/raid1/www/Hosts/bankrupt/TCR_Public/041127.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, November 27, 2004, Vol. 8, No. 261
Headlines
ADELPHIA COMMS: Reports $51.7 Million Net Loss in October 2004
CATHOLIC CHURCH: Tucson's Operating Report Ended Sept. 30, 2004
COMMERCE ONE: Posts $193,853 Net Loss in October 2004
FASTNET CORP: Files July to Sept. 2004 Monthly Operating Reports
FEDERAL-MOGUL: Posts $1.7 Million Net Loss in October 2004
FGI GROUP: Files October 2004 Monthly Operating Report
FRESH CHOICE: Reports $669,971 Net Loss for Period Ended Oct. 31
HAUSER INC: Submits October 2004 Monthly Operating Report
KUSHNER-LOCKE: Releases September 2004 Monthly Operating Reports
NRG ENERGY: Earns $54.2 Million of Net Income in Third Quarter
PG&E NATIONAL: USGen's September 2004 Monthly Operating Report
PILLOWTEX CORP: Monthly Operating Report Ended Oct. 2, 2004
TRUMP HOTELS: Consolidated Balance Sheet at Sept. 30, 2004
*********
ADELPHIA COMMS: Reports $51.7 Million Net Loss in October 2004
--------------------------------------------------------------
On Nov. 24, 2004, Adelphia Communications Corporation and
certain other debtor-in-possession subsidiaries of the Company
filed their unaudited consolidated Monthly Operating Report for
the month of October 2004 with the United States Bankruptcy Court
for the Southern District of New York.
The Debtors posted a $51,694,000 net loss on $331,152,000 of
revenues in October 2004. At Oct. 31, 2004, the Debtors' balance
sheet showed:
Total Assets $52,666,801,000
Total Liabilities
Subject to Compromise 46,051,025,000
Total Liabilities 50,160,118,000
Total stockholders' equity $ 1,971,171,000
Full-text copies of Adelphia's October 2004 Monthly Operating
Reports were delivered to the Securities and Exchange Commission
and are available at no charge at:
http://www.sec.gov/Archives/edgar/data/796486/000104746904035190/a2147294zex-99_1.htm
Adelphia-affiliates Arahova Communications Inc., Frontiervision
Capital Corp., Frontiervision Holdings Capital Corp.,
Frontiervision Holdings Capital II Corp., Frontiervision Holdings
LP, Frontiervision Operating Partners LP, Olympus Capital Corp.,
and Olympus Communications LP, also delivered copies of
Adelphia's consolidated financial statements to the Securities and
Exchange Commission.
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest
cable television company in the country. Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks. The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002. Those cases
are jointly administered under case number 02-41729. Willkie Farr
& Gallagher represents the ACOM Debtors.
CATHOLIC CHURCH: Tucson's Operating Report Ended Sept. 30, 2004
---------------------------------------------------------------
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
(Unaudited) Statement of Financial Condition
As of September 30, 2004
ASSETS Total Diocese-Owned
----- -------------
Cash on hand $1,500 $1,500
Cash in Banks 1,709,558 1,709,558
Cash Equivalents 6,132,478 3,589,939
Accounts receivable, net 439,124 439,124
Grants receivable 411,000 411,000
Pledges receivable 7,000 7,000
A/R held in trust for others 980,603 -
Prepaid expenses & other assets 277,878 277,878
Investments in businesses 2,394,672 2,394,672
Corp. & Gov't. bond investments 899,893 549,514
Investment in BPIC 80,850 80,850
Notes receivable, net 1,798,862 336,132
Assets securing 2002 settlement 3,000,000 3,000,000
Construction in progress 48,867 48,867
Land, buildings, and equipment 539,249 539,249
Assets held for sale 60,226 60,226
Land held for future parish sites 817,460 817,460
-------------- --------------
$19,599,220 $14,262,969
============== ==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable - post 24,605 24,605
Accounts payable - pre 29,869 29,869
Accrued expenses - post 44,543 44,543
Accrued expenses - pre 563,603 563,603
Deferred revenue 17,755 17,755
Unsecured long-term debt - pre 2,061,455 2,061,455
Unsecured parish deposits & debt 6,965,992 6,962,867
Restricted parish deposits 3,692,048 -
Secured long-term debt 2,548,035 2,548,035
Custodial funds 1,641,078 -
-------------- --------------
17,588,983 12,252,732
-------------- --------------
Net Assets:
Unrestricted/temporarily
restricted 101,349 101,349
Permanently restricted 1,908,888 1,908,888
-------------- --------------
2,010,237 2,010,237
-------------- --------------
Total liabilities & net assets $19,599,220 $14,262,969
============== ==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Statement of Operations and Charges in Net Assets
September 20, 2004 through September 30, 2004
Revenues
Contributions, grants and bequests $81,349
Fees for services 4,084
Rental Income 453
Insurance 165
Investment Income (19,257)
Miscellaneous 442
--------------
Total Support & Revenue 67,236
Expense
Program Services 639
Evangelization & Hispanic Ministry 2,187
Catechesis Office 3,898
Formation Office 1,854
Department of Catholic Schools 6,297
Clergy, religious & seminarian advancement 2,903
Catholic social mission 1,841
Supporting Services
Office of Bishop emeritus 1,348
Offices of the Bishop, et al. 8,791
Office of Women Religious 1
General & Administrative 1,943
Fiscal & Employee Services 16,335
