TCR_Public/050129.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 29, 2005, Vol. 9, No. 24

                          Headlines

ADELPHIA COMMS: Earns $69.7 Million of Net Income in December
ADELPHIA: Century/ML's December 2004 Monthly Operating Report
AMERICAN BUSINESS: Balance Sheet at September 30, 2004
BURLINGTON IND: Post-Confirmation Fourth Quarter Summary Report
BURLINGTON: BII Trust's October to December 2004 Financial Reports

COMMERCE ONE: Posts $13,362,870 Net Income in December 2004
HAWAIIAN AIRLINES: Posts $993,000 Net Loss in December 2004
INTERMET CORP: Posts $13,349,000 Net Loss in December 2004
INTERSTATE BAKERIES: Amends Schedules of Assets & Liabilities
RELIANCE: Files August 2004 Monthly Operating Report

TECO AFFILIATES: Union & Gila River's Balance Sheet at Sept. 30
TRUMP HOTELS: Financial Projections Underpinning the THCR Plan
UAL CORP: Posts $664 Million Net Loss for Fourth Quarter 2004
WINSTAR COMMS: Releases December 2004 Monthly Operating Report


                          *********

ADELPHIA COMMS: Earns $69.7 Million of Net Income in December
-------------------------------------------------------------

           Adelphia Communications Corporation, et al.
              Unaudited Consolidated Balance Sheet
                     As of December 31, 2004
                     (Dollars in thousands)

                              ASSETS


Cash and cash equivalents                              $338,272
Restricted cash                                           6,300
Subscriber receivables - net                            114,098
Other current assets                                    172,554
                                                    -----------
Total current assets                                    631,224

Restricted cash                                           4,656
Investments                                             230,083
Related party receivables                                25,360
Property, plant and equipment, net                    4,343,591
Intangible assets, net                                7,508,242
Other noncurrent assets, net                            107,227
                                                    -----------
Total Assets                                        $12,850,383
                                                    ===========

              LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable                                       $188,259
Subscriber advance payments and deposits                 32,638
Accrued and other liabilities                           411,076
Deferred revenue                                         30,913
Current portion of parent and subsidiary debt           667,605
                                                    -----------
Total current liabilities                             1,330,491

Other liabilities                                       121,060
Deferred revenue                                         84,668
Deferred income taxes                                   619,844
                                                    -----------
Total noncurrent liabilities                            825,572

Liabilities subject to compromise                    18,058,472
                                                    -----------
Total liabilities                                    20,214,535

Minority interests                                       91,478

Stockholders' equity:
   Series preferred stock                                   397
   Class A and Class B common stock                       2,548
   Additional paid-in capital                         9,567,022
   Accumulated other comprehensive loss                     826
   Accumulated deficit                              (16,212,355)
   Treasury stock, at cost                              (27,937)
                                                    -----------
Total                                                (6,669,499)

Amounts due from Rigas family entities                 (786,131)
                                                    -----------
Total stockholders' equity                           (7,455,630)
                                                    -----------
Total liabilities and stockholders' equity          $12,850,383
                                                    ===========


           Adelphia Communications Corporation, et al.
         Unaudited Consolidated Statements of Operations
                  Month Ended December 31, 2004
                      (Dollars in thousands)


Revenue                                                $337,856
Cost and expenses:
   Direct operating and programming                     210,629
   Selling, general and administrative:
      Third party                                        20,632
      Investigation and re-audit related fees            11,799
   Depreciation and amortization                         90,008
   Impairment of long-lived and other assets                  -
   Non-recurring professional fees                            -
                                                    -----------
Operating income (loss)                                   4,788

Other income (expense):
   Interest expense                                     (37,408)
   Impairment of cost & available
      for sale investments                               (3,801)
   Other income (expense), net                              699
                                                    -----------
      Total other expense, net                          (40,510)
                                                    -----------
Loss from continuing operations before
reorganization expenses                                 (35,722)

Reorganization expenses due to bankruptcy                (5,979)
                                                    -----------
Loss from continuing operations
before income taxes                                     (41,701)

Income tax (expense) benefit                            109,058
Share of earnings (losses) of equity affiliates, net        603
Minority's interest in subsidiary losses, net             1,785
                                                    -----------
Net loss applicable to common stockholders              $69,745
                                                    ===========


           Adelphia Communications Corporation, et al.
         Unaudited Consolidated Statements of Cash Flows
                  Month Ended December 31, 2004
                      (Dollars in thousands)


Cash flows from operating activities:
   Net loss                                             $69,745
   Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:
      Depreciation and amortization                      90,008
      Amortization of debt financing costs                4,669
      Impairment of cost & available
         for sale investments                             3,801
      Reorganization expenses due to bankruptcy           5,979
      Deferred tax expense (benefit)                    (99,663)
      Share in losses (earnings) of equity
         Affiliates, net                                   (603)
      Minority interest in losses of subsidiaries        (1,785)
      Depreciation, amortization and other non-cash
         items from discontinued operations                   -
      Change in operating assets & liabilities            8,572
                                                    -----------
Net cash provided by operating activities before
payment of reorganization expenses                       80,723

Reorganization expenses paid during the period           (7,581)
                                                    -----------
Net cash provided by (used in) operating activities      73,142

Cash flows from investing activities:
   Expenditures for property, plant and equipment       (52,673)
   Changes in restricted cash                             3,695
   Other                                                 14,785
                                                    -----------
Net cash used in investing activities                   (34,193)

Cash flows from financing activities:
   Proceeds from extended DIP facility
      & DIP facility                                      2,000
   Repayments of debt                                    (1,570)
   Payment of bank financing costs                            -
                                                    -----------
Net cash provided by financing activities                   430

Change in cash and cash equivalents cash                 39,379

Cash, beginning of period                               298,893
                                                    -----------
Cash, end of period                                    $338,272
                                                    ===========

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.  (Adelphia
Bankruptcy News, Issue No. 78; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


ADELPHIA: Century/ML's December 2004 Monthly Operating Report
-------------------------------------------------------------

