/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/040710.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 10, 2004, Vol. 8, No. 141 Headlines ADELPHIA: Century/ML's May 2004 Monthly Operating Report ADELPHIA COMMS: Reports $69.2 Million Net Loss in May 2004 ANC RENTAL: Releases May 2004 Monthly Operating Report DAN RIVER: Reports $4.7 Million Net Loss in May 2004 DII INDUSTRIES: Reports $97.3 Million Net Income in May 2004 DII INDUSTRIES: Mid-Valley's May 2004 Monthly Operating Report DII INDUSTRIES: Kellog Brown & Root's May 2004 Operating Report DII INDUSTRIES: KBR Engineering's May Monthly Operating Report DII INDUSTRIES: KBR Technical's May 2004 Monthly Operating Report DII INDUSTRIES: KBR Int'l Reports $415K Net Income in May 2004 DII INDUSTRIES: KBR (Panama)'s May 2004 Monthly Operating Report DII INDUSTRIES: BPM Minerals Posts $140,000 May 2004 Net Income ENRON: ENA Examiner's 115th Weekly Report -- May 24 to 28, 2004 ENRON: Wind Trust's May 2004 Monthly Operating Report ENRON CORP: Releases Monthly Operating Report for January 2004 FEDERAL-MOGUL: Files 2003 Employee Investment Plan Report FEDERAL-MOGUL: Files 2003 401(K) Investment Program Report FEDERAL-MOGUL: Reports $3.9 Million Net Loss in May 2004 IMPATH INC: Files Form 15 with SEC to Deregister Common Stock KAISER ALUMINUM: Reports $4 Million Net Income in April 2004 MED DIVERSIFIED: Releases March Through May Operating Reports PACIFIC GAS: Posts $48 Million Earnings in April 2004 PG&E NATIONAL: Energy Service February Monthly Operating Report PG&E NATIONAL: ET Gas February 2004 Monthly Operating Report PG&E NATIONAL: ET Gas March 2004 Monthly Operating Report PG&E NATIONAL: ET Holdings February 2004 Monthly Operating Report PG&E NATIONAL: ET Holdings March 2004 Monthly Operating Report PG&E NATIONAL: ET Investments February Monthly Operating Report PG&E NATIONAL: ET Investments March 2004 Monthly Operating Report PG&E NATIONAL: ET Power February 2004 Monthly Operating Report PG&E NATIONAL: ET Power March 2004 Monthly Operating Report PG&E NATIONAL: Quantum Ventures February Monthly Operating Report PG&E NATIONAL: USGen February 2004 Monthly Operating Report PG&E NATIONAL: USGen March 2004 Monthly Operating Report PILLOWTEX CORP: Releases May 2004 Monthly Operating Report SPIEGEL INC: Reports $3.2 Million Net Loss in May 2004 TOUCH AMERICA: Reports $621,202,762 of Assets in December 2003 TRENWICK GROUP: Reports $272,891 Net Loss in May 2004 UAL CORP: Says 86% June Monthly Load Factor is Highest-Ever W.R. GRACE: Releases 2003 Savings Plan Annual Report ********* ADELPHIA: Century/ML's May 2004 Monthly Operating Report -------------------------------------------------------- Century-ML Cable Venture (Debtor-In-Possession) Unaudited Balance Sheet As of May 31, 2004 (Dollars in thousands) ASSETS Cash and cash equivalents $14,312 Subscriber receivables - net 472 Prepaid expenses and other assets - net 251 Investment in Century-ML Corporation 120,606 Related party receivables 231 Property, plant and equipment - net 6,090 Intangible assets 1,528 -------- Total assets $143,499 ======== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $21 Subscriber advance payments and deposits 287 Accrued expenses and other liabilities 1,505 Intercompany payables 1,182 Deferred income taxes 45 -------- 3,040 -------- Liabilities subject to compromise: Accounts payable 20 Accrued expenses and other liabilities 1,155 Intercompany payables 10,817 -------- Total liabilities subject to compromise 11,992 -------- Total liabilities 15,032 -------- Partners' equity: Partners' contributions 56,800 Partners' retained earnings 71,667 -------- Total partners' equity 128,467 -------- Total liabilities and partners' equity $143,499 ======== Century-ML Cable Venture (Debtor-In-Possession) Unaudited Statement of Operations For the Month Ended May 31, 2004 (Dollars in thousands) Revenue $979 Cost and expenses: Direct operating and programming 433 Selling, general and administrative 26 Management fees 37 Non-recurring professional fees -- Depreciation 185 -------- Operating income before reorganization expenses due to bankruptcy 298 Reorganization expenses due to bankruptcy 72 -------- Operating income 226 Interest income - net 11 Equity in net income of Century-ML Cable Corporation - net of taxes 224 -------- Income before income taxes 461 Income tax expense (142) -------- Net income $319 ======== Century-ML Cable Venture (Debtor-In-Possession) Unaudited Statement of Cash Flows For the Month Ended May 31, 2004 (Dollars in thousands) Cash flow from operating activities: Net income $319 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 185 Reorganization expenses due to bankruptcy 72 Non-recurring professional fees -- Equity in net income of Century-ML Cable Corporation - net of taxes (224) Change in assets and liabilities: Subscriber receivables - net 6 Prepaid expenses and other assets - net (12) Accounts payable (12) Subscriber advance payments and deposits (45) Accrued expenses and other liabilities 11 Intercompany receivables and payables - net (68) -------- Net cash provided by operating activities 232 -------- Cash flows from investing activities: Expenditures from property, plant and equipment (82) -------- Net cash used in investing activities (82) -------- Change in cash and cash equivalents 150 Cash and cash equivalents, beginning of period 14,171 -------- Cash and cash equivalents, end of period $14,321 ======== ADELPHIA COMMS: Reports $69.2 Million Net Loss in May 2004 ---------------------------------------------------------- Adelphia Communications Corporation, et al. Unaudited Consolidated Balance Sheet As of May 31, 2004 (Dollars in thousands) ASSETS Cash and cash equivalents $204,529 Restricted cash 40,865 Subscriber receivables - net 210,296 Prepaid expenses and other assets - net 61,676 Investments 22,306 Intercompany receivables 27,676,191 Related party receivables 1,898,421 Property, plant and equipment - net 6,999,878 Intangible assets - net 15,371,209 Other assets - net 420,660 ----------- Total Assets $52,906,031 =========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $136,597 Subscriber advance payments and deposits 90,944 Accrued interest and other liabilities 448,629 Intercompany payables 628,211 Related party payables 162,484 Parent and subsidiary debt 506,557 Deferred income taxes 2,004,835 ----------- Total current liabilities 3,978,257 Liabilities subject to compromise: Parent and subsidiary debt 13,421,601 Parent and subsidiary debt attributable to Rigas family entities 2,846,156 ----------- 16,267,757 Accounts payable 889,594 Accrued interest and other liabilities 519,644 Intercompany payables 27,012,249 Related party payables 1,358,965 Redeemable exchangeable preferred stock 148,794 ----------- Total liabilities subject to compromise 46,197,003 ----------- Total liabilities 50,175,260 Minority interests 545,717 Stockholders' equity: Convertible preferred stock 397 Class A and Class B common stock 2,548 Additional paid-in capital 9,460,346 Accumulated other comprehensive loss (6,585) Accumulated deficit (4,276,095) Treasury stock, at cost (149,401) ----------- Total 5,031,210 Amounts due from Rigas family entities (2,846,156) ----------- Total stockholders' equity 2,185,054 ----------- Total liabilities and stockholders' equity $52,906,031 =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statements of Operations Month Ended May 31, 2004 (Dollars in thousands) Revenue $328,846 Cost and expenses: Direct operating and programming 209,771 Selling, general and administrative 34,367 Depreciation and amortization 107,506 Impairment of long-lived and other assets -- Non-recurring professional fees 9,693 ----------- Operating income (loss) before reorg expenses (32,491) Reorganization expenses due to bankruptcy 8,436 ----------- Operating loss (40,927) Other income (expense): Interest expense (34,185) Equity in losses of affiliates -- net (392) Minority interest in losses (earnings) of subsidiaries (1,110) Other-than-temporary impairment of investments -- Other 7,382 ----------- Total (28,305) ----------- Net loss before income taxes (69,232) Income tax benefit -- ----------- Net loss from continuing operations (69,232) Discontinued operations -- ----------- Net loss applicable to common stockholders ($69,232) =========== Adelphia Communications Corporation, et al. Unaudited Consolidated Statements of Cash Flows Month Ended May 31, 2004 (Dollars in thousands) Cash flows from operating activities: Net loss ($69,232) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 107,506 Amortization of bank financing costs 2,311 Impairment of long-lived and other assets -- Other-than-temporary impairment of investments -- Minority interest in earnings (losses) of subsidiaries 1,110 Equity in losses of affiliates, net 392 Gain on sale of assets - net (4,778) Depreciation, amortization and other non-cash items from discontinued operations -- Other non-cash items -- Reorganization expenses due to bankruptcy 8,436 Non-recurring professional fees (39) Change in assets and liabilities: Subscriber receivables - net (6,690) Prepaid expenses and other assets - net (1,431) Other assets - net (5,921) Accounts payable 49,131 Subscriber advance payments and deposits (19,497) Accrued interest and other liabilities (19,375) Liabilities subject to compromise (88,269) Intercompany receivables and payables - net (1,381) ----------- Net cash provided by (used in) operations before payment of reorganization expenses (47,727) Reorganization expenses paid during the period (4,894) ----------- Net cash provided by (used in) operating activities (52,621) Cash flows from investing activities: Expenditures for property, plant and equipment (77,529) Cash paid for acquisitions -- Changes in restricted cash 43,750 Proceeds on asset sales 9,600 Investment distributions and contributions -- Related party receivables and payables - net (7,458) ----------- Net cash used in investing activities (31,637) Cash flows from financing activities: Proceeds from debt 86,000 Payments of debt (46,505) Payment of DIP bank financing costs (1,852) ----------- Net cash provided by financing activities 37,643 Change in cash and cash equivalents cash (46,615) Cash, beginning of period 251,144 ----------- Cash, end of period $204,529 =========== ANC RENTAL: Releases May 2004 Monthly Operating Report ------------------------------------------------------ On July 1, 2004, ANC Rental Corporation filed with the United States Bankruptcy Court for the district of Delaware their required consolidated Monthly Operating Report for the month ended May 31, 2004 and the cumulative filing to date period ended May 31, 2004 in a form prescribed by the office of the United States Trustee of the Department of Justice for the District of Delaware. The Monthly Operating Report includes data for the Debtors only. Additionally, the Company reported on Form 8-K dated June 14, 2003 that it has signed an agreement to sell substantially all of its assets and transfer certain liabilities to an independent third party. The sale was approved by the Bankruptcy Court on August 21, 2003. The sale transaction closed on October 14, 2003. Following the closing, the Company has no remaining operating assets. The Company has commenced an orderly liquidation of any assets and liabilities which were not sold, pursuant to the Company's Joint Plan of Liquidation which was approved by the United States Bankruptcy Court on April 16, 2004, as reported on Form 8-K dated May 10, 2004. Paragraph 6.5 of the Plan provides that on the effective date of the Plan all ANC Rental Corporation common stock interests will be extinguished, and no distributions will be made under the provisions of the Plan in respect of such ANC Rental Corporation common stock interests. A full-text copy of ANC Rental's May 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1097523/000095014404006756/0000950144-04-006756-index.htm Headquartered in Fort Lauderdale, Florida, ANC Rental Corporation, is the world's third-largest publicly traded car rental company. The Company filed for chapter 11 protection on November 13, 2001 (Bankr. Del. Case No. 01-11200). Brad Eric Scheler, Esq., and Matthew Gluck, Esq., at Fried, Frank, Harris, Shriver & Jacobson, represent the Debtors in their restructuring efforts. When the Company filed for protection from their creditors, they listed $6,497,541,000 in assets and $5,953,612,000 in liabilities. (ANC Rental Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) DAN RIVER: Reports $4.7 Million Net Loss in May 2004 ---------------------------------------------------- On July 6, 2004, Dan River Inc. filed its monthly operating report for May of fiscal 2004, which includes the period from May 9, 2004 to June 5, 2004, with the United States Bankruptcy Court for the Northern District of Georgia. The Company reports $4.7 million net loss in $30.4 million of net sales. A full-text copy of Dan River Inc.'s Monthly Financial Report for the period from May 9, 2004 to June 5, 2004 is available at no charge at: http://www.sec.gov/Archives/edgar/data/914384/000091438404000015/e9917704.txt Headquartered in Danville, Virginia, Dan River Inc. -- http://www.danriver.com/-- is a designer, manufacturer and and marketer of textile products for the home fashions, apparel fabrics and industrial markets. The Company filed for chapter 11 protection on March 31, 2004 (Bankr. N.D. Ga. Case No. 04-10990). James A. Pardo, Jr., Esq., at King & Spalding represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $441,800,000 in total assets and $371,800,000 in total debts. DII INDUSTRIES: Reports $97.3 Million Net Income in May 2004 ------------------------------------------------------------ DII Industries, LLC Unaudited Balance Sheet As of May 31, 2004 (in thousands) Assets Current Assets: Cash and equivalents ($6,290) Escrow - prepetition payments 149,076 Investment account with Parent - Trade receivables - Unbilled work on incomplete