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/raid1/www/Hosts/bankrupt/TCR_Public/120218.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, February 18, 2012, Vol. 16, No. 48 Headlines ARCHBROOK LAGUNA: Files December 2011 Monthly Operating Report ASCENDIA BRANDS: Ascendia Brands Co. Ends 2011 With $6,552 Cash ASCENDIA BRANDS: Ends December 2011 With $1,000 Cash BLITZ USA: Reports $980,745 Net Loss in December 2011 DELTA PETROLEUM: Files Initial Monthly Operating Report EVANS OIL: Posts $53,045 Net Loss in December 2011 EVANS OIL: Long Run LLC Posts $1,514 Net Loss in December 2011 EVANS OIL: Octane LLC Posts $49,731 December 2011 Net Loss EVANS OIL: RML LLC Files November & December Operating Reports IRWIN MORTGAGE: Ends December 2011 With $5.19 Million Cash MARCO POLO: Posts $95,290 Net Loss in December 2011 MONEY TREE: Files Monthly Operating Report for Dec. 17 - 31 SAND SPRING: Files Monthly Operating Report for November 2011 SAINT VINCENTS: Posts $4.0 Million Net Loss in December 2011 SOUTHWEST GEORGIA: Reports $13.9-Mil. Net Income in December 2011 TERRESTAR CORP: Ends December 2011 With $7.99-Mil. Cash TERRESTAR NETWORKS: Ends December 2011 With $14.1-Mi. Cash ********* ARCHBROOK LAGUNA: Files December 2011 Monthly Operating Report -------------------------------------------------------------- ArchBrook Laguna Holding LLC, et al., filed on Jan. 17, 2012, a monthly operating report for the month of December 2011. The Disbursements Table for December 2011 showed these disbursements: Debtor Case No. Total Disbursements ------ -------- ------------------- Distributor LLC 11-13293 (SCC) $1,158,947 A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/archbrooklaguna.doc389.pdf About ArchBrook Laguna ArchBrook was a procurement and distribution intermediary between production companies and end retailers. It distributed consumer electronics, computers and appliances to principal customers that include Wal-Mart Stores Inc., Best Buy Co. and Costco Wholesale Corp. ArchBrook disclosed assets of $246.2 million against debt totaling $176.4 million as of March 31, 2011. ArchBrook Laguna Holdings LLC and certain of its affiliates filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 11-13292) on July 8, 2011. Ira S. Dizengoff, Esq., Michael P. Cooley, Esq., and Alexis Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, serve as bankruptcy counsel to ArchBrook Laguna. The Company is being advised by Macquarie Capital (USA) Inc. with respect to the sale process and by Hawkwood Consulting LLC, whose founder Stephen J. Gawrylewski is Chief Restructuring Officer of the Company. Macquarie Capital (USA) Inc. is the financial advisor. PricewaterhouseCoopers LLP is a consultant. Cooley LLP, in New York, is the counsel for the Official Committee of Unsecured Creditors. On Aug. 12, 2011, ArchBrook Laguna LLC won approval to sell its consumer electronics and appliances distribution business to Gordon Brothers Group LLC for some $25 million, after fielding offers at an auction. On Aug. 15, 2011, the sale closed. ASCENDIA BRANDS: Ascendia Brands Co. Ends 2011 With $6,552 Cash --------------------------------------------------------------- Ascendia Brands, Inc., filed for Ascendia Brands Co., Inc., monthly operating reports for November and December 2011. Ascendia Brands Co., Inc.'s schedule of receipts and disbursements showed: November December Cash, beginning $5,209 $6,154 Total receipts $6,375 $9,751 Total disbursements $5,430 $9,354 Net cash flow $945 $398 Cash, end of month $6,154 $6,552 Payments for professional fees were $0 for both November and December 2011. About Ascendia Brands Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. -- http://www.ascendiabrands.com/-- was, prior to the sale of substantially all of its assets during bankruptcy, a manufacturer and seller of branded and private labeled health and beauty care products in North America, including Baby Magic, Binaca, Mr. Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander Essentials. Remaining assets consist almost entirely of accounts receivable. The Company and six of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-11787) on Aug. 5, 2008. Kenneth H. Eckstein, Esq., and Robert T. Schmidt, Esq., at Kramer Levin Naftalis & Frankel LLP, represent the Debtors in their restructuring efforts. M. Blake Cleary, Esq., Edward J. Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young, Conaway, Stargatt & Taylor, LLP, serve as the Debtors' Delaware counsel. Epiq Bankruptcy Solutions LLC is the notice, claims and balloting agent to the Debtors. At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total assets and $279,000,000 in total debts. ASCENDIA BRANDS: Ends December 2011 With $1,000 Cash ---------------------------------------------------- Ascendia Brands, Inc., filed its monthly operating reports for November and December 2011. Ascendia Brands Inc.'s schedule of receipts and disbursements showed: November December Cash, beginning $1,000 $1,000 Total receipts $3,750 $6,643 Total disbursements $3,750 $6,643 Net cash flow $0 $0 Cash, end of month $1,000 $1,000 Professional fees paid in November and December 2011 were $0 and $2,079, respectively. About Ascendia Brands Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. -- http://www.ascendiabrands.com/-- was, prior to the sale of substantially all of its assets during bankruptcy, a manufacturer and seller of branded and private labeled health and beauty care products in North America, including Baby Magic, Binaca, Mr. Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander Essentials. Remaining assets consist almost entirely of accounts receivable. The Company and six of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-11787) on Aug. 5, 2008. Kenneth H. Eckstein, Esq., and Robert T. Schmidt, Esq., at Kramer Levin Naftalis & Frankel LLP, represent the Debtors in their restructuring efforts. M. Blake Cleary, Esq., Edward J. Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young, Conaway, Stargatt & Taylor, LLP, serve as the Debtors' Delaware counsel. Epiq Bankruptcy Solutions LLC is the notice, claims and balloting agent to the Debtors. At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total assets and $279,000,000 in total debts. BLITZ USA: Reports $980,745 Net Loss in December 2011 ----------------------------------------------------- Blitz U.S.A., Inc., et al., reported a net loss of $980,475 on $4.3 million of revenue for the month ended Dec. 31, 2011. Restructuring fees incurred in the month totaled $675,000. The Debtors' balance sheet at Dec. 31, 2011, showed $83.7 million in total assets, $93.7 million in total liabilities, and a stockholders' deficit of $10.0 million. About Blitz USA Blitz U.S.A. Inc., is a Miami, Oklahoma-based manufacturer of plastic gasoline cans. The company, controlled by Kinderhook Capital Fund II LP, filed for bankruptcy protection to stanch a hemorrhage resulting from 36 product-liability lawsuits. Parent Blitz Acquisition Holdings, Inc., and its affiliates filed for Chapter 11 protection (Bankr. D. Del. Case Nos. 11-13602 thru 11-13607) on Nov. 9, 2011. The Hon. Peter J. Walsh presides over the case. Blitz USA disclosed $36,194,434 in assets and $41,428,577 in liabilities in its schedules. Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger, represents the Debtors in their restructuring efforts. The Debtors tapped Zolfo Cooper, LLC, as restructuring advisor; and Kurtzman Carson Consultants LLC serves as notice and claims agent. Lowenstein Sandler PC from Roseland, New Jersey, represents the Official Committee of Unsecured Creditors. The Chapter 11 case is financed with a $5 million secured loan from Bank of Oklahoma. Bank of Oklahoma, as DIP agent, is represented by Samuel S. Ory, Esq., at Frederic Dorwart Lawyers in Tulsa. DELTA PETROLEUM: Files Initial Monthly Operating Report ------------------------------------------------------- Delta Petroleum Corporation, et al., have filed an initial monthly operating report with the U.S. Bankruptcy Court for the District of Delaware. The Debtors submitted cash flow projections for the 13 week period: Jan. 14, 2012, through April 7, 2012. A copy of the initial monthly operating report is available for free at http://bankrupt.com/misc/deltapetroleum.initialmor.pdf About Delta Petroleum Delta Petroleum Corporation (NASDAQ: DPTR) is an independent oil and gas company engaged primarily in the exploration for, and the acquisition, development, production, and sale of, natural gas and crude oil. Natural gas comprises over 90% of Delta's production services. The core area of its operations is the Rocky Mountain Region of the United States, where the majority of the proved reserves, production and long-term growth prospects are located. Delta and seven of its subsidiaries sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 11-14006 to 11-14013, inclusive) on