TCR_Public/050326.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, March 26, 2005, Vol. 9, No. 71    


FOOTSTAR INC: Posts $200,000 Net Loss in February 2005
KEYSTONE CONSOLIDATED: Posts $2 Million Net Loss in January 2005
MIRANT CORP: Posts $581.9 Million Net Loss in December 2004
MIRANT: MAGi Earns $64.4 Million of Net Income in December
OWENS CORNING: Posts $45.7 Million Net Loss in December 2004

SPIEGEL INC: Posts $7.3 Million Net Loss for Period Ended Jan. 29
VLASIC FOODS: VFB LLC Balance Sheet as of Dec. 31, 2004


FOOTSTAR INC: Posts $200,000 Net Loss in February 2005
On March 17, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the month of February 2005 with
the U.S. Bankruptcy Court for the Southern District of New York.

The Debtors report a $200,000 net loss on $45 million of net
sales for February 2005, and a $54.4 million net loss on
$803.7 million of net sales from March 3, 2004, through Feb. 26,

At Feb. 26, 2005, Footstar, Inc.'s consolidated balance sheet

      Total Current Assets                      $373,100,000
      Total Assets                               419,700,000
      Current Liabilities                        131,500,000
      Total Liabilities Subject to Compromise    175,800,000
      Total Liabilities                          357,900,000
      Shareholders' Equity                       $61,800,000

A full-text copy of Footstar, Inc.'s February 2005 Monthly
Operating Report is available at no charge at:

Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear.  As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores.  The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores. The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350).  Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts.  When the Debtor filed for
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.

KEYSTONE CONSOLIDATED: Posts $2 Million Net Loss in January 2005
On March 14, 2005, Keystone Consolidated Industries, Inc., and its
debtor-affiliates filed their monthly operating report for the
month of February 2005, with the U.S. Bankruptcy Court for the
Eastern District of Wisconsin.

Keystone Consolidated reports a $1,614,676 net loss on $28,890,234
of net sales.

At Feb. 28, 2004, Keystone Consolidated's balance sheet shows:

      Current Assets                   $ 86,234,702
      Total Assets                      317,425,425
      Current Liabilities               161,287,250
      Stockholders' Deficit            $(22,126,669)

A full-text copy of Keystone Consolidated Industries' February
2005 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.

MIRANT CORP: Posts $581.9 Million Net Loss in December 2004

              Mirant Corporation and Subsidiaries
                   Consolidated Balance Sheet
                    As of December 31, 2004


Cash and cash equivalents                        $1,484,503,244
Accounts receivable - net                           985,761,876
Assets from risk management activities              209,387,145
Derivative hedging instruments                                -
Inventories                                         350,702,611
Other                                               822,580,437
      Total Current Assets                        3,852,935,313

Property, plant and equipment                     5,176,574,546
Less: accumulated depreciation/depletion            806,853,774
Leasehold interests - net                         1,498,872,762
Construction work in progress                       126,715,937
Investment in suspended construction                249,741,048
      Total net property, plant and equipment     6,245,050,519

Investments                                         247,565,934
Long-term accounts receivable - net                  31,829,097
Notes receivable - net                                        -
Assets from risk management activities              111,660,725
Goodwill - net                                        5,767,352
Other intangibles - net                             270,418,235
Derivative hedging instruments                                -
Restricted cash, non-current                        210,052,972
Other long-term assets                                        1
Miscellaneous deferred charges                      448,419,371
      Total Non-current Assets                    1,325,713,687
      TOTAL ASSETS                              $11,423,699,519


Postpetition Liabilities:
   Debt                                          $1,389,889,861
   Accounts Payable                                 725,349,924
   Liabilities from risk management activities      347,985,416
   Obligations under energy deliveries               19,302,888
   Derivative hedging instruments                             -
   Other                                            183,995,475
   Miscellaneous deferred credits                   700,142,519
      Total postpetition liabilities              3,366,666,083

Prepetition Liabilities                           9,211,007,398
      TOTAL LIABILITIES                          12,577,673,481

Minority interest in subsidiaries                   164,666,948
Mandatory redeemable securities                               -
Common stock                                          4,056,621
Additional paid-in capital                        4,917,963,428
Retained earnings                                (6,154,918,186)
Treasury stock, at cost                              (2,260,000)
Accumulated other comprehensive income              (83,482,773)
      Total Equity                               (1,153,973,962)
      TOTAL LIABILITIES AND OWNERS' EQUITY      $11,423,699,519

