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/raid1/www/Hosts/bankrupt/TCR_Public/120505.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, May 5, 2012, Vol. 16, No. 124 Headlines 3DFX INTERACTIVE: Posts $879 Net Loss in March 2012 BEAR ISLAND: Reports $877,000 March Operating Profit GENERAL MARITIME: Has $20.2 Million Loss in March ICOP DIGITAL: Ends March 2012 With $128,000 in Funds LEHMAN BROTHERS: Hikes Cash to $32.01 Billion as of March 31 MSR RESORT: Narrows Combined Loss in March to $382,000 OMEGA NAVIGATION: Post $2.6 Million Net Loss in March 2012 PEMCO WORLD: Reports $1-Mil. Net Loss for March SHENGDATECH INC: Posts $611,000 Net Loss in March 2012 THORNBURG MORTGAGE: Ends March With $107.12 Million in Cash TRIDENT MICROSYSTEMS: Has $1.26 Million in Cash on April 1 WORLDSPACE INC: Posts $1,280 Net Loss in March 2012 ********* 3DFX INTERACTIVE: Posts $879 Net Loss in March 2012 -------------------------------------------------- BankruptcyData.com reports that 3dfx Interactive filed with the U.S. Bankruptcy Court a monthly operating report for March 2012. For the period, the Company reported a net loss of $879 on zero revenue. About 3DFX Interactive Headquartered in Palo Alto, Calif., 3DFX Interactive Inc. developed graphics chips, graphics boards, software and related technology. On March 27, 2001, 3DFX's shareholders approved proposals to liquidate, wind up and dissolve the company pursuant to a plan of dissolution and to sell certain of its assets to Nvidia US Investment Company, a wholly owned subsidiary of Nvidia Corporation. The Company filed for Chapter 11 protection on Oct. 15, 2002 (Bankr. N.D. Calif. Case No. 02-55795). William A. Brandt, Jr., serves as trustee and is represented by Aron M. Oliner, Esq., at the Law Offices of Duane Morris and Craig C. Chiang, Esq, at Buchalter, Nemer, Fields and Younger. Robert S. Gebhard, Esq., at Sedgwick, Detert, Moran and Arnold, represents the Official Committee of Unsecured Creditors. At July 31, 2002, the Company had $35,236,000 net liabilities in liquidation from total assets of $106,000 and total liabilities of $35,342,000. BEAR ISLAND: Reports $877,000 March Operating Profit ---------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Bear Island Paper Co., reported net income of $877,000 in March on sales of more than $13 million. The income statement didn't include any accrual for interest expense. The operating profit in the month was also $877,000. About 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 Beach, serves as counsel to White Birch in the Chapter 11 case. Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as counsel to Bear Island. Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia Beach, Virginia, serve as co-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. Bear Island was authorized by the bankruptcy judge in November 2010 to sell the business to a group consisting of Black Diamond Capital Management LLC, Credit Suisse Group AG and Caspian Capital Advisors LLC. Bear Island's Chapter 11 plan is currently on the court calendar for May 16. Under the plan proposed by the subsidiary of Canada's White Birch Paper Co., first- and second-lien creditors with $424.9 million and $105 million in claims, respectively, should recover between 0.5 percent and 4 percent. Unsecured creditors with $1.4 million in claims are to receive the same dividend. GENERAL MARITIME: Has $20.2 Million Loss in March ------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that General Maritime Corp. filed an operating report this week showing a $20.2 million net loss in March on revenue of $28.4 million. The operating loss in the month was $9.3 million. The March loss stemmed in part from $5 million in interest expense, $6 million in reorganization costs and $7.9 million in depreciation and amortization. About General Maritime New York-based General Maritime Corporation, through its subsidiaries, provides international transportation services of seaborne crude oil and petroleum products. The Company's fleet is comprised of VLCC, Suezmax, Aframax, Panamax and product carrier vessels. The fleet consisted of 30 owned vessels and three chartered vessels. The company generates substantially all of its revenues by chartering its fleet to third-party customers. The largest customers include major international oil companies, oil producers, and oil