Dec. 16, 2011, roughly six weeks before the Jan. 31, 2012 scheduled maturity of its $38.5 million secured credit facility with Macquarie Bank Limited and after several months of unsuccessful attempts to sell the business. Delta disclosed $375,498,248 in assets and $310,679,157 in liabilities, which also include $152,187,500 in outstanding obligations on account of the 7% senior unsecured notes issued in March 2005 with US Bank National Association indenture trustee; and $115,527,083 in outstanding obligations on account of 3-3/4% Senior Convertible Notes due 2037 issued in April 2007. W. Peter Beardsley, Esq., Christopher Gartman, Esq., Kathryn A. Coleman, Esq., and Ashley J. Laurie, Esq., at Hughes Hubbard & Reed LLP, in New York, N.Y., represent the Debtors as counsel. Derek C. Abbott, Esq., Ann C. Cordo, Esq., and Chad A. Fights, Esq., at Morris, Nichols, Arsht & Tunnel LLP, in Wilmington, Del., represent the Debtors as co-counsel. Conway Mackenzie is the Debtors's restructuring advisor. The Debtors selected Epiq Bankruptcy Solutions, LLC as claims and noticing agent. The petition was signed by Carl E. Lakey, chief executive officer and president. Delta will hold an auction for the business on March 26, 2012. No buyer is under contract. There is $57.5 million in financing for the Chapter 11 effort. EVANS OIL: Posts $53,045 Net Loss in December 2011 -------------------------------------------------- Evans Oil Company LLC reported a net loss of $53,045 on $14.2 million of revenue for the month of December 2011. At Dec. 31, 2011, the Debtor had $20.8 million in total assets, $37.4 million in total liabilities, and an equity deficit of $16.6 million. Evans Oil Company LLC reported a net loss of $147,429 on $14.4 million of revenue for the month of November 2011. At Nov. 30, 2011, the Debtor had $21.3 million in total assets, $37.8 million in total liabilities, and an equity deficit of $16.6 million. 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 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 December 2011 -------------------------------------------------------------- Long Run LLC reported a net loss of $1,514 on $0 revenue for the month of December 2011. At Dec. 31, 2011, the Debtor had $1.0 million in total assets, $1.6 million in total liabilities, and an equity deficit of $554,415. Long Run LLC reported a net loss of $1,514 on $0 revenue for the month of November 2011. At Nov. 30, 2011, the Debtor had $1.0 million in total assets, $1.6 million in total liabilities, and an equity deficit of $552,901. 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 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 December 2011 Net Loss ---------------------------------------------------------- Octane LLC reported a net loss of $49,731 on $0 revenue for the month of December 2011. At Dec. 31, 2011, the Debtor had $3.1 million in total assets, $3.8 million in total liabilities, and an equity deficit of $775,400. Octane LLC reported a net loss of $49,731 on $0 revenue for the month of November 2011. At Nov. 30, 2011, the Debtor had $3.0 million in total assets, $3.7 million in total liabilities, and an equity deficit of $725,669. 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 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 Files November & December Operating Reports -------------------------------------------------------------- RML LLC reported $0 net profit on lease income of $87,318 for the month of December 2011. At Dec. 31, 2011, the Debtor had $3.3 million in total assets, $1.2 million in total liabilities, and total equity of $2.1 million. RML LLC reported $0 net profit on lease income of $64,577 for the month of November 2011. At Nov. 30, 2011, the Debtor had $3.4 million in total assets, $1.3 million in total liabilities, and total equity of $2.1 million. 