              Mirant Corporation and Subsidiaries
               Consolidated Statements of Income
             For the month ending December 31, 2004

   Generation                                      $347,188,582
   Net trading revenue                               11,391,462
   Distribution                                      48,743,625
   Other                                                320,694
      Net Revenue                                   407,644,363

   Energy cost                                      217,662,748
   Operations and maintenance                        97,122,165
   Depreciation and amortization                     26,498,008
   Gain on sale of property and investment            2,840,221
   Impairment loss                                  581,649,873
   Restructuring costs                                4,981,946
      Total Operating Expenses                      930,754,961
      Income before non-operating income
      and expense                                  (523,110,598)

   Interest income                                      566,770
   Interest expense                                 (10,825,293)
   Equity in income of affiliates                     1,152,836
   Other                                             20,073,954
   Reorganization items                             (47,719,943)
   Minority interest                                   (761,962)
   Net income from discontinued operations             (625,378)
      Total Other Income                            (38,139,016)

Provision for income tax                            (20,684,757)
      NET PROFIT (LOSS)                           ($581,934,371)

                       Mirant Corporation
         Unconsolidated Cash Receipts and Disbursements
             For the month ending December 31, 2004

Cash, beginning of month                           $240,450,595

Non-Operating Receipts:
   Loans & Advances                                  27,896,722
   Total non-operating receipts                      27,896,722
      Total receipts                                 27,896,722
      Total Cash Available                          268,347,318

Operating Disbursements                                       0

Reorganization Expenses                                  20,493
      Total disbursements                                20,493
Net Cash Flow                                        27,876,229
Cash, end of month                                 $268,326,825

A full-text copy of Mirant Corporation and its affiliate-debtors'
10-K report is available at the Securities and Exchange
Commission at no charge at:

Headquartered in Atlanta, Georgia, Mirant Corporation -- together with its direct and indirect  
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean.  Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590).  Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts.  (Mirant
Bankruptcy News, Issue No. 56; Bankruptcy Creditors' Service,
Inc., 215/945-7000)

MIRANT: MAGi Earns $64.4 Million of Net Income in December

       Mirant Americas Generation, LLC, and Subsidiaries
                   Consolidated Balance Sheet
                    As of December 31, 2004


Cash and cash equivalents                          $414,320,573
Accounts receivable - net                           572,761,502
Assets from risk management activities               47,769,682
Derivative hedging instruments                                -
Inventories                                         161,686,312
Other                                               133,315,104
      Total Current Assets                        1,329,853,173

Property, plant and equipment                     2,202,547,739
Less: accumulated depreciation/depletion            331,865,712
Leasehold interests - net                                     -
Construction work in progress                        63,727,991
Investment in suspended construction                174,274,775
      Total net property, plant and equipment     2,108,684,793

Investments                                              25,000
Long-term accounts receivable - net                  94,059,184
Notes receivable - net                              223,275,000
Assets from risk management activities                  552,339
Other intangibles - net                             206,959,963
Derivative hedging instruments                                -
Restricted cash, non-current                          5,052,983
Other long-term assets                                        -
Miscellaneous deferred charges                      222,290,767
      Total Non-current Assets                      752,215,236
      TOTAL ASSETS                               $4,190,753,202


Postpetition Liabilities:
   Debt                                                      $0
   Accounts Payable                                 272,551,362
   Liabilities from risk management activities      106,080,071
   Obligations under energy deliveries                        -
   Derivative hedging instruments                             -
   Other                                            146,715,921
   Miscellaneous deferred credits                    24,091,861
      Total postpetition liabilities                549,439,215

Prepetition Liabilities                           3,438,289,397
      TOTAL LIABILITIES                           3,987,728,612

Minority interest in subsidiaries                        35,002
Mandatory redeemable securities                               -
Common stock                                              1,000
Additional paid-in capital                        3,853,859,361
Retained earnings                                (3,650,870,773)
Treasury stock, at cost                                       -
Accumulated other comprehensive income                        -
      Total Equity                                  203,024,590
      TOTAL LIABILITIES AND OWNERS' EQUITY       $4,190,753,202

       Mirant Americas Generation, LLC, and Subsidiaries
               Consolidated Statements of Income
             For the month ending December 31, 2004

