TCR_Public/040828.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, August 28, 2004, Vol. 8, No. 183


ADELPHIA COMMS: Reports $36.4 Million Net Loss in July 2004
BURLINGTON: BII Trust's April to June 2004 Financial Report
FASTNET CORP: Files April to June 2004 Monthly Operating Reports
GENTEK INC: Second Quarter 2004 Net Income is $185,118
KAISER ALUMINUM: Reports $24.2 Million 2nd Quarter Net Income

LIBERATE TECHNOLOGIES: Posts $2.6 Million Net Loss in July 2004
MIRANT CORP: Reports $49.8 Million Net Income in June 2004
MIRANT: MAGi Reports $47.8 Million Net Income in June 2004
PARMALAT: Farmland Dairies Operating Report Ended July 24, 2004
PARMALAT: Milk Products Operating Report Ended July 24, 2004

PARMALAT USA: Releases Operating Report Ended July 24, 2004
RELIANCE GROUP: Releases July 2004 Monthly Operating Report
USG CORPORATION: Reports $25.2 Million Net Income in July 2004


ADELPHIA COMMS: Reports $36.4 Million Net Loss in July 2004
On August 25, 2004, Adelphia Communications Corporation and
certain other debtor-in-possession subsidiaries of the Company
filed their unaudited consolidated Monthly Operating Report for
the month of July 2004 with the United States Bankruptcy Court for
the Southern District of New York.

The Debtors' July 2004 Monthly Operating Report shows:

         Total Assets                  $52,755,167,000
         Total Liabilities  
            Subject to Compromise       46,071,642,000
         Total Liabilities              50,095,410,000
         Total stockholders' equity    $ 2,121,473,000

         Revenue                       $   327,205,000
         Operating Loss                      4,144,000
         Net Loss Applicable to  
            Common Stockholders             36,437,000

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

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

Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable  
television company in the country.  Adelphia serves customers in  
30 states and Puerto Rico, and offers analog and digital video  
services, high-speed Internet access and other advanced services  
over its broadband networks.  The Company  and its more than 200  
affiliates filed for Chapter 11 protection in the Southern  
District of New York on June 25, 2002.  Those cases are jointly  
administered under case number 02-41729. Willkie Farr & Gallagher  
represents the ACOM Debtors.

BURLINGTON: BII Trust's April to June 2004 Financial Report

                     BII Distribution Trust
                  Unaudited Cash Balance Sheet
                      As of June 30, 2004

   Cash                                            $124,618,902
   Letters of Credit - Cash Collateral                9,306,509

   BII Distribution Trust Reserve                  $122,386,047
   BII Distribution Trust - Letters of Credit         9,306,509
   BII Liquidation Real Estate LLC                    2,232,855
   BII Dist. Trust - Working Capital Escrow                   0
   BII Dist. Trust - Working Capital Escrow Interest          0

                     BII Distribution Trust
            Unaudited Cash Receipts and Disbursements
            From April 1, 2004 through June 30, 2004

Cash Receipts:
   Closing date sale proceeds, net                   $2,001,738
   Post closing working capital adjustment             (692,000)
   Excluded assets monetized                            455,768
   Assets monetized due to Buyer                       (927,968)
   Interest income                                      168,040

Cash Disbursements:
   Distributions                                              0
   Secured lender claims                                      0
   Court appointed professionals expense                      0
   Allowed claims                                     2,140,460
   Trust expenses                                     1,813,176
Net increase (decrease) in cash                      (2,948,058)

Cash at beginning of period                         136,873,469
Cash at end of period                              $133,925,411

FASTNET CORP: Files April to June 2004 Monthly Operating Reports
Fastnet Corporation (n/k/a FN Estate Inc.) filed its monthly  
operating reports for April, May and June, 2004, with the  
Bankruptcy Court on August 23, 2004.

The Debtors' Monthly Balance Sheets show:  

                 Apr. 30, 2004      May 31, 2004    June 30, 2004  
                 -------------      ------------    -------------  

Assets              7,821,584         7,349,200        6,507,283  
Liabilities        4,839,416         4,581,368        4,043,625  
Liabilities       16,257,783        16,292,951       16,270,531  
Deficit           25,363,829        25,613,334       25,895,087  
Full-text copies of the Debtors' Monthly Operating Reports are   
available at no charge at:  
April 2004 Monthly Operating Report:

May 2004 Monthly Operating Report:  

June 2004 Monthly Operating Report:

On June 10, 2003, Fastnet Corporation (n/k/a FN Estate, Inc.) and
on June 13, 2003, each of its subsidiaries (excluding the
Company's wholly-owned subsidiary "DASLIC", a Delaware Holding
Company) filed respective voluntary petitions for relief under
Chapter 11 of the United States Bankruptcy Code in Jointly
Administered Case No. 03-23143 in the United States Bankruptcy
Court for the Eastern District of Pennsylvania.