Office of Child, Adolescent and Adult Protection 2,322
Communications & Community Relations 11,970
Property Management 10,781
Insurance Administration (11,654)
Reorganization 5,785
Impute interest on settlement 5,168
Depreciation 1,358
--------------
Total Expenses 73,767
--------------
Excess (deficiency) of revenues over expenses ($6,531)
==============
The Roman Catholic Church of the Diocese of Tucson
an Arizona Corporation Sole
Current Month's Receipts and Disbursements
September 20, 2004 through September 30, 2004
Cash and Bank Balance:
Beginning of Month $1,640,460
Receipts
Cash Sales 85,665
Accounts Receivable -- Prepetition 58,332
Accounts Receivable -- Postpetition 392
Loans and Advances 128
Sale of Assets 0
Transfers in from other accounts 19,622
Other -- Custodial Funds 73,021
Voided Checks 10,990
--------------
Total Receipts 248,150
Disbursements:
Business -- Ordinary Operations 7,247
Capital Improvements 0
Prepetition Debt 0
Transfers to other DIP Accounts 19,622
Other -- Custodial Funds 152,101
Other -- Check Order 81
--------------
Total Disbursements 179,052
--------------
Cash Bank Balance -- End of Month $1,709,558
==============
The Roman Catholic Church of the Diocese of Tucson filed for
chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on
September 20, 2004, and delivered a plan of reorganization to the
Court on the same day. Susan G. Boswell, Esq., Kasey C. Nye,
Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson
Diocese. The Archdiocese of Portland in Oregon filed for
chapter 11 protection (Bankr. Ore. Case No. 04-37154) on July 6,
2004. Thomas W. Stilley, Esq. and William N. Stiles, Esq. of
Sussman Shank LLP represent the Portland Archdiocese in its
restructuring efforts. Portland's Schedules of Assets and
Liabilities filed with the Court on July 30, 2004, the Portland
Archdiocese reports $19,251,558 in assets and $373,015,566 in
liabilities. (Catholic Church Bankruptcy News, Issue No. 10;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
COMMERCE ONE: Posts $193,853 Net Loss in October 2004
-----------------------------------------------------
On Nov. 22, 2004, Commerce One, Inc. filed with the United States
Bankruptcy Court for the Northern District of California its
monthly operating report for the period from Oct. 6, 2004 to
Oct. 31, 2004.
The Company posted a $193,853 net loss on $275,274 of net sales
for the 26-day period. At Oct. 31, 2004, Commerce One's balance
sheet showed:
Current Assets $1,090,536
Total Assets 1,181,536
Current Liabilities 800,411
Total Liabilities $9,547,393
A full-text copy of Commerce One's October 2004 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/1131806/000113180604000082/exh99-1.htm
Headquartered in San Francisco, California, Commerce One, Inc.
-- http://www.commerceone.com/-- provides software services that
enable businesses to conduct commerce over the Internet. Commerce
One, Inc., and its wholly owned subsidiary, Commerce One
Operations, Inc., filed for chapter 11 protection on Oct. 6, 2004
(Bankr. N.D. Calif. Case Nos. 04-32820 and 04-32821). Doris A.
Kaelin, Esq., and Lovee Sarenas, Esq., at the Law Offices of
Murray and Murray, represent the Debtors. When the Debtors filed
for bankruptcy, they listed $14,531,000 in total assets and
$12,442,000 in total debts.
FASTNET CORP: Files July to Sept. 2004 Monthly Operating Reports
----------------------------------------------------------------
Fastnet Corporation (n/k/a FN Estate Inc.) filed with the
U.S. Bankruptcy Court for the Eastern District of Pennsylvania its
monthly operating reports for July, August and September, 2004.
The Debtors' Monthly Balance Sheets show:
July 31, 2004 Aug. 31, 2004 Sept. 30, 2004
------------- ------------- --------------
Assets $6,034,696 $5,867,804 $5,687,642
Post-petition
Liabilities 4,053,833 4,175,900 4,125,089
Pre-petition
Liabilities 16,270,531 16,228,956 16,225,477
Stockholders'
Deficit $26,377,882 $26,625,266 26,751,139
Full-text copies of the Debtors' Monthly Operating Reports are
available at no charge at:
July 2004 Monthly Operating Report:
http://www.sec.gov/Archives/edgar/data/1092536/000101968704002654/fastnet_8kex99-1.txt
August 2004 Monthly Operating Report:
http://www.sec.gov/Archives/edgar/data/1092536/000101968704002654/fastnet_8kex-083104.txt
September 2004 Monthly Operating Report:
http://www.sec.gov/Archives/edgar/data/1092536/000101968704002654/fastnet_8kex-093004.txt
On June 10, 2003, Fastnet Corporation (n/k/a FN Estate, Inc.) and
on June 13, 2003, each of its subsidiaries (excluding the
Company's wholly-owned subsidiary "DASLIC", a Delaware Holding
Company) filed respective voluntary petitions for relief under
Chapter 11 of the United States Bankruptcy Code in Jointly
Administered Case No. 03-23143 in the United States Bankruptcy
Court for the Eastern District of Pennsylvania.
Also, as reported in the Company's Current Reports on Form 8-K
previously filed with the United States Securities and Exchange
Commission, the Debtors have sold substantially all of their
assets as a result of several transactions completed pursuant to
the provisions of the United States Bankruptcy Code on and between
December 15, 2003 and May 4, 2004.
