TCR_Public/040703.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, July 3, 2004, Vol. 8, No. 135


ADELPHIA: May 2004 Operating Loss Tops $40 Million
DVI INC: Releases May 2004 Cash Receipts & Disbursements Data
ENRON: ENA Examiner's 113th Weekly Report - May 10 to 14, 2004
ENRON: ENA Examiner's 114th Weekly Report - May 17 to 21, 2004
FOOTSTAR INC: Files Revised April & May Monthly Operating Reports

HAUSER INC: Submits May 2004 Monthly Operating Report
LIBERATE TECHNOLOGIES: Posts $19.8 Million Net Profit in May 2004
NEWPOWER HOLDINGS: Files May 2004 Monthly Operating Report
PARMALAT: Releases Financial Results Ended May 31, 2004
RELIANCE GROUP: Releases May 2004 Monthly Operating Report

SK GLOBAL: Releases May 2004 Monthly Operating Report
SOLUTIA INC: Debtors Report $79 Million Net Loss in May 2004
SPIEGEL INC: May 2004 Net Loss Narrows to $3.2 Million
UAL CORP: Reports $93.3 Million Net Loss in May 2004
USG CORP: Reports $20.5 Million Earnings in May 2004

WEIRTON STEEL: Monthly Operating Report as of May 16, 2004
WESTPOINT STEVENS: Files Retirement Plan Annual Report with SEC
WINSTAR: Releases April 2004 Monthly Operating Report


ADELPHIA: May 2004 Operating Loss Tops $40 Million
On June 24, 2004, Adelphia Communications Corporation and its
debtor-affiliated filed their unaudited consolidated Monthly
Operating Report for the month of May 2004 with the United States
Bankruptcy Court for the Southern District of New York.

Adelphia's May 2004 Monthly Operating Report shows:

         Total Assets                  $52,906,031,000
         Total Liabilities
            Subject to Compromise       46,197,003,000
         Total Liabilities              50,175,260,000
         Total stockholders' equity    $ 2,185,054,000

         Revenue                       $   328,846,000
         Operating Loss                     40,927,000
         Net Loss Applicable to
            Common Stockholders             69,232,000

Full-text copies of Adelphia's May 2004 Monthly Operating Reports
were delivered to the Securities and Exchange Commission and are
available at no charge at:

Adelphia-affiliates Arahova Communications Inc., Frontiervision
Capital Corp., Frontiervision Holdings Capital Corp.,
Frontiervision Holdings Capital II Corp., Frontiervision Holdings
LP, Frontiervision Operating Partners LP, Olympus Capital Corp.,
and Olympus Communications LP, also delivered copies of Adelphia's
consolidated financial statements to the Securities and Exchange

Adelphia Communications Corporation and more than 200 affiliates
filed for Chapter 11 protection in the U.S. Bankruptcy Court for
the Southern District of New York on June 25, 2002.  Those cases
are jointly administered under case number 02-41729.  Shelley C.
Chapman, Esq., at Willkie Farr & Gallagher represents the ACOM

DVI INC: Releases May 2004 Cash Receipts & Disbursements Data
On August 25, 2003, DVI, Inc., together with DVI Financial
Services Inc., and DVI Business Credit Corporation filed a
petition for reorganization under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of

On June 23, 2004, DVI, DVI FS and DVI BC filed their respective
Monthly Operating Reports with the U.S. Bankruptcy Court and the
U.S. Trustee for the period from May 1, 2004 through May 31, 2004

     Debtor      Cash Receipts  Cash Disbursements
     ------      -------------  ------------------   
     DVI                    $0                  $0
     DVI FS        $11,822,000         $11,941,000
     DVI BC            $42,000             $47,000

A full-text copies of DVI's May 2004 Monthly Operating Report are
available at no charge at:

   DVI Inc:

   DVI Financial Services:

   DVI Business Credit: 

ENRON: ENA Examiner's 113th Weekly Report - May 10 to 14, 2004
Enron North America Examiner, Harrison J. Goldin, presents his  
113th report summarizing the deposits and disbursements into and  
out of ENA Accounts for the period May 10, 2004 through May 14,  

        Third Party Deposits and Disbursements:

        Date                    Deposits        Disbursements
        ----                    --------        -------------
  May 10, 2004                $1,318,147                  $0
  May 11, 2004                     6,000                (800)
  May 12, 2004                         0                 (35)
  May 13, 2004                         0             (58,194)
  May 14, 2004                   430,833            (227,306)
                            ------------       -------------
            Week Total:       $1,754,980           ($286,334)

        Inter-company Deposits and Disbursements:

        Date                    Deposits        Disbursements
        ----                    --------        -------------
  May 10, 2004                        $0                  $0
  May 11, 2004                         0                   0
  May 12, 2004                         0                   0
  May 13, 2004                         0                   0
  May 14, 2004                         0                   0
                            ------------       -------------
            Week Total:               $0                  $0

        Total Deposits and Disbursements:

        Date                    Deposits        Disbursements
        ----                    --------        -------------
  May 10, 2004                $1,318,147                  $0
  May 11, 2004                     6,000                (800)
  May 12, 2004                         0                 (35)
  May 13, 2004                         0             (58,194)
  May 14, 2004                   430,833            (227,306)
                            ------------       -------------
            Week Total:       $1,754,980           ($286,334)

ENRON: ENA Examiner's 114th Weekly Report - May 17 to 21, 2004
Harrison J. Goldin, the Examiner for Enron North America,  
delivers to the Court his 114th report summarizing the deposits  
and disbursements into and out of ENA Accounts for the period
May 17, 2004 through May 21, 2004.

        Third Party Deposits and Disbursements:

        Date                    Deposits        Disbursements
        ----                    --------        -------------
  May 17, 2004                       $25            ($11,159)
  May 18, 2004                         0                   0
  May 19, 2004                   982,200            (388,065)
  May 20, 2004                         0             (12,262)
  May 21, 2004                    78,160                (488)
                            ------------       -------------
            Week Total:       $1,060,385           ($411,974)

        Inter-company Deposits and Disbursements:

        Date                    Deposits        Disbursements
        ----                    --------        -------------
  May 17, 2004                    $1,079             ($1,079)
  May 18, 2004                         0                   0
  May 19, 2004                         0                   0
  May 20, 2004                         0                   0
  May 21, 2004                         0                   0
                            ------------       -------------
            Week Total:           $1,079             ($1,079)

        Total Deposits and Disbursements:

        Date                    Deposits        Disbursements
        ----                    --------        -------------
  May 17, 2004                    $1,103            ($12,238)
  May 18, 2004                         0                   0
  May 19, 2004                   982,200            (388,065)
  May 20, 2004                         0             (12,262)
  May 21, 2004                    78,160                (488)
                            ------------       -------------
            Week Total:       $1,061,463           ($413,052)

FOOTSTAR INC: Files Revised April & May Monthly Operating Reports
On June 24, 2004, Footstar, Inc. released its revised monthly
operating reports for the period from March 3, 2004 to May 29,
2004 reclassifying about $43.9 million of accrued expenses and
minority interests to liabilities subject to compromise in April
and $79.5 million of accrued expenses and minority interests to
liabilities subject to compromise in May 2004.   

