TCR_Public/050528.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, May 28, 2005, Vol. 9, No. 125


                          Headlines

CATHOLIC CHURCH: Spokane's March 2005 Monthly Operating Report
CATHOLIC CHURCH: Tucson's April 2005 Monthly Operating Report
FEDERAL-MOGUL: Posts $17.1 Million Net Loss in March 2005
FOOTSTAR INC: Earns $1.5 Million of Net Income in April 2005
HAWAIIAN AIRLINES: Earns $415,000 of Net Income in April 2005

INTERMET CORP: Posts $7.8 Million Net Loss in February 2005
INTERSTATE BAKERIES: Files Amended Schedule of Assets & Debts
INTERSTATE BAKERIES: Posts $6.3M Net Loss for Period Ended April 2
KEYSTONE CONSOLIDATED: Posts $1.4 Million Net Loss in April 2005
PILLOWTEX CORP: Feb. 2005 Cash Receipts & Disbursements Report

PILLOWTEX CORP: Posts $2M Net Loss for Period Ended April 2, 2005
PG&E NATIONAL: ESV's October 2004 Monthly Operating Report
PG&E NATIONAL: ESV's November 2004 Monthly Operating Report
PG&E NATIONAL: ESV's December 2004 Monthly Operating Report
PG&E NATIONAL: ET Gas' November 2004 Monthly Operating Report

PG&E NATIONAL: ET Gas' December 2004 Monthly Operating Report
PG&E NATIONAL: ET Gas' January 2005 Monthly Operating Report
PG&E NATIONAL: ET Holdings' November 2004 Monthly Operating Report
PG&E NATIONAL: ET Holdings' December 2004 Monthly Operating Report
PG&E NATIONAL: ET Holdings' January 2005 Monthly Operating Report

PG&E NATIONAL: ET Investments' November 2004 Operating Report
PG&E NATIONAL: ET Investments' December 2004 Operating Report
PG&E NATIONAL: ET Investments' January 2005 Operating Report
PG&E NATIONAL: ET Power's November 2004 Monthly Operating Report
PG&E NATIONAL: ET Power's December 2004 Monthly Operating Report

PG&E NATIONAL: ET Power's January 2005 Monthly Operating Report
PG&E NATIONAL: Quantum's October 2004 Monthly Operating Report
PG&E NATIONAL: Quantum's November 2004 Monthly Operating Report
PG&E NATIONAL: Quantum's December 2004 Monthly Operating Report
ROBOTIC VISION: Posts $14.6 Million Net Loss in March 2005

SPIEGEL INC: Posts $3.2 Million Net Income for Period Ended Apr. 2
UNIVERSAL ACCESS: Files April 2005 Monthly Operating Report
USG CORP: Earns $22.9 Million of Net Income in April 2005
USGEN NEW ENGLAND: Earns $74 Million of Net Income in March 2005
WINN-DIXIE: Monthly Operating Report for 4-Week Period Ended May 4

                          *********

CATHOLIC CHURCH: Spokane's March 2005 Monthly Operating Report
--------------------------------------------------------------
A full-text copy of the Diocese of Spokane's March monthly
operating report is available for free at:

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

                   Catholic Diocese of Spokane
                          Balance Sheet
                       As of March 31, 2005

ASSETS
   Total Cash Accounts                               $3,859,137
   Total Investments                                  3,909,704
   Total Property                                       495,004
   Total Loans Receivable                             3,148,307
   Total Interfund Loan Receivable                      396,887
   Total Accounts Receivable                             99,810
   Total Land and Buildings & Equip                   2,272,137
   Total Prepaid Expenses                                19,410
                                                 --------------
Total Assets                                        $14,200,393
                                                 ==============

LIABILITIES AND NET ASSETS

Liabilities
   Total Deposits Payable                             5,381,945
   Total Interest Payable                                     0
   Total Accounts Payable                                10,527

Net Assets
   Total Unrestricted - Fund Balance                 (3,655,109)
   Total Unrestricted Net Assets                     (3,655,109)
   T.R. - Guse Grant Funds                              175,754
   T.R. - Bishop's School Grants Funds                  (88,898)
   Total Replacement Fund                             9,522,728
   Total Diocesan D&L Funding                         2,176,115
   Total Guatemala Funds                                617,324
   Temporarily Restricted                               146,863
                                                 --------------
Total liabilities & net assets                      $14,200,393
                                                 ==============


                   Catholic Diocese of Spokane
                  Income and Expense Statement
               For the month ending March 31, 2005

Total Income                                           $227,895
Total Expenses                                          567,573
                                                 --------------
Net Excess or Deficit                                  $339,678
                                                 ==============


                     Catholic Diocese of Spokane
           Statement of Cash Receipts and Disbursements
                   March 1, 2005 to March 31, 2005

Total Cash Receipts                                     750,535
Total Cash Disbursements                               (546,051)

The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004.  Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 28; Bankruptcy Creditors' Service, Inc., 215/945-7000)


CATHOLIC CHURCH: Tucson's April 2005 Monthly Operating Report
-------------------------------------------------------------

        The Roman Catholic Church of the Diocese of Tucson
                   an Arizona Corporation Sole
           (Unaudited) Statement of Financial Condition
                      As of April 30, 2005

ASSETS                                    Total   Diocese-Owned
                                          -----   -------------
Cash on hand                             $1,500          $1,500
Cash in Banks                           979,558         479,850
Cash Equivalents                      2,566,414       1,490,063
Accounts receivable, net              1,515,557       1,515,557
Allowance for doubtful accounts      (1,200,739)     (1,200,739)
Grants receivable                       311,500         311,500
Pledges receivable                        6,000           6,000
A/R held in trust for others             65,151               0
Due from administered funds               2,895           2,895
Prepaid expenses & other assets         344,334         344,334
Investments in businesses             6,448,858       4,898,822
Corp. & Gov't. bond investments       1,977,964       1,547,964
Investment in BPIC                       80,850          80,850
Notes receivable, net                 2,075,845         302,372
Allowance for doubtful
   notes receivable                    (329,289)         (5,411)
Assets securing 2002 settlement       3,000,000       3,000,000
Construction in progress                 48,867          48,867
Land, buildings, and equipment          520,130         520,130
Assets held for sale                     60,226          60,226
Land held for future parish sites       817,460         817,460
                                 --------------  --------------
                                    $19,294,081     $14,222,240
                                 ==============  ==============

LIABILITIES AND NET ASSETS

Liabilities:
   Accounts payable - post              579,989         579,989
   Accounts payable - pre                43,255          43,255
   Accrued expenses - post               54,296          54,296
   Accrued expenses - pre               157,682         157,682
   Interfunds payable                     2,895               0
   Accrued insurance claims             292,461         292,461
   Unsecured long-term debt - pre     2,061,455       2,061,455
   Unsecured long-term debt - post      100,000         100,000
   Unrestricted parish deposits       6,963,926       6,962,867
   Restricted parish deposits         3,522,717               0
   Secured long-term debt             2,646,699       2,646,699
   Custodial funds                    1,545,170               0
                                 --------------  --------------
      Total Liabilities              17,970,545      12,898,704
                                 --------------  --------------

Net Assets:
   Unrestricted/temporarily
     restricted                        (585,352)       (585,352)
   Permanently restricted             1,908,888       1,908,888
                                 --------------  --------------
Total liabilities & net assets      $19,294,081     $14,222,240
                                 ==============  ==============


        The Roman Catholic Church of the Diocese of Tucson
                   an Arizona Corporation Sole
        Statement of Operations and Charges in Net Assets
              April 1, 2005 through April 30, 2005

Revenues
   Contributions, grants and bequests                   $47,928
   Chancery assessment                                  110,245
   Priests salary subsidy                                17,747
   Fees for services                                     24,831
   Advertising revenue                                    8,736
   Retreat fees                                           8,070
   Rental Income                                          4,397
   Insurance                                             60,170
   Investment Income                                      8,885
   Miscellaneous                                          1,254
                                                 --------------
   Total Support & Revenue                              292,262

Expense
   Program Services:
      Archives                                            1,664
      Catholic Commitments & Social Services             12,889
      Evangelization & Hispanic Ministry                  5,753
      Catechesis Office                                   8,307
      Formation Office                                    5,611
      Department of Catholic Schools                     18,615
      Clergy, religious & seminarian advancement         11,971
      Parish Assistance                                  21,610
      Catholic Social Mission                             4,338

   Supporting Services:
      Office of Bishop Emeritus                           1,374
      Offices of the Bishop, et al.                      45,747
      Office of Women Religious                           1,134
      General & Administrative                            3,341
      Fiscal & Employee Services                         41,663
      Office of Child, Adolescent, et al. Protection      8,046
      Communications & Community Relations               15,615
      Property Management                                34,060
      Insurance Administration                          (20,413)
      Reorganization                                     58,090

