TCR_Public/041218.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, December 18, 2004, Vol. 8, No. 279

                          Headlines

ATA HOLDINGS: Schedules of Assets & Liabilities
ATA AIRLINES: Schedules of Assets & Liabilities
ATA AIRLINES: Chicago Express' Schedules of Assets & Liabilities
ATA AIRLINES: Ambassadair Travel's Schedules of Assets & Debts
ATA AIRLINES: ATA Leisure's Schedules of Assets & Liabilities

ATA AIRLINES: Amber Travel's Schedules of Assets & Liabilities
ATA AIRLINES: A.T.A. ExecuJet's Schedules of Assets & Liabilities
ATA AIRLINES: ATA Cargo's Schedules of Assets & Liabilities
INTERSTATE BAKERIES: Operating Report Ended Sept. 18, 2004
INTERSTATE BAKERIES: Operating Report Ended Oct. 16, 2004

PILLOWTEX CORP: October 2004 Cash Receipts & Disbursements Report
SPIEGEL INC: Earns $9.2 Million of Net Income in October 2004
TRINITY ENERGY: Releases July to October 2004 Operating Reports
TWINLAB CORP: Files November 2004 Monthly Operating Report
USG CORP: Earns $28.7 Million of Net Income in October 2004

YUKOS OIL: Consolidated Balance Sheet at Sept. 30, 2003


                          *********

ATA HOLDINGS: Schedules of Assets & Liabilities
-----------------------------------------------

A.     Real Property                                       None

B.     Personal Property
B.1    Cash on Hand                                           0
B.2    Financial Accounts                              $667,142
B.3    Security Deposits                                      0
B.4    Household goods                                        0
B.5    Books, art work & collectibles                         0
B.6    Wearing apparel                                        0
B.7    Furs and jewelry                                       0
B.8    Firearms and sporting goods                            0
B.9    Interests in Insurance                           Unknown
B.10   Annuities                                              0
B.11   Interests in retirement plans                          0
B.12   Interests in Incorporated Businesses             Unknown
B.13   Interests in partnerships or joint venture       unknown
B.14   Bonds                                                  0
B.15   Accounts Receivables
           Receivables                                   52,978
           Intercompany
               Chicago Express                        1,950,000
               ATA Airlines                         387,144,417
               ATA Cargo                              1,729,900
               Execujet                                 642,119
               Washington Assurance                     100,000
B.16   Alimony                                                0
B.17   Other Liquidated Debts                            59,459
B.18   Equitable and future interests                         0
B.19   Contingent interests                                   0
B.20   Other contingent & unliquidated claims                 0
B.21   Patents, copyrights & trademarks                       0
B.22   Other intangibles                                      0
B.23   Automobiles                                            0
B.24   Boats                                                  0
B.25   Aircraft                                               0
B.26   Office equipment and supplies                          0
B.27   Machinery, furniture and fixtures                      0
B.28   Inventory                                              0
B.29   Animals                                                0
B.30   Crops                                                  0
B.31   Farming equipment                                      0
B.32   Farm supplies                                          0
B.33   Other personal property                                0

              TOTAL SCHEDULED ASSETS               $392,346,015
              =================================================

C.     Property Claims As Exempt                 Not Applicable

D.     Secured Claims                                        --

E.     Unsecured Priority Claims                             --
           Marion County Treasurer                        8,288

F.     Unsecured Non Priority Claims
           Citibank, NA                             139,900,000
           Wells Fargo Bank, NA                     183,069,000
           Wilmington Trust Company                 110,233,000
           Others                                    25,276,217

              TOTAL SCHEDULED DEBTS                $458,478,217
              =================================================

Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


ATA AIRLINES: Schedules of Assets & Liabilities
-----------------------------------------------

A.     Real Property
           Building 4                                $7,399,776
           Hangar                                     7,767,115
           Midway Concourse A                         8,808,014

