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/raid1/www/Hosts/bankrupt/TCR_Public/120428.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, April 28, 2012, Vol. 16, No. 117 Headlines AMERICANWEST BANCORP: Ends March With $5.53 Million in Cash CAGLE'S, INC.: Ends Period With $2.75 Million in Cash CANO PETROLEUM: Has $496-K in Cash at the End of March 2012 FIRSTFED FINANCIAL: Ends March With $2.31 Million in Cash PMI GROUP: Ends March 2012 With $164.06 Million in Cash SHARPER IMAGE: Ends March 2012 With $1.33 Million in Cash SHENGDATECH INC: Posts $611,000 Net Loss in March 2012 ********* AMERICANWEST BANCORP: Ends March With $5.53 Million in Cash ----------------------------------------------------------- AmericanWest Bancorporation, on April 18, 2012, filed its monthly operating report for the month ended March 31, 2012. The company reported a net loss of $5,260 for the month ended March 31, 2012. As of March 31, 2012, the company had total assets of $6.95 million, and total liabilities of $47.41 million, resulting in a stockholders' deficit of $40.46 million. At the beginning of March, AmericanWest Bancorp had $5.54 million in cash. The company had total cash receipts of $5.53 million and total cash disbursements of $5,811. As a result, as of March 31, 2012, AmericanWest Bancorp had total cash of $5.53 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/americanwest_marmor.pdf About AmericanWest Bancorporation Headquartered in Spokane, Washington, AmericanWest Bancorporation (OTC BB: AWBC) -- http://www.awbank.net/-- was a bank holding company whose principal subsidiary was AmericanWest Bank, which included Far West Bank in Utah operating as an integrated division of AmericanWest Bank. AmericanWest Bank was a community bank with 58 financial centers located in Washington, Northern Idaho and Utah. AmericanWest Bancorporation filed for Chapter 11 protection (Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010. The banking subsidiary was not included in the Chapter 11 filing. Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as bankruptcy counsel. G. Larry Engel, Esq., at Morrison & Foerster LLP, also serves as counsel. The Debtor estimated assets of $1 million to $10 million and debts of $10 million to $50 million in its Chapter 11 petition. AmericanWest Bancorporation's estimates exclude its banking unit's assets and debts. In its Form 10-Q filed with the Securities and Exchange Commission before the Petition Date, AmericanWest Bancorporation reported consolidated assets -- including its bank unit's -- of $1.536 billion and consolidated debts of $1.538 billion as of Sept. 30, 2010. In December 2010, AmericanWest completed the sale of all outstanding shares of AmericanWest Bank to a wholly owned subsidiary of SKBHC Holdings LLC, in a transaction approved by the U.S. Bankruptcy Court. CAGLE'S, INC.: Ends Period With $2.75 Million in Cash ----------------------------------------------------- Cagle's, Inc., on April 13, 2012, filed its monthly operating report with the Bankruptcy Court for the period from Jan. 29 through March 3, 2012. The Debtor posted a net income of $483,000 on sales of $29.82 million for the period from Jan. 29 to Mar. 3, 2012. The Debtor's balance sheet as of March 3, 2012, showed total assets of $80.33 million, total liabilities of $74.36 million and total stockholders' equity of $5.97 million. As of Jan. 29, 2012, Cagle's had $1.75 million in funds. The Debtor had total cash receipts of $29.81 million and total cash disbursements of $28.81 million. As a result, as of March 3, 2012, Cagle's had total cash of $2.75 million. About Cagle's Cagle's Farms (NYSE: CGL.A) -- http://www.cagles.net/-- engages in the production, marketing, and distribution of fresh and frozen poultry products in the United States. Cagle's Inc. and its wholly owned subsidiary Cagle's Farms filed on Oct. 19, 2011, voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 11-80202 and 11-80203). Paul K. Ferdinands, Esq., at King & Spalding, in Atlanta, Georgia, serves as counsel. FTI Consulting, Inc., serves as the Debtors' financial advisors. Kurtzman Carson LLC serves as their claims, noticing, and balloting agent. In its schedules, Cagle's Inc. disclosed $81,998,077 in assets and $55,304,599 in liabilities as of the Petition Date. The Official Committee of Unsecured Creditors is represented by McKenna Long & Aldridge LLP and Lowenstein Sandler as counsel. J.H. Cohn LLP serves as its financial advisors. No trustee or examiner has been appointed in the Debtors' bankruptcy cases. CANO PETROLEUM: Has $496-K in Cash at the End of March 2012 ----------------------------------------------------------- Cano Petroleum, Inc., on April 20, 2012, filed its monthly operating report for the month ended March 31, 2012. The company reported a net loss of $298,909 for the month ended March 31, 2012. As of March 31, 2012, Cano Petroleum had total assets of $132.46 million, total liabilities of $82.65 million and total equity of $49.81 million. At the beginning of the month, the company had $590,434 in cash. Cano Petroleum had total cash disbursements of $94,430. As a result, as of March 31, 2012, the company had total cash of $496,004. