzman Carson Consultants LLC is the Debtors' claims and notice agent. NSSC, Inc., estimated its assets and debts at up to $50,000. NSC estimated its assets at $100,000 to $500,000 and debts at $50,000 to $100,000. NSI estimated its assets at $100 million to $500 million and debts at $50 million to $100 million. NSSC, LP, estimated its assets and debts at $500 million to $1 billion. NSI's insurance portfolio is being sold for $184.35 million as part of the Chapter 11 plan. The aggregate indebtedness secured by the investment portfolio of NSSC is $688,412,974. NSI owes $81,573,376 to certain account classes under a Bermuda fund. The Official Committee of Unsecured Creditors proposes to hire Kurtzman Carson Consultants LLC as its communications agent; Houlihan Lokey Howard & Zukin Capital, Inc., as its financial advisor and investment banker; and Zolfo Cooper, LLC, as its forensic accountants and litigation support consultants. New Stream completed a sale of its assets on June 3. New Stream sold the portfolio of life-insurance policies to an affiliate of McKinsey & Co. for $127.5 million. There were no competing bids at auction. PEGASUS RURAL: Posts $1.8 Million Net Loss in September 2011 ------------------------------------------------------------ Pegasus Rural Broadband, LLC, et al., reported a net loss of $1.8 million on $327,838 of customer revenue for the month ended Sept. 30, 2011. At Sept. 30, 2011, the Company had $43.7 million in total assets, $72.2 million in total liabilities, and a stockholders' deficit of $28.5 million. A copy of the operating report is available for free at: http://bankrupt.com/misc/pegasusrural.sept2011mor.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. Rafael Xavier Zahralddin-Aravena, Esq., Shelley A. Kinsella, Esq., and Jonathan M. Stemerman, Esq., at Elliott Greenleaf, in Wilmington, Delaware, serve as counsel to the Debtor. NHB Advisors Inc. is their financial advisors. 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. The Chapter 11 filing followed the maturity in May of almost $60 million in secured notes owing to Beach Point Capital Management LP. After filing for bankruptcy, the Debtors faced an effort by the agent for secured noteholders to appoint a trustee or dismiss the case. The agent contended that on the eve of bankruptcy, Xanadoo created a new intermediate holding company to hinder and delay creditors by taking over ownership of the operating companies. The Debtors called the trustee motion a distraction that hindered them from moving the case more quickly. On Oct. 14, 2011, the Court denied the motion to dismiss the Chapter 11 case of Xanadoo Spectrum, LLC, and to appoint a Chapter 11 trustee for Xanadoo Holdings, Inc., Pegasus Rural Broadband, LLC, Pegasus Guard Band, C, and Xanadoo LLC. PROFESSIONAL VETERINARY: Ends October 2011 With $8.83 Million Cash ------------------------------------------------------------------ On Nov. 10, 2011, Professional Veterinary Products, Ltd., and its subsidiaries, ProConn, LLC, and Exact Logistics, LLC, filed their unaudited monthly operating report for October 2011 with the U.S. Bankruptcy Court for the District of Nebraska. The Debtors submitted a summary of cash receipts and disbursements for the period, disclosing: Beginning Balance $8,862,843 Total Receipts $24,346 Disbursements $54,960 Net Cash Flow ($30,614) Ending Cash Balance $8,832,229 Disbursements for professional and trustee fees totaled $15,385.50. A complete text of the operating report is available for free at: http://is.gd/Ztm466 About Professional Veterinary Products Professional Veterinary Products Ltd. -- http://www.pvpl.com/-- operates a veterinary supply company owned and managed by veterinarians. Professional Veterinary sought Chapter 11 protection from creditors on August 20, 2010, in Omaha, Nebraska (Bankr. D. Neb. Case No. 10-82436). Affiliates ProConn and Exact Logistics also filed for Chapter 11. The Company reported $89.79 million in total assets, $78.23 million in total liabilities, and $11.56 million in stockholders' equity at April 30, 2010. The Company hired McGrath North Mullin & Kratz PC LLC, as bankruptcy counsel and Alliance Management as financial and restructuring advisors. SAND SPRING: Files Initial Monthly Operating Report --------------------------------------------------- Sand Spring Capital III, LLC, et al., filed on Nov. 9, 2011, an initial monthly operating report with the U.S. Bankruptcy Court for the District of Delaware. The Debtors submitted a six-month cash flow projection covering the period October 2011 through March 2012. A copy of the initial monthly operating report is available for free at http://bankrupt.com/misc/sandspring.initialmor.pdf Nine funds advised by Commonwealth Advisors Inc. of Baton Rouge, Louisiana, sought Chapter 11 protection on Oct. 25, 2011, after failing to work