contracts - Other receivables 5 Inventories - Right to Halliburton Shares 1,733,354 Insurance for asbestos & silica-related PI claims 810,072 Other current assets 67,452 ---------- Total current assets 2,753,669 Net property, plant and equipment - Investments in consolidated subsidiaries 2,194,889 Equity in related companies - Intercompany with related companies (625,936) Goodwill, net - Non-current deferred income taxes 266,000 Insurance for asbestos & silica-related PI claims 1,227,706 Other assets 11 ---------- Total assets $5,816,339 ========== Liabilities and Shareholder's Equity Current Liabilities: Short-term notes payable - DIP Financing - Current maturities of long-term debt - Accounts payable $2,841 Accrued employee compensation and benefits 3 Accrued interest payable 7,063 Advanced billings on uncompleted contracts - Asbestos and silica-related PI claims 2,387,007 Other current liabilities 11,000 ---------- Total current liabilities 2,407,914 Long-term debt - Employee compensation and benefits - Asbestos and silica-related PI claims 1,755,004 Minority interest in consolidated subsidiaries - Other liabilities 5,592 ---------- Total liabilities 4,168,510 Total shareholder's equity 1,647,829 ---------- Total liabilities and shareholder's equity $5,816,339 ========== DII Industries, LLC Unaudited Income Statement Month ended May 31, 2004 (in thousands) Revenues - Operating costs and expenses $2,650 ---------- Operating income/(loss) (2,650) Interest expense - Interest income 4,909 Foreign currency gains (losses) (30) Other non-operating income - net - Equity in earnings/(loss) of subsidiaries (16,913) ---------- Income/(loss) before taxes & minority interest (14,684) Income tax benefit/(provision) (692) ---------- Income/(loss) from continuing operations (15,376) ---------- Income/(loss) from discontinued operations 112,719 ---------- Net Income/(loss) $97,343 ========== DII INDUSTRIES: Mid-Valley's May 2004 Monthly Operating Report -------------------------------------------------------------- Mid-Valley, Inc. Unaudited Balance Sheet As of May 31, 2004 (in thousands) Assets Current Assets: Cash and equivalents - Escrow - prepetition payments - Trade receivables - Unbilled work on uncompleted contracts - Other receivables - Inventories - Other current assets - ---------- Total current assets - Net property, plant and equipment - Investments in consolidated subsidiaries - Equity in related companies - Intercompany with related companies - Intercompany with Parent $40,993 Goodwill, net - Non-current deferred income taxes - Insurance for asbestos and silica-related PI claims - Right to Halliburton shares - Other assets (5) ---------- Total assets $40,988 ========== Liabilities and Shareholder's Equity Current Liabilities: Short-term notes payable - Current maturities of long-term debt - Accounts payable ($8) Accrued employee compensation and benefits 23 Accrued interest payable - Advanced billings on uncompleted contracts 528 Asbestos and silica-related PI claims - Other current liabilities 2,112 ---------- Total current liabilities 2,660 Long-term debt - Employee compensation and benefits - Asbestos and silica-related PI claims - Minority interest in consolidated subsidiaries - Other liabilities - ---------- Total liabilities 2,660 Total shareholder's equity 38,328 ---------- Total liabilities and shareholder's equity $40,988 ========== Mid-Valley, Inc. Unaudited Income Statement Month ended May 31, 2004 (in thousands) Revenues - Operating costs and expenses ($24) ---------- Operating income 24 Interest expense - Interest income - Foreign currency gains (losses) - Other non-operating income - net - ---------- Income before taxes & minority interest 24 Income tax benefit - ---------- Net Income/(loss) $24 ========== DII INDUSTRIES: Kellog Brown & Root's May 2004 Operating Report --------------------------------------------------------------- Kellogg Brown & Root, Inc. Unaudited Balance Sheet As of May 31, 2004 (in thousands) Assets Current Assets: Cash and equivalents ($55,429) Escrow - prepetition payments - Trade receivables 115,526 Unbilled work on uncompleted contracts 120,603 Other receivables 70,601 Inventories 16,451 Other current assets 27,863 ---------- Total current assets 295,615 Net property, plant and equipment 55,960 Investments in consolidated subsidiaries 248,679 Equity in related companies 14,540 Intercompany with related companies 164,067 Intercompany with Parent 452,190 Goodwill, net 171,213 Non-current deferred income taxes 261,957 Insurance for asbestos & silica-related PI claims - Right to Halliburton shares - Other assets 86,945 ---------- Total assets $1,751,166 ========== Liabilities and Shareholder's Equity Current Liabilities: Short-term notes payable - Current maturities of long-term debt - Accounts payable $105,336 Accrued employee compensation and benefits 83,524 Accrued interest payable - Advanced billings on uncompleted contracts 225,909 Asbestos and silica-related PI claims 74,318 Other current liabilities 247,280 ---------- Total current liabilities 736,367 Long-term debt - Employee compensation and benefits 55,347 Asbestos and silica-related PI claims - Minority interest in consolidated subsidiaries - Other liabilities 80,618 ---------- Total liabilities 872,332 Total shareholder's equity 878,834 ---------- Total liabilities and shareholder's equity $1,751,166 ========== Kellogg Brown & Root, Inc. Unaudited Income Statement Month ended May 31, 2004 (in thousands) Revenues $145,164 Operating costs and expenses 139,244 ---------- Operating income 5,920 Interest expense (1,506) Interest income 237 Foreign currency gains (losses) 526 Other non-operating income - net - ---------- Income before taxes and minority interest 5,177 Income tax benefit/(provision) (50) ---------- Income from continuing operations 5,127 ---------- Net Income $5,127 ========== DII INDUSTRIES: KBR Engineering's May Monthly Operating Report -------------------------------------------------------------- KBR Engineering Corp. Unaudited Balance Sheet As of May 31, 2004 (in thousands) Assets Current Assets: Cash and equivalents - Escrow - prepetition payments - Trade receivables - Unbilled work on uncompleted contracts - Other receivables - Inventories - Other current assets - ---------- Total current assets - Net property, plant and equipment - Investments in consolidated subsidiaries - Equity in related companies - Intercompany with related companies $77 Intercompany with Parent - Goodwill, net - Non-current deferred income taxes - Insurance for asbestos and silica-related PI claims - Right to Halliburton shares - Other assets - ---------- Total assets $77 ========== Liabilities and Shareholder's Equity Current Liabilities: Short-term notes payable - Current maturities of long-term debt - Accounts payable - Accrued employee compensation and benefits - Accrued interest payable - Advanced billings on uncompleted contracts - Asbestos and silica-related PI claims - Other current liabilities - ---------- Total current liabilities - Long-term debt - Employee compensation and benefits - Asbestos and silica-related PI claims - Minority interest in consolidated subsidiaries - Other liabilities - ---------- Total liabilities - Total shareholder's equity $77 ---------- Total liabilities and shareholder's equity $77 ========== KBR Engineering Corp. reported no income for May 2004. DII INDUSTRIES: KBR Technical's May 2004 Monthly Operating Report ----------------------------------------------------------------- KBR Technical Services, Inc. Unaudited Balance Sheet As of May 31, 2004 (in thousands) Assets Current Assets: Cash and equivalents $297 Escrow - prepetition payments - Trade receivables - Unbilled work on uncompleted contracts - Other receivables 321 Inventories - Other current assets 897 ---------- Total current assets 1,515 Net property, plant and equipment 26,382 Investments in consolidated subsidiaries 1,555 Equity in related companies - Intercompany with related companies 9,645 Intercompany with Parent - Goodwill, net - Non-current deferred income taxes - Insurance for asbestos and silica-related PI claims - Right to Halliburton shares - Other assets - ---------- Total assets $39,097 ========== Liabilities and Shareholder's Equity Current Liabilities: Short-term notes payable - Current maturities of long-term debt - Accounts payable $12 Accrued employee compensation and benefits 18,729 Accrued interest payable - Advanced billings on uncompleted contracts - Asbestos and silica-related PI claims - Other current liabilities 263 ---------- Total current liabilities 19,004 Long-term debt - Employee compensation and benefits 4,236 Asbestos and silica-related PI claims - Minority interest in consolidated subsidiaries - Other liabilities - ---------- Total liabilities 23,240 Total shareholder's equity 15,857 ---------- Total liabilities and shareholder's equity $39,097 ========== KBR Technical Services, Inc. Unaudited Income Statement Month ended May 31, 2004 (in thousands) Revenues - Operating costs and expenses $378 ---------- Operating income/(loss) (378) Interest expense (142) Interest income - Foreign currency gains (losses) (1) Other non-operating income - net - ---------- Income/(loss) before taxes & minority interest (521) Income tax benefit - ---------- Net Income/(loss) ($521) ========== DII INDUSTRIES: KBR Int'l Reports $415K Net Income in May 2004 -------------------------------------------------------------- KBR International, Inc. Unaudited Balance Sheet As of May 31, 2004 (in thousands) Assets Current Assets: Cash and equivalents $41,556 Escrow - prepetition payments - Trade receivables 26,738 Unbilled work on uncompleted contracts 18,572 Other receivables 18,433 Inventories - Other current assets 2,287 ---------- Total current assets 107,586 Net property, plant and equipment 358 Investments in consolidated subsidiaries 28,144 Equity in related companies 1,971 Intercompany with related companies - Intercompany with Parent (50,499) Goodwill, net - Non-current deferred income taxes 114 Insurance for asbestos and silica-related PI claims - Right to Halliburton shares - Other assets 483 ---------- Total assets $88,157 ========== Liabilities and Shareholder's Equity Current Liabilities: Short-term notes payable - Current maturities of long-term debt - Accounts payable $19,146 Accrued employee compensation and benefits 357 Accrued interest payable - Advanced billings on uncompleted contracts 15,928 Asbestos and silica-related PI claims - Other current liabilities 11,524 ---------- Total current liabilities 46,955 Long-term debt - Employee compensation and benefits 319 Asbestos and silica-related PI claims - Minority interest in consolidated subsidiaries - Other liabilities - ---------- Total liabilities 47,274 Total shareholder's equity 40,883 ---------- Total liabilities and shareholder's equity $88,157 ========== KBR International, Inc. Unaudited Income Statement Month ended May 31, 2004 (in thousands) Revenues $12,690 Operating costs and expenses 14,223 ---------- Operating income/(loss) (1,533) Interest expense - Interest income 2,085 Foreign currency gains (losses) 1 Other non-operating income - net - ---------- Income/(loss) before taxes & minority interest 553 Income tax benefit/(provision) (138) ---------- Net Income/(loss) $415 ========== DII INDUSTRIES: KBR (Panama)'s May 2004 Monthly Operating Report ---------------------------------------------------------------- KBR International, Inc. (Panama) Unaudited Balance Sheet As of May 31, 2004 (in thousands) Assets Current Assets: Cash and equivalents $31,578 Escrow - prepetition payments - Trade receivables 3,332 Unbilled work on uncompleted contracts 2,067 Other receivables 475 Inventories - Other current assets 407 ---------- Total current assets 37,859 Net property, plant and equipment 11 Investments in consolidated subsidiaries 23,865 Equity in related companies - Intercompany with related companies - Intercompany with Parent (27,897) Goodwill, net - Non-current deferred income taxes - Insurance for asbestos and silica-related PI claims - Right to Halliburton shares - Other assets 17 ---------- Total assets $33,855 ========== Liabilities and Shareholder's Equity Current Liabilities: Short-term notes payable $462 Current maturities of long-term debt - Accounts payable 2,761 Accrued employee compensation and benefits 3,159 Accrued interest payable - Advanced billings on uncompleted contracts 36 Asbestos and silica-related PI claims - Other current liabilities 1,796 ---------- Total current liabilities 8,214 Long-term debt - Employee compensation and benefits 608 Asbestos and silica-related PI claims - Minority interest in consolidated subsidiaries - Other liabilities - ---------- Total liabilities 8,822 Total shareholder's equity 25,033 ---------- Total liabilities and shareholder's equity $33,855 ========== KBR International, Inc. (Panama) Unaudited Income Statement Month ended May 31, 2004 (in thousands) Revenues $1,938 Operating costs and expenses 27 ---------- Operating income/(loss) 1,911 Interest expense (34) Interest income 24 Foreign currency gains (losses) 54 Other non-operating income - net - ---------- Income/(loss) before taxes & minority interest 1,955 Provision for income tax - ---------- Net Income/(loss) $1,955 ========== DII INDUSTRIES: BPM Minerals Posts $140,000 May 2004 Net Income --------------------------------------------------------------- BPM Minerals, LLC Unaudited Balance Sheet As of May 31, 2004 (in thousands) Assets Current Assets: Cash and equivalents ($508) Escrow - prepetition payments - Trade receivables 6,399 Unbilled work on uncompleted contracts - Other receivables 258 Inventories 5,981 Other current assets - ---------- Total current assets 12,129 Net property, plant and equipment 8,802 Investments in consolidated subsidiaries - Equity in related companies - Intercompany with related companies - Intercompany with Parent 45,602 Goodwill, net - Non-current deferred income taxes - Insurance for asbestos and silica-related PI claims - Right to Halliburton shares - Other assets - ---------- Total assets $66,533 ========== Liabilities and Shareholder's Equity Current Liabilities: Short-term notes payable - Current maturities of long-term debt - Accounts payable $1,006 Accrued employee compensation and benefits - Accrued interest payable - Advanced billings on uncompleted contracts - Asbestos and silica-related PI claims 42,000 Other current liabilities 66 ---------- Total current liabilities 43,073 Long-term debt - Employee compensation and benefits 555 Asbestos and silica-related PI claims - Minority interest in consolidated subsidiaries - Other liabilities - ---------- Total liabilities 43,627 Total shareholder's equity 22,906 ---------- Total liabilities and shareholder's equity $66,533 ========== BPM Minerals, LLC Unaudited Income Statement Month ended May 31, 2004 (in thousands) Revenues $4,432 Operating costs and expenses 4,292 ---------- Operating income 140 Interest expense - Interest income - Foreign currency gains (losses) - Other non-operating income - net - ---------- Income before taxes and minority interest 140 Provision for income tax - ---------- Net Income $140 ========== ENRON: ENA Examiner's 115th Weekly Report -- May 24 to 28, 2004 --------------------------------------------------------------- Harrison J. Goldin, the Examiner for Enron North America, delivers to the Court his 115th report summarizing the deposits and disbursements into and out of ENA Accounts for the period May 24, 2004 through May 28, 2004. Third Party Deposits and Disbursements: Date Deposits Disbursements ---- -------- ------------- May 24, 2004 $0 ($5,245) May 25, 2004 0 (73) May 26, 2004 3,866,869 0 May 27, 2004 236,500 (150) May 28, 2004 100,200 (124) ------------ ------------- Week Total: $4,203,569 ($5,592) Inter-company Deposits and Disbursements: Date Deposits Disbursements ---- -------- ------------- May 24, 2004 $100 ($100) May 25, 2004 0 0 May 26, 2004 0 0 May 27, 2004 0 0 May 28, 2004 0 0 ------------ ------------- Week Total: $100 ($100) Total Deposits and Disbursements: Date Deposits Disbursements ---- -------- ------------- May 24, 2004 $100 ($5,345) May 25, 2004 0 (73) May 26, 2004 3,866,869 0 May 27, 2004 236,500 (150) May 28, 2004 100,200 (124) ------------ ------------- Week Total: $4,203,669 ($5,692) ENRON: Wind Systems Trust's May 2004 Monthly Operating Report ------------------------------------------------------------- Wind Systems Trust Combined Summary Report of Cash and Disbursements For the Period May 1 to 31, 2004 Beginning Cash Balance $40,932,059 Total Cash Receipts 66,741,412 Total Cash Disbursements (66,590,992) ---------- Ending Cash Balance $41,082,479 ZWHC, LLC, Consolidated The Trust and its Subsidiaries Combined Summary Report of Cash and Disbursements For the Period May 1 to 31, 2004 Beginning Cash Balance $7,124,705 Total Cash Receipts 351,776 Total Cash Disbursements (229,761) ---------- Ending Cash Balance $7,246,721 Wind Development Trust Combined Summary Report of Cash and Disbursements For the Period May 1 to 31, 2004 Beginning Cash Balance $19,887,651 Total Cash Receipts 19,307 Total Cash Disbursements (118,158) ---------- Ending Cash Balance $19,788,800 ENRON CORP: Releases Monthly Operating Report for January 2004 -------------------------------------------------------------- On June 30, 2004, Enron Corp. and certain other debtor-in- possession subsidiaries of the Company filed their monthly operating report for January 2004 with the United States Bankruptcy Court for the Southern District of New York. A full-text copy of Enron Corp.'s January 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1024401/000095012904004621/h16561exv99w1.txt Enron Corp. et al. Cash Activity Rollforward For the Month Ended January 31, 2004 Beginning cash $1,443,000,000 Third party receipts 78,000,000 Third party disbursements (54,000,000) Net Intercompany 79,000,000 Transfer from or to Restricted Cash 0 ---------------- Ending balance $1,546,000,000 Enron Corp. et al. Tax Rollforward (Non-Payroll) For the Month Ended January 31, 2004 Beginning Balance $21,000,000 Accruals (3,000,000) Intercompany 0 Payments 0 ---------------- Ending Balance $18,000,000 Enron Corp. et al. Receivables Rollforward - Non-Commodity For the Month Ended January 31, 2004 Beginning Balance $341,000,000 Billings 3,000,000 Payments Received (8,000,000) Other Adjustments (21,000,000) ---------------- Ending Balance $315,000,000 Enron Corp. et al. Commodity Receivables and Payables For the Month Ended January 31, 2004 Receivables $401,000,000 Payables 653,000,000 Beginning on December 2, 2001 (the original petition date), Enron Corp. and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Additional subsidiaries of the Company have continued to file since that time. The Debtors continue to manage their businesses as debtors-in-possession in the ordinary course of business. FEDERAL-MOGUL: Files 2003 401(K) Investment Program Report ---------------------------------------------------------- Federal-Mogul Corporation sponsors the Federal-Mogul Corporation 401(k) Investment Program, which was adopted on November 25, 2002. The Program is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act, which provides eligible salaried employees with a program for making voluntary pre-tax and after-tax contributions. All domestic salaried employees of Federal-Mogul and its subsidiaries are eligible to participate in the Program. In 2002, Federal-Mogul appointed Fiduciary Counselors, Inc., as the independent fiduciary to manage the Program's investment in Federal-Mogul common stock. As independent fiduciary, Fiduciary Counselors has the authority to continue, restrict, or terminate the investment of Common Stock within the Plan. The Program invests participant-directed contributions in a master trust. The Plan's assets are administered under the terms of the Master Trust Agreement between Federal-Mogul and Fidelity Management Trust Company, as the Trustee. The Master Trust Agreement provides that the Trustee safekeeps all investments, and keeps account for all investments, receipts, disbursements, benefit payments, and other transactions. The Program received assets from Federal-Mogul's Salaried Employees' Investment Program, the predecessor program, in 2002. During 2002 and 2003, Federal-Mogul's matching contributions were suspended. On June 28, 2004, Federal-Mogul delivered to the Securities and Exchange Commission an annual report with respect to the administration and value of the assets of the 401(k) Investment Program. The annual report was filed on Form 11-K and was made pursuant to Section 15(d) of the Securities Exchange Act of 1934. Ernst & Young, LLP, audited the Program's financial statements. A copy of the 2003 Annual Report is available for free at: http://www.sec.gov/Archives/edgar/data/34879/000119312504110491/d11k.htm Federal-Mogul Corporation 401(k) Investment Program Statement of Net Assets Available for Plan Benefits At December 31, 2003 2002 ------------ ------------ ASSETS Receivables: Participant loans $5,437,652 $5,766,420 Participant contributions 549,668 - Participant loan interest 12,190 - ------------ ------------ Total receivables 5,999,510 5,766,420 Investments in Master Trust 299,209,737 258,938,867 ------------ ------------ Total Assets $305,209,247 $264,705,287 ============ ============ LIABILITIES Forfeited accounts owed to the company 232,433 170,559 ------------ ------------ Net assets available for Plan Benefits $304,976,814 $264,534,728 ============ ============ Federal-Mogul Corporation 401(k) Investment Program Statement of Changes in Net Assets Available for Plan Benefits Period from Year Ended Nov. 25 to Dec. 31, 2003 Dec. 31, 2002 ------------- ------------- ADDITIONS Dividends and interest $9,014,583 $2,344,994 Participant contributions 20,479,047 1,833,144 ------------- ------------- Total Additions 29,493,630 4,178,138 DEDUCTIONS Benefits paid to participants 23,353,692 971,126 Administrative expenses 36,018 - Portion of company contribution account forfeited on withdrawal of members 65,373 33,959 ------------ ------------- Total Deductions 23,455,083 1,005,085 Net realized/unrealized appreciation/(depreciation) in fair value of investments in Master Trust 33,702,995 (5,752,289) Transfer from other Company investment program 700,544 267,113,964 ------------ ------------- Net increase 40,442,086 264,534,728 Net assets available for plan benefits at beginning of period 264,534,728 - ------------ ------------- Net assets available for plan benefits at end of period $304,976,814 $264,534,728 ============ ============= Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some $6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown & Wood and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from its creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. (Federal-Mogul Bankruptcy News, Issue No. 59; Bankruptcy Creditors' Service, Inc., 215/945-7000) FEDERAL-MOGUL: Files 2003 Employee Investment Plan Report --------------------------------------------------------- On June 29, 2004, Federal-Mogul Corporation delivered to the Securities and Exchange Commission an annual report with respect to the company's Employee Investment Program 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. A copy of the 2003 Annual Report is available for free at: http://www.sec.gov/Archives/edgar/data/34879/000119312504110494/d11k.htm Federal-Mogul Corporation Employee Investment Program Statement of Net Assets Available for Plan Benefits At December 31, 2003 2002 ------------ ------------ ASSETS Receivables: Participant loans $9,959,442 $9,129,209 Company contributions 66,087 - Participant contributions 181,672 - Participant loan interest 9,781 - ------------ ------------ Total Receivables 10,216,982 9,129,209 Investments in Master Trust 215,698,640 190,617,758 Transfer due from other company investment program - 35,213 ------------ ------------ Total Assets $225,915,662 199,782,180 ============ ============ LIABILITIES Forfeited accounts owed to the company 134,239 - ------------ ------------ Net assets available for Plan Benefits $225,781,383 $199,782,180 ============ ============ Federal-Mogul Corporation Employee Investment Program Statement of Changes in Net Assets Available for Plan Benefits Year Ended December 31, 2003 2002 ------------ ------------ ADDITIONS Dividends and interest $7,747,208 $7,739,616 Participant contributions 13,502,523 15,237,880 Company matching contributions 1,337,838 879,940 Company pension contributions 3,388,747 3,419,086 ------------ ------------ Total Additions 25,976,316 27,276,522 DEDUCTIONS Benefits paid to participants 22,587,482 29,226,652 Other 585,466 (402,541) ------------ ------------ Total Deductions 23,172,948 28,824,111 Net realized/unrealized appreciation/(depreciation) in fair value of investments in Master Trust 19,529,167 (23,220,906) Net transfers from/(to) other company investment programs 3,666,668 (1,345,901) ------------ ------------ Net increase 25,999,203 (26,114,396) Net assets available for plan benefits at beginning of year 199,782,180 225,896,576 ------------ ------------ Net assets available for Plan Benefits at end of year $225,781,383 $199,782,180 ============ ============ Federal-Mogul adopted the Employee Investment Program, which was amended and restated in its entirety on January 1, 2002. The Program is a defined contribution plan similar to the Federal- Mogul Corporation 401(k) Investment Program. The Program received assets from other Federal-Mogul's investment programs on these dates: (a) The Bentley-Harris Manufacturing Company Local 390 Employees 401(k) Plan on March 31, 2003; (b) The Supermet Independent Employee 401(k) Plan on May 6, 2003; (c) The Metal Leve, Inc. 401(k) Plan on June 30, 2003; and (d) The AE Goetze Sparta "A" 401(k) Plan and the AE Goetze Sparta "B" 401(k) Plan on December 3, 2003. On December 6, 2002, the Program transferred all program assets from The State Street Bank and Trust, as the predecessor trustee, to Fidelity Management Trust Company, as successor trustee. On October 30, 2002, Federal-Mogul appointed Fiduciary Counselors, Inc., as the independent fiduciary to manage the Program's investment in Federal-Mogul's common stock. The Program invests in a master trust. The Program's assets are administered under the terms of the master trust agreement between the Company and the Trustee. Ernst & Young, LLP, audited the Program's financial statements. Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some $6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown & Wood and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from its creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. (Federal-Mogul Bankruptcy News, Issue No. 59; Bankruptcy Creditors' Service, Inc., 215/945-7000) FEDERAL-MOGUL: Reports $3.9 Million Net Loss in May 2004 -------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of May 31, 2004 (In millions) Assets Cash and equivalents $280.7 Accounts receivable 602.7 Inventories 451.6 Deferred taxes 199.8 Prepaid expenses and other current assets 119.2 ---------- Total current assets 1,654.1 Summary of Unpaid Postpetition Debits (54.1) Intercompany Loans Receivable (Payable) 2,491.6 ---------- Intercompany Balances 2,437.4 Property, plant and equipment 1,103.2 Goodwill 1,179.3 Other intangible assets 456.8 Insurance recoverable 824.7 Other non-current assets 1,114.6 ---------- Total Assets $8,770.2 ========== Liabilities and Shareholders' Equity Short-term debt $290.2 Accounts Payable 185.9 Accrued Compensation 67.7 Restructuring and rationalization reserves 17.9 Current portion of asbestos liability - Interest Payable 0.1 Other accrued liabilities 332.3 ---------- Total current liabilities 894.1 Long-term debt - Post-employment benefits 1,484.0 Other accrued liabilities 979.1 Liabilities subject to compromise 6,095.0 Shareholders' equity: Preferred stock 1,054.7 Common stock 555.4 Additional paid-in capital 7,937.9 Accumulated deficit (9,622.3) Accumulated other comprehensive income (607.6) ---------- Total Shareholders' Equity (681.9) ---------- Total Liabilities and Shareholders' Equity $8,770.2 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the month ended May 31, 2004 (In millions) Net sales $276.7 Cost of products sold 221.7 ---------- Gross margin 55.0 Selling, general & administrative expenses (51.5) Amortization (1.2) Reorganization items (8.8) Interest income (expense), net (7.0) Other income (expense), net 11.5 ---------- Earnings before Income Taxes (1.9) Income Tax (Expense) Benefit (2.0) ---------- Earnings before effect of change in accounting principle (3.9) Cumulative effect of change in accounting principle - ---------- Net Earnings ($3.9) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended May 31, 2004 (In millions) Cash Provided From (Used By) Operating Activities: Net loss ($3.9) Adjustments to reconcile net earnings (loss): Depreciation and amortization 14.3 Adjustments of assets held for sale to fair value - Asbestos Charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg. principle - Change in post-employment benefits 0.1 Decrease/(increase) in accounts receivable (14.2) Decrease/(increase) in inventories (15.1) Increase/(decrease) in accounts payable (8.6) Change in other assets and other liabilities 43.0 Change in restructuring charge (1.9) ---------- Net Cash Provided From Operating Activities 13.7 Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (10.2) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other - ---------- Net Cash Provided From (Used By) Investing Activities (10.2) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt (7.9) Sale of accounts receivable under securitization - Dividends - Other 9.4 ---------- Net Cash Provided From Financing Activities 1.5 Increase (Decrease) in Cash and Equivalents 5.1 Cash and equivalents at beginning of period 275.6 ---------- Cash and equivalents at end of period $280.7 ========== Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some $6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown & Wood and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from its creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. (Federal-Mogul Bankruptcy News, Issue No. 59; Bankruptcy Creditors' Service, Inc., 215/945-7000) IMPATH INC: Files Form 15 with SEC to Deregister Common Stock ------------------------------------------------------------- On July 1, 2004, IMPATH Inc. filed a Form 15 with the Securities and Exchange Commission to deregister the Company's common stock from the provisions of the Securities Exchange Act of 1934, as amended. As a result of the recently completed sales of substantially all of the Company's assets, the Company determined that deregistration was in the best interests of all of the Company's stakeholders, due to, among other things, the high costs associated with continued compliance with Exchange Act reporting requirements. Effective upon the filing of the Form 15 with the Commission, the Company will no longer file current or periodic reports under the Exchange Act with the Commission. The Company also will no longer be subject to the proxy rules of Section 14(a) of the Exchange Act. The Company was eligible to deregister because it has less than 300 stockholders of record. In July 2003, the Company announced an investigation into possible accounting irregularities and subsequently commenced a Chapter 11 proceeding. Since the announcement, the Company has not filed its periodic reports and certain other documents under the Exchange Act. Specifically, the Company has not filed (a) its Quarterly Reports on Form 10-Q for the periods ended June 30, 2003, September 30, 2003 and March 31, 2004, (b) its Annual Report on Form 10-K for the period ended December 31, 2003 or (c) its proxy statement for its 2004 annual meeting of stockholders. The Company has, however, continued to disclose material information to its stakeholders (including certain financial information contained in the Company's Monthly Operating Reports filed with the United States Bankruptcy Court for the Southern District of New York), through the filing of Current Reports on Form 8-K, as well as press releases. In order to make available material information to the market, including information regarding the status of the Company and its Chapter 11 case, the Company intends to continue to issue periodic press releases in form and content similar to those made by the Company since the commencement of its Chapter 11 case. IMPATH Inc. and five affiliates filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. Case No. 03-16113). Impath is represented by George A. Davis, Esq., at Weil, Gotshal & Manges LLP. KAISER ALUMINUM: Reports $4 Million Net Income in April 2004 ------------------------------------------------------------ Kaiser Aluminum Corporation -- All Debtors Unaudited Balance Sheets As of April 30, 2004 (In Thousands) ASSETS Cash $14,558 Receivables: Trade 149,329 Other 10,557 --------- Total Receivables 159,886 Inventories 156,119 Prepaid expenses and other current assets 25,058 --------- Total current assets 355,621 Investments in and advances to subsidiaries 367,396 Intercompany receivables/payables, net (84,479) Property, plant, and equipment - net 227,118 Deferred income taxes - Other assets 516,556 --------- Total Assets $1,382,212 ========= LIABILITIES & STOCKHOLDERS' EQUITY Liabilities not subject to compromise: Accounts Payable $73,856 Accrued interest 833 Accrued salaries, wages and related expenses 40,713 Accrued post retirement benefit -- current 16,270 Other accrued liabilities 56,848 Payable to affiliates 54,476 Long term debt - current portion 4,562 --------- Total current liabilities 247,558 Long-term liabilities 72,956 Accrued postretirement benefit obligation - Long-term debt 2,212 Liabilities subject to compromise 2,853,831 Minority interests 655 Stockholders' equity: Preference stock - Common stock 792 Additional capital 539,083 Accumulated deficit - As of filing date (948,882) Accumulated deficit - Post filing date (1,280,936) Accumulated other comprehensive income (loss) (105,057) Note receivable from parent - --------- Total Liabilities & Stockholders' Equity $1,382,212 ========= Kaiser Aluminum Corporation -- All Debtors Statement of Operations For the Month Ending April 30, 2004 (In Thousands) Net Sales $150,838 Costs and expenses: Cost of products sold 127,577 Depreciation & amortization 1,911 Selling, administrative, R&D and general 6,220 Other operating charges, net - --------- Total costs and expenses 135,708 --------- Operating income (loss) 15,130 Other income (expense): Interest expenses, net (623) Reorganization items (3,688) Other-net (1,321) --------- Income (loss) before income taxes and minority interest 9,498 (Provision) benefit for income taxes (3,472) Minority interests - Equity in income (loss) of subsidiaries (2,025) --------- Net income (loss) $4,001 ========= Kaiser Aluminum Corporation -- All Debtors Schedule of Consolidated Cash Receipts and Disbursements For the Month Ending April 30, 2004 (In Thousands) Receipts: Trade Receivables KACC Receivables $83,563 KAII Receivables 45,436 --------- Total Trade Receivables 128,999 Asbestos Insurance Recoveries - Net borrowings under DIP facility 3,300 Proceeds from Asset Sales - --------- Total Receipts 132,299 Disbursements: Inventory/Raw Materials 38,425 Capital Expenditures 555 Maintenance, Materials, etc. 5,849 Freight 3,422 Utilities/Energy 4,061 Hourly Payroll 8,567 Salaried Payroll 4,937 Hedging Activities 1,271 Medical - Current and Former Employees 8,442 Annual Insurance Premiums 159 Workmen's Compensation 693 Corporate General and Administrative 2,605 JV Fundings - Alumina 33,658 JV Fundings - Primary, Net of Minority Interest 10,946 Other Disbursements 5,756 --------- Total Operating and G&A Disbursements 129,346 Reorganization Items 2,462 --------- Total Disbursements 131,808 --------- Net Cash Flow 491 Beginning Bank Cash Balances 14,021 Net Cash Flow 491 --------- Ending Bank Cash Balances 14,512 Reconciling Items 46 --------- Ending Book Cash Balances $14,558 ========= MED DIVERSIFIED: Releases March Through May Operating Reports ------------------------------------------------------------- Med Diversified, Inc., and its subsidiaries, recently filed with the United States Bankruptcy Court for the Eastern District of New York its March, April and May 2004 Monthly Operating Reports. Med Diversified Inc.'s balance sheet shows: March 31, 2004 April 30, 2004 May 31, 2004 -------------- -------------- ------------ Total Assets $91,398,739 $91,163,021 $90,980,559 Post-petition Liabilities 3,748,770 3,988,759 4,168,827 Pre-petition Liabilities 127,510,066 127,844,316 128,178,566 Total Liabilities 131,258,836 131,833,075 132,347,393 Stockholders' Deficit 39,860,097 40,670,054 41,366,834 Full-text copies of Med Diversified, et al.'s March, April and May 2004 Monthly Operating Reports are available at no charge at: http://www.sec.gov/Archives/edgar/data/800181/000110465904018946/0001104659-04-018946-index.htm PACIFIC GAS: Posts $48 Million Earnings in April 2004 ----------------------------------------------------- Pacific Gas and Electric Company Balance Sheet As of April 30, 2004 (In millions) ASSETS Current Assets: Cash and cash equivalents $2,789 Accounts receivable: Customers, net 858 Related parties 590 Regulatory balancing accounts 679 Inventories: Gas stored underground and fuel oil 103 Materials and supplies 128 Prepaid expenses and other 62 Asset from price risk management 22 -------- Total current assets 5,231 Property, Plant, and Equipment: Electric 20,740 Gas 8,390 Construction work in progress 417 -------- Total property, plant, and equipment at original cost 29,547 Accumulated depreciation and decommissioning (11,227) -------- Net property, plant, and equipment 18,320 Other Non-current Assets: Regulatory assets 6,943 Nuclear decommissioning trust funds 1,545 Other 1,630 -------- Total non-current assets 10,118 -------- TOTAL ASSETS $33,669 ======== LIABILITIES AND EQUITY Liabilities: Accounts payable Trade creditors $463 Related parties 105 Regulatory Balancing Accounts 387 Other 379 Accrued taxes 230 Long-term debt 8,296 Rate reduction bonds 1,036 Deferred income taxes 3,381 Deferred tax credits 124 Asset retirement obligations 1,244 Prepetition liabilities 2,663 Prepetition financing debt 39 Preferred Stock with Mandatory Redemption Provisions 127 Other liabilities 6,471 -------- Total liabilities 24,945 Stockholders' Equity Preferred stock w/o mandatory redemption provisions: Non-redeemable -- 5% to 6%, outstanding 5,784,825 shares 145 Redeemable -- 4.36% to 7.04%, outstanding 5,973,456 shares 149 Common stock, $5 par value, authorized 800,000,000 shares; issued 321,314,760 shares 1,606 Additional paid in capital 2,040 Reinvested earnings 4,787 Accumulated other comprehensive loss (3) -------- Total stockholders' equity 8,724 -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $33,669 ======== Pacific Gas and Electric Company Income Statement For the month ended April 30, 2004 (In millions) OPERATING REVENUES: $998 OPERATING EXPENSES: Cost of Electric Energy 200 Cost of Gas 108 Operating and Maintenance 427 Gain on Recognition of Regulatory Assets - Depreciation, Decommissioning, and Amortization 110 -------- Total Operating Expenses 845 OPERATING INCOME (LOSS) 153 Interest Income (Expense) (79) Professional Fees - Other Income and (Expense) (1) PRE-TAX INCOME (LOSS) 73 -------- Income Taxes 25 EARNINGS (LOSS) $48 ======== Pacific Gas and Electric Company Statement of Cash Receipts and Disbursements For the month ended April 30, 2004 (In millions) Cash Flows from Operating Activities: Cash Receipts: Electric Receipts $585 Gas Receipts 286 Receipts Allocated for DWR 115 Interest & other Receipts 53 -------- Total Cash Receipts 1,039 Cash Disbursements: Payment for Energy & Power Purchases: Purchased Power-DWR (115) Purchased Power-other (149) Gas (124) O&M/A&G/CapEx (405) Interest Paid (229) Income & Property Taxes (99) Other Payments (964) Less: Capital Expenditures Imbedded in Disbursements 140 -------- Total Cash Disbursements (1,945) Net Cash Provided (Used) by Operating Activities (906) Cash Flows from Investing Activities: Capital Expenditures Imbedded in Disbursements (140) Net Proceeds from Sale of Assets 0 Other-Net (7) -------- Net Cash Provided (Used) by Investing Activities (147) Cash Flows from Financing Activities: Net Proceeds for Issuance of Long-Term Debt 1,148 Principal Payments on Debt (7,239) Rate Reduction Bond Remittances (24) Decrease in Restricted Cash 6,917 Preferred Stock Redeemed (93) -------- Net Cash Provided (Used) by Financing Activities 709 Net Increase (Decrease) in Cash & Cash Equivalents (344) Cash & Cash Equivalents, Beginning of Period 3,133 -------- Cash & Cash Equivalents, End of Period $2,789 ======== PG&E NATIONAL: Energy Service February Monthly Operating Report --------------------------------------------------------------- Energy Service Ventures, Inc. Unaudited Balance Sheet As of February 29, 2004 ASSETS Current Assets Cash $1,889,345 Prepetition Accounts Receivable 3,525,141 Postpetition Accounts Receivable - Receivables from Officers/Employees/Affiliates - Notes Receivable Stocks - Inventory - Other Current Assets Allowance for Bad Debts (2,791,840) Deposits - Current Tax Assets - -------------- Total Current Assets 2,622,645 Fixed Assets Land - Building - Equipment, Furniture & Fixtures - Less Accumulated Depreciation - -------------- Total Fixed Assets - Other Assets (Identify) Amortizable Costs - Deferred Tax Assets Undetermined Investments in Subsidiaries - -------------- Total Other Assets - -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $14,928 Notes Payable - Rent and Leases Payable - Accrued Interest - Other - -------------- Total Postpetition Liabilities 14,928 Prepetition Liabilities Priority Claims - Secured Debts - Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owners' Investments 10,000 Paid-In Capital Surplus 55,048,465 Retained Earnings Prepetition (76,394,062) Postpetition (76,040) -------------- Total Owner's Equity ($21,411,637) -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== Energy Service Ventures, Inc. Unaudited Income Statement For the Period February 1 to February 29, 2004 Total Sales/Income $0 COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other - -------------- Total Cost of Sales 0 -------------- Gross Profit 0 OPERATING EXPENSES: Officer Salaries 0 Other Employee Salaries 0 Taxes (Payroll) 0 Employee Benefits 0 Advertising 0 Auto. Expenses 0 Entertainment 0 Insurance (Real Estate) 0 Insurance (Other) 0 Leases (Other than Rent) 0 Outside Services & Contractors 0 Professional Fees (Atty. Accts.) 