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
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA.  The TCR is
published every Monday through Saturday except on New Year's Day,
Good Friday, Christmas Eve, Christmas Day and New Year's Eve.  
Yvonne L. Metzler, Bernadette C. de Roda, Rizande B. Delos Santos,
Paulo Jose A. Solana, Jazel P. Laureno, Aileen M. Quijano and
Peter A. Chapman, Editors.

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

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                    *** End of Transmission ***