   Generation                                      $234,044,736
   Net trading revenue                                        -
   Distribution                                               -
   Other                                                 33,811
      Net Revenue                                   234,078,547

   Energy cost                                      132,797,694
   Operations and maintenance                        40,745,865
   Depreciation and amortization                      7,524,376
   Gain on sale of property and investment                    -
   Impairment loss                                      112,873
   Restructuring costs                                  178,107
      Total Operating Expenses                      181,358,915
      Income before non-operating income
      and expense                                    52,719,632

   Interest income                                            -
   Interest expense                                    (792,477)
   Equity in income of affiliates                             -
   Other                                              7,536,087
   Reorganization items                             (14,261,716)
   Minority interest                                          -
   Net income from discontinued operations                    -
      Total Other Income                             (7,518,106)

Provision for income tax                             19,220,555
      NET PROFIT (LOSS)                             $64,422,081

       Mirant Americas Generation, LLC, and Subsidiaries
         Unconsolidated Cash Receipts and Disbursements
             For the month ending December 31, 2004

Cash, beginning of month                           $150,045,402

Non-Operating Receipts:
   Loans & Advances                                  16,992,115
   Total non-operating receipts                      16,992,115
      Total receipts                                 16,992,115
      Total Cash Available                          167,037,518

Operating Disbursements                                       0

Reorganization Expenses                                       0
      Total disbursements                                     0
Net Cash Flow                                        16,992,115
Cash, end of month                                 $167,037,518

Headquartered in Atlanta, Georgia, Mirant Corporation -- together with its direct and indirect  
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean.  Mirant Corporation
filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex.
03-46590).  Thomas E. Lauria, Esq., at White & Case LLP,
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$20,574,000,000 in assets and $11,401,000,000 in debts.  (Mirant
Bankruptcy News, Issue No. 56; Bankruptcy Creditors' Service,
Inc., 215/945-7000)

OWENS CORNING: Posts $45.7 Million Net Loss in December 2004

                  Owens Corning and Subsidiaries
                    Consolidated Balance Sheets
                      As of December 31, 2004
                          (In Thousands)

Current Assets:
   Cash and cash equivalents                           $705,387
   Receivables                                          299,355
   Receivables-Inter-company                            984,221
   Inventories                                          182,765
   Insurance for Asbestos Litigation Claims                   0
   Deferred Income Taxes                                    484
   Income Tax Receivable                                  3,325
   Other Current Assets                                  22,977
Total Current Assets                                 $2,198,514

Other Assets:
   Insurance for Asbestos Litigation Claims               4,220
   Restricted Cash                                      188,392
   Restricted cash and securities                             0
   Deferred Income Taxes                                955,427
   Goodwill                                              48,568
   Investment in Affiliates                              29,506
   Investment in Subsidiaries                         2,022,050
   Notes Receivable - Intercompany                        5,270
   Other Non-current Assets                             485,083
Total Other Assets                                    3,738,516

Plant & Equipment:
   Land                                                  35,665
   Buildings & Leasehold Improvements                   553,867
   Machinery & Equipment                              2,160,784
   Construction in Progress                              88,640
   Less: Accumulated Depreciation                     1,548,421
Net Plant and Equipment                               1,290,535
TOTAL ASSETS                                         $7,227,565

Liabilities not Subject to Compromise:
   Accounts Payable & Accrued Liabilities               527,763
   Inter-company Liabilities                            893,011
   Short-term debt                                            0
   Long-term debt - current portion                         913
Total Current Liabilities                             1,421,687

Long-Term Debt                                            7,171
Other Employee Benefits Liability                       204,721
Pension Plan Liability                                  617,117
Other Liability                                         146,999
Total Non-Current Liabilities                           968,837
Total Postpetition Liabilities                        2,397,695

Prepetition Liabilities:
   Accounts Payable and Accrued Liabilities             262,155
   Other Employee Benefits Liability                    208,670
   Pension Plan Liability                                     0
   Debt-US Bank Credit Facility                       1,450,986
   Debt-Bonds & Other                                 1,507,294
   Asbestos-Related Liability                         2,731,188
   Inter-company                                      2,452,666
   Other                                                      0
Total Prepetition Liabilities                         8,612,959
Total Liabilities                                    11,010,654
Minority Interest                                             0