As previously reported, on December 15, 2003, FASTNET Corporation  
and its debtor subsidiaries completed the sale of substantially   
all of their assets, including their Broadband and Dial Up   
Internet Access, Co-location, and Managed Hosting business units,   
to US LEC Corp. for an estimated $8.5 million, plus the
assumption of certain liabilities. The $8.5 million consisted of
$6 million in cash, $1.5 million in a promissory note and $1
million in Class A common stock of US LEC Corp.   
This sale was completed pursuant to the provisions of the United   
States Bankruptcy Code, and the sale procedures established by
the Bankruptcy Court, including an auction process. An order
approving such sale was issued by the United States Bankruptcy
Court for the Eastern District of Pennsylvania, Case No. 03-23143,
on December 4, 2003.   
This transaction did not include assets associated with the   
Companies' Web Development business, upstate New York wireless   
business, certain wireline operations in upstate New York,
certain non-operating fixed assets and receivables from former
customers. As a result of this sale, Fastnet Corporation, Inc.
changed its name to FN Estate, Inc.  
On January 15, 2004, the Companies completed the sale of   
substantially all of their assets associated with their Web   
Development business to a group of noteholders of NetReach, Inc.,   
a subsidiary of FASTNET Corporation, in exchange for the
surrender and transfer to FASTNET Corporation of promissory notes
of NetReach, Inc. in the aggregate principal amount of $760,000
and in consideration of the assumption of certain liabilities.
This sale was completed pursuant to the provisions of the United
States Bankruptcy Code.  
On April 30, 2004, the Companies completed the sale of   
substantially all of their assets used or associated with their   
wireless Internet access operations located in Rochester, New
York to CBTEK, LLC, a New York limited liability company, for an   
estimated $155,000, plus the assumption of certain liabilities.  
This sale was completed pursuant to the provisions of the United   
States Bankruptcy Code.  
On May 4, 2004, FN Estate completed the sale of all of its   
information relating to certain customers in connection with FN   
Estate's wireline operations in the State of New York to Choice   
One Communications of New York, Inc., and agreed to cooperate   
during a finite period of time in the migration of such customers   
to the Choice One network. Pursuant to the asset purchase   
agreement entered into by FN Estate and Choice One, Choice One is   
obligated to pay to FN Estate a percentage of the charges   
collected by Choice One on or before April 30, 2005 from the   
customers that migrate to Choice One on or before June 30, 2004.   
This sale was completed pursuant to provisions of the United   
States Bankruptcy Code.  
The Companies are in the process of selling any remaining non-  
operating fixed assets and collecting receivables from former   
customers. The Companies anticipate filing a plan of liquidation   
with the Bankruptcy Court no later than August 31, 2004, followed   
by a winding up of their affairs. It is not anticipated that
there will be any funds available for distribution to shareholders
of FN Estate.

GENTEK INC: Second Quarter 2004 Net Income is $185,118
GenTek Inc. (OTC Bulletin Board: GETI) reported results for the
second quarter ended June 30, 2004.  GenTek's results reflect the
classification of its KRONE communications operating unit as a
discontinued operation due to the sale of that business on
May 18, 2004.  In addition, GenTek has applied fresh-start
accounting in conjunction with its emergence from bankruptcy
protection on Nov. 10, 2003, causing the results from the prior-
year period to not be comparable to current period results.

For the second quarter of 2004, GenTek had revenues totaling
$201.6 million and operating profit of $1.0 million.  Also for
the quarter, including earnings from discontinued operations, net
income totaled $185.1 million.

For the six months ending June 30, 2004, GenTek had revenues
totaling $394.5 million and operating profit of $23.1 million.
Also for the six-month period, net income was $199.9 million.

                        Pro Forma Results

To facilitate the comparison of 2004 results against prior
periods, GenTek has presented prior-period results on a pro forma
basis, as if the company had emerged from bankruptcy at the
beginning of such period. In addition, 2004 and 2003 pro forma
results are presented as if the company had completed its sale of
the KRONE communications business at the beginning of such
periods.  These pro forma results are based upon certain
important assumptions that are material to the presentation of
such results.  In particular, the pro forma results assume a
normalized effective tax rate, which may ultimately be materially
different from GenTek's future effective tax rate.  While
management believes that this presentation of pro forma results
may be useful, we caution investors not to rely solely on such
results in making investment decisions.

Pro forma results for the second quarter and first six months of
2004, as well as for the prior-year periods, are summarized in the
attached Schedule 2 and all pro forma adjustments are detailed in
Schedules 3 through 6.

For the second quarter of 2004, GenTek posted revenues of $201.6
million compared with $205.0 million in the corresponding quarter
of 2003.  For the second quarter of 2004, GenTek recorded
operating profit of $1.0 million (after restructuring and
impairment charges of $6.1 million) versus a pro forma operating
profit of $7.7 million in the second quarter of 2003.  The
company recorded a pro forma net loss of $0.1 million in the
second quarter compared with pro forma net income of $5.5 million
for the same period last year.

                    Adjusted Pro Forma Results

For further comparison against prior and future periods, GenTek
has also presented 2004 second-quarter results, as well as results
for the comparable prior-year periods, on an adjusted pro forma
basis.  The adjusted pro forma results reflect removing the impact
of any restructuring, impairment, reorganization and certain one-
time items.  These adjustments are detailed on Schedules 7 and 8.

In addition, the company has presented adjusted earnings before
interest, taxes, depreciation and amortization (adjusted EBITDA)
as a measure of operating results.  Adjusted EBITDA reflects
removing the impact of any restructuring, impairment,
reorganization, income from discontinued operations and certain
one-time items.  GenTek has presented adjusted EBITDA to enhance
the reader's understanding of operating results, as it is a
measure commonly used to value businesses by investors and
lenders.  Adjusted EBITDA is a non-GAAP (Generally Accepted
Accounting Principles) measure, and as such, a reconciliation of
adjusted EBITDA to pro forma net income is provided in
Schedule 9.

During the second quarter of 2004, adjusted EBITDA was $17.8
million compared with $22.0 million in the second quarter of
2003.  The majority of the decrease in adjusted EBITDA, or
approximately $3.4 million, is attributable to the effect of
foreign currency gains and losses.  On an adjusted pro forma
basis, the company's second-quarter net income totaled $5.0
million compared with $5.5 million for the same period in 2003.

"We are quite pleased with our second quarter results,
particularly in light of the severe raw material price pressure
experienced year-over-year," said Richard R. Russell, GenTek's
president and CEO.  "Maintaining the prior-year's adjusted EBITDA
level, excluding the effect of foreign exchange, was accomplished
through improved pass-through of raw material costs and by taking
aggressive action to control other costs.  Our continued efforts
to improve cash flow have become even more critical in light of
our expectation that raw material pricing across all of our
businesses will remain challenging for the foreseeable future,"
Mr. Russell noted.  "Our initiative to improve trade payable
credit terms are partially reflected in the higher June 30th
payables figure, with additional improvements expected to
contribute favorably to cash flow in the second half of the year."