Footstar, Inc.'s revised consolidated balance sheet shows (in

                                May 1, 2004     May 29, 2004
      Total Assets                $ 543.5          $ 447.6
      Current Liabilities           144.2            134.5
      Total Liabilities
        Subject to Compromise       288.9            178.6
      Shareholders' Equity        $  40.7          $  62.7

In Footstar Inc.'s revised May 2004 statement of operations, net
income has remained unchanged. However, $5.6 million of
professional fees from Reorganization expenses have been
reclassified to Store operating, selling, general and
administrative expenses.

The company's May 2004 revised Statement of Operations shows (in

      Gross Profit                     $ 24.4
      Loss before reorganization
         expenses                         2.0
      Loss before minority interests
         and discontinued operations      3.7
      Net Loss                         $ 22.1

A full-text copy of Footstar, Inc.'s revised April and May 2004
Monthly Operating Reports is available at no charge at:

On March 2, 2004, Footstar, Inc. and substantially all of its
subsidiaries filed voluntary petitions under Chapter 11 of title
11, United States Code in the United States Bankruptcy Court for
the Southern District of New York (Case No. 04-22350 (ASH)). The
Debtors remain in possession of their assets and properties, and
continue to operate their businesses and manage their properties
as debtors-in-possession pursuant to sections 1107(a) and 1108 of
the Bankruptcy Code.

HAUSER INC: Submits May 2004 Monthly Operating Report
Kenneth C. Cleveland, President and Chief Executive Officer for  
Hauser, Inc. (OTC:HAUSQ) advises that on June 15, 2004, the
Company and its wholly owned subsidiaries filed the monthly
operating report for the month ended May 31, 2004 with the Office
of the United States Trustee pursuant to Bankruptcy Rule 2015 and
the Trustee's Financial Reporting Requirements for Chapter 11

Citing Rule 202 of Regulation S-T and the Company's continuing  
hardship exemption, Mr. Cleveland explains that it is impossible  
to deliver an electronic copy of that financial report to the  
Securities and Exchange Commission so the Company has manually  
filed a paper copy of the Amended Reports under cover of Form

Hauser Inc., filed for chapter 11 protection on April 1, 2003, in  
Los Angeles (Bankr. C.D. Calif. Case No. 03-18795).  Christine M.   
Pajak, Esq., at Stutman, Treister & Glatt, serves as legal
counsel to the Debtors.  

LIBERATE TECHNOLOGIES: Posts $19.8 Million Net Profit in May 2004
On June 21, 2004, Liberate Technologies filed its monthly
operating report for the month of May 2004 with the United States
Bankruptcy Court for the Northern District of California in
connection with Liberate's voluntary petition for reorganization
under Chapter 11 of the United States Bankruptcy Code in Case No.
04-31394. The Company reports earning $19,858,582 on $3,328,629 of
net sales in May 2004.

At May 31, 2004, Liberate Technologies' balance sheet shows:

      Total Current Assets            $ 220,040,445
      Total Assets                      229,454,414
      Total Current Liabilities           7,989,968
      Total Pre-petition Liabilities     19,510,462
      Total Liabilities                  27,500,430
      Total Equity                    $ 201,953,984

A full-text copy of Liberate Technologies' May 2004 Monthly
Operating Report is available at no charge at:

NEWPOWER HOLDINGS: Files May 2004 Monthly Operating Report
On June 23, 2004, NewPower Holdings filed its May Monthly  
Operating Report with the Bankruptcy Court for the Northern  
District of Georgia, Newnan Division.  The company reports an  
opening cash balance of $93,864,000 and a closing cash balance of  

A full-text copy of NewPower Holdings' May 2004 Monthly Operating  
Report is available at no charge at:  

As previously reported, on August 15, 2003, the United States  
Bankruptcy Court for the Northern District of Georgia, Newnan  
Division confirmed the Second Amended Chapter 11 Plan with respect  
to NewPower Holdings, Inc. and TNPC Holdings, Inc., a wholly owned  
subsidiary of the Company. As previously reported, on February 28,  
2003, the Bankruptcy Court previously confirmed the Plan, and the  
Plan has been effective as of March 11, 2003, with respect to The  
New Power Company, a wholly owned subsidiary of the Company. The  
Plan became effective on October 9, 2003 with respect to the  
Company and TNPC.

PARMALAT: Releases Financial Results Ended May 31, 2004
Parmalat Finanziaria SpA in Extraordinary Administration
communicates the Parmalat's Groups financial results as at 31 May

Parmalat Finanziaria SpA

                  Highlights (in EUR millions)

               Revenues             EBITDA          % of Revenues
             ----------------    ---------------   ---------------
              Prev.  Current     Prev.  Current   Prev.   Current
              Year    Year       Year    Year      Year     Year
             -------  -------    ------  -------   ------  -------
Activities   1,519.5  1,484.4     89.3    101.3     5.9      6.8

Activities     330.9    260.4    (21.5)    (8.3)   (6.5)    (3.2)
             -------  -------    ------  -------   ------  -------
Subject to
Procedures     372.9    232.4    (11.4)   (31.7)   (3.1)   (13.6)
             -------  -------    ------  -------   ------  -------
   Total     2,223.3  1,977.2     56.4     61.4     2.5      3.1
             =======  =======    ======  =======   ======  =======

     * Core Activities: consisting of drinks (milk and fruit
       juice), milk-based products, focused on approximately
       thirty brands (Global brands or strong local brands),
       focused on high potential countries in which there is a
       strong demand for healthy lifestyle products, a
       willingness to pay a premium price for Parmalat brands and
       the availability of leading edge technology.

     * Non-core Activities: consisting of countries and
       activities considered non-strategic which will be subject
       to disposal.

     * Activities subject to Special Procedures: consisting of
       businesses in countries outside Italy that are currently
       subject to restrictions to their management as a result of
       local bankruptcy proceedings.

                         Core Activities

Parmalat's Core Activity revenues have generally held up
well compared to the same period in the previous year (EUR1,484.4
million compared to EUR1,519.5 million) while EBITDA increased by
13.4% to EUR101.3 million compared to EUR89.3 million in the same
period in 2003.

This improvement in operating results is largely as a result
of initiatives of a commercial nature and thanks to operating
cost reduction measures which have also been applied to the
corporate structure.

