TCR_Public/050122.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, January 22, 2005, Vol. 9, No. 18


FGI GROUP: Files December 2004 Monthly Operating Report
KEYSTONE CONSOLIDATED: Earns $3.4 Mil. of Net Income in December
ROBOTIC VISION: Files November 2004 Monthly Operating Report
SPIEGEL INC: Earns $11 Million of Net Income in November 2004
TRINITY ENERGY: Releases November 2004 Operating Report

TWINLAB CORP: Files December 2004 Monthly Operating Report
USG CORP: Earns $23.1 Million of Net Income in November 2004


FGI GROUP: Files December 2004 Monthly Operating Report
On Jan. 13, 2005, FGI Group Inc., filed a monthly operating report
for Florsheim Group, Inc., et al., and its debtor-affiliates
covering the period ended Dec. 31, 2004, with the United States
Bankruptcy Court for the Northern District of Illinois, Eastern

FGI Group reports a $1,298,951 cash balance at Dec. 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

A full-text copy of FGI Group's December 2004 Monthly Operating
Report is available at no charge at:

Florsheim Group, Inc., 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.

KEYSTONE CONSOLIDATED: Earns $3.4 Mil. of Net Income in December
For the month ending Dec. 31, 2004, Keystone Consolidated
Industries reports a $3,377,109 net income in $19,667,907 of net

At Dec. 31, 2004, Keystone Consolidated's balance sheet shows:

      Current Assets                   $ 73,101,242
      Total Assets                      306,680,231
      Current Liabilities               143,515,247
      Stockholders' Deficit            $(14,168,300)

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

Headquartered in Dallas, Texas, Keystone Consolidated Industries,
Inc., makes carbon steel rod, fabricated wire products, including
fencing, barbed wire, welded wire and woven wire mesh for the
agricultural, construction and do-it-yourself markets.  The
Company filed for chapter 11 protection on February 26, 2004
(Bankr. E.D. Wisc. Case No. 04-22422).  Daryl L. Diesing, Esq., at
Whyte Hirschboeck Dudek S.C., and David L. Eaton, Esq., at
Kirkland & Ellis LLP, represent the Debtors in their restructuring
efforts.  When the Company filed for protection from their
creditors, it listed $196,953,000 in total assets and $365,312,000
in total debts.

ROBOTIC VISION: Files November 2004 Monthly Operating Report
On Dec. 30, 2004, Robotic Vision Systems, Inc., filed in paper
format its monthly operating reports for the month ended
Nov. 30, 2004, with the U.S. Bankruptcy Court for the District of
New Hampshire.

On Dec. 30, 2004, the Company filed with the Staff of the Division
of Corporation Finance of the U.S. Securities and Exchange
Commission a no-action letter request regarding providing modified
reporting under the Securities Exchange Act of 1934, under the
procedures described in Securities Exchange Act Release No. 9660
(June 30, 1972) and Staff Legal Bulletin No. 2 (April 15, 1997).

The Company's no-action letter request remains pending.

The Company has not filed its Annual Report on Form 10-K for the
fiscal year ended Sept. 30, 2004, and does not anticipate filing
Quarterly Reports on Form 10-Q for succeeding quarterly periods,
until it has a plan of reorganization confirmed by the Bankruptcy

Investors are cautioned that its monthly operating reports for the
monthly period ended Nov. 30, 2004, and succeeding monthly reports
do not contain the information required to be included in Forms
10-K and 10-Q, and reliance on those monthly reports should be
limited accordingly.

Headquartered in Nashua, New Hampshire, Robotic Vision Systems,
Inc. -- -- designs, manufactures and markets
machine vision, automatic identification and related products for
the semiconductor capital equipment, electronics, automotive,
aerospace, pharmaceutical and other industries.  The Company,
together with its debtor-affiliate, filed for chapter 11
protection on Nov. 19, 2004 (Bankr. D. N.H. Case No. 04-14151).
Bruce A. Harwood, Esq., at Sheehan, Phinney, Bass + Green
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$43,046,000 in total assets and $51,338,000 in total debts.

SPIEGEL INC: Earns $11 Million of Net Income in November 2004

                Spiegel, Inc., and Subsidiaries
              Unaudited Consolidated Balance Sheet
                   As of November 27, 2004


Current assets:
Cash and cash equivalents                          $205,859,000
Receivables, net                                     44,160,000
Inventories                                         201,805,000
Prepaid expenses                                    334,381,000
Assets of discontinued operations                    70,445,000
Total current assets                                556,650,000

Property and equipment, net                         123,119,000
Intangible assets, net                              135,608,000
Other assets                                         22,938,000
Total assets                                       $838,315,000


Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities           $215,683,000
Current portion of long-term debt                    48,000,000
Liabilities of discontinued operations              148,873,000
Total current liabilities                           412,556,000
Deferred lease obligation                            10,816,000

Liabilities subject to compromise                 1,385,468,000

Total liabilities                                 1,808,840,000

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                (23,495,000)
Accumulated deficit                              (1,408,474,000)
Total stockholders' deficit                        (970,525,000)
Total liabilities & stockholders' deficit          $838,315,000

                Spiegel, Inc., and Subsidiaries
         Unaudited Consolidated Statement of Operations
               Four Weeks Ended November 27, 2004