"GenTek's strong balance sheet provides us with significant
financial flexibility going forward, including the ability to
pursue additional strategic growth opportunities within our core
businesses," Mr. Russell said.  "The integration of our most
recent strategic acquisition, Whirlpool's Reynosa wire-harness
business, is proceeding smoothly and according to our planned

A full-text copy of GenTek's Form 10-Q is available for free at
the Securities and Exchange Commission at:

                           GenTek, Inc.
              Unaudited Consolidated Balance Sheets
                       As of June 30, 2004
                         (In Thousands)


Current assets:
    Cash and cash equivalents                            $39,064
    Receivables, net                                     119,321
    Inventories                                           67,903
    Deferred income taxes                                 18,948
    Other current assets                                  11,241
Total current assets                                     256,477

Property, plant and equipment, net                       285,669
Goodwill                                                 154,944
Intangible assets                                         73,937
Deferred income taxes                                      3,305
Assets held for sale                                          --
Other assets                                              34,068
Total assets                                            $808,400

                      Liabilities and Equity

Current liabilities:
    Accounts payable                                     $35,124
    Accrued liabilities                                   75,781
    Current portion of long-term debt                        463
Total current liabilities                                111,368

Long-term debt                                             4,226
Pension and postretirement obligations                   138,459
Liabilities of businesses held for sale                       --
Other liabilities                                         78,318
Total liabilities                                        332,371
Contingently redeemable warrants                              --

Equity (deficit):
    Preferred Stock, $.01 par value;
       authorized 10,000,000 shares;
       none issued or outstanding                             --

    Common Stock, no par value;
       authorized 100,000,000 shares;
       issued: 10,000,000 shares                         268,793

Warrants                                                   8,361
Accumulated other comprehensive income                       195
Retained earnings                                        198,680
Total equity (deficit)                                   476,029
Total liabilities and equity (deficit)                  $808,400

                            GenTek, Inc.
          Unaudited Consolidated Statements of Operations
                 Three Months Ended June 30, 2004

Net revenues                                            $201,590

Cost of sales                                            172,262
Selling, general and administrative expense               22,244
Restructuring and impairment charges                       6,072
Pension curtailment gain                                      --
Operating profit (loss)                                    1,012

Interest expense (contractual interest for
    the three-month period was $17,019)                    2,686
Interest income                                               91
Reorganization items                                          --
Other (income) expense, net                                  564
Income (loss) before income taxes                         (2,147)

Income tax provision (benefit)                              (316)
Income (loss) from continuing operations                  (1,831)

Income (loss) from discontinued operations               186,949
Net income (loss)                                       $185,118

                            GenTek, Inc.
              Consolidated Statements of Cash Flows
                  Six Months Ended June 30, 2004

Cash flows from operating activities:
    Net income (loss) from continuing operations        $199,923

    Adjustments to reconcile net income (loss)
       to net cash provided by operating activities:

       Discontinued operations                          (190,763)
       Depreciation and amortization                      21,596
       Pension curtailment gain                          (14,840)
       Asset impairment charges                               --
       Reorganization items                                   --
       Net loss on disposition of long-term assets        (1,176)
       Long-term incentive plan costs, net                   707
       Increase in receivables                           (15,067)
       Increase in inventories                              (705)
       Decrease in deferred tax assets                     7,958
       Increase (decrease) in accounts payable             6,892
       Increase (decrease) in accrued liabilities        (32,346)
       Increase (decrease) in other
          liabilities and assets, net                     (1,683)
Net cash provided by (used for) operations               (19,504)
Net cash used for discounted operations                    8,163
Net cash provided by (used for)
    operating activities                                 (11,341)
Net cash used for reorganization items                        --
Cash flows from investing activities:
    Capital expenditures                                 (10,639)
    Proceeds from sales or disposals
       of long-term assets                                 5,150
    Proceeds from sale of business, net                  291,632
    Acquisition of business, net of cash acquired         (3,649)
    Other investing activities                               (13)
Net cash provided by (used for)
    investing activities                                 282,481
Cash flows from financing activities:
    Proceeds from long-term debt                          23,766
    Repayment of long-term debt                         (274,053)
    Redemption of tranche A warrants                      (8,365)
    Debt issuance costs - reorganization                      --
Net cash used for financing activities                  (258,652)
Effect of exchange rate changes on cash                      (70)
Increase (decrease) in
    cash and cash equivalents                             12,418

Cash and cash equivalents, beginning of period            26,646
Cash and cash equivalents, end of period                 $39,064

KAISER ALUMINUM: Reports $24.2 Million 2nd Quarter Net Income
Kaiser Aluminum reported net income of $24.2 million for the
second quarter of 2004, compared to a year-ago net loss of $61.4
million.  Net income for the second quarter includes a pre-tax
gain of $23.4 million associated with the sale of the Mead,
Washington, smelter.

For the first six months of 2004, Kaiser reported a net loss
of $39.8 million compared to a net loss of $126.5 million for the
same period of 2003.

Net sales in the second quarter and first six months of 2004 were
$345.1 million and $658.4 million, compared to $296.0 million and
$574.9 million for the same periods of 2003.  Kaiser President and
Chief Executive Officer Jack A. Hockema said, "The improvement in
net income in the second quarter of 2004 was due largely to higher
realized prices for alumina and primary aluminum, the gain on the
Mead sale, and higher shipments of fabricated aluminum products.  
We were particularly pleased by the improvements in our fabricated
products business, which we expect to be the core business on
which Kaiser focuses in its reorganization."

In accordance with applicable accounting standards, the gain on
the sale of Mead, as well as the operating results for the 65%-
owned Alpart alumina refinery in Jamaica, have been reported
as discontinued operations in the company's Statements of
Consolidated Income for the quarter and six-month periods of 2004
and 2003.  The company expects to apply similar treatment to
material asset sales that may be completed in the future.

In commenting on the company's restructuring efforts, Mr. Hockema
said, "Kaiser continues to make progress in its Chapter 11 case.  
The completion of the sale of the company's interests in and
related to Alpart on July 1, 2004 was an important step, and we
expect to complete the sale of our interests in Gramercy, Kaiser
Jamaica Bauxite Company, and Valco in the third quarter of this
year.  However, the company now believes that it is not likely
that it will emerge from Chapter 11 until sometime in the first
half of 2005 due to, among other things, longer than expected
negotiations in respect of the Intercompany Settlement Agreement
and the fact that the commodity asset sales process has taken
longer than previously expected.  In advance of this, we are
pushing for an aggressive pace that would enable us to file a
Disclosure Statement that proposes a Plan of Reorganization by
the end of 2004."