traders such as BP, Chevron Corporation, CITGO Petroleum Corp., ConocoPhillips, Exxon Mobil Corporation, Hess Corporation, Lukoil Oil Company, Stena AB, and Trafigura. General Maritime and 56 subsidiaries filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 11-15285) on Nov. 17, 2011. Douglas Mannal, Esq., and Adam C. Rogoff, Esq., at Kramer Levin Naftalis & Frankel LLP, in New York, serve as counsel to the Debtors. Moelis & Company is the financial advisor. Garden City Group Inc. is the claims and notice agent. Prepetition, General Maritime reached agreements with its key senior lenders, including its bank group, led by Nordea Bank Finland plc, New York Branch as administrative agent, as well as affiliates of Oaktree Capital Management, L.P., on the terms of a restructuring. Under terms of the agreements, Oaktree will provide a $175 million new equity investment in General Maritime and convert its prepetition secured debt to equity. In conjunction with the filing, General Maritime has received a commitment for up to $100 million in new DIP financing from a group of lenders led by Nordea as administrative agent. Counsel for Nordea, as the DIP Agent and the Senior Agent, are Thomas E. Lauria, Esq., and Scott Greissman, Esq., at White & Case LLP. Counsel for Oaktree Capital Management, the Junior Agent, are Edward Sassower, Esq., and Brian Schartz, Esq., at Kirkland & Ellis, LLP. The Official Committee of Unsecured Creditors appointed in the case has retained lawyers at Jones Day as Chapter 11 counsel. Jones Day previously represented an ad hoc group of holders of the 12% Senior Notes due 2017 issued by General Maritime Corp. This representation began Sept. 20, 2011, and concluded Nov. 29, 2011, with the agreement of all members of the Noteholders Committee. The Creditors Committee also tapped Lowenstein Sandler PC as special conflicts counsel. The Noteholders Committee consisted of Capital Research and Management Company, J.P. Morgan Investment Management, Inc., J.P. Morgan Securities LLC, Stone Harbor Investment Partners LP and Third Avenue Focused Credit Fund. The Creditors Committee is comprised of Bank of New York Mellon Corporate Trust, Stone Harbor Investment Partners, Delos Investment Management, and Ultramar Agencia Maritima Ltda. ICOP DIGITAL: Ends March 2012 With $128,000 in Funds ---------------------------------------------------- ICOP Digital Inc., now known as Digital Systems, Inc., on April 26, 2012, filed its monthly operating report for the month ended March 31, 2012. The Debtor reported a net loss of $12,906 for the month ended March 31, 2012. As of March 31, 2012, the Debtor had total assets of $302,192, total liabilities of $1.28 million and total stockholders' deficit of $975,579. At the beginning of the month, Digital Systems had $141,042 in funds. The Debtor had total cash disbursements of $12,826. As a result, at the end of March 2012, Digital Systems had total cash of $128,216. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/ICOP_marmor.pdf About ICOP Digital Founded in 2002, ICOP Digital Inc. sells surveillance equipment for law enforcement agencies. Lenexa, Kansas-based ICOP Digital filed for Chapter 11 protection in Kansas City (Bankr. D. Kan. Case No. 11-20140) on Jan. 21, 2011. In its schedules, the Debtor disclosed assets of $1.67 million and debt of $2.74 million. The balance sheet as of Sept. 30, 2010, had assets on the books for $6.7 million and total debts of $4.3 million. Joanne B. Stutz, Esq., at Evans & Mullinix PA, in Shawnee, Kansas, serves as the Debtor's bankruptcy counsel. The Debtor has been renamed as of March 14, 2011, to Digital Systems, Inc. Digital Systems filed with the Court a Disclosure Statement explaining its Plan of Liquidation on Feb. 14, 2012. The Bankruptcy Court confirmed the plan of liquidation of Digital Systems, Inc., formerly known as ICOP Digital, Inc., on April 26, 2012. The Court finds that applicable provisions of Section 1129 of the Bankruptcy Code have been met. LEHMAN BROTHERS: Hikes Cash to $32.01 Billion as of March 31 ------------------------------------------------------------ Lehman Brothers Holdings Inc. disclosed these cash receipts and disbursements of the company, its affiliated debtors and controlled entities for the month ended March 31, 2012: Beginning Total Cash & Investments (03/01/12) $29,512,000,000 Total Sources of Cash 