Net sales and other revenues:
Net sales                                          $110,669,000
Other revenue                                         4,072,000

Cost of sales and operating expenses:
Cost of sales, including buying
   and occupancy expenses                            60,493,000
Selling, general & administrative expenses           43,510,000

Estimated loss of non-debtors                          (195,000)

Operating Income                                     10,543,000

Interest expense                                        409,000
Loss from operations before reorganization items     10,134,000
Reorganization items, net                             1,478,000

Income Tax                                                    -
Income from operations                                8,656,000
Discontinued operations:
Loss from discontinued operations                     2,406,000
Net Income                                          $11,062,000

                Spiegel, Inc., and Subsidiaries
         Unaudited Consolidated Statement of Cash Flows
               Four Weeks Ended November 27, 2004

Cash flows from operating activities:
Net Income                                          $11,062,000
Adjustments to reconcile net loss to net cash
   used in operating activities:
   Reorganization items, net                          1,478,000
   Depreciation and amortization                      2,205,000
   Change in assets and liabilities:
      (Increase) decrease in receivables, net        (9,247,000)
      (Increase) decrease in investments/advances       (61,000)
      (Increase) decrease in inventories             13,101,000
      (Increase) decrease in prepaid expenses           636,000
      Increase (decrease) in accounts payable
         and other accrued liabilities                9,462,000
      Increase (decrease) in net liabilities of
         discontinued operations                      2,886,000
      (Increase) decrease in income taxes                34,000
Net cash used for operating activities               31,556,000
Net cash used for reorganization items               (1,225,000)

Cash flows from investing activities:
   Net (additions) reductions to property and
      equipment                                      (2,529,000)
   Net (additions) reductions to other assets           860,000
Net cash used in investing activities                (1,669,000)
Net cash provided by financing activities                     -
Effect of exchange rate changes on cash                 570,000
Net change in cash and cash equivalents              29,232,000
Cash & cash equivalents, beginning of period        176,627,000
Cash & cash equivalents, end of period             $205,859,000

Headquartered in Downers Grove, Illinois, Spiegel, Inc. -- -- 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. 36; Bankruptcy Creditors' Service, Inc., 215/945-7000)

TRINITY ENERGY: Releases November 2004 Operating Report
On Dec. 21, 2004, Trinity Energy Resources, Inc., filed its
monthly operating report for the month ended November 2004 with
the United States Bankruptcy Court for the Southern District of
Texas, Houston Division.

At November 30, 2004, the Debtor's balance sheet showed:

      Total Current Assets          $  404,640
      Total Assets                   1,235,961
      Total Liabilities              1,781,216
      Total Owner's Equity          $ (545,255)

A full-text copy of Trinity Energy's November 2004 monthly
operating report is available at no charge at:

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 December 2004 Monthly Operating Report
On Jan. 18, 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
Dec. 31, 2004, with the Securities and Exchange Commission.

At Dec. 31, 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' December 2004 Monthly Operating
Reports are available at no charge at:

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.

Also, 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 $23.1 Million of Net Income in November 2004

USG Corporation, et al.
Consolidated Balance Sheet                     30-November-2004
__________________________                     ________________

Cash and cash equivalents                          $513,698,000
Marketable Securities                               130,677,000
Restricted Cash                                      37,663,000
Receivables                                         391,108,000
Inventories                                         292,423,000
Income taxes receivable                              19,609,000
Deferred income taxes                                31,112,000
Other current assets                                 66,338,000
Total current assets                              1,482,628,000

Property, plant and equipment, net                1,587,345,000
Marketable Securities                               285,750,000
Deferred income taxes                               129,127,000
Goodwill                                             41,201,000
Other assets                                        364,591,000
Total Assets                                     $3,891,642,000

Liabilities and Stockholders' Equity:
Accounts payable                                   $236,031,000
Accrued expenses                                    202,122,000
Taxes on income                                      40,481,000
Total current liabilities                           478,634,000

Other liabilities                                   437,682,000
Liabilities subject to compromise                 2,238,240,000

Stockholders' Equity:
Common stock                                          4,998,000
Treasury stock                                     (257,045,000)
Capital received in excess of par value             102,338,000
Accumulated other comprehensive income/(loss)        23,108,000
Retained earnings                                   863,687,000
Total stockholders' equity                          737,086,000
Total Liabilities and Stockholders' Equity       $3,891,642,000

USG Corporation, et al.                            Month Ending
Consolidated Income Statement                  30-November-2004
__________________________                     ________________

Net sales                                          $344,727,000

Cost of products sold                               290,335,000
Selling and administrative expenses                  21,549,000
Chapter 11 reorganization expenses                   (1,486,000)
Provision for restructuring expenses                          -
Interest expense                                        328,000
Interest income                                        (142,000)
Other (income)/expense, net                            (185,000)
Earnings/(loss) before income taxes                  34,328,000

Income taxes (benefit)                               11,179,000
Net Earnings/(loss)                                 $23,149,000

Headquartered in Chicago, Illinois, USG Corporation
-- -- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes.  The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094).  David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day 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. 78; 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
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Don't be fooled.  Assets, for example, reported at historical cost
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.


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

Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Dylan
Carlo L. Gallegos, 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.

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