TCR_Public/040717.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 17, 2004, Vol. 8, No. 147

                            Headlines


ANC RENTAL: Reports $13.7 Million in Total Assets at May 31
DIVINE INC: Releases May 2004 Monthly Operating Reports
ENRON: ENA Examiner's 116th Weekly Report -- June 1 to 4, 2004
ENRON: ENA Examiner's 26th Monthly Report As of June 11, 2004
HAWAIIAN AIRLINES: Reports $157,000 Net Income in May 2004

KEYSTONE CONSOLIDATED: Reports $1.8 Million Income in June 2004
LAIDLAW INT'L: Reports $34.6 Million Net Income in Third Quarter
SONICBLUE INC: Releases May 2004 Monthly Operating Report
WESTPOINT STEVENS: Reports $11.2 Million Net Loss in May 2004
WESTPOINT STEVENS: JP Stevens & Co.'s May Monthly Operating Report

WESTPOINT STEVENS: JP Stevens Enterprises' May Operating Report
WESTPOINT STEVENS: WP Stevens I Posts $3.1 Million Income in May
WESTPOINT STEVENS: WP Stevens Stores' May Monthly Operating Report


                            *********


ANC RENTAL: Reports $13.7 Million in Total Assets at May 31
-----------------------------------------------------------

                  ANC Rental Corporation, et al.
                      Combined Balance Sheet
                        As of May 31, 2004

                              ASSETS

Current Assets
    Cash -- Investments and Other Cash                $1,200,896
    Cash -- ANC Primary Disbursement                       6,145
                                                 ---------------
       Total Unrestricted Cash                         1,207,041

    Restricted Cash -- Professional Fee Escrow         5,583,078
    Restricted Cash -- Tax Escrow                      6,800,000
                                                 ---------------
       Total Restricted Cash                          12,383,078

    Accounts Receivable Other                            119,020
    Corporate Accounts                                 3,640,880
    Collision Damage Recovery A/R                      2,873,499
    Collision Damage Recovery Reserve                 (2,873,499)
    Provision -- Trade A/R                            (3,651,950)
                                                 ---------------
       Total Receivables, net                            107,950
                                                 ---------------
    Total Current Assets                              13,698,069

Other Assets                                             58,215
                                                 ---------------
Total Assets                                        $13,756,284
                                                 ===============

                      LIABILITIES & CAPITAL

Administrative Liabilities
    Accounts Payable                                    $742,059
    Admin Claim -- Legal and Professional Fee            780,441
    Accrued Interest on 3rd Party Debt                 6,500,000
    Reserve for Other Prof Fee and Admin Claims        3,675,000
                                                 ---------------
       Estimated Admin and Prof Fee Reserves          11,697,500

Secured Liabilities
    Accrued Ad-Valorem Tax Reserve                     6,800,000

Priority Liabilities
    Accrued Prepetition Personal Property Taxes        2,264,409
    Other Priority Creditor Accruals                     444,127

General Unsecured Liabilities
    Reserves for General Unsecured Claims            459,750,164
                                                 ---------------
Total Liabilities                                   480,956,200

Total Capital                                      (467,199,916)
                                                 ---------------

Total Liabilities & Capital                         $13,756,284
                                                 ===============


                  ANC Rental Corporation, et al.
                      Statement of Operations
                For the month ending May 31, 2004

Total Revenues                                               $0

Expenses
    Citations                                               (606)
    Turnback Expense Charges                                   0
    Damage Repair -- Collection                           (5,581)
    Unemployment Taxes -- State                                0
    Payroll Taxes -- Other                                     0
    Bank Service Charges                                   1,938
    Consulting Fees                                       72,050
    Accounting -- Auditing Fees                                0
    Legal Fees                                            41,049
    Data Processing Services                               9,278
    Printed Forms/Stationery                                 276
    Rent Expense                                               0
    Utilities                                                  0
    Telephone/Communications                                   0
    Personal Property Taxes                                    0
    Non-Property Taxes                                    18,053
    Environmental Costs                                        0
    Miscellaneous Other Expense (Operating)                5,220
                                                 ---------------
       Total Expenses                                    141,677
                                                 ---------------
Net Income                                            ($141,677)
                                                 ===============


                  ANC Rental Corporation, et al.
                  Cash Receipts and Disbursements
                 For the month ending May 31, 2004

Cash at Beginning of Period                         $13,927,352

Receipts:
    Credit Card and Local Deposits                             0
    Collections of Accounts Receivable                   180,496
    Other Receipts                                         6,956
                                                 ---------------
       Total Receipts                                    187,452

Disbursements:
    US Trustee Fees Paid                                       0
    Fleet Operating Expenses                                   0
    Personnel - Net Cash Payroll                               0
    Personnel - Payroll Taxes Paid                             0
    Personnel - Benefits Payments                              0
    Personnel - Payments of Garnishments Withheld              0
    Travel Expenses Paid                                       0
    Fuel Rental Fleet Payments                                 0
    Airport - Agency - Concession Fees Paid                    0
    Insurance Payments All                                     0
    Facility & Other Fixed Operating Expenses Paid             0
    Travel Agency Tour Operator Commission Payments            0
    Advertising Payments                                       0
    IT Consulting Payments                                     0
    IT Other Cash Payments                                     0
    Sales Taxes and Other Taxes Paid                      18,053
    Professional Fees Paid - Ordinary Course                   0
    Professional Fees Paid - Bankruptcy Professional     484,980
    Other Miscellaneous Operating Expenses Paid           21,652
    Capital Expenditures                                       0
    Interest and Financing Fees Paid                           0
    Vehicle Holding Costs Paid                                 0
    Fleet Purchase Payments & Financing Enhancement            0
    Working Capital Fundings to Subsidiaries                   0
                                                 ---------------
       Total Disbursements                               524,686

Net Cash Flow                                          (337,233)
                                                 ---------------
Cash at End of Period                               $13,590,119
                                                 ===============


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). On April 15, 2004, Judge Walrath
confirmed the Debtors' 3rd amended Chapter 11 Liquidation Plan, in
accordance with Section 1129(a) and (b) of the Bankruptcy Code.