Imputed interest on settlement                           14,095
Provision for doubtful accounts                           5,833
Depreciation                                              3,692
                                                 --------------
   Total Expenses                                       303,037
                                                 --------------
Excess (deficiency) of revenues over expenses          ($10,774)
                                                 ==============


        The Roman Catholic Church of the Diocese of Tucson
                   an Arizona Corporation Sole
            Current Month's Receipts and Disbursements
               April 1, 2005 through April 30, 2005

Cash and Bank Balance:
   Beginning of Month                                  $483,020

Receipts
   Cash Sales                                            71,540
   Accounts Receivable -- Prepetition                     3,374
   Accounts Receivable -- Postpetition                  437,514
   Loans and Advances                                         0
   Sale of Assets                                             0
   Transfers in from other accounts                     146,392
   Other -- Custodial Funds                                   0
   Other -- Payroll Reimbursements                            0
   Credit Adjustments                                     1,159
                                                 --------------
   Total Receipts                                       659,980

Disbursements:
   Business -- Ordinary Operations                      314,656
   Capital Improvements                                   4,785
   Prepetition Debt                                           0
   Transfers to other DIP Accounts                      146,392
   Other -- Custodial Funds                                 552
   Other -- TRF to Wells Fargo Investment                     0
   Other -- Payroll Reimbursement                         3,839

Reorganization Expenses:
   Attorney Fees                                        134,835
   Accountant Fees                                            0
   Other Professional Fees                                    0
   Other (Advertising)                                   50,590
   U.S. Trustee Quarterly Fee                             7,500
   Court Costs                                                0
                                                 --------------
   Total Disbursements                                  663,150
                                                 --------------
Cash & Bank Balance -- End of Month                    $479,850
                                                 ==============

The Roman Catholic Church of the Diocese of Tucson filed for
chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on
September 20, 2004, and delivered a plan of reorganization to the
Court on the same day.  Susan G. Boswell, Esq., Kasey C. Nye,
Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson
Diocese.  The Archdiocese of Portland in Oregon filed for chapter
11 protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.   
Thomas W. Stilley, Esq. and William N. Stiles, Esq. of Sussman
Shank LLP represent the Portland Archdiocese in its restructuring
efforts.  Portland's Schedules of Assets and Liabilities filed
with the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities.  (Catholic
Church Bankruptcy News, Issue No. 28; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


FEDERAL-MOGUL: Posts $17.1 Million Net Loss in March 2005
---------------------------------------------------------

               Federal-Mogul Global, Inc., et al.
                     Unaudited Balance Sheet
                      As of March 31, 2005
                          (In millions)

                             Assets

Cash and equivalents                                     $414.3
Accounts receivable                                       634.1
Inventories                                               491.7
Deferred taxes                                            182.2
Prepaid expenses and other current assets                 104.1
                                                     ----------
Total current assets                                    1,826.4

Summary of Unpaid Postpetition Debits                     (23.8)
Intercompany Loans Receivable (Payable)                 2,585.7
                                                     ----------
Intercompany Balances                                   2,561.9

Property, plant and equipment                           1,011.8
Goodwill                                                1,121.8
Other intangible assets                                   439.5
Insurance recoverable                                     837.7
Other non-current assets                                1,075.7
                                                     ----------
Total Assets                                           $8,874.8
                                                     ==========

               Liabilities and Shareholders' Equity

Short-term debt                                          $353.5
Accounts payable                                          219.8
Accrued compensation                                       70.6
Restructuring and rationalization reserves                 10.7
Current portion of asbestos liability                         -
Interest payable                                            2.2
Other accrued liabilities                                 277.4
                                                     ----------
Total current liabilities                                 934.3

Long-term debt                                                -
Post-employment benefits                                2,044.0
Other accrued liabilities                                 976.7
Liabilities subject to compromise                       6,012.0

Shareholders' equity:
   Preferred stock                                      1,050.6
   Common stock                                           565.8
   Additional paid-in capital                           8,021.0
   Accumulated deficit                                 (9,622.3)
   Accumulated other comprehensive income              (1,067.2)
   Other                                                      -
                                                     ----------
Total Shareholders' Equity                             (1,052.1)
                                                     ----------
Total Liabilities and Shareholders' Equity             $8,874.8
                                                     ==========


               Federal-Mogul Global, Inc., et al.
               Unaudited Statement of Operations
              For the month ended March 31, 2005
                          (In millions)

Net sales                                                $320.6
Cost of products sold                                     266.9
                                                     ----------
Gross margin                                               53.6

Selling, general & administrative expenses                (59.2)
Amortization                                               (1.2)
Reorganization items                                      (10.5)
Interest income (expense), net                             (9.7)
Other income (expense), net                                15.8
                                                     ----------
Earnings before Income Taxes                              (11.0)

Income Tax (Expense) Benefit                               (6.1)
                                                     ----------
Earnings before effect of change in acctg principle       (17.1)
Cumulative effect of change in acctg principle                -
                                                     ----------
Net Earnings (loss)                                      ($17.1)
                                                     ==========


               Federal-Mogul Global, Inc., et al.
               Unaudited Statement of Cash Flows
               For the month ended March 31, 2005
                          (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earnings (loss)                                   ($17.1)

Adjustments to reconcile net earnings (loss):
   Depreciation and amortization                           16.2
   Adjustments of assets held for sale to fair value        0.5
   Asbestos Charge                                            -
   Summary of unpaid postpetition debits                      -
   Cumulative effect of change in acctg principle             -
   Change in post-employment benefits                       2.4
   Decrease/(increase) in accounts receivable             (39.7)
   Decrease/(increase) in inventories                       3.8
   Increase/(decrease) in accounts payable                 14.5
   Change in other assets and other liabilities            (5.3)
   Change in restructuring charge                          (0.8)
   Refunds (payments) against asbestos liability              -
                                                     ----------
Net Cash Provided From Operating Activities               (25.6)

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment            (5.8)
   Proceeds from sale of property, plant & equipment          -
   Proceeds from sale of businesses                           -
   Business acquisitions, net of cash acquired                -
   Other                                                      -
                                                     ----------
Net Cash Provided From (Used By) Investing Activities      (5.8)

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                             22.1
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                   (7.7)
                                                     ----------
Net Cash Provided From Financing Activities                14.3

Increase (Decrease) in Cash and Equivalents               (17.1)

Cash and equivalents at beginning of period               431.4
                                                     ----------
Cash and equivalents at end of period                    $414.3
                                                     ==========

Headquartered in Southfield, Michigan, Federal-Mogul Corporation -
- http://www.federal-mogul.com/-- is one of the world's largest  
automotive parts companies with worldwide revenue of some $6
billion.  The Company filed for chapter 11 protection on October
1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq.,
James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin
Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed US$10.15 billion in
assets and $8.86 billion in liabilities.  At Dec. 31, 2004,
Federal-Mogul's balance sheet showed a $1.925 billion
stockholders' deficit.  At Mar. 31, 2005, Federal-Mogul's balance
sheet showed a $2.048 billion stockholders' deficit, compared to a
$1.926 billion deficit at Dec. 31, 2004. (Federal-Mogul Bankruptcy
News, Issue No. 79; Bankruptcy Creditors' Service, Inc., 215/945-
7000)


FOOTSTAR INC: Earns $1.5 Million of Net Income in April 2005
------------------------------------------------------------
On May 18, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the month of April 2005 with
the U.S. Bankruptcy Court for the Southern District of New York.

The Debtors reported a $1.5 million net income on $58.9 million of
net sales for April 2005.  The Debtors also reported a cumulative
net loss of $42.8 million on $929.9 million of net sales from
March 3, 2004, through April 30, 2005.

At April 30, 2005, Footstar, Inc.'s consolidated balance sheet
showed:

      Total Current Assets                      $368,900,000
      Total Assets                               414,500,000
      Current Liabilities                        119,100,000
      Total Liabilities Subject to Compromise    178,900,000
      Total Liabilities                          352,200,000
      Shareholders' Equity                       $62,300,000

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

http://www.sec.gov/Archives/edgar/data/1011308/000090951805000353/jd5-18ex99_1.txt

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 chapter 11
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.


HAWAIIAN AIRLINES: Earns $415,000 of Net Income in April 2005
-------------------------------------------------------------
On May 20, 2005, Hawaiian Airlines, the sole operating
subsidiary of Hawaiian Holdings, Inc., filed its unaudited April
2005 Monthly Operating Report with the United States Bankruptcy
Court for the District of Hawaii.