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/cano_mar.pdf About Cano Petroleum Cano Petroleum, Inc. (NYSE Amex: CFW), an independent Texas- based energy producer with properties in the mid-continent region of the United States, filed for Chapter 11 bankruptcy (Bank. N.D. Tex. Lead Case No. 12-31549) on March 7, 2012. Other affiliates also sought bankruptcy protection: Cano Petro of New Mexico, Ladder Companies, Inc., Square One Energy, Inc., Tri-Flow, Inc., W.O. Energy of Nevada, Inc., W.O. Operating Company, Ltd., W.O. Production Company, Ltd., and WO Energy, Inc. The cases are jointly administered. The Debtors filed for bankruptcy to pursue a sale under a joint plan of reorganization filed on the petition date. Cano Petroleum have entered into a Stalking Horse Stock Purchase Agreement with NBI Services Inc., pursuant to which NBI would purchase all of the shares of common stock that would be issued by Reorganized Cano under the Plan for $47.5 million. The deal is subject to higher and better offers and a possible auction. The petitions were filed by James R. Latimer, III, chief executive officer. Judge Barbara J. Houser oversees the case. The Debtors are represented by lawyers at Thompson & Knight LLP, in Dallas Texas. Cano Petroleum's consolidated balance sheet at Sept. 30, 2011, showed $63.37 million in total assets, $116.25 million in total liabilities, and a $52.88 million total stockholders' deficit. In schedules filed with the Court, Cano Petroleum disclosed $1.16 million in assets and $82.5 million in liabilities. Union Bank of California, the administrative agent and issuing lender under the Debtors' prepetition senior credit facility; and UnionBanCal Equities, Inc., the administrative agent and issuing lender, under the junior credit facility, are represented by: William A. "Trey" Wood III, Esq., at Bracewell & Giuliani LLP. FIRSTFED FINANCIAL: Ends March With $2.31 Million in Cash --------------------------------------------------------- FirstFed Financial Corp. on April 23, 2012, filed its monthly operating report for the month ended March 31, 2012. The company reported a net loss of $116,851 for the month ended March 31, 2012. As of March 31, 2012, the FirstFed Financial had total assets of $2.49 million, total liabilities of $159.62 million and total stockholders' deficit of $157.14 million. At the beginning of March, the company had $2.42 million in cash. FirstFed Financial had total cash receipts of $70 and total cash disbursements of $115,937. As a result, as of March 31, 2012, the company had total cash of $2.31 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/firstfed_marmor.pdf About FirstFed Financial Irvine, Calif.-based FirstFed Financial Corp. is the bank holding company for First Federal Bank of California and its subsidiaries. The Bank was closed by federal regulators on Dec. 18, 2009. FirstFed Financial Corp. filed for Chapter 11 protection (Bankr. C.D. Calif. Case No. 10-10150) on Jan. 6, 2010. Jon L. Dalberg, Esq., at Landau Gottfried & Berger LLP, represents the Debtor in its restructuring effort. Garden City Group is the claims and notice agent. The Debtor disclosed assets at $1 million and $10 million, and debts at $100 million and $500 million. The Debtor's exclusive period to propose a plan expired in January 2011. The Debtor has proposed a Plan of Liquidation, which proposes an orderly liquidation of the Debtor's estate. As previously reported by the TCR on Feb. 16, 2012, Holdco Advisors L.P., submitted to the Bankruptcy Court a proposed Plan of Reorganization and explanatory Disclosure Statement for Firstfed Financial Corp. PMI GROUP: Ends March 2012 With $164.06 Million in Cash ------------------------------------------------------- PMI Group, Inc., on April 24, 2012, filed its monthly operating report with the Bankruptcy Court for the month ended March 31, 2012. The Debtor posted a net income of $3.29 million for the month ended March 31, 2012, primarily due to equity earning of $4.62 million for the month ended March 31, 2012. As of March 31, 2012, the Debtor had total assets of $233.52 million, total liabilities of $767.97 million and total stockholders' deficit of $534.45 million. At the beginning of March, PMI Group had $164.35 million in cash. The Debtor had total cash receipts of $450,015 and total cash disbursements of $741,913. As a result, as of March 31, 2012, PMI Group had total cash of $164.06 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/pmi_marmor.pdf About The PMI Group Del.