out a reorganization plan acceptable to all investors. Lead Debtor is Sand Spring Capital III, LLC (Bankr. D. Del. Case No. 11-13393). Kenneth J. Enos, Esq., at Young, Conaway, Stargatt & Taylor, Wilmington, Delaware serves as counsel to the Debtors. Epiq Bankruptcy Solutions LLC serves as claims and notice agent. The funds were formed from 2005 to 2007 under Walter Morales, president and chief investment manager, and attracted 456 investors, according to filings in U.S. Bankruptcy Court in Wilmington, Delaware. Last year, investors filed class-action and derivative suits alleging mismanagement, misrepresentation, and breach of fiduciary duty. According to Bloomberg News, the U.S. Securities and Exchange Commission initiated a formal investigation in July 2009. The funds were unable or unwilling to satisfy investors' redemption demands, which would have required liquidation of "their holdings in an illiquid market and at depressed prices." The funds, Commonwealth and Morales negotiated a prepackaged Chapter 11 plan, which was accepted by all classes of creditors except one. Because third-party contributions required unanimous approval, the funds said they filed in Chapter 11 so they could have "further discussions with their investors with the oversight of this court." WASHINGTON MUTUAL: Posts $6.5 Million Net Loss in September ----------------------------------------------------------- BankruptcyData.com reports that Washington Mutual filed with the U.S. Bankruptcy Court a monthly operating report for September 2011. For the period, the Company paid $11.6 million in professional fees and reported a net loss of $6.5 million on total revenue of $62,338. About Washington Mutual Based in Seattle, Washington, Washington Mutual Inc. -- http://www.wamu.com/-- was the holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries. Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S. government regulators. The next day, WaMu and its affiliate, WMI Investment Corp., filed separate petitions for Chapter 11 relief (Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owns 100% of the equity in WMI Investment. When WaMu filed for protection from its creditors, it disclosed assets of $32,896,605,516 and debts of $8,167,022,695. WMI Investment estimated assets of $500 million to $1 billion with zero debts. WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal & Manges LLP in New York City; Mark D. Collins, Esq., at Richards, Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver & Hedges, LLP. The Debtor tapped Valuation Research Corporation as valuation service provider for certain assets. Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New York, and David B. Stratton, Esq., at Pepper Hamilton LLP in Wilmington, Del., represent the Official Committee of Unsecured Creditors. Stephen D. Susman, Esq., at Susman Godfrey LLP and William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the Equity Committee. The official committee of equity security holders also tapped BDO USA as its tax advisor. Stacey R. Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent JPMorgan Chase, which acquired the WaMu bank unit's assets prior to the Petition Date. On Jan. 7, 2011, the Bankruptcy Court entered a 107-page opinion determining that the global settlement agreement, among certain parties including WMI, the Federal Deposit Insurance Corporation and JPMorgan, upon which the Plan is premised, and the transactions contemplated therein, are fair, reasonable, and in the best interests of WMI. However, the Opinion and related order denied confirmation, but suggested certain modifications to the Company's Sixth Amended Joint Plan of Affiliated Debtors that, if made, would facilitate confirmation. WaMu filed a Modified Sixth Amended Joint Plan and a related Supplemental Disclosure Statement, which it believes would address the Bankruptcy Court's concerns. On Sept. 13, 2011, Judge Walrath denied confirmation of WaMu's Modified Sixth Amended Plan and granted equity committee standing to prosecute claims for equitable disallowance but stayed the ruling pending mediation. WaMu said it would seek confirmation of a revised plan "as soon as practicable." The Plan proposes to pay more than $7 billion to creditors and incorporates a global settlement agreement resolving issues among the Debtors, JPMorgan Chase, the Federal Deposit Insurance Corp. in its corporate capacity and as receiver for WaMu Bank, certain large creditors, certain WMB senior noteholders, and the creditors' committee. The Settlement Noteholders are Appaloosa Management, L.P., Aurelius Capital Management LP, Centerbridge Partners, LP, and Owl Creek Asset Management, L.P. ********* 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, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2011. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***