TCR_Public/040904.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, September 4, 2004, Vol. 8, No. 189

                           Headlines


CENTURY/ML: Reports $1.9 Million Net Income for July 2004
DVI INC: Releases July 2004 Cash Receipts & Disbursements Data
ENRON CORP: February 2004 Monthly Operating Report
ENRON: Wind Trust's July 2004 Monthly Cash Report
HAUSER INC: Submits July 2004 Monthly Operating Report

HAWAIIAN AIRLINES: July 2004 Net Income Climbs to $10.1 Million
HAYES LEMMERZ: Reports Second Quarter 2004 Fiscal Results
PARMALAT: Releases Financial Reports Ending December 31, 2003
PG&E NATIONAL: ET Gas May 2004 Monthly Operating Report
PG&E NATIONAL: ET Gas June 2004 Monthly Operating Report

PG&E NATIONAL: ET Holdings May 2004 Monthly Operating Report
PG&E NATIONAL: ET Holdings June 2004 Monthly Operating Report
PG&E NATIONAL: ET Investments May 2004 Monthly Operating Report
PG&E NATIONAL: ET Investments June 2004 Monthly Operating Report
PG&E NATIONAL: ET Power May 2004 Monthly Operating Report

PG&E NATIONAL: ET Power June 2004 Monthly Operating Report
ROUGE INDUSTRIES: Files July 2004 Monthly Operating Report
SK GLOBAL: Reports $706,620 Net Loss in July 2004
SOLUTIA INC: Reports $15 Million Net Loss in July 2004
TOUCH AMERICA: Files Jan. to March 2004 Monthly Operating Reports

UAL CORP: Reports $10.8 Million Net Loss in June 2004
WINSTAR COMMS: Releases May 2004 Monthly Operating Report
WINSTAR COMMS: Releases June 2004 Monthly Operating Report

                            *********

CENTURY/ML: Reports $1.9 Million Net Income for July 2004
---------------------------------------------------------

                     Century-ML Cable Venture
                      (Debtor-In-Possession)
                     Unaudited Balance Sheet
                       As of July 31, 2004
                      (Dollars in thousands)

                              ASSETS

Cash and cash equivalents                               $16,485
Subscriber receivables - net                                528
Prepaid expenses                                            160
Investment in Century-ML Corporation                    123,892
Related party receivables                                   231
Property, plant and equipment - net                       6,068
Intangible assets - net                                   1,528
Other assets - net                                          108
                                                       --------
    Total assets                                       $149,000
                                                       ========

               LIABILITIES AND STOCKHOLDERS' EQUITY

Subscriber advance payments and deposits                   $368
Accrued expenses and other liabilities                    1,428
Intercompany payables                                     2,777
Deferred income taxes                                        45
                                                       --------
                                                         $4,618
                                                       --------
Liabilities subject to compromise:
    Accounts payable                                         20
    Accrued expenses and other liabilities                1,372
    Intercompany payables                                10,817
                                                       --------
       Total liabilities subject to compromise           12,209
                                                       --------
       Total liabilities                                 16,827
                                                       --------
Partners' equity:
    Partners' contributions                              56,800
    Partners' retained earnings                          75,373
                                                       --------
    Total partners' equity                              132,173
                                                       --------
    Total liabilities and partners' equity             $149,000
                                                       ========


                     Century-ML Cable Venture
                      (Debtor-In-Possession)
                Unaudited Statement of Operations
                 For the Month Ended July 31, 2004
                      (Dollars in thousands)

Revenue                                                  $1,025

Cost and expenses:
    Direct operating and programming                        537
    Selling, general and administrative                      23
    Management fees                                          41
    Non-recurring professional fees                           -
    Depreciation                                             60
                                                       --------
    Operating income before reorganization
       expenses due to bankruptcy                           364

Reorganization expenses due to bankruptcy                    49
                                                       --------
Operating income                                            315

    Interest income - net                                    11
    Equity in net income of Century-ML Cable
       Corporation - net of taxes                         1,873
                                                       --------
Income before income taxes                                2,199

    Income tax expense                                     (232)
                                                       --------
Net income                                               $1,967
                                                       ========


                     Century-ML Cable Venture
                      (Debtor-In-Possession)
                Unaudited Statement of Cash Flows
                For the Month Ended July 31, 2004
                      (Dollars in thousands)

Cash flow from operating activities:
Net income                                               $1,967
    Adjustments to reconcile net income
        to net cash provided by (used in)
        operating activities:
    Depreciation                                             60
    Reorganization expenses due to bankruptcy                49
    Non-recurring professional fees                           -
    Equity in net income of Century-ML Cable
       Corporation - net of taxes                        (1,873)
    Change in assets and liabilities:
       Subscriber receivables - net                          14
       Prepaid expenses and other assets - net               13
       Accounts payable                                       -
       Subscriber advance payments and deposits              17
       Accrued expenses and other liabilities                 5
       Intercompany receivables and payables - net          198
                                                       --------
Net cash provided by operating activities                   450
                                                       --------
Cash flows from investing activities:
    Expenditures from property, plant and equipment         (55)
                                                       --------
Net cash used in investing activities                       (55)

Change in cash and cash equivalents                         395

Cash and cash equivalents, beginning of period           16,090
                                                       --------
Cash and cash equivalents, end of period                $16,485
                                                       ========

Century/ML Cable Venture is a holder of the cable franchise in
Levittown, Puerto Rico and a New York joint venture between
Century Communications Corp., a wholly owned indirect subsidiary
of Adelphia Communications, and ML Media Partners, L.P. The Debtor
filed for Chapter 11 relief on September 30, 2002 (Bankr. S.D.N.Y.
Case No. 02-14838). Richard S. Toder, Esq., Neil H. Herman, Esq.,
and Ron Baskin, Esq., at Morgan, Lewis & Bockius LLP represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed total assets and debts of
more than $100 Million.


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

On August 26, 2004, DVI, DVI FS and DVI BC filed their respective
Monthly Operating Reports with the U.S. Bankruptcy Court and the
U.S. Trustee for the period from July 1, 2004 through July 31,
2004 showing:

     Debtor      Cash Receipts  Cash Disbursements
     ------      -------------  ------------------    
     DVI                    $0                  $0
     DVI FS        $27,900,000         $28,045,000
     DVI BC                 $0                  $0


Full-text copies of DVI's July 2004 Monthly Operating Report are  
available at no charge at:

   DVI Inc:
      http://www.sec.gov/Archives/edgar/data/801550/000095012304010395/y01385exv99w1.txt  

   DVI Financial Services:
      http://www.sec.gov/Archives/edgar/data/801550/000095012304010395/y01385exv99w2.txt

   DVI Business Credit:   
      http://www.sec.gov/Archives/edgar/data/801550/000095012304010395/y01385exv99w3.txt


ENRON CORP: February 2004 Monthly Operating Report
--------------------------------------------------
On August 23, 2004, Enron Corp. and certain other debtor-in-
possession subsidiaries of the Company filed their monthly
operating report for February 2004 with the United States
Bankruptcy Court for the Southern District of New York.

A full-text copy of Enron Corp.'s February 2004 Monthly Operating
Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/1024401/000095012904006466/h17976exv99w1.txt
  
  
                        Enron Corp. et al.  
                    Cash Activity Rollforward  
              For the Month Ended February 29, 2004  
  
Beginning cash                                  $1,546,000,000  
  
Third party receipts                                74,000,000  
Third party disbursements                          (46,000,000)  
Net Intercompany                                    (3,000,000)  
Transfer from or to Restricted Cash                (72,000,000)  
                                               ----------------  
Ending balance                                  $1,499,000,000  
  
                        Enron Corp. et al.  
                  Tax Rollforward (Non-Payroll)  
              For the Month Ended February 29, 2004  
  
Beginning Balance                                  $18,000,000  
  
Accruals                                             1,000,000  
Intercompany                                                 0  
Payments                                                     0  
                                               ----------------  
Ending Balance                                     $19,000,000  
  
  
                        Enron Corp. et al.  
              Receivables Rollforward - Non-Commodity  
               For the Month Ended February 29, 2004  
  
Beginning Balance                                 $315,000,000  
  
Billings                                             3,000,000  
Payments Received                                   (3,000,000)  
Other Adjustments                                  (23,000,000)  
                                               ----------------  
Ending Balance                                    $292,000,000  
  
  
                        Enron Corp. et al.  
                Commodity Receivables and Payables  
               For the Month Ended February 29, 2004  
  
  
Receivables                                       $410,000,000  
Payables                                           654,000,000  


Headquartered in Houston, Texas, Enron Corporation is in the midst
of restructuring various businesses for distribution as ongoing
companies to its creditors and liquidating its remaining
operations.  Before the company agreed to be acquired, controversy
over accounting procedures had caused Enron's stock price and
credit rating to drop sharply.  The Company filed for chapter 11
protection on December 2, 2001 (Bankr. S.D.N.Y. Case No. 01-
16033).  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  
Martin J. Bienenstock, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges, LLP, represent the Debtors in their
restructuring efforts. (Enron Bankruptcy News, Issue No. 123;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


ENRON: Wind Trust's July 2004 Monthly Cash Report
-------------------------------------------------

                        Wind Systems Trust   
        Combined Summary Report of Cash and Disbursements   
                For the Period July 1 to 31, 2004   
   
Beginning Cash Balance                     $41,265,176  
Total Cash Receipts                             42,617   
Total Cash Disbursements                        (9,636)   
                                            ----------   
Ending Cash Balance                        $41,298,157   
   
   
                      ZWHC, LLC, Consolidated   
                  The Trust and its Subsidiaries   
        Combined Summary Report of Cash and Disbursements   
                For the Period July 1 to 31, 2004   
   
Beginning Cash Balance                      $7,213,991   
Total Cash Receipts                             12,049   
Total Cash Disbursements                        (8,198)   
                                            ----------   
Ending Cash Balance                         $7,217,842   
   
   
                      Wind Development Trust   
        Combined Summary Report of Cash and Disbursements   
                 For the Period July 1 to 31, 2004   
   
Beginning Cash Balance                     $19,824,307   
Total Cash Receipts                             72,918   
Total Cash Disbursements                      (117,465)   
                                            ----------   
Ending Cash Balance                        $19,779,760


Headquartered in Houston, Texas, Enron Corporation is in the midst
of restructuring various businesses for distribution as ongoing
companies to its creditors and liquidating its remaining
operations.  Before the company agreed to be acquired, controversy
over accounting procedures had caused Enron's stock price and
credit rating to drop sharply.  The Company filed for chapter 11
protection on December 2, 2001 (Bankr. S.D.N.Y. Case No. 01-
16033).  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  
Martin J. Bienenstock, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges, LLP, represent the Debtors in their
restructuring efforts. (Enron Bankruptcy News, Issue No. 123;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


HAUSER INC: Submits July 2004 Monthly Operating Report
------------------------------------------------------
Kenneth C. Cleveland, President and Chief Executive Officer for   
Hauser, Inc. (OTC:HAUSQ) advises that on August 16, 2004, the  
Company and its wholly owned subsidiaries filed the monthly  
operating report for the month ended July 31, 2004 with the Office  
of the United States Trustee pursuant to Bankruptcy Rule 2015 and  
the Trustee's Financial Reporting Requirements for Chapter 11  
Cases.  