Stockholder's Equity:
   Common Stock                                         697,298
   Retained Earnings (Deficit)                       (4,120,672)
   Accumulated Comprehensive Income (Loss)               (4,763)
   Other                                               (354,952)
Net Stockholder's Equity                             (3,783,089)

                  Owens Corning and Subsidiaries
               Consolidated Statements of Operations
               For the Month Ended December 31, 2004
                          (In Thousands)

Net sales                                              $304,769
Cost of Sales                                           257,856
Gross Margin                                             46,913

Operating Expenses:
   Marketing and Administrative Expenses                 39,552
   Science and Technology Expenses                          639
   Provision for Asbestos Litigation Claims                   0
   Insider Compensation                                     940
   Restructure Costs                                          0
   Other Expenses                                        14,091
Income (Loss) from Operations                            (8,309)

Other Expenses:
   Cost of Borrowed Funds                                   110
   Other                                                      0
Income (Loss) Before Reorganization Items                (8,419)

Reorganization Items:
   Professional Fees                                      6,856
   U.S. Trustee Quarterly Fees                               13
   Interest Earned on Accumulated Cash from Chapter 11   (1,039)
   (Gain) Loss from sale of equipment                         0
   (Gain) Loss from Settlement of Liabilities                 0
   Other Reorganization Expenses                          1,633
Total Reorganization Expenses                             7,463
Income (Loss) Before Income Taxes                       (15,882)

Provision (credit) for Income Tax                        29,849
Income (Loss) Before Minority Interest and
   Equity in Net Income (Loss) of Affiliates            (45,731)
Minority interest                                             0
Equity in net income (loss) of affiliates                   (17)
Net Income (Loss)                                      ($45,748)

                  Owens Corning and Subsidiaries
     Consolidated Statements of Cash Receipts & Disbursements
               For the Month Ended December 31, 2004
                          (In Thousands)

Cash, Beginning of Month                               $625,522

   Customer Receipts                                    374,601
   Inter-company Sales                                    4,824
   Loans and Advances                                         0
   Sale of Assets                                             0
   Other Receipts                                         3,559
   Inter-company Transfers                              107,625
   Transfers from DIP                                   207,220
Total Receipts                                         $697,830

   Net Payroll                                           31,991
   Payroll Taxes                                              0
   Sales Use & Other Taxes                                6,811
   Inventory Purchases                                  115,137
   Insurance                                              1,995
   Administrative & Selling                              61,287
   Other                                                103,454
   Inter-company Transfers                               76,632
   Transfers to DIP                                     207,220
   Professional Fees                                     13,438
   U.S. Trustee Quarterly Fees                                0
   Court costs                                                0
   Adjustment                                                 0
Total Disbursements                                     617,965

Net Cash Flow                                            79,865
Cash -- End of Month                                   $705,387

Headquartered in Toledo, Ohio, Owens Corning -- manufactures fiberglass  
insulation, roofing materials, vinyl windows and siding, patio
doors, rain gutters and downspouts.  The Company filed for chapter
11 protection on October 5, 2000 (Bankr. Del. Case. No. 00-03837).
Mark S. Chehi, Esq., at Skadden, Arps, Slate, Meagher & Flom,
represents the Debtors in their restructuring efforts.  At
Sept. 30, 2004, the Company's balance sheet shows $7.5 billion in
assets and a $4.2 billion stockholders' deficit.  The company
reported $132 million of net income in the nine-month period
ending Sept. 30, 2004.  (Owens Corning Bankruptcy News, Issue No.
102; Bankruptcy Creditors' Service, Inc., 215/945-7000)

SPIEGEL INC: Posts $7.3 Million Net Loss for Period Ended Jan. 29

                  Spiegel, Inc., and Subsidiaries
                Unaudited Consolidated Balance Sheet
                      As of January 29, 2005


Current assets:
Cash and cash equivalents                          $332,186,000
Receivables, net                                     39,708,000
Inventories                                         144,317,000
Prepaid expenses                                     30,693,000
Assets of discontinued operations                    50,483,000
Total current assets                                597,387,000

Property and equipment, net                         119,476,000
Intangible assets, net                              135,608,000
Other assets                                         22,997,000
Total assets                                       $875,468,000


Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities           $180,449,000
Current portion of long-term debt                    48,000,000
Liabilities of discontinued operations               75,738,000
Total current liabilities                           304,187,000
Deferred lease obligation                            12,036,000