In particular, looking at the Group's principal geographic
areas of operation, the following can be noted:

     -- Italy

        Revenues for the period reached EUR574.2, down 7.9%
        compared to the EUR623.8 million recorded in the same
        period in 2003.  While revenues fell, EBITDA showed an
        improvement rising by 17.6% from EUR34.0 million at
        31 May 2003 to EUR40.0 [million] at 31 May 2004.  This
        confirms the positive trend already seen last month, even
        if this is somewhat reduced as a result of a lower
        contribution from the fruit juice activities (-12% for
        the period January to May) compared to the same period in
        the previous year, whose sales were slowed by unfavorable
        weather conditions.

     -- Spain

        Revenues for the period were EUR91.0 million compared to
        EUR93.4 million achieved at 31 May 2003.  EBITDA for the
        same period fell from EUR8.9 million to EUR5.9 million.
        The two factors largely responsible for the worsening of
        the result for the period were the increase in the cost
        of milk supplies compared to the previous year (+8.2%)
        that were not balanced by a corresponding increase in
        sale prices and the negative trend of a strong seasonal
        character relating to the sale of ice cream (Royne brand)
        which suffered as a result of weather conditions that
        slowed consumption.

     -- South Africa

        Revenues for the period of EUR93.1 million grew by 28.8%
        compared to the EUR72.3 million reported at 31 May 2003.
        EBITDA also increased considerably moving from
        EUR5.6 million at 31 May 2003 to EUR8.1 million at
        31 May 2004.  As indicated last month this increase in
        profitability has resulted from the acquisition of new
        brands, the optimization of the business' productive
        structure as well as the appreciation of the South
        African rand against the Euro.

     -- Venezuela

        The lack of credit lines for the importation of raw
        materials (powdered milk) resulted in reduced revenues
        which went from EUR78.6 million in May 2003 to
        EUR62.7 million in May 2004 (-20.2%).  This resulted in a
        strong decrease in operating profitability which fell
        from EUR11.5 million to EUR1.7 million, impacted also by
        an increase in local raw materials costs and higher
        structural costs.

     -- Canada

        The Canadian market showed slight growth at the revenue
        level moving from EUR457.1 million to EUR464.6 million
        while EBITDA of EUR27.2 million in May 2004 was 23.7%
        ahead of the same period last year (EUR22.0 million).
        This improved profitability results principally from an
        increase in cheese sales and from general and
        distribution cost containment.

     -- Australia

        Revenues reached EUR154.9 million up 7.3% compared to the
        EUR144.4 million in the same period in 2003.  Similarly
        EBITDA for the period was EUR11.7 million compared to
        EUR10.5 million in the same period in the previous year
        (+10.9%).  This improvement in results is down to a
        favorable exchange rate trend; and with regard to EBITDA
        a reduction in general and promotional costs also made a

                     Non Core Activities and
                Activities in Special Procedures

The negative result for the businesses covered under these
two headings is mainly due to the performance of the Brazilian
and US operations:

     -- Brazil

        Revenues fell from EUR153.7 million to EUR45.4 million
        (-70.5%) and EBITDA worsened moving from a negative
        EUR9.9 million to a loss of EUR21.8 million.  However in
        Brazil the Group's operations recently came back under
        Parmalat's control and a corporate restructuring plan is
        currently being drawn up as part of a Concordata
        procedure.  In the meantime revenues have started to pick
        up compared to previous months (+18% in May compared to

     -- USA

        Consolidated results showed a fall in revenues (from
        EUR350.2 million at 31 May 2003 to EUR288.7 million at
        31 May 2004) and a reduction in the operating result
        which moved from a loss of EUR5.8 million in 2003 to a
        loss of EUR7.6 million at 31 May 2004.  The Dairy
        activities (milk and milk products) hit by a serious
        financial crisis, were put into a Chapter 11 procedure.
        This crisis has resulted in a significant reduction in
        revenues and are worsening in EBITDA.  The Bakery
        activities produced lower revenues but a significantly
        improved operating result (even though this is still in
        negative territory) thanks to the process of
        reorganization currently underway.

                     Net Financial Position
                  Highlights (in EUR millions)

                                       As at           As at
                                    05/31/2004      12/31/2003
                                   ------------    ------------
     Short Term Financial Assets         (121.0)         (121.3)
        of which:
        Liquid financial assets            (0.9)          (20.9)
        Available liquidity              (120.1)         (100.4)

     Accruals on Financial Assets         (63.1)          (61.9)
                                   ------------    ------------
     Total Short Term
        Financial Assets                 (184.1)         (183.2)

     Financial Debt                    13,762.5        13,457.5
     Accruals on Financial
        Liabilities                       263.5           256.2
                                   ------------    ------------
     Total Financial Liabilities       14,026.0        13,713.7
                                   ------------    ------------
     Financial Indebtedness            13,841.9        13,530.5
                                   ============    ============

In addition, further financial debt of EUR132.0 million
needs to be taken into account in relation to the situations as
at 31 December 2003 and 31 May 2004, this relating to companies
that are not totally consolidated, and connected and controlling

The figures still contain an element of uncertainty as
regards some companies in the Group that are subject to
restrictions as a result of local procedures (Brazil and USA
Dairy specifically).  Financial debt should be considered as
being largely short-term in nature, given the current situation
of theoretical default on the covenants underlying the financing
contracts.  Some companies are in talks to renegotiate their debt
in order to consolidate it.  At 31 May a debt of EUR250 million
was inserted relating to the financing of a foreign subsidiary
company carried out in 2002 which envisaged a possible conversion
into equity.  Parmalat has deemed it appropriate to forgo this
option instead registering with the subsidiary company a debt for
the same amount.

[The] net financial position of the Group is substantially
unchanged and impacted by two events:

     (1) [O]n the asset side there has been an increase in the
         level of available liquidity largely thanks to the close
         attention paid to the management of available resources
         and to the disposal of Parmalat SpA's holdings in MCC
         SpA and Banca di Roma SpA and Parmalat Finanziaria SpA's
         disposal of its holding in Fondo Alfieri; and

     (2) On the liabilities side there has been a small increase
         almost entirely resulting from a worsening of exchange
         in the exchange rate between the Euro and currencies in
         countries outside Europe where the Group operates, and
         by an increase in accruals on liabilities for interest.

No use has been made until now of the line of credit of
EUR105,8 million provided by a pool of banks on 4 March 2004.