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 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. IRWIN MORTGAGE: Ends December 2011 With $5.19 Million Cash ---------------------------------------------------------- Irwin Mortgage Corporation filed on Jan. 20, 2012, 2011, its monthly operating report for December 2011. The Debtor submitted a cash receipts & disbursements summary for November, disclosing: Beginning Cash $5,339,486 Receipts $163,905 Disbursements $305,326 Net Receipts (Disbursement) $141,421 Ending Cash $5,198,065 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., Matthew T. Schaeffer, Esq., and Robert B. Berner, Esq., at Bailey Cavalieri LLC, serve as the Debtor's counsel. Fred C. Caruso and Development Specialists Inc. provide wind-down management services to the Debtor. MARCO POLO: Posts $95,290 Net Loss in December 2011 --------------------------------------------------- Marco Polo Seatrade B.V., et al., reported a net loss of $95,290 on $1.4 million of net freight income for December 2011. At Dec. 31, 2011, the Debtors had $275.1 million in total assets, $314.7 million in total liabilities, and stockholders' deficit of $39.6 million. The Debtors ended the period with $21,778,212, which includes $673,725 in restricted cash and equivalents. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/marcopolo.doc334.pdf About Marco Polo Marco Polo Seatrade B.V. operates an international commercial vessel management company that specializes in providing commercial and technical vessel management services to third parties. Founded in 2005, the Company mainly operates under the name of Seaarland Shipping Management and maintains corporate headquarters in Amsterdam, the Netherlands. The primary assets consist of six tankers that are regularly employed in international trade, and call upon ports worldwide. Marco Polo and three affiliated entities filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) on July 29, 2011. The other affiliates are Seaarland Shipping Management B.V.; Magellano Marine C.V.; and Cargoship Maritime B.V. Marco Polo is the sole owner of Seaarland, which in turn is the sole owner of Cargoship, and also holds a 5% stake in Magellano. The remaining 95% stake in Magellano is owned by Amsterdam-based Poule B.V., while another Amsterdam company, Falm International Holding B.V. is the sole owner of Marco Polo. Falm and Poule didn't file bankruptcy petitions. The filings were prompted after lender Credit Agricole Corporate & Investment Bank seized one ship on July 21, 2011, and was on the cusp of seizing two more on July 29. The arrest of the vessel was authorized by the U.K. Admiralty Court. Credit Agricole also attached a bank account with almost US$1.8 million on July 29. The Chapter 11 filing precluded the seizure of the two other vessels. The cases are before Judge James M. Peck. Evan D. Flaschen, Esq., Robert G. Burns, Esq., and Andrew J. Schoulder, Esq., at Bracewell & Giuliani LLP, in New York, serve as the Debtors' bankruptcy counsel. Kurtzman Carson Consultants LLC serves as notice and claims agent. The petition noted that the Debtors' assets and debts are both more than US$100 million and less than US$500 million. Tracy Hope Davis, United States Trustee for Region 2, appointed three members to serve on the Official Committee of Unsecured Creditors. The Committee has retained Blank Rome LLP as its attorney. Creditor Credit Agricole Corporate and Investment Bank is represented by Alfred E. Yudes, Jr., Esq., and Jane Freeberg Sarma, Esq., at Watson, Farley & Williams (New York) LLP. Gregory M. Petrick, Esq., Ingrid Bagby, Esq., and Sharon J. Richardson, Esq., at Cadwalader, Wickersham & Taft LLP, in New York, represents secured creditor and post-petition lender The Royal bank of Scotland plc. MONEY TREE: Files Monthly Operating Report for Dec. 17 - 31 ----------------------------------------------------------- The Money Tree of Louisiana, Inc., reported a net loss of $9,682 on $27,150 of total income for the reporting period Dec. 17, 2011, to Dec. 31, 2011. The Debtor ended the period with $236,362 cash, compared to $222,816 at the beginning of the period. The Money Tree of Louisiana, Inc.'s balance sheet at Dec. 31, 2011, showed $1.8 million in total assets, $13.1 million in total liabilities, and a stockholders' deficit of $11.3 million. A copy of the The Money Tree of Louisiana's monthly operating report is available for free at: http://bankrupt.com/misc/moneytreeoflouisiana.dec17-31mor.pdf The Money Tree Inc.'s balance sheet at Dec. 31, 2011, showed $75.3 million in total assets, $73.1 million in total liabilities, and a stockholders' deficit of $2.2 million. The Money Tree Inc. ended Dec. 31, 2011, with $4,022 cash, compared to $55,716 at Dec. 16, 2011. Cash income for the period was $28,928 and cash expenses for the period was $80,622, for a cash loss of $51,694 for the period. A copy of The Money Tree Inc.'s operating report is available for free at http://bankrupt.com/misc/moneytree.dec17-31mor.pdf Small Loans, Inc., reported