Citing Rule 202 of Regulation S-T and the Company's continuing   
hardship exemption, Mr. Cleveland explains that it is impossible   
to deliver an electronic copy of that financial report to the   
Securities and Exchange Commission so the Company has manually   
filed a paper copy of the Amended Reports under cover of Form  
SE.     
  
Hauser Inc. filed for chapter 11 protection on April 1, 2003, in  
Los Angeles (Bankr. C.D. Calif. Case No. 03-18795).  Christine
M. Pajak, Esq., at Stutman, Treister & Glatt, serves as legal  
counsel to the Debtors.


HAWAIIAN AIRLINES: July 2004 Net Income Climbs to $10.1 Million
---------------------------------------------------------------
On August 20, 2004, Hawaiian Airlines, the sole operating
subsidiary of Hawaiian Holdings, Inc., filed its unaudited July
2004 Monthly Operating Report with the United States Bankruptcy
Court for the District of Hawaii. The carrier reports earning
$10,131,000 on $80,699,000 of revenues in July 2004.

At July 31, 2004, Hawaiian Airlines' balance sheet showed:

      Total Current Assets        $289,695,000
      Total Assets                 413,110,000
      Total Current Liabilities    272,868,000
      Total Liabilities            461,962,000
      Liabilities Subject  
         to Compromise             133,389,000
      Shareholder's Deficit       $182,241,000

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

   http://www.sec.gov/Archives/edgar/data/1172222/000095013604002875/file001.htm  


Headquartered in Honolulu, Hawaii, Hawaiian Airlines, Inc., --
http://hawaiianair.com/-- is a subsidiary of Hawaiian Holdings,  
Inc. (Amex and PCX: HA). The Company provides primarily scheduled
transportation of passengers, cargo and mail. Flights operate
within the South Pacific and to points on the west coast as well
as Las Vegas. Since the appointment of a bankruptcy trustee in May
2003, Hawaiian Holdings has had no involvement in the management
of Hawaiian Airlines and has had limited access to information
concerning the airline. The Company filed for chapter 11
protection on March 21, 2003 (Bankr. D. Hawaii Case No. 03-00817).
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.


HAYES LEMMERZ: Reports Second Quarter 2004 Fiscal Results
---------------------------------------------------------

                   HLI Operating Company, Inc.
                     Unaudited Balance Sheet
                       As of June 30, 2004
                         (In Thousands)

                             ASSETS

Current assets:
   Total Cash and Marketable Securities                 $59,002
   Accounts Receivable                                  347,535
   Inventories and Factory Supply                       198,744
   Prepaid expenses and other                            20,538
                                                     ----------
Total Current Assets                                    625,819

Property, plant and equipment, net                      963,823
Goodwill and Other Assets                               692,729
                                                     ----------
Total Assets                                         $2,282,372
                                                     ==========

              LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Unsecured Short-Term Debt                             $8,455
   Long-Term Debt-Due Within One Year                     6,575
   Short Term Capital Lease Obligations                   3,917
   Accounts payable and accrued liabilities             374,179
                                                     ----------
Total Current Liabilities                              $393,125

Long-Term Debt-Due Beyond One Year                      635,478
Long Term Capital Lease Obligations                      10,144
Deferred Taxes Payable                                   90,057
Intercompany accounts                                    (1,755)
Pension and other long-term liabilities                 430,355
                                                     ----------
Total Long Term Liabilities                          $1,164,279

Minority Interest                                        25,804
Preferred Stock                                          10,867
Capital Invested                                        677,642
Retained Earnings                                       (52,075)
Foreign Currency Translation                             62,729
                                                     ----------
Total Net Worth                                         688,296
                                                     ----------
Total Liability and Equity                           $2,282,372
                                                     ==========

A full copy of the Post-Confirmation Quarterly Summary Report is  
available for free at:

     http://bankrupt.com/misc/hayes_post_conf_report.pdf

Hayes Lemmerz International, Inc., is a world leading global
supplier of automotive and commercial highway wheels, brakes,
powertrain, suspension, structural and other lightweight
components.  The Company filed for chapter 11 protection on
December 5, 2001 (Bankr. D. Dela. Case No. 01-11490).  Eric
Ivester, Esq. at Skadden, Arps, Slate, Meager & Flom and Mark S.
Chehi, Esq. at Skadden, Arps, Slate, Meager & Flom represent the
Debtors' in their restructuring efforts.


PARMALAT: Releases Financial Reports Ending December 31, 2003
-------------------------------------------------------------
Parmalat Finanziaria SpA engaged PricewaterhouseCoopers in March  
2004 to conduct the accounting examination of its consolidated  
financial statement as of December 31, 2003.  On July 12, 2004,  
PwC issued its report, which contains specific restrictions to  
third parties' use and to distribution to third parties.

In the report, PwC declares that it is not able to express an  
opinion on Parmalat Finanziaria's consolidated financial  
statements as of December 31, 2003, because of significant scope  
limitations to its examination and because of the impacts of the  
uncertainties.  The limitations PwC indicated are:

   (a) Impossibility to get enough elements to ascertain the full
       implementation, as well as their right accounting
       treatment, in the consolidated financial statements of the
       effects of operations carried on prior to the admission to
       the Extraordinary Administration procedure which is
       currently under review of the Italian prosecutors;

   (b) Impossibility to obtain enough elements to determine the
       completeness and the extension of the operations realized
       with related parties and companies of the Parmalat Group;

   (c) Impossibility to ascertain the opening balances as of
       January 1, 2003, for the companies included in the
       consolidated financial statements and, as a consequence of
       that, on the activity occurred during the 2003 fiscal year
       in the net equity;

   (d) Impossibility to carry out the accounting examination for
       the financial statements of a number of Parmalat companies
       based in Brazil, Malta, France, Cayman Islands and
       Ireland because of actions carried on by the local
       prosecutors, which have resulted in the Extraordinary
       Commissioner not having the control on these companies;

   (e) Existence of companies based in Argentina, Brazil, Cuba,
       Spain, Russia and United Kingdom, for which it was not
       possible to engage PwC for the audit, with the subsequent
       impossibility for PwC to get the necessary elements to
       support the accounts included in the consolidated
       financial statement;

   (f) Impossibility to attend the physical inventories as of
       December 31, 2003; and

   (g) Lack of direct confirmations from banks and legal advisors
       on balances and status of legal actions as of the end of
       the fiscal year.

The uncertainties expressed by PwC are:

      (i) Lack of enough elements to estimate the result of the
          proposals and actions carried out to secure the
          on-going concern basis for Parmalat Finanziaria SpA and
          for the main subsidiaries, such on-going concern basis
          being based on the Restructuring Program implementation
          and on the result of the debt re-financing initiatives
          being currently under negotiation;

     (ii) Investigations being carried on by the Italian
          Prosecutors and other legal actions pending against the
          Parmalat Group, from which critical circumstances with
          impact on the Group's economic and financial situation
          may arise; and

    (iii) Potential tax liabilities and risks associated to the
          possibility to recover receivables towards the revenue
          authority.


                          Parmalat Group
             Reclassified Consolidated Balance Sheet
                       At December 31, 2003
                     (In thousands of Euros)

Fixed Assets
   Intangible                                        EUR831,668
   Tangible                                           1,249,545
   Long-term investments                                233,916
                                                 --------------
                                                      2,315,129

Net Working Capital
   Inventories                                          482,896
   Trade accounts receivable                          1,124,108
   Other assets                                         100,942
   Trade accounts payable (-)                        (1,000,525)
   Reserves for risks and charges (-)                  (584,320)
   Other liabilities (-)                               (556,001)
                                                 --------------
                                                       (432,899)
                                                 --------------
Invested Capital, Net of Operating Liabilities        1,882,230

Reserve for Employee Severance Indemnities
   and Other Reserves for Risks (-)                     (59,120)

Reserves for Extraordinary Risks & Charges (-)       (1,433,093)
                                                 --------------
                                                     (1,492,213)
                                                 --------------
Net Invested Capital                                    390,017

Covered by:

Net Worth                                           (13,140,382)
                                                 --------------
Net Borrowings (Financial Availabilities)
   Loans payable to banks and other lenders          13,713,683
   Loans payable to Group companies                           0

   Loans receivable from Group companies (-)
   Other financial assets (-)                           (82,810)
   Liquid assets (-)                                   (100,474)
                                                 --------------
Total Net Borrowings                                 13,530,399
                                                 --------------
Total Coverage Sources                               EUR390,017
                                                 ==============


                          Parmalat Group
           Reclassified Consolidated Statement of Income
               Fiscal Year Ended December 31, 2003
                     (In thousands of Euros)

Sales Revenues                                     EUR5,654,838
Other revenues and income                                72,033
                                                 --------------
Total net revenues                                    5,726,871

Change in inventory of work in progress,
   semi-finished goods and finished goods                15,177
                                                 --------------
Production Value                                      5,742,048

Raw materials and outside services (-)               (4,815,718)
Miscellaneous costs(-)                                  (68,321)
Provisions for risks and charges (-)                   (325,651)
                                                 --------------
Value Added                                             532,358

Labor costs (-)                                        (773,006)
                                                 --------------
EBITDA                                                 (240,649)

Depreciation, amortization and writedowns (-)        (1,571,267)
                                                 --------------
EBIT                                                 (1,811,916)

Net financial expense                                (1,152,644)
Dividends and tax credits                                40,849
Upward value adjustments (Writedowns)
   of financial assets                               (1,030,241)
                                                 --------------
Loss Before Extraordinary Items and Taxes            (3,953,952)

Extraordinary income (expense) and
   extraordinary provisions for risks               (11,397,425)
                                                 --------------
Loss Before Taxes                                   (15,351,377)

Income taxes                                            140,831
                                                 --------------
Net Loss                                         (EUR15,210,546)
                                                 ==============


                    Parmalat Finanziaria SpA
             Reclassified Consolidated Balance Sheet
                       At December 31, 2003
                     (In thousands of Euros)

Fixed Assets
   Property, plant and equipment                          EUR14
   Long-term investment                                     108
                                                 --------------
                                                            122