FEDERAL-MOGUL: Posts $1.7 Million Net Loss in October 2004
----------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of October 31, 2004
(In millions)
Assets
Cash and equivalents $297.3
Accounts receivable 624.1
Inventories 490.1
Deferred taxes 199.8
Prepaid expenses and other current assets 113.6
----------
Total current assets 1,724.8
Summary of Unpaid Postpetition Debits (59.9)
Intercompany Loans Receivable (Payable) 2,566.3
----------
Intercompany Balances 2,506.3
Property, plant and equipment 1,044.6
Goodwill 1,178.5
Other intangible assets 452.9
Insurance recoverable 821.0
Other non-current assets 1,081.3
----------
Total Assets $8,809.5
==========
Liabilities and Shareholders' Equity
Short-term debt $358.3
Accounts Payable 208.0
Accrued Compensation 80.4
Restructuring and rationalization reserves 8.7
Current portion of asbestos liability -
Interest Payable 0.3
Other accrued liabilities 303.7
----------
Total current liabilities 959.5
Long-term debt (15.0)
Post-employment benefits 1,489.0
Other accrued liabilities 967.2
Liabilities subject to compromise 6,095.2
Shareholders' equity:
Preferred stock 1,050.6
Common stock 555.3
Additional paid-in capital 7,937.6
Accumulated deficit (9,643.8)
Accumulated other comprehensive income (586.1)
Other -
----------
Total Shareholders' Equity (686.3)
----------
Total Liabilities and Shareholders' Equity $8,809.6
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended October 31, 2004
(In millions)
Net sales $278.1
Cost of products sold 229.1
----------
Gross margin 49.0
Selling, general & administrative expenses (51.1)
Amortization (1.2)
Reorganization items (2.6)
Interest income (expense), net (7.9)
Other income (expense), net 12.4
----------
Earnings before Income Taxes (1.5)
Income Tax (Expense) Benefit (0.2)
----------
Earnings before effect of change in acctg principle (1.7)
Cumulative effect of change in acctg principle -
----------
Net Earnings (loss) ($1.7)
==========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended October 31, 2004
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($1.7)
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 13.8
Adjustments of assets held for sale to fair value -
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits 0
Decrease/(increase) in accounts receivable (2.2)
Decrease/(increase) in inventories 1.3
Increase/(decrease) in accounts payable 4.5
Change in other assets and other liabilities (14.2)
Change in restructuring charge (4.6)
Refunds (payments) against asbestos liability -
----------
Net Cash Provided From Operating Activities (3.1)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (4.2)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
----------
Net Cash Provided From (Used By) Investing Activities (4.2)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (13.2)
Sale of accounts receivable under securitization -
Dividends -
Other 2.4
----------
Net Cash Provided From Financing Activities (10.8)
Increase (Decrease) in Cash and Equivalents (18.1)
Cash and equivalents at beginning of period 315.4
----------
Cash and equivalents at end of period $297.3
==========
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's largest
automotive parts companies with worldwide revenue of some
$6 billion. The Company filed for chapter 11 protection on
October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J.
Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the
Debtors in their restructuring efforts. When the Debtors filed
for protection from their creditors, they listed $10.15 billion in
assets and $8.86 billion in liabilities. (Federal-Mogul
Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
FGI GROUP: Files October 2004 Monthly Operating Report
------------------------------------------------------
On Nov. 17, 2004, FGI Group Inc. filed a monthly operating
report for Florsheim Group, Inc., et al., and its debtor-
affiliates covering the period ended Oct. 31, 2004, with the
United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division.
FGI Group reports a $977,468.36 cash balance at Oct. 31, 2004,
and provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.
Full-text copies of FGI Group's October 2004 Operating Reports
are available at no charge at:
http://www.sec.gov/Archives/edgar/data/928908/000095013704010196/c89883exv99w1.txt
Florsheim Group, Inc. (OTC BB: FLSC.OB), filed for chapter 11
protection on March 4, 2002 (Bankr. N.D. Ill. Case No. 02 B 08209)
to facilitate a sale of its U.S. wholesale business and 23 retail
stores to its U.S. assets to the Weyco Group, Inc. for $45.6
million in cash, subject to post closing adjustment.
FRESH CHOICE: Reports $669,971 Net Loss for Period Ended Oct. 31
----------------------------------------------------------------
On Nov. 22, 2004, Fresh Choice, Inc., filed with the United States
Bankruptcy Court for the Northern District of California its
monthly operating report for the four-week period ended Oct. 31,
2004.
The Company reports a $669,971 net loss in $1,905,614 of total
revenues for the period from Oct. 4, 2004 through Oct. 31, 2004.
At Oct. 31, 2004, Fresh Choice, Inc.'s balance sheet shows:
Current Assets $7,135,517
Total Assets 23,245,812
Current Liabilities 6,950,244
Total Prepetition Liabilities 12,593,273
Total Liabilities 21,801,539
Total Equity $1,444,273
A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended Oct. 31, 2004, is available at no charge at:
http://www.sec.gov/Archives/edgar/data/893741/000115752304010975/a4770935ex991.txt
Headquartered in Morgan Hill, California, Fresh Choice --
http://www.freshchoice.com/ -- owns and operates a chain of more
than 40 salad bar eateries, mostly located in California. The
company filed for chapter 11 protection on July 12, 2004 (Bankr.
N.D. Calif. Case No. 04-54318). Debra I. Grassgreen, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub represents the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $29,651,000 in total
assets and $14,348,000 in total debts.
HAUSER INC: Submits October 2004 Monthly Operating Report
---------------------------------------------------------
Kenneth C. Cleveland, President and Chief Executive Officer for
Hauser, Inc., advises that on Nov. 16, 2004, the Company and
its wholly owned subsidiaries filed their monthly operating report
for the month ended Oct. 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.