The carrier reported a net income of $415,000 on $63,833,000
of revenues in April 2005, compared to a net loss of $4,400,000 on
$69,700,000 revenues in March 2005.

At April 30, 2005, Hawaiian Airlines' balance sheet showed:

   Total Current Assets                 $251,795,000
   Total Assets                          372,970,000
   Total Current Liabilities             238,544,000
   Total Liabilities                     443,258,000
   Liabilities Subject to Compromise     214,548,000
   Shareholder's Deficit               ($284,836,000)

A full-text copy of Hawaiian Airlines' April 2005 Monthly
Operating Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/1172222/000095013605003039/file002.htm

Hawaiian Airlines, Inc. -- http://www.HawaiianAir.com/-- is a   
subsidiary of Hawaiian Holdings, Inc. (AMEX and PCX: HA).  Since
the appointment of a bankruptcy trustee in May 2003, Hawaiian
Holdings has had no responsibility for the management of Hawaiian
Airlines and has had limited access to information concerning the
airline.

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, Esq., 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.  The Bankruptcy Court formally
confirmed the Debtor's plan on May 23, 2005.


INTERMET CORP: Posts $7.8 Million Net Loss in February 2005
-----------------------------------------------------------
On May 20, 2005, Intermet Corporation and its debtor-affiliates
delivered its April 2005 monthly operating report to the U.S.
Bankruptcy Court for the Eastern District of Michigan.

For the month ending April 30, 2005, Intermet Corporation reported
net loss of $7,814,000 against $55,792,000 net sales.

On April 30, 2005, Intermet's balance sheet showed:

      Current Assets                          $142,879,000
      Total Assets                             442,265,000
      Postpetition Debts                        24,296,000
      Total Liabilities                        575,526,000
      Total Stockholders' Equity Deficit     ($133,261,000)

A full-text copy of Intermet Corporation's April 2005 Monthly
Operating Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/745287/000095012405003475/k95314exv99w1.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: Files Amended Schedule of Assets & Debts
-------------------------------------------------------------
Interstate Bakeries Corporation filed its second amendment to
Schedule F -- Creditors Holding General Unsecured Claims - of its
Schedules of Assets and Liabilities.  According to Ronald B.
Hutchison, Chief Financial Officer of Interstate Bakeries, the
Debtor amended Schedule F to reflect $269,146,946 in estimated
Non-priority Unsecured Liabilities.  The Debtor removed five trade
creditors from the list.

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


INTERSTATE BAKERIES: Posts $6.3M Net Loss for Period Ended April 2
------------------------------------------------------------------

          Interstate Bakeries Corporation and Subsidiaries
           Unaudited Consolidated Monthly Operating Report
                   Four Weeks Ended April 2, 2005

REVENUE

Gross Income                                       $253,736,342
Less Cost of Goods Sold
    Ingredients, Packaging, & Outside Purchasing     61,385,543
    Direct & Indirect Labor                          46,812,729
    Overhead & Production Administration             11,120,226
                                                   ------------
    Total Cost of Goods Sold                        119,318,498
                                                   ------------
       Gross Profit                                $134,417,844
                                                   ------------

OPERATING EXPENSES

Owner-Draws/Salaries                                          -
Selling & Delivery Employee Salaries                $63,385,126
Advertising and Marketing                             1,898,278
Insurance (Property, Casualty, & Medical)            14,312,700
Payroll Taxes                                         5,280,666
Lease and Rent                                        4,355,941
Telephone and Utilities                               1,765,314
Corporate Expense (Including Salaries)                6,500,000
Other Expenses                                       29,930,550
                                                   ------------
    Total Operating Expenses                       $127,428,575
                                                   ------------
EBITDA                                               $6,989,269

Restructuring & Reorganization Charges                5,330,390
Depreciation and Amortization                         6,861,508
Other Income                                             (2,019)
Gain/Loss Sale of Property                                    -
Interest Expense                                      3,333,078
                                                   ------------
Operating Income (Loss)                              (8,533,688)
Income Tax Expense (Benefit)                         (2,181,846)
                                                   ------------
Net Income (Loss)                                   ($6,351,842)
                                                   ============

CURRENT ASSETS
    Accounts Receivable at end of period           $168,045,274
    Increase (Decrease) in Accounts Receivable       (2,534,294)
    Inventory at end of period                       73,602,780
    Increase (Decrease) in Inventory for period       2,357,816
    Cash at end of period                           118,133,955
    Increase (Decrease) in Cash for period           22,689,783

LIABILITIES
    Increase (Decrease) in Liabilities
       Not Subject to Compromise                      5,143,511
    Increase (Decrease) in Liabilities
       Subject to Compromise                            233,038
    Taxes payable:
       Federal Payroll Taxes                          8,645,806
       State/Local Payroll Taxes                      7,250,718
       State Sales Taxes                                670,800
       Real Estate and Personal Property Taxes       13,497,483
       Other                                          6,040,778
                                                   ------------
       Total Taxes Payable                          $36,105,585
                                                   ============

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


KEYSTONE CONSOLIDATED: Posts $1.4 Million Net Loss in April 2005
----------------------------------------------------------------
On May 16, 2005, Keystone Consolidated Industries, Inc., and its
debtor-affiliates filed their monthly operating report for the
month of April 2005 with the U.S. Bankruptcy Court for the Eastern
District of Wisconsin.

Keystone Consolidated reported a $1,359,516 net loss on
$34,335,064 of net sales.

At April 30, 2005, Keystone Consolidated's balance sheet shows:

      Current Assets                    $81,201,914
      Total Assets                     $314,274,544
      Current Liabilities               160,132,635
      Total Liabilities                 179,044,649
      Stockholders' Deficit            $(27,014,740)

A full-text copy of Keystone Consolidated Industries' April 2005
Monthly Operating Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/55604/000005560405000014/exhibit991apr.txt

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.


PILLOWTEX CORP: Feb. 2005 Cash Receipts & Disbursements Report
--------------------------------------------------------------
Pillowtex Corporation and its debtor-affiliates did not attach a
Schedule of Cash Receipts and Disbursements to the February 2005
Monthly Operating Report they filed with the U.S. Bankruptcy Court
for the District of Delaware.

A full-text copy of the February 2005 Monthly Operating Report
for February is available for free at:

         http://bankrupt.com/misc/Pillowtex_feb05_MOR.pdf

Headquartered in Dallas, Texas, Pillowtex Corporation --
http://www.pillowtex.com/-- sold top-of-the-bed products to  
virtually every major retailer in the U.S. and Canada.  The
Company filed for Chapter 11 protection on November 14, 2000
(Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a
chapter 11 plan, and filed a second time on July 30, 2003 (Bankr.
Del. Case No. 03-12339).  The second chapter 11 filing triggered
sales of substantially all of the Company's assets.  David G.
Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at
Morris Nichols Arsht & Tunnel, represent the Debtors.  On July 30,
2003, the Company listed $548,003,000 in assets and $475,859,000
in debts.  (Pillowtex Bankruptcy News, Issue No. 79; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


PILLOWTEX CORP: Posts $2M Net Loss for Period Ended April 2, 2005
-----------------------------------------------------------------

                       Pillowtex, et al.
                  Consolidated Balance Sheets
                     As of April 2, 2005

ASSETS

Cash and cash equivalents                           $35,152,392
Accounts Receivables (Net)                            9,496,106
Inventory (Net)                                               0
Pre-Paid Expenses                                       534,729
Other Assets                                          3,940,973
                                                    -----------
   TOTAL CURRENT ASSETS                              49,124,200
                                                    -----------

Property Plan & Equipment (Net)                               0
Intangibles (Net)                                             0
Other Non-Current                                     1,745,839
Inter-Company                                                 0
                                                    -----------
   TOTAL ASSETS                                     $50,870,039
                                                    ===========

LIABILITIES & EQUITY

Liabilities Not Subject to Compromise
Accounts Payable                                              0
Accrued Expenses                                     27,439,898
Deferred Taxes                                          295,000
Professional Fees                                       996,768
Secured Debt                                                  0
Other                                                84,831,000
                                                    -----------
   Total Not Subject to Compromise                  113,562,666
                                                    -----------
Liabilities Subject to Compromise
Current Debt                                            622,763
Unsecured debt                                       25,488,177
                                                    -----------
   Total Subject to Compromise                       26,110,940
                                                    -----------

Preferred Convertible Stock                                   0

Equity
   Inter-Company                                     (6,687,996)
   Investment in Subs                                         0
   Additional Paid in Capital                       195,118,000
   Common Stock                                           3,000
   Deferred Compensation                                      0
   Retained Earnings                               (215,735,571)
   Pension Equity Adjustment                        (61,501,000)
   Translation                                                0
                                                    -----------
   TOTAL EQUITY                                     (82,115,571)
                                                    -----------
      TOTAL LIABILITIES & EQUITY                    $50,870,039
                                                    ===========