         Main companies in Extraordinary Administration

The following tables summarizes situations of the main
Italian companies in Extraordinary Administration:

                    Parmalat Finanziaria SpA
                  (Values in millions of Euros)

                                       As at           As at
                                    05/31/2004      12/31/2003
                                   ------------    ------------
     Short Term Financial Assets         (172.8)         (172.3)
        of which:
        Interco. Financial Credits       (171.8)         (171.8)
        Liquid financial assets             0.0            (0.5)
        Available liquidity                (1.0)            0.0

     Accruals on Financial Assets
        (incl. Interco.)                    0.0            (0.6)
                                   ------------    ------------
     Total Short Term
        Financial Assets                  172.8          (172.9)

     Financial Debt
        (incl. Intercompany Debt)       1,268.4         1,268.4
        of which:
        Intercompany Financial Debt     1,006.4         1,006.4
        Other Financial Debt              262.0           262.0

     Accruals on Financial
        (incl. Interco.)                    4.7             4.8
                                   ------------    ------------
     Total Financial Liabilities        1,273.1         1,273.2
                                   ------------    ------------
     Financial Indebtedness             1,100.3         1,100.3
                                   ============    ============

The net financial position of the company is substantially
unchanged with a small increase in available liquidity even given
the disposal during the course of May 2004 of its holding in
Fondo Alfieri.

                           Parmalat SpA
                  (Values in millions of Euros)

                                       As at           As at
                                    05/31/2004      12/31/2003
                                   ------------    ------------
     Short Term Financial Assets          (64.8)          (53.9)
        of which:
        Interco. Financial Credits        (44.6)          (27.6)
        Liquid Financial Assets             0.0           (19.7)
        Available liquidity               (20.2)           (6.6)

     Accruals on Financial Assets
        (incl. Interco.)                    0.0             0.0
                                   ------------    ------------
     Total Short Term
        Financial Assets                  (64.8)          (53.9)

     Financial Debt
        (incl. Intercompany Debt)       3,912.8         3,912.8
        of which:
        Intercompany Financial Debt     1,030.0         1,030.0
        Other Financial Debt            2,882.8         2,882.8

     Accruals on Financial
        (incl. Interco.)                      -               -
                                   ------------    ------------
     Total Financial Liabilities        3,912.8         3,912.8
                                   ------------    ------------
     Financial Indebtedness             3,848.0         3,858.9
                                   ============    ============

The net financial position of Parmalat SpA presents a
positive variation for the period (moving from -EUR3,859.0
million to -EUR3848.1 million, an improvement of EUR10.9
million).  Liabilities were unchanged while available financial
resources were positively effected by the disposal of holdings in
MCC SpA and Banca di Roma SpA.  These disposals, along with the
performance of the operating business generated new cash that
allowed for, above and beyond covering the ongoing requirements
of the business, an increase in total available liquidity (moving
from EUR6.6 million to EUR20.2 million) and the granting of
intercompany credits for an amount of EUR16.7 million,
principally in favor of units in North America (EUR10.7 million),
Uruguay (EUR1.7 million) and Germany (EUR1.6 million) and the
payment of suppliers with a privileged position (advisors to the
Administration procedure).

                           Eurolat SpA
                  (Values in millions of Euros)

                                       As at           As at
                                    05/31/2004      12/31/2003
                                   ------------    ------------
     Short Term Financial Assets          (11.3)          (13.6)
        of which:
        Interco. Financial Credits          0.0             0.0
        Liquid Financial Assets             0.0             0.0
        Available liquidity               (11.3)          (13.6)

     Accruals on Financial Assets
     (incl. Interco.)                      (0.1)            0.0
                                   ------------    ------------
     Total Short Term
        Financial Assets                  (11.4)          (13.6)

     Financial Debt
        (incl. Intercompany Debt)         192.9           191.9
        of which:
        Intercompany Financial Debt        45.8            45.8
        Other Financial Debt              147.1           146.1

     Accruals on Financial
        (incl. Interco.)                    0.5             1.5
                                   ------------    ------------
     Total Financial Liabilities          193.4           193.4
                                   ------------    ------------
     Financial Indebtedness               182.0           179.8
                                   ============    ============

This company also saw its debt position stabilize having had
no requirement to seek new financing.  The variation in the Other
Financial Debt line as at 31 May 2004 compared to 31 December
2003 is at a result of reclassifications relating to already made
accruals for liabilities at the close of the previous financial

                            Lactis SpA
                  (Values in millions of Euros)

                                       As at           As at
                                    05/31/2004      12/31/2003
                                   ------------    ------------
     Short Term Financial Assets           (3.1)           (0.4)
        of which:
        Interco. Financial Credits          0.0             0.0
        Liquid Financial Assets             0.0             0.0
        Available liquidity                (3.1)           (0.4)

     Accruals on Financial Assets
        (incl. Interco.)                    0.0             0.0
                                   ------------    ------------
     Total Short Term
        Financial Assets                   (3.1)           (0.4)

     Financial Debt
        (incl. Intercompany Debt)          20.5            20.5
        of which:
        Intercompany Financial Debt         8.6             8.6
        Other Financial Debt               11.9            11.9

     Accruals on Financial
        (incl. Interco.)                    0.0             0.1
                                   ------------    ------------
     Total Financial Liabilities           20.5            20.6
                                   ------------    ------------
     Financial Indebtedness                17.4            20.2
                                   ============    ============

Available liquidity increased from EUR0.4 million to
EUR3.1 million, while financial liabilities remained unchanged
compared to 31 December 2003.

RELIANCE GROUP: Releases May 2004 Monthly Operating Report

Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession             31-May-2004
_____________________________________     ___________


Restricted Funds                                   $0
Unrestricted Funds                         58,997,000
Total                                      58,997,000

Accounts and Notes Receivable              13,090,000
Prepaid expenses and deposits                 553,000
Due from Reliance Development Group,
   less allowance of $59,334,000            1,000,000

Plant, property & equipment                         -
      Total Assets                        $73,640,000


Liabilities not subject to compromise

   Postpetition accounts payable           $2,254,000
   Professional fee holdback payable        1,714,000

Liabilities subject to compromise       1,025,318,000
      Total liabilities                 1,029,286,000

Shareholders' deficit:

   Common stock                            11,616,000
   Additional paid in capital             558,541,000
   Accumulated deficit                 (1,525,803,000)
      Total shareholders' deficit        (955,646,000)
      Total liabilities & deficit         $73,640,000

Unaudited Consolidated Statement of        1-May-2004
Operations, excluding subsidiaries             to
which are not Debtors-in-Possession       31-May-2004
_____________________________________     ___________

Revenues                                           $0

Costs and expenses:
   Operating and administrative                73,000
   Pension Plan Actuarial
     Adjustments and Expenses                       0
   Depreciation                                     0
   Total costs and expenses                    73,000
Loss before reorganization items              (73,000)

Reorganization items:
   Professional fees                          838,000
   Increase in allowance on balance
      due from Reliance Development
      Group, Inc.                                   -
   Reduction of balance due Reliance
      Insurance Company per settlement              -
   Interest earned on accumulated
      cash resulting from
      Chapter 11 proceeding                   (59,000)
   Total reorganization items                 779,000
Income Tax benefits                                 0
Net Income                                  ($852,000)

Unaudited Consolidated Statement of        1-May-2004
Cash Flows, excluding subsidiaries             to
which are not Debtors-in-Possession       31-May-2004
_____________________________________     ___________