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

                               ASSETS


Cash and cash equivalents                               $17,669
Subscriber receivables, net                                 256
Investment in Century-ML Corp.                          135,088
Related party receivables                                   231
Other current assets                                        336
                                                       --------
Total current assets                                    153,580

Property plant and equipment, net                         6,009
Intangible assets, net                                    1,528
                                                       --------
    Total assets                                       $161,117
                                                       ========

              LIABILITIES AND STOCKHOLDERS' EQUITY

Subscriber advance payments and deposits                    $84
Accrued expenses and other liabilities                    1,807
Intercompany payables                                     2,428
                                                       --------
Total current liabilities                                 4,319
                                                       --------

Long-term accrued and other liabilities                      15
Deferred revenues                                           153
Deferred income taxes                                        45
                                                       --------
Total non-current liabilities                               213

Liabilities subject to compromise:
    Accounts payable                                         20
    Accrued expenses and other liabilities                1,281
    Intercompany payables                                10,790
                                                       --------
       Total liabilities subject to compromise           12,091
                                                       --------
       Total liabilities                                 16,623
                                                       --------
Partners' equity:
    Partners' contributions                              56,800
    Partners' retained earnings                          87,694
                                                       --------
    Total partners' equity                              144,494
                                                       --------
    Total liabilities and partners' equity             $161,117
                                                       ========


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


Revenue                                                  $1,114

Cost and expenses:
    Direct operating and programming                        592
    Selling, general and administrative                      50
    Management fees                                          44
    Non-recurring professional fees                           -
    Depreciation                                             67
                                                       --------
    Operating income before reorganization
       expenses due to bankruptcy                           361

Reorganization expenses due to bankruptcy                   194
                                                       --------
Operating income                                            167
    Interest income, net                                     21
    Equity in net income of Century-ML Cable
       Corp., net of taxes                                2,385
                                                       --------
Income before income taxes                                2,573
    Income tax expense                                      (73)
                                                       --------
Net income                                               $2,500
                                                       ========


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


Cash flow from operating activities:
   Net income                                            $2,500
   Adjustments to reconcile net income to net cash
   provided by (used in) operating activities:
      Depreciation                                           67
      Reorganization expenses due to bankruptcy             194
      Non-recurring professional fees                         -
      Equity in net income of Century-ML Cable
         Corp., net of taxes                             (2,385)
   Change in assets and liabilities:
      Subscriber receivables, net                            66
      Prepaid expenses and other assets, net                (47)
      Accounts payable                                        -
      Subscriber advance payments and deposits               16
      Accrued expenses and other liabilities               (513)
      Intercompany receivables and payables - net          (670)
                                                       --------
Net cash provided by operating activities                  (772)
                                                       --------
Cash flows from investing activities:
    Expenditures from property, plant and equipment         (34)
                                                       --------
Net cash used in investing activities                       (34)
                                                       --------
Change in cash and cash equivalents                        (806)
Cash and cash equivalents, beginning of period           18,475
                                                       --------
Cash and cash equivalents, end of period                $17,669
                                                       ========

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.  (Adelphia
Bankruptcy News, Issue No. 78; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


AMERICAN BUSINESS: Balance Sheet at September 30, 2004
------------------------------------------------------

            American Business Financial Services, Inc.
                         and Subsidiaries
              Unaudited Consolidated Balance Sheets
                      At September 30, 2004
                  (dollar amounts in thousands)

ASSETS

Cash and cash equivalents                               $19,673
Restricted cash                                          10,419
Loan and lease receivables:
   Loans available for sale                             336,511
   Non-accrual loans                                      3,314
Interest and fees receivable                             15,304
Deferment and forbearance advances receivable             5,839
Loans subject to repurchase rights                       40,736
Interest-only strips                                    448,812
Servicing rights                                         66,712
Deferred income tax asset                                66,201
Property and equipment, net                              25,182
Prepaid expenses                                         16,740
Other assets                                             27,953
                                                     ----------
TOTAL ASSETS                                         $1,083,396
                                                     ==========

LIABILITIES

Subordinated debentures                                $490,026
Senior collateralized subordinated notes                 97,454
Warehouse lines and other notes payable                 281,472
Accrued interest payable                                 38,324
Accounts payable and accrued expenses                    35,819
Liability for loans subject to repurchase rights         47,925
Deferred income tax liability                                --
Other liabilities                                        80,517
                                                     ----------
Total liabilities                                     1,071,537
                                                     ==========

STOCKHOLDERS' EQUITY

Preferred stock                                             109
Common stock                                                  4
Additional paid-in capital                              120,214
Accumulated other comprehensive income                   16,706
Unearned compensation                                      (440)
Stock awards outstanding                                    123
Retained earnings (deficit)                            (123,561)
Treasury stock, at cost                                    (696)
                                                     ----------
                                                         12,459
Note receivable                                            (600)
                                                     ----------
Total stockholders' equity                               11,859
                                                     ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY           $1,083,396
                                                     ==========

Headquartered in Philadelphia, Pennsylvania, American Business
Financial Services, Inc., together with its subsidiaries, is a
financial services organization operating mainly in the eastern
and central portions of the United States and California. The
Company originates, sells and services home mortgage loans through
its principal direct and indirect subsidiaries. The Company,
along with four of its subsidiaries, filed for chapter 11
protection on Jan. 21, 2005 (Bankr. D. Del. Case No. 05-10203).
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represents the
Debtors in their restructuring efforts. When the Company filed
for protection from its creditors, it listed $1,083,396,000 in
total assets and $1,071,537,000 in total debts. (American Business
Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


BURLINGTON IND: Post-Confirmation Fourth Quarter Summary Report
---------------------------------------------------------------

                  Burlington Industries, Inc.
                    Quarterly Summary Report
              Three months ended December 31, 2004


Beginning Cash Balance                              $46,439,358

All receipts received by the Debtor:
   Cash Sales                                                 0
   Collection of Accounts Receivable                    121,711
   Proceeds from Litigation                                   0
   Sale of Debtor's Assets                            3,099,185
   Capital Infusion pursuant to the Plan                      0
   Interest Income                                      132,012
                                                   ------------
   Total cash received                                3,352,908
                                                   ------------
Total cash available                                $49,792,265
                                                   ------------