                       Pillowtex, et al.
              Consolidated Statement of Operations
              For Three Months Ended April 2, 2005

Net Revenues                                           $200,021
Cost of Goods Sold                                     (160,630)
                                                    -----------
Gross Profit                                            360,651

Selling, General & Administrative                       951,774
Other                                                         0
                                                    -----------
Earnings from Operations                               (591,123)

Interest Expense                                          3,417
Other Income & Expenses                                (322,766)

Reorganization Expenses
   Professional Fees                                  1,553,221
   U.S. Trustee Fees                                     14,750
   Gain/Loss from Sale of Assets                         42,676
   Other (Income)/Expense                                     0
                                                    -----------
   Total Reorganization Expenses                      1,610,647

Income Before Taxes                                  (1,882,421)
Income Taxes                                                  0
Income (Loss) on Disposal                                     0
Income from Discontinued Operations                           0
                                                    -----------
   Net Profit or (Loss)                             ($1,892,421)
                                                    ===========


                       Pillowtex, et al.
                        Actual Cash Flow
                  For the Month of March 2005

Accounts Receivable Collections                        $952,000
Brown & Joseph/Atwell Fees                              (15,000)
Accounts Receivable Personnel                           (14,000)
Inventory Bulk Sales                                    134,000
Property Tax Related to Asset Sale                            -
Property (Net)                                                -
Miscellaneous Proceeds                                        -
                                                     ----------
Total Proceeds                                        1,057,000

Prepetition Cure Cost of Capital Leases                       -
Balance of 2003 Personal Property Tax                         -
Alliance Street Production                                    -
Interest Expense (Term and Revolver)                          -
Idle Facility Cost                                     (211,000)
Electric Demand Charge                                        -
Retail Store Operating Costs                                  -
Warehousing, Shipping & Billing                               -
Freight & Duty                                                -
Manufacturing                                                 -
Inventory Cleanup                                             -
Accrued Employee Expenses                                     -
Critical Vendor Payments                                      -
Continuing Medical                                            -
Terminated Medical                                      (14,000)
Product Liability/D&O/Workers Comp. Insurance                 -
Corporate                                                83,000
Severance/Retention                                           -
Warehouse Vacation Pay                                        -
SB Capital Estate Charge Back                                 -
Early Termination Fee                                         -
DIP Fees                                                      -
Professional Fees                                       580,000
Miscellaneous Expenses                                   38,000
                                                     ----------
Total Expenses                                          476,000
                                                     ----------
Net Cash Flow                                          $581,000
                                                     ==========


                       Pillowtex, et al.
                      Disbursement Report
               For the Month Ended April 2, 2004

Net Payroll & Payroll Taxes Paid                       $209,553
Sales, Use & Other Taxes Paid                             8,500
Inventory Purchases                                           -
Interest on Long Term Debt                                    -
Secured/Rental/Lease                                          -
Utilities                                                 4,069
Insurance                                                     -
Administrative                                           32,245
Professional Fees                                       573,009
U.S. Trustee's Fees                                           -
Others                                                   46,833
                                                    -----------
Total for U.S. Trustee Fees                            $874,209
                                                    ===========

Headquartered in Dallas, Texas, Pillowtex Corporation --
http://www.pillowtex.com/-- sold top-of-the-bed products to  
virtually every major retailer in the U.S. and Canada.  The
Company filed for Chapter 11 protection on November 14, 2000
(Bankr. Del. Case No. 00-4211), emerged from bankruptcy under a
chapter 11 plan, and filed a second time on July 30, 2003 (Bankr.
Del. Case No. 03-12339).  The second chapter 11 filing triggered
sales of substantially all of the Company's assets.  David G.
Heiman, Esq., at Jones Day, and William H. Sudell, Jr., Esq., at
Morris Nichols Arsht & Tunnel, represent the Debtors.  On July 30,
2003, the Company listed $548,003,000 in assets and $475,859,000
in debts.  (Pillowtex Bankruptcy News, Issue No. 79; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: ESV's October 2004 Monthly Operating Report
----------------------------------------------------------

                   Energy Service Ventures, Inc.
                           Balance Sheet
                      As of October 31, 2004

ASSETS

Current Assets
    Cash                                              $1,881,173
    Prepetition Accounts Receivable                    3,575,924
    Other Current Assets
       Allowance for Bad Debts                        (2,791,840)
                                                  --------------
Total Current Assets                                   2,665,257

Fixed Assets                                                   0
Other Assets                                                   0
                                                  --------------
TOTAL ASSETS                                          $2,665,257
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accounts Payable                                     $15,408
                                                  --------------
Total Postpetition Liabilities                            15,408

Prepetition Liabilities
    Unsecured Debts                                   26,912,070
                                                  --------------
Total Prepetition Liabilities                         26,912,070

Owner's Equity (Deficit)
    Capital Stock/Owners' Investments                     10,000
    Paid-In Capital Surplus                           55,048,465
    Retained Earnings
       Prepetition                                   (76,394,062)
       Postpetition                                   (2,926,625)
                                                  --------------
Total Owner's Equity                                 (24,262,221)
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY            $2,665,257
                                                  ==============


                   Energy Service Ventures, Inc.
                         Income Statement
            For the Period October 1 to October 31, 2004

Total Sales/Income                                            $0
Total Cost of Sales                                            0
Gross Profit                                                   0

OPERATING EXPENSES:
    Employee Benefits                                     12,557
    Professional Fees (Atty. Accts.)                      27,334
    Restructuring Expense                                 (1,953)
    Other Operating Expenses                               2,500
                                                  --------------
Total Operating Expenses                                  40,438
                                                  --------------
Profit/Loss from Operation                               (40,438)

Other Income (Expenses)                                  822,527
                                                  --------------
Income Before Taxes                                      782,088

Income Taxes Expense                                   3,661,194
                                                  --------------
Net Income (Loss)                                    ($2,879,105)
                                                  ==============


                    Energy Service Ventures, Inc.
                     Cash Reconciliation Report
            For the Period October 1 to October 31, 2004

Cash balance from prior balance sheet                $1,897,529

Net income for month                                 (2,879,105)

Expenses Not Requiring Cash                           2,838,667
                                                  -------------
Total Cash from Operations                            1,857,091

Other sources/uses of cash:
    Decrease (Increase) Accounts Receivable                   0
    Increase (Decrease) Accounts Payable                 24,082
                                                  -------------
Total Other Sources & Uses of Cash                       24,082
                                                  -------------
Ending Cash Balance                                  $1,881,173
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas  
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ESV's November 2004 Monthly Operating Report
-----------------------------------------------------------

                   Energy Service Ventures, Inc.
                           Balance Sheet
                      As of November 30, 2004

ASSETS

Current Assets
    Cash                                              $1,883,565
    Prepetition Accounts Receivable                    3,575,924
    Other Current Assets
       Allowance for Bad Debts                        (2,791,840)
                                                  --------------
Total Current Assets                                   2,667,649

Fixed Assets                                                   0
Other Assets                                                   0
                                                  --------------
TOTAL ASSETS                                          $2,667,649
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accounts Payable                                     $16,158
                                                  --------------
Total Postpetition Liabilities                            16,158

Prepetition Liabilities
    Unsecured Debts                                   26,912,070
                                                  --------------
Total Prepetition Liabilities                         26,912,070

Owner's Equity (Deficit)
    Capital Stock/Owners' Investments                     10,000
    Paid-In Capital Surplus                           55,048,465
    Retained Earnings
       Prepetition                                   (76,394,062)
       Postpetition                                   (2,924,983)
                                                  --------------
Total Owner's Equity                                 (24,260,580)
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY            $2,667,649
                                                  ==============


                    Energy Service Ventures, Inc.
                          Income Statement
           For the Period November 1 to November 30, 2004

Total Sales/Income                                            $0
Total Cost of Sales                                            0
Gross Profit                                                   0

OPERATING EXPENSES:
    Restructuring Expense                                 (2,391)
    Other Operating Expenses                                 750
                                                  --------------
Total Operating Expenses                                  (1,641)
                                                  --------------
Profit/Loss from Operation                                 1,641

Other Income (Expenses)                                        0
                                                  --------------
Income Before Taxes                                        1,641

Income Taxes Expense                                           0
                                                  --------------
Net Income (Loss)                                         $1,641
                                                  ==============


                    Energy Service Ventures, Inc.
                     Cash Reconciliation Report
           For the Period November 1 to November 30, 2004