a net loss of $8,818 on total income of $38,200 for the reporting period Dec. 17, 2011, to Dec. 31, 2011. The Debtor ended the period with $240,817 in cash and cash equivalents, compared to $199,291 at the beginning of the period. Balance Sheet information was not provided. A copy of Small Loans' operating report is available for free at: http://bankrupt.com/misc/smallloans.dec17-31mor.pdf The Money Tree of Florida, Inc., reported a net loss of $6,237 on $10,700 of total income for the reporting period Dec. 17, 2011, to Dec. 31, 2011. The Debtor ended the period with $88,746 cash, compared to $68,022 at the beginning of the period. The Money Tree of Florida, Inc.'s balance sheet at Dec. 31, 2011, showed $1.1 million in total assets, $3.6 million in total liabilities, and a stockholders' deficit of $2.5 million. A copy of the Debtor's monthly operating report is available for free at: http://bankrupt.com/misc/moneytreeofflorida.dec17-31mor.pdf The Money Tree of Georgia, Inc., reported a net loss of $5,492 on $119,250 of total income for the reporting period Dec. 17, 2011, to Dec. 31, 2011. The Debtor ended the period with $3,352,328 cash, compared to $3,384,423 at the beginning of the period. The Money Tree of Georgia, Inc.'s balance sheet at Dec. 31, 2011, showed $11.3 million in total assets, $64.0 million in total liabilities, and a stockholders' deficit of $52.7 million. A copy of the Debtor's monthly operating report is available for free at: http://bankrupt.com/misc/moneytreeofgeorgia.dec17-31mor.pdf About Money Tree Bainbridge, Georgia-based The Money Tree Inc. -- http://www.moneytreeinc.com/-- operates a network of lending branches across the Southeast, concentrated in Georgia, Florida and Alabama. The Company and four affiliates filed for Chapter 11 bankruptcy (Bankr. M.D. Ala. Case Nos. 11-12254 thru 11-12258) on Dec. 16, 2011. The other debtor-affiliates are Small Loans, Inc., The Money Tree of Louisiana, Inc., The Money Tree of Florida Inc., and The Money Tree of Georgia of Georgia Inc. Judge William R. Sawyer oversees the case, replacing Judge Dwight H. Williams, Jr. Max A. Moseley, Esq., at Baker Donelson Bearman Caldwell & Berkow, P.C., serves as the Debtors' counsel. The Debtors hired Warren, Averett, Kimbrough & Marino, LLC, as restructuring advisors. Money Tree's consolidated balance sheet reported $34,859,189 in assets, $92,655,010 in liabilities, and $57,795,821 in total stockholders' deficit. The petitions were signed by Biladley D. Bellville, president. The Company's subsidiary, Best Buy Autos of Bainbridge Inc., is not a party to the bankruptcy filing and intends to operate its business in the ordinary course. SAND SPRING: Files Monthly Operating Report for November 2011 ------------------------------------------------------------- Sand Spring Capital III, LLC, filed on Jan. 9, 2012, a monthly operating report for the filing period Nov. 1, 2011, through Nov. 30, 2011, with the U.S. Bankruptcy Court for the District of Delaware. The Debtors submitted schedules of: Exhibit 1 - Cash Receipts and Disbursement Budgets Exhibit 2 - Account Balances Exhibit 3 - Certification Exhibit 4 - November Monthly Trial Balance Exhibit 5 - Summary of Unpaid Postpetition Debts Exhibit 6 - Accounts Reconciliation and Aging Copies of the Exhibits are available for free at: http://bankrupt.com/misc/sandspring.cashbudgets.pdf http://bankrupt.com/misc/sandspring.bankaccountbalances.pdf http://bankrupt.com/misc/sandspring.certifications.pdf http://bankrupt.com/misc/sandspring.novembertrialbalances.pdf http://bankrupt.com/misc/unpaidpostpetitiondebts.pdf http://bankrupt.com/misc/sandspring.accountsreconciliation.pdf About Sand Spring Capital III Sand Spring Capital III, LLC, filed a Chapter 11 petition (Bankr. D. Del. Case No. 11-13393) on Oct. 25, 2011 in Delaware. Affiliates, Sand Spring Capital III, LLC, CA Core Fixed Income Fund, LLC, CA Core Fixed Income Offshore Fund, Ltd., CA High Yield Fund, LLC, CA High Yield Offshore Fund, Ltd., CA Strategic Equity Fund, LLC, CA Strategic Equity Offshore Fund, Ltd., Sand Spring Capital III, Ltd., Sand Spring Capital III Master Fund, LLC, sought Chapter 11 protection on the same day. Sand Spring Capital III LLC disclosed $4,882,373 in assets and $4,140 in liabilities. CA Core Fixed Income Fund LLC disclosed $36,176,682 in assets and $48,244 in liabilities. CA Core Fixed Income Offshore Fund Ltd. listed $6,900,726 in assets and $10,393 in