Cash flows from operating activities:

   Loss from operations before
      reorganization items                   ($73,000)

   Adjustments to reconcile loss to
      net cash provided by
      operating activities:

         Income Tax Recovery                        0
         Depreciation                               0

   Changes in:

      Prepaid expenses                              0
      Postpetition payables                     9,000
      Increase in Liabilities
      subject to compromise                         0
   Net cash (used) provided by
       operating activities before
       reorganization items                   (64,000)
   Operating cash flows from
      reorganization items:

         Interest earned                       59,000
         Application of retainer
         towards reorganization
         professional fees                          0
         Payment of
         reorganization items                (618,000)
         Distribution to Reliance
         Insurance Company
         (in liquidation)                           0

   Net cash used by
      reorganization items                   (559,000)
   Net cash used by
      operating activities                   (623,000)

Cash flows from investing activities:

   Receipt from Reliance
   Development Group                                0
      Net cash provided by
         investing activities                       0

Cash flow from financing activities:
   Proceeds of split dollar policies                0
      Net cash provided by
         financing activities                       0
Net increase in cash                         (623,000)

Cash at beginning of period                59,620,000
Cash at end of period                     $58,997,000

SK GLOBAL: Releases May 2004 Monthly Operating Report

                     SK Global America, Inc.
                     Unaudited Balance Sheet
                       As of May 31, 2004


Unrestricted Cash and cash equivalents           $110,739,380
Restricted Cash and cash equivalents                        -
Accounts receivable - net                         217,893,556
Interest receivables                                  843,363
Commission receivables                              4,712,375
Other receivables                                   4,163,444
Suspense payment                                    1,792,545
Payment in advance                                     10,000
Inventories                                         6,030,500
Prepaid expenses                                      524,726
Other Current Assets                                        -
   Total Current Assets                           346,709,888

Real Property and improvements                         10,447
Machinery and equipment                                     -
Furniture, fixtures and office equipment            2,356,995
Leasehold improvements                              2,210,702
Vehicles                                              115,891
Less Accumulated Depreciation                      (3,358,713)
   Total Property & Equipment                       1,335,323

Loans to Insiders  
Other Assets                                       87,805,433
   Total Other Assets                              87,805,433
TOTAL ASSETS                                     $435,850,645


Liabilities not subject to compromise:
   Accounts Payable                                $1,328,848
   Total Postpetition Liabilities                   1,328,848

Liabilities subject to compromise:
   Secured debt                                   133,669,769
   Priority debt                                       38,726
   Unsecured debt                               2,900,972,128
   Total Prepetition Liabilities                3,033,351,775
Total Liabilities                               3,034,680,623

Owner Equity:  
   Capital Stock                                   20,000,000
   Additional paid-in capital                      70,000,000
   Owner's Equity Account                                   -
   Retained earnings - prepetition             (2,679,352,128)
   Retained earnings - postpetition                (9,477,850)
Net Owner Equity                               (2,598,829,978)

                     SK Global America, Inc.  
                Unaudited Statement of Operations  
                      May 1 to May 31, 2004  

   Gross Revenues                                  $2,575,087
   Less: Returns and Allowances                        35,341
   Net Revenue                                      2,539,746

Cost of Goods Sold
   Beginning Inventory                              5,173,372
   Add: Purchases                                   3,496,279
   Add: Cost of Labor                                       0
   Add: Other Costs                                         0
   Less: Ending Inventory                           6,030,500
   Cost of Goods Sold                               2,639,151
Gross Profit                                          (99,405)

Operating Expenses  
   Salaries and employee benefits                     419,302
   Travel and Related Expenses                         12,018
   Utilities                                              256
   Materials and supplies                                   -
   Advertising & Promotions                                 -
   Communications                                      11,617
   Delivery                                             8,255
   Rentals and Royalties                               59,053
   Property & Bus License taxes                           415
   Insurance                                           27,756
   Direct & Indirect selling expenses                  67,011
   Repairs & Maintenance                                    0
   Other                                               35,103
   Total Operating Expenses before depreciation       640,786

   Depreciation/Depletion/Amortization                 40,144
   Net Profit (Loss) before  
   Other income and expenses                         (780,335)

Other Income and Expenses  
   Other Income                                       136,390
   Interest Expense                                    13,138
   Other Expense                                            -
   Net Profit (Loss) Before Reorganization Items     (657,083)

Reorganization Items  
   Professional fees                                        -
   U.S. Trustee Quarterly fees                              -
   Interest earned on accum. cash from Chap. 11             -
   Gain (Loss) from sale of equipment                       -
   Other Reorganization expenses                            -
   Income Taxes                                             -
NET PROFIT (LOSS)                                   ($657,083)

                     SK Global America, Inc.  
      Unaudited Schedule of Cash Receipts and Disbursements  
                      May 1 to May 31, 2004

CASH -- BEGINNING OF MONTH                       $109,393,459
   Accounts Receivable                              4,698,679
   Sale of Assets                                           -
   Other                                              168,369
   Transfers (from DIP accounts)                            -
   Total Receipts                                   4,867,048

   Payroll                                            239,136
   Payroll Taxes                                      127,703
   Other Taxes                                              -
   Inventory purchases                              2,755,543
   Rental/leases                                       59,053
   Insurance                                                -
   Administrative                                           -
   Selling                                                  -
   Other                                              399,692

Professional Fees  
   U.S. Trustee Quarterly Fees                              -
   Total Disbursements                              3,521,127

Net cash flow                                       1,345,920
CASH -- END OF MONTH                             $110,739,380

SOLUTIA INC: Debtors Report $79 Million Net Loss in May 2004

                     Solutia Chapter 11 Debtors
      Unaudited Statement of Consolidated Financial Position
                         As of May 31, 2004


Current Assets:
    Cash                                            $59,000,000
    Trade Receivables, net                          213,000,000
    Account Receivables-Unconsolidated Subsidiaries  66,000,000
    Inventories                                     163,000,000
    Other Current Assets                             87,000,000
Total Current Assets                                588,000,000

Property, plant and equipment, net                  730,000,000
Investments in Subsidiaries and Affiliates          507,000,000
Intangible Assets, net                              102,000,000
Other Assets                                        152,000,000
TOTAL ASSETS                                     $2,079,000,000


Current Liabilities:
    Accounts Payable                               $134,000,000
    Other Current Liabilities                       178,000,000
Total Current Liabilities                           312,000,000

Long-Term Debt                                      343,000,000
Other Long-Term Liabilities                         240,000,000
Total Liabilities not Subject to Compromise         895,000,000
Liabilities Subject to Compromise                 2,316,000,000
Shareholders' Deficit                            (1,132,000,000)

                     Solutia Chapter 11 Debtors
           Unaudited Consolidated Statement of Operations
                  For the Month Ended May 31, 2004