Net Working Capital
   Trade account receivable                              39,207
   Other assets                                             198
   Trade account payable (-)                               (827)
   Reserves for risk and charges (-)                       (246)
   Other liabilities (-)                                   (423)
                                                 --------------
                                                         37,909
                                                 --------------
Invested Capital, Net of Operating Liabilities           38,031

Reserve for Employee Severances Indemnities (-)            (247)
Reserve for Extraordinary Risk & Charges (-)        (14,578,292)
                                                 --------------
                                                    (14,578,539)

Net Invested Capital                                (14,540,508)

Covered by:

Stockholders Equity                                 (15,673,787)

Net Borrowings (Financial Assets):
   Loans payable to bank and other lenders              266,731
   Loans payable to Group companies                   1,007,942

   Loans receivable from Group companies (-)           (140,235)
   Other financial assets (-)                            (1,141)
   Liquid assets (-)                                        (18)
                                                 --------------
Total Net Borrowings                                  1,133,279
                                                 --------------
Total Coverage Sources                           (EUR14,540,508)
                                                 ==============


                    Parmalat Finanziaria SpA
                 Reclassified Statement of Income
               Fiscal Year Ended December 31, 2003
                     (In thousands of Euros)

Financial Income and Expense
   Income from equity investments
      -- From subsidiaries                            EUR91,967
                                                 --------------
                                                         91,967

   Other financial income
      From securities incl. in long term
      investments other than equity investments              26

   Miscellaneous income from:
      -- subsidiaries                                    56,276
      -- other companies                                  1,699
                                                 --------------
                                                         58,001

   Interest and other financial expense paid to:
      -- subsidiaries                                    40,168
      -- controlling companies                              222
      -- other companies                                 10,760
                                                 --------------
                                                        (51,150)
                                                 --------------
Total financial income and expense                       98,818

Value Adjustments in Financial Assets
                                                 --------------
Write downs:
   -- Of equity investments                           1,612,960

   -- Of long term investments other than
      equity investments                                      0

   -- Of loans receivable from subsidiaries
      carried as current assets                       1,165,104
                                                 --------------
Total value adjustments of financial assets          (2,778,064)

Other Income from Operations
   Other revenues and income from subsidiaries            4,170
   Miscellaneous revenues and income                          6
                                                 --------------
Total other income from operation                         4,176

Other Operating Expenses
   Non-financial services                                 7,561
   Use of property not owned                                133
   Labor costs                                              729
   Depreciation, amortization and write downs                83
   Miscellaneous operating expenses                          11
                                                 --------------
Total other operating expenses                           (8,517)
                                                 --------------
Loss before extraordinary items                      (2,683,587)

Extraordinary Income and Expense
   Extraordinary income from subsidiaries                   591
   Extraordinary expenses
      -- Replenishment of stockholders' equity
         of subsidiaries                            (13,920,202)

      -- Other extraordinary expenses                      (491)
                                                 --------------
   Net extraordinary loss                           (13,920,102)
                                                 --------------
Loss before taxes                                   (16,603,689)

Income taxes
   Current taxes                                              0
   Prepaid taxes                                            (92)
                                                 --------------
Total income taxes                                          (92)

Net Loss                                         (EUR16,603,781)
                                                 ==============


                          Parmalat SpA
             Reclassified Consolidated Balance Sheet
                       At December 31, 2003
                     (In thousands of Euros)

Fixed Assets
   Intangibles                                         EUR5,901
   Property, plant and equipment                         57,129
   Long-term investment                                 331,092
                                                 --------------
                                                        394,122

Net Working Capital
   Inventories                                           37,450
   Trade account receivable                             163,914
   Other assets                                          43,865
   Trade account payable (-)                           (627,762)
   Reserves for risk and charges (-)                     (5,167)
   Other liabilities (-)                                (30,126)
                                                 --------------
                                                       (417,826)
                                                 --------------
Invested Capital, Net of Operating Liabilities          (23,704)

Reserve for Employee Severances Indemnities (-)         (30,347)
Reserve for Extraordinary Risk & Charges (-)         (9,739,924)
                                                 --------------
                                                     (9,770,271)

Net Invested Capital                                 (9,793,975)

Covered by:

Stockholders Equity                                 (13,888,705)

Net Borrowings (Financial Assets):
   Loans payable to bank and other lenders            2,882,829
   Loans payable to Group companies                   1,266,205

   Loans receivable from Group companies (-)            (28,009)
   Other financial assets (-)                           (19,682)
   Liquid assets (-)                                     (6,613)
                                                 --------------
Total Net Borrowings                                  4,094,730
                                                 --------------
Total Coverage Sources                            (EUR9,793,975)
                                                 ==============


                          Parmalat SpA
                 Reclassified Statement of Income
               Fiscal Year Ended December 31, 2003
                     (In thousands of Euros)

Sales Revenues                                       EUR790,081
Other revenues and income                                 5,643
                                                 --------------
Total net revenues                                      795,724

Change in inventory of work in progress,
   semi-finished goods and finished goods                (3,629)
                                                 --------------
Production Value                                        792,095

Raw materials and outside services (-)                 (728,363)
Miscellaneous costs(-)                                   (9,485)
                                                 --------------
Value Added                                              54,247

Labor costs (-)                                         (93,253)
                                                 --------------
EBITDA                                                  (39,006)

Depreciation, amortization and writedowns (-)           (20,720)
                                                 --------------
EBIT                                                    (59,726)

Net financial expense                                  (152,850)
Dividends and tax credits                                 3,249
Upward value adjustments (Writedowns)
   of financial assets                               (2,149,350)
                                                 --------------
Loss Before Extraordinary Items and Taxes            (2,358,677)

Provisions for risks, charges & write downs (-)        (135,320)
Net extraordinary expense                           (12,640,626)
                                                 --------------
Loss Before Taxes                                   (15,134,622)

Income taxes                                             (2,000)
                                                 --------------
Net Loss                                         (EUR15,136,622)
                                                 ==============


PG&E NATIONAL: ET Gas May 2004 Monthly Operating Report
-------------------------------------------------------

              NEGT Energy Trading-Gas Corporation
                    Unaudited Balance Sheet
                       As of May 31, 2004

                             ASSETS

Current Assets
   Cash                                             $10,465,079
   Accounts Receivable                               37,104,637
   Valuation from Unrealized Commodity Contracts   Undetermined
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets
      Deposits                                       70,075,017
      Prepayments                                    10,036,500
      Other Current Assets                            3,113,514
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       0
   Building                                                   0
   Equipment, Furniture & Fixtures                   21,635,393
   Less Accumulated Depreciation                    (20,634,680)
                                                 --------------
Total Fixed Assets                                    1,000,713

Other Assets
   Accrued taxes                                   Undetermined
                                                 --------------
Total Other Assets                                 Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                          $0
   Accrued Quarterly Fees                                   250
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other:
      Accrued Legal fees                                      0
      Accrued Payroll and Benefits                       17,413
                                                 --------------
Total Postpetition Liabilities                          $17,663

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owner's Investments                          -
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings (deficit)
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


              NEGT Energy Trading-Gas Corporation
                   Unaudited Income Statement
              For the Period May 1 to May 31, 2004

Total Sales/Income                                     $736,683

COST OF SALES:
   Purchases of Inventory                                     0
   Purchased Services                                         0
   Other: (Identify)
      Purchase of Commodities                         2,453,665
                                                 --------------
Total Cost of Sales                                   2,453,665
                                                 --------------
Gross Profit                                         (1,716,982)

OPERATING EXPENSES:
   Bad Debt Expense                                           0
   Bank Charges                                           1,528
   Communications                                             0
   Computer Supplies                                          0
   Credit & Commitment Fees                                   0
   Datafeeds                                              3,420
   Fixed Assets Depreciation                            204,277
   Indirect Allocations                                  70,149
   Insurance                                                  0
   Legal Fees                                           375,000
   Recruiting & Relocation                                    0
   Realized(Gain)/Loss on Foreign Exchange                 (659)
   Rent                                                     464
   Unrealized(Gain)/Loss on Foreign Exchange                  0
   Office Supplies                                            0
   Other                                                      0
   Payroll and benefits                                 (78,080)
   Professional Fees                                      7,015
   Software Costs                                             0
   Subscriptions                                              0
   Taxes Other than Income                                  300
   Training                                                   0
                                                 --------------
Total Operating Expenses                                583,414
                                                 --------------
Profit/Loss from Operation                           (2,300,396)

Other Income (Expenses):
   Interest Income                                      175,874
   Interest Expense                                           0
   Equity in Subsidiaries                                     0
   Other Income(Expenses)                                     0
                                                 --------------
Total Other Income (Expenses)                           175,874
                                                 --------------
Income Before Taxes                                  (2,124,523)

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
Net Income                                         Undetermined
                                                 ==============


              NEGT Energy Trading-Gas Corporation
                   Cash Reconciliation Report
              For the Period May 1 to May 31, 2004

Cash balance from prior balance sheet               $10,464,421
Pre-tax Net income for month                         (2,124,523)

Income/Expenses Not Requiring Cash:
   Depreciation                                         204,277
   Unrealized (Gain) Loss on Foreign Exchange                 0
   Relief of Allowance for Doubtful Accts                     0
                                                 --------------
Total Expenses Not Requiring Cash                       204,277
                                                 --------------
Total Cash from Operations                            8,544,175

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable Non-Affiliate              27,858,506
      Accounts Receivable Affiliate                      12,032
      Inventory                                               0
      Equipment                                               0
      Furniture & Fixtures                                    0
      Prepaids                                        2,552,388
      Deposits                                        4,500,000
      Other Current Assets                                    0
   Increase (Decr):
      Accounts Payable Non-Affiliate                (20,781,481)
      Accounts Payable Affiliate                     (1,605,029)
      Accrued Liabilities                              (120,654)
      Current Deferred Liabilities                  (10,494,859)
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
      Tax Liability                                           0
                                                 --------------
Total Other Sources & Uses of Cash                    1,920,904
                                                 --------------
Ending Cash Balance                                 $10,465,079
                                                 ==============


PG&E NATIONAL: ET Gas June 2004 Monthly Operating Report
--------------------------------------------------------

              NEGT Energy Trading-Gas Corporation
                    Unaudited Balance Sheet
                      As of June 30, 2004

                             ASSETS

Current Assets
   Cash                                             $10,466,514
   Accounts Receivable                               32,220,110
   Valuation from Unrealized Commodity Contracts   Undetermined
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets
      Deposits                                       70,075,017
      Prepayments                                    10,036,500
      Other Current Assets                            3,113,514
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       0
   Building                                                   0
   Equipment, Furniture & Fixtures                   21,635,393
   Less Accumulated Depreciation                    (20,838,956)
                                                 --------------
Total Fixed Assets                                      796,436