Mr. Hockema said, "To reach that goal, the company and its
advisors are focused on resolving a number of remaining issues."
In particular, Mr. Hockema cited the company's ongoing discussions
with the Pension Benefit Guaranty Corporation (PBGC); negotiations
on the Intercompany Settlement Agreement; a planned amendment to
the Post-Petition Credit Agreement; and the status of the QAL sale
process.  These and other issues are described more fully in
Kaiser's Form 10-Q for the second quarter of 2004.

Kaiser ended the second quarter of 2004 with liquidity of
approximately $170 million and no borrowings under its Post-
Petition Credit Agreement.

A full-text copy of Kaiser's Second Quarter 2004 Report on Form
10-Q is available for free at the Securities and Exchange
Commission at:

        Kaiser Aluminum Corporation and Subsidiary Companies
                Condensed Consolidated Balance Sheet
                           June 30, 2004
                      (In millions of dollars)


Current assets:
    Cash and cash equivalents                              $26.5
       Trade, less allowance for doubtful receivables      128.2
       Other                                                20.7
    Inventories                                            176.8
    Prepaid expenses and other current assets               28.1
    Discontinued operations' current assets                 84.6
    Total current assets                                   464.9

Investments in and advances to
    unconsolidated affiliates                               61.5
Property, plant, and equipment - net                       270.0
Other assets                                               522.9
Discontinued operations' long-term assets                  300.6
Total Assets                                            $1,619.9

            Liabilities & Stockholder's Equity (Deficit)

Liabilities not subject to compromise
    Current liabilities:
       Accounts payable                                   $122.8
       Accrued interest                                       .9
       Accrued salaries, wages, and related expenses        35.5
       Accrued postretirement medical benefit
          obligation - current portion                       8.1
       Other accrued liabilities                            77.6
       Payable to affiliates                                54.3
       Long-term debt - current portion                      1.2
       Discontinued operations' current liabilities         47.0
       Total current liabilities                           347.4

    Long-term liabilities                                   58.9
    Long-term debt                                           2.2
    Discontinued operations' long-term liabilities,
       including minority interests                        139.9
Total liabilities not subject to compromise                548.4

Liabilities subject to compromise                        2,833.4
Minority interests                                          15.0

Commitments and contingencies
Stockholders' equity (deficit):
    Common stock                                             0.8
    Additional capital                                     539.1
    Accumulated deficit                                 (2,210.5)
    Accumulated other comprehensive income (loss)         (106.3)
Total stockholders' equity (deficit)                    (1,776.9)
Total Liabilities & Stockholder's Equity (Deficit)      $1,619.9

        Kaiser Aluminum Corporation and Subsidiary Companies
             Unaudited Statement of Consolidated Income
                  Three Months Ended June 30, 2004
                      (In millions of dollars)

Net Sales                                                 $345.1

Cost and expenses:
    Cost of products sold                                  318.5
    Depreciation and amortization                            6.7
    Selling, administrative, R&D, & general                 21.8
    Other operating charges (benefits), net                  0.4
Total Cost and expenses                                    347.4

Operating loss                                              (2.3)

Other income (expense):
    Interest expense                                        (2.2)
    Reorganization items                                   (10.3)
    Other - net                                              4.3
Loss before taxes and minority interests and
    discontinued operations                                (10.5)
(Provision) benefit for income taxes                        (9.3)
Minority interests                                           0.6
Loss from continuing operations                            (19.2)
Discontinued operations:
    Income (loss) from discontinued operations,
       net of income taxes                                  20.0
    Gain from sale of Mead facility                         23.4
Income (loss) from discontinued operations                  43.4
Net income (loss)                                          $24.2

        Kaiser Aluminum Corporation and Subsidiary Companies
           Unaudited Statement of Consolidated Cash Flows
                   Six Months Ended June 30, 2004
                      (In millions of dollars)

Cash flows from operating activities:
    Net loss                                              ($39.8)
    Deduct income (loss) from discontinued operations       45.4
    Loss from continuing operations                        (85.2)
    Adjustments to reconcile loss from continuing
    operations to net cash (used) provided by
    continuing operations:
       Depreciation and amortization                        15.9
       Non-cash charges: impairment charge in 2004          33.0
       Gain on sale of Tacoma facility                        --
       Equity in earnings of unconsolidated affiliates,
          net of distributions                              (4.5)
       Minority interests                                   (1.0)
       Decrease (increase) in trade & other receivables    (10.8)
       (Increase) decrease in inventories                  (28.2)
       Decrease (increase) in prepaid expenses
          and other current assets                           2.7
       Increase in accounts payable & accrued interest      19.1
       (Decrease) Increase in other accrued liabilities     (4.4)
       Increase in payable to affiliates                     2.0
       Increase (decrease) in accrued and
          deferred income taxes                              8.6
       Net cash impact of changes in long-term assets
          and liabilities                                    9.6
       Net cash provided (used) by
          discontinued operations                           23.3
       Other                                                 2.7
Net cash used by operating activities                      (17.2)

Cash flows from investing activities:
    Net proceeds from dispositions:
       primarily Tacoma facility and interests in
       office building complex in 2003                        --
    Capital expenditures                                    (2.9)
    Net cash provided (used) by
       discontinued operations: primary proceeds from
       sale of Mead properties and
       Alpart-related capital expenditures                  11.2
Net cash provided by investing activities                    8.3

Cash flows from financing activities:
    Financing costs, primarily DIP Facility related         (0.2)
Net cash used by financing activities                       (0.2)

Net (decrease) increase in cash & cash equivalents
    during the period                                       (9.1)

Cash and cash equivalents at beginning of period            35.6
Cash and cash equivalents at end of period                 $26.5

LIBERATE TECHNOLOGIES: Posts $2.6 Million Net Loss in July 2004
On August 20, 2004, Liberate Technologies filed its monthly
operating report for the month of July 2004 with the United
States Bankruptcy Court for the Northern District of California
in connection with Liberate's voluntary petition for
reorganization under Chapter 11 of the United States Bankruptcy
Code in Case No. 04-31394.  The Company reports a net loss of
$2,621,630 on $46,380 of net sales in July 2004.