Total Net Sales                                    $185,000,000
Total Cost Of Goods Sold                            211,000,000
Gross Profit                                        (26,000,000)
Total MAT Expense                                    36,000,000
Operating Loss                                      (62,000,000)

Equity Loss from Affiliates                          (1,000,000)
Interest Expense, net                                (5,000,000)
Other Income (Expense)                                4,000,000

Reorganization Items:
    Professional fees                                (4,000,000)
    Provision for rejected executory contracts      (11,000,000)
Total Reorganization Items                          (15,000,000)

Loss Before Taxes                                   (79,000,000)
Income Taxes                                                  -
Net Loss                                           ($79,000,000)

SPIEGEL INC: May 2004 Net Loss Narrows to $3.2 Million
Spiegel, Inc. filed its monthly operating report for the period
commencing May 2, 2004 and ended May 29, 2004 with the United
States Bankruptcy Court for the Southern District of New York.
Spiegel's Consolidated Statement of Operations shows a $3,288,000
net loss on $98,470,000 of revenues in May.  The company's balance
sheet shows a stockholders' deficit of $937,615,000 against
$968,529,000 in total assets.

A full-text copy of Spiegel Inc.'s May Monthly Operating Report is  
available at no charge at:  

Headquartered in Downers Grove, Illinois, Spiegel, Inc. -- is a leading international general   
merchandise and specialty retailer that offers apparel, home  
furnishings and other merchandise through catalogs, e-commerce  
sites and approximately 560 retail stores. The Company filed for  
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.  
03-11540).  James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,  
at Shearman & Sterling represent the Debtors in their  
restructuring efforts.  When the Company filed for protection from  
its creditors, it listed $1,737,474,862 in assets and  
$1,706,761,176 in debts.

UAL CORP: Reports $93.3 Million Net Loss in May 2004
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, filed its May Monthly
Operating Report (MOR) with the United States Bankruptcy Court.  
The company reported earnings from operations of $9 million, which
represents an improvement of approximately $164 million over May
2003. Mainline passenger unit revenue improved 7% year-over-year.  
Unit costs were down 15% over last year.  The company reported a
net loss of $93 million, including $58 million in reorganization
expenses, which include non-cash items resulting from the
rejection of aircraft as the company aligns its fleet with the
market. UAL met the requirements of its debtor-in-possession (DIP)

"Despite high fuel prices that have impacted the entire  
industry, United delivered a modest operating profit this month,  
which speaks to the quality of our employees' performance and the  
restructuring," said Jake Brace, United's executive vice  
president and chief financial officer.  "Our cost-reduction and  
revenue-generation efforts are delivering results and making  
United a stronger, more competitive airline as we continue to  
move forward."

UAL ended May with a cash balance of about $2.2 billion,  
which included $701 million in restricted cash.  The cash balance  
decreased $61 million during the month of May, driven by the
May 1 Bank One DIP repayment of $60 million.

United continued to deliver strong operational results, with  
an on-time :14 departure performance of 74.6% and a May load  
factor of 80.1%.

A full-text copy of United's May Operating Report is available  
for free at the Securities and Exchange Commission at:

             UAL Corporation and Subsidiary Companies
          Condensed Consolidating Statement of Operations
                 For The Month Ended May 31, 2004
                         (In Thousands)

Total operating revenues                             $1,470,574

Total operating expenses                              1,461,531

Earnings (loss) from operations                           9,043

Non-operating income (expenses):
   Net interest expense                                 (40,122)
   Other income (expenses), net                          (4,599)
Total non-operating income (expenses)                   (44,721)

Net Earnings (loss) before Reorganization items         (35,678)

Reorganization items                                    (57,624)
Net earnings (loss)                                    ($93,302)

Headquartered in Chicago, Illinois, UAL Corporation -- through United Air Lines, Inc., is the  
holding company for United Airlines -- the world's second largest
air carrier.  the Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at KIRKLAND & ELLIS represent the
Debtors in their restructuring efforts.  When the Company filed
for protection from their creditors, they listed $24,190,000,000
in assets and  $22,787,000,000 in debts.

USG CORP: Reports $20.5 Million Earnings in May 2004
USG Corporation, et al.
Consolidated Balance Sheet                          31-May-2004
__________________________                          ___________

Cash and cash equivalents                          $441,012,000
Marketable Securities                                52,583,000
Restricted Cash                                      22,711,000
Receivables                                         396,391,000
Inventories                                         297,575,000
Income taxes receivable                              20,770,000
Deferred income taxes                                39,795,000
Other current assets                                 50,492,000
Total current assets                              1,321,329,000

Property, plant and equipment, net                1,569,822,000
Marketable Securities                               218,945,000
Deferred income taxes                               152,241,000
Goodwill                                             41,201,000
Other assets                                        343,748,000
Total Assets                                     $3,647,286,000

Liabilities and Stockholders' Equity:
Accounts payable                                   $230,232,000
Accrued expenses                                    158,277,000
Taxes on income                                      24,593,000
Total current liabilities                           413,102,000

Other liabilities                                   409,833,000
Liabilities subject to compromise                 2,240,883,000

Stockholders' Equity:
Common stock                                          4,998,000
Treasury stock                                     (258,010,000)
Capital received in excess of par value             101,604,000
Accumulated other comprehensive income/(loss)        19,950,000
Retained earnings                                   714,926,000
Total stockholders' equity                          583,468,000
Total Liabilities and Stockholders' Equity       $3,647,286,000

USG Corporation, et al.                            Month Ending
Consolidated Income Statement                       31-May-2004
__________________________                          ___________

Net sales                                          $325,657,000

Cost of products sold                               267,704,000
Selling and administrative expenses                  22,313,000
Chapter 11 reorganization expenses                     (374,000)
Interest expense                                        274,000
Interest income                                        (182,000)
Other (income)/expense, net                              14,000
Earnings/(loss) before income taxes                  35,908,000

Income taxes (benefit)                               15,406,000
Net Earnings/(loss)                                 $20,502,000

WEIRTON STEEL: Monthly Operating Report as of May 16, 2004

                    Weirton Steel Corporation
          Unaudited Consolidated Condensed Balance Sheet
                       As of May 16, 2004

Current Assets
   Cash equivalents,
      including restricted cash of $214              $4,502,000
   Receivables, less allowances of $6,269           124,849,000
   Inventories, net                                  76,982,000
   Other current assets                               4,988,000
      TOTAL CURRENT ASSETS                          211,321,000

   Property, plant and equipment, net               300,650,000
   Other assets and deferred charges                  4,939,000
      TOTAL ASSETS                                 $516,910,000

Current Liabilities
   DIP facility                                      78,015,000
   Current portion of notes and bonds payable        55,018,000
   Payables                                          30,226,000
   Accrued employee costs and benefits               27,062,000
   Accrued taxes other than income taxes              5,842,000
   Other current liabilities                          5,477,000
      TOTAL CURRENT LIABILITIES                     201,640,000