Upon confirmation, Blank Rome, LLP, and Fried, Frank, Harris,
Shriver & Jacobson, LLP, withdrew as the Debtors' counsel. Gazes &
Associates, LLP, and Stevens & Lee, PC, serve as substitute
counsel to represent the debtors' post-confirmation interests.
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. 56; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


DIVINE INC: Releases May 2004 Monthly Operating Reports
-------------------------------------------------------
On June 19, 2004, divine, inc., a Delaware corporation (now known
as Enivid, Inc.), released its monthly operating reports for the
period from May 1, 2004, through May 31, 2004.  divine provides
separate reports for its software, hosting, and corporate
businesses.  divine also filed a monthly operating report
summarizing its disbursements and receipts for the same period.  
divine's Software and Hosting business units' operating reports
show virtually no activity in May 2004 because these units were
sold in May 2003.    

The Corporate segment reports no revenue and a $346,437 net loss
in May 2004.  At May 31, 2004, divine's balance sheet shows
$63,486,933.24 in total assets.

Full-text copies of divine's May 2004 Operating Reports are
available at no charge at:

   http://www.sec.gov/Archives/edgar/data/1097516/000110465904019280/0001104659-04-019280-index.htm     


divine, Inc., an affiliate of RoweCom Inc., described itself as an  
extended enterprise company, which serves to make the most of   
customer, employee, partner, and market interactions, and through   
a holistic blend of Technology, services, and hosting solutions,   
assist its clients in extending their enterprise.  The Company   
filed for chapter 11 protection on February 25, 2003 (Bankr.
Mass. Case No. 03-11472).  Richard E. Mikels, Esq., Kevin J.
Walsh, Esq., Adrienne K. Walker, Esq., at Mintz, Levin, Cohn,
Ferris, Glovsky and Popeo and J. Douglas Bacon, Esq., Stephen R.
Tetro, Esq., and Adam R. Skilken, Esq., represent the Debtors in
their chapter 11 cases.  When the Debtors filed or protection from  
their creditors, they listed $271,372,593 in total assets and  
$191,957,065 in total debts.


ENRON: ENA Examiner's 116th Weekly Report -- June 1 to 4, 2004
--------------------------------------------------------------
Harrison J. Goldin, the Examiner for Enron North America,
delivers to the Court his 116th report summarizing the deposits
and disbursements into and out of ENA Accounts for the period
June 1, 2004 through June 4, 2004.

         Third Party Deposits and Disbursements:

         Date                    Deposits        Disbursements
         ----                    --------        -------------
    June 1, 2004               $1,350,628            ($13,286)
    June 2, 2004                   11,956                   0
    June 3, 2004                  255,250                   0
    June 4, 2004                        0          (3,533,164)
                             ------------       -------------
             Week Total:       $1,617,834         ($3,546,450)


         Inter-company Deposits and Disbursements:

         Date                    Deposits        Disbursements
         ----                    --------        -------------
    June 1, 2004                       $0                  $0
    June 2, 2004                        0                   0
    June 3, 2004                        0                   0
    June 4, 2004                        0                   0
                             ------------       -------------
             Week Total:               $0                  $0


         Total Deposits and Disbursements:

         Date                    Deposits        Disbursements
         ----                    --------        -------------
    June 1, 2004               $1,350,628            ($13,286)
    June 2, 2004                   11,956                   0
    June 3, 2004                  255,250                   0
    June 4, 2004                        0          (3,533,164)
                             ------------       -------------
             Week Total:       $1,617,834         ($3,546,450)


ENRON: ENA Examiner's 26th Monthly Report As of June 11, 2004
-------------------------------------------------------------
In his 26th monthly report, ENA Examiner Harrison J. Goldin keeps
the Court up to date regarding the status of ENA's cash, assets
and liabilities as of June 11, 2004.

                    Status of ENA Cash

>From December 3, 2001 through and including June 11, 2004, total
deposits were $5,500,000,000 and total disbursements were
$2,800,000,000.  The breakdown between third party and inter-
company transactions are:

                                 Deposits   Disbursements
                                 --------   -------------
       Third party         $4,100,000,000    $717,000,000
       Intercompany         1,400,000,000   2,100,000,000

The cash balance, including short-term investments and various
adjustments and additions to bank accounts, was $3,000,000,000.

                Status of ENA Non-Cash Assets

Mark-to-Market Valuation of the Wholesale Book:

                                        MTM Value as of
                                  May 4, 2004       June 1, 2004
                                  -----------       ------------
Enron Power Marketing, Inc.  <$1,200,000,000    <$1,200,000,000

ENA Corp.                        <50,000,000        <50,000,000

Natural Gas                     <900,000,000       <750,000,000

EGM by ENA Corp.                <320,000,000       <320,000,000

EGM by EGLI                       <6,000,000         <6,000,000

EGM by ERAC                       <2,000,000         <2,000,000

Enron Industrial Markets         <50,000,000        <50,000,000

Enron Canada Corp.              <350,000,000       <330,000,000

Enron Capital & Trade           <110,000,000       <110,000,000
Resources Int'l. Corp.

                Status of Other ENA Non-Cash Assets

On May 21, 2004, the Debtors announced that they had reached an
agreement with NuCoastal, LLC, for the sale of CrossCountry for
$2.2 billion.  Enron's board of directors has approved the sale,
which was previously supported by the Official Committee of
Unsecured Creditors.