Cash balance from prior balance sheet                $1,881,173

Net income for month                                      1,641
                                                  -------------
Total Cash from Operations                            1,882,815

Other sources/uses of cash:
    Decrease (Increase) Accounts Receivable                   0
    Increase (Decrease) Accounts Payable                    750
                                                  -------------
Total Other Sources & Uses of Cash                          750
                                                  -------------
Ending Cash Balance                                  $1,883,565
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas       
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ESV's December 2004 Monthly Operating Report
-----------------------------------------------------------

                   Energy Service Ventures, Inc.
                           Balance Sheet
                      As of December 31, 2004

ASSETS

Current Assets
    Cash                                              $1,886,250
    Prepetition Accounts Receivable                    3,575,924
    Other Current Assets
       Allowance for Bad Debts                        (2,791,840)
                                                  --------------
Total Current Assets                                   2,670,334

Fixed Assets                                                   0
Other Assets                                                   0
                                                  --------------
TOTAL ASSETS                                          $2,670,334
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accounts Payable                                     $16,158
                                                  --------------
Total Postpetition Liabilities                            16,158

Prepetition Liabilities
    Unsecured Debts                                   26,912,070
                                                  --------------
Total Prepetition Liabilities                         26,912,070

Owner's Equity (Deficit)
    Capital Stock/Owners' Investments                     10,000
    Paid-In Capital Surplus                           55,048,465
    Retained Earnings
       Prepetition                                   (76,394,062)
       Postpetition                                   (2,922,298)
                                                  --------------
Total Owner's Equity                                 (24,257,895)
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY            $2,670,334
                                                  ==============


                   Energy Service Ventures, Inc.
                          Income Statement
           For the Period December 1 to December 31, 2004

Total Sales/Income                                           $0
Total Cost of Sales                                           0
Gross Profit                                                  0

OPERATING EXPENSES:
    Restructuring Expense                                (2,685)
                                                  -------------
Total Operating Expenses                                 (2,685)
                                                  -------------
Profit/Loss from Operation                                2,685

Other Income (Expenses)                                       0
                                                  -------------
Income Before Taxes                                       2,685

Income Taxes Expense                                          0
                                                  -------------
Net Income (Loss)                                        $2,685
                                                  =============


                    Energy Service Ventures, Inc.
                     Cash Reconciliation Report
           For the Period December 1 to December 31, 2004

Cash balance from prior balance sheet                $1,883,565

Net income for month                                      2,685
                                                  -------------
Total Cash from Operations                            1,886,250

Other sources/uses of cash                                    0
                                                  -------------
Ending Cash Balance                                  $1,886,250
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas  
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Gas' November 2004 Monthly Operating Report
-------------------------------------------------------------

                NEGT Energy Trading-Gas Corporation
                      Unaudited Balance Sheet
                      As of November 30, 2004

ASSETS

Current Assets
    Cash                                                $142,759
    Accounts Receivable - Trade                       23,034,902
    Valuation from Unrealized Commodity Contracts   Undetermined
    Receivables from Officers/Employees/Affiliates  Undetermined
    Other Current Assets
       Deposits                                       55,067,059
       Prepayments                                     9,731,036
       Other Current Assets                            3,113,514
                                                  --------------
Total Current Assets                                Undetermined

Fixed Assets
    Equipment, Furniture & Fixtures                   20,878,191
    Less Accumulated Depreciation                    (20,777,941)
                                                  --------------
Total Fixed Assets                                       100,249

Other Assets
    Accrued taxes                                   Undetermined
                                                  --------------
Total Other Assets                                  Undetermined
                                                  --------------
TOTAL ASSETS                                        Undetermined
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accounts Payable                                          $0
    Accrued Quarterly Fees                                   250
    Other:
       Accrued Payroll and Benefits                       35,672
                                                  --------------
Total Postpetition Liabilities                            35,922

Prepetition Liabilities
    Priority Claims                                 Undetermined
    Secured Debts                                   Undetermined
    Unsecured Debts                                 Undetermined
                                                  --------------
Total Prepetition Liabilities                       Undetermined

Owner's Equity (Deficit)
    Paid-In Capital Surplus                         Undetermined
    Retained Earnings (deficit)
       Prepetition                                  Undetermined
       Postpetition                                 Undetermined
                                                  --------------
Total Owner's Equity                               Undetermined
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                  ==============


                NEGT Energy Trading-Gas Corporation
                          Income Statement
          For the Period November 1 to November 30, 2004

Total Sales/Income                                   $9,686,593

Cost of Sales                                           (17,146)
                                                  -------------
Gross Profit                                          9,703,739

OPERATING EXPENSES:
    Bank Charges                                            (19)
    Communications                                          149
    Datafeeds                                             3,225
    Fixed Assets Depreciation                           100,211
    Indirect Allocations                                 59,197
    Legal Fees                                          375,000
    Realized(Gain)/Loss on Foreign Exchange              (3,235)
    Other                                                 8,220
    Payroll and benefits                                 28,817
    Professional Fees                                     5,254
    Taxes Other than Income                                  (2)
                                                  -------------
Total Operating Expenses                                576,820
                                                  -------------
Profit/Loss from Operation                            9,126,919

Other Income (Expenses):
    Interest Income                                     515,321
    Other Income(Expenses)                                4,274
                                                  -------------
Total Other Income (Expenses)                           519,595
                                                  -------------
Income Before Taxes                                   9,646,514

Income Taxes Expense (Benefit)                     Undetermined
                                                  -------------
NET INCOME                                         Undetermined
                                                  =============


                NEGT Energy Trading-Gas Corporation
                     Cash Reconciliation Report
          For the Period November 1 to November 30, 2004

Cash balance from prior balance sheet               $10,515,217
Pre-tax Net Income for month                          9,646,514

Income/Expenses Not Requiring Cash:
    Depreciation                                        100,211
    (Gain) Loss on the Sale of Fixed Assets              (5,068)
                                                  -------------
Total Expenses Not Requiring Cash                        95,143
                                                  -------------
Total Cash from Operations                           20,256,876

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable Non-Affiliate                 929,924
       Equipment                                           7,215
       Prepaids                                          305,350
       Deposits                                        1,670,000
    Increase (Decrease):
       Accounts Payable Non-Affiliate                 (3,172,560)
       Accounts Payable - Affiliate                   (9,539,761)
       Accrued Liabilities                               (14,283)
       Current Deferred Liabilities                  (10,300,000)
                                                  --------------
Total Other Sources & Uses of Cash                   (20,114,116)
                                                  --------------
ENDING CASH BALANCE                                     $142,759
                                                  ==============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas       
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Gas' December 2004 Monthly Operating Report
-------------------------------------------------------------

                NEGT Energy Trading-Gas Corporation
                      Unaudited Balance Sheet
                      As of December 31, 2004

ASSETS

Current Assets
    Cash                                                $121,556
    Accounts Receivable - Trade                       23,022,361
    Valuation from Unrealized Commodity Contracts   Undetermined
    Receivables from Officers/Employees/Affiliates  Undetermined
    Other Current Assets
       Deposits                                       55,067,059
       Prepayments                                     9,731,036
                                                  --------------
Total Current Assets                                Undetermined

Fixed Assets
    Equipment, Furniture & Fixtures                   20,813,802
    Less Accumulated Depreciation                    (20,813,802)
                                                  --------------
Total Fixed Assets                                             0

Other Assets
    Accrued taxes                                   Undetermined
                                                  --------------
Total Other Assets                                  Undetermined
                                                  --------------
TOTAL ASSETS                                        Undetermined
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accounts Payable                                          $0
    Accrued Quarterly Fees                                   250
    Other:
       Accrued Payroll and Benefits                       42,063
                                                  --------------
Total Postpetition Liabilities                           $42,313

Prepetition Liabilities
    Priority Claims                                 Undetermined
    Secured Debts                                   Undetermined
    Unsecured Debts                                 Undetermined
                                                  --------------
Total Prepetition Liabilities                       Undetermined

Owner's Equity (Deficit)
    Paid-In Capital Surplus                         Undetermined
    Retained Earnings (deficit)                     Undetermined
                                                  --------------
Total Owner's Equity                                Undetermined
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY          Undetermined
                                                  ==============


                NEGT Energy Trading-Gas Corporation
                          Income Statement
          For the Period December 1 to December 31, 2004

Total Sales/Income                                   $1,507,593

Cost of Sales                                                 0
                                                  -------------
Gross Profit                                          1,507,593