B.     Personal Property
B.1    Cash                                              59,565
B.2    Bank Accounts                                 53,320,852
B.3    Security Deposits
           Aircraft                                  10,910,607
           Facility                                     514,761
           Fuel                                         345,192
           Other                                      1,063,412
B.9    Interest in Insurance Policies                   Unknown
B.13   Interests in Partnerships
           50% Ownership of Bata Leasing, LLC        13,024,277
B.15   Accounts Receivables
           Due from Washington Assurance                107,113
           Accounts Receivable                      148,885,398
B.17   Other Liquidated Debts
           CFTB - 2003                                  203,200
           CFTB - 1999 amended                           63,750
           New Jersey Division of Taxation -2003        127,672
           New York State Corporation Tax -2003          42,578
           Others                                       132,406
B.20   Other Contingent Claims
           Union Planter                              2,500,000
           CFM International                            441,635
           Others                                        79,473
B.21   Patents and Copyrights                           Unknown
B.22   Licenses and Intangibles                         Unknown
B.23   Automobiles and Other Vehicles                    45,795
B.25   Aircraft and Accessories
           Lockheed L1011-500                        48,020,958
           Engines                                   40,860,703
           Rotatables                                56,239,480
           Others                                     8,596,181
B.26   Office Equipment                                 613,661
B.27   Machinery and Equipments
           Computer Hardware and Software            12,475,841
           Communication Equipment                      222,973
           Ramp Equipment                             1,952,740
           General Equipment                            880,478
           Maintenance Equipment                      3,517,421
B.28 Inventory
           Consumables                               32,523,563
           Repairables                               21,497,958
           Allowance for Obsolescence               (23,310,854)
           Fuel Inventory                            16,053,571
           Others                                     2,972,739
B.33 Other Personal Property
           Restricted Cash                           35,140,980
           Prepaid                                   18,583,438
           Other Assets                               8,790,989

              TOTAL SCHEDULED ASSETS               $541,475,411
              =================================================

D.     Secured Claims
           Citibank, NA                             139,900,000
           Union Planters Bank, NA                   13,308,428
           Dept. of Aviation                          6,975,875
           Others                                    18,224,006

E.     Unsecured Priority Claims                      2,179,746

F.     Unsecured Non-priority Claims
           AER Rianta Shannon Airport                   435,633
           Aircraft Service International               539,632
           Airport Terminal Services                    555,676
           ATA Cargo                                  7,812,285
           ATA Holdings Corp.                       387,144,417
           BAFS, Inc.                                   241,961
           Boeing Commercial Airplane Grp.              835,052
           Chicago Express Airlines                  16,789,404
           Citibank, NA                              61,382,379
           DFAS-C/FPS/F                                 626,115
           Others                                   344,898,873

              TOTAL SCHEDULED DEBTS              $1,001,849,482
              =================================================

Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


ATA AIRLINES: Chicago Express' Schedules of Assets & Liabilities
----------------------------------------------------------------

A.     Real Property                                       None

B.     Personal Property
B.2    Bank Accounts
           Union Planters                               152,953
           Bank One                                      82,087
           National City Bank                               425
B.3    Security Deposits
           Lift-A-Loft                                   23,593
           Arinc                                         15,000
           Comed Security Deposit                         6,650
           Others                                        10,668
B.9    Interest in Insurance Policies                   Unknown
B.15   Accounts Receivable
           Intercompany Receivables                  16,841,926
           Intercompany Accounts Receivable Due          82,436
B.17   Other Liquidated debts
           City of Flint                                  3,084
           Iowa Department of Revenue and Finance         5,275
           Michigan Department of Treasury               10,000
           Ohio Department of Taxation                   11,849
           Ohio Department of Taxation                    7,476
B.23   Automobiles, Trucks, and Vehicles                100,557
B.25   Aircrafts and Accessories                      6,605,435
B.26   Office Equipment                                  32,050
B.27   Machinery Equipment                              605,515
B.28   Inventory
           Inventory - Expendables                    2,693,694
           Allowance for Obsolescence                  (591,832)
B.33   Other Assets
           Prepaid Insurance                             22,399
           Prepaid Other                                 76,419
           Letter of Credit MDW Airport-Chicago          95,000

              TOTAL SCHEDULED ASSETS                $26,892,659
              =================================================

C.     Property Claims As Exempt                 Not Applicable

D.     Secured Claims                                      None

E.     Unsecured Priority Claims
           Illinois Dept. of Revenue                         36
           State of Wisconsin - Treasurer                79,405

F.     Unsecured Nonpriority Claims
           ATA Holdings Corp.                         1,950,000
           Citibank, NA& ATSB                       139,900,000
           GE Aircraft Engine                         1,809,858
           Wells Fargo Bank Northwest, NA           163,064,000
           Wilmington Trust Company                 110,233,000
           Others                                     1,790,673

              TOTAL SCHEDULED DEBTS                $418,826,973
              =================================================

Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


ATA AIRLINES: Ambassadair Travel's Schedules of Assets & Debts
--------------------------------------------------------------

A.     Real Property                                       None

B.     Personal Property
B.2    Financial Accounts                                $1,000
B.9    Interests in Insurance                           Unknown
B.15   Accounts Receivables
           Receivables                                2,187,649
           Intercompany Accounts Receivable           2,624,880
B.33   Other Personal Property
           Prepaid Optional Tours                        22,430
           Restricted Cash                            3,546,989
           Prepaid Ground Transportation              2,158,921
           Prepaid Charge Card Fees                     160,264
           Prepaid Advertising                           23,822