On June 18, 2004, the Creditors Committee filed a statement
indicating that, after the execution of the NuCoastal Agreement,
it "received an offer from an investment grade company . . . that
offers approximately $55 million more cash, is not conditioned on
the payment of a break-up fee, and is otherwise on higher and/or
better terms than the NuCoastal Agreement."  Accordingly, in the
Committee's view, the NuCoastal Agreement did not represent the
highest and best offer for CrossCountry.  The Committee
recommended that the Court not approve NuCoastal's break-up fee
and authorize the Debtors to accept the competing offer.  On June
22, 2004, the Committee filed a supplemental statement disclosing
that CCE Holdings, LLC, was the competing bidder.

Prior to the CrossCountry Bidding Procedures Hearing, the Debtors
conducted a "mini-auction" between NuCoastal and CCE Holdings.
CCE Holdings submitted the highest offer at $2.35 billion.
During the Bidding Procedures Hearing, the Debtors and the
Committee requested that instead of the NuCoastal break-up fee, a
stipulation be entered respecting the reimbursement to NuCoastal
of fees and expenses it incurred up to $15,000,000.  However, Mr.
Goldin notes that the Court directed the Debtors to seek approval
of the proposed stipulation by motion, on notice to parties-in-
interest.

On June 24, 2004, the Court approved the revised bidding
procedures for the CrossCountry auction and sale.  The revised
bidding procedures provide that:

    (i) CCE Holding will not be entitled to reimbursement of
        expenses or a break-up free should it not prevail at the
        auction;

   (ii) competing bids for the sale are to be submitted by
        August 23, 2004;

  (iii) the auction will be held on September 1, 2004; and

   (iv) the hearing on the CrossCountry Sale Motion will be held
        on September 9, 2004.

            Continuing Regulatory Investigations

Mr. Goldin reports that on June 1, 2004, a party-in-interest
released taped telephone conversations of Enron Traders allegedly
engaging in misconduct during the period covered by the Federal
Energy Regulatory Commission investigation.  On June 17, 2004,
the FERC issued a press release noting that it has directed its
staff to determine whether the Trader Tapes are relevant to any
pending investigations of Enron affiliates.

On June 17, 2004, California's Attorney General filed a civil
suit against several Enron affiliates under the state's Unfair
Competition Law and Commodity Law.  The California Suit seeks
restitution, damages, civil penalties and other equitable
protection.  According to Mr. Goldin, the California Suit cites
the Trader Tapes as evidence of alleged misconduct.  Although the
California Suit does not specify the total amount of the
protection sought, a press release from the Attorney General
indicates that a potential recovery of "hundreds of millions" of
dollars is sought.

                 Plan Confirmation Hearing

Mr. Goldin says that the Plan Confirmation Hearing began on
June 3, 2003.  The hearing was bifurcated into two distinct
phases:

    (1) the presentation of evidence phase; and

    (2) the oral argument phase respecting outstanding issues.

During the Evidence Phase, the Debtors presented as witnesses
Robert Bingham, Raymond Bowen, Jane Sullivan, Steven Zelin and
Stephen F. Cooper.  Although over 100 parties-in-interest filed
objections to the Plan, many objections were resolved either
prior to or during the Confirmation Hearing.  The remaining
objectors were given an opportunity to cross-examine the Debtors'
witnesses.  The record as to evidence was closed on June 9, 2004.

The Argument Phase of the Confirmation Hearing began on June 14,
2004.  The Debtors identified 47 issues in the numerous
objections to confirmation.  The Court heard arguments on all
issues identified, to the extent that they were not rendered moot
by a settlement or otherwise.  The Argument Phase concluded on
June 18, 2004.

Respecting the resolution of the Confirmation Hearing, Mr. Goldin
states that the Court established these schedules:

    (a) the Debtors will submit the proposed finings of fact
        and conclusions of law by June 23, 2004;

    (b) the objectors will submit their proposed findings of fact
        and conclusions of law by June 30, 2004;

    (c) the Debtors or other party-in-interest may respond to the
        objectors' proposed findings of fact by July 2, 2004; and

    (d) the Court indicated that it would try to rule on the
        matter on July 15, 2004.

(Enron Bankruptcy News, Issue No. 117; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


HAWAIIAN AIRLINES: Reports $157,000 Net Income in May 2004
----------------------------------------------------------
On June 24, 2004, Hawaiian Airlines filed its unaudited May 2004
Monthly Operating Report with the United States Bankruptcy Court
for the District of Hawaii.  

For the month ending May 31, 2004, Hawaiian Airlines' balance  
sheet shows $396 million in assets and a $198 million  
shareholders' deficit. The carrier also reports $157,000 of  
earnings on $59.3 million of revenues.

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

   http://www.sec.gov/Archives/edgar/data/1172222/000095013604002223/file001.txt


On March 21, 2003, Hawaiian Airlines, Inc., the sole operating   
subsidiary of Hawaiian Holdings, Inc., filed a voluntary petition   
for reorganization under Chapter 11 of the United States   
Bankruptcy Code in the United States Bankruptcy Court for the   
District of Hawaii (Case No. 03-00827).  Joshua Gotbaum serves as   
the chapter 11 trustee for Hawaiian Airlines, Inc.  Mr. Gotbaum
is represented by Tom E. Roesser, Esq., and Katherine G. Leonard
at Carlsmith Ball LLP and Bruce Bennett, Esq., Sidney P.
Levinson, Esq., Joshua D. Morse, Esq., and John L. Jones, II,
Esq., at Hennigan, Bennett & Dorman LLP.  