Headquartered in El Segundo, California, Hauser Inc. supplies
herbal extracts and nutritional supplements and provides chemical
engineering services and contract research and development. The
Company and its debtor-affiliates 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.
KUSHNER-LOCKE: Releases September 2004 Monthly Operating Reports
----------------------------------------------------------------
On Nov. 22, 2004, The Kushner-Locke Company and its debtor-
affiliates filed with the U.S. Bankruptcy Court for the Central
District of California its unaudited September 2004 Monthly
Operating Reports.
For the month ending Sept. 31, 2004, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 85,969
Total Non-Operating Expenses 96,124
Net Income (Loss) ($182,093)
For the period from Sept. 1, 2004 through Sept. 30, 2004, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,205,105 $20,108
Total Receipts 302,012 223,000
Total Disbursements 223,000 182,093
Ending Balance $1,284,118 $61,016
Full-text copies of The Kushner-Locke Company's September 2004
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://www.sec.gov/Archives/edgar/data/842009/000095012904009298/v03594exv99w2.htm
Cash Receipts and Disbursements Report:
http://www.sec.gov/Archives/edgar/data/842009/000095012904009298/v03594exv99w1.htm
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
NRG ENERGY: Earns $54.2 Million of Net Income in Third Quarter
--------------------------------------------------------------
NRG Energy, Inc. (NYSE:NRG) reported earnings of $54 million for
the third quarter ended Sept. 30, 2004. This included $11 million
related to discontinued operations. Earnings from ongoing
operations were $43 million. Net earnings for the nine months
ended September 30, 2004 were $167 million. Year-to-date net
earnings included $23 million from discontinued operations. The
Company's net earnings have contributed to net cash flow
generation of $554 million year-to-date.
Adjusted net income, excluding discontinued operations and other
nonrecurring items, was $88 million or $0.87 per diluted share for
three months ended September 30, 2004 and $171 million or $1.71
per diluted shares for nine months ended September 30, 2004.
Adjustments were primarily associated with asset impairments,
restructuring and relocation charges and litigation settlements.
"The fact that we could achieve such a healthy result and strong
cash generation, notwithstanding the mild summer weather, provides
further validation for our multifuel, multiregional business
model," said David Crane, President and Chief Executive Officer.
"It is a testament to our people that we are positioned to raise
our full-year adjusted EBITDA target in a year when we have re-
established the Company and are building the platform for future
growth."
Third Quarter Highlights
* $1.6 billion of liquidity, an increase of $260 million
since June 30, 2004;
* $284 million of net cash flow for the quarter; and
* $272 million of adjusted EBITDA.
Business Summary
Adjusted EBITDA by region for the third quarter 2004 was as
follows:
Northeast Region $110
South Central Region 30
Western Region 47
Australia 9
Other International 34
Other North America 38
Alternative Energy 6
Non-generation (Thermal) 12
Corporate - Unallocated (14)
------
Total $272
Northeast: Mild weather limited production from our intermediate
and peaking plants in the third quarter. As a result, energy
revenues were less than expected for the quarter from our western
NY and PJM assets.
The Northeast represented approximately 44% of total capacity
revenues for the third quarter, largely driven by our New York
City and Connecticut assets. The third quarter included three
out of the six months of the summer capability period during
which capacity prices in New York City were at their highest
level.
Several of our Connecticut facilities (Middletown, Montville, and
Devon 11-14) continued to receive cost based reliability-must-run
(RMR) payments, which were effective as of January 17, 2004. On
November 2, 2004, NRG together with the Connecticut Department of
Utility Control, the Connecticut Office of Consumer Council, ISO-
New England and other parties, filed an uncontested settlement of
all outstanding RMR matters for approval by the Federal Energy
Regulatory Commission (FERC). We expect this development to
provide NRG with certainty regarding our RMR units' revenues
through 2005.
South Central: Our long-term contracts generally provided for
capacity and energy payments while strong generation performance,
particularly out of Big Cajun 2, provided for increased merchant
energy sales, resulting in higher revenues.
Our South Central assets contributed 27% of our capacity revenues
this quarter. These capacity payments are typically steady
quarter to quarter, and are relatively unaffected by seasonal
shifts.
West Coast: Equity earnings from West Coast Power, our 50% joint
venture with Dynegy, Inc., were higher than expected due to
favorable market conditions. NRG and its partner Dynegy, Inc.,
continue to work with the CAISO and incumbent load serving
utilities in an effort to secure a replacement contract for the
California Department of Water Resources contract that expires at
year-end 2004. The Cabrillo I and II RMR (net 575MW) contracts
have been extended through 2005.
International: Our Australian results, consisting of 100% owned
Flinders and 37.5% interest in Gladstone, benefited from strong
pool prices driven primarily by a significant number of plants
being out of service. This drove up the prices across the
National Electricity Market, including South Australia. Equity
earnings from our investment located in the United Kingdom
benefited from a $13 million mark-to-market gas contract
adjustment. As the German assets (MIBRAG and Schkopau) are fully
contracted, sales and profit are not sensitive to spikes in
weather or commodity prices.
Coal Sourcing: We continue to work diligently on the
implementation of our long-term coal strategy. This strategy is
based on an integrated approach to multisource procurement of
private railcar capacity, rail transportation services and the
commodity itself. The Company, during the third quarter,
implemented a critical component of this strategy by ordering
1,540 new bulk coal railcars from Johnstown America Corporation.
NRG expects to begin taking delivery of this railcar fleet in the
first quarter 2005.