liabilities. CA High Yield Fund LLC disclosed $5,626,644 in assets and $11,568 in liabilities. CA High Yield Offshore Fund, Ltd. listed $10,840,032 in assets and $22,785 in liabilities. CA Strategic Equity Fund LLC scheduled $2,013,461 in assets and $0 debt. CA Strategic Equity Offshore Fund Ltd. disclosed $2,285,492 in assets and $0 debts. Sand Spring Capital III Ltd. disclosed $2,214,099 in assets and $1,820 in debts. Sand Spring Capital III Master Fund LLC listed $7,096,473 in assets and $0 in debts. SAINT VINCENTS: Posts $4.0 Million Net Loss in December 2011 ------------------------------------------------------------ Saint Vincents Catholic Medical Centers of New York, et al., reported a decrease in net assets of $4.0 million on $12.3 million of operating revenue for November 2011. At Nov. 30, 2011, the Debtors' balance sheet showed $131.0 million in total assets, $660.6 million in total liabilities, and a net asset deficit of $529.6 million. A copy of the consolidated monthly operating report for November 2011 is available for free at: http://bankrupt.com/misc/saintvincents.doc2312.pdf About Saint Vincents Saint Vincents Catholic Medical Centers of New York, doing business as St. Vincent Catholic Medical Centers -- http://www.svcmc.org/-- was anchored by St. Vincent's Hospital Manhattan, an academic medical center located in Greenwich Village and the only emergency room on the Westside of Manhattan from Midtown to Tribeca, St. Vincent's Westchester, a behavioral health hospital in Westchester County, and continuing care services that include two skilled nursing facilities in Brooklyn, another on Staten Island, a hospice, and a home health agency serving the Metropolitan New York area. Saint Vincent Catholic Medical Centers of New York and six of its affiliates first filed for Chapter 11 protection on July 5, 2005 (Bankr. S.D.N.Y. Case Nos. 05-14945 through 05-14951). St. Vincents Catholic Medical Centers returned to bankruptcy court by filing another Chapter 11 petition (Bankr. S.D.N.Y. Case No. 10-11963) on April 14, 2010. The Debtor estimated assets of $348 million against debts totaling $1.09 billion in the new petition. Although the hospitals emerged from the prior reorganization in July 2007 with a Chapter 11 plan said to have "a realistic chance" of paying all creditors in full, the bankruptcy left the medical center with more than $1 billion in debt. The new filing occurred after a $64 million operating loss in 2009 and the last potential buyer terminated discussions for taking over the flagship hospital. Adam C. Rogoff, Esq., and Kenneth H. Eckstein, Esq., at Kramer Levin Naftalis & Frankel LLP, represent the Debtor in its Chapter 11 effort. SOUTHWEST GEORGIA: Reports $13.9-Mil. Net Income in December 2011 ----------------------------------------------------------------- Southwest Georgia Ethanol LLC reported net income of $13.9 million on $29.5 million of revenues for the month ending Dec. 31, 2011. EBITDA was $14.95 million for the month. Professional fees incurred in the month totaled $2.2 million. Professional fees paid in the month totaled $1.4 million. The Debtor's balance sheet at Dec. 31, 2011, showed $129.5 million in total assets, $24.5 million in total liabilities, and total equity of $105.0 million. 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. Gary W. Marsh, Esq., J. Michael Levengood, Esq., and Bryan E. Bates, Esq., at McKenna Long & Aldridge LLP, in Atlanta, Georgia, serve 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. On Dec. 9, 2011, the Bankruptcy Court confirmed Southwest Georgia Ethanol's First Amended and Restated Plan of Reorganization. The Court also approved the appointment of Christopher Tierney of Hays Financial Consulting, LLC, by the Official Committee of Unsecured Creditors to serve as Litigation trustee. The Plan calls for lenders owed $107.6 million to receive $105 million in preferred stock plus 25% of the common stock. The disclosure statement estimates the lenders' recovery at 97.5%. Unsecured creditors with $2.1 million in claims and bondholders owed $8.7 million are to receive proceeds from a litigation trust and are expected to see a recovery of 3%. The Disclosure Statement provided that if lower classes accept the Plan, the lenders will waive their deficiency claims. As reported in the TCR on Jan. 5, 2012, Southwest Georgia Ethanol completed its Chapter 11 bankruptcy on Dec. 31, 2011, and will start the new year with