              TOTAL SCHEDULED ASSETS                $10,725,955
              =================================================


C.     Property Claims As Exempt                 Not Applicable

D.     Secured Claims                                      None

E.     Unsecured Priority Claims
           Taxing Authority                               2,661
           2004 Property Taxes                              145

F.     Unsecured Non-Priority Claims
           Citibank, N.A.                           139,900,000
           Wells Fargo Bank                         183,069,000
           Wilmington Trust Company                 110,233,000
           Others                                       381,584

              TOTAL SCHEDULED DEBTS                $433,586,390
              =================================================

Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


ATA AIRLINES: ATA Leisure's Schedules of Assets & Liabilities
-------------------------------------------------------------

A.     Real Property                                       None

B.     Personal Property
B.9    Interests in Insurance                           Unknown
B.12   Interests in Incorporated Businesses
           Ownership in Contrav, Inc.                   Unknown
B.15   Accounts Receivables
           Intercompany Receivables                     $60,680

              TOTAL SCHEDULED ASSETS                    $60,680
              =================================================

C.     Property Claims As Exempt                 Not Applicable

D.     Secured Claims                                      None

E.     Unsecured Priority Claims                           None

F.     Unsecured Nonpriority Claims
           Citibank, NA                             139,900,000
           Wells Fargo                              183,069,000
           Wilmington Trust Co.                     110,233,000

              TOTAL SCHEDULED DEBTS                $433,202,000
              =================================================

Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


ATA AIRLINES: Amber Travel's Schedules of Assets & Liabilities
--------------------------------------------------------------

A.     Real Property                                       None

B.     Personal Property
B.1    Cash                                              $1,127
B.2    Bank Accounts
           NCBI, Account No. 203551                         927
B.9    Interest in Insurance Policies                   Unknown
B.15   Accounts Receivables
           Due from ATA Holdings Corp.                  934,576
           Receivables                                   61,773

              TOTAL SCHEDULED ASSETS                   $998,403
              =================================================

C.     Property Claimed as Exempt                Not Applicable

D.     Secured Claims                                      None

E.     Unsecured Priority Claims
           Marion County Treasurer                           10

F.     Unsecured Nonpriority Claims
           Citibank, NA                             139,900,000
           Wells Fargo                              183,069,000
           Wilmington Trust Co.                     110,233,000
           Others                                            35

              TOTAL SCHEDULED DEBTS                $433,202,045
              =================================================

Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


ATA AIRLINES: A.T.A. ExecuJet's Schedules of Assets & Liabilities
-----------------------------------------------------------------

A.     Real Property                                       None

B.     Personal Property
B.1    Cash                                                $100
B.3    Security Deposits
           Channel 6 Long Ranger                         22,400
           Bell Jet Ranger Helicopter                     7,000
           Citation II                                   75,000
           Learjet 35                                    84,000
B.9    Interest in Insurance Policies                   Unknown
B.15   Accounts Receivables
           Receivables                                  162,587
B.25   Aircraft and Accessories                          17,433
B.27   Machinery and Equipments
           Computer Hardware and Software                 1,040
B.33   Other Personal Property
           Prepaid Insurance                            233,413
           Prepaid Rent                                  78,367
           Prepaid Maintenance                          157,449

              TOTAL SCHEDULED ASSETS                   $838,788
              =================================================

C.     Property Claimed as Exempt                Not Applicable

D.     Secured Claims                                        --

E.     Unsecured Priority Claims                             --
           Marion County Treasurer                        1,161

F.     Unsecured Nonpriority Claims
           Citibank, NA                             139,900,000
           Wells Fargo                              183,069,000
           Wilmington Trust Co.                     110,233,000
           ATA Holdings Corp.                           642,119
           Others                                        40,063

              TOTAL SCHEDULED DEBTS                $433,884,182
              =================================================

Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


ATA AIRLINES: ATA Cargo's Schedules of Assets & Liabilities
-----------------------------------------------------------