Liquidity and Cash Flow
Liquidity as of September 30, 2004, increased to $1.6 billion as
set forth below:
Corporate Liquidity
(in millions) 6/30/04 9/30/04
------------------- ------- -------
Unrestricted Cash:
Domestic 676 936
International 145 169
Restricted Cash:
Domestic 97 94
International 55 55
------- -------
Total Cash 973 1,254
Letter of Credit Availability 118 97
Revolver Availability 250 250
------- -------
Total Current Liquidity $1,341 $1,601
======= =======
During the third quarter, NRG completed sales of non-core assets
(Batesville and McClain), resulting in $27 million in cash
proceeds and $449 million debt reduction. Additionally, NRG
executed a purchase and sale agreement for its Kendall facility,
which is expected to reduce consolidated debt further by nearly
$450 million. Excluding Kendall, our net debt to total capital,
excluding operating cash, stood at 50% at the end of the third
quarter. We anticipate the Kendall sale to close by year-end.
"As a necessary first step in our capital allocation plan, we are
working to refinance our senior bank facility," said Robert
Flexon, Chief Financial Officer. "Our goal for refinancing is to
reduce our interest costs and to improve the allocation of capital
for the benefit of our shareholders."
Outlook
The Company's updated outlook for 2004 is as follows:
Outlook (in millions) Prior Updated
--------------------- ----- -------
Reported Cash from Operations $513 $555
Reported EBITDA(4) 837 873
Adjusted Cash from Operations 441 480
Adjusted EBITDA 850 875
Through the remainder of the year, the Company's gross margin is
substantially hedged. With respect to 2005, fuel supply
interruptions related to Hurricane Ivan and more general market
concerns about the adequacy of winter gas supplies have recently
resulted in a significant increase in forward gas prices.
Although we believe long term natural gas prices remain well
supported we expect prices to be highly volatile and extremely
sensitive to weather, in the short term. As a result, while we
continue to manage our generation portfolio actively, the recent
run up in forward prices has provided an opportunity to increase
our hedging of coal margins for 2005.
S-4 Filing
On November 3, 2004, the Company filed a Registration Statement on
Form S-4 with the Securities and Exchange Commission. This is the
first step in the registration of the $1.75 billion of our 8%
second priority senior secured notes due 2013 that were issued in
December 2003 and January 2004.
A full-text copy of NRG Energy, Inc.'s Form 10-Q is available for
free at:
http://www.sec.gov/Archives/edgar/data/1013871/000095013404016871/c89434e10vq.htm
NRG Energy, Inc., and Subsidiaries
Reorganized Company
Consolidated Balance Sheet
(Unaudited)
As of September 30, 2004
Assets
Current Assets
Cash and cash equivalents $1,104,783,000
Restricted cash 148,919,000
Accounts receivable 242,245,000
Current portion of notes receivable 121,599,000
Taxes receivable 30,931,000
Inventory 214,980,000
Derivative instruments valuation 5,516,000
Prepayments and other current assets 196,078,000
Current deferred income taxes 989,000
Current assets -- held for sale 43,851,000
Current assets -- discontinued operations 3,042,000
--------------
TOTAL CURRENT ASSETS 2,112,933,000
--------------
Property, Plant and Equipment
In service 3,439,499,000
Under construction 68,135,000
--------------
TOTAL PROPERTY, PLANT AND EQUIPMENT 3,507,634,000
Less accumulated depreciation (156,643,000)
--------------
Net property, plant and equipment 3,350,991,000
--------------
Other Assets
Equity investments in affiliates 689,974,000
Notes receivable, less current portion 118,200,000
Notes receivable, less current portion 612,443,000
Intangible assets 326,030,000
Debt issuance costs 60,658,000
Derivative instruments valuation 48,928,000
Funded letter of credit 250,000,000
Other assets 95,441,000
Non-current assets -- held for sale 519,986,000
--------------
TOTAL OTHER ASSETS 2,721,660,000
--------------
TOTAL ASSETS $8,185,584,000
==============
Liabilities and Stockholder's Equity
Current Liabilities
Current portion of long-term debt $100,105,000
Short-term debt --
Accounts payable -- trade 115,270,000
Accounts payable -- affiliates 5,301,000
Accrued taxes --
Accrued property, sales and other taxes 13,672,000
Accrued salaries, and related costs 33,362,000
Accrued interest 65,011,000
Derivative instruments valuation 18,038,000
Creditor pool obligation 25,000,000
Other bankruptcy settlement 220,492,000
Other current liabilities 127,073,000
Current liabilities -- held for sale 6,855,000
Current liabilities -- discontinued 1,752,000
--------------
TOTAL CURRENT LIABILITIES 731,931,000
--------------
Other Liabilities
Long-term debt and capital leases 3,511,231,000
Deferred income taxes 143,129,000
Postretirement and other benefit obligations 113,640,000
Derivative instruments valuation 140,787,000
Other long-term obligations 385,496,000
Non-current liabilities -- held for sale 555,546,000
Non-current liabilities
-- discontinued operations 1,081,000
--------------
TOTAL NON-CURRENT LIABILITIES 4,850,910,000
--------------
TOTAL LIABILITIES 5,582,841,000
Minority Interest 5,592,000
Commitments and Contingencies
Stockholders' Equity
Serial Preferred Stock --
Common stock 1,000,000