KEYSTONE CONSOLIDATED: Reports $1.8 Million Income in June 2004
---------------------------------------------------------------
For the month ending June 30, 2004, Keystone reports earning  
$1,865,385 on $30,527,238 of sales. At June 30, 2004, Keystone  
Consolidated Industries' balance sheet shows:

         Current Assets         $ 68,975,835
         Total Assets            300,882,549
         Current Liabilities     158,338,220
         Stockholders' Deficit  $ 27,019,278

A full-text copy of Keystone Consolidated Industries' June 2004  
Monthly Operating Report is available at no charge at:  

http://www.sec.gov/Archives/edgar/data/55604/000005560404000026/exhibit991june.txt  


On February 26, 2004, Keystone Consolidated Industries, Inc.,  
together with five of its direct and indirect subsidiaries  
(FV Steel and Wire Company, DeSoto Environmental Management, Inc.,  
J.L. Prescott Company, Sherman Wire Company f/k/a DeSoto,  Inc.,  
and Sherman Wire of Caldwell, Inc.), filed voluntary  petitions  
for relief under Chapter 11 of Title 11 of the United States Code  
in the United States Bankruptcy Court for the Eastern District of  
Wisconsin in Milwaukee.                    


LAIDLAW INT'L: Reports $34.6 Million Net Income in Third Quarter
----------------------------------------------------------------
Laidlaw International, Inc., announced financial results for its  
third quarter of fiscal 2004 ended May 31, 2004.  As previously  
reported, the company emerged from bankruptcy protection in June  
2003.  Accordingly, the results of the third quarter of 2004  
presented in this news release are for the reorganized company.  
All results for the third quarter ended May 31, 2003 are for  
Laidlaw Inc., the predecessor company.  Because of the company's  
reorganization, comparisons to the prior year may not be  
meaningful.

For the third quarter of fiscal 2004, revenue of $1,239.6 million
was up $36.8 million or 3.1% from $1,202.8 million for the prior
year period largely due to revenue growth from Laidlaw
International's healthcare companies.  Net income for the third  
quarter of 2004 was $34.6 million compared to $62.2 million for  
the prior year quarter.  In the prior year period of the
predecessor company, interest expense was not recorded for those  
liabilities subject to compromise.

Operating income for the third quarter of 2004 was $89.5 million,
as compared to operating income of $73.7 million for the prior
year quarter principally reflecting improved performance of the
company's Greyhound Lines subsidiary.

Third quarter EBITDA (earnings before interest; income taxes;
depreciation; amortization; other expenses, net and cumulative
effect of change in accounting principle) was $164.2 million as
compared to an EBITDA of $150.9 million in the third quarter of
2003, an expansion in margin to 13.2% from 12.5% of revenue.  
Laidlaw International presents EBITDA, a non-GAAP measure, as a
supplemental disclosure to the financial results provided in this
news release.  EBITDA is commonly used as a measure to evaluate a
company's ability to service or incur debt.

A schedule reconciling EBITDA to net cash from operating
activities is provided as a supplement to this release.  Net cash  
from operating activities for the third quarter of fiscal 2004  
was $186.6 million as compared to net cash provided by operating  
activities of $199.7 million for the prior year period.

"This was a satisfactory quarter," said Kevin Benson, President
and Chief Executive Officer of Laidlaw International, Inc.  "Our
school bus operations performed well as did Greyhound and AMR,
where we continued to work on improving margins through lower
overheads and better equipment utilization."

Mr. Benson added, "Our longer term operational plans are now  
well advanced and share the common objective of improving
performance and demonstrating shareholder value.  Our recent  
announcement of Greyhound's network simplification in the
northwest United States is the first of many operational  
improvements initiated by these plans."

As of May 31, 2004, the company had unrestricted cash and cash
equivalents of $161.3 million and debt outstanding of $1,159.3
million.

For the nine months ended May 31, 2004, Laidlaw International
reported consolidated revenue of $3,612.4 million, EBITDA of
$429.5 million and net cash from operating activities of $281.2
million.  Year to date net capital expenditures totaled $150.8
million.  The company now expects full year fiscal 2004 revenue to
be 3 to 4% higher than revenue in fiscal 2003 and full year fiscal
2004 EBITDA to be 7 to 8% higher than EBITDA in fiscal 2003.  Net
capital expenditures are expected to be approximately $250
million.

Earlier this week, the company's subsidiary, Greyhound Lines,
Inc., entered into an amendment to its $125 million revolving
credit facility extending the maturity date through October 24,
2006, with an option to extend the term for an additional year
subject to certain terms and conditions.  The amendment resets the
financial covenants and modifies the interest rate incurred on the
borrowings and letter of credit fees.

Laidlaw International also announced that, due to lack of trading
activity in Toronto, it is filing an application with the Toronto
Stock Exchange to delist the company's common stock traded under
the symbol: BUS.  The company's common stock will continue to be
listed on the New York Stock Exchange, symbol: LI. The actual
delisting is expected to occur by July 16, 2004.