A.     Real Property                                       None

B.     Personal Property
B.1    Cash                                                $300
B.2    Bank Accounts
          Fifth/Third Bank Acct. No. 1415486              3,796
B.3    Security Deposits
           Interstate Oil                                   250
           M&I First National Leasing                     1,213
           Midway Aircraft Broker                         2,800
           Midway Aircraft Broker                         1,300
           Toyota                                           376
B.9    Interest in Insurance Policies                   Unknown
B.15   Accounts Receivables
           Receivables                                2,116,528
           Receivable from ATA Airline                7,812,285
B.22   Licenses                                         Unknown
B.26   Office Equipment                                     362
B.27   Machinery and Equipments
           Computer Hardware and Software               157,717
           Communication Equipment                          485
           Ramp Equipment                               115,845
           Leasehold Improvements                         1,331

              TOTAL SCHEDULED ASSETS                $10,214,585
              =================================================

C.     Property Claimed as Exempt               Not Applicable

D.     Secured Claims                                        --

E.     Unsecured Priority Claims                             --
           Marion County Treasurer                        3,643

F.     Unsecured Nonpriority Claims
           Citibank, NA                             139,900,000
           Wells Fargo                              183,069,000
           Wilmington Trust Co.                     110,233,000
           ATA Holdings Corp.                         1,729,900
           Others                                       204,309

              TOTAL SCHEDULED DEBTS                $435,136,209
              =================================================

Headquartered in Indianapolis, Indiana, ATA Airlines, owned by ATA
Holdings Corp. -- http://www.ata.com/-- is the nation's 10th
largest passenger carrier (based on revenue passenger miles) and
one of the nation's largest low-fare carriers. ATA has one of the
youngest, most fuel-efficient fleets among the major carriers,
featuring the new Boeing 737-800 and 757-300 aircraft. The
airline operates significant scheduled service from Chicago-
Midway, Hawaii, Indianapolis, New York and San Francisco to over
40 business and vacation destinations. Stock of parent company,
ATA Holdings Corp., is traded on the Nasdaq Stock Exchange. The
Company and its debtor-affiliates filed for chapter 11 protection
on Oct. 26, 2004 (Bankr. S.D. Ind. Case No. 04-19866, 04-19868
through 04-19874). Terry E. Hall, Esq., at Baker & Daniels,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$745,159,000 in total assets and $940,521,000 in total debts.
(ATA Airlines Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


INTERSTATE BAKERIES: Operating Report Ended Sept. 18, 2004
----------------------------------------------------------

         Interstate Bakeries Corporation and Subsidiaries
         Unaudited Consolidated Monthly Operating Report
          Four Weeks Ended and as of September 18, 2004

REVENUE

Gross Income                                       $273,828,445
Less Cost of Goods Sold                             133,939,022
   Ingredients, Packaging, & Outside Purchasing      69,864,743
   Direct & Indirect Labor                           51,141,652
   Overhead & Production Administration              12,932,627
                                                   ------------
      Gross Profit                                 $139,889,423
                                                   ------------

OPERATING EXPENSES

Owner-Draws/Salaries                                          -
Selling & Delivery Employee Salaries                 66,256,506
Advertising and Marketing                             4,300,166
Insurance (Property, Casualty, & Medical)            15,597,100
Payroll Taxes                                         5,645,643
Lease and Rent                                        5,387,960
Telephone and Utilities                               1,316,770
Corporate Expense (Including Salaries)                7,304,317
Other Expenses                                       29,490,768
                                                   ------------
      Total Operating Expenses                     $135,299,230
                                                   ------------
EBITDA                                                4,590,193

Restructuring Charges                                   338,543
Reorganization Professional Fees                      2,042,807
Depreciation and Amortization                         6,931,507
Other Income                                             (2,319)
Interest Expense                                      3,291,965
Operating Income (Loss)                              (8,012,310)
Income Tax Expense (Benefit)                         (2,067,000)
                                                   ------------
Net Income (Loss)                                   ($5,945,310)
                                                   ============

CURRENT ASSETS
   Accounts Receivable at end of period            $188,069,115
   Inc (Dec) in Accounts Receivable for period        3,839,606
   Inventory at end of period                        74,566,780
   Inc (Dec) in Inventory for period                  1,582,606
   Cash at end of period                             21,116,900
   Increase (Decrease) in Cash for period            25,608,138

LIABILITIES
   Inc (Dec) in Liabilities Not Subject to Compromise       n/a
   Inc (Dec) in Liabilities Subject to Compromise           n/a
   Taxes payable:
      Federal Payroll Taxes                           7,434,328
      State/Local Payroll Taxes                       3,529,530
      State Sales Taxes                                 890,057
      Real Estate and Personal Property Taxes         6,412,813
      Other                                           4,100,122
                                                   ------------
      Total Taxes Payable                           $22,366,850
                                                   ============

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.