Additional paid-in capital 2,413,962,000
Retained earnings 178,505,000
Accumulated other comprehensive income 3,684,000
--------------
TOTAL STOCKHOLDERS' EQUITY 2,597,151,000
--------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $8,185,584,000
==============
NRG Energy, Inc., and Subsidiaries
Consolidated Statement of Operations
(Unaudited)
Three Months Ended September 30, 2004
Operating Revenues and Equity Earnings
Revenues from majority-owned operations $606,663,000
--------------
Operating Costs and Expenses
Costs of majority-owned operations 381,010,000
Depreciation and amortization 51,373,000
General, administrative and development 54,307,000
Corporate relocation charges 5,713,000
Reorganization charges (5,245,000)
Restructuring and impairment charges 40,507,000
--------------
TOTAL OPERATING COSTS AND EXPENSES 527,665,000
--------------
Operating Income 78,998,000
--------------
Other Income (Expense)
Minority interest in (earnings)/
losses of consolidated subsidiaries 128,000
Equity in earnings of unconsolidated affiliates 53,373,000
Write downs and gains(losses) on sales
of equity method investments (13,524,000)
Other income, net 5,502,000
Interest expense (66,883,000)
--------------
TOTAL OTHER EXPENSE (21,404,000)
--------------
Income (Loss) From Continuing Operations
Before Income Taxes 57,594,000
Income Tax Expense 14,264,000
--------------
Income (Loss) from Continuing Operations 43,330,000
Income on Discontinued Operations,
net of Income Taxes 10,891,000
--------------
Net Income (Loss) $54,221,000
==============
NRG Energy, Inc., and Subsidiaries
Consolidated Statement of Operations
(Unaudited)
Nine Months Ended September 30, 2004
Operating Revenues and Equity Earnings
Revenues from majority-owned operations $1,780,551,000
--------------
Operating Costs and Expenses
Costs of majority-owned operations 1,116,021,000
Depreciation and amortization 159,547,000
General, administrative and development 136,445,000
Corporate relocation charges 12,474,000
Reorganization charges (1,656,000)
Restructuring and impairment charges 42,183,000
--------------
TOTAL OPERATING COSTS AND EXPENSES 1,465,014,000
--------------
Operating Income 315,537,000
--------------
Other Income (Expense)
Minority interest in (earnings)/
losses of consolidated subsidiaries (581,000)
Equity in earnings of
unconsolidated affiliates 117,187,000
Write downs and gains(losses) on sales
of equity method investments (14,057,000)
Other income, net 17,210,000
Interest expense (226,254,000)
--------------
TOTAL OTHER EXPENSE (106,495,000)
--------------
Income (Loss) From Continuing Operations
Before Income Taxes 209,042,000
Income Tax Expense 64,866,000
--------------
Income (Loss) from Continuing Operations 144,176,000
Income on Discontinued Operations,
net of Income Taxes 23,304,000
--------------
Net Income (Loss) $167,480,000
==============
NRG Energy, Inc., and Subsidiaries
Consolidated Statement of Cash Flows
(Unaudited)
Nine Months Ended September 30, 2004
Cash Flows from Operating Activities:
Net(loss)/income $167,480,000
Adjustments to reconcile net loss to net
cash provided (used) in operating activities:
Distributions in excess of (less than) than
equity in earnings of unconsolidated
affiliates (13,703,000)
Depreciation and amortization 164,872,000
Amortization of debt issuance costs 22,440,000
Amortization of debt discount 15,685,000
Deferred income taxes 67,655,000
Minority interest 1,961,000
Unrealized gains on derivatives (33,232,000)
Asset impairment 42,183,000
Write downs and losses on sale of equity
method investments 14,057,000
Gain on sale of discontinued operations (29,924,000)
Amortization of power contracts and
emission credits 42,822,000
Reserve for note and interest receivable 4,572,000
Cash provided by changes in certain working
capital items 128,553,000
--------------
Net Cash Provided by Operating Activities 595,421,000
--------------
Net Cash Provided by Investing Activities 210,806,000
--------------
Net Cash Used by Financing Activities (227,633,000)
--------------
Change in Cash from Discontinued Operations (22,527,000)
Effect of Exchange Rate Changes on
Cash and Cash Equivalents (2,507,000)
--------------
Net Increase in Cash & Cash Equivalents 553,560,000
Cash & Cash Equivalents at Beginning of Period 551,223,000
--------------
Cash and Cash Equivalents at End of Period $1,104,783,000
==============
NRG Energy, Inc., owns and operates a diverse portfolio of power-
generating facilities, primarily in the United States. Its
operations include baseload, intermediate, peaking, and
cogeneration facilities, thermal energy production and energy
resource recovery facilities. The company, along with its
affiliates, filed for chapter 11 protection (Bankr. S.D.N.Y. Case
No. 03-13024) on May 14, 2003. The Company emerged from chapter
11 on December 5, 2003, under the terms of its confirmed Second
Amended Plan. James H.M. Sprayregen, Esq., Matthew A. Cantor,
Esq., and Robbin L. Itkin, Esq., at Kirkland & Ellis, represented
NRG Energy in its $10 billion restructuring. (NRG Energy
Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service,
Inc., 215/945-7000)
PG&E NATIONAL: USGen's September 2004 Monthly Operating Report
--------------------------------------------------------------
USGen New England, Inc.