Other Assets
   Accrued taxes                                   Undetermined
                                                 --------------
Total Other Assets                                 Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                          $0
   Accrued Quarterly Fees                                   250
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other:
      Accrued Legal fees                                      0
      Accrued Payroll and Benefits                       23,035
                                                 --------------
Total Postpetition Liabilities                           23,285

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owner's Investments                          -
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings (deficit)
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


              NEGT Energy Trading-Gas Corporation
                   Unaudited Income Statement
             For the Period June 1 to June 30, 2004

Total Sales/Income                                     $160,370

COST OF SALES:
   Purchases of Inventory                                     0
   Purchased Services                                         0
   Other: (Identify)
      Purchase of Commodities                           (57,381)
                                                 --------------
Total Cost of Sales                                     (57,381)
                                                 --------------
Gross Profit                                           (217,751)

OPERATING EXPENSES:
   Bad Debt Expense                                           0
   Bank Charges                                             424
   Communications                                            80
   Computer Supplies                                          0
   Credit & Commitment Fees                                   0
   Datafeeds                                                  0
   Fixed Assets Depreciation                            204,277
   Indirect Allocations                                       0
   Insurance                                             10,891
   Legal Fees                                           375,000
   Recruiting & Relocation                                    0
   Realized(Gain)/Loss on Foreign Exchange               (1,435)
   Rent                                                       0
   Unrealized(Gain)/Loss on Foreign Exchange                  0
   Office Supplies                                            0
   Other                                                    225
   Payroll and benefits                                  36,264
   Professional Fees                                      6,595
   Software Costs                                           450
   Subscriptions                                           (111)
   Taxes Other than Income                                    0
   Training                                                 (68)
                                                 --------------
Total Operating Expenses                                632,592
                                                 --------------
Profit/Loss from Operation                             (414,841)

Other Income (Expenses):
   Interest Income                                      184,728
   Interest Expense                                           0
   Equity in Subsidiaries                                     0
   Other Income(Expenses)                                     0
                                                 --------------
Total Other Income (Expenses)                           184,728
                                                 --------------
Income Before Taxes                                    (230,113)

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
Net Income                                         Undetermined
                                                 ==============


              NEGT Energy Trading-Gas Corporation
                   Cash Reconciliation Report
             For the Period June 1 to June 30, 2004

Cash balance from prior balance sheet               $10,465,079
Pre-tax Net income for month                           (230,113)

Income/Expenses Not Requiring Cash:
   Depreciation                                         204,277
   Unrealized (Gain) Loss on Foreign Exchange                 0
   Relief of Allowance for Doubtful Accts                     0
                                                 --------------
Total Expenses Not Requiring Cash                       204,277
                                                 --------------
Total Cash from Operations                           10,439,243

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable Non-Affiliate               5,343,674
      Accounts Receivable Affiliate                           0
      Inventory                                               0
      Equipment                                               0
      Furniture & Fixtures                                    0
      Prepaids                                                0
      Deposits                                                0
      Other Current Assets                                    0
   Increase (Decr):
      Accounts Payable Non-Affiliate                   (821,106)
      Accounts Payable Affiliate                     (4,495,296)
      Accrued Liabilities                                     0
      Current Deferred Liabilities                            0
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
      Tax Liability                                           0
                                                 --------------
Total Other Sources & Uses of Cash                       27,271
                                                 --------------
Ending Cash Balance                                 $10,466,514
                                                 ==============


PG&E NATIONAL: ET Holdings May 2004 Monthly Operating Report
------------------------------------------------------------

            NEGT Energy Trading Holdings Corporation
                    Unaudited Balance Sheet
                       As of May 31, 2004

                             ASSETS

Current Assets
   Cash                                            $285,306,748
   Accounts Receivable                               37,104,637
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets
      Accrued taxes                                Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       0
   Building                                                   0
   Equipment, Furniture & Fixtures                            0
   Less Accumulated Depreciation                              0
   Other Fixed Assets                                         0
                                                 --------------
Total Fixed Assets                                            0

Other Assets
   Investments in Subsidiaries                     Undetermined
                                                 --------------
Total Other Assets                                 Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                          $0
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other:
      Accrued Quarterly Fees                              8,000
      Accrued Legal Fees                              2,441,121
      Accrued Payroll and Benefits                       63,000
                                                 --------------
Total Postpetition Liabilities                        2,512,121

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owner's Investments               Undetermined
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


            NEGT Energy Trading Holdings Corporation
                   Unaudited Income Statement
              For the Period May 1 to May 31, 2004

Total Sales/Income                                           $0

COST OF SALES:
   Purchases of Inventory                                     -
   Purchased Services                                         -
   Other                                                      -
                                                 --------------
Total Cost of Sales                                           0
                                                 --------------
Gross Profit                                                  0

OPERATING EXPENSES:
   Bad Debt Expense                                           0
   Communications                                           289
   Computer Supplies                                          0
   Credit/Commitment Fees                                     0
   Datafeeds                                              4,180
   Indirect Allocations                                (188,747)
   Insurance                                                  0
   Legal Fees                                           375,000
   Misc. Tax Payments                                        97
   Office Supplies                                            0
   Other                                                      0
   Other Business Expenses                                  259
   Payroll and benefits                                (198,490)
   Postage & Delivery                                         0
   Professional Fees                                      8,296
   Recruiting & Relocation                                    0
   Rent                                                     567
   Software Costs                                         4,150
   Subscriptions                                              0
   Training                                                   0
   Travel                                                     0
   US Trustees                                                0
                                                 --------------
Total Operating Expenses                                  5,602
                                                 --------------
Profit/Loss from Operation                               (5,602)

Other Income (Expenses):
   Interest Income                                      232,498
   Interest Expense                                    (201,286)
   Equity in Subsidiary:
      Investment in ET Power                            (54,165)
      Investment in ET Investment                    (1,605,029)
      Investment in ET Gas Corp.                     (1,284,274)
      Investment in NEGT International                    8,810
                                                 --------------
Total Other Income (Expenses)                        (2,903,446)
                                                 --------------
Income Before Taxes                                  (2,909,048)

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
Net Income                                         Undetermined
                                                 ==============


            NEGT Energy Trading Holdings Corporation
                   Cash Reconciliation Report
              For the Period May 1 to May 31, 2004

Cash balance from prior balance sheet              $277,711,953
Pre-tax Net income for month                         (2,909,048)

Expense Not Requiring Cash:
   Depreciation                                               0
   Investment in ET Power                                54,165
   Investment in ET Investment                        1,605,029
   Investment in ET Gas Corp.                         1,284,274
   Investment in NEGT International                      (8,810)
   Relief of Allowance of Doubtful Accounts                   0
                                                 --------------
Total Expenses Not Requiring Cash                     2,934,658
                                                 --------------
Total Cash from Operations                          277,737,562

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable Non-Affiliate                  (9,574)
      Accounts Receivable Affiliate                   7,873,181
      Inventory                                               0
      Equipment                                               0
      Furniture & Fixtures                                    0
      Prepaids                                            4,150
   Increase (Decr):
      Accounts Payable - Non-Affiliate                 (382,229)
      Accounts Payable - Affiliate                     (330,637)
      Accrued Liabilities                              (343,402)
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Professional Fees                         757,696
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
      Tax Liability                                           0
      (Less) Unrecorded Bank Service Charges                  0
                                                 --------------
Total Other Sources & Uses of Cash                    7,569,186
                                                 --------------
Ending Cash Balance                                $285,306,748
                                                 ==============


PG&E NATIONAL: ET Holdings June 2004 Monthly Operating Report
-------------------------------------------------------------

            NEGT Energy Trading Holdings Corporation
                    Unaudited Balance Sheet
                      As of June 30, 2004

                             ASSETS

Current Assets
   Cash                                            $289,494,834
   Accounts Receivable                                  237,177
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets
      Accrued taxes                                Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       0
   Building                                                   0
   Equipment, Furniture & Fixtures                            0
   Less Accumulated Depreciation                              0
   Other Fixed Assets                                         0
                                                 --------------
Total Fixed Assets                                            0

Other Assets
   Investments in Subsidiaries                     Undetermined
                                                 --------------
Total Other Assets                                 Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                    $960,334
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other:
      Accrued Quarterly Fees                             10,000
      Accrued Legal Fees                              1,786,510
      Accrued Payroll and Benefits                       63,892
                                                 --------------
Total Postpetition Liabilities                        2,820,736

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owner's Investments               Undetermined
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


            NEGT Energy Trading Holdings Corporation
                   Unaudited Income Statement
             For the Period June 1 to June 30, 2004

Total Sales/Income                                           $0

COST OF SALES:
   Purchases of Inventory                                     -
   Purchased Services                                         -
   Other                                                      -
                                                 --------------
Total Cost of Sales                                           0
                                                 --------------
Gross Profit                                                  0

OPERATING EXPENSES:
   Bad Debt Expense                                           0
   Communications                                            49
   Computer Supplies                                          0
   Credit/Commitment Fees                                     0
   Datafeeds                                                 50
   Indirect Allocations                                 (20,631)
   Insurance                                             13,186
   Legal Fees                                           375,000
   Misc. Tax Payments                                        15
   Office Supplies                                            0
   Other                                                      0
   Other Business Expenses                                    0
   Payroll and benefits                                (120,161)
   Postage & Delivery                                         0
   Professional Fees                                     19,649
   Recruiting & Relocation                                    0
   Rent                                                       0
   Software Costs                                         7,725
   Subscriptions                                              0
   Training                                                 578
   Travel                                                     0
   US Trustees                                            2,000
                                                 --------------
Total Operating Expenses                                277,459
                                                 --------------
Profit/Loss from Operation                             (277,459)

Other Income (Expenses):
   Interest Income                                      237,681
   Interest Expense                                    (212,440)
   Equity in Subsidiary:
      Investment in ET Power                             (7,553)
      Investment in ET Investment                      (224,348)
      Investment in ET Gas Corp.                       (139,139)
      Investment in NEGT International                  178,810
                                                 --------------
Total Other Income (Expenses)                          (166,989)
                                                 --------------
Income Before Taxes                                    (444,448)

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
Net Income                                         Undetermined
                                                 ==============


            NEGT Energy Trading Holdings Corporation
                   Cash Reconciliation Report
             For the Period June 1 to June 30, 2004

Cash balance from prior balance sheet              $285,306,748
Pre-tax Net income for month                           (444,448)

Expense Not Requiring Cash:
   Depreciation                                               0
   Investment in ET Power                                 7,553
   Investment in ET Investment                          224,348
   Investment in ET Gas Corp.                           139,139
   Investment in NEGT International                    (178,810)
   Relief of Allowance of Doubtful Accounts                   0
                                                 --------------
Total Expenses Not Requiring Cash                       192,230
                                                 --------------
Total Cash from Operations                          285,054,530