The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
215/945-7000)


INTERSTATE BAKERIES: Operating Report Ended Oct. 16, 2004
---------------------------------------------------------

         Interstate Bakeries Corporation and Subsidiaries
         Unaudited Consolidated Monthly Operating Report
           Four Weeks Ended and as of October 16, 2004

REVENUE

Gross Income                                       $264,947,940
Less Cost of Goods Sold                             131,707,703
   Ingredients, Packaging, & Outside Purchasing      68,042,529
   Direct & Indirect Labor                           50,141,873
   Overhead & Production Administration              13,523,301
                                                   ------------
      Gross Profit                                 $133,240,237
                                                   ------------

OPERATING EXPENSES

Owner-Draws/Salaries                                          -
Selling & Delivery Employee Salaries                 65,731,080
Advertising and Marketing                             4,720,365
Insurance (Property, Casualty, & Medical)            15,685,343
Payroll Taxes                                         5,365,364
Lease and Rent                                        3,648,043
Telephone and Utilities                               1,278,183
Corporate Expense (Including Salaries)                7,293,414
Other Expenses                                       31,183,778
                                                   ------------
      Total Operating Expenses                     $134,905,570
                                                   ------------
EBITDA                                               (1,665,333)

Restructuring Charges                                   420,784
Reorganization Professional Fees                      3,352,065
Depreciation and Amortization                         7,231,507
Other Income                                             (2,223)
Interest Expense                                      2,939,564
Operating Income (Loss)                             (15,607,030)
Income Tax Expense (Benefit)                         (4,349,000)
                                                   ------------
Net Income (Loss)                                  ($11,258,030)
                                                   ============

CURRENT ASSETS
   Accounts Receivable at end of period            $190,068,584
   Inc (Dec) in Accounts Receivable for period        1,999,469
   Inventory at end of period                        75,162,581
   Increase (Decrease) in Inventory for period          595,801
   Cash at end of period                             71,226,311
   Increase (decrease) in Cash for period            50,109,412

LIABILITIES
   Inc (Dec) in Liabilities Not
      Subject to Compromise                        (187,420,310)
    Inc (Dec) in Liabilities Subject to
       Compromise                                   256,046,667
   Taxes payable:
      Federal Payroll Taxes                          12,985,551
      State/Local Payroll Taxes                       3,937,935
      State Sales Taxes                                 713,704
      Real Estate and Personal Property Taxes         8,072,924
      Other                                           4,529,784
                                                   ------------
      Total Taxes Payable                           $30,239,898
                                                   ============

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R). The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.

The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts. (Interstate Bakeries
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc.,
215/945-7000)


PILLOWTEX CORP: October 2004 Cash Receipts & Disbursements Report
-----------------------------------------------------------------
Pillowtex Corporation and its debtor-affiliates did not file their
Consolidated Balance Sheets and Consolidated Statements of
Operations for the period ended Oct. 31, 2004.


                         Pillowtex, et al.
                         Actual Cash Flow
                   For the Month of October 2004

Accounts Receivable Collections                          $8,000
Brown & Joseph/Atwell Fees                              (53,000)
Accounts Receivable Personnel                           (20,000)
Inventory Bulk Sales                                    235,000
Property Tax Related to Asset Sale                      (88,000)
Property (Net)                                          829,000
Miscellaneous Proceeds                                   (4,000)
                                                     ----------
Total Proceeds                                          907,000

Prepetition Cure Cost of Capital Leases                       -
Balance of 2003 Personal Property Tax                         -
Alliance Street Production                                    -
Interest Expense (Term and Revolver)                          -
Idle Facility Cost                                       (4,000)
Electric Demand Charge                                        -
Retail Store Operating Costs                                  -
Warehousing, Shipping & Billing                               -
Freight & Duty                                                -
Manufacturing                                                 -
Inventory Cleanup                                             -
Accrued Employee Expenses                                     -
Critical Vendor Payments                                      -
Continuing Medical                                      (75,000)
Terminated Medical                                            -
Product Liability/D&O/Workers Comp. Insurance             5,000
Corporate                                               101,000
Severance/Retention                                     150,000
Warehouse Vacation Pay                                        -
SB Capital Estate Charge Back                                 -
Early Termination Fee                                         -
DIP Fees                                                      -
Professional Fees                                     1,192,000
Miscellaneous Expenses                                  (27,000)
                                                     ----------
Total Expenses                                        1,342,000
                                                     ----------
Net Cash Flow                                          (435,000)
                                                     ==========


                         Pillowtex, et al.
                        Disbursement Report
                   For the Month of October 2004