0 Rents (133) Restructuring Expense (794) Repairs & Maintenance 0 Supplies 0 Taxes (Real Property) 0 Taxes (Other) 0 Telephone 0 Travel 0 Utilities 0 Other Operating Expenses Power costs - Bank Fees - -------------- Total Operating Expenses (927) -------------- Profit/Loss from Operation 927 Other Income (Expenses): Interest Income - Interest Expense - Equity Earnings - -------------- Total Other Income (Expenses) - -------------- Income Before Taxes 927 Income Taxes Expense 352 -------------- Net Income (Loss) $575 ============== Energy Service Ventures, Inc. Cash Reconciliation Report For the Period February 1 to February 29, 2004 Cash balance from prior balance sheet $1,947,571 Net income for month 575 Expense Not Requiring Cash: Taxes 352 Interest Income - -------------- Total Expenses Not Requiring Cash 352 -------------- Total Cash from Operations 1,948,499 Other sources/uses of cash: Decrease (Increase): Accounts Receivable - Inventory - Equipment - Furniture & Fixtures - Prepaids - Increase (Decrease): Accounts Payable (59,154) Accrued Interest - Accrued P/R Taxes - Accrued Professional Fees - Accrued Rent - Accrued Salaries - Accrued Sales Tax - Note Payable Taxes - (Less) Unrecorded Bank Service Charges - -------------- Total Other Sources & Uses of Cash (59,154) -------------- Ending Cash Balance $1,889,345 ============== PG&E NATIONAL: ET Gas February 2004 Monthly Operating Report ------------------------------------------------------------ NEGT Energy Trading-Gas Corporation Unaudited Balance Sheet As of February 29, 2004 ASSETS Current Assets Cash $10,453,810 Accounts Receivable 67,610,471 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets Deposits 89,908,768 Prepayments 12,629,315 Other Current Assets 3,113,514 -------------- Total Current Assets Undetermined Fixed Assets Land 0 Building 0 Equipment, Furniture & Fixtures 21,635,392 Less Accumulated Depreciation (20,073,192) -------------- Total Fixed Assets 1,562,200 Other Assets (Identify) Accrued taxes Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other: Accrued Legal fees 0 Accrued Payroll and Benefits 21,332 -------------- Total Postpetition Liabilities $21,582 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owner's Investments - Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Gas Corporation Unaudited Income Statement For the Period February 1 to February 29, 2004 Total Sales/Income $6,133 COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other: (Identify) Purchase of Commodities (12,032) -------------- Total Cost of Sales (12,032) -------------- Gross Profit 18,165 OPERATING EXPENSES: Bad Debt Expense 0 Bank Charges 417 Communications 0 Computer Supplies 0 Credit & Commitment Fees 0 Datafeeds 787 Fixed Assets Depreciation 152,932 Indirect Allocations 66,631 Insurance 0 Legal Fees 375,000 Recruiting & Relocation 0 Realized(Gain)/Loss on Foreign Exchange 405 Rent 2,998 Unrealized(Gain)/Loss on Foreign Exchange 0 Office Supplies 0 Other 300 Payroll and benefits 45,460 Professional Fees 4,204 Software Costs 0 Subscriptions 0 Taxes Other than Income 0 Training 0 -------------- Total Operating Expenses 649,138 -------------- Profit/Loss from Operation (630,972) Other Income (Expenses): Interest Income 170,806 Interest Expense 0 Equity in Subsidiaries 0 Other Income(Expenses) 0 -------------- Total Other Income (Expenses) 170,806 -------------- Income Before Taxes ($460,166) Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT Energy Trading-Gas Corporation Cash Reconciliation Report For the Period February 1 to February 29, 2004 Cash balance from prior balance sheet $10,449,553 Pre-tax Net income for month (460,166) Income/Expenses Not Requiring Cash: Depreciation 152,932 Unrealized (Gain) Loss on Foreign Exchange 0 -------------- Total Expenses Not Requiring Cash 152,932 -------------- Total Cash from Operations 10,142,319 Other sources/uses of cash: Decrease (Incr): Accounts Receivable Non-Affiliate 607,795 Accounts Receivable Affiliate 0 Inventory 0 Equipment 0 Furniture & Fixtures 0 Prepaids 2,013,315 Deposits 0 Other Current Assets 0 Increase (Decr): Accounts Payable Non-Affiliate (1,606,340) Accounts Payable Affiliate (703,280) Accrued Liabilities 0 Current Deferred Liabilities 0 Accrued Interest 0 Accrued P/R Taxes 0 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 Tax Liability 0 -------------- Total Other Sources & Uses of Cash 311,490 -------------- Ending Cash Balance $10,453,810 ============== PG&E NATIONAL: ET Gas March 2004 Monthly Operating Report --------------------------------------------------------- NEGT Energy Trading-Gas Corporation Unaudited Balance Sheet As of March 31, 2004 ASSETS Current Assets Cash $10,460,673 Accounts Receivable 58,759,751 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets Deposits 89,908,768 Prepayments 12,629,315 Other Current Assets 3,113,514 -------------- Total Current Assets Undetermined Fixed Assets Land 0 Building 0 Equipment, Furniture & Fixtures 21,635,392 Less Accumulated Depreciation (20,226,125) -------------- Total Fixed Assets $1,409,267 Other Assets (Identify) Accrued taxes Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other: Accrued Legal fees 0 Accrued Payroll and Benefits 23,078 -------------- Total Postpetition Liabilities $23,328 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owner's Investments - Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Gas Corporation Unaudited Income Statement For the Period March 1 to March 31, 2004 Total Sales/Income ($102,679) COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other: (Identify) Purchase of Commodities (438) -------------- Total Cost of Sales (438) -------------- Gross Profit (102,240) OPERATING EXPENSES: Bad Debt Expense (18,014,000) Bank Charges 485 Communications 0 Computer Supplies 0 Credit & Commitment Fees 0 Datafeeds 0 Fixed Assets Depreciation 152,932 Indirect Allocations 31,828 Insurance 0 Legal Fees 375,000 Recruiting & Relocation 0 Realized(Gain)/Loss on Foreign Exchange (2,219) Rent 1,457 Unrealized(Gain)/Loss on Foreign Exchange 0 Office Supplies 0 Other (6,231) Payroll and benefits 248,880 Professional Fees 5,279 Software Costs 2,025 Subscriptions 0 Taxes Other than Income 0 Training 0 -------------- Total Operating Expenses (17,204,562) -------------- Profit/Loss from Operation 17,102,321 Other Income (Expenses): Interest Income 176,921 Interest Expense 0 Equity in Subsidiaries 0 Other Income(Expenses) 0 -------------- Total Other Income (Expenses) 176,921 -------------- Income Before Taxes $17,279,243 Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT Energy Trading-Gas Corporation Cash Reconciliation Report For the Period March 1 to March 31, 2004 Cash balance from prior balance sheet $10,453,810 Pre-tax Net income for month 17,279,243 Income/Expenses Not Requiring Cash: Depreciation 152,932 Unrealized (Gain) Loss on Foreign Exchange 0 Relief of Allowance for Doubtful Accts (18,014,000) -------------- Total Expenses Not Requiring Cash (17,861,067) -------------- Total Cash from Operations 9,871,986 Other sources/uses of cash: Decrease (Incr): Accounts Receivable Non-Affiliate 8,850,720 Accounts Receivable Affiliate 0 Inventory 0 Equipment 0 Furniture & Fixtures 0 Prepaids 0 Deposits 0 Other Current Assets 0 Increase (Decr): Accounts Payable Non-Affiliate (157,686) Accounts Payable Affiliate (7,983,692) Accrued Liabilities (120,654) Current Deferred Liabilities 0 Accrued Interest 0 Accrued P/R Taxes 0 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 Tax Liability 0 -------------- Total Other Sources & Uses of Cash 588,687 -------------- Ending Cash Balance $10,460,673 ============== PG&E NATIONAL: ET Holdings February 2004 Monthly Operating Report ----------------------------------------------------------------- NEGT Energy Trading Holdings Corporation Unaudited Balance Sheet As of February 29, 2004 ASSETS Current Assets Cash $269,810,489 Accounts Receivable 211,563 Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets Accrued taxes Undetermined -------------- Total Current Assets Undetermined Fixed Assets Land 0 Building 0 Equipment, Furniture & Fixtures 0 Less Accumulated Depreciation 0 Other Fixed Assets 0 -------------- Total Fixed Assets 0 Other Assets (Identify) Investments in Subsidiaries Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other: Accrued Quarterly Fees 5,000 Accrued Legal Fees 1,733,909 Accrued Payroll and Benefits 53,428 -------------- Total Postpetition Liabilities $1,792,337 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading Holdings Corporation Unaudited Income Statement For the Period February 1 to February 29, 2004 Total Sales/Income $0 COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other 0 -------------- Total Cost of Sales 0 -------------- Gross Profit 0 OPERATING EXPENSES: Communications 1,077 Computer Supplies 0 Credit/Commitment Fees 0 Datafeeds 1,012 Indirect Allocations (530,082) Insurance 0 Legal Fees 375,000 Misc. Tax Payments 228 Office Supplies 756 Other 0 Other Business Expenses 0 Payroll and benefits 151,532 Postage & Delivery 0 Professional Fees 5,138 Recruiting & Relocation 0 Rent 3,664 Software Costs 4,150 Subscriptions 0 Training 0 Travel 0 US Trustees 0 -------------- Total Operating Expenses 12,480 -------------- Profit/Loss from Operation (12,480) Other Income (Expenses): Interest Income 211,957 Interest Expense (189,174) Equity in Subsidiary: Investment in ET Power (5,372) Investment in ET Investment (159,738) Investment in ET Gas Corp. (278,171) Investment in NEGT International (588) -------------- Total Other Income (Expenses) (421,087) -------------- Income Before Taxes ($433,567) Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT Energy Trading Holdings Corporation Cash Reconciliation Report For the Period February 1 to February 29, 2004 Cash balance from prior balance sheet $268,840,447 Pre-tax Net income for month (433,567) Expense Not Requiring Cash: Depreciation 0 Investment in ET Power 5,372 Investment in ET Investment 159,738 Investment in ET Gas Corp. 278,171 Investment in NEGT International 588 -------------- Total Expenses Not Requiring Cash 443,871 -------------- Total Cash from Operations 268,850,751 Other sources/uses of cash: Decrease (Incr): Accounts Receivable Non-Affiliate 15,574 Accounts Receivable Affiliate 190,541 Inventory 0 Equipment 0 Furniture & Fixtures 0 Prepaids 4,150 Increase (Decr): Accounts Payable - Non-Affiliate (239,451) Accounts Payable - Affiliate 350,336 Accrued Liabilities 0 Accrued Interest 0 Accrued P/R Taxes 0 Accrued Professional Fees 638,586 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 Tax Liability 0 (Less) Unrecorded Bank Service Charges 0 -------------- Total Other Sources & Uses of Cash 959,737 -------------- Ending Cash Balance $269,810,489 ============== PG&E NATIONAL: ET Holdings March 2004 Monthly Operating Report -------------------------------------------------------------- NEGT Energy Trading Holdings Corporation Unaudited Balance Sheet As of March 31, 2004 ASSETS Current Assets Cash $278,965,632 Accounts Receivable 224,861 Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets Accrued taxes Undetermined -------------- Total Current Assets Undetermined Fixed Assets Land 0 Building 0 Equipment, Furniture & Fixtures 0 Less Accumulated Depreciation 0 Other Fixed Assets 0 -------------- Total Fixed Assets 0 Other Assets (Identify) Investments in Subsidiaries Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other: Accrued Quarterly Fees 7,500 Accrued Legal Fees 2,484,676 Accrued Payroll and Benefits 69,386 -------------- Total Postpetition Liabilities $2,561,562 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading Holdings Corporation Unaudited Income Statement For the Period March 1 to March 31, 2004 Total Sales/Income $0 COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other 0 -------------- Total Cost of Sales 0 -------------- Gross Profit 0 OPERATING EXPENSES: Bad Debt Expense (47,627,000) Communications 931 Computer Supplies 0 Credit/Commitment Fees 0 Datafeeds 0 Indirect Allocations (706,686) Insurance 0 Legal Fees 375,000 Misc. Tax Payments 0 Office Supplies 144 Other 0 Other Business Expenses 0 Payroll and benefits 328,467 Postage & Delivery 0 Professional Fees 6,453 Recruiting & Relocation 0 Rent 1,780 Software Costs 6,625 Subscriptions 0 Training 0 Travel 0 US Trustees 0 -------------- Total Operating Expenses (47,611,783) -------------- Profit/Loss from Operation 47,611,783 Other Income (Expenses): Interest Income 225,438 Interest Expense (196,192) Equity in Subsidiary: Investment in ET Power 1,259,525 Investment in ET Investment 80,541,593 Investment in ET Gas Corp. 10,445,303 Investment in NEGT International 895 -------------- Total Other Income (Expenses) 92,276,563 -------------- Income Before Taxes $139,888,347 Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT Energy Trading Holdings Corporation Cash Reconciliation Report For the Period March 1 to March 31, 2004 Cash balance from prior balance sheet $269,810,489 Pre-tax Net income for month 139,888,347 Expense Not Requiring Cash: Depreciation 0 Investment in ET Power (1,259,525) Investment in ET Investment (80,541,593) Investment in ET Gas Corp. (10,445,303) Investment in NEGT International (895) Relief of Allowance of Doubtful Accounts (47,627,000) -------------- Total Expenses Not Requiring Cash (139,874,317) -------------- Total Cash from Operations 269,824,519 Other sources/uses of cash: Decrease (Incr): Accounts Receivable Non-Affiliate (13,297) Accounts Receivable Affiliate 8,604,035 Inventory 0 Equipment 0 Furniture & Fixtures 0 Prepaids 4,150 Increase (Decr): Accounts Payable - Non-Affiliate (238,109) Accounts Payable - Affiliate 492,237 Accrued Liabilities (461,170) Accrued Interest 0 Accrued P/R Taxes 0 Accrued Professional Fees 753,267 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 Tax Liability 0 (Less) Unrecorded Bank Service Charges 0 -------------- Total Other Sources & Uses of Cash 9,141,113 -------------- Ending Cash Balance $278,965,632 ============== PG&E NATIONAL: ET Investments February Monthly Operating Report --------------------------------------------------------------- NEGT ET Investments Corporation Unaudited Balance Sheet As of February 29, 2004 ASSETS Current Assets Cash $0 Accounts Receivable 0 Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets 0 -------------- Total Current Assets Undetermined Fixed Assets Land 0 Building 0 Equipment, Furniture & Fixtures 0 Less Accumulated Depreciation 0 -------------- Total Fixed Assets 0 Other Assets (Identify) Investment in Subsidiaries Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other 0 -------------- Total Postpetition Liabilities 250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock, Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT ET Investments Corporation Unaudited Income Statement For the Period February 1 to February 29, 2004 Total Sales/Income - COST OF SALES: Purchases of Inventory - Purchased Services - Other (Identify) - -------------- Total Cost of Sales $0 -------------- Gross Profit 0 OPERATING EXPENSES: Officer Salaries - Other Employee Salaries - Taxes (Payroll) - Employee Benefits - Advertising - Auto Expenses - Entertainment - Insurance (Real Estate) - Insurance (Other) - Leases (Other than Rent) - Outside Services & Contractors - Professional Fees (Atty. Acct.) - Rent - Repairs & Maintenance - Supplies - Taxes (Real Property) - Taxes (Other) - Telephone - Travel - Utilities - Other 0 Other Operating Expenses (Identify) - -------------- Total Operating Expenses 0 -------------- Profit/Loss from Operation 0 Other Income (Expenses): Interest Expense (977) Equity in ET Power (263,271) -------------- Total Other Income (Expenses) (264,248) -------------- Income Before Taxes ($264,248) Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT ET Investments Corporation Cash Reconciliation Report For the Period February 1 to February 29, 2004 Cash balance from prior balance sheet $0 Pre-tax Net income for month (264,248) Expense Not Requiring Cash: Depreciation 0 Other: Investment in Subsidiaries 263,271 -------------- Total Expenses Not Requiring Cash 263,271 -------------- Total Cash from Operations (977) Other sources/uses of cash: Decrease (Incr): Accounts Receivable 0 Inventory 0 Equipment 0 Furniture & Fixtures 0 Increase (Decr): Accounts Payable 0 Accounts Payable - Affiliate 977 Accounts Payable - Interest Payable 0 Accrued Interest 0 Accrued P/R Taxes 0 Accrued Professional Fees 0 Accrued Rent 0 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 Taxes Payable 0 (Less) Unrecorded Bank Service Charges 0 -------------- Total Other Sources & Uses of Cash 977 -------------- Ending Cash Balance $0 ============== PG&E NATIONAL: ET Investments March 2004 Monthly Operating Report ----------------------------------------------------------------- NEGT ET Investments Corporation Unaudited Balance Sheet As of March 31, 2004 ASSETS Current Assets Cash $0 Accounts Receivable 0 Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets 0 -------------- Total Current Assets Undetermined Fixed Assets Land 0 Building 0 Equipment, Furniture & Fixtures 0 Less Accumulated Depreciation 0 -------------- Total Fixed Assets 0 Other Assets (Identify) Investment in Subsidiaries Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other 0 -------------- Total Postpetition Liabilities $250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock, Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT ET Investments Corporation Unaudited Income Statement For the Period March 1 to March 31, 2004 Total Sales/Income - COST OF SALES: Purchases of Inventory - Purchased Services - Other (Identify) - -------------- Total Cost of Sales $0 -------------- Gross Profit 0 OPERATING EXPENSES: Bad Debt Expense (71,521,000) Officer Salaries - Other Employee Salaries - Taxes (Payroll) - Employee Benefits - Advertising - Auto Expenses - Entertainment - Insurance (Real Estate) - Insurance (Other) - Leases (Other than Rent) - Outside Services & Contractors - Professional Fees (Atty. Acct.) - Rent - Repairs & Maintenance - Supplies - Taxes (Real Property) - Taxes (Other) - Telephone - Travel - Utilities - Other 0 Other Operating Expenses (Identify) - -------------- Total Operating Expenses (71,521,000) -------------- Profit/Loss from Operation 71,521,000 Other Income (Expenses): Interest Expense (1,043) Equity in ET Power 61,716,757 -------------- Total Other Income (Expenses) 61,715,713 -------------- Income Before Taxes $133,236,713 Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT ET Investments Corporation Cash Reconciliation Report For the Period March 1 to March 31, 2004 Cash balance from prior balance sheet $0 Pre-tax Net income for month 133,236,713 Expense Not Requiring Cash: Depreciation 0 Other: Investment in Subsidiaries (61,716,757) Relief of Allowance of Doubtful Accounts (71,521,000) -------------- Total Expenses Not Requiring Cash (133,237,757) -------------- Total Cash from Operations (1,043) Other sources/uses of cash: Decrease (Incr): Accounts Receivable 0 Inventory 0 Equipment 0 Furniture & Fixtures 0 Increase (Decr): Accounts Payable 0 Accounts Payable - Affiliate 1,043 Accounts Payable - Interest Payable 0 Accrued Interest 0 Accrued P/R Taxes 0 Accrued Professional Fees 0 Accrued Rent 0 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 Taxes Payable 0 (Less) Unrecorded Bank Service Charges 0 -------------- Total Other Sources & Uses of Cash 1,043 -------------- Ending Cash Balance $0 ============== PG&E NATIONAL: ET Power February 2004 Monthly Operating Report --------------------------------------------------------------- NEGT Energy Trading-Power L.P. Unaudited Balance Sheet As of February 29, 2004 ASSETS Current Assets Cash $27,009,351 Accounts Receivable 192,403,084 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets Deposits 90,943,436 Prepaids 1,065,740 Other Current Assets 0 -------------- Total Current Assets Undetermined Fixed Assets Land - Building - Equipment, Furniture & Fixtures 3,503,316 Less Accumulated Depreciation (2,906,265) Other Fixed Assets - -------------- Total Fixed Assets 597,050 Other Assets (Identify) - -------------- Total Other Assets 0 -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other - -------------- Total Postpetition Liabilities $250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/ Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Power L.P. Unaudited Income Statement For the Period February 1 to February 29, 2004 Total Sales/Income $516 COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other: (Identify) 0 Cost of Commodities (62,989) -------------- Total Cost of Sales (62,989) -------------- Gross Profit 63,506 OPERATING EXPENSES: Bank Fee Charges 63 Bad Debt Expense 0 Communications 0 Entertainment 0 Fixed Assets Depreciation 26,099 Indirect Allocations 611,521 Legal Fees (1,277) Realized(Gain)/Loss on Foreign Exchange 405 Unrealized(Gain)/Loss on Foreign Exchange (319) Other 12 Training 0 Travel 0 -------------- Total Operating Expenses 636,503 -------------- Profit/Loss from Operation (572,997) Other Income (Expenses): Interest Income 304,353 Other Income(Expenses) 0 -------------- Total Other Income (Expenses) 304,353 -------------- Income Before Taxes ($268,644) Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT Energy Trading-Power L.P. Cash Reconciliation Report For the Period February 1 to February 29, 2004 Cash balance from prior balance sheet $26,990,291 Pre-tax Net income for month (268,644) Expense Not Requiring Cash: Depreciation 26,099 (Gain) Loss on sale of fixed assets 0 Unrealized (Gain) loss on foreign exchange (319) -------------- Total Expenses Not Requiring Cash 25,779 -------------- Total Cash from Operations 26,747,426 Other sources/uses of cash: Decrease (Incr): Accounts Receivable Non-Affiliate 554 Accounts Receivable Affiliate (261,794) Inventory 0 Equipment 0 Furniture & Fixtures 0 Prepaids 12,685 Deposits 0 Other Current Assets 0 Increase (Decr): Accounts Payable Non-Affiliates (1,678) Accounts Payable Affiliates 512,061 Current Deferred Liabilities 0 Accrued Liabilities 96 Accrued Interest 0 Accrued P/R Taxes 0 Accrued Professional Fees 0 Accrued Rent 0 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 -------------- Total Other Sources & Uses of Cash 261,925 Total Cash from Investing - Sale of Fixed Assets 0 -------------- Ending Cash Balance $27,009,351 ============== PG&E NATIONAL: ET Power March 2004 Monthly Operating Report ----------------------------------------------------------- NEGT Energy Trading-Power L.P. Unaudited Balance Sheet As of March 31, 2004 ASSETS Current Assets Cash $27,030,135 Accounts Receivable 192,288,264 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets Deposits 89,819,640 Prepaids 1,053,055 Other Current Assets 0 -------------- Total Current Assets Undetermined Fixed Assets Land - Building - Equipment, Furniture & Fixtures 3,503,316 Less Accumulated Depreciation (2,932,365) Other Fixed Assets - -------------- Total Fixed Assets 570,951 Other Assets (Identify) - -------------- Total Other Assets $0 -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other - -------------- Total Postpetition Liabilities $250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/ Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Power L.P. Unaudited Income Statement For the Period March 1 to March 31, 2004 Total Sales/Income $7,257 COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other: (Identify) 0 Cost of Commodities (147,822) -------------- Total Cost of Sales (147,822) -------------- Gross Profit 155,079 OPERATING EXPENSES: Bank Fee Charges 115 Bad Debt Expense (63,279,422) Communications 0 Entertainment 0 Fixed Assets Depreciation 26,099 Indirect Allocations 745,587 Legal Fees (67,837) Realized(Gain)/Loss on Foreign Exchange (2,310) Unrealized(Gain)/Loss on Foreign Exchange 1,797 Other 0 Training 0 Travel 0 -------------- Total Operating Expenses (62,575,969) -------------- Profit/Loss from Operation 62,731,049 Other Income (Expenses): Interest Income 323,696 Interest Expense (78,462) Other Income(Expenses) 0 -------------- Total Other Income (Expenses) 245,233 -------------- Income Before Taxes $62,976,282 Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT Energy Trading-Power L.P. Cash Reconciliation Report For the Period March 1 to March 31, 2004 Cash balance from prior balance sheet [$27,009,351] Pre-tax Net income for month [62,976,282] Expense Not Requiring Cash: Depreciation 26,099 (Gain) Loss on sale of fixed assets 0 Unrealized (Gain) loss on foreign exchange 1,798 Relief of Allowance for Doubtful Accounts (63,279,423) -------------- Total Expenses Not Requiring Cash [(63,251,526)] -------------- Total Cash from Operations [26,734,107] Other sources/uses of cash: Decrease (Incr): Accounts Receivable Non-Affiliate 114,820 Accounts Receivable Affiliate (279,849) Inventory 0 Equipment 0 Furniture & Fixtures 0 Prepaids 12,686 Deposits 1,123,797 Other Current Assets 0 Increase (Decr): Accounts Payable Non-Affiliates (1,186) Accounts Payable Affiliates (781,894) Current Deferred Liabilities 107,653 Accrued Liabilities 0 Accrued Interest 0 Accrued P/R Taxes 0 Accrued Professional Fees 0 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 -------------- Total Other Sources & Uses of Cash $296,026 Total Cash from Investing - Sale of Fixed Assets 0 -------------- Ending Cash Balance [$27,030,135] ============== PG&E NATIONAL: Quantum Ventures February Monthly Operating Report ----------------------------------------------------------------- Quantum Ventures Unaudited Balance Sheet As of February 29, 2004 ASSETS Current Assets Cash - Prepetition Accounts Receivable - Postpetition Accounts Receivable - Receivables from Officers/Employees/Affiliates - Notes Receivable Stocks - Inventory - Other Current Assets Prepaid Expenses - Deposits - Current Tax Assets Undetermined -------------- Total Current Assets Undetermined Fixed Assets Land - Building - Equipment, Furniture & Fixtures - Less Accumulated Depreciation - -------------- Total Fixed Assets - Other Assets (Identify) Amortizable Costs - Deferred Tax Assets - Investments in Subsidiaries ($21,223,185) -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable - Notes Payable - Rent and Leases Payable - Accrued Interest - Other - -------------- Total Postpetition Liabilities - Prepetition Liabilities Priority Claims - Secured Debts - Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owners' Investments $100 Paid-In Capital Surplus 233,222,604 Retained Earnings Prepetition (254,177,934) Postpetition - -------------- Total Owner's Equity ($20,955,230) -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== Quantum Ventures' Income Statement and Cash Reconciliation Report do not reflect any value for the period from February 1 to 29, 2004. PG&E NATIONAL: USGen February 2004 Monthly Operating Report ----------------------------------------------------------- USGen New England, Inc. Unaudited Balance Sheet As of February 29, 2004 