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable Non-Affiliate                  (5,397)
      Accounts Receivable Affiliate                   4,742,768
      Inventory                                               0
      Equipment                                               0
      Furniture & Fixtures                                    0
      Prepaids                                            4,150
   Increase (Decr):
      Accounts Payable - Non-Affiliate                  728,077
      Accounts Payable - Affiliate                     (173,954)
      Accrued Liabilities                              (202,729)
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Professional Fees                         652,611
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
      Tax Liability                                           0
      (Less) Unrecorded Bank Service Charges                  0
                                                 --------------
Total Other Sources & Uses of Cash                    4,440,304
                                                 --------------
Ending Cash Balance                                $289,494,834
                                                 ==============


PG&E NATIONAL: ET Investments May 2004 Monthly Operating Report
---------------------------------------------------------------

                NEGT ET Investments Corporation
                    Unaudited Balance Sheet
                       As of May 31, 2004

                             ASSETS

Current Assets
   Cash                                                      $0
   Accounts Receivable                                        0
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets                                       -
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       0
   Building                                                   0
   Equipment, Furniture & Fixtures                            0
   Less Accumulated Depreciation                              0
                                                 --------------
Total Fixed Assets                                            0

Other Assets
   Investment in Subsidiaries                      Undetermined
                                                 --------------
Total Other Assets                                 Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                          $0
   Accrued Quarterly Fees                                   250
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other                                                      0
                                                 --------------
Total Postpetition Liabilities                              250

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock, Owner's Investments              Undetermined
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings (deficit)
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                NEGT ET Investments Corporation
                   Unaudited Income Statement
              For the Period May 1 to May 31, 2004

Total Sales/Income                                            -

COST OF SALES:
   Purchases of Inventory                                     -
   Purchased Services                                         -
   Other (Identify)                                           -
                                                 --------------
Total Cost of Sales                                          $0
                                                 --------------
Gross Profit                                                  0

OPERATING EXPENSES:
   Bad Debt Expense                                           0
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Taxes (Payroll)                                            -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Entertainment                                              -
   Insurance (Real Estate)                                    -
   Insurance (Other)                                          -
   Leases (Other than Rent)                                   -
   Outside Services & Contractors                             -
   Professional Fees (Atty. Acct.)                            -
   Rent                                                       -
   Repairs & Maintenance                                      -
   Supplies                                                   -
   Taxes (Real Property)                                      -
   Taxes (Other)                                              -
   Telephone                                                  -
   Travel                                                     -
   Utilities                                                  -
   Other                                                      0
                                                 --------------
Total Operating Expenses                                      0
                                                 --------------
Profit/Loss from Operation                                    0

Other Income (Expenses):
   Interest Expense                                      (1,047)
   Equity in ET Power                                (2,654,088)
                                                 --------------
Total Other Income (Expenses)                        (2,655,135)
                                                 --------------
Income Before Taxes                                  (2,655,135)

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
Net Income                                         Undetermined
                                                 ==============


                NEGT ET Investments Corporation
                   Cash Reconciliation Report
              For the Period May 1 to May 31, 2004

Cash balance from prior balance sheet                        $0
Pre-tax Net income for month                         (2,655,135)

Expense Not Requiring Cash:
   Depreciation                                               0
   Other:
      Investment in Subsidiaries                      2,654,088
      Relief of Allowance of Doubtful Accounts                0
                                                 --------------
Total Expenses Not Requiring Cash                     2,654,088
                                                 --------------
Total Cash from Operations                               (1,047)

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                                     0
      Inventory                                               0
      Equipment                                               0
      Furniture & Fixtures                                    0
   Increase (Decr):
      Accounts Payable                                        0
      Accounts Payable - Affiliate                        1,047
      Accounts Payable - Interest Payable                     0
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Professional Fees                               0
      Accrued Rent                                            0
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
      Taxes Payable                                           0
      (Less) Unrecorded Bank Service Charges                  0
                                                 --------------
Total Other Sources & Uses of Cash                        1,047
                                                 --------------
Ending Cash Balance                                         ($0)
                                                 ==============


PG&E NATIONAL: ET Investments June 2004 Monthly Operating Report
----------------------------------------------------------------

                NEGT ET Investments Corporation
                    Unaudited Balance Sheet
                      As of June 30, 2004

                             ASSETS

Current Assets
   Cash                                                      $0
   Accounts Receivable                                        0
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets                                       -
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       0
   Building                                                   0
   Equipment, Furniture & Fixtures                            0
   Less Accumulated Depreciation                              0
                                                 --------------
Total Fixed Assets                                            0

Other Assets
   Investment in Subsidiaries                      Undetermined
                                                 --------------
Total Other Assets                                 Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                          $0
   Accrued Quarterly Fees                                   250
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other                                                      0
                                                 --------------
Total Postpetition Liabilities                              250

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock, Owner's Investments              Undetermined
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings (deficit)
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                NEGT ET Investments Corporation
                   Unaudited Income Statement
             For the Period June 1 to June 30, 2004

Total Sales/Income                                            -

COST OF SALES:
   Purchases of Inventory                                     -
   Purchased Services                                         -
   Other (Identify)                                           -
                                                 --------------
Total Cost of Sales                                          $0
                                                 --------------
Gross Profit                                                  0

OPERATING EXPENSES:
   Bad Debt Expense                                           0
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Taxes (Payroll)                                            -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Entertainment                                              -
   Insurance (Real Estate)                                    -
   Insurance (Other)                                          -
   Leases (Other than Rent)                                   -
   Outside Services & Contractors                             -
   Professional Fees (Atty. Acct.)                            -
   Rent                                                       -
   Repairs & Maintenance                                      -
   Supplies                                                   -
   Taxes (Real Property)                                      -
   Taxes (Other)                                              -
   Telephone                                                  -
   Travel                                                     -
   Utilities                                                  -
   Other                                                      0
                                                 --------------
Total Operating Expenses                                      0
                                                 --------------
Profit/Loss from Operation                                    0

Other Income (Expenses):
   Interest Expense                                      (1,044)
   Equity in ET Power                                  (370,085)
                                                 --------------
Total Other Income (Expenses)                          (371,129)
                                                 --------------
Income Before Taxes                                    (371,129)

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
Net Income                                         Undetermined
                                                 ==============


                NEGT ET Investments Corporation
                   Cash Reconciliation Report
             For the Period June 1 to June 30, 2004

Cash balance from prior balance sheet                        $0
Pre-tax Net income for month                           (371,129)

Expense Not Requiring Cash:
   Depreciation                                               0
   Other:
      Investment in Subsidiaries                        370,085
      Relief of Allowance of Doubtful Accounts                0
                                                 --------------
Total Expenses Not Requiring Cash                       370,085
                                                 --------------
Total Cash from Operations                               (1,044)

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                                     0
      Inventory                                               0
      Equipment                                               0
      Furniture & Fixtures                                    0
   Increase (Decr):
      Accounts Payable                                        0
      Accounts Payable - Affiliate                        1,044
      Accounts Payable - Interest Payable                     0
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Professional Fees                               0
      Accrued Rent                                            0
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
      Taxes Payable                                           0
      (Less) Unrecorded Bank Service Charges                  0
                                                 --------------
Total Other Sources & Uses of Cash                        1,044
                                                 --------------
Ending Cash Balance                                         ($0)
                                                 ==============


PG&E NATIONAL: ET Power May 2004 Monthly Operating Report
---------------------------------------------------------

                 NEGT Energy Trading-Power L.P.
                    Unaudited Balance Sheet
                       As of May 31, 2004

                             ASSETS

Current Assets
   Cash                                             $27,064,252
   Accounts Receivable                              191,502,468
   Valuation from Unrealized Commodity Contracts   Undetermined
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets
      Deposits                                       71,487,890
      Prepaids                                        1,027,685
      Other Current Assets                                    0
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                    3,503,317
   Less Accumulated Depreciation                     (3,068,102)
   Other Fixed Assets                                         -
                                                 --------------
Total Fixed Assets                                      435,215

Other Assets                                                  -
                                                 --------------
Total Other Assets                                           $0
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                          $0
   Accrued Quarterly Fees                                   250
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                              250

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/ Owner's Investments              Undetermined
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings (deficit)
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                 NEGT Energy Trading-Power L.P.
                   Unaudited Income Statement
              For the Period May 1 to May 31, 2004

Total Sales/Income                                  ($2,933,999)

COST OF SALES:
   Purchases of Inventory                                     0
   Purchased Services                                         0
   Other: (Identify)                                          0
      Cost of Commodities                              (262,937)
                                                 --------------
Total Cost of Sales                                    (262,937)
                                                 --------------
Gross Profit                                         (2,671,062)

OPERATING EXPENSES:
   Bank Fee Charges                                           0
   Bad Debt Expense                                           0
   Communications                                             0
   Entertainment                                              0
   Fixed Assets Depreciation                             68,228
   Indirect Allocations                                 274,485
   Legal Fees                                                 0
   Realized(Gain)/Loss on Foreign Exchange                 (675)
   Unrealized(Gain)/Loss on Foreign Exchange                525
   Other                                                   (111)
   Training                                                   0
   Travel                                                     0
                                                 --------------
Total Operating Expenses                                342,453
                                                 --------------
Profit/Loss from Operation                           (3,013,515)

Other Income (Expenses):
   Interest Income                                      305,262
   Interest Expense                                           0
   Other Income(Expenses)                                     0
                                                 --------------
Total Other Income (Expenses)                           305,262
                                                 --------------
Income Before Taxes                                  (2,708,253)

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
Net Income                                         Undetermined
                                                 ==============


                 NEGT Energy Trading-Power L.P.
                   Cash Reconciliation Report
              For the Period May 1 to May 31, 2004

Cash balance from prior balance sheet               $27,063,577
Pre-tax Net income for month                         (2,708,253)

Expense Not Requiring Cash:
   Depreciation                                          68,228
   (Gain) Loss on sale of fixed assets                        0
   Unrealized (Gain) loss on foreign exchange               525
   Relief of Allowance for Doubtful Accounts                  0
                                                 --------------
Total Expenses Not Requiring Cash                        68,754
                                                 --------------
Total Cash from Operations                           24,424,077

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable Non-Affiliate              (2,712,994)
      Accounts Receivable Affiliate                    (279,849)
      Inventory                                               0
      Equipment                                               0
      Furniture & Fixtures                                    0
      Prepaids                                           12,685
      Deposits                                       17,331,750
      Other Current Assets                                    0
   Increase (Decr):
      Accounts Payable Non-Affiliates                (8,045,596)
      Accounts Payable Affiliates                    (3,410,144)
      Current Deferred Liabilities                     (255,678)
      Accrued Liabilities                                     0
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Professional Fees                               0
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
                                                 --------------
Total Other Sources & Uses of Cash                    2,640,174