The company held a conference call hosted by senior management to
discuss the financial results on Friday, July 9, 2004 at 10:00
a.m. (eastern daylight-savings time). A replay is available
through August 9, 2004.  To access the replay, dial 877-519-4471
(U.S and Canada) or 973-341-3080 (International); access code:
4866275.  Additionally, the Web cast will be archived for
approximately one month on Laidlaw International's Web site
http://www.laidlaw.com/

           Third Quarter Fiscal 2004 Results

A full-text copy of Laidlaw's Third Quarter Fiscal 2004 Results
is available at no cost at:

   http://www.laidlaw.com/phoenix.zhtml?c=145371&p=irol-newsArticle&ID=589209&highlight


                    Laidlaw International, Inc.
            Unaudited Consolidated Statements of Income
               For Three Months Ended May 31, 2004


Revenue                                        $1,239,600,000

Expenses:
   Compensation expense                           706,500,000
   Accident claims & prof. liability expenses      78,100,000
   Vehicle related costs                           68,700,000
   Occupancy costs                                 50,000,000
   Fuel                                            50,100,000
   Depreciation                                    70,100,000
   Amortization                                     4,600,000
   Other operating costs                          122,000,000
                                               --------------
Operating Income                                   89,500,000

Interest expense                                  (31,400,000)
Other expenses                                       (100,000)
                                               --------------
Income(loss) before income taxes                   58,000,000

Income tax expense                                (23,400,000)
                                               --------------
Income(loss) before cumulative effect of
   a change in accounting principle                34,600,000
Cumulative effect of a change in  
   accounting principle                                     -
                                               --------------
Net income (loss)                                 $34,600,000
                                               ==============


                   Laidlaw International, Inc.
                  Unaudited Operating Highlights
               For Three Months Ended May 31, 2004
                        (In U.S. dollars)

Revenue                                           
   Education services                            $459,700,000
   Public Transit services                         78,700,000
   Greyhound                                      299,700,000
   Healthcare Transportation services             265,600,000
   Emergency Management services                  135,900,000
                                               --------------
Consolidated                                    1,239,600,000
                                               --------------

EBITDA
   Education services                             120,800,000
   Public Transit services                          1,500,000
   Greyhound                                       15,600,000
   Healthcare Transportation services              22,100,000
   Emergency Management services                    4,200,000
                                               --------------
Consolidated                                      164,200,000
                                               --------------

EBITDA Margins
   Education services                              26,300,000
   Public Transit services                          1,900,000
   Greyhound                                        5,200,000
   Healthcare Transportation services               8,300,000
   Emergency Management services                    3,100,000
                                               --------------
Consolidated                                       13,200,000
                                               --------------
Net Capital Expenditures                          $45,700,000
                                               ==============


SONICBLUE INC: Releases May 2004 Monthly Operating Report
---------------------------------------------------------
At May 31, 2004, SONICblue Inc. reports that it is sitting on $81
million of cash, has accrued $2,654,081 in post-petition
liabilities and faces a $236,848,948 mountain of pre-petition
debts.

A full-text copy of SONICblue Inc.'s May 2004 Operating Report is
available at no charge at:

   http://www.sec.gov/Archives/edgar/data/850519/000089161804001094/f00211exv99w1.txt


WESTPOINT STEVENS: Reports $11.2 Million Net Loss in May 2004
-------------------------------------------------------------

                      WESTPOINT STEVENS, INC.  
                           Balance Sheet  
                          At May 31, 2004
                          (in thousands)  

                              Assets  

Current Assets  
   Cash and cash equivalents                             $2,133
   Short-term investments                                     -
   Accounts receivable, net                             220,889
   Inventories                                          394,187
   Prepaid expenses and other current assets             22,906
                                                     ----------
Total current assets                                    640,115

Total investments and other assets                      125,382
Goodwill                                                      -
Property, Plant and Equipment, net                      580,999
                                                     ----------
TOTAL ASSETS                                         $1,346,496
                                                     ==========

              Liabilities and Stockholders' Deficit  

Current Liabilities  
   Senior Credit Facility                              $440,736
   DIP Credit Agreement                                 145,637
   Second lien facility                                 165,000
   Accrued interest payable                               4,220
   Accounts payable - trade                              51,377
   Accounts payable - intercompany                      145,448
   Other accrued liabilities                            108,032
   Deferred income taxes                                 38,423
   Pension and other liabilities                        140,106
                                                     ----------
Total current liabilities                             1,238,979

Liabilities Subject to Compromise
   Senior notes                                       1,000,000
   Deferred financing fees                               (6,115)
   Accrued interest payable on Senior Notes              36,130
   Accounts payable                                      27,152
   Other payables and accrued liabilities                 8,238
   Pension and other liabilities                         18,849
                                                     ----------
Total liabilities not subject to compromise           1,084,254
                                                     ----------
Total Liabilities                                     2,323,233

Shareholders' Equity (Deficit)
   Equity of subsidiaries                              (123,757)
   Common stock                                             711
   Capital surplus/Treasury Stock                        30,223
   Retained earnings (deficit)                         (771,371)
   Minimum pension liability adjustment                (101,921)
   Other adjustments                                    (10,622)
   Unearned compensation                                      -
                                                     ----------
Stockholders' Equity (Deficit)                         (976,737)
                                                     ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit)   $1,346,496
                                                     ==========


                      WESTPOINT STEVENS, INC.
                      Statement of Operations
                     Month Ended May 31, 2004
                          (in thousands)

Total sales                                            $111,184
Cost of sales                                           100,779
                                                     ----------
   Gross profit                                          10,405

Selling and administrative expenses
   Selling expenses                                       3,894
   Warehousing and shipping                               5,784
   Advertising                                              410
   Division administrative expense                          942
   MIS expense                                            1,508
   Corporate administrative expense                       1,291
                                                     ----------
Total selling and administrative expense                 13,829

Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                     ----------
   Profit (loss) from operations                         (3,424)

Interest expense
   Interest expense - outside                             5,815
   Capitalized interest expense                               -
   Interest expense - intercompany                          231
   Interest income                                            2
   Interest income - intercompany                             -
                                                     ----------
Net interest expense                                      6,044

Other expense
   Miscellaneous                                          1,195
   Royalties - intercompany                               3,700
   Transaction gain/loss                                      -
                                                     ----------
   Total other expense                                    4,895

Other income
   Royalties - intercompany                                   -
   Dividends                                                  -
   Sale of assets                                             -
   Miscellaneous                                             11
                                                     ----------
   Total other income                                        11
                                                     ----------
Net other expense                                         4,884
                                                     ----------
Income (loss) before Chapter 11 reorganization
   expenses and income taxes (benefit) and
   extraordinary items                                  (14,352)