ASSETS Cash and Cash Equivalents $182,828,389 Accounts Receivable 134,161,249 Support Payment Receivable - Current Undetermined Fuel, Inventory and Supplies 52,852,303 Prepaid Expenses 31,519,435 Risk Management Asset - Current - -------------- Total Current Assets Undetermined Property, Plant and Equipment - net 1,478,678,539 Construction Work in Progress 24,537,963 Intangible Asset 6,430,317 Support Payment Receivable - Non-current Undetermined Risk Management Asset - Non-current - -------------- Total Postpetition Assets Undetermined Prepetition IC Accounts Receivable Undetermined Prepetition Accounts Receivable Undetermined Prepetition Prepaid Expenses Undetermined -------------- Total Prepetition Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Accounts Payable $33,919,297 Accrued Liabilities 81,646,091 Risk Management Liability - Current - -------------- Total Current Liabilities 115,565,389 Deferred Income Taxes 77,682,121 Risk Management Liability - Non-current - Other Liabilities 8,329,823 -------------- Total Postpetition Liabilities 201,577,333 Prepetition Accounts Payable Undetermined Prepetition IC Accounts Payable Undetermined Prepetition Market Accounts Payable Undetermined Current Debt 84,770,293 Out of Market Liabilities - Current 33,026,118 Out of Market Liabilities - Non-current 224,799,934 -------------- Total Prepetition Liabilities Undetermined -------------- Total Liabilities Undetermined Shareholder's Equity Common Stock, Additional Paid-In Capital 1,347,736,929 Other Comprehensive Income (15,508,628) Retained Earnings (258,198,053) -------------- Total Shareholder's Equity 1,074,030,248 -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== USGen New England, Inc. Unaudited Income Statement For the Period February 1 to February 29, 2004 REVENUE: Contract Revenue $52,668,169 Market Energy 9,240,465 Ancillary Products 1,405,322 Market Capacity 324,450 Power Hedges (2,732,440) Other Revenue (3,056,377) -------------- Total Revenue 57,849,589 FUEL COSTS: Contract Expense 5,394,367 Fuel Expense 23,662,435 Fuel Hedges (83,311) -------------- Total Fuel Costs 28,973,491 -------------- Gross Profit 28,876,099 OPERATING EXPENSES: Direct Labor 4,510,626 Direct Materials 1,327,651 Direct Subcontractor Services 2,274,692 Other Operating 1,412,762 Bonus Accrual, Union and non-union 418,127 Ash Disposal 1,051,763 -------------- Total Station Operating Expenses 10,995,621 Corporate Expense: Corporate Labor 474,236 Bonus 13,198 Travel and Entertainment 20,565 Insurance 389,122 Professional Services 4,928,269 Other General Administrative 196,190 -------------- Total Corporate Expenses 6,021,580 General Expenses: Property Taxes 3,266,040 Interconnect Cost 110,626 Amortization - Depreciation 5,570,428 -------------- Total General Expenses 8,947,094 -------------- Total Operating Expenses 25,964,296 -------------- Total Operating Income 2,911,803 Other Income (Expenses): Lease Expense (225,000) Interest Income - NEES Receivable 2,062,667 Income - Other 121,646 Expense - Other - Bank and LC Fees (67,540) -------------- Total Other Income (Expenses) 1,855,773 -------------- Income Before Tax 4,767,576 Income Taxes 1,958,137 -------------- Net Income $2,809,439 ============== USGen New England, Inc. Unaudited Cash Flow Statement For the Period February 1 to February 29, 2004 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $2,809,439 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,570,428 Amortization 747,496 Loss on disposal of fixed assets - Unrealized gain/loss - net - Unrecognizable hedge settlement - Amortization of out-of-market contractual obligations (3,570,389) Deferred Income taxes 16,266,507 Change in assets and liabilities: Accounts receivable 10,684,360 Current tax receivable - Fuel, inventory and supplies (4,752,733) Prepaid expenses and other assets 10,098,465 Accounts payable and accrued liabilities 1,099,814 Deferred revenue and other liabilities 73,018 Prepetition accounts receivable 1,056,220 Prepetition accounts payable - PRM Assets and Liabilities - Change in OCI - net (12,094,874) -------------- Net cash (used in) provided by operating activities 27,987,751 CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for capital expenditures (2,912,469) Support payments received - principal only 5,576,683 -------------- Net cash used in investing activities 2,664,214 CASH FLOWS FROM FINANCING ACTIVITIES: Distributions to shareholders - (Decrease) Increase in Debt - -------------- Net cash used in financing activities - -------------- NET INCREASE IN CASH AND CASH EQUIVALENTS 30,651,965 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 152,176,423 -------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $182,828,389 ============== PG&E NATIONAL: USGen March 2004 Monthly Operating Report -------------------------------------------------------- USGen New England, Inc. Unaudited Balance Sheet As of March 31, 2004 ASSETS Cash and Cash Equivalents $208,121,051 Accounts Receivable 128,583,982 Support Payment Receivable - Current Undetermined Fuel, Inventory and Supplies 42,069,074 Prepaid Expenses 28,195,198 Risk Management Asset - Current - -------------- Total Current Assets Undetermined Property, Plant and Equipment - net 1,474,438,815 Construction Work in Progress 26,650,081 Intangible Asset 5,682,830 Support Payment Receivable - Non-current Undetermined Risk Management Asset - Non-current - -------------- Total Postpetition Assets Undetermined Prepetition IC Accounts Receivable Undetermined Prepetition Accounts Receivable Undetermined Prepetition Prepaid Expenses Undetermined -------------- Total Prepetition Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Accounts Payable $24,754,967 Accrued Liabilities 87,364,334 Risk Management Liability - Current - -------------- Total Current Liabilities 112,119,301 Deferred Income Taxes 78,181,342 Risk Management Liability - Non-current - Other Liabilities 8,402,841 -------------- Total Postpetition Liabilities 198,703,484 Prepetition Accounts Payable Undetermined Prepetition IC Accounts Payable Undetermined Prepetition Market Accounts Payable Undetermined Current Debt 84,770,293 Out of Market Liabilities - Current 31,843,462 Out of Market Liabilities - Non-current 222,542,767 -------------- Total Prepetition Liabilities Undetermined -------------- Total Liabilities Undetermined Shareholder's Equity Common Stock, Additional Paid-In Capital 1,347,736,929 Other Comprehensive Income (12,702,064) Retained Earnings (257,948,218) -------------- Total Shareholder's Equity $1,077,086,647 -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== USGen New England, Inc. Unaudited Income Statement For the Period March 1 to March 31, 2004 REVENUE: Contract Revenue $48,918,805 Market Energy 12,639,874 Ancillary Products 490,392 Market Capacity 265,500 Power Hedges (2,131,949) Other Revenue (2,661,194) -------------- Total Revenue 57,521,428 FUEL COSTS: Contract Expense 8,614,577 Fuel Expense 22,225,957 Fuel Hedges (95,978) -------------- Total Fuel Costs 30,744,557 -------------- Gross Profit 26,776,872 OPERATING EXPENSES: Direct Labor 4,502,355 Direct Materials 1,784,042 Direct Subcontractor Services 1,947,399 Other Operating 1,440,010 Bonus Accrual, Union and non-union 1,983,539 Ash Disposal 1,592,366 -------------- Total Station Operating Expenses 13,249,711 Corporate Expense: Corporate Labor 591,862 Bonus 163,286 Travel and Entertainment 1,735 Insurance 389,122 Professional Services 3,905,506 Other General Administrative 185,408 -------------- Total Corporate Expenses 5,236,920 General Expenses: Property Taxes 3,266,040 Interconnect Cost 102,176 Amortization - Depreciation 5,572,361 -------------- Total General Expenses 8,940,577 -------------- Total Operating Expenses 27,427,208 -------------- Total Operating Income (650,336) Other Income (Expenses): Lease Expense (225,000) Interest Income - NEES Receivable 1,990,664 Income - Other 152,027 Expense - Other - Gain (789,931) Bank and LC Fees (57,983) -------------- Total Other Income (Expenses) 1,069,777 -------------- Income Before Tax 419,441 Income Taxes 169,606 -------------- Net Income $249,835 ============== USGen New England, Inc. Unaudited Cash Flow Statement For the Period March 1 to March 31, 2004 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $249,835 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,572,361 Amortization 747,581 Loss on disposal of fixed assets 789,931 Change in assets and liabilities: Accounts receivable 5,577,266 Inventory 10,783,229 Prepaid, Deposits & Other 3,324,237 Deferred Income Taxes 499,221 Accounts Payable (9,164,331) Accrued Liabilities 5,718,243 Liabilities - Other (3,366,805) Prepetition Assets 377,423 Prepetition Liabilities - Price Risk Management - Equity - Other 2,806,564 -------------- Net cash (used in) provided by operating activities 23,914,755 CASH FLOWS FROM INVESTING ACTIVITIES: Property, plant and equipment (4,234,686) Change in Investment in Subsidiary (93) Support payments received - principle 5,612,686 -------------- Net cash used in investing activities 1,377,907 CASH FLOWS FROM FINANCING ACTIVITIES: Increase in Debt - Capital Contributions - -------------- Net cash used in financing activities - -------------- NET INCREASE IN CASH AND CASH EQUIVALENTS 25,292,662 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 182,828,389 -------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $208,121,051 ============== PILLOWTEX CORP: Releases May 2004 Monthly Operating Report ---------------------------------------------------------- Pillowtex, et al. Actual Cash Flow For the Month of May 2004 Accounts Receivable Collections $34,000 Brown & Joseph Fees 0 Brown & Joseph Personnel (16,000) Inventory Bulk Sales 10,000 Property Tax Related to Asset Sale (154,000) Property(Net) (14,000) Miscellaneous Proceeds 0 ---------- Total Proceeds (140,000) Prepetition Cure Cost of Capital Leases 0 Balance of 2003 Personal Property Tax 0 Alliance Street Production 0 Interest Expense(Term and Revolver) 0 Idle Facility Cost (82,000) Electric Demand Charge 0 Retail Store Operating Costs 0 Warehousing, Shipping & Billing 9,000 Freight & Duty 0 Manufacturing 0 Inventory Clean-up 0 Accrued Employee Expenses 0 Critical Vendor Payments 0 Continuing Medical 244,000 Terminated Medical 0 Workers' Compensation/Other Insurance 165,000 Corporate 109,000 Severance/Retention 0 Warehouse Vacation Pay 0 SB Capital Estate Charge Back 0 Early Termination Fee 0 DIP Fees 0 Professional Fees 708,000 Miscellaneous Expenses 30,000 ---------- Total Expenses 1,183,000 ---------- Net Proceeds ($1,323,000) ========== Pillowtex, et al. Disbursement Report For the Month Ended May 31, 2004 Net Payroll & Payroll Taxes Paid $422,599 Sales, Use & Other Taxes Paid 154,177 Inventory Purchases 0 Interest on Long Term Debt 0 Secured/Rental/Lease 0 Utilities 17,239 Insurance 0 Administrative 24,958 Professional Fees 836,720 U.S. Trustee's Fees 0 Others 45,009 ---------- Total for U.S. Trustee Fees $1,500,702 ========== Headquartered in Dallas, Texas, Pillowtex Corporation -- http://www.pillowtex.com/-- sells top-of-the-bed products to virtually every major retailer in the U.S. and Canada. The Company filed for Chapter 11 protection on November 14, 2000 (Bankr. Del. Case No. 00-4211). David G. Heiman, Esq., at Jones, Day, Reavis & Poque represents the Debtors in their restructuring efforts. On July 30, 2003, the Company listed $548,003,000 in assets and $475,859,000 in debts. (Pillowtex Bankruptcy News, Issue No. 66; Bankruptcy Creditors' Service, Inc., 215/945-7000) SPIEGEL INC: Reports $3.2 Million Net Loss in May 2004 ------------------------------------------------------ Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Balance Sheet As of May 29, 2004 ASSETS Current assets: Cash and cash equivalents $190,817,000 Receivables, net 43,362,000 Inventories 179,028,000 Prepaid expenses 46,480,000 Assets of discontinued operations 173,187,000 -------------- Total current assets 632,874,000 -------------- Property and equipment, net 172,505,000 Intangible assets, net 135,608,000 Other assets 27,542,000 -------------- Total assets $968,529,000 ============== LIABILITIES and STOCKHOLDERS' DEFICIT Liabilities not subject to compromise: Current liabilities: Accounts payable and accrued liabilities $236,700,000 Current portion of long-term debt 48,000,000 Liabilities of discontinued operations 170,472,000 -------------- Total current liabilities 455,172,000 -------------- Deferred lease obligation 11,485,000 Liabilities subject to compromise 1,439,487,000 Total liabilities 1,906,144,000 -------------- Stockholders' deficit: Class A non-voting common stock, $1.00 par value; authorized 16,000,000 shares; 14,945,144 shares issued and outstanding 14,945,000 Class B voting common stock, $1.00 par value; authorized 121,500,000 shares; 117,009,869 shares issued & outstanding 117,010,000 Additional paid-in capital 329,489,000 Accumulated other comprehensive loss (25,461,000) Accumulated deficit (1,373,598,000) -------------- Total stockholders' deficit (937,615,000) -------------- Total liabilities & stockholders' deficit $968,529,000 ============== Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Statement of Operations Four Weeks Ended May 29, 2004 Net sales and other revenues: Net sales $90,949,000 Other revenue 7,521,000 -------------- 98,470,000 Cost of sales and operating expenses: Cost of sales, including buying and occupancy expenses 53,774,000 Selling, general & administrative expenses 46,714,000 -------------- 100,488,000 Estimated loss of non-debtors (287,000) Operating loss (2,305,000) Interest expense 328,000 -------------- Loss from operations before reorganization items (2,633,000) -------------- Reorganization items, net 3,472,000 -------------- Loss from operations (6,105,000) -------------- Discontinued operations: Earnings from discontinued operations 2,817,000 -------------- Net loss ($3,288,000) ============== Spiegel, Inc., and Subsidiaries