Unaudited Balance Sheet
As of September 30, 2004
ASSETS
Cash and Cash Equivalents $243,430,279
Accounts Receivable 136,338,365
Support Payment Receivable - Current Undetermined
Fuel, Inventory and Supplies 39,444,127
Prepaid Expenses 22,516,924
--------------
Total Current Assets Undetermined
Property, Plant and Equipment - net 1,447,373,949
Construction Work in Progress 45,805,980
Intangible Asset $4,186,916
Support Payment Receivable - Non-current Undetermined
--------------
Total Postpetition Assets Undetermined
Prepetition IC Accounts Receivable Undetermined
Prepetition Accounts Receivable Undetermined
Prepetition Prepaid Expenses Undetermined
--------------
Total Prepetition Assets Undetermined
--------------
TOTAL ASSETS Undetermined
==============
LIABILITIES AND EQUITY
Accounts Payable $23,324,850
Accrued Liabilities 45,753,968
--------------
Total Current Liabilities 69,078,818
Deferred Income Taxes 74,278,473
Other Liabilities 8,840,951
--------------
Total Postpetition Liabilities 152,198,242
Prepetition Accounts Payable Undetermined
Prepetition IC Accounts Payable Undetermined
Prepetition Market Accounts Payable Undetermined
Current Debt 84,770,293
Out of Market Liabilities - Current 27,489,403
Out of Market Liabilities - Non-current 208,999,765
--------------
Total Prepetition Liabilities Undetermined
--------------
Total Liabilities Undetermined
Shareholder's Equity
Common Stock, Additional Paid-In Capital 1,347,736,929
Other Comprehensive Income (2,530,687)
Retained Earnings (256,087,429)
--------------
Total Shareholder's Equity $1,089,118,813
--------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined
==============
USGen New England, Inc.
Unaudited Income Statement
For the Period September 1 to September 30, 2004
REVENUE:
Contract Revenue $44,978,974
Market Energy 10,715,001
Ancillary Products 670,184
Market Capacity 242,500
Power Hedges -
Other Revenue (2,230,656)
--------------
Total Revenue 54,376,003
FUEL COSTS:
Contract Expense 8,192,978
Fuel Expense 21,576,086
Fuel Hedges (248,040)
--------------
Total Fuel Costs 29,521,024
--------------
Gross Profit 24,854,979
OPERATING EXPENSES:
Direct Labor 5,525,017
Direct Materials 2,488,502
Direct Subcontractor Services 4,380,774
Other Operating 1,829,436
Bonus Accrual, Union and non-union 426,377
Ash Disposal 1,192,721
--------------
Total Station Operating Expenses 15,842,827
Corporate Expense:
Corporate Labor 485,500
Bonus 306,891
Travel and Entertainment 23,801
Insurance 560,183
Professional Services 3,901,471
Other General Administrative 217,242
--------------
Total Corporate Expenses 5,495,088
General Expenses:
Property Taxes 2,638,373
Interconnect Cost 105,066
Amortization -
Depreciation 5,603,308
--------------
Total General Expenses 8,346,746
--------------
Total Operating Expenses 29,684,661
--------------
Total Operating Income (4,829,682)
Other Income (Expenses):
Lease Expense (400,000)
Interest Income - NEES Receivable 1,769,716
Income - Other 6,064,748
Expense - Other -
Gain (1,133,858)
Bank and LC Fees (55,955)
--------------
Total Other Income (Expenses) 6,244,652
--------------
Income Before Tax 1,414,970
Income Taxes (2,120,531)
--------------
Net Income $3,535,501
==============
USGen New England, Inc.
Unaudited Cash Flow Statement
For the Period September 1 to September 30, 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $3,535,501
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 5,603,308
Amortization of intangible assets 548,167
Loss on disposal of fixed assets 1,133,858
Change in assets and liabilities:
Accounts receivable (Increase) 5,410,003
Inventory (Increase) 3,337,622
Prepaid, Deposits & Other (Increase) 1,191,019
Deferred Income Taxes (Decrease) (149,143)
Accounts Payable (Decrease) (2,056,421)
Accrued Liabilities (Decrease) (54,047,369)
Liabilities - Other (Decrease) (2,583,411)
Prepetition Assets (Increase) 25,380,118
Prepetition Liabilities (Decrease) 22,287,233
Equity - Other (Increase) 1,035,104
--------------
Net cash (used in) provided by
operating activities 10,625,588
CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment (5,450,469)
Change in Investment in Subsidiary (82)
Support payments received - principle 5,833,634
--------------
Net cash (used in) provided by investing
activities 383,082
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in Debt -
Capital Contributions -
--------------
Net cash provided by (used in) financing
activities -
--------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 11,008,670
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 232,421,608
--------------
CASH AND CASH EQUIVALENTS, END OF PERIOD $243,430,279
==============
Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale. The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in their
restructuring efforts. When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731.
PILLOWTEX CORP: Monthly Operating Report Ended Oct. 2, 2004
-----------------------------------------------------------
Pillowtex, et al.
Consolidated Balance Sheets
As of October 2, 2004
ASSETS
Cash and cash equivalents $35,892,455
Accounts Receivables (Net) 12,013,754
Inventory (Net) 5,335,000
Pre-Paid Expenses 1,218,400
Other Assets 6,178,681
-----------
TOTAL CURRENT ASSETS 60,638,380
-----------
Property Plan & Equipment (Net) 0
Intangibles (Net) 0
Other Non-Current 1,811,137
Inter-Company 0
-----------
TOTAL ASSETS $62,449,517
===========
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise
Accounts Payable 0
Accrued Expenses 33,248,989
Deferred Taxes 295,000
Professional Fees 0
Secured Debt 292,000
Other 86,001,000
-----------
Total Not Subject to Compromise 119,836,989
-----------
Liabilities Subject to Compromise
Current Debt 0
Unsecured debt 25,536,132
-----------
Total Subject to Compromise 25,536,132
-----------
Preferred Convertible Stock 0
Equity
Inter-Company (7,472,986)
Investment in Subs 0
Additional Paid in Capital 196,004,000
Common Stock 191,000
Deferred Compensation (188,000)
Retained Earnings (209,959,618)
Pension Equity Adjustment (61,501,000)
Translation 3,000
-----------
TOTAL EQUITY (75,450,618)
-----------
TOTAL LIABILITIES & EQUITY $62,449,517
===========
Pillowtex, et al.