Notes and bonds payable                                       -
Other long term liabilities                           4,631,000

Liabilities Subject to Compromise                 1,567,957,000
Redeemable Stock                                     19,032,000

Stockholders' Equity (Deficit)
Common stock, $0.01 par value                           441,000
Additional paid-in capital                          458,199,000
Additional deficit                               (1,724,730,000)
Less: Common treasury stock, at cost,
   1,977,590 shares                                 (10,260,000)
Accumulated other comprehensive loss                          -
   TOTAL STOCKHOLDERS' DEFICIT                   (1,276,350,000)
   STOCKHOLDERS' DEFICIT                           $516,910,000

                    Weirton Steel Corporation
         Unaudited Consolidated Statements of Operations
                  For the month ended May 16, 2004

Net Sales                                           $53,349,000

Operating Costs:
   Cost of Sales                                     39,510,000
   Selling, general and administrative expenses         550,000
   Depreciation                                       2,119,000
      TOTAL OPERATING COSTS                          42,179,000

Income from Operations                               11,170,000

   Reorganization Items                              (1,777,000)
   Other Income                                               -
   Gain from unconsolidated subsidiaries                136,000
   Interest Expense                                  (5,240,000)
Income before Income Taxes                            4,289,000
   Income tax (benefit) expense                               -
    NET INCOME                                       $4,289,000

                    Weirton Steel Corporation
         Unaudited Consolidated Statements of Cash Flows
                  For the month ended May 16, 2004

Cash Flows from Operating Activities:
   Net income                                        $4,289,000
   Adjustments to reconcile net loss to net cash
     used by operating activities:
     Depreciation                                     2,119,000
     Income from unconsolidated subsidiaries           (136,000)
     Amortization of financing costs                  1,151,000
     Reorganization items                             1,777,000
     Gain on early extinguishments of debt                    -
     Cash provided (used) by working capital items:
       Receivables                                   (7,032,000)
       Inventories                                    5,271,000
       Other current assets                             140,000
       Payables                                      (1,313,000)
       Accrued employee costs and benefits            2,663,000
       Other current liabilities                       (550,000)
   Other                                                (60,000)
   Net cash used by operating activities before
      reorganization items                            8,319,000

   Reorganization items                                (772,000)

Cash flow from financing investing activities:
   Capital spending                                      (3,000)
   NET CASH USED BY INVESTING ACTIVITIES                 (3,000)

Cash flow from financing activities:
   Net borrowings on DIP credit facility             (3,756,000)
   Repayment of debt obligations                              -
Net change in cash and cash equivalents               3,788,000

Cash and equivalents at beginning of period             714,000
Cash and equivalents at end of period                $4,502,000

WESTPOINT STEVENS: Files Retirement Plan Annual Report with SEC
On June 29, 2004, WestPoint Stevens, Inc., delivered to the  
Securities and Exchange Commission an annual report with respect  
to the company's Retirement Savings Value Plan for Employees for  
the fiscal year ended December 31, 2003.  The annual report was  
filed on Form 11-K and was made pursuant to Section 15(d) of the  
Securities Exchange Act of 1934.

                     WestPoint Stevens, Inc.
           Retirement Savings Value Plan for Employees
       Statement of Net Assets Available for Plan Benefits

                                            At December 31
                                        2003           2002  
                                    ------------   ------------


   Participant contributions             $63,327         77,582
   Employer contributions                 15,821         19,020
                                    ------------   ------------
                                          79,148         96,602

   Ownership interest in the net
      pooled assets of the WestPoint
      Stevens, Inc., Retirement
      Savings Value Plan             110,924,973    104,739,249

   Participant loans                   2,416,434      2,248,281
                                    ------------   ------------
      Total Assets                   113,420,555    107,084,132
                                    ------------   ------------


Fees and other Payables                  184,988        223,790
                                    ------------   ------------

   FOR PLAN BENEFITS                $113,235,567   $106,860,342
                                    ============   ============

                     WestPoint Stevens, Inc.
           Retirement Savings Value Plan for Employees
               Statement of Changes in Net Assets
                   Available for Plan Benefits
                   December 31, 2003 and 2002

Additions to Net Assets Attributed to:
      Employer                                       $1,876,850
      Participant                                     9,393,002
      Rollovers                                          61,883

Plan's interest in investment results of the
   WestPoint Stevens Inc. Retirement Savings
   Value Plan Master Trust                            8,966,143

Deductions from Net Assets Attributed to:
   Administrative and other expenses                   (739,291)
   Benefits paid to participants                    (13,183,362)
Net Increase                                          6,375,225

Net Assets Available for Plan Benefits at
   Beginning of Year                                106,860,342
Net Assets Available for Plan Benefits at
   End of Year                                     $113,235,567

The Plan is a voluntary defined contribution Plan for  
substantially all salaried and non-salaried employees of  
WestPoint Stevens and certain of its subsidiaries.  The Plan is  
subject to the provisions of the Employee Retirement Income  
Security Act of 1974.  The Plan's assets are held for safekeeping  
and investment by State Street Bank, as Trustee, as part of a  
trust agreement between WestPoint Stevens, as the Plan Sponsor,  
and the Trustee.

According to John F. Sorte, Chairman of the Management Pension  
Committee, WestPoint Stevens matches 50% of each Plan  
participant's before tax contributions not to exceed 1% of the  
Plan participant's gross wages.  WestPoint Stevens made matching  
contributions of $1,876,850 in 2003.

Smith & Howard, P.C., audited the Plan's financial statements.

WINSTAR: Releases April 2004 Monthly Operating Report

                  Winstar Communications, Inc.
                         Balance Sheet
                      As of April 30, 2004


Unrestricted Cash and Equivalents                   $27,626,790
Restricted Cash and Cash Equivalents                          -
Accounts Receivable (Net)                                     -
Notes Receivable                                              -
Inventories                                                   -
Prepaid Expenses                                              -
Professional Retainers                                        -
Other Current Assets                                          -
Total Current Assets                                $27,626,790

Real Property and Improvements
   Machinery & Equipment                                      -
   Furniture, Fixtures & Office Equipment                     -
   Leasehold Improvements                                     -
   Vehicles                                                   -
   Less: Accumulated Depreciation                             -
   Total Property & Equipment                                 -
Loans to Insiders
   Other Assets                                               -
   Total Other Assets                                         -
TOTAL ASSETS                                        $27,626,790