Liabilities subject to compromise                 1,397,236,000

Total liabilities                                 1,713,459,000

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                (27,974,000)
Accumulated deficit                              (1,271,461,000)
Total stockholders' deficit                        (837,991,000)
Total liabilities & stockholders' deficit          $875,468,000

                  Spiegel, Inc., and Subsidiaries
           Unaudited Consolidated Statement of Operations
                 Four Weeks Ended January 29, 2005

Net sales and other revenues:
Net sales                                           $70,739,000
Other revenue                                         4,578,000

Cost of sales and operating expenses:
Cost of sales, including buying
    and occupancy expenses                           47,003,000
Selling, general & administrative expenses           31,998,000

Estimated loss of non-debtors                          (170,000)

Operating Loss                                       (3,854,000)

Interest expense                                        407,000
Loss from operations before reorganization           (4,261,000)
Reorganization items, net                            (2,905,000)

Income Tax                                                    -
Loss from operations                                 (7,166,000)
Discontinued operations:
Loss from discontinued operations                       (91,000)
Net Loss                                            ($7,257,000)

                  Spiegel, Inc., and Subsidiaries
           Unaudited Consolidated Statement of Cash Flows
                 Four Weeks Ended January 29, 2005

Cash flows from operating activities:
Net Loss                                            ($7,257,000)
Adjustments to reconcile net loss to net cash
    used in operating activities:
    Reorganization items, net                         2,905,000
    Depreciation and amortization                     2,118,000
    Change in assets and liabilities:
       (Increase) decrease in receivables, net        2,295,000
       (Increase) decrease in investments/advances      120,000
       (Increase) decrease in inventories             7,979,000
       (Increase) decrease in prepaid expenses         (681,000)
       Increase (decrease) in accounts payable
          and other accrued liabilities             (21,834,000)
       Increase (decrease) in net liabilities of
          discontinued operations                     1,165,000
       (Increase) decrease in income taxes             (959,000)
Net cash used for operating activities              (14,149,000)
Net cash used for reorganization items               (2,380,000)

Cash flows from investing activities:
    Net (additions) reductions to property and
       equipment                                       (638,000)
    Net (additions) reductions to other assets        1,178,000
Net cash used in investing activities                   540,000
Net cash provided by financing activities                     -
Effect of exchange rate changes on cash                (303,000)
Net change in cash and cash equivalents             (16,292,000)
Cash & cash equivalents, beginning of period        348,478,000
Cash & cash equivalents, end of period             $332,186,000

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. 41;
Bankruptcy Creditors' Service, Inc., 215/945-7000)

VLASIC FOODS: VFB LLC Balance Sheet as of Dec. 31, 2004

                              VFB LLC
                           Balance Sheet
                      As of December 31, 2004


Current assets:
Cash and cash equivalents                        $9,475,129
Receivables, net                                  1,500,000
Prepaid expenses and other assets                    19,200
Total current assets                             10,994,329
Total Assets                                    $10,994,329


Current liabilities:
Accounts payable                                   $982,260
Accrued liabilities                                  19,174
Total current liabilities                         1,001,434
Total Liabilities                                 1,001,434

Membership interests                              9,992,895
Total Equities                                    9,992,895
Total Liabilities and Equities                  $10,994,329

In its February 2005 Status Report, VFB LLC noted that:

    -- A portion of cash and cash equivalents is held in a
       distribution reserve for unresolved administrative,
       secured, priority and convenience class claims.

    -- Receivables, net consists of amounts VFB expects to collect
       from the excess funds held by an insurance company for the
       payment of workers' compensation claims, as well as any
       additional tax recoveries.  The receivable recorded is
       greater than the current best offer to settle this matter,
       as VFB believes that funds held are well in excess of the
       aggregate cost that will be required to settle all those

    -- Prepaid expenses and other assets consist primarily of
       prepaid insurance and deposits on leased office space.

    -- Accounts payable and accrued liabilities are presently due
       and payable obligations of VFB and are expected to be paid
       in early 2005.

(Vlasic Foods Bankruptcy News, Issue No. 53; 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

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 Go to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.


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

Troubled Company Reporter is a daily newsletter co-published by  
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,  
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.  
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo, Christian Q. Salta and Peter A. Chapman, Editors.

Copyright 2005.  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 ***