Total Cash from Investing - Sale of Fixed Assets              0
                                                 --------------
Ending Cash Balance                                 $27,064,252
                                                 ==============


PG&E NATIONAL: ET Power June 2004 Monthly Operating Report
----------------------------------------------------------

                 NEGT Energy Trading-Power L.P.
                    Unaudited Balance Sheet
                      As of June 30, 2004

                             ASSETS

Current Assets
   Cash                                             $27,090,489
   Accounts Receivable                              191,506,417
   Valuation from Unrealized Commodity Contracts   Undetermined
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets
      Deposits                                       71,100,770
      Prepaids                                        1,015,000
      Other Current Assets                                    0
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                    3,503,317
   Less Accumulated Depreciation                     (3,132,985)
   Other Fixed Assets                                         -
                                                 --------------
Total Fixed Assets                                      370,332

Other Assets                                                  -
                                                 --------------
Total Other Assets                                            0
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                          $0
   Accrued Quarterly Fees                                   250
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                              250

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/ Owner's Investments              Undetermined
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings (deficit)
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                 NEGT Energy Trading-Power L.P.
                   Unaudited Income Statement
             For the Period June 1 to June 30, 2004

Total Sales/Income                                      $18,265

COST OF SALES:
   Purchases of Inventory                                     0
   Purchased Services                                         0
   Other: (Identify)                                          0
      Cost of Commodities                               646,591
                                                 --------------
Total Cost of Sales                                    (646,591)
                                                 --------------
Gross Profit                                           (628,326)

OPERATING EXPENSES:
   Bank Fee Charges                                         148
   Bad Debt Expense                                           0
   Communications                                             0
   Entertainment                                              0
   Fixed Assets Depreciation                             64,883
   Indirect Allocations                                  (4,230)
   Legal Fees                                                 0
   Realized(Gain)/Loss on Foreign Exchange               (1,470)
   Unrealized(Gain)/Loss on Foreign Exchange              1,144
   Other                                                      0
   Training                                                   0
   Travel                                                     0
                                                 --------------
Total Operating Expenses                                 60,474
                                                 --------------
Profit/Loss from Operation                             (688,800)

Other Income (Expenses):
   Interest Income                                      311,162
   Interest Expense                                           0
   Other Income(Expenses)                                     0
                                                 --------------
Total Other Income (Expenses)                           311,162
                                                 --------------
Income Before Taxes                                    (377,638)

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
Net Income                                         Undetermined
                                                 ==============


                 NEGT Energy Trading-Power L.P.
                   Cash Reconciliation Report
             For the Period June 1 to June 30, 2004

Cash balance from prior balance sheet               $27,064,252
Pre-tax Net income for month                           (377,638)

Expense Not Requiring Cash:
   Depreciation                                          64,883
   (Gain) Loss on sale of fixed assets                        0
   Unrealized (Gain) loss on foreign exchange             1,144
   Relief of Allowance for Doubtful Accounts                  0
                                                 --------------
Total Expenses Not Requiring Cash                        66,027
                                                 --------------
Total Cash from Operations                           26,752,640

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable Non-Affiliate                 219,062
      Accounts Receivable Affiliate                    (270,822)
      Inventory                                               0
      Equipment                                               0
      Furniture & Fixtures                                    0
      Prepaids                                           12,685
      Deposits                                          387,121
      Other Current Assets                                    0
   Increase (Decr):
      Accounts Payable Non-Affiliates                   222,955
      Accounts Payable Affiliates                      (233,152)
      Current Deferred Liabilities                            0
      Accrued Liabilities                                     0
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Professional Fees                               0
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
                                                 --------------
Total Other Sources & Uses of Cash                      337,848

Total Cash from Investing - Sale of Fixed Assets              0
                                                 --------------
Ending Cash Balance                                 $27,090,489
                                                 ==============


ROUGE INDUSTRIES: Files July 2004 Monthly Operating Report
----------------------------------------------------------
On August 23, 2004, Rouge Industries, Inc., and its wholly owned  
subsidiaries, Rouge Steel Company, QS Steel, Inc., and Eveleth  
Taconite Company, filed its July 2004 monthly operating report  
with the United States Bankruptcy Court for the District of  
Delaware in Wilmington.

Substantially all of the Debtors' assets were acquired on January  
30, 2004, by SeverStal N.A. in exchange for cash and other  
consideration pursuant to the terms of the Asset Purchase  
Agreement. The APA was authorized by an order of the Court on  
December 2, 2003, subsequently amended and executed on January 30,  
2004. As of July 31, 2004, the Company saw an ending cash balance  
of $98,661,923.

A full-text copy of Rouge Industries, Inc.'s July 2004 Monthly  
Operating Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/918577/000095012304010225/y01112exv99w1.htm  


Headquartered in Dearborn, Michigan, Rouge Industries, Inc., an
integrated producer of flat-rolled steel, filed for chapter 11
protection on October 23, 2003 (Bankr. Del. Case No. 03-13272).
Donna L. Harris, Esq., Robert J. Dehney, Esq., at Morris, Nichols,
Arsht & Tunnell represent the Debtors in their restructuring
efforts. When the Debtors filed for protection from their
creditors, they listed total assets of $558,131,000 and total
debts of $558,131,000.


SK GLOBAL: Reports $706,620 Net Loss in July 2004
-------------------------------------------------

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

                             ASSETS

Unrestricted Cash and cash equivalents           $128,538,626
Restricted Cash and cash equivalents                        -
Accounts receivable - net                         216,989,243
Interest receivables                                  960,945
Commission receivables                              4,689,417
Other receivables                                   4,214,345
Suspense payment                                    1,760,455
Payment in advance                                     10,000
Inventories                                        11,470,684
Prepaid expenses                                      413,371
Other Current Assets                                        -
                                              ---------------
   Total Current Assets                           369,047,086

Real Property and improvements                         10,447
Machinery and equipment                                     -
Furniture, fixtures and office equipment            2,307,992
Leasehold improvements                              2,210,702
Vehicles                                               87,641
Less Accumulated Depreciation                      (3,373,446)
                                              ---------------
   Total Property & Equipment                       1,243,336

Loans to Insiders
Other Assets                                       64,762,032
                                              ---------------
   Total Other Assets                              64,762,032
                                              ---------------
TOTAL ASSETS                                     $435,052,454
                                              ===============

                  LIABILITIES AND OWNER EQUITY

Liabilities not subject to compromise:
   Accounts Payable                                  $968,713
                                              ---------------
   Total Prepetition Liabilities                      968,713


Liabilities subject to compromise:
   Secured debt                                   133,669,769
   Priority debt                                       38,726
   Unsecured debt                               2,899,691,812
                                              ---------------
   Total Prepetition Liabilities                3,033,400,307
                                              ---------------
Total Liabilities                               3,034,369,020

Owner Equity:
   Capital Stock                                   20,000,000
   Additional paid-in capital                      70,000,000
   Owner's Equity Account                                   -
   Retained earnings - prepetition             (2,679,352,128)
   Retained earnings - postpetition                (9,964,438)
                                              ---------------
Net Owner Equity                               (2,599,316,566)
                                              ---------------
T0TAL LIABILITIES & OWNERS' EQUITY               $435,052,454
                                              ===============


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

Revenues
   Gross Revenues                                  $4,429,386
   Less: Returns and Allowances                        32,020
                                              ---------------
   Net Revenue                                      4,397,365

Cost of Goods Sold
   Beginning Inventory                              7,372,314
   Add: Purchases                                   8,452,389
   Add: Cost of Labor                                       0
   Add: Other Costs                                         0
   Less: Ending Inventory                          11,470,684
                                              ---------------
   Cost of Goods Sold                               4,354,019
                                              ---------------
Gross Profit                                           43,346

Operating Expenses
   Salaries and employee benefits                     367,615
   Travel and Related Expenses                         16,319
   Utilities                                              127
   Materials and supplies                                   -
   Advertising & Promotions                                 -
   Communications                                      10,073
   Delivery                                            22,664
   Rentals and Royalties                               48,661
   Property & Bus License taxes                           174
   Insurance                                          159,684
   Direct & Indirect selling expenses                 187,578
   Repairs & Maintenance                                  875
   Other                                               29,910
                                              ---------------
   Total Operating Expenses before
   depreciation                                       843,679

   Depreciation/Depletion/Amortization                 38,703
                                              ---------------
   Net Profit (Loss) before
   Other income and expenses                         (839,036)

Other Income and Expenses
   Other Income                                       146,141
   Interest Expense                                    13,138
   Other Expense                                            -
                                              ---------------
   Net Profit (Loss) Before Reorg Items              (706,033)

Reorganization Items
   Professional fees                                        -
   U.S. Trustee Quarterly fees                              -  
   Interest earned on accum. cash from Chap. 11             -
   Gain (Loss) from sale of equipment                    (587)
   Other Reorganization expenses                            -
   Income Taxes                                             -
                                              ---------------
NET PROFIT (LOSS)                                   ($706,620)
                                              ===============


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

CASH -- BEGINNING OF MONTH                       $109,251,724
                                              ---------------
Receipts
   Accounts Receivable                              5,592,013
   Sale of Assets                                         110
   Other                                           23,121,167
   Transfers (from DIP accounts)                            -
                                              ---------------
   Total Receipts                                  28,713,290

Disbursements
   Payroll                                            172,512
   Payroll Taxes                                       60,780
   Other Taxes                                              -
   Inventory purchases                              8,690,941
   Rental/leases                                       48,661
   Insurance                                                -
   Administrative                                           -
   Selling                                                  -
   Other                                              453,494

Professional Fees
   U.S. Trustee Quarterly Fees                              -
                                              ---------------
   Total Disbursements                              9,426,387

Net cash flow                                      19,286,903
                                              ---------------
CASH -- END OF MONTH                             $128,538,626
                                              ===============

Headquartered in Fort Lee, New Jersey, SK Global America,
Inc., is a subsidiary of SK Global Co., Ltd., one of the world's
leading trading companies.  The Debtors file for chapter 11
protection on July 21, 2003 (Bankr. S.D.N.Y. Case No. 03-14625).  
Albert Togut, Esq., and Scott E. Ratner, Esq., at Togut, Segal &
Segal, LLP, represent the Debtors in their restructuring efforts.  
When they filed for bankruptcy, the Debtors reported
$3,268,611,000 in assets and $3,167,800,000 of liabilities.
(SK Global Bankruptcy News, Issue No. 22; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