OPERATING EXPENSES:
    Bank Charges                                            (19)
    Communications                                           51
    Fixed Assets Depreciation                            97,029
    Indirect Allocations                                155,513
    Legal Fees                                          375,000
    Realized(Gain)/Loss on Foreign Exchange               1,859
    Rent                                                 25,498
    Other                                                   700
    Payroll and benefits                                408,810
    Professional Fees                                     7,329
    Software Costs                                        2,475
    Taxes Other than Income                              (5,960)
                                                  -------------
Total Operating Expenses                              1,063,287
                                                  -------------
Profit/Loss from Operation                              444,305

Other Income (Expenses):
    Interest Income                                     608,906
    Other Income(Expenses)                                 (699)
                                                  -------------
Total Other Income (Expenses)                           608,207
                                                  -------------
Income Before Taxes                                   1,052,513

Income Taxes Expense (Benefit)                     Undetermined
                                                  -------------
NET INCOME                                         Undetermined
                                                  =============


                NEGT Energy Trading-Gas Corporation
                     Cash Reconciliation Report
          For the Period December 1 to December 31, 2004

Cash balance from prior balance sheet                 $142,759
Pre-tax Net Income for month                         1,052,513

Income/Expenses Not Requiring Cash:
    Depreciation                                        97,029
    (Gain) Loss on the Sale of Fixed Assets              1,819
                                                  ------------
Total Expenses Not Requiring Cash                       98,849
                                                  ------------
Total Cash from Operations                           1,294,122

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable Non-Affiliate                12,540
       Accounts Receivable -- Affiliate                 (1,120)
       Equipment                                         1,400
      Other Current Assets                           3,113,514
    Increase (Decrease):
       Accounts Payable Non-Affiliate                 (117,055)
       Accounts Payable - Affiliate                 (4,354,179)
       Accrued Liabilities                             172,333
                                                  ------------
Total Other Sources & Uses of Cash                  (1,172,566)
                                                  ------------
ENDING CASH BALANCE                                   $121,556
                                                  ============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas  
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Gas' January 2005 Monthly Operating Report
------------------------------------------------------------

                NEGT Energy Trading-Gas Corporation
                      Unaudited Balance Sheet
                      As of January 31, 2005

ASSETS

Current Assets
    Cash                                                $118,174
    Accounts Receivable - Trade                       11,228,686
    Valuation from Unrealized Commodity Contracts   Undetermined
    Receivables from Officers/Employees/Affiliates  Undetermined
    Other Current Assets
       Deposits                                       45,623,136
       Prepayments                                     6,932,851
                                                  --------------
Total Current Assets                                Undetermined

Fixed Assets
    Equipment, Furniture & Fixtures                   20,813,802
    Less Accumulated Depreciation                    (20,813,802)
                                                  --------------
Total Fixed Assets                                             0

Other Assets
    Accrued taxes                                   Undetermined
                                                  --------------
Total Other Assets                                  Undetermined
                                                  --------------
TOTAL ASSETS                                        Undetermined
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accounts Payable                                          $0
    Accrued Quarterly Fees                                 5,000
    Other:
       Accrued Payroll and Benefits                      135,925
                                                  --------------
Total Postpetition Liabilities                          $140,925

Prepetition Liabilities
    Priority Claims                                 Undetermined
    Secured Debts                                   Undetermined
    Unsecured Debts                                 Undetermined
                                                  --------------
Total Prepetition Liabilities                       Undetermined

Owner's Equity (Deficit)                            Undetermined
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY          Undetermined
                                                  ==============


                NEGT Energy Trading-Gas Corporation
                          Income Statement
           For the Period January 1 to January 31, 2005

Total Sales/Income                                  ($5,212,011)

Cost of Sales                                                 0
                                                  -------------
Gross Profit                                         (5,212,011)

OPERATING EXPENSES:
    Communications                                          111
    Datafeeds                                               500
    Indirect Allocations                                (12,178)
    Legal Fees                                          375,000
    Realized(Gain)/Loss on Foreign Exchange               3,381
    Rent                                                 12,477
    Other                                                 5,000
    Payroll and benefits                                134,590
    Professional Fees                                     6,535
    Software Costs                                        2,475
    Taxes Other than Income                                 975
                                                  -------------
Total Operating Expenses                                528,868
                                                  -------------
Profit/Loss from Operation                           (5,740,879)

Other Income (Expenses):
    Interest Income                                     651,325
                                                  -------------
Total Other Income (Expenses)                           651,325
                                                  -------------
Income Before Taxes                                  (5,089,554)

Income Taxes Expense (Benefit)                     Undetermined
                                                  -------------
NET INCOME                                         Undetermined
                                                  =============


                NEGT Energy Trading-Gas Corporation
                     Cash Reconciliation Report
           For the Period January 1 to January 31, 2005

Cash balance from prior balance sheet                  $121,556
Pre-tax Net Income for month                         (5,089,554)

Income/Expenses Not Requiring Cash                            0
                                                  -------------
Total Cash from Operations                           (4,967,998)

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable Non-Affiliate             11,793,136
       Prepaids                                       2,798,185
       Deposits                                       9,443,922
    Increase (Decrease):
       Accounts Payable Non-Affiliate               (16,647,264)
       Accounts Payable - Affiliate                  (2,361,419)
       Accrued Liabilities                              (70,387)
       Additional Pain-In Capital                       130,000
                                                  -------------
Total Other Sources & Uses of Cash                    5,086,172
                                                  -------------
ENDING CASH BALANCE                                    $118,174
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas       
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Holdings' November 2004 Monthly Operating Report
------------------------------------------------------------------

               NEGT Energy Trading Holdings Corporation
                            Balance Sheet
                       As of November 30, 2004

ASSETS

Current Assets
    Cash                                            $326,275,740
    Accounts Receivable                                  455,525
    Receivables from Officers/Employees/Affiliates  Undetermined
    Other Current Assets
       Prepaids                                          609,150
       Accrued taxes                                Undetermined
                                                  --------------
Total Current Assets                                Undetermined

Fixed Assets                                                   0

Other Assets                                        Undetermined
                                                   -------------
TOTAL ASSETS                                        Undetermined
                                                   =============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accounts Payable                                        $750
    Other:
       Accrued Quarterly Fees                              7,500
       Accrued Legal Fees                              2,457,593
       Accrued Payroll and Benefits                       97,452
                                                   -------------
Total Postpetition Liabilities                         2,563,295

Prepetition Liabilities
    Priority Claims                                 Undetermined
    Secured Debts                                   Undetermined
    Unsecured Debts                                 Undetermined
                                                  --------------
Total Prepetition Liabilities                       Undetermined

Owner's Equity (Deficit)
    Capital Stock/Owner's Investments               Undetermined
    Paid-In Capital Surplus                         Undetermined
    Retained Earnings                               Undetermined
                                                  --------------
Total Owner's Equity                                Undetermined
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY          Undetermined
                                                  ==============


              NEGT Energy Trading Holdings Corporation
                          Income Statement
            For the Period November 1 to November 30, 2004

Total Sales/Income                                            $0

Cost of Sales                                                  0
                                                  --------------
Gross Profit                                                   0

OPERATING EXPENSES:
    Communications                                           182
    Indirect Allocations                                (451,773)
    Legal Fees                                           375,000
    Misc. Tax Payments                                   (20,155)
    Other                                                 23,298
    Other Business Expenses                                9,878
    Payroll and benefits                                  98,605
    Postage & Delivery                                    13,523
    Software Costs                                         7,175
    US Trustees                                            2,500
                                                  --------------
Total Operating Expenses                                  58,236
                                                  --------------
Profit/Loss from Operation                               (58,236)

Other Income (Expenses):
    Interest Income                                      458,336
    Interest Expense                                    (616,902)
    Equity in Subsidiary:
       Investment in NEGT Power LP                       (29,866)
       Investment in NEGT ET Investment               (1,466,223)
       Investment in NEGT ET Gas Corp.                 9,646,514
       Investment in NEGT International                  109,900
                                                  --------------
Total Other Income (Expenses)                          8,101,758
                                                  --------------
Income Before Taxes                                    8,043,522

Income Taxes Expense (Benefit)                      Undetermined
                                                  --------------
NET INCOME                                          Undetermined
                                                  ==============

              NEGT Energy Trading Holdings Corporation
                      Cash Reconciliation Report
           For the Period November 1 to November 30, 2004

Cash balance from prior balance sheet               $316,484,629
Pre-tax Net income for month                           8,043,522

Expense Not Requiring Cash:
    Investment in NEGT Power LP                           29,866
    Investment in NEGT ET Investment                   1,466,223
    Investment in ET Gas Corp.                        (9,646,514)
    Investment in NEGT International                    (109,900)
                                                   -------------
Total Expenses Not Requiring Cash                     (8,260,324)
                                                   -------------
Total Cash from Operations                           316,267,827