Chapter 11 reorganization expenses                        2,181

Income tax expense (benefit)                             (5,290)

Extraordinary item - net of taxes                             -
                                                     ----------
Net Income (loss)                                      ($11,243)
                                                     ==========


                      WESTPOINT STEVENS, INC.
                      Statement of Cash Flows
                     Month Ended May 31, 2004
                          (in thousands)

Cash flows from operations  
Net income (loss)                                      ($11,243)
   Restructuring                                              -
   Equity adjustments                                     1,181
   Depreciation and amortization expense                  4,995
   Gain on sale of assets                                     -
Working Capital Changes
   Decrease/(increase) - accounts receivable            (11,215)
   Decrease/(increase) - inventories                      5,581
   Decrease/(increase) - other current assets             1,391
   Decrease/(increase) - other noncurrent assets & debts  1,611
   Increase/(decrease) - accounts payable (trade)        (9,524)
   Increase/(decrease) - a/p (intercompany)               2,572
   Increase/(decrease) - accrued liabilities             (2,896)
   Increase/(decrease) - accrued interest payable         3,412
   Increase/(decrease) - pension and other liabilities    1,493
   Increase/(decrease) - deferred federal income tax     (3,019)
                                                     ----------
Total cash flows from operations                        (15,661)

Cash flows from investing activities
   Capital expenditures                                  (1,286)
   Transfers                                                (66)
   Net proceeds from sale of assets                           5
                                                     ----------
Total cash flows from investing                          (1,347)

Cash flows from financing activities
   Increase/(decrease)- DIP Credit Agreement             12,000
                                                     ----------
Total cash flows from financing                          12,000

Beginning cash balance                                    7,141
Change in cash                                           (5,008)
                                                     ----------
Ending cash balance                                      $2,133
                                                     ==========


WESTPOINT STEVENS: JP Stevens & Co.'s May Monthly Operating Report
------------------------------------------------------------------

                     J.P. STEVENS & CO., INC.
                          Balance Sheet
                         At May 31, 2004
                          (in thousands)

                              Assets

Current Assets
   Cash and cash equivalents                                  -
   Accounts receivable - intercompany                  $110,738
   Prepaid expenses and other current assets                 11
                                                     ----------
Total current assets                                    110,749

Total investments & other assets                          2,697
Goodwill                                                      -
                                                     ----------
TOTAL ASSETS                                           $113,446
                                                     ==========

              Liabilities and Stockholders' Deficit  

Current Liabilities  
   Accounts payable - intercompany                            -
   Other accrued liabilities                                  -
   Deferred income taxes                                      -
   Pension and other liabilities                              -
                                                     ----------
Total current liabilities                                     -
Non-current Liabilities                                       -

Shareholders' Equity (Deficit)
   Equity of subsidiaries                               $10,503
   Common stock                                               -
   Capital surplus/Treasury Stock                             -
   Retained earnings (deficit)                          102,943
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                     ----------
Stockholders' Equity (Deficit)                          113,446
                                                     ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit)     $113,446
                                                     ==========

J.P. Stevens & Co., Inc., reports no income or cash flow for  
May 2004.


WESTPOINT STEVENS: JP Stevens Enterprises' May Operating Report
---------------------------------------------------------------

                  J.P. STEVENS ENTERPRISES, INC.
                          Balance Sheet
                         At May 31, 2004
                          (in thousands)

                             Assets

Current Assets  
   Cash and cash equivalents                                $35
   Accounts receivable - intercompany                    15,991
   Prepaid expenses and other current assets                  -
                                                     ----------
Total current assets                                     16,026

Total investments & other assets                              -
Goodwill                                                      -
                                                     ----------
TOTAL ASSETS                                            $16,026
                                                     ==========

              Liabilities and Stockholders' Deficit

Current Liabilities  
   Accounts payable - intercompany                            -
   Other accrued liabilities                               $273
   Deferred income taxes                                      -
   Pension and other liabilities                              -
                                                     ----------
Total current liabilities                                   273
Non-current Liabilities                                       -
                                                     ----------
Total liabilities                                           273

Shareholders' Equity (Deficit)
   Equity of subsidiaries                                     -
   Common stock                                               2
   Capital surplus/Treasury Stock                             -
   Retained earnings (deficit)                           15,751
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                     ----------
Stockholders' Equity (Deficit)                           15,753
                                                     ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit)      $16,026
                                                     ==========


                  J.P. STEVENS ENTERPRISES, INC.
                     Statement of Operations  
                    Month Ended May 31, 2004  
                          (in thousands)  

Net sales                                                     -
Cost of goods sold                                            -
                                                     ----------
   Gross earnings                                             -

Selling and administrative expenses
   Selling expenses                                           -
   Warehousing and shipping                                   -
   Advertising                                                -
   Division administrative expense                            -
   MIS expense                                                -
   Corporate administrative expense                           -
                                                     ----------
Total selling and administrative expense                      -

Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                     ----------
   Operating earnings (loss)                                  -

Interest expense
   Interest expense - outside                                 -
   Capitalized interest expense                               -
   Interest expense - intercompany                            -
   Interest income                                            -
   Interest income - intercompany                            59
                                                     ----------
Net interest expense                                        (59)

Other expense
   Miscellaneous                                              -
   Royalties - intercompany                                   -
   Transaction gain/loss                                      -
                                                     ----------
Total other expense                                           -

Other income
   Royalties - intercompany                                 201
   Dividends                                                  -
   Sale of assets                                             -
   Miscellaneous                                              -
                                                     ----------
Total other income                                          201
                                                     ----------
Net other expense                                          (201)
                                                     ----------
Income (loss) before Chapter 11 reorganization
   expenses and income taxes (benefit) and
   extraordinary items                                      260