SOLUTIA INC: Reports $15 Million Net Loss in July 2004
------------------------------------------------------

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

                             ASSETS

Current Assets:
   Cash                                             $98,000,000
   Trade Receivables, net                           327,000,000
   Inventories                                      251,000,000
   Other Current Assets                             113,000,000
                                                 --------------
Total Current Assets                                789,000,000

Property, Plant and Equipment, net                  852,000,000
Investments in Affiliates                           196,000,000
Intangible Assets, net                              139,000,000
Other Assets                                        197,000,000
                                                 --------------
TOTAL ASSETS                                     $2,173,000,000
                                                 ==============

              LIABILITIES AND SHAREHOLDERS' DEFICIT

Current Liabilities
   Accounts Payable                                $159,000,000
   Other Current Liabilities                        255,000,000
                                                 --------------
Total Current Liabilities                           414,000,000

Long-Term Debt                                      597,000,000
Other Long-Term Liabilities                         285,000,000
                                                 --------------
Total Liabilities Not Subject to Compromise       1,296,000,000
Liabilities Subject to Compromise                 2,193,000,000
Shareholders' Deficit                            (1,316,000,000)
                                                 --------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT        $2,173,000,000
                                                 ==============


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

Total Net Sales                                    $178,000,000
Total Cost Of Goods Sold                            169,000,000
                                                 --------------
Gross Profit                                          9,000,000
Total MAT Expense                                    18,000,000
                                                 --------------
Operating Loss                                       (9,000,000)
Equity Earnings from Affiliates                       3,000,000
Interest Expense, net                                (6,000,000)
Other Income, net                                     2,000,000
Reorganization Items:
   Professional fees                                 (5,000,000)
                                                 --------------
Loss Before Taxes                                   (15,000,000)
Income Taxes                                                  -
                                                 --------------
NET LOSS                                           ($15,000,000)
                                                 ==============

Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a  
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection
from their creditors, they listed $2,854,000,000 in assets and
$3,223,000,000 in debts. (Solutia Bankruptcy News, Issue No. 22;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


TOUCH AMERICA: Files Jan. to March 2004 Monthly Operating Reports
-----------------------------------------------------------------
On June 19, 2003, Touch America Holdings, Inc. and subsidiaries  
Touch America, Inc., Touch America Intangible Holding Company,  
LLC, Touch America Purchasing Company, LLC, Entech, LLC, American  
Fiber Touch, LLC, and Sierra Touch America, LLC filed for Chapter  
11 bankruptcy protection in the United States Bankruptcy Court,  
District of Delaware.  These cases are jointly administered under  
Touch America Holdings, Inc. case number 03-11915.

The Debtors' Monthly Balance Sheets show:  


                  Jan. 31, 2004     Feb. 29, 2004    Mar. 31, 2004  
                 --------------    --------------   --------------  

Cur. Assets     $664,460,609.93   $678,500,540.52  $678,545,537.74

Total Assets     623,500,768.74    628,346,158.97   621,875,553.64

Postpetition
   Debts          14,240,355.37     28,240,355.37    28,242,355.37

Pre-petition
   Debts         252,752,914.51    252,752,914.51   252,752,914.51

Total
   Liabilities   266,993,269.88    280,993,269.88   280,995,269.88

Net Owner
   Equity        356,507,498.86    347,352,889.09   340,880,283.76
  

Full-text copies of the Debtors' Monthly Operating Reports are  
available at no charge at:  
  
January 2004 Monthly Operating Report:

   http://www.sec.gov/Archives/edgar/data/1144835/000110465904025416/a04-9790_1ex99df.htm    

February 2004 Monthly Operating Report:

   http://www.sec.gov/Archives/edgar/data/1144835/000110465904025418/a04-9790_2ex99df.htm

March 2004 Monthly Operating Report:

   http://www.sec.gov/Archives/edgar/data/1144835/000110465904025419/a04-9790_3ex99df.htm


On December 23, 2003, Touch America sold substantially all of its  
Internet services, private line, and dark fiber assets to  
360networks, a Vancouver, Canada based corporation for  
$28,000,000. On December 23, 2003, Touch America also sold certain  
dark fiber assets to Qwest Communications, Inc. for $8,000,000.   
With the exception of certain wireless services, Touch America  
ceased operations as of February 29, 2004.

Touch America had the exclusive right to file a Chapter 11  
Liquidating Plan through April 14, 2004, and on that date, filed a  
motion to extend the exclusivity period for an additional 45
days. On June 7, 2004, an order was entered by the Bankruptcy
Court granting the extension of the exclusive right to file a plan
until July 12, 2004 and the exclusive right to solicit acceptances  
thereto until September 10, 2004.

On February 25, 2004, an order was entered by the Bankruptcy Court  
denying a motion of certain shareholders directing the United  
States Trustee to appoint an Official Committee of Equity Security  
Holders.  It is contemplated that funds will be available for  
distribution to unsecured creditors, however the estimated amount  
to be distributed and percentage of recovery to unsecured  
creditors has not yet been determined. Touch America estimates  
that the claims of creditors and costs of administration of its  
bankruptcy will exceed the total amount of funds available to  
Touch America's bankruptcy estate.


UAL CORP: Reports $10.8 Million Net Loss in June 2004
-----------------------------------------------------
  
             UAL Corporation and Subsidiary Companies  
          Condensed Consolidating Statement of Operations  
                For The Month Ended June 30, 2004  
                         (In Thousands)  
  
Total operating revenues                             $1,587,211

Total operating expenses                              1,509,953

Earnings (loss) from operations                          77,258

Non-operating income (expenses):
   Net interest expense                                 (34,785)
   Other income (expenses), net                           5,611
                                                     ----------  
Total non-operating income (expenses)                   (29,174)

Net Earnings (loss) before Reorganization items          48,084

Reorganization items                                    (58,974)
                                                     ----------
Net earnings (loss)                                    ($10,890)
                                                     ==========

A full-text copy of UAL Corporation's June 2004 Operating Report  
is available for free at the Securities and Exchange Commission  
at:

   http://www.sec.gov/Archives/edgar/data/100517/000010051704000027/junmor.htm


Headquartered in Chicago, Illinois, UAL Corporation --  
http://www.united.com/-- through United Air Lines, Inc., is the   
holding company for United Airlines -- the world's second largest  
air carrier. The Company filed for chapter 11 protection on  
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.  
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $24,190,000,000 in
assets and $22,787,000,000 in debts. (United Airlines Bankruptcy
News, Issue No. 58; Bankruptcy Creditors' Service, Inc., 215/945-
7000)   


WINSTAR COMMS: Releases May 2004 Monthly Operating Report
---------------------------------------------------------

                  Winstar Communications, Inc.
                         Balance Sheet
                       As of May 31, 2004

ASSETS

Unrestricted Cash and Equivalents                   $23,830,549
Restricted Cash and Cash Equivalents                          -
Accounts Receivable (Net)                                     -
Notes Receivable                                              -
Inventories                                                   -
Prepaid Expenses                                              -
Professional Retainers                                        -
Other Current Assets                                          -
                                                   ------------
Total Current Assets                                 23,830,549
                                                   ------------

Real Property and Improvements
   Machinery & Equipment                                      -
   Furniture, Fixtures & Office Equipment                     -
   Leasehold Improvements                                     -
   Vehicles                                                   -
   Less: Accumulated Depreciation                             -
                                                   ------------
   Total Property & Equipment                                 -
                                                   ------------
Loans to Insiders
   Other Assets                                               -
                                                   ------------
   Total Other Assets                                         -
                                                   ------------
TOTAL ASSETS                                        $23,830,549
                                                   ============

LIABILITIES & SHAREHOLDER'S EQUITY

Accounts Payable                                              -
Taxes Payable                                                 -
Wages Payable                                                 -
Notes Payable                                                 -
Rent/Leases - Building/Equipment                              -
Secured Debt/Adequate Protection Payments                     -
Professional Fees                                             -
Amounts Due to Insiders                                       -
Other Post Conversion Liabilities                             -
                                                   ------------
Total Post Conversion Liabilities                             -
                                                   ------------
Secured Debt                                                  -
Priority Debt                                                 -
Unsecured Debt                                                -
                                                   ------------
Total Pre-Conversion Liabilities                              -
                                                   ------------
Owners' Equity
   Capital Stock                                              -
   Additional Paid In Capital                                 -
   Partners' Capital Account                                  -
   Owners' Equity Account                           $57,559,619
   Retained Earnings - Pre-Conversion                         -
   Retained Earnings - Post-Conversion              (33,729,070)
   Adjustments to Owner Equity                                -
   Postpetition Contributions (Distributions)
      (Draws)                                                 -
                                                   ------------
   Net Owners' Equity                                23,830,549
                                                   ------------
TOTAL LIABILITIES & SHAREHOLDER'S EQUITY            $23,830,549
                                                   ============


                  Winstar Communications, Inc.
                     Statement of Operations
                For the Month Ended May 31, 2004

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

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

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

Other Income                                           $341,755
Worker's Comp Refund                                          -
Tax Refund                                                5,871
Leasehold Buyback                                             -
Interest Expense                                              -
Other Expense                                         3,958,756
Pmt from Sale of Assets - Tera                                -
Compensation as Director per Court Order                      -
Payment Per Stipulation                                       -
Pmt from Sale of Assets - American Communications             -
Return of DIP Loan Disbursement                               -
Pmt from Sale of Del Telecom International Stock              -
Pmt per NW Nexus Sale Order                                   -
Pmt per 1/7 Order and APA Agreement                           -
Payment per 2/10/03 Court Order                               -
Pmt PTO Employment Contract                                   -
Turnover of Funds to IDT                                      -
Turnover of Bank Account                                      -
Insurance Expense                                         1,023
Reimbursement of Expenses                               166,715
Payroll                                                       -
Sale of Assets                                                -
                                                   ------------
Net Profit (Loss) before reorganization items        (3,796,240)

Professional Fees                                             -
U.S. Trustee Quarterly Fees                                   -
Interest Earned on Accumulated Cash from Chapter 11           -
Gain (Loss) from Sale of Equipment                            -
Other Reorganization Expenses                                 -
Income Taxes                                                  -
                                                   ------------
Net Profit (Loss)                                   ($3,796,240)
                                                   ============


                  Winstar Communications, Inc.
                 Cash Receipts and Disbursements
                For the Month Ended May 31, 2004