full production levels. TERRESTAR CORP: Ends December 2011 With $7.99-Mil. Cash ------------------------------------------------------- TerreStar Corporation, et al., reported a net loss of $1.2 million on $2.0 million of revenues for the filing period ended Dec. 31, 2011. The Debtor reported a net loss of $562,847 on $2.0 million of revenues for the month ended Nov. 30, 2011. The Debtor reported a net loss of $8.1 million on $2.0 million of revenues for the month ended Oct. 31, 2011. The TSC Debtors are: TerreStar Corporation, TerreStar Holdings Inc., TerreStar New York Inc., Motient Communications Inc., Motient Holdings Inc., Motient License Inc., Motient Services Inc., Motient Ventures Holding Inc., and MVH Holdings Inc. The TSC Debtors' balance sheet at Dec. 31, 2011, showed $640.0 million in total assets, $512.7 million in total liabilities, and stockholders' equity of $127.3 million. The TSC Debtors ended Dec. 31, 2011 with $7.99 million in cash and cash equivalents, compared to $7.07 million at the beginning of the period. About TerreStar Networks TerreStar Corporation and TerreStar Holdings, Inc., filed voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for the Southern District of New York on Feb. 16, 2011. TSC's Chapter 11 filing joins the bankruptcy proceedings of TerreStar Networks Inc. and 12 other affiliates, which filed on Oct. 19, 2010. The October Chapter 11 cases are procedurally consolidated under TSN's Case No. 10-15446 under Judge Sean H. Lane. TSC is the parent company of each of the October Debtors. TSC has four wholly owned direct subsidiaries: TerreStar Holdings, Inc., TerreStar New York Inc., Motient Holdings Inc., and MVH Holdings Inc. TSC's case is jointly administered with the cases of seven of the October Debtors under the caption In re TerreStar Corporation, et al., Case No. 11-10612 (SHL). The seven Debtor entities who sought joint administration with TSC are TerreStar New York Inc., Motient Communications Inc., Motient Holdings Inc., Motient License Inc., Motient Services Inc., Motient Ventures Holdings Inc., and MVH Holdings Inc. TSC is a Delaware corporation whose main asset is the equity in non-Debtor TerreStar 1.4 Holdings LLC, which has the right to use a "1.4 GHz terrestrial spectrum" pursuant to 64 licenses issued by the Federal Communication Commission. TSC also has an indirect 89.3% ownership interest in TerreStar Network, Inc., which operates a separate and distinct mobile communications business. TerreStar Holdings is a Delaware corporation that directly holds 100% of the interests in 1.4 Holdings LLC. TerreStar Networks -- TSN -- the principal operating entity of TSC, developed an innovative wireless communications system to provide mobile coverage throughout the United States and Canada using satellite-terrestrial smartphones. The system, however, required an enormous amount of capital expenditures and initially produced very little in the way of revenue. TSN's available cash and borrowing capacity were insufficient to cover its funding; thus, forcing TSN to seek bankruptcy protection in October 2010. TSC estimated assets and debts of $100 million to $500 million in its Chapter 11 petition. Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, in New York, serves as counsel for the TSC and TSN Debtors. Garden City Group is the claims and notice agent. Blackstone Advisory Partners LP is the financial advisor. The Garden City Group, Inc., is the claims and noticing agent in the Chapter 11 cases. Otterbourg Steindler Houston & Rosen P.C. is the counsel to the Official Committee of Unsecured Creditors formed in TSN's Chapter 11 cases. FTI Consulting, Inc., is the Committee's financial advisor. TerreStar Networks sold its business to Dish Network Corp. for $1.38 billion. It canceled a June 2011 auction because there were no competing bids submitted by the deadline. TerreStar Networks previously filed a reorganization plan that called for secured noteholders to swap more than $850 million in debt for nearly all the equity in reorganized TerreStar. Junior creditors, however, would see little recovery under that plan while existing equity holders would be wiped out. TerreStar Networks scrapped that plan in 2011 in favor of the auction. In November 2011, TerreStar Networks filed a liquidating Chapter 11 plan after striking a settlement with creditors. The creditors' committee initiated lawsuits in July to enhance the recovery by unsecured