3,429,000,000 Total Uses of Cash (886,000,000) FX Fluctuation (3,000,000) --------------- Ending Total Cash & Investments (03/31/12) $32,013,000,000 LBHI reported $7.942 billion in cash and investments as of March 1, 2012, and $10.337 billion as of March 31, 2012. The monthly operating report also showed that a total of $25.05 million was paid last month to the U.S. Trustee and professionals that were retained in the Debtors' Chapter 11 cases. From Sept. 15, 2008 to March 31, 2012, a total of $1.65 million was paid to the U.S. Trustee and professionals, of which $526.9 million was paid to the Debtors' turnaround manager Alvarez & Marsal LLC while $404,375,000 was paid to their bankruptcy counsel, Weil Gotshal & Manges LLP. A full-text copy of the March 2012 Operating Report is available for free at http://bankrupt.com/misc/LehmanMORMarch3112.pdf December Balance Sheet Lehman Brothers Holdings Inc. and its affiliated debtors filed copies of their balance sheets as of December 31, 2011. The documents showed that as of Dec. 31, 2011, the company had total assets of $100.016 billion, total liabilities of $ 275.848 billion and total stockholders' equity of ($175.832) billion. Copies of the balance sheets are available without charge at http://bankrupt.com/misc/LBHI_Dec3111BalSheet.pdf About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. Lehman is set to make its first payment to creditors under its $65 billion payout plan on April 17, 2012. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on Sept. 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on Sept. 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-700) MSR RESORT: Narrows Combined Loss in March to $382,000 ------------------------------------------------------ Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that the five resorts that Paulson & Co. and Winthrop Realty Trust foreclosed early last year turned in a $382,000 net loss in March on total revenue of $46.9 million. March results were an improvement on the $939,000 net loss in February on total revenue of $52.7 million. The loss was the result of $7 million in interest expense and $5.9 million in depreciation and amortization. Reorganization costs in the month totaled $2.2 million. About MSR Resort MSR Hotels & Resorts, formerly known as CNL Hotels & Resorts Inc., owns a portfolio of eight luxury hotels with over 5,500 guest rooms, including the Arizona Biltmore Resort & Spa in Phoenix, the Ritz-Carlton in Orlando, Fla., and Hawaii's Grand Wailea Resort Hotel & Spa in Maui. On Jan. 28, 2011, CNL-AB LLC acquired the equity interests in the portfolio through a foreclosure proceeding. CNL-AB LLC is a joint venture consisting of affiliates of Paulson & Co. Inc., a joint venture affiliated with Winthrop Realty Trust, and affiliates of Capital Trust, Inc. Morgan Stanley's CNL Hotels & Resorts Inc. owned the resorts before the Jan. 28 foreclosure. Following the acquisition, five of the resorts with mortgage debt scheduled to mature on Feb. 1, 2011, were sent to Chapter 11 bankruptcy by the Paulson and Winthrop joint venture affiliates. MSR Resort Golf Course LLC and its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 11-10372) in Manhattan on Feb. 1, 2011. The resorts subject to the filings are Grand Wailea Resort and Spa, Arizona Biltmore Resort and Spa, La Quinta Resort and Club and PGA West, Doral Golf Resort and Spa, and Claremont Resort and Spa. James H.M. Sprayregen, P.C., Esq., Paul M. Basta, Esq., Edward O. Sassower, Esq., and Chad J. Husnick, Esq., at Kirkland & Ellis, LLP, serve as the Debtors' bankruptcy counsel. Houlihan Lokey Capital, Inc., is the Debtors' financial advisor. Kurtzman Carson Consultants LLC is the Debtors' claims agent. The five resorts had $2.2 billion in assets and $1.9 billion in debt as of Nov. 30, 2010, according to court filings. In its schedules, debtor MSR Resort disclosed $59,399,666 in total assets and $1,013,213,968 in total liabilities. The resorts have agreement with lenders allowing the companies to remain in Chapter 11 at least until September 2012. Donald Trump has a contract to buy the Doral Golf Resort and Spa in Miami for $170 million. There will be an auction to learn if there is a better bid. The resorts have said that Trump's offer price implies a value for all the properties "significantly" exceeding the $1.5 billion in debt. The Official Committee