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

      Total Current Assets            $ 216,401,927
      Total Assets                      224,743,928  
      Total Current Liabilities           9,638,996  
      Total Pre-petition Liabilities     19,677,117  
      Total Liabilities                  29,316,113  
      Total Equity                    $ 195,427,815

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

MIRANT CORP: Reports $49.8 Million Net Income in June 2004

                 Mirant Corporation and Subsidiaries
                     Consolidated Balance Sheet
                         As of June 30, 2004

Cash and cash equivalents                        $1,273,755,862
Accounts receivable - net                         1,092,386,946
Assets from risk management activities              150,689,582
Derivative hedging instruments                                0
Inventories                                         300,385,618
Other                                               569,235,556
       Total Current Assets                       3,386,453,564

Property, plant and equipment                     5,305,400,593
Less: accumulated depreciation                      716,128,408
Leasehold interests - net                         1,536,300,535
Construction work in progress                        84,349,637
Investment in suspended construction                356,905,901
       Total net property, plant and equipment    6,566,828,258

Investments                                         244,706,118
Long-term accounts receivable - net                  32,455,165
Notes receivable - net                                        0
Assets from risk management activities              131,643,541
Goodwill - net                                      587,304,353
Other intangibles - net                             274,582,616
Derivative hedging instruments                                0
Restricted cash, non-current                         46,566,603
Other long-term assets                                        1
Miscellaneous deferred charges                      384,752,891
       Total Non-current Assets                   1,702,011,287
TOTAL ASSETS                                    $11,655,293,109


Postpetition Liabilities:
    Debt                                         $1,487,562,958
    Accounts Payable                                487,667,901
    Liabilities from risk management activities     371,296,330
    Obligations under energy deliveries             132,558,004
    Derivative hedging instruments                            0
    Other                                           449,461,341
    Miscellaneous deferred credits                  497,682,354
       Total postpetition liabilities             3,426,228,888
Prepetition Liabilities                           8,815,832,954
       TOTAL LIABILITIES                         12,242,061,842

Minority interest in subsidiaries                   165,503,751
Mandatory redeemable securities                               0
Common stock                                          4,056,621
Additional paid-in capital                        4,917,963,428
Retained earnings                                (5,615,923,591)
Treasury stock, at cost                              (2,260,000)
Accumulated other comprehensive income              (56,108,943)
       Total Equity                                (586,768,733)
       TOTAL LIABILITIES AND OWNERS' EQUITY     $11,655,293,109

                 Mirant Corporation and Subsidiaries
                  Consolidated Statements of Income
                  For the month ending June 30, 2004

    Generation                                     $490,189,475
    Net trading revenue                              (3,398,855)
    Distribution                                     45,659,116
    Other                                               973,084
       Gross Margin                                 533,422,820

    Energy cost                                     290,203,597
    Operations and maintenance                       75,767,973
    Depreciation and amortization                    26,119,979
    Gain on sale of property and investment             181,033
    Impairment loss                                  48,644,766
    Restructuring costs                               3,130,675
       Total Operating Expenses                     444,048,024
       Income before non-operating income
       and expense                                   89,374,797

    Interest income                                   1,305,207
    Interest expense                                (11,257,738)
    Equity in income of affiliates                    2,613,535
    Other                                            35,179,702
    Reorganization items                            (64,231,494)
    Minority interest                                (3,144,460)
    Net income from discontinued operations                   0
       Total Other Income                           (39,535,249)

Provision for income tax                                (32,129)
       NET PROFIT (LOSS)                            $49,807,418

                         Mirant Corporation
            Unconsolidated Cash Receipts and Disbursements
                  For the month ending June 30, 2004

Cash, beginning of month                           $205,664,219

Non-Operating Receipts:
    Total non-operating receipts                     90,652,372
       Total receipts                                90,652,372
       Total Cash Available                         296,316,591

Operating Disbursements                                       0

Reorganization Expenses                                  22,885
       Total disbursements                               22,885
Net Cash Flow                                        90,629,487
Cash, end of month                                 $296,293,707

MIRANT: MAGi Reports $47.8 Million Net Income in June 2004

         Mirant Americas Generation, LLC, and Subsidiaries
                    Consolidated Balance Sheets
                        As of June 30, 2004

Cash and cash equivalents                          $332,504,664
Accounts receivable - net                           593,692,226
Assets from risk management activities               53,512,984
Derivative hedging instruments                                0
Inventories                                          97,104,894
Other                                               107,726,496
        Total Current Assets                      1,184,541,264

Property, plant and equipment                     2,196,122,511
Less: accumulated depreciation                      295,520,830
Construction work in progress                        29,563,645
Investment in suspended construction                281,204,657
        Total net property, plant and equipment   2,211,369,983

Investments                                              25,000
Long-term accounts receivable - net                  94,412,675
Notes receivable - net                              223,275,000
Assets from risk management activities               25,684,748
Goodwill - net                                                0
Other intangibles - net                             210,732,404
Derivative hedging instruments                                0
Restricted cash, non-current                                  0
Other long-term assets                                        0
Miscellaneous deferred charges                      203,700,695
        Total Non-current Assets                    757,830,522
TOTAL ASSETS                                     $4,153,741,769


Postpetition Liabilities:
     Debt                                                    $0
     Accounts Payable                               297,848,897
     Liabilities from risk management activities    154,956,478
     Obligations under energy deliveries                      0
     Derivative hedging instruments                           0
     Other                                          127,098,108
     Miscellaneous deferred credits                  12,519,709
        Total postpetition liabilities              592,423,191

Prepetition Liabilities                           3,417,981,404
        TOTAL LIABILITIES                         4,010,404,595

Minority interest in subsidiaries                             0
Mandatory redeemable securities                               0
Common stock                                              1,000
Additional paid-in capital                        3,858,859,362
Retained earnings                                (3,715,523,188)
Accumulated other comprehensive income                        0
        Total Equity                                143,337,174
        TOTAL LIABILITIES AND OWNERS' EQUITY     $4,153,741,769

         Mirant Americas Generation, LLC, and Subsidiaries
                 Consolidated Statements of Income
                 For the month ending June 30, 2004