Cash Beginning of Month                             $27,626,790

Receipts:
   Cash Sales                                                 -
   Accounts Receivable                                        -
   Return of DIP Loan Disbursement                            -
   Sale of ISP Northwest Nexus                                -
   Holdings Funds                                             -
   Insurance Refund Dividend                                  -
   Final Settlement                                           -
   Liquidation of Well's Fargo Acct                           -
   Liquidation of Fleet Account per stipulation               -
   Transfer from AON                                          -
   Leasehold Buyback                                          -
   Closing of Bank Account                                    -
   Pmt from Sales of Assets - Tera                            -
   Pmt from Sales of Assets - American
      Communications                                          -
   Pmt from Sale of Del Telecom International
      Stock                                                   -
   Transfers                                                  -
   Claim Settlement                                           -
   Refund of Overpayment                                      -
   Tax Refund                                             5,871
   Worker's Comp Refund                                       -
   Collection on Preferences                            326,699
   Turnover of Bank Account                                   -
   Reimbursement - Moving Expenses                            -
   Interest                                              15,056
   Payment from Sale of Assets                                -
                                                   ------------
   Total Receipts                                       347,626

Disbursements:
   Employee Benefits                                          -
   Net Payroll                                                -
   Payroll Taxes                                              -
   Sales, Use, & Other Taxes                                  -
   Chapter 11 Quarterly Fees                                  -
   Chapter 11 Administrative Claims                           -
   Insurance                                              1,023
   Additional Payment of Funds - CTG Revised
      Accounting                                              -
   Pmt per NW Nexus Sale Order                                -
   Pmt per 1/7 Order and APA Agreement                        -
   Advertising Fees                                           -
   License Fees                                               -
   Legal Fees per Court Order                                 -
   Administrative                                           143
   Telephone                                                  -
   Compensation as Director per Court Order                   -
   Distribution Per Orders of 12/12/02                        -
   Payment per 2/10/03 Court Order                            -
   Pmt PTO Employment Contract                                -
   Owner Draw                                                 -
   Reimbursement of Check from SF Interactive                 -
   Reimbursement of Expenses                            166,715
   Reimbursement of Expenses per Order of 5/13/03             -
   Turnover of Funds to IDT                                   -
   Trustee Bond                                               -
   Professional Fees                                          -
   Trustee Expense                                        1,555
   Trustee Commission                                   761,606
   Bankruptcy Service Payments                                -
   Rent                                                       -
   Moving Expenses                                            -
   Payment per Stipulation                                    -
   Payment of Carve Out per order of 12/11/02                 -
   Payment per stipulation and order of
      4/15/03 - per carve out                                 -
   Per Order of 4/15/03 - payment of
      chapter 11 carve out                                    -
   Pmt per order of 4/15/03 - pmt of
      carve out chapter 11 fees                               -
   Attorney's Fees for Counsel for Trustee            2,028,031
   Accounting Fees for acct. for Chapter 7 Trustee    1,166,346
   Tax Consultant Fees per order of 5/13/03                   -
   Payment - Summary Judgment                                 -
   Payment of Claims                                      1,076
                                                   ------------
   Total Disbursements                                4,143,866
                                                   ------------
   Net Cash Flow                                      3,796,240
                                                   ------------
   Cash - End of Month                              $23,830,549
                                                   ============


WINSTAR COMMS: Releases June 2004 Monthly Operating Report
----------------------------------------------------------

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

ASSETS

Unrestricted Cash and Equivalents                   $24,140,471
Restricted Cash and Cash Equivalents                          -
Accounts Receivable (Net)                                     -
Notes Receivable                                              -
Inventories                                                   -
Prepaid Expenses                                              -
Professional Retainers                                        -
Other Current Assets                                          -
                                                   ------------
Total Current Assets                                 24,140,471
                                                   ------------
Real Property and Improvements
   Machinery & Equipment                                      -
   Furniture, Fixtures & Office Equipment                     -
   Leasehold Improvements                                     -
   Vehicles                                                   -
   Less: Accumulated Depreciation                             -
                                                   ------------
   Total Property & Equipment                                 -
                                                   ------------
Loans to Insiders
   Other Assets                                               -
                                                   ------------
   Total Other Assets                                         -
                                                   ------------
TOTAL ASSETS                                        $24,140,471
                                                   ============

LIABILITIES & SHAREHOLDER'S EQUITY

Accounts Payable                                              -
Taxes Payable                                                 -
Wages Payable                                                 -
Notes Payable                                                 -
Rent/Leases - Building/Equipment                              -
Secured Debt/Adequate Protection Payments                     -
Professional Fees                                             -
Amounts Due to Insiders                                       -
Other Post Conversion Liabilities                             -
                                                   ------------
Total Post Conversion Liabilities                             -
                                                   ------------
Secured Debt                                                  -
Priority Debt                                                 -
Unsecured Debt                                                -
                                                   ------------
Total Pre-Conversion Liabilities                              -
                                                   ------------
Owners' Equity
   Capital Stock                                              -
   Additional Paid In Capital                                 -
   Partners' Capital Account                                  -
   Owners' Equity Account                           $57,559,619
   Retained Earnings - Pre-Conversion                         -
   Retained Earnings - Post-Conversion              (33,419,148)
   Adjustments to Owner Equity                                -
   Postpetition Contributions (Distributions)
      (Draws)                                                 -
                                                   ------------
   Net Owners' Equity                                24,140,471
                                                   ------------
TOTAL LIABILITIES & SHAREHOLDER'S EQUITY            $24,140,471
                                                   ============


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

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

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

Advertising                                                   -
Auto and Truck Expense                                        -
Bad Debts                                                     -
Contributions                                                 -
Employee Benefits Programs                                    -  
Insider Compensation                                          -
Insurance                                                     -
Management Fees/Bonuses                                       -
Office Expense                                                -
Pension & Profit-Sharing Plans                                -
Repairs and Maintenance                                       -
Rent and Lease Expenses                                       -
Salaries/Commissions/Fees                                     -
Supplies                                                      -
Taxes - Payroll                                               -
Taxes - Real Estate                                           -
Taxes - Other                                                 -
Travel and Entertainment                                      -
Utilities                                                     -
Other                                                         -
Total Operating Expenses before Depreciation                  -
Depreciation/Depletion/Amortization                           -
                                                   ------------
   Net Profit (Loss) before other income
      and expenses                                      416,043

Other Income                                                  -
Worker's Comp Refund                                          -
Tax Refund                                                    -
Leasehold Buyback                                             -
Interest Expense                                              -
Other Expense                                            89,568
Pmt from Sale of Assets - Tera                                -
Compensation as Director per Court Order                      -
Payment Per Stipulation                                       -
Pmt from Sale of Assets - American Communications             -
Return of DIP Loan Disbursement                               -
Pmt from Sale of Del Telecom International Stock              -
Pmt per NW Nexus Sale Order                                   -
Pmt per 1/7 Order and APA Agreement                           -
Payment per 2/10/03 Court Order                               -
Pmt PTO Employment Contract                                   -
Turnover of Funds to IDT                                      -
Turnover of Bank Account                                      -
Insurance Expense                                         1,505
Reimbursement of Expenses                                     -
Payroll                                                  15,049
Sale of Assets                                                -
                                                   ------------
Net Profit (Loss) before reorganization items           309,922

Professional Fees                                             -
U.S. Trustee Quarterly Fees                                   -
Interest Earned on Accumulated Cash from Chapter 11           -
Gain (Loss) from Sale of Equipment                            -
Other Reorganization Expenses                                 -
Income Taxes                                                  -
                                                   ------------
Net Profit (Loss)                                      $309,922
                                                   ============


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

Cash Beginning of Month                             $23,830,549

Receipts:
   Cash Sales                                                 -
   Accounts Receivable                                        -
   Return of DIP Loan Disbursement                            -
   Sale of ISP Northwest Nexus                                -
   Holdings Funds                                             -
   Insurance Refund Dividend                                  -
   Final Settlement                                           -
   Liquidation of Well's Fargo Acct                           -
   Liquidation of Fleet Account per stipulation               -
   Transfer from AON                                          -
   Leasehold Buyback                                          -
   Closing of Bank Account                                    -
   Pmt from Sales of Assets - Tera                            -
   Pmt from Sales of Assets - American
      Communications                                          -
   Pmt from Sale of Del Telecom International
      Stock                                                   -
   Transfers                                                  -
   Claim Settlement                                           -
   Refund of Overpayment                                      -
   Worker's Comp Refund                                       -
   Collection on Preferences                            401,721
   Turnover of Bank Account                                   -
   Reimbursement - Moving Expenses                            -
   Interest                                              14,322
   Payment from Sale of Assets                                -
                                                   ------------
   Total Receipts                                       416,043

Disbursements:
   Employee Benefits                                          -
   Net Payroll                                           15,049
  Payroll Taxes                                               -
   Sales, Use, & Other Taxes                                  -
   Chapter 11 Quarterly Fees                                  -
   Chapter 11 Administrative Claims                           -
   Insurance                                              1,505
   Additional Payment of Funds - CTG Revised
      Accounting                                              -
   Pmt per NW Nexus Sale Order                                -
   Pmt per 1/7 Order and APA Agreement                        -
   Advertising Fees                                           -
   License Fees                                               -
   Legal Fees per Court Order                                 -
   Administrative                                           169
   Telephone                                                  -
   Compensation as Director per Court Order                   -
   Distribution Per Orders of 12/12/02                        -
   Payment per 2/10/03 Court Order                            -
   Pmt PTO Employment Contract                                -
   Owner Draw                                                 -
   Reimbursement of Check from SF Interactive                 -
   Reimbursement of Expenses                                  -
   Reimbursement of Expenses per Order of 5/13/03             -
   Turnover of Funds to IDT                                   -
   Trustee Bond                                               -
   Professional Fees                                          -
   Trustee Expense                                            -
   Trustee Commission                                         -
   Bankruptcy Service Payments                                -
   Rent                                                       -
   Moving Expenses                                            -
   Payment per Stipulation                                    -
   Payment of Carve Out per order of 12/11/02                 -
   Payment per stipulation and order of
      4/15/03 - per carve out                                 -
   Per Order of 4/15/03 - payment of
      chapter 11 carve out                                    -
   Pmt per order of 4/15/03 - pmt of
      carve out chapter 11 fees                               -
   Attorney's Fees for Counsel for Trustee                    -
   Accounting Fees for acct. for Chapter 7 Trustee            -
   Tax Consultant Fees                                   89,400
   Payment - Summary Judgment                                 -
   Payment of Claims                                          -
                                                   ------------
   Total Disbursements                                  109,122
                                                   ------------
   Net Cash Flow                                        309,921
                                                   ------------
   Cash - End of Month                              $24,140,471
                                                   ============


                            *********

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
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related conferences are encouraged. Send announcements to
conferences@bankrupt.com.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
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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
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re-mailing and photocopying) is strictly prohibited without prior
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The TCR subscription rate is $675 for 6 months delivered via e-
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                    *** End of Transmission ***