-based The PMI Group, Inc., is an insurance holding company whose stock had, until Oct. 21, 2011, been publicly-traded on the New York Stock Exchange. Through its principal regulated subsidiary, PMI Mortgage Insurance Co., and its affiliated companies, the Debtor provides residential mortgage insurance in the United States. The PMI Group filed for Chapter 11 bankruptcy (Bankr. D. Del. Case No. 11-13730) on Nov. 23, 2011. In its schedules, the Debtor disclosed $167,963,354 in assets and $770,362,195 in liabilities. Stephen Smith signed the petition as chairman, chief executive officer, president and chief operating officer. The Debtor said in the filing that it does not have the financial resources to pay the outstanding principal amount of the 4.50% Convertible Senior Notes, 6.000% Senior Notes and the 6.625% Senior Notes if those amounts were to become due and payable. The Debtor is represented by James L. Patton, Esq., Pauline K. Morgan, Esq., Kara Hammond Coyle, Esq., and Joseph M. Barry, Esq., at Young Conaway Stargatt & Taylor LLP. SHARPER IMAGE: Ends March 2012 With $1.33 Million in Cash --------------------------------------------------------- TSIC, Inc., formerly known as Sharper Image Corp., on April 20, 2012, filed its monthly operating report with the Bankruptcy Court for the month ended March 31, 2012. The Debtor reported a net loss of $665,392 for the month ended March 31, 2012. As of March 31, 2012, the Debtor had total assets of $2.18 million, total liabilities of $(95.48) million and total equity of $93.30 million. At the beginning of March, TSIC had $1.98 million in cash. The Debtor had total cash receipts of $266 and total cash disbursements of $643,366. As a result, as of March 31, 2012, TSIC had total cash of $1.33 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/sharper_mar.pdf About Sharper Image Headquartered in San Francisco, California, Sharper Image Corp. -- http://www.sharperimage.com/-- was a multi-channel specialty retailer. It operated in three principal selling channels: the Sharper Image specialty stores throughout the U.S., the Sharper Image catalog and the Internet. The Company has operations in Australia, Brazil and Mexico. In addition, through its Brand Licensing Division, it was also licensing the Sharper Image brand to select third parties to allow them to sell Sharper Image branded products in other channels of distribution. The Company filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D. Del. Case No. 08-10322). Judge Kevin Gross presides over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP, serve as the Company's lead counsel. Steven K. Kortanek, Esq., and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice, P.L.L.C., serve as the Company's local Delaware counsel. An official committee of unsecured creditors was appointed in the case. Cooley Godward Kronish LLP is the Committee's lead bankruptcy counsel. Whiteford Taylor Preston LLC is the Committee's Delaware counsel. When the Debtor filed for bankruptcy, it disclosed total assets of $251,500,000 and total debts of $199,000,000. As of June 30, 2008, the Debtor disclosed $52,962,174 in total assets and $39,302,455 in total debts. Sharper Image changed its name to "TSIC, Inc." following the going out of business sales of its assets by a group consisting of Gordon Brothers Retail Partners, LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital, LLC. SHENGDATECH INC: Posts $611,000 Net Loss in March 2012 ------------------------------------------------------ BankruptcyData.com reports that ShengdaTech Inc. filed with the U.S. Bankruptcy Court a monthly operating report for March 2012. For the period, the Company reported a net loss of $611,000 on zero revenue. About ShengdaTech Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano precipitated calcium carbonate for the tire industry. ShengdaTech converts limestone into nano-precipitated calcium carbonate (NPCC) using its proprietary and patent-protected technology. NPCC products are increasingly used in tires, paper, paints, building materials, and other chemical products. In addition to its broad customer base in China, the Company currently exports to Singapore, Thailand, South Korea, Malaysia, India, Latvia and Italy. ShengdaTech sought Chapter 11 bankruptcy protection from creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in Reno, Nevada, in the United States. The Shanghai-China based company said in its bankruptcy filing it would fire all of its officers and restructure to try to recover from an accounting scandal. The Company disclosed US$295.4 million in assets and US$180.9 million in debt as of Sept. 30, 2011. The Company's legal representative in its Chapter 11 case is Greenberg Traurig, LLP. On Aug. 23, 2011, the Court entered an interim order confirming the Board of Directors Special Committee's appointment of Michael Kang as the Debtor's chief restructuring officer. Alvarez & Marsal North America, LLC, is the Company's chief restructuring officer. As reported in the TCR on Sept. 7, 2011, the United States Trustee appointed AG Ofcon, LLC, The Bank of New York, Mellon (in its role as indenture trustee for bondholders), and Zazove Associates, LLC, to serve on the Official Committee of Unsecured Creditors of ShengdaTech, Inc. Hogan Lovells US serves as counsel for ShengdaTech's official committee of 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. 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 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. 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 Peter Chapman at 240/629-3300. *** End of Transmission ***