     Generation                                    $257,849,721
     Net trading revenue                                 19,211
     Other                                              106,055
        Gross Margin                                257,974,987

     Energy cost                                    133,659,840
     Maintenance                                     46,707,158
     Depreciation and amortization                    7,362,151
     Selling, general & administrative                        0
     Gain on sale of property and investments             2,243
     Restructuring costs                              1,187,852
        Total Operating Expenses                    188,919,244
        Income before non-operating income
        and expense                                  69,055,743

     Interest income                                          0
     Interest expense                                  (494,779)
     Other income (expense)                                 302
     Reorganization items                           (25,054,420)
     Loss from discontinued operations                        0
     Minority interest                                        0
        Total Other Income (expense)                (25,548,896)

Provision for income tax                              4,359,172
        NET PROFIT (LOSS)                           $47,866,019

                  Mirant Americas Generation, LLC
          Unconsolidated Cash Receipts and Disbursements
                 For the month ending June 30, 2004

Cash, beginning of month                           $113,951,430

Non-Operating Receipts:
     Loans and advances                             (14,599,614)
     Other                                                    0
        Total non-operating receipts                (14,599,614)
        Total receipts                              (14,599,614)
        Total Cash Available                         99,351,816

     Professional fees                                        0
        Total reorganization expenses                         0
        Total disbursements                                   0
Net Cash Flow                                       (14,599,614)
Cash, end of month                                  $99,351,816

PARMALAT: Farmland Dairies Operating Report Ended July 24, 2004

                       Farmland Dairies, LLC
                           Balance Sheet
                        As of July 24, 2004


Cash & Cash Equivalents                              $6,779,640
Accounts Receivable-Trade                            46,369,855
Accounts Rec.-Securitization                        (44,678,656)
Notes Receivable                                        236,236
Inventory                                            16,903,377
Prepaid Expenses                                     15,667,383
Other Current Assets                                    536,527
Total Current Assets                                 41,814,362

Fixed Assets                                        215,172,309
Accumulated Depreciation                            116,124,973
Net Fixed Assets                                     99,047,336

Other Assets                                         44,004,040
Intercompany Receivables                             80,244,589
Total Assets                                       $265,110,327

Liabilities Subject to Compromise:
    Accounts Payable                                 14,369,174
    Accrued Expenses                                  3,328,328
    Intercompany Payables                            25,318,781
    Capital Lease                                    95,000,000
Total Liabilities Subject to Compromise             138,016,283

    Notes & Loans Payable                                     0
    Capital Leases - Short Term                             345
    Accounts Payable                                 14,510,584
    Accrued Expenses                                 23,581,760
Total Current Liabilities                            38,092,689

Notes & Loans Payable                                30,502,074
Capital Leases - Long Term                               47,142
Other                                                 8,389,235
Total Long Term Liabilities                          38,938,451

Intercompany Payables                               (82,068,989)
Total Liabilities                                   132,978,434

Paid In Capital                                     161,506,590
Accum Comprehensive Income                           (7,013,988)
Retained Earnings                                    11,323,693
YTD Net Income/(Loss)                               (33,684,402)
Total Equity                                        132,131,893
Total Liabilities & Owners' Equity                 $265,110,327

                       Farmland Dairies, LLC
                         Income Statement
                From June 20, 2004 to July 24, 2004

    Gross sales                                      $44,779,367
    Less: Returns & discounts                          1,118,324
    Net sales                                         43,661,043

    Raw Materials & Ingredients                       30,000,967
    Packaging                                          2,860,080
    Direct Labor                                         948,391
    Power                                                583,193
    Freight                                              375,831
    Distribution                                       3,083,297
    Industrial Depreciation                              499,602
    Production Overhead                                2,824,258
    Warehouse (Cooler)                                 1,950,102
    Marketing Costs                                      785,266
    Sales Admin Expenses                                 501,656
    General Expenses                                   1,008,478
    Financial Costs                                      953,257
    Goodwill/trademarks                                    8,445
    Extraordinary                                         97,033
    Corporate Allocation                                 (62,500)
    Income Taxes                                               0
    Total Expenses                                    46,417,356

Reorganization Expenses                                3,707,293
Net Profit (Loss)                                    ($6,463,606)

                       Farmland Dairies, LLC
                  Cash Receipts and Disbursements
                From June 20, 2004 to July 24, 2004

Cash - Beginning of Month                             $3,636,498

Receipts From Operations
    Cash Sales                                                 0

Collection of Accounts Receivable
    Prepetition                                          315,089
    Postpetition                                      44,490,091
    Total Operating Receipts                          44,805,180

Non - Operating Receipts
    Proceeds from GE Capital                          13,700,000
    Voided Checks (Prepetition)                                -
    Adjustments                                           (9,227)
    Deposits -- Other                                    888,132
    Transfers                                          6,340,000
    Total Non-Operating Receipts                      20,918,905
    Total Receipts                                    65,724,085
Total Cash Available                                  69,360,583

Operating Disbursements
    Chemicals                                            725,810
    Commissions                                          109,019
    Consulting/Legal                                      59,542
    Co-packing                                           617,852
    Employee & Employee-related expenses               1,174,374
    Equipment Leases                                     626,373
    Freight & Postage                                    297,994
    Fuel                                                 159,783
    Transportation                                       607,616
    Ingredients                                        2,352,496
    Insurance                                          1,430,434
    Lab Fees                                             126,279
    Licenses & Taxes                                   1,766,348
    Marketing                                          6,102,517
    Other                                                527,838
    Packaging                                          2,405,775
    Pallets/Cases/Bossies                                288,766
    Milk Producers                                    26,942,082
    Marketing Administrator                            2,283,642
    Purchased Products                                 1,065,157
    R & M, Parts, Supplies                             1,285,867
    Raw Milk                                           1,007,037
    Rebates                                               32,445
    Rent                                                (401,103)
    Security                                             127,251
    Temporary Labor                                       52,944
    Travel & Entertainment                                33,372
    Utilities                                          1,147,933
    Securitization Payments                              203,601
    Payroll                                            4,403,217
    Payroll Taxes                                        600,768
    Voided Checks (Postpetition)                          (3,965)
    Total expenses                                    58,961,271