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable Non-Affiliate                 (33,688)
       Accounts Receivable Affiliate                   9,980,767
       Prepaids                                           15,341
    Increase (Decrease):
       Accounts Payable - Non-Affiliate                   38,434
       Accounts Payable - Affiliate                     (169,162)
       Accrued Liabilities                               176,220
                                                   -------------
Total Other Sources & Uses of Cash                    10,007,913
                                                   -------------
ENDING CASH BALANCE                                 $326,275,740
                                                   =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas       
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Holdings' December 2004 Monthly Operating Report
------------------------------------------------------------------

               NEGT Energy Trading Holdings Corporation
                            Balance Sheet
                       As of December 1, 2004

ASSETS

Current Assets
    Cash                                            $357,918,563
    Accounts Receivable                                  564,445
    Receivables from Officers/Employees/Affiliates  Undetermined
    Other Current Assets
       Prepaids                                          605,000
       Accrued taxes                                Undetermined
                                                  --------------
Total Current Assets                                Undetermined

Fixed Assets                                                   0

Other Assets                                        Undetermined
                                                  --------------
TOTAL ASSETS                                        Undetermined
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accounts Payable                                        $750
    Other:
       Accrued Quarterly Fees                              8,000
       Accrued Legal Fees                              2,156,425
       Accrued Payroll and Benefits                       98,647
                                                  --------------
Total Postpetition Liabilities                         2,263,822

Prepetition Liabilities
    Priority Claims                                 Undetermined
    Secured Debts                                   Undetermined
    Unsecured Debts                                 Undetermined
                                                  --------------
Total Prepetition Liabilities                       Undetermined

Owner's Equity (Deficit)
    Capital Stock/Owner's Investments               Undetermined
    Paid-In Capital Surplus                         Undetermined
    Retained Earnings
       Prepetition                                  Undetermined
       Postpetition                                 Undetermined
                                                  --------------
Total Owner's Equity                                Undetermined
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY          Undetermined
                                                  ==============



              NEGT Energy Trading Holdings Corporation
                         Income Statement
            For the Period December 1 to December 31, 2004

Total Sales/Income                                            $0

Cost of Sales                                                  0
                                                  --------------
Gross Profit                                                   0

OPERATING EXPENSES:
    Communications                                            63
    Datafeeds                                              3,872
    Indirect Allocations                                (838,770)
    Legal Fees                                           375,000
    Misc. Tax Payments                                       477
    Other                                                  2,981
    Payroll and benefits                                 513,281
    Professional Fees                                     18,569
    Rent                                                  31,165
    Software Costs                                         7,175
    US Trustees                                              500
                                                  --------------
Total Operating Expenses                                 114,316
                                                  --------------
Profit/Loss from Operation                              (114,316)

Other Income (Expenses):
    Interest Income                                      555,584
    Interest Expense                                    (726,607)
    Equity in Subsidiary:
       Investment in NEGT Power LP                       (15,063)
       Investment in NEGT ET Investment                 (728,050)
       Investment in NEGT ET Gas Corp.                 1,052,513
       Investment in NEGT International                  118,405
                                                  --------------
Total Other Income (Expenses)                            256,782
                                                  --------------
Income Before Taxes                                      142,466

Income Taxes Expense (Benefit)                      Undetermined
                                                  --------------
NET INCOME                                          Undetermined
                                                  ==============


              NEGT Energy Trading Holdings Corporation
                      Cash Reconciliation Report
           For the Period December 1 to December 31, 2004

Cash balance from prior balance sheet              $326,275,740
Pre-tax Net income for month                            142,466

Expense Not Requiring Cash:
    Investment in NEGT Power LP                          15,063
    Investment in NEGT ET Investment                    728,050
    Investment in ET Gas Corp.                       (1,052,513)
    Investment in NEGT International                   (118,405)
                                                  -------------
Total Expenses Not Requiring Cash                      (427,805)
                                                  -------------
Total Cash from Operations

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable Non-Affiliate               (108,920)
       Accounts Receivable Affiliate                 31,716,191
       Prepaids                                           4,150
    Increase (Decrease):
       Accounts Payable - Non-Affiliate                (295,872)
       Accounts Payable - Affiliate                       1,792
       Accrued Liabilities                              610,819
                                                  -------------
Total Other Sources & Uses of Cash                   31,928,161
                                                  -------------
ENDING CASH BALANCE                                $357,918,563
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas       
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Holdings' January 2005 Monthly Operating Report
-----------------------------------------------------------------

               NEGT Energy Trading Holdings Corporation
                             Balance Sheet
                        As of January 31, 2005

ASSETS

Current Assets
    Cash                                            $427,669,313
    Accounts Receivable                                  729,291
    Receivables from Officers/Employees/Affiliates  Undetermined
    Other Current Assets
       Prepaids                                          605,000
       Accrued taxes                                Undetermined
                                                  --------------
Total Current Assets                                Undetermined

Fixed Assets                                                   0

Other Assets                                        Undetermined
                                                  --------------
TOTAL ASSETS                                        Undetermined
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accounts Payable                                        $750
    Other:
       Accrued Quarterly Fees                              3,750
       Accrued Legal Fees                              2,770,992
       Accrued Payroll and Benefits                      103,952
                                                  --------------
Total Postpetition Liabilities                         2,879,444

Prepetition Liabilities
    Priority Claims                                 Undetermined
    Secured Debts                                   Undetermined
    Unsecured Debts                                 Undetermined
                                                  --------------
Total Prepetition Liabilities                       Undetermined

Owner's Equity (Deficit)
    Capital Stock/Owner's Investments               Undetermined
    Paid-In Capital Surplus                         Undetermined
    Retained Earnings                               Undetermined
                                                  --------------
Total Owner's Equity                                Undetermined
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY          Undetermined
                                                  ==============

              NEGT Energy Trading Holdings Corporation
                          Income Statement
            For the Period January 1, 2005 to January 31, 2005

Total Sales/Income                                    ($148,335)

Cost of Sales                                                 0
                                                  --------------
Gross Profit                                          ($148,335)

OPERATING EXPENSES:
    Communications                                          136
    Indirect Allocations                               (465,136)
    Legal Fees                                          375,000
    Misc. Tax Payments                                      900
    Payroll and benefits                                105,479
    Professional Fees                                     7,987
    Rent                                                 15,250
    Software Costs                                        3,025
    US Trustees                                           4,021
                                                  -------------
Total Operating Expenses                                 50,027
                                                  -------------
Profit/Loss from Operation                             (198,363)

Other Income (Expenses):
    Interest Income                                     693,641
    Interest Expense                                   (843,978)
    Equity in Subsidiary:
       Investment in NEGT Power LP                      (14,326)
       Investment in NEGT ET Investment                (666,349)
       Investment in NEGT ET Gas Corp.               (5,089,554)
       Investment in NEGT International                 138,722
                                                  -------------
Total Other Income (Expenses)                        (5,781,843)
                                                  -------------
Income Before Taxes                                  (5,980,207)

Income Taxes Expense (Benefit)                     Undetermined
                                                  -------------
NET INCOME                                         Undetermined
                                                  =============

              NEGT Energy Trading Holdings Corporation
                      Cash Reconciliation Report
            For the Period January 1 to January 31, 2005

Cash balance from prior balance sheet               357,918,563
Pre-tax Net income for month                         (5,980,207)

Expense Not Requiring Cash:
    Investment in NEGT Power LP                          14,326
    Investment in NEGT ET Investment                    666,348
    Investment in ET Gas Corp.                        5,089,554
    Investment in NEGT International                   (138,722)
    Reversal of Income Tax Liability                          0
    Relief of Allowance of Doubtful Accounts                  0
                                                  -------------
Total Expenses Not Requiring Cash                     5,631,506
                                                  -------------
Total Cash from Operations                          357,569,862

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable Non-Affiliate               (164,846)
       Accounts Receivable Affiliate                 69,411,845
    Increase (Decrease):
       Accounts Payable - Non-Affiliate                  36,074
       Accounts Payable - Affiliate                     149,560
       Accrued Liabilities                              518,481
       Additional Paid-In Capital                       148,336
                                                  -------------
Total Other Sources & Uses of Cash                   70,099,451
                                                  -------------
ENDING CASH BALANCE                                $427,669,314
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas       
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Investments' November 2004 Operating Report
-------------------------------------------------------------

                   NEGT ET Investments Corporation
                       Unaudited Balance Sheet
                       As of November 30, 2004

ASSETS

Current Assets                                     Undetermined

Fixed Assets                                                 $0
                                                  -------------
Other Assets                                       Undetermined
                                                  -------------
TOTAL ASSETS                                       Undetermined
                                                  =============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accrued Quarterly Fees                                 $250
                                                  -------------
Total Postpetition Liabilities                              250