Consolidated Statement of Operations
For Three Months Ended October 2, 2004
Net Revenues $1,330,352
Cost of Goods Sold (1,735,834)
-----------
Gross Profit 3,066,186
Selling, General & Administrative 2,069,010
Other (81,977)
-----------
Earnings from Operations 1,079,153
Interest Expense 0
Other Income & Expenses (167,760)
Reorganization Expenses
Professional Fees 1,374,432
U.S. Trustee Fees 3,500
Gain/Loss from Sale of Assets 1,221,887
Other (Income)/Expense 0
-----------
Total Reorganization Expenses 2,599,319
Income Before Taxes (1,352,906)
Income Taxes 0
Income (Loss) on Disposal 0
Income from Discontinued Operations 0
-----------
Net Profit or (Loss) ($1,352,906)
===========
Pillowtex, et al.
Actual Cash Flow
For the Month of September 2004
Accounts Receivable Collections $163,000
Brown & Joseph/Atwell Fees (15,000)
Accounts Receivable Personnel (17,000)
Inventory Bulk Sales 100,000
Property Tax Related to Asset Sale -
Property (Net) 3,118,000
Miscellaneous Proceeds (2,000)
----------
Total Proceeds 3,347,000
Prepetition Cure Cost of Capital Leases -
Balance of 2003 Personal Property Tax -
Alliance Street Production -
Interest Expense (Term and Revolver) -
Idle Facility Cost (129,000)
Electric Demand Charge -
Retail Store Operating Costs -
Warehousing, Shipping & Billing -
Freight & Duty -
Manufacturing -
Inventory Cleanup -
Accrued Employee Expenses -
Critical Vendor Payments -
Continuing Medical -
Terminated Medical 2,293,000
Product Liability/D&O/Workers Comp. Insurance 94,000
Corporate 102,000
Severance/Retention -
Warehouse Vacation Pay -
SB Capital Estate Charge Back -
Early Termination Fee -
DIP Fees -
Professional Fees 83,000
Miscellaneous Expenses 33,000
----------
Total Expenses 2,476,000
----------
Net Cash Flow $871,000
==========
Pillowtex, et al.
Disbursement Report
For the Month Ended October 2, 2004
Net Payroll & Payroll Taxes Paid $2,482,625
Sales, Use & Other Taxes Paid -
Inventory Purchases -
Interest on Long Term Debt -
Secured/Rental/Lease -
Utilities (9,568)
Insurance 27,220
Administrative -
Professional Fees 184,932
U.S. Trustee's Fees -
Others 171,278
-----------
Total for U.S. Trustee Fees $2,856,487
===========
Headquartered in Dallas, Texas, Pillowtex Corporation --
http://www.pillowtex.com/-- sold top-of-the-bed products to
virtually every major retailer in the U.S. and Canada. The
Company filed for Chapter 11 protection on November 14, 2000
(Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a
chapter 11 plan, and filed a second time on July 30, 2003 (Bankr.
Del. Case No. 03-12339). The second chapter 11 filing triggered
sales of substantially all of the Company's assets. David G.
Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at
Morris Nichols Arsht & Tunnel, represent the Debtors. On
July 30, 2003, the Company listed $548,003,000 in assets and
$475,859,000 in debts. (Pillowtex Bankruptcy News, Issue No. 71;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
TRUMP HOTELS: Consolidated Balance Sheet at Sept. 30, 2004
----------------------------------------------------------
Trump Hotels & Casino Resorts, Inc.
Unaudited Condensed Consolidated Balance Sheets
At September 30, 2004
(In Thousands of Dollars)
ASSETS
Current Assets:
Cash and cash equivalents $124,047
Receivables, net 35,330
Inventories 11,619
Prepaid expenses & other noncurrent assets 16,512
-----------
Total current assets 187,508
Investment in Buffington Harbor LLC 28,384
Property and equipment, net 1,724,570
Deferred bond and loan issuance costs, net 21,548
Other assets 75,614
-----------
TOTAL ASSETS $2,037,624
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $34,309
Accounts payable and accrued expenses 173,941
Due to affiliates, net 3,201
Accrued interest payable 83,824
-----------
Total Current Liabilities 295,275
Non-current liabilities:
Long-term debt, net of maturities 1,788,541
Long-term debt, related parties 15,888
Other long-term liabilities 23,842
-----------
TOTAL LIABILITIES 2,123,546
-----------
Stockholders Equity:
Common stock, $.01 par value, 75,000,000
shares authorized, 32,101,493 issued,
29,904,764 outstanding 321
Class B common stock, $.01 par value, 1,000
shares authorized, issued and outstanding -
Additional paid in capital 470,566
Accumulated deficit (536,609)
Less treasury stock at cost 2,196,729 shares (20,200)
-----------
TOTAL STOCKHOLDERS' EQUITY (85,922)
-----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,037,624
Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc., through its subsidiaries, owns and operates four
properties and manages one property under the Trump brand name.
The Company and its debtor-affiliates filed for chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925). When the Debtors filed for protection from
their creditors, they listed more than $500 million in total
assets and more than $1 billion in total debts.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo and Peter A. Chapman, Editors.
Copyright 2004. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***