Reorganization Expenses
    Professional Fees                                  3,629,839
    U.S. Trustee Fees                                          -
    DIP Interest & Fees                                  101,636
    Total Reorganization Expenses                      3,731,475
Total Disbursements                                   62,692,746
Net Cash Flow                                          3,031,339
Cash - End of Month                                   $6,667,837

PARMALAT: Milk Products Operating Report Ended July 24, 2004

                   Milk Products of Alabama, LLC
                           Balance Sheet
                       As of July 24, 2004


Cash & Cash Equivalents                                $505,140
Accounts Receivable-Net                               4,078,859
Inventory                                             1,198,997
Prepaid Expenses                                        301,748
Other Current Assets                                      4,521
Total Current Assets                                  6,089,265

Fixed Assets                                         10,926,223
Accumulated Depreciation                              6,662,263
Net Fixed Assets                                      4,263,960

Other Assets                                            885,023
Intercompany Receivables                                      0
Total Assets                                        $11,238,248

Liabilities Subject to Compromise
Accrued Expenses                                        $45,227
Intercompany payables                                 8,338,493
Total Liabilities Subject to Compromise               8,383,720

Accounts Payable                                        195,278
Accrued Expenses                                         34,197
Total Current Liabilities                               229,475

Long Term Notes Payable -- Intercompany                       -
Other                                                   221,860
Total Long Term Liabilities                             221,860

Intercompany Payables                                 1,673,600
Total Liabilities                                    10,508,655

Retained Earnings                                        18,414
YTD Net Income/(Loss)                                   711,179
Total Equity                                            729,593
Total Liabilities & Owners' Equity                  $11,238,248

                   Milk Products of Alabama, LLC
                         Income Statement
                From June 20, 2004 to July 24, 2004

    Gross sales                                       $5,566,833
    Less: Returns & discounts                                898
    Net sales                                          5,565,935

    Raw Materials & Ingredients                        3,755,790
    Packaging                                            450,779
    Direct Labor                                         109,872
    Power                                                 92,111
    Freight                                              201,408
    Industrial Depreciation                               35,392
    Production Overhead                                  252,375
    Warehouse (Cooler)                                    10,837
    Marketing Costs                                            0
    Sales Admin Expenses                                  39,879
    General Expenses                                      71,127
    Financial Costs                                       26,712
    Other (Income) Expense                                  (663)
    Extraordinary                                         91,563
    Corporate Allocation                                  62,500
    Income Taxes                                               0
    Total Expenses                                     5,199,682

Reorganization Expenses
    Professional Fees                                          -
    U.S. Trustee Fees                                          -
    Other                                                      -
    Total Reorganization Expenses                              -
Net Profit (Loss)                                       $366,253

                   Milk Products of Alabama, LLC
                  Cash Receipts and Disbursements
                From June 20, 2004 to July 24, 2004

Cash - Beginning of Month                             $1,766,234

Receipts From Operations
    Cash Sales                                                 -

Collection of Accounts Receivable
    Prepetition                                                0
    Postpetition                                       5,078,459
    Total Operating Receipts                           5,078,459

Non - Operating Receipts
    Transfers                                         (6,340,000)
    Other                                                     88
    Total Non-Operating Receipts                      (6,339,912)
    Total Receipts                                    (1,261,453)
Total Cash Available                                     504,782

Operating Disbursements
    Bank Charges                                               -
    Freight                                                    -
    Ingredients                                                -
    Licenses & Taxes                                           -
    Packaging                                                  -
    Raw Milk                                                   -
    R & M, Parts, Supplies                                     -
    Other                                                      -
    Warehouse (Cooler)                                         -
    Marketing Costs                                            -
    Sales Admin Expenses                                       -
    General Expenses                                       2,142
    Financial Costs                                            -
    Goodwill/trademarks                                        -
    Extraordinary                                              -
    Corporate Allocation                                       -
    Income Taxes                                               -
    Total expenses                                         2,142

Reorganization Expenses
    Professional Fees                                          -
    U.S. Trustee Fees                                          -
    Other                                                      -
    Total Reorganization Expenses                              -
Total Disbursements                                        2,142
Net Cash Flow                                         (1,263,594)
Cash - End of Month                                     $502,640

PARMALAT USA: Releases Operating Report Ended July 24, 2004

                     Parmalat USA Corporation
                           Balance Sheet
                        As of July 24, 2004


Cash & Cash Equivalents                                      $0
Accounts Receivable-Net                                       0
Notes Receivable -Current                                     0
Inventory                                                     0
Prepaid Expenses                                              0
Other Current Assets                                          0
Total Current Assets                                          0

Fixed Assets                                                  0
Accumulated Depreciation                                      0
Net Fixed Assets                                              0

Other Assets                                        325,973,635
Intercompany Receivables                             25,256,888
Total Assets                                       $351,230,523

Liabilities Subject To Compromise
Long Term Debt & Interest                           $19,836,909
Intercompany payables                               212,783,632
Total Liabilities Subject to Compromise             232,620,541

Accounts Payable                                              0
Notes & Loans Payable                                         0
Accrued Expenses                                        548,176
Intercompany Payables                                         0
Total Liabilities                                   233,168,717

Common Stock                                          1,388,356
Paid In Capital                                     227,962,103
Retained Earnings                                  (110,643,290)
YTD Net Income/(Loss)                                  (645,365)
Total Equity                                        118,061,804
Total Liabilities & Owners' Equity                 $351,230,521

                     Parmalat USA Corporation
                         Income Statement
                From June 20, 2004 to July 24, 2004

    Gross sales                                              $0
    Less: Returns & discounts                                 0
    Net sales                                                 0

    Raw Materials & Ingredients                               0
    Packaging                                                 0
    Direct Labor                                              0
    Power                                                     0
    Freight                                                   0
    Distribution                                              0
    Industrial Depreciation                                   0
    Production Overhead                                       0
    Warehouse (Cooler)                                        0
    Marketing Costs                                           0
    Sales Admin Expenses                                      0
    General Expenses                                          0
    Financial Costs                                     100,901
    Goodwill/trademarks                                  18,226
    Extraordinary                                             -
    Corporate Allocation                                      -
    Depreciation                                              -
    Amortization                                              -
    Income Taxes                                              -
    Total Expenses                                      119,127

Reorganization Expenses
    Professional Fees                                         -
    U.S. Trustee Fees                                         -
    Other                                                     -
    Total Reorganization Expenses                             -
Net Profit (Loss)                                     ($119,127)

Parmalat USA Corporation received no cash nor made disbursements
from June 20, 2004 to July 24, 2004.