Chapter 11 reorganization expenses                            -

Income tax expense (benefit)                                 91

Extraordinary item - net of taxes                             -
                                                     ----------
   Net Income (loss)                                       $169
                                                     ==========


                 J.P. STEVENS ENTERPRISES, INC.
                     Statement of Cash Flows
                    Month Ended May 31, 2004
                          (in thousands)

Cash flows from operations
Net income (loss)                                          $169
Non-cash items
   Depreciation and amortization                              -
Working Capital Changes
   Decrease/(increase) - a/r (intercompany)                (250)
   Decrease/(increase) - inventories                          -
   Decrease/(increase) - other current assets                 -
   Decrease/(increase) - other noncurrent assets              -
   Increase/(decrease) - accounts payable (trade)             -
   Increase/(decrease) - a/p (intercompany)                   -
   Increase/(decrease) - accrued liabilities                 91
   Increase/(decrease) - accrued interest payable             -
   Increase/(decrease) - pension & other liabilities          -
   Increase/(decrease) - deferred federal income tax          -
                                                     ----------
Total cash flows from operations                             10

Cash flows from investing activities
   Capital expenditures                                       -
   Net proceeds from sale of assets                           -
                                                     ----------
Total cash flows from investing                               -

Cash flows from financing activities
   Increase/(decrease)- DIP Credit Agreement                  -
                                                     ----------
Total cash flows from financing                               -

Beginning cash balance                                       25
Change in cash                                               10
                                                     ----------
Ending cash balance                                         $35
                                                     ==========


WESTPOINT STEVENS: WP Stevens I Posts $3.1 Million Income in May
----------------------------------------------------------------

                    WESTPOINT STEVENS, INC., I
                           Balance Sheet
                          At May 31, 2004
                          (in thousands)

                              Assets

Current Assets  
   Cash and cash equivalents                                $63
   Accounts receivable - intercompany                         -
   Inventories                                           12,745
   Prepaid expenses and other current assets                  -
                                                     ----------
Total current assets                                     12,808

Total investments and other assets                      124,052
Property, Plant and Equipment, net                       12,707
Goodwill                                                      -
                                                     ----------
TOTAL ASSETS                                           $149,567
                                                     ==========

              Liabilities and Stockholders' Deficit  

Current Liabilities  
   Senior Credit Facility                                     -
   DIP Credit Agreement                                       -
   Long-term debt classified as current                       -
   Accrued interest payable                                   -
   Accounts payable - trade                                $757
   Accounts payable - intercompany                        5,320
   Other accrued liabilities                              9,383
   Deferred income taxes                                      -
   Pension and other liabilities                              -
                                                     ----------
Total current liabilities                                15,460
  
Non-current Liabilities  
   Senior notes                                               -
   Deferred financing fees                                    -
   Accrued interest payable on Senior Notes                   -
   Accounts payable                                       1,396
   Other payables and accrued liabilities                     -
   Pension and other liabilities                              -
                                                     ----------
Total non-current liabilities                             1,396
                                                     ----------
Total liabilities                                        16,856

Shareholders' Equity (Deficit)  
   Equity of subsidiaries                                     -
   Common stock                                               1
   Capital surplus/Treasury Stock                        70,559
   Retained earnings (deficit)                           62,151
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                     ----------
Shareholders' Equity (Deficit)                          132,711
                                                     ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit)     $149,567
                                                     ==========


                    WESTPOINT STEVENS, INC., I
                      Statement of Operations
                     Month Ended May 31, 2004
                          (in thousands)

Net sales                                                $2,779
Cost of goods sold                                        1,581
                                                     ----------
   Gross earnings                                         1,198

Selling and administrative expenses
   Selling expenses                                           2
   Warehousing and shipping                                 194
   Advertising                                                -
   Division administrative expense                            -
   MIS expense                                                -
   Corporate administrative expense                         170
                                                     ----------
Total selling and administrative expense                    366

Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                     ----------
   Operating earnings (loss)                                832

Interest expense
   Interest expense - outside                                 -
   Capitalized interest expense                               -
   Interest expense - intercompany                            -
   Interest income                                            -
   Interest income - intercompany                           306
                                                     ----------
Net interest expense                                       (306)

Other expense  
   Miscellaneous                                              -
   Royalties - intercompany                                 190
   Transaction gain/loss                                      -
                                                     ----------
Total other expense                                         190

Other income
   Royalties - intercompany                               3,932
   Dividends                                                  -
   Sale of assets                                             -
   Miscellaneous                                              -
                                                     ----------
Total other income                                        3,932
                                                     ----------
Net other expense                                        (3,742)
                                                     ----------
Income (loss) before Chapter 11 reorganization
   expenses and income taxes (benefit) and
   extraordinary items                                    4,880

Chapter 11 reorganization expenses                            -  

Income tax expense (benefit)                              1,710

Extraordinary item - net of taxes                             -
                                                     ----------
   Net Income (loss)                                     $3,170
                                                     ==========


                    WESTPOINT STEVENS, INC., I
                      Statement of Cash Flows
                     Month Ended May 31, 2004
                          (in thousands)  

Cash flows from operations:  
Net income (loss)                                        $3,170
Non-cash items
   Depreciation and amortization                            110
Working Capital Changes
   Decrease/(increase) - a/r (customers)                      -
   Decrease/(increase) - a/r (intercompany)                   -
   Decrease/(increase) - inventories                     (2,176)
   Decrease/(increase) - other current assets                 -
   Decrease/(increase) - other noncurrent assets              -
   Increase/(decrease) - accounts payable (trade)            (3)
   Increase/(decrease) - a/p (intercompany)              (3,830)
   Increase/(decrease) - accrued liabilities              2,694
   Increase/(decrease) - accrued interest payable             -
   Increase/(decrease) - pension & other liabilities          -
   Increase/(decrease) - deferred federal income tax          -
                                                     ----------
Total cash flows from operations                            (35)