Prepetition Liabilities
    Priority Claims                                Undetermined
    Secured Debts                                  Undetermined
    Unsecured Debts                                Undetermined
                                                  -------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
    Capital Stock, Owner's Investments             Undetermined
    Paid-In Capital Surplus                        Undetermined
    Retained Earnings (deficit)
       Prepetition                                 Undetermined
       Postpetition                                Undetermined
                                                  -------------
Total Owner's Equity                               Undetermined
                                                  -------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                  =============


                   NEGT ET Investments Corporation
                          Income Statement
           For the Period November 1 to November 30, 2004

Total Sales/Income                                           $0

Cost of Sales                                                 0
                                                  -------------
Gross Profit                                                  0

Operating Expenses                                         (104)
                                                  -------------
Profit/Loss from Operation                                  104

Other Income (Expenses):
    Interest Expense                                      (2,866)
    Equity in ET Power                                (1,463,462)
                                                  --------------
Total Other Income (Expenses)                         (1,466,328)
                                                  --------------
Income Before Taxes                                   (1,466,223)

Income Taxes Expense (Benefit)                      Undetermined
                                                  --------------
NET INCOME                                          Undetermined
                                                  ==============


                   NEGT ET Investments Corporation
                      Cash Reconciliation Report
           For the Period November 1 to November 30, 2004

Cash balance from prior balance sheet                        $0
Pre-tax Net income for month                         (1,466,223)

Expense Not Requiring Cash:
    Investment in Subsidiaries                        1,463,462
                                                  -------------
Total Expenses Not Requiring Cash                     1,463,462
                                                  -------------
Total Cash from Operations                               (2,761)

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable                                    0
    Increase (Decrease):
       Accounts Payable - Affiliate                       2,761
                                                  -------------
Total Other Sources & Uses of Cash                        2,761
                                                  -------------
ENDING CASH BALANCE                                          $0
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas  
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Investments' December 2004 Operating Report
-------------------------------------------------------------

                   NEGT ET Investments Corporation
                       Unaudited Balance Sheet
                       As of December 31, 2004

ASSETS

Current Assets                                     Undetermined

Fixed Assets                                                 $0
                                                  -------------
Other Assets                                       Undetermined
                                                  -------------
TOTAL ASSETS                                       Undetermined
                                                  =============

LIABILITIES AND EQUITY

Postpetition Liabilities                                   $250

Prepetition Liabilities
    Priority Claims                                Undetermined
    Secured Debts                                  Undetermined
    Unsecured Debts                                Undetermined
                                                  -------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
    Capital Stock, Owner's Investments             Undetermined
    Paid-In Capital Surplus                        Undetermined
    Retained Earnings (deficit)
       Prepetition                                 Undetermined
       Postpetition                                Undetermined
                                                  -------------
Total Owner's Equity                               Undetermined
                                                  -------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                  =============


                   NEGT ET Investments Corporation
                          Income Statement
           For the Period December 1 to December 31, 2004

Total Sales/Income                                           $0

Cost of Sales                                                 0
                                                  -------------
Gross Profit                                                  0

Operating Expenses                                            0
                                                  -------------
Profit/Loss from Operation                                  104

Other Income (Expenses):
    Interest Expense                                     10,033
    Equity in ET Power                                 (738,084)
                                                  -------------
Total Other Income (Expenses)                          (728,050)
                                                  -------------
Income Before Taxes                                    (728,050)

Income Taxes Expense (Benefit)                     Undetermined
                                                  -------------
NET INCOME                                         Undetermined
                                                  =============


                   NEGT ET Investments Corporation
                      Cash Reconciliation Report
           For the Period December 1 to December 31, 2004

Cash balance from prior balance sheet                        $0
Pre-tax Net income for month                           (728,050)

Expenses Not Requiring Cash                             738,084
                                                  -------------
Total Cash from Operations                               10,033

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable - Affiliate               16,961,787
    Increase (Decrease):
       Accounts Payable - Affiliate                 (16,971,821)
                                                  -------------
Total Other Sources & Uses of Cash                      (10,033)
                                                  -------------
ENDING CASH BALANCE                                          $0
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas  
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Investments' January 2005 Operating Report
------------------------------------------------------------

                   NEGT ET Investments Corporation
                       Unaudited Balance Sheet
                       As of January 31, 2005

ASSETS

Current Assets                                     Undetermined

Fixed Assets                                                 $0
                                                  -------------
Other Assets                                       Undetermined
                                                  -------------
TOTAL ASSETS                                       Undetermined
                                                  =============

LIABILITIES AND EQUITY

Postpetition Liabilities                                   $250

Prepetition Liabilities
    Priority Claims                                Undetermined
    Secured Debts                                  Undetermined
    Unsecured Debts                                Undetermined
                                                  -------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)                           Undetermined
                                                  -------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                  =============


                   NEGT ET Investments Corporation
                          Income Statement
            For the Period January 1 to January 31, 2005

Total Sales/Income                                           $0

Cost of Sales                                                 0
                                                   ------------
Gross Profit                                                  0

Operating Expenses                                          250
                                                   ------------
Profit/Loss from Operation                                 (250)

Other Income (Expenses):
    Interest Expense                                     35,879
    Equity in ET Power                                 (701,978)
                                                   ------------
Total Other Income (Expenses)                          (666,098)
                                                   ------------
Income Before Taxes                                    (666,348)

Income Taxes Expense (Benefit)                     Undetermined
                                                  -------------
NET INCOME                                         Undetermined
                                                  =============


                   NEGT ET Investments Corporation
                      Cash Reconciliation Report
            For the Period January 1 to January 31, 2005

Cash balance from prior balance sheet                        $0
Pre-tax Net income for month                           (666,348)

Expenses Not Requiring Cash                             701,978
                                                  -------------
Total Cash from Operations                               35,629

Other sources/uses of cash:
    Increase (Decrease):
       Accounts Payable - Affiliate                     (35,629)
                                                  -------------
Total Other Sources & Uses of Cash                      (35,629)
                                                  -------------
ENDING CASH BALANCE                                          $0
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas       
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Power's November 2004 Monthly Operating Report
----------------------------------------------------------------

                   NEGT Energy Trading-Power L.P.
                      Unaudited Balance Sheet
                      As of November 30, 2004

ASSETS

Current Assets
    Cash                                             $27,201,754
    Accounts Receivable                              140,185,185
    Valuation from Unrealized Commodity Contracts   Undetermined
    Receivables from Officers/Employees/Affiliates  Undetermined
    Other Current Assets
       Deposits                                       42,501,461
       Prepaids                                          699,999
                                                  --------------
Total Current Assets                                Undetermined

Fixed Assets
    Equipment, Furniture & Fixtures                    2,211,168
    Less Accumulated Depreciation                     (2,177,289)
                                                  --------------
Total Fixed Assets                                        33,879

Other Assets                                                   0
                                                  --------------
TOTAL ASSETS                                        Undetermined
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
    Accrued Quarterly Fees                                  $250
                                                  --------------
Total Postpetition Liabilities                              $250

Prepetition Liabilities
    Priority Claims                                 Undetermined
    Secured Debts                                   Undetermined
    Unsecured Debts                                 Undetermined
                                                  --------------
Total Prepetition Liabilities                       Undetermined

Owner's Equity (Deficit)
    Capital Stock/ Owner's Investments              Undetermined
    Paid-In Capital Surplus                         Undetermined
    Retained Earnings (deficit)
       Prepetition                                  Undetermined
       Postpetition                                 Undetermined
                                                  --------------
Total Owner's Equity                                Undetermined
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY          Undetermined
                                                  ==============


                   NEGT Energy Trading-Power L.P.
                          Income Statement
          For the Period November 1 to November 30, 2004

Total Sales/Income                                  ($1,086,013)

Cost of Sales                                           183,406
                                                  -------------
Gross Profit                                         (1,269,419)

OPERATING EXPENSES:
    Fixed Assets Depreciation                            33,877
    Indirect Allocations                                524,125
    Realized(Gain)/Loss on Foreign Exchange              (3,315)
    Unrealized(Gain)/Loss on Foreign Exchange             1,878
    Other                                                    25
                                                  -------------
Total Operating Expenses                                556,591
                                                  -------------
Profit/Loss from Operation                           (1,826,011)

Other Income (Expenses):
    Interest Income                                     333,809
    Other Income (Expenses)                              (1,126)
                                                  -------------
Total Other Income (Expenses)                           332,682
                                                  -------------
Income Before Taxes                                  (1,493,328)

Income Taxes Expense (