Debtors-in-Possession Unaudited Consolidated Statement of Cash Flows Four Weeks Ended May 29, 2004 Cash flows from operating activities: Net loss ($3,288,000) Adjustments to reconcile net loss to net cash used in operating activities: Reorganization items, net 3,472,000 Depreciation and amortization 2,664,000 Change in assets and liabilities: (Increase) decrease in receivables, net 3,678,000 (Increase) decrease in investments/advances 143,000 (Increase) decrease in inventories 3,247,000 (Increase) decrease in prepaid expenses 3,593,000 Increase (decrease) in accounts payable and other accrued liabilities (1,645,000) Increase (decrease) in net liabilities of discontinued operations (2,780,000) (Increase) decrease in refundable income taxes (529,000) ------------- Net cash provided by operating activities 8,555,000 ------------- Net cash used for reorganization items (3,213,000) Cash flows from investing activities: Net reductions to property and equipment (670,000) Net reductions to other assets (583,000) -------------- Net cash provided by investing activities (1,253,000) -------------- Net cash provided by financing activities - -------------- Effect of exchange rate changes on cash 74,000 -------------- Net change in cash and cash equivalents 4,163,000 Cash & cash equivalents, beginning of period 186,654,000 -------------- Cash & cash equivalents, end of period $190,817,000 ============== TOUCH AMERICA: Reports $621,202,762 of Assets in December 2003 -------------------------------------------------------------- On June 19, 2003, Touch America Holdings, Inc. and subsidiaries Touch America, Inc., Touch America Intangible Holding Company, LLC, Touch America Purchasing Company, LLC, Entech, LLC, American Fiber Touch, LLC, and Sierra Touch America, LLC filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court, District of Delaware. These cases are jointly administered under Touch America Holdings, Inc. case number 03-11915. At December 31, 2003, Touch America Holdings, Inc.'s balance sheet shows: Total Current Assets $664,427,234.71 Total Assets 621,202,762.35 Total Postpetition Liabilities 14,240,355.37 Total Pre-Petition Liabilities 252,752,914.51 Total Liabilities 266,993,269.88 Net Owner Equity 354,209,492.47 Total Liabilities and Owners' Equity $621,202,762.35 Full-text copies of Touch America Holdings' and its subsidiaries' December Monthly Operating Reports are available at no charge at: http://www.sec.gov/Archives/edgar/data/1144835/000110465904018732/0001104659-04-018732-index.htm On December 23, 2003, Touch America sold substantially all of its Internet services, private line, and dark fiber assets to 360networks, a Vancouver, Canada based corporation for $28,000,000. On December 23, 2003, Touch America also sold certain dark fiber assets to Qwest Communications, Inc. for $8,000,000. With the exception of certain wireless services, Touch America ceased operations as of February 29, 2004. Touch America had the exclusive right to file a Chapter 11 Liquidating Plan through April 14, 2004, and on that date, filed a motion to extend the exclusivity period for an additional 45 days. On June 7, 2004, an order was entered by the Bankruptcy Court granting the extension of the exclusive right to file a plan until July 12, 2004 and the exclusive right to solicit acceptances thereto until September 10, 2004. On February 25, 2004, an order was entered by the Bankruptcy Court denying a motion of certain shareholders directing the United States Trustee to appoint an Official Committee of Equity Security Holders. It is contemplated that funds will be available for distribution to unsecured creditors, however the estimated amount to be distributed and percentage of recovery to unsecured creditors has not yet been determined. Touch America estimates that the claims of creditors and costs of administration of its bankruptcy will exceed the total amount of funds available to Touch America's bankruptcy estate. TRENWICK GROUP: Reports $272,891 Net Loss in May 2004 ----------------------------------------------------- On June 21, 2004, Trenwick America Corporation, Trenwick Group Ltd. (in provisional liquidation) and LaSalle Re Holdings Limited (in provisional liquidation) filed monthly operating reports as of August 20, 2003 and May 31, 2004 and for the month ended May 31, 2004 and the period from August 20, 2003 to May 31, 2004 with the United States Bankruptcy Court for the District of Delaware. Trenwick Group Ltd. (Bankr. D. Del. Case No. 03-12636), reports a $272,891 net loss for the month ended May 31, 2004, and a cumulative $81.6 million loss for the period from August 20, 2003 to May 31, 2004. A full-text copy of Trenwich Group's May Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1122211/000116923204003536/d60039_ex99-1.txt Trenwick America Corporation (Bankr. D. Del. Case No. 03-12635) reports a $1.1 million net loss in May 2004 and a cumulative $56.7 million loss during the course of its chapter 11 restructuring. A full-text copy of Trenwick America's May Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1127783/000116923204003535/d60040_ex99-1.txt LaSalle Re Holdings Limited (Bankr. D. Del. Case No. 03-12637) reports $1,049,489 of positive net income in April 2004 and a cumulative $3.7 million post-petition loss. A full-text copy of LaSalle's March Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1001384/000116923204003534/d60041_ex99-1.txt On August 20, 2003, Trenwick Group Ltd. (in provisional liquidation) and the Company filed insolvency proceedings in the Supreme Court of Bermuda. On August 22, 2003, the Bermuda Court granted an order appointing Michael Morrison and John Wardrop, partners of KPMG in Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint Provisional Liquidators in respect of TGL and the Debtor. The Bermuda Court granted the JPLs the power to oversee the continuation and reorganization of these companies' businesses under the control of their boards of directors and under the supervision of the Bankruptcy Court and the Bermuda Court. The JPLs have not audited the contents of this report. The Company is debtor and debtor-in-possession in In re LaSalle Re Holdings Limited, et al., Case No. 03-12637 (MFW) (Bankr. D. Del. 2003). UAL CORP: Says 86% June Monthly Load Factor is Highest-Ever ----------------------------------------------------------- United Airlines (OTC BB: UALAQ.OB) reported its highest-ever monthly load factor of 86% in its traffic results for June 2004. This load factor is 3.1 points higher than United's previous load- factor record set in July 2003 and is 4 points above June 2003. It also is the third month in a row the airline has broken its load-factor record for the month. United's total scheduled revenue passenger miles (RPMs) increased in June 2004 by 16.9% on a capacity increase of 11.4% available seat miles (ASMs) vs. the same period in 2003. 2004 2003 Percent June June Change -------- -------- ------- Scheduled Service Only: Revenue Plane Miles 68,032,000 61,919,000 9.9 Number Of Departures 52,596 49,764 5.7 Revenue Passengers 6,565,000 5,851,000 12.2 Revenue Passenger Miles (000): North America 6,867,229 6,078,486 13.0 Pacific 2,066,404 1,312,947 57.4 Atlantic 1,431,554 1,377,125 4.0 Latin America 249,745 313,220 -20.3 System 10,614,932 9,081,778 16.9 Available Seat Miles (000): North America 8,142,002 7,455,850 9.2 Pacific 2,294,436 1,653,075 38.8 Atlantic 1,582,591 1,569,133 0.9 Latin America 318,542 396,084 -19.6 System 12,337,571 11,074,142 11.4 Passenger Load Factor (Percent): North America 84.3 81.5 2.8 Pacific 90.1 79.4 10.7 Atlantic 90.5 87.8 2.7 Latin America 78.4 79.1 -0.7 System 86.0 82.0 4.0 Cargo Ton Miles (000): Freight 136,396 125,191 9.0 Mail 28,691 30,310 -5.3 System 165,087 155,501 6.2 Total System Inc Charter (000): Revenue Passenger Miles 10,637,801 9,138,496 16.4 Available Seat Miles 12,366,639 11,142,328 11.0 Revenue Psgr. Km. 17,119,413 14,706,582 16.4 Available Seat Km. 19,901,632 17,931,348 11.0 Total Revenue Ton Miles 1,228,867 1,069,350 14.9 Total Avail. Ton Miles 1,943,475 1,745,722 11.3 Total Rev. Ton Km. 1,781,774 1,550,625 14.9 Total Avail. Ton Km. 2,837,474 2,548,754 11.3 Year To Date ----------------------- Percent 2004 2003 Change -------- -------- ------- Scheduled Service Only: Revenue Plane Miles 389,657,000 367,825,000 5.9 Number Of Departures 302,985 295,809 2.4 Revenue Passengers 34,354,000 31,983,000 7.4 Revenue Passenger Miles (000): North America 35,282,928 32,529,530 8.5 Pacific 11,245,084 8,287,993 35.7 Atlantic 7,374,080 6,433,780 14.6 Latin America 1,785,103 1,874,296 -4.8 System 55,687,195 49,125,599 13.4 Available Seat Miles (000): North America 46,089,673 43,448,643 6.1 Pacific 13,239,578 11,647,393 13.7 Atlantic 9,107,685 8,487,429 7.3 Latin America 2,320,932 2,632,795 -11.8 System 70,757,868 66,216,260 6.9 Passenger Load Factor (Percent): North America 76.6 74.9 1.7 Pacific 84.9 71.2 13.7 Atlantic 81.0 75.8 5.2 Latin America 76.9 71.2 5.7 System 78.7 74.2 4.5 Cargo Ton Miles (000): Freight 741,393 796,837 -7.0 Mail 182,698 187,858 -2.7 System 924,091 984,695 -6.2 Total System Inc Charter (000): Revenue Passenger Miles 56,003,601 49,580,589 13.0 Available Seat Miles 71,145,403 66,764,091 6.6 Revenue Psgr. Km. 90,126,595 79,790,042 13.0 Available Seat Km. 114,494,297 107,443,452 6.6 Total Revenue Ton Miles 6,524,472 5,943,040 9.8 Total Avail. Ton Miles 11,220,434 10,530,707 6.5 Total Rev. Ton Km. 9,460,564 8,618,759 9.8 Total Avail. Ton Km. 16,381,834 15,374,832 6.5 Headquartered in Chicago, Illinois, UAL Corporation -- http://www.united.com/-- 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. (United Airlines Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., 215/945-7000) W.R. GRACE: Releases 2003 Savings Plan Annual Report ---------------------------------------------------- On June 25, 2004, W. R. Grace & Co. delivered to the Securities and Exchange Commission an annual report with respect to the administration and value of the assets of the W. R. Grace & Co. Savings and Investment Plan. The Plan is a defined contribution plan originally adopted effective September 1, 1976, and has been amended from time to time. The Plan is subject to certain provisions of the Employee Retirement Income Security Act of 1974, as amended. Fidelity Management Trust Company administers the Plan's recordkeeping and serves as the Plan's trustee and custodian. Any salaried and hourly employee of Grace or its U.S. subsidiaries who is in an eligible employment classification and who has completed three months of service is eligible for participation. A participant's interest -- employee contributions, Company contributions, and earnings on those contributions -- in the Plan is always fully vested. Each year, participants may elect to contribute to the Plan 2% to 16% of their compensation, which, for purposes of the Plan, consists of salary and commissions, incentive compensation, and bonus awards, excluding long-term incentive bonuses and retention bonuses. Participant contributions may be made from before-tax or after-tax income, as provided under Sections 401(k) and 401(m) of the Internal Revenue Code of 1986, as amended, subject to an annual dollar limit on before-tax contributions of $12,000 and $11,000 for 2003 and 2002. Federal income tax law limited the annual compensation on which tax-qualified plan benefits may be based to $200,000 for 2003 and 2002. Grace contributes 100% of the first 6% of base compensation that a participant contributes to the Plan. Therefore, the maximum Company contribution is 6% of a participant's compensation. Grace's contributions are allocated to investment options in accordance with the participant's investment election. The Plan offers 27 mutual funds, Grace Common Stock, and a Fixed Income Fund comprised principally of guaranteed investment contracts as investment options for participants. PricewaterhouseCoopers, LLC, audits the Plan's financial statements. W. R. Grace & Co. Savings and Investment Plan Statements of Net Assets Available for Benefits At December 31, 2003 2002 ------------- ------------ ASSETS: Investments, at fair value: Guaranteed Investment Contracts $243,668,794 $237,402,476 Mutual Funds 205,217,070 151,041,578 Grace Common Stock 20,921,043 24,101,477 Participant Loans, at cost 5,870,377 5,217,747 Receivables: Contributions Receivable 331,672 166,381 ------------- ------------ 476,008,956 417,929,659 LIABILITIES: Accrued Administrative Expenses (8,870) (3,066) ------------- ------------ NET ASSETS AVAILABLE FOR BENEFITS: $476,000,086 $417,926,593 ============= ============ W. R. Grace & Co. Savings and Investment Plan Statements of Changes in Net Assets Available for Benefits For the Year Ended December 31, 2003 2002 ------------- ------------ ADDITIONS: Additions to net assets attributable to: Contributions: Participants $19,380,061 $18,384,878 Employer 11,437,996 11,028,369 ------------- ------------ 30,818,057 29,413,247 ------------- ------------ Investment income (loss): Interest and dividends 14,418,848 15,557,079 Net appreciation (depreciation) in fair value of investments 46,856,191 (29,074,955) ------------- ------------ 61,275,039 (13,517,876) ------------- ------------ TOTAL 92,093,096 15,895,371 ------------- ------------ DEDUCTIONS: Deductions from net assets attributable to: Participant withdrawals 33,782,608 29,863,564 Administrative expenses 236,995 229,290 ------------- ------------ TOTAL 34,019,603 30,092,854 ------------- ------------ NET INCREASE(DECREASE): 58,073,493 (14,197,483) NET ASSETS AVAILABLE FOR BENEFITS Beginning of year 417,926,593 432,124,076 ------------- ------------ END OF YEAR $476,000,086 $417,926,593 ============= ============ ********* 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. 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. 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. 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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