Disbursements or payments made by the Debtor:
   Disbursements made under the plan,
      excluding administrative claims of
      bankruptcy professionals:                      $2,476,605
   Disbursements made pursuant to administrative
      claims of bankruptcy professionals:                     0
   All other disbursements made in the ordinary
      course:                                         1,469,349
                                                   ------------
   Total Disbursements                                3,945,954
                                                   ------------
Ending cash balance                                 $45,846,311
                                                   ============

Headquartered in Greensboro, North Carolina, Burlington
Industries, Inc. -- http://www.burlington-ind.com/ -- was one
of the world's largest and most diversified manufacturers of soft
goods for apparel and interior furnishings.  The Company filed
for chapter 11 protection in November 15, 2001 (Bankr. Del. Case
No. 01-11282).  Daniel J. DeFranceschi, Esq., at Richards, Layton
& Finger, and David G. Heiman, Esq., at Jones Day, represent the
Debtors.  WL Ross & Co. LLC purchased Burlington Industries and
then sold the Lees Carpets business to Mohawk Industries, Inc.
Combining Burlington with Cone Mills, WL Ross created
International Textile Group.  Burlington's chapter 11 Plan
confirmed on October 30, 2003, was declared effective on Nov. 10,
2003.  (Burlington Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


BURLINGTON: BII Trust's October to December 2004 Financial Reports
------------------------------------------------------------------

                      BII Distribution Trust
                   Unaudited Cash Balance Sheet
                     As of December 31, 2004


Assets:
   Cash                                             $44,608,744
   Letters of Credit - Cash Collateral                1,237,567
                                                   ------------
                                                    $45,846,311
                                                   ============

Liabilities:
   BII Distribution Trust Reserve                   $27,969,994
   BII Distribution Trust - Letters of Credit         1,237,567
   BII Liquidation Real Estate LLC                    5,727,554
   BII Dist. Trust - Class 4 Unsecured Claim Reserve 10,911,196
   BII Dist. Trust - Working Capital Escrow                   -
   BII Dist. Trust - Working Capital Escrow Interest          -
                                                   ------------
                                                    $45,846,311
                                                   ============


                      BII Distribution Trust
            Unaudited Cash Receipts and Disbursements
          From October 1, 2004 through December 31, 2004


Cash Receipts:
   Closing date sale proceeds, net                            -
   Post closing working capital adjustment                    -
   Excluded assets monetized                         $3,220,896
   Assets monetized due to Buyer                              -
   Interest income                                      132,011
                                                   ------------
                                                      3,352,907

Cash Disbursements:
   Distributions to Class 4 Unsecured Claims          2,303,501
   Other Allowed Claims                                 173,104
   Estate liabilities and Trust expenses              1,469,349
                                                   ------------
                                                      3,945,954
                                                   ------------
Net increase (decrease) in cash                        (593,047)

Cash at beginning of period                          46,439,358
                                                   ------------
Cash at end of period                               $45,846,311
                                                   ============

Headquartered in Greensboro, North Carolina, Burlington
Industries, Inc. -- http://www.burlington-ind.com/ -- was one
of the world's largest and most diversified manufacturers of soft
goods for apparel and interior furnishings.  The Company filed
for chapter 11 protection in November 15, 2001 (Bankr. Del. Case
No. 01-11282).  Daniel J. DeFranceschi, Esq., at Richards, Layton
& Finger, and David G. Heiman, Esq., at Jones Day, represent the
Debtors.  WL Ross & Co. LLC purchased Burlington Industries and
then sold the Lees Carpets business to Mohawk Industries, Inc.
Combining Burlington with Cone Mills, WL Ross created
International Textile Group.  Burlington's chapter 11 Plan
confirmed on October 30, 2003, was declared effective on Nov. 10,
2003.  (Burlington Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


COMMERCE ONE: Posts $13,362,870 Net Income in December 2004
-----------------------------------------------------------
On Jan. 21, 2005, Commerce One, Inc. (n/k/a CO Liquidation, Inc.)
filed with the United States Bankruptcy Court for the Northern
District of California its monthly operating report for the period
from Dec. 1, 2004 to Dec. 31, 2004.

The Company posted a $13,362,870 net income on $69,138 of net
sales for one month.  At Dec. 31, 2004, Commerce One's balance
sheet showed:

      Current Assets                $15,854,827
      Total Assets                   15,854,827
      Current Liabilities             1,842,445
      Total Liabilities             $10,634,178

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


http://www.sec.gov/Archives/edgar/data/1131806/000113180605000002/exh99-1.ht
m


Headquartered in San Francisco, California, Commerce One, Inc.
(n/k/a CO Liquidation, 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 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. As of December 2, 2004,
Commerce One estimates that its liabilities owed to creditors
total approximately $9.7 million, including approximately $5.1
million owed to ComVest. The company expects that total
liabilities will continue to increase over time.


HAWAIIAN AIRLINES: Posts $993,000 Net Loss in December 2004
-----------------------------------------------------------
On Jan. 20, 2005, Hawaiian Airlines, the sole operating subsidiary
of Hawaiian Holdings, Inc., filed its unaudited December 2004
Monthly Operating Report with the United States Bankruptcy Court
for the District of Hawaii.  The carrier reports $993,000 net loss
on $66,519,000 of revenues in December 2004 compared to a
$2,863,000 net loss on $58,613,000 of revenues in November 2004.

For the month ending Dec. 31, 2004, Hawaiian Airlines' balance
sheet showed:

      Total Current Assets                   $227,773,000
      Total Assets                            338,121,000
      Total Current Liabilities               219,714,000
      Total Liabilities                       415,297,000
      Liabilities Subject to Compromise       216,729,000
      Shareholder's Deficit                  $293,905,000

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


http://www.sec.gov/Archives/edgar/data/1172222/000095013605000327/file002.ht
m


On March 21, 2003, Hawaiian Airlines, Inc., filed a voluntary
petition for reorganization under Chapter 11 of the United States
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Hawaii (Case No. 03-00827).  Joshua Gotbaum serves as the chapter
11 trustee for Hawaiian Airlines, Inc.  Mr. Gotbaum is represented
by Tom E. Roesser, Esq., and Katherine G. Leonard at Carlsmith
Ball LLP and Bruce Bennett, Esq., Sidney P. Levinson, Esq., Joshua
D. Morse, Esq., and John L. Jones, II, Esq., at Hennigan, Bennett
& Dorman LLP.