Cash flows from investing activities
   Capital expenditures                                     (23)
   Transfers                                                (98)
   Net proceeds from sale of assets                           -
                                                     ----------
Total cash flows from investing                            (121)

Cash flows from financing activities
   Increase/(decrease)- DIP Credit Agreement                  -
                                                     ----------
Total cash flows from financing                               -

Beginning cash balance                                      219
Change in cash                                             (156)
                                                     ----------
Ending cash balance                                         $63
                                                     ==========


WESTPOINT STEVENS: WP Stevens Stores' May Monthly Operating Report
------------------------------------------------------------------

                  WESTPOINT STEVENS STORES, INC.
                          Balance Sheet
                         At May 31, 2004
                          (in thousands)

                             Assets   

Current Assets  
   Cash and cash equivalents                             $1,468
   Accounts receivable - customers                          180
   Accounts receivable - intercompany                     2,869
   Total Inventories                                     21,566
   Prepaid expenses and other current assets                872
                                                     ----------
Total current assets                                     26,955

Total investments & other assets                              -
Goodwill                                                      -
Property, plant and equipment, net                        2,762
                                                     ----------
TOTAL ASSETS                                            $29,717
                                                     ==========

              Liabilities and Stockholders' Deficit

Current Liabilities
   Accounts payable - trade                                $442
   Accounts payable -intercompany                             -
   Other accrued liabilities                              3,536
   Deferred income taxes                                      -
   Pension and other liabilities                              -
                                                     ----------

Total current liabilities                                 3,978
                                                     ----------
Non-current Liabilities
   Accounts payable                                       1,673
                                                     ----------
Total liabilities                                         5,651

Shareholders' Equity (Deficit)
   Equity of subsidiaries                                     -
   Common stock                                               1
   Capital surplus/Treasury Stock                        15,955
   Retained earnings (deficit)                            8,110
   Minimum pension liability adjustment                       -
   Other adjustments                                          -
   Unearned compensation                                      -
                                                     ----------
Stockholders' Equity (Deficit)                           24,066
                                                     ----------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY (deficit)      $29,717
                                                     ==========  


                  WESTPOINT STEVENS STORES, INC.
                     Statement of Operations
                    Month Ended May 31, 2004
                          (in thousands)

Net sales                                                $6,510
Cost of goods sold                                        3,998
                                                     ----------
   Gross earnings                                         2,512

Selling and administrative expenses
   Selling expenses                                       1,999
   Warehousing and shipping                                 181
   Advertising                                              312
   Division administrative expense                          298
   MIS expense                                               55
   Corporate administrative expense                          83
                                                     ----------
Total selling and administrative expense                  2,928

Restructuring and impairment charge                           -
Goodwill impairment charge                                    -
                                                     ----------
   Operating earnings (loss)                               (416)

Interest expense
   Interest expense - outside                                 -
   Capitalized interest expense                               -
   Interest expense - intercompany                          155
   Interest income                                            -
   Interest income - intercompany                             -
                                                     ----------
Net interest expense                                        155

Other expense
   Miscellaneous                                              -
   Royalties - intercompany                                   -
   Transaction gain/loss                                      -
                                                     ----------
Total other expense                                           -

Other income
   Royalties - intercompany                                   -
   Dividends                                                  -
   Sale of assets                                             -
   Miscellaneous                                              -
                                                     ----------
Total other income                                            -
                                                     ----------
Net other expense                                             -
                                                     ----------
Income (loss) before Chapter 11 reorganization
   expenses and income taxes (benefit) and
   extraordinary items                                     (571)

Chapter 11 reorganization expenses                            -
Income tax expense (benefit)                               (199)
Extraordinary item - net of taxes                             -
                                                     ----------
   Net Income (loss)                                      ($372)
                                                     ==========


                  WESTPOINT STEVENS STORES, INC.
                     Statement of Cash Flows
                    Month Ended May 31, 2004
                          (in thousands)

Cash flows from operations:  
Net income (loss)                                         ($372)
Non-cash items  
   Depreciation and amortization                             55
   Gain on sale of assets                                     -
Working Capital Changes
   Decrease/(increase) - a/r (customers)                     70
   Decrease/(increase) - a/r (intercompany)                (392)
   Decrease/(increase) - inventories                        153
   Decrease/(increase) - other current assets              (133)
   Decrease/(increase) - other noncurrent assets              -
   Increase/(decrease) - accounts payable (trade)           (92)
   Increase/(decrease) - a/p (intercompany)                   -
   Increase/(decrease) - accrued liabilities                442
   Increase/(decrease) - accrued interest payable             -
   Increase/(decrease) - pension & other liabilities          -
   Increase/(decrease) - deferred federal income tax          -
                                                     ----------
Total cash flows from operations                           (269)
Cash flows from investing activities
   Capital expenditures                                     (18)
   Transfers                                                164
   Net proceeds from sale of assets                           -
                                                     ----------
Total cash flows from investing                             146

Cash flows from financing activities
   Increase/(decrease)- DIP Credit Agreement                  -
                                                     ----------
Total cash flows from financing                               -

Beginning cash balance                                    1,591
Change in cash                                             (123)
                                                     ----------
Ending cash balance                                      $1,468
                                                     ==========

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
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liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
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A list of Meetings, Conferences and Seminars appears in each
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Each Friday's edition of the TCR includes a review about a book of
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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.

This material is copyrighted and any commercial use, resale or
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