RELIANCE GROUP: Releases July 2004 Monthly Operating Report

Reliance Group Holdings, Inc., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession             31-Jul-2004
_____________________________________     ___________  


Unrestricted Funds                        $57,972,000
Total                                      57,972,000

Accounts and Notes Receivable              13,090,000
Prepaid expenses and deposits                 553,000
Due from Reliance Development Group,
   less allowance of $59,334,000                    0

Plant, property & equipment                         -
      Total Assets                        $71,615,000


Liabilities not subject to compromise

   Postpetition accounts payable           $2,255,000
   Professional fee holdback payable        1,978,000

Liabilities subject to compromise       1,025,318,000
      Total liabilities                 1,029,551,000

Shareholders' deficit:

   Common stock                            11,616,000
   Additional paid in capital             558,541,000
   Accumulated deficit                 (1,528,093,000)
      Total shareholders' deficit        (957,936,000)
      Total liabilities & deficit         $71,615,000

Reliance Group Holdings, Inc., et al.
Unaudited Consolidated Statement of        1-Jul-2004
Operations, excluding subsidiaries             to
which are not Debtors-in-Possession       31-Jul-2004
_____________________________________     ___________  

Revenues                                           $0

Costs and expenses:
   Operating and administrative                41,000
   Pension Plan Actuarial
     Adjustments and Expenses                       0
   Depreciation                                     0
   Total costs and expenses                    41,000
Loss before reorganization items              (41,000)

Reorganization items:
   Professional fees                          635,000
   Increase in allowance on balance
      due from Reliance Development
      Group, Inc.                                   0
   Reduction of balance due Reliance
      Insurance Company per settlement              -
   Interest earned on accumulated
      cash resulting from
      Chapter 11 proceeding                   (60,000)
   Total reorganization items                 575,000
Income Tax benefits                                 0
Net Income                                  ($616,000)

Reliance Group Holdings, Inc., et al.
Unaudited Consolidated Statement of        1-Jul-2004
Cash Flows, excluding subsidiaries             to
which are not Debtors-in-Possession       31-Jul-2004
_____________________________________     ___________  

Cash flows from operating activities:

   Loss from operations before
      reorganization items                   ($41,000)

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

         Income Tax Recovery                        0
         Depreciation                               0

   Changes in:

      Prepaid expenses                              0
      Postpetition payables                   (11,000)
      Increase in Liabilities
      subject to compromise                         0
   Net cash (used) provided by
       operating activities before
       reorganization items                   (52,000)
   Operating cash flows from
      reorganization items:

         Interest earned                       60,000
         Application of retainer
         towards reorganization
         professional fees                          0
         Payment of
         reorganization items                (578,000)
         Distribution to Reliance
         Insurance Company
         (in liquidation)                           0
   Net cash used by
      reorganization items                   (518,000)
   Net cash used by
      operating activities                   (570,000)

Cash flows from investing activities:

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

Cash flow from financing activities:
   Proceeds of split dollar policies                0
      Net cash provided by
         financing activities                       0
Net increase in cash                         (570,000)

Cash at beginning of period                58,542,000
Cash at end of period                     $57,972,000

USG CORPORATION: Reports $25.2 Million Net Income in July 2004

USG Corporation, et al.
Consolidated Balance Sheet                         31-July-2004
__________________________                         ____________

Cash and cash equivalents                          $415,554,000
Marketable Securities                                80,432,000
Restricted Cash                                      22,603,000
Receivables                                         409,816,000
Inventories                                         311,404,000
Income taxes receivable                              19,600,000
Deferred income taxes                                42,586,000
Other current assets                                 54,085,000
Total current assets                              1,356,080,000

Property, plant and equipment, net                1,571,300,000
Marketable Securities                               238,660,000
Deferred income taxes                               143,581,000
Goodwill                                             41,201,000
Other assets                                        360,660,000
Total Assets                                     $3,711,482,000

Liabilities and Stockholders' Equity:
Accounts payable                                   $222,014,000
Accrued expenses                                    167,171,000
Taxes on income                                      40,745,000
Total current liabilities                           429,930,000

Other liabilities                                   415,487,000
Liabilities subject to compromise                 2,238,572,000

Stockholders' Equity:
Common stock                                          4,998,000
Treasury stock                                     (257,993,000)
Capital received in excess of par value             101,603,000
Accumulated other comprehensive income/(loss)        16,987,000
Retained earnings                                   761,898,000
Total stockholders' equity                          627,493,000
Total Liabilities and Stockholders' Equity       $3,711,482,000

USG Corporation, et al.                            Month Ending
Consolidated Income Statement                      31-July-2004
_____________________________                      ____________

Net sales                                          $351,370,000

Cost of products sold                               284,592,000
Selling and administrative expenses                  23,519,000
Chapter 11 reorganization expenses                     (384,000)
Interest expense                                        273,000
Interest income                                        (164,000)
Other (income)/expense, net                            (186,000)
Earnings/(loss) before income taxes                  43,720,000

Income taxes (benefit)                               18,481,000
Net Earnings/(loss)                                 $25,239,000

Headquartered in Chicago, Illinois, USG Corporation -- through its subsidiaries, is a leading  
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes.  The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094).  David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones, Day, Reavis & Pogue represent the Debtors in their
restructuring efforts. When the Debtors filed for protection from
their creditors, they listed $3,252,000,000 in assets and
$2,739,000,000 in debts. (USG Bankruptcy News, Issue No. 71;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


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

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Go to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

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


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

Troubled Company Reporter is a daily newsletter co-published by  
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,  
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.  
Metzler, Emi Rose S.R. Parcon, Bernadette C. de Roda, Rizande B.  
Delos Santos, Jazel P. Laureno, Cherry Soriano-Baaclo, Marjorie  
Sabijon and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

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