INTERMET CORP: Posts $13,349,000 Net Loss in December 2004
----------------------------------------------------------
Intermet Corporation and its debtor-affiliates delivered its
December 2004 monthly operating report to the U.S. Bankruptcy
Court for the Eastern District of Michigan.

For the month ending Dec. 31, 2004, Intermet Corporation reported
net loss of $13,349,000 against $45,596,000 net sales.

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

      Current Assets                   $133,224,000
      Total Assets                      645,506,000
      Postpetition Debts                 15,238,000
      Total Liabilities                 555,905,000
      Total Stockholders' Equity        $89,601,000

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


http://www.sec.gov/Archives/edgar/data/745287/000095012405000299/k91272exv99
w1.txt


Headquartered in Troy, Michigan, Intermet Corporation --
http://www.intermet.com/ -- provides machining and tooling
services for the automotive and industrial markets specializing
in the design and manufacture of highly engineered, cast
automotive components for the global light truck, passenger car,
light vehicle and heavy-duty vehicle markets.  Intermet, along
with its debtor-affiliates, filed for chapter 11 protection on
Sept. 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through
04-67614).  Salvatore A. Barbatano, Esq., at Foley & Lardner LLP,
represents the Debtors.  When the Debtors filed for protection
from their creditors, they listed $735,821,000 in total assets
and $592,816,000 in total debts.


INTERSTATE BAKERIES: Amends Schedules of Assets & Liabilities
-------------------------------------------------------------
On Jan. 10, 2005, Interstate Bakeries Corporation filed an
amendment to its Schedules of Assets and Liabilities.

Interstate Bakeries restated Schedule F to reflect a $1,401,975
increase of General Unsecured Claims -- from the original
reported amount of $267,191,735.  As a result, Unsecured Non-
priority Claims in Interstate Bakeries' case total $268,593,709.

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


RELIANCE: Files August 2004 Monthly Operating Report
----------------------------------------------------

RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession             31-Aug-2004
_____________________________________     ___________


ASSETS

Unrestricted Funds                        $57,472,000
                                        -------------
Total                                      57,472,000

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

Plant, property & equipment                         -
                                        -------------
       Total Assets                       $71,115,000
                                        =============

LIABILITIES & SHAREHOLDERS' DEFICIT

Liabilities not subject to compromise

    Postpetition accounts payable          $2,292,000
    Professional fee holdback payable       2,133,000

Liabilities subject to compromise       1,025,318,000
                                        -------------
       Total liabilities                1,029,743,000
                                        -------------

Shareholders' deficit:

    Common stock                           11,616,000
    Additional paid in capital            558,541,000
    Accumulated deficit                (1,528,785,000)
                                        -------------
       Total shareholders' deficit       (958,628,000)
                                        -------------
       Total liabilities & deficit        $71,115,000
                                        =============



RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of        1-Aug-2004
Operations, excluding subsidiaries             to
which are not Debtors-in-Possession       31-Aug-2004
___________________________________       ____________

Revenues                                            $0
                                        --------------

Costs and expenses:
    Operating and administrative               130,000
    Pension Plan Actuarial
      Adjustments and Expenses                       0
    Depreciation                                     0
                                        --------------
    Total costs and expenses                   130,000
                                        --------------
Loss before reorganization items              (130,000)
                                        --------------

Reorganization items:
    Professional fees                          630,000
    Increase in allowance on balance
       due from Reliance Development
       Group, Inc.                                   0
    Reduction of balance due Reliance
       Insurance Company per settlement              -
    Interest earned on accumulated
       cash resulting from
       Chapter 11 proceeding                   (68,000)
                                        --------------
    Total reorganization items                 562,000
                                        --------------
Income Tax benefits                                  0
                                        --------------
Net Income                                   ($692,000)
                                        ==============


RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of         1-Aug-2004
Cash Flows, excluding subsidiaries              to
which are not Debtors-in-Possession        31-Aug-2004
_____________________________________      ___________

Cash flows from operating activities:

    Loss from operations before
       reorganization items                  ($130,000)

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

          Income Tax Recovery                        0
          Depreciation                               0

    Changes in:

       Prepaid expenses                              0
       Postpetition payables                    86,000
       Increase in Liabilities
       subject to compromise                         0
                                        --------------
    Net cash (used) provided by
        operating activities before
        reorganization items                   (44,000)
                                        --------------
    Operating cash flows from
       reorganization items:

          Interest earned                       68,000
          Application of retainer
          towards reorganization
          professional fees                          0
          Payment of
          reorganization items                (524,000)
          Distribution to Reliance
          Insurance Company
          (in liquidation)                           0
                                        --------------
    Net cash used by
       reorganization items                   (456,000)
                                        --------------
    Net cash used by
       operating activities                   (500,000)
                                        --------------

Cash flows from investing activities:

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

Cash flow from financing activities:
    Proceeds of split dollar policies                0
                                        --------------
       Net cash provided by
          financing activities                       0
                                        --------------
Net increase in cash                          (500,000)

Cash at beginning of period                 57,972,000
                                        --------------
Cash at end of period                      $57,472,000
                                        ==============

Headquartered in New York, New York, Reliance Group Holdings,
Inc. -- http://www.rgh.com/ -- is a holding company that owns
100% of Reliance Financial Services Corporation.  Reliance
Financial, in turn, owns 100% of Reliance Insurance Company.
The holding and intermediate finance companies filed for chapter
11 protection on June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403)
listing $12,598,054,000 in assets and $12,877,472,000 in debts.
The insurance unit is being liquidated by the Insurance
Commissioner of the Commonwealth of Pennsylvania.  (Reliance
Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


TECO AFFILIATES: Union & Gila River's Balance Sheet at Sept. 30
---------------------------------------------------------------