of Unsecured Creditors is represented by Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP, in New York. OMEGA NAVIGATION: Post $2.6 Million Net Loss in March 2012 ---------------------------------------------------------- BankruptcyData.com reports that Omega Navigation Enterprise filed with the U.S. Bankruptcy Court a monthly operating report for March 2012. For the period, the Company reported a net loss of $2.6 million on $3.8 million in revenue. About Omega Navigation Athens, Greece-based Omega Navigation Enterprises Inc. and affiliates, owner and operator of tankers carrying refined petroleum products, filed for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 11-35926) on July 8, 2011, in Houston. Omega is an international provider of marine transportation services focusing on seaborne transportation of refined petroleum products. The Debtors disclosed assets of US$527.6 million and debt totaling US$359.5 million. Together, the Debtors wholly own a fleet of eight high-specification product tankers, with each vessel owned by a separate debtor entity. Judge Karen K. Brown presides over the case. Bracewell & Giuliani LLP serves as counsel to the Debtors. Jefferies & Company, Inc., is the financial advisor and investment banker. The Official Committee of Unsecured Creditors has tapped Winston & Strawn as local counsel; Jager Smith as lead counsel; and First International as financial advisor. PEMCO WORLD: Reports $1-Mil. Net Loss for March ----------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Pemco World Air Services Inc. reported a $497,000 operating loss in March, its first month in Chapter 11 protection. Sales in the month were $23 million. With $499,000 in interest expense, the net loss for March was $1 million. About Pemco World Air Services Headquartered in Tampa, Florida Pemco World Air Services -- http://www.pemcoair.com/-- performs large jet MRO services, and has operations in Dothan, AL (military MRO and commercial modification), Cincinnati/Northern Kentucky (regional aircraft MRO), and partner operations in Asia. Pemco filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 12-10799) on March 5, 2012, with a $37.8 million DIP financing and a "stalking horse" bid from an affiliate of its current owner, Sun Aviation Services, LLC. Young Conaway Stargatt & Taylor, LLP has been tapped as general bankruptcy counsel; Kirkland & Ellis LLP as special counsel for tax and employee benefits issues; AlixPartners, LLP as financial advisor; Bayshore Partners, LLC as investment banker; and Epiq Bankruptcy Solutions LLC as notice and claims agent. Young Conaway will coordinate its efforts with these professionals to ensure that there in no unnecessary duplication of effort or cost. On March 14, 2012, the U.S. Trustee appointed an official committee of unsecured creditors. 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. THORNBURG MORTGAGE: Ends March With $107.12 Million in Cash ----------------------------------------------------------- TMST, Inc., f/k/a Thornburg Mortgage, Inc., on April 30, 2012, filed its monthly operating report for the month ended March 31, 2012. TMST reported a net income of $5.94 million on net operating revenue of $1,547 for the month ended March 31, 2012. As of March 31, 2012, the Debtor had total assets of $107.57 million, total liabilities of $3.43 billion and total stockholders' deficit of $3.32 billion. At the beginning of March, the Debtor had $101.06 million in cash. TMST had total cash receipts of $102.47 million and total cash disbursements of $96.40 million. As a result, as of March 31, 2012, the Debtor had total cash of $107.12 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/thornburg_marmor.pdf About Thornburg Mortgage Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA) -- http://www.thornburgmortgage.com/-- was a single- family residential mortgage lender focused principally on prime and super-prime borrowers seeking jumbo and super-jumbo adjustable rate mortgages. It originated, acquired, and retained investments in adjustable and variable rate mortgage assets. Its ARM assets comprised of purchased ARM assets and ARM loans, including traditional ARM assets and hybrid ARM assets. Thornburg Mortgage and its four affiliates filed for Chapter 11 bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009. Thornburg changed its name to TMST, Inc. Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, served as counsel to Thornburg Mortgage. Orrick, Herrington & Sutcliffe LLP served as special counsel. Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin Capital, Inc., served as investment banker and financial advisor. Protiviti Inc. served as financial advisory services. KPMG LLP served as the tax consultant. Epiq Systems, Inc., serves claims and noticing agent. Thornburg disclosed total assets of $24.4 billion and total debts of $24.7 billion, as of Jan. 31, 2009. TRIDENT MICROSYSTEMS: Has $1.26 Million in Cash on April 1 ---------------------------------------------------------- Trident Microsystems, Inc., in an 8-K filing, reported net income of $623,824 on net revenues of $6.25 million for the month ended Mar. 31, 2012. The company's balance sheet as of Mar. 31, 2012, showed total assets of $305.31 million, total liabilities of $43.73 million and total stockholders' equity of $261.59 million. As of Feb. 27, 2012, Trident Microsystems had $3.76 million in cash. The company had total cash receipts of $128,049 and total cash disbursements of $5.55 for the period Feb. 27 to Apr. 1. As a result, as of Apr. 1, 2012, the company had total cash of $1.26 million. A full-text copy of the monthly operating report is available at: http://bankrupt.com/misc/trident_marmor.pdf About Trident Microsystems Sunnyvale, California-based Trident Microsystems, Inc., currently designs, develops, and markets integrated circuits and related software for processing, displaying, and transmitting high quality audio, graphics, and images in home consumer electronics applications such as digital TVs, PC-TV, and analog TVs, and set- top boxes. The Company has research and development facilities in Beijing and Shanghai, China; Freiburg, Germany; Eindhoven and Nijmegen, The Netherlands; Belfast, United Kingdom; Bangalore and Hyderabad, India; Austin, Texas; and Sunnyvale, California. The Company has sales offices in Seoul, South Korea; Tokyo, Japan; Hong Kong and Shenzhen, China; Taipei, Taiwan; San Diego, California; Mumbai, India; and Suresnes, France. The Company also has operations facilities in Taipei and Kaoshiung, Taiwan; and Hong Kong, China. Trident Microsystems and its Cayman subsidiary, Trident Microsystems (Far East) Ltd. filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 12-10069) on Jan. 4, 2011. Trident said it expects to shortly file for protection in the Cayman Islands. Judge Christopher S. Sontchi presides over the case. Lawyers at DLA Piper LLP (US) serve as the Debtors' counsel. FTI Consulting, Inc., is the financial advisor. Union Square Advisors LLC serves as the Debtors' investment banker. PricewaterhouseCoopers LLP serves as the Debtors' tax advisor and independent auditor. Kurtzman Carson Consultants is the claims and notice agent. Trident had $310 million in assets and $39.6 million in liabilities as of Oct. 31, 2011. The petition was signed by David L. Teichmann, executive VP, general counsel & corporate secretary. WORLDSPACE INC: Posts $1,280 Net Loss in March 2012 --------------------------------------------------- BankruptcyData.com reports that WorldSpace, 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 $1,281 on zero revenue. About WorldSpace, Inc. WorldSpace, Inc. (OTC US: WRSPQ) provided satellite-based radio and data broadcasting services to paying subscribers in 10 countries throughout Europe, India, the Middle East, and Africa. WorldSpace, Inc., was founded in 1990 and is headquartered in Silver Spring, Maryland. The Debtor and two of its affiliates filed for Chapter 11 bankruptcy protection (Bankr. D. Del., Case No. 08-12412 - 08- 12414) on Oct. 17, 2008. James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones, LLP, serve as the Debtors' bankruptcy counsel. Kurtzman Carson Consultants serves as claims and notice agent. Neil Raymond Lapinski, Esq., and Rafael Xavier Zahralddin-Aravena, Esq., at Elliot Greenleaf, represent the Official Committee of Unsecured Creditors. When the Debtors filed for bankruptcy, they listed total assets of $307,382,000 and total debts of $2,122,904,000. WorldSpace, Inc., and certain of its affiliates completed the sale of substantially all the assets related to business effective June 23, 2010. ********* 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. 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