Accounts Payable                                              -
Taxes Payable                                                 -
Wages Payable                                                 -
Notes Payable                                                 -
Rent/Leases - Building/Equipment                              -
Secured Debt/Adequate Protection Payments                     -
Professional Fees                                             -
Amounts Due to Insiders                                       -
Other Post Conversion Liabilities                             -
Total Post Conversion Liabilities                             -
Secured Debt                                                  -
Priority Debt                                                 -
Unsecured Debt                                                -
Total Pre-Conversion Liabilities                              -
Owners' Equity    
   Capital Stock                                              -
   Additional Paid In Capital                                 -
   Partners' Capital Account                                  -
   Owners' Equity Account                           $57,559,619
   Retained Earnings - Pre-Conversion                         -
   Retained Earnings - Post-Conversion              (29,932,829)
   Adjustments to Owner Equity                                -
   Postpetition Contributions (Distributions)
      (Draws)                                                 -
   Net Owners' Equity                                27,626,790

                  Winstar Communications, Inc.  
                     Statement of Operations
               For the Month Ended April 30, 2004

Gross Revenues                                                -
   Les: Returns and Allowances                                -
   Net Revenue                                                -

Beginning Inventory                                           -
   Add: Purchases                                             -
   Add: Cost of Labor                                         -
   Add: Other Costs                                           -
   Less: Ending Inventory                                     -
   Cost of Goods Sold                                         -
   Gross Profit                                               -

Advertising                                                   -
Auto and Truck Expense                                        -
Bad Debts                                                     -
Contributions                                                 -
Employee Benefits Programs                                    -
Insider Compensation                                          -
Insurance                                                     -
Management Fees/Bonuses                                       -
Office Expense                                                -
Pension & Profit-Sharing Plans                                -
Repairs and Maintenance                                       -
Rent and Lease Expenses                                       -
Salaries/Commissions/Fees                                     -
Supplies                                                      -
Taxes - Payroll                                               -
Taxes - Real Estate                                           -
Taxes - Other                                                 -
Travel and Entertainment                                      -
Utilities                                                     -
Other                                                         -
Total Operating Expenses before Depreciation                  -
Depreciation/Depletion/Amortization                           -
   Net Profit (Loss) before other income  
      and expenses                                            -

Other Income                                           $373,247
Worker's Comp Refund                                          -
Tax Refund                                                    -
Leasehold Buyback                                             -
Interest Expense                                              -
Other Expense                                             1,785
Pmt from Sale of Assets - Tera                                -
Compensation as Director per Court Order                      -
Payment Per Stipulation                                       -
Pmt from Sale of Assets - American Communications             -
Return of DIP Loan Disbursement                               -
Pmt from Sale of Del Telecom International Stock              -
Pmt per NW Nexus Sale Order                                   -
Pmt per 1/7 Order and APA Agreement                           -
Payment per 2/10/03 Court Order                               -
Pmt PTO Employment Contract                                   -
Turnover of Funds to IDT                                      -
Turnover of Bank Account                                      -
Insurance Expense                                         2,046
Reimbursement of Expenses                                 1,632
Payroll                                                       -
Sale of Assets                                                -
Net Profit (Loss) before reorganization items           329,381

Professional Fees                                             -
U.S. Trustee Quarterly Fees                                   -
Interest Earned on Accumulated Cash from
   Chapter 11                                                 -
Gain (Loss) from Sale of Equipment                            -
Other Reorganization Expenses                                 -
Income Taxes                                                  -
Net Profit (Loss)                                      $329,381

                  Winstar Communications, Inc.
                 Cash Receipts and Disbursements
               For the Month Ended April 30, 2004

Cash Beginning of Month                             $27,297,409

   Cash Sales                                                 -
   Accounts Receivable                                        -
   Return of DIP Loan Disbursement                            -
   Sale of ISP Northwest Nexus                                -
   Holdings Funds                                             -
   Insurance Refund Dividend                                  -
   Final Settlement                                           -
   Liquidation of Well's Fargo Acct                           -
   Liquidation of Fleet Account per stipulation               -
   Transfer from AON                                          -
   Leasehold Buyback                                          -
   Closing of Bank Account                                    -
   Pmt from Sales of Assets - Tera                            -
   Pmt from Sales of Assets - American
      Communications                                          -
   Pmt from Sale of Del Telecom International
      Stock                                                   -
   Transfers                                                  -
   Claim Settlement                                           -
   Refund of Overpayment                                      -
   Tax Refund                                                 -
   Worker's Comp Refund                                       -
   Collection on Preferences                            356,887
   Turnover of Bank Account                                   -
   Reimbursement - Moving Expenses                            -
   Interest                                              16,359
   Payment from Sale of Assets                                -
   Total Receipts                                       373,247

   Employee Benefits                                          -
   Net Payroll                                           38,403
   Payroll Taxes                                              -
   Sales, Use, & Other Taxes                                  -
   Chapter 11 Quarterly Fees                                  -
   Chapter 11 Administrative Claims                           -
   Insurance                                              2,046
   Additional Payment of Funds - CTG Revised       
      Accounting                                              -
   Pmt per NW Nexus Sale Order                                -
   Pmt per 1/7 Order and APA Agreement                        -
   Advertising Fees                                           -
   License Fees                                               -
   Legal Fees per Court Order                                 -
   Administrative                                         1,785
   Telephone                                                  -
   Compensation as Director per Court Order                   -
   Distribution Per Orders of 12/12/02                        -
   Payment per 2/10/03 Court Order                            -
   Pmt PTO Employment Contract                                -
   Owner Draw                                                 -
   Reimbursement of Check from SF Interactive                 -
   Reimbursement of Expenses                              1,632
   Reimbursement of Expenses per Order of 5/13/03             -
   Turnover of Funds to IDT                                   -
   Trustee Bond                                               -
   Professional Fees                                          -
   Trustee Expense                                            -
   Trustee Commission                                         -
   Bankruptcy Service Payments                                -
   Rent                                                       -
   Moving Expenses                                            -
   Payment per Stipulation                                    -
   Payment of Carve Out per order of 12/11/02                 -
   Payment per stipulation and order of
      4/15/03 - per carve out                                 -
   Per Order of 4/15/03 - payment of     
      chapter 11 carve out                                    -
   Pmt per order of 4/15/03 - pmt of
      carve out chapter 11 fees                               -
   Attorney's Fees for Counsel for Trustee                    -
   Accounting Fees for acct. for Chapter 7 Trustee            -
   Tax Consultant Fees per order of 5/13/03                   -
   Payment - Summary Judgment                                 -
   Payment of Claims                                          -
   Total Disbursements                                   43,866
   Net Cash Flow                                        329,381
   Cash - End of Month                              $27,626,790


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
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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
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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.  The TCR is
published every Monday through Saturday except on New Year's Day,
Good Friday, Christmas Eve, Christmas Day and New Year's Eve.  
Yvonne L. Metzler, Bernadette C. de Roda, Rizande B. Delos Santos,
Paulo Jose A. Solana, Jazel P. Laureno, Aileen M. Quijano and
Peter A. Chapman, Editors.

Copyright 2004.  All rights reserved.  ISSN: 1520-9474.

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