creditors. TERRESTAR NETWORKS: Ends December 2011 With $14.1-Mi. Cash ---------------------------------------------------------- TerreStar Networks Inc., et al., reported a net loss of $40.8 million on $140,137 of revenues in December 2011. The TSN Debtors are: TerreStar Networks Inc., TerreStar License Inc., TerreStar National Services Inc., TerreStar Networks Holdings (Canada) Inc., TerreStar Networks (Canada) Inc., and 0887729 B.C. Ltd. The TSN Debtors' balance sheet at Dec. 31, 2011, showed $1.057 billion in total assets, $1.738 billion in total liabilities, and a stockholders' deficit of $680.8 million. The Debtors ended the period with $14.1 million in cash and cash equivalents, compared to $139.3 million at the beginning of the period. About TerreStar Networks TerreStar Corporation and TerreStar Holdings, Inc., filed voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for the Southern District of New York on Feb. 16, 2011. TSC's Chapter 11 filing joins the bankruptcy proceedings of TerreStar Networks Inc. and 12 other affiliates, which filed on Oct. 19, 2010. The October Chapter 11 cases are procedurally consolidated under TSN's Case No. 10-15446 under Judge Sean H. Lane. TSC is the parent company of each of the October Debtors. TSC has four wholly owned direct subsidiaries: TerreStar Holdings, Inc., TerreStar New York Inc., Motient Holdings Inc., and MVH Holdings Inc. TSC's case is jointly administered with the cases of seven of the October Debtors under the caption In re TerreStar Corporation, et al., Case No. 11-10612 (SHL). The seven Debtor entities who sought joint administration with TSC are TerreStar New York Inc., Motient Communications Inc., Motient Holdings Inc., Motient License Inc., Motient Services Inc., Motient Ventures Holdings Inc., and MVH Holdings Inc. TSC is a Delaware corporation whose main asset is the equity in non-Debtor TerreStar 1.4 Holdings LLC, which has the right to use a "1.4 GHz terrestrial spectrum" pursuant to 64 licenses issued by the Federal Communication Commission. TSC also has an indirect 89.3% ownership interest in TerreStar Network, Inc., which operates a separate and distinct mobile communications business. TerreStar Holdings is a Delaware corporation that directly holds 100% of the interests in 1.4 Holdings LLC. TerreStar Networks -- TSN -- the principal operating entity of TSC, developed an innovative wireless communications system to provide mobile coverage throughout the United States and Canada using satellite-terrestrial smartphones. The system, however, required an enormous amount of capital expenditures and initially produced very little in the way of revenue. TSN's available cash and borrowing capacity were insufficient to cover its funding; thus, forcing TSN to seek bankruptcy protection in October 2010. TSC estimated assets and debts of $100 million to $500 million in its Chapter 11 petition. Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP, in New York, serves as counsel for the TSC and TSN Debtors. Garden City Group is the claims and notice agent. Blackstone Advisory Partners LP is the financial advisor. The Garden City Group, Inc., is the claims and noticing agent in the Chapter 11 cases. Otterbourg Steindler Houston & Rosen P.C. is the counsel to the Official Committee of Unsecured Creditors formed in TSN's Chapter 11 cases. FTI Consulting, Inc., is the Committee's financial advisor. TerreStar Networks sold its business to Dish Network Corp. for $1.38 billion. It canceled a June 2011 auction because there were no competing bids submitted by the deadline. TerreStar Networks previously filed a reorganization plan that called for secured noteholders to swap more than $850 million in debt for nearly all the equity in reorganized TerreStar. Junior creditors, however, would see little recovery under that plan while existing equity holders would be wiped out. TerreStar Networks scrapped that plan in 2011 in favor of the auction. In November 2011, TerreStar Networks filed a liquidating Chapter 11 plan after striking a settlement with creditors. The creditors' committee initiated lawsuits in July to enhance the recovery by unsecured creditors. ********* 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. 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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 2012 . 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. 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