Net Payroll & Payroll Taxes Paid                       $360,408
Sales, Use & Other Taxes Paid                                 -
Inventory Purchases                                           -
Interest on Long Term Debt                                    -
Secured/Rental/Lease                                        750
Utilities                                                 7,295
Insurance                                                 4,907
Administrative                                           29,426
Professional Fees                                     1,058,951
U.S. Trustee's Fees                                      12,500
Others                                                   91,889
                                                    -----------
Total for U.S. Trustee Fees                          $1,566,126
                                                    ===========

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. 73;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


SPIEGEL INC: Earns $9.2 Million of Net Income in October 2004
-------------------------------------------------------------

                 Spiegel, Inc., and Subsidiaries
                      Debtors-in-Possession
               Unaudited Consolidated Balance Sheet
                      As of October 30, 2004

                              ASSETS

Current assets:
Cash and cash equivalents                          $176,627,000
Receivables, net                                     34,913,000
Inventories                                         214,906,000
Prepaid expenses                                     35,052,000
Assets of discontinued operations                    73,736,000
                                                 --------------
Total current assets                                535,234,000
                                                 --------------

Property and equipment, net                         122,636,000
Intangible assets, net                              135,608,000
Other assets                                         23,980,000
                                                 --------------
Total assets                                       $817,458,000
                                                 ==============

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities           $206,046,000
Current portion of long-term debt                    48,000,000
Liabilities of discontinued operations              149,340,000
                                                 --------------
Total current liabilities                           403,386,000
                                                 --------------
Deferred lease obligation                            10,600,000

Liabilities subject to compromise                 1,385,628,000

Total liabilities                                 1,799,614,000
                                                 --------------

Stockholders' deficit:
Class A non-voting common stock,
    $1.00 par value; authorized 16,000,000
    shares; 14,945,144 shares issued
    and outstanding                                  14,945,000

Class B voting common stock, $1.00
    par value; authorized 121,500,000 shares;
    117,009,869 shares issued & outstanding         117,010,000
Additional paid-in capital                          329,489,000
Accumulated other comprehensive loss                (24,064,000)
Accumulated deficit                              (1,419,536,000)
                                                 --------------
Total stockholders' deficit                        (982,156,000)
                                                 --------------
Total liabilities & stockholders' deficit          $817,458,000
                                                 ==============


                 Spiegel, Inc., and Subsidiaries
                      Debtors-in-Possession
          Unaudited Consolidated Statement of Operations
                Four Weeks Ended October 30, 2004

Net sales and other revenues:
Net sales                                           $92,733,000
Other revenue                                         4,715,000
                                                 --------------
                                                     97,448,000

Cost of sales and operating expenses:
Cost of sales, including buying
    and occupancy expenses                           52,007,000
Selling, general & administrative expenses           34,399,000
                                                 --------------
                                                     86,406,000

Estimated loss of non-debtors                          (480,000)

Operating Income                                     10,562,000

Interest expense                                        293,000
                                                 --------------
Loss from operations before reorganization items     10,269,000
                                                 --------------
Reorganization items, net                               724,000

Income Tax                                                    -
                                                 --------------
Income from operations                                9,545,000
                                                 --------------
Discontinued operations:
Loss from discontinued operations                      (353,000)
                                                 --------------
Net Income                                           $9,192,000
                                                 ==============


                 Spiegel, Inc., and Subsidiaries
                      Debtors-in-Possession
          Unaudited Consolidated Statement of Cash Flows
                Four Weeks Ended October 30, 2004

Cash flows from operating activities:
Net Income                                            $9,192,000
Adjustments to reconcile net loss to net cash
    used in operating activities:
    Reorganization items, net                            724,000
    Depreciation and amortization                      2,168,000
    Change in assets and liabilities:
       (Increase) decrease in receivables, net           109,000
       (Increase) decrease in investments/advances       182,000
       (Increase) decrease in inventories            (19,964,000)
       (Increase) decrease in prepaid expenses        (2,050,000)
       Increase (decrease) in accounts payable
          and other accrued liabilities                 (311,000)
       Increase (decrease) in net liabilities of
          discontinued operations                        927,000
       (Increase) decrease in income taxes              (560,000)
                                                  --------------
Net cash used for operating activities                (9,583,000)
                                                  --------------
Net cash used for reorganization items                (2,428,000)

Cash flows from investing activities:
    Net (additions) reductions to property and
       equipment                                      (1,603,000)
    Net (additions) reductions to other assets           481,000
                                                  --------------
Net cash used in investing activities                 (1,122,000)
                                                  --------------
Net cash provided by financing activities                      -
                                                  --------------
Effect of exchange rate changes on cash                  519,000
                                                  --------------
Net change in cash and cash equivalents              (12,614,000)
Cash & cash equivalents, beginning of period         189,241,000
                                                  --------------
Cash & cash equivalents, end of period              $176,627,000
                                                  ==============

Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/-- is a leading international general
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores. The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540). James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling, represent the Debtors in their
restructuring efforts. When the Company filed for protection from
its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts. (Spiegel Bankruptcy News, Issue No. 34;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


TRINITY ENERGY: Releases July to October 2004 Operating Reports
---------------------------------------------------------------
Trinity Energy Resources, Inc., filed its monthly operating
reports for the months ended July 2004, August 2004, September
2004, and October 2004 with the United States Bankruptcy Court for
the Southern District of Texas, Houston Division.

The Debtor's comparative balance sheet showed:

                  July 2004    Aug. 2004   Sept. 2004   Oct. 2004
                  ---------    ---------   ----------   ---------
Total Current
   Assets          $275,203     $278,176     $302,525    $317,884

Total Assets      1,110,524    1,112,497    1,135,846   1,150,205

Total Debts       1,689,522    1,677,452    1,682,687   1,689,907

Owner's Equity    $(578,998)   $(564,955)   $(546,841)  $(539,702)

Full-text copies of Trinity Energy's monthly operating reports are
available at no charge at:

July 2004

http://www.sec.gov/Archives/edgar/data/1082292/000101540204005329/ex99_1.htm

August 2004

http://www.sec.gov/Archives/edgar/data/1082292/000101540204005329/ex99_2.htm

September 2004

http://www.sec.gov/Archives/edgar/data/1082292/000101540204005329/ex99_3.htm

October 2004

http://www.sec.gov/Archives/edgar/data/1082292/000101540204005329/ex99_4.htm


Headquartered in Houston, Texas, Trinity Energy Resources, Inc.,
develops and operates proven oil and gas reserves in the Rocky
Mountains, Texas, and Louisiana, with international interests in
the African Republic of Chad.  The Company filed for chapter 11
protection on Jan. 31, 2003 (Bankr. S.D. Tex. Case No. 03-31453).
John William Mahoney, Esq., at Williams Birnberg & Andersen
represents the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it listed
$1,009,626 in total assets and $1,619,031 in total debts as of
Sept. 30, 2002.  On April 23, 2003, the Bankruptcy Court appointed
Elizabeth M. Guffy as the Chapter 11 Trustee.


TWINLAB CORP: Files November 2004 Monthly Operating Report
----------------------------------------------------------
On Dec. 15, 2004, Twinlab Corporation (n/k/a TL Administration
Corporation ), Twin Laboratories Inc. (n/k/a TL Administration
Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration
(UK) Ltd.) filed its Monthly Operating Reports for the month ended
November 30, 2004, with the Securities and Exchange Commission.

At Nov. 30, 2004, Twinlab Corporation (n/k/a TL Administration
Corporation) reports that it has no independent means of
generating revenue due to its non-operation.  As a holding
company, Twinlab's internal sources of funds to meet its cash
needs, including the payment of expenses, are dividends and other
permitted payments from its direct and indirect subsidiaries.

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


http://www.sec.gov/Archives/edgar/data/1015868/000095012304014824/0000950123
-04-014824-index.htm


On Sept. 4, 2003, Twinlab Corporation, Twin Laboratories Inc.
and Twin Laboratories (UK) Ltd. commenced voluntary cases under
chapter 11 of title 11 of the United States Code in the United
States Bankruptcy Court for the Southern District of New York.
These chapter 11 cases are being jointly administered under
chapter 11 case number 03-15564 (CB) and are pending before the
Honorable Cornelius Blackshear.

In addition, on Sept. 4, 2003, the Companies entered into
that certain asset purchase agreement with IdeaSphere, Inc. of
Grand Rapids, Michigan, pursuant to which the Companies sold
substantially all of their assets.  The sale closed on Dec. 9,
2003, effective as of Dec. 9, 2003.  In connection with the
sale, the Debtors obtained an order from the Court authorizing
them to change their names.  Twinlab Corporation changed its name
to TL Administration Corporation, Twin Laboratories Inc. changed
its name to TL Administration Inc. and Twin Laboratories (UK)
Ltd. changed its name to TL Administration (UK) Ltd.

The Debtors continue to operate as debtors-in-possession pursuant
to sections 1107(a) and 1108 of the Bankruptcy Code.