              Union and Gila River Project Companies
                    Consolidated Balance Sheet
                      At September 30, 2004


ASSETS

Current assets                                  $144,500,000
Net property, plant and equipment              1,366,300,000
Other investments                                663,100,000
Other non-current assets                          22,100,000
                                              --------------
   Total assets held for sale by TECO         $2,196,000,000
                                              ==============

LIABILITIES

Current liabilities                             $198,700,000
Long-term debt, non-recourse:
   Secured facility note                       1,395,000,000
   Financing facility note                       663,100,000
Other non-current liabilities                     12,000,000
                                              --------------
   Total liabilities associated with
   assets held for sale by TECO               $2,268,800,000
                                              ==============


Panda Gila River, L.P., Union Power Partners, L.P., Trans-Union
Pipeline, L.P., and UPP Finance Co., LLC --
http://www.tecoenergy.com/ -- own and operate the two largest
combined-cycle natural gas generation facilities in the United
States.  The Debtors filed for bankruptcy protection on Jan. 26,
2005 (Bank. D. Ariz.).  The case is jointly administered under
Case No. 05-01143.  Craig D. Hansen, Esq., Thomas J. Salerno,
Esq., and Sean T. Cork, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$2,196,000,000 in total assets and $2,268,800,000 in total debts.


TRUMP HOTELS: Financial Projections Underpinning the THCR Plan
--------------------------------------------------------------

            Trump Hotels & Casino Resorts, Inc., et. al
                 Projected Statement of Operations
                           (In Thousands)

                                2005        2006        2007
                             ----------  ----------  ----------
Revenues:
   Casino                    $1,242,824  $1,278,972  $1,300,029
   Rooms                         79,073      80,491      82,126
   Food & beverage              129,010     131,577     134,078
   Management fee                     -           -           -
   Other                         46,021      54,747      55,555
   Promotional allowances      (313,805)   (331,905)   (340,590)
                             ----------  ----------  ----------
   Net Revenues               1,183,123   1,213,882   1,231,198

Costs & Expenses:
   Gaming                       523,624     512,803     520,427
   Rooms                        116,050     111,666     113,056
   Food & beverage               43,249      42,207      42,556
   General & admin              240,718     246,154     248,206
                             ----------  ----------  ----------
   Total expenses               923,641     912,830     924,245
                             ----------  ----------  ----------
EBITDA                          259,482     301,052     306,953

Less:
CRDA                              4,587       4,732       4,817
Depreciation & amortization     111,471     111,307     115,917
Corporate expenses               13,248      18,248       8,248
                             ----------  ----------  ----------
Income from operations          130,176     166,765     177,971

   Interest income                 (609)       (608)       (774)
   Interest expense             124,172     127,280     130,977
   Other non-operating            4,400       1,400       1,400
                             ----------  ----------  ----------
Total non-operating expenses    127,963     128,072     131,603
                             ----------  ----------  ----------
Income (loss) before loss
in joint venture                  2,213      38,693      46,368

Provision for income taxes         (247)     (3,968)     (9,561)
                             ----------  ----------  ----------
Income (loss) before
minority interest                 1,966      34,725      36,807

Minority interest                     -           -           -
                             ----------  ----------  ----------
Net income                       $1,966     $34,725     $36,807
                             ==========  ==========  ==========


            Trump Hotels & Casino Resorts, Inc., et. al
                 Projected Statement of Operations
                           (In Thousands)

                                            2008        2009
                                         ----------  ----------
Revenues:
   Casino                                $1,471,764  $1,507,407
   Rooms                                    114,036     121,062
   Food & beverage                          149,017     153,729
   Management fee                                 -           -
   Other                                     56,479      57,429
   Promotional allowances                  (392,490)   (401,590)
                                         ----------  ----------
   Net Revenues                           1,398,806   1,438,037

Costs & Expenses:
   Gaming                                   572,053     587,800
   Rooms                                    122,904     125,213
   Food & beverage                           46,366      47,689
   General & admin                          267,782     273,987
                                         ----------  ----------
   Total expenses                         1,009,105   1,034,689
                                         ----------  ----------
EBITDA                                      389,701     403,348

Less:
CRDA                                          5,530       5,675
Depreciation & amortization                 125,091     135,011
Corporate expenses                            8,248       8,248
                                         ----------  ----------
Income from operations                      250,832     254,414

   Interest income                           (1,493)     (2,574)
   Interest expense                         132,321     130,020
   Other non-operating income                     -           -
                                         ----------  ----------
Total non-operating expenses                130,828     127,446
                                         ----------  ----------
Income (loss) before joint venture          120,004     126,968
Provision for income taxes                  (37,470)    (40,188)
                                         ----------  ----------
Income (loss) before minority interest       82,534      86,780

Minority interest                                 -           -
                                         ----------  ----------
Net income                                  $82,534     $86,780
                                         ==========  ==========


            Trump Hotels & Casino Resorts, Inc., et. al
                     Projected Balance Sheet
                          (In Thousands)


                                2004        2005        2006
                             ----------  ----------  ----------
ASSETS

Current Assets:
   Cash & cash equivalents     $102,758     $60,099     $61,703
   Receivables                   37,000      40,594      41,635
   Inventories                   11,894      12,935      12,818
   Prepaid & other               16,384      12,614      12,931
                             ----------  ----------  ----------
                                168,036     126,242     129,087

Investments                      28,535      28,535      28,535
Net PP&E                      1,753,116   1,838,124   1,917,828
Other long-term assets           71,061      67,712      67,712
Capitalized fees & expenses      10,000       9,650       9,300
Goodwill                        208,664     208,664     208,664
Projected capitalized CRDA        4,474      13,648      23,112
                             ----------  ----------  ----------
Total Assets                 $2,243,886  $2,292,575  $2,384,238
                             ==========  ==========  ==========


LIABILITIES & EQUITY

Current Liabilities:
   Accounts payable             $43,644     $34,753     $34,462
   Accrued payroll               23,108      24,400      25,024
   Self-insurance reserves       11,607      12,535      12,856
   Accrued interest              30,536      30,536      30,536
   Other current liabilities     56,868      61,673      62,613
   Due to affiliates              6,655       6,655       6,655
                             ----------  ----------  ----------
Total current liabilities       172,418     170,552     172,146