USG CORP: Earns $28.7 Million of Net Income in October 2004
-----------------------------------------------------------

USG Corporation, et al.
Consolidated Balance Sheet                      31-October-2004
__________________________                      _______________

Assets:
Cash and cash equivalents                          $482,280,000
Marketable Securities                               135,482,000
Restricted Cash                                      11,648,000
Receivables                                         415,768,000
Inventories                                         305,930,000
Income taxes receivable                              19,600,000
Deferred income taxes                                21,215,000
Other current assets                                 92,784,000
                                                  -------------
Total current assets                              1,484,707,000

Property, plant and equipment, net                1,587,272,000
Marketable Securities                               270,501,000
Deferred income taxes                               130,031,000
Goodwill                                             41,201,000
Other assets                                        352,457,000
                                                  -------------
Total Assets                                     $3,866,169,000
                                                  =============

Liabilities and Stockholders' Equity:
Accounts payable                                   $246,573,000
Accrued expenses                                    193,266,000
Taxes on income                                      32,452,000
                                                  -------------
Total current liabilities                           472,291,000

Other liabilities                                   428,266,000
Liabilities subject to compromise                 2,238,418,000

Stockholders' Equity:
Common stock                                          4,998,000
Treasury stock                                     (258,024,000)
Capital received in excess of par value             101,603,000
Accumulated other comprehensive income/(loss)        42,111,000
Retained earnings                                   836,506,000
                                                  -------------
Total stockholders' equity                          727,194,000
                                                  -------------
Total Liabilities and Stockholders' Equity       $3,866,169,000
                                                  =============


USG Corporation, et al.                            Month Ending
Consolidated Income Statement                   31-October-2004
__________________________                      _______________

Net sales                                          $356,978,000

Cost of products sold                               286,589,000
Selling and administrative expenses                  22,752,000
Chapter 11 reorganization expenses                   (1,075,000)
Interest expense                                              -
Interest income                                         327,000
Other (income)/expense, net                            (111,000)
                                                  -------------
Earnings/(loss) before income taxes                  48,778,000

Income taxes (benefit)                               20,061,000
                                                  -------------
Net Earnings/(loss)                                 $28,717,000
                                                  =============

Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG
Bankruptcy News, Issue No. 77; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


YUKOS OIL: Consolidated Balance Sheet at Sept. 30, 2003
-------------------------------------------------------

                        YUKOS Oil Company
          Interim Condensed Consolidated Balance Sheet
                      At September 30, 2003
                           (UNAUDITED)
                    (expressed U.S. Dollars)

                             Assets

Cash and cash equivalents                      $1,579,000,000
Cash and cash equivalents
   deposited with equity investees                714,000,000
Marketable securities and other
   short-term investments                         917,000,000
Accounts and notes receivable, net              2,844,000,000
Inventories                                       543,000,000
Current deferred income tax asset
   and other current assets                       317,000,000
                                              ---------------
      Total current assets                      6,914,000,000

Equity investees and long-term
   investments at cost                          3,670,000,000
Property, plant and equipment, net              7,329,000,000
Deferred income tax asset                         123,000,000
Other long-term assets                            478,000,000

      Total assets                            $18,514,000,000
                                              ===============

                Liabilities and Shareholders' Equity

Short-term debt and current portion
   of long-term debt                             $128,000,000
Trade accounts and notes payable                  488,000,000
Other accounts payable & accrued liabilities    3,257,000,000
Taxes payable                                     572,000,000
Current deferred income tax liability              20,000,000
                                              ---------------
      Total current liabilities                 4,465,000,000

Long-term debt                                  1,499,000,000
Deferred income tax liability                   1,523,000,000
Other long-term liabilities                       543,000,000
                                              ---------------
      Total liabilities                         8,030,000,000

Minority interest                                 350,000,000
Ordinary shares
   (2,237,000,000 shares authorized and
   issued; nominal value - RR 0.004 per share)      9,000,000
Additional paid in capital                        991,000,000
Retained earnings                              12,847,000,000
Accumulated other comprehensive income
   (net of $7,000,000 income tax expense)          95,000,000
Ordinary shares held in treasury, at cost
   (302 million shares)                        (3,808,000,000)

Commitments and contingent liabilities                ---
                                              ---------------
      Total liabilities and
         shareholders' equity                 $18,514,000,000
                                              ===============

Headquartered in Houston, Texas, Yukos Oil Company is an open
joint stock company existing under the laws of the Russian
Federation. Yukos is involved in the energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets. The Company filed for
chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No.
04-47742). Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H.
Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R.
Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $12,276,000,000 in total
assets and $30,790,000,000 in total debts. (Yukos Bankruptcy News
Issue No. 1; Bankruptcy Creditors' Service, Inc., 215/945-7000)

                          *********

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

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

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

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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.

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