Credit facility                 150,000     219,928     297,000
Second lien notes             1,250,000   1,250,000   1,250,000
LT debt-others, net              65,186      43,457      21,729
Other long term liabilities      24,012      24,402      24,402
                             ----------  ----------  ----------
Total Liabilities             1,661,616   1,708,339   1,765,277

Equity                          582,270     584,236     618,961
                             ----------  ----------  ----------
Total Liabilities & Equity   $2,243,886  $2,292,575  $2,384,238
                             ==========  ==========  ==========


            Trump Hotels & Casino Resorts, Inc., et. al
                     Projected Balance Sheet
                          (In Thousands)


                                2007        2008        2009
                             ----------  ----------  ----------
ASSETS

Current Assets:
   Cash & cash equivalents      $60,026     $94,898    $203,830
   Receivables                   42,224      48,001      49,344
   Inventories                   12,834      14,105      14,470
   Prepaid & other               13,113      14,980      15,403
                             ----------  ----------  ----------
                                128,197     171,984     283,047

Investments                      28,535      28,535      28,535
Net PP&E                      1,983,813   1,956,740   1,920,833
Other long-term assets           67,712      67,712      67,712
Capitalized fees & expenses       8,950       8,600       8,600
Goodwill                        208,664     208,664     208,664
Projected capitalized CRDA       32,746      43,805      55,156
                             ----------  ----------  ----------
Total Assets                 $2,458,617  $2,486,040  $2,572,547
                             ==========  ==========  ==========


LIABILITIES & EQUITY

Current Liabilities:
   Accounts payable             $34,503     $37,722     $38,651
   Accrued payroll               25,383      29,079      29,917
   Self-insurance reserves       13,040      14,938      15,369
   Accrued interest              30,536      30,536      30,536
   Other current liabilities     63,019      63,407      63,936
   Due to affiliates              6,655       6,655       6,655
                             ----------  ----------  ----------
Total current liabilities       173,136     182,337     185,064

Credit facility                 355,311     291,000     288,000
Second lien notes             1,250,000   1,250,000   1,250,000
LT debt-others, net                   -           -           -
Other long term liabilities      24,402      24,402      24,402
                             ----------  ----------  ----------
Total Liabilities             1,802,849   1,747,739   1,747,466

Equity                          655,768     738,301     825,081
                             ----------  ----------  ----------
Total liabilities & equity   $2,458,617  $2,486,040  $2,572,547
                             ==========  ==========  ==========


           Trump Hotels & Casino Resorts, Inc., et., al
                 Projected Statement of Cash Flows
                          (In Thousands)


                                2005        2006        2007
                             ----------  ----------  ----------
Net income (loss)                $1,966     $34,725     $36,807
Depreciation & amortization     111,122     110,958     115,567
Amortization-deferred loan          350         350         350
Valuation allowance of CRDA       4,587       4,732       4,817
(Increase) decrease in:
   Receivables                   (3,594)     (1,041)       (589)
   Inventories                   (1,041)        117         (16)
   Other current assets           3,769        (317)       (182)
   Due to affiliates                  -           -           -
   Other assets                       -           -           -
Increase (decrease) in:
   Accounts payable              (8,891)       (292)         41
   Accrued expenses               1,292         624         359
   Self insurance reserves          928         321         184
   Other current liabilities      4,805         942         405
   Other assets & liabilities     3,739           -           -
                             ----------  ----------  ----------
Net cash flows from
operating activities            119,032     151,119     157,743

Cash flows from investing
activities:
   PPE acquisition             (196,130)   (190,662)   (181,552)
   CRDA investments             (13,760)    (14,196)    (14,451)
                             ----------  ----------  ----------
Net cash flows used by
investing activities           (209,890)   (204,858)   (196,003)

Cash flows from financing
activities:
   Increase (decrease)
   in long term debt             48,199      55,344      36,583

   Proceeds from equity
   financing                          -           -           -
                             ----------  ----------  ----------
Net cash flows from
financing activities             48,199      55,344      36,583
                             ----------  ----------  ----------
Net increase (decrease) in
cash and cash equivalents       (42,659)      1,605      (1,677)

Cash & cash equivalents at
beginning of period             102,758      60,099      61,703
                             ----------  ----------  ----------
Cash & cash equivalents at
end of period                   $60,099     $61,704     $60,026
                             ==========  ==========  ==========


           Trump Hotels & Casino Resorts, Inc., et., al
                 Projected Statement of Cash Flows
                          (In Thousands)


                                            2008        2009
                                         ----------  ----------
Net income (loss)                           $82,534     $86,780
Depreciation & amortization                 124,742     135,011
Amortization-deferred loan                      350           -
Valuation allowance of CRDA                   5,530       5,675
(Increase) decrease in:
   Receivables                               (5,777)     (1,343)
   Inventories                               (1,271)       (366)
   Other current assets                      (1,866)       (424)
   Due to affiliates                              -           -
   Other assets                                   -           -
Increase (decrease) in:
   Accounts payable                           3,219         929
   Accrued expenses                           3,697         838
   Self insurance reserves                    1,898         430
   Other current liabilities                    387         531
   Other assets & liabilities                     -           -
                                         ----------  ----------
Net cash flows from operating activities    213,443     228,061

Cash flows from investing activities:
   PPE acquisition                          (97,669)    (99,104)
   CRDA investments                         (16,589)    (17,026)
                                         ----------  ----------
Net cash used by investing activities      (114,258)   (116,130)

Cash flows from financing activities:
   Increase (decrease) in long term debt    (64,311)     (3,000)
   Proceeds from equity financing                 -           -
                                         ----------  ----------
Net cash flows from financing activities    (64,311)     (3,000)
                                         ----------  ----------
Net increase (decrease) in cash
and cash equivalents                         34,874     108,931

Cash & cash equivalents, beginning           60,026      94,898
                                         ----------  ----------
Cash & cash equivalents, ending             $94,900    $203,829
                                         ==========  ==========


Headquartered in Atlantic City, New Jersey, Trump Hotels & Casino
Resorts, Inc. -- http://www.thcrrecap.com/-- 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).  Robert A.
Klymman, Esq., Mark A. Broude, Esq., John W. Weiss, Esq., at
Latham & Watkins, LLP, and Charles Stanziale, Jr., Esq., Jeffrey
T. Testa, Esq., William N. Stahl, Esq., at Schwartz, Tobia,
Stanziale, Sedita & Campisano, P.A., represent the Debtors in
their restructuring efforts.  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.


UAL CORP: Posts $664 Million Net Loss for Fourth Quarter 2004
-------------------------------------------------------------
UAL Corporation (OTCBB: UALAQ.OB), the holding company whose
primary subsidiary is United Airlines, reported its fourth-quarter
2004 financial results, which were impacted by high fuel costs and
a difficult domestic revenue environment.

UAL reported a fourth-quarter operating loss of $493 million,
which compares with a $134 million operating loss in the fourth
quarter of 2003.  UAL reported a net loss of $664 million, or a
loss per basic share of $5.73, which includes $111 million in
special items.  Excluding the special items, UAL's net loss for
the fourth quarter totaled $553 million, or a loss per basic
share of $4.77.

Special items in this year's fourth quarter included a
$158 million gain from the sale of UAL's remaining shares of
Orbitz, $222 million in reorganization expenses and a $47 million
increase in frequent flyer liability, principally associated with
revised estimates.

For the full year 2004, UAL reported a net loss of $1.6 billion,
or a loss per basic share of $14.57, compared to a net loss of
$2.8 billion in 2003.  Excluding special items, UAL reported a net
loss of $1.2 billion, or a loss per basic share of $10.74.

"As expected, the industry environment continues to be extremely
difficult," said Glenn Tilton, chairman, president and chief
executive.  "Record fuel prices and pressure on revenue led to
unacceptable results.  United has made good progress with more
cost reductions already underway.  But as we have said, and as
this quarter shows without question, we have more work to do."

                Restructuring Progress Continues

Over the last several months, United continued work on its
restructuring.  The company has made meaningful progress toward
the target of an incremental $2 billion in savings from labor,
non labor and pension costs.  These savings are in addition to
the $5 billion in average annual savings the company has
previously announced.  As part of the recent restructuring
efforts, United:

     -- Reached consensual labor agreements with five of its six
        unions that are expected to provide the labor cost
        savings the company needs to attract exit financing and
        complete its restructuring.  Pending ratification by the
        unions, the bankruptcy court has indicated the agreements
        will be approved by the court on Jan. 31.  The company
        has agreed to temporary savings with the International
        Association of Machinists, and will work toward having a
        permanent agreement in place prior to April 11.

     -- Is in the process of negotiating with its unions over the
        next 90 days to attempt to reach a consensual agreement
        on the issue of termination and replacement of the
        company's pension plans.

     -- Is reducing United's fleet to 455 aircraft-68 fewer than
        United flew in August 2004 and a reduction of 112
        aircraft or nearly 20 percent of the fleet since 2002.

     -- Sought competitive bids for a portion of its current
        United Express capacity.

"We have made further progress in reducing our costs, and will see
the benefits of this in 2005," said Jake Brace, United's
executive vice president and chief financial officer.

"Nonetheless, there is significant work still ahead.  We continue
to believe termination and replacement of all of our pension plans
is necessary for United to successfully exit Chapter 11 as a
competitive, sustainable enterprise."

                         Revenue Results

UAL's fourth quarter 2004 operating revenues were $4.0 billion, up
5% compared to fourth quarter 2003.  Load factor increased 0.3
points to 77.2% as traffic increased 5% on a 4% increase in
capacity.  During the fourth quarter, both passenger unit revenue
and yield were essentially flat compared to fourth quarter last
year, despite a very difficult revenue environment.

"While we are clearly not satisfied with United's revenue
performance, we are pleased with our improved passenger unit
revenue performance relative to our peers," said John Tague,
executive vice president-Marketing, Sales and Revenue.  "United
is committed to continuous revenue improvement, and we are taking
significant actions to forward this objective."

To meet those objectives, the company is undertaking a number of
initiatives, including rebalancing its capacity, optimizing
revenue execution and developing industry-leading customer
initiatives.  Specifically, United is:

     -- Reducing domestic capacity by about 12%, while increasing
        international capacity by 14%, for an overall systemwide
        capacity reduction of 3 percent.  The company continues
        to see strong international results and growth potential
        in international markets.

     -- Transforming sales efforts by bringing in new leadership
        and a more disciplined approach to corporate discounts
        and the company's commercial selling process that
        reflects United's value to customers and today's
        historically low prices.

     -- Improving cargo service and revenue management, resulting
        in fourth-quarter cargo revenues improving 30%.

     -- Developing industry-leading customer offerings that have
        helped United's customer satisfaction reach an all time
        high.  During 2004, United launched new "p.s.(SM),"
        premium transcontinental service between New York and Los
        Angeles and New York and San Francisco.  United also
        launched 12 new leisure destinations in the Caribbean and
        Mexico, as well as daily nonstop service between Chicago
        and Shanghai, San Francisco and Beijing, Chicago and
        Osaka, and Chicago and Buenos Aires.  In December, United
        launched the first commercial U.S. flights to Vietnam in
        30 years.

                       Operating Expenses

The company continued to implement non labor contract cost
reductions, all of which will deliver savings during 2005.
Specifically, United has:

     -- Undergone initiatives to reduce its costs of sales,
        including targeting $200 million in improvements through
        various distribution initiatives.

     -- Completed restructuring of all domestic catering
        agreements.

     -- Negotiated new agreements for heavy airframe maintenance
        covering all narrow-body aircraft.

     -- Completed training of all company pilots and dispatchers
        in new fuel efficiency procedures.

"Our focus on improving our costs beyond those enabled by our
collective bargaining agreements is a top priority," said Pete
McDonald, executive vice president and chief operating officer.

Total operating expenses for the quarter were $4.5 billion,
up 14% from the year-ago quarter on a 4% increase in capacity.
Mainline operating expenses per available seat mile increased 8%
from the fourth quarter 2003.  Excluding fuel, mainline operating
expenses per available seat mile increased less than 1%.

Productivity (available seat miles divided by employee
equivalents) was up 7% for the quarter year-over-year.  Fuel
expense was $308 million higher than in the fourth quarter 2003.
Average fuel price for the quarter was $1.45 per gallon
(including taxes), up 52% year-over-year.

The company had an effective tax rate of zero for all periods
presented, which makes UAL's pre-tax loss the same as its net
loss.

                     Operations Outstanding

While United's focus on revenue improvement and cost reduction
work continues, the company's operations have consistently
delivered excellent performance metrics for customers throughout
2004:

     -- Departure :00 performance at 68.7% was better than goal
        and the third-best year in our history.

     -- Arrival :14 results were among the best in company
        history and remain above industry average for United's
        peers.

     -- Recorded the company's best year ever as measured by the
        customers' definite intent to repurchase and results for
        exceptional service by flight attendants, check-in
        efficiency, reservations and meals.

     -- Mishandled baggage rate ranking improved sharply in 2004,
        with United being one of only two carriers to improve its
        year-over-year performance.

"Our employees continue to do a great job for our customers,
delivering the best service performance in 2004 in the company's
history," McDonald said.

                              Cash

The company ended the quarter with an unrestricted cash balance of
$1.3 billion, and a restricted cash balance of $877 million, for a
total cash balance of $2.1 billion.  During the quarter the
company made the final quarterly retroactive wage payment to
International Association of Machinists members of $63 million and
a quarterly Success Sharing reward to employees of $26 million.
In addition, the company received $185 million in cash proceeds
from the sale of Orbitz shares.

                              Outlook

United expects first-quarter system mainline capacity to be down
about 2% year-over-year.  System mainline capacity for 2005 is
expected to be about 3% lower than 2004.  The company projects
fuel price, including taxes and expected hedge benefit, for the
first quarter to average $1.41 per gallon.  The company has 30%
of its expected fuel consumption for the first quarter hedged at
an average of $1.38 per gallon, including taxes.


             UAL Corporation and Subsidiary Companies
         Unaudited Statements of Consolidated Operations
              Three Months Ended December 31, 2004
                         (In Millions)


Operating revenues:
   Passenger - United Airlines                           $2,979
   Passenger - Regional Affiliates                          487
   Cargo                                                    218
   Other                                                    304
                                                      ---------
Total operating revenues                                  3,988

   Operating expenses:
   Salaries and related costs                             1,271
   Aircraft fuel                                            842
   Purchased services                                       369
   Aircraft rent                                            129
   Landing fees and other rent                              254
   Depreciation and amortization                            213
   Aircraft maintenance                                     185
   Commissions                                               65
   Regional affiliates                                      616
   Other                                                    537
                                                      ---------
Total operating expenses                                  4,481

Earnings (loss) from operations                            (493)

Other income (expense):
   Interest expense                                        (112)
   Interest income                                            6
   Equity in earnings (losses) of affiliates                  5
   Gain on Sale of Investments                              158
   Miscellaneous, net                                        (6)
                                                      ---------
Total other income (expenses)                                51
                                                      ---------
Loss before reorganization items
and income taxes                                           (442)

Reorganization items, net                                  (222)
                                                      ---------
Loss before income taxes                                   (664)

Credit for income taxes                                       0
                                                      ---------
Net loss                                                   (664)
                                                      =========


            UAL Corporation and Subsidiary Companies
         Unaudited Statements of Consolidated Operations
             Twelve Months Ended December 31, 2004
                         (In Millions)


Operating revenues:
   Passenger - United Airlines                          $12,483
   Passenger - Regional Affiliates                        1,927
   Cargo                                                    704
   Other                                                  1,277
                                                      ---------
Total operating revenues                                 16,391

   Operating expenses:
   Salaries and related costs                             5,006
   Aircraft fuel                                          2,943
   Purchased services                                     1,462
   Aircraft rent                                            533
   Landing fees and other rent                              964
   Depreciation and amortization                            874
   Aircraft maintenance                                     747
   Commissions                                              305
   Regional affiliates                                    2,348
   Other                                                  1,986
                                                      ---------
Total operating expenses                                 17,168

Earnings (loss) from operations                            (777)

Other income (expense):
   Interest expense                                        (449)
   Interest Capitalized                                       1
   Interest income                                           25
   Equity in earnings (losses) of affiliates                  5
   Non-operating special items                                5
   Gain on Sale of Investments                              158
   Miscellaneous, net                                        (1)
                                                      ---------
Total other income (expenses)                              (256)
                                                      ---------
Loss before reorganization items
and income taxes                                         (1,033)

Reorganization items, net                                  (611)
                                                      ---------
Loss before income taxes                                 (1,644)

Credit for income taxes                                       0
                                                      ---------
Net loss                                                ($1,644)
                                                      =========


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


WINSTAR COMMS: Releases December 2004 Monthly Operating Report
--------------------------------------------------------------
Winstar Communications, Inc., delivered illegible copies of the
balance sheet, income statement and statement of cash flows to
the Clerk of the United States Bankruptcy Court for the District
of Delaware.

Winstar posted a net profit of $138,179 for December 2004.  Its
balance sheet shows a $25.5 million net owners' equity as of
December 31, 2004.

A copy of Winstar's December 2004 Operating Report is available
at no charge at:

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


Headquartered in New York, New York, Winstar Communications, Inc.,
provides broadband services to business customers.  The Company
and its debtor-affiliates filed for chapter 11 protection on
April 18, 2001 (Bankr. D. Del. Case Nos. 01-01430 through
01-01462).  The Debtors obtained the Court's approval converting
their case to a chapter 7 liquidation proceeding in January 2002.
Christine C. Shubert serves as the Debtors' chapter 7 trustee.
When the Debtors filed for bankruptcy, they listed $4,975,437,068
in total assets and $4,994,467,530 in total debts.  (Winstar
Bankruptcy News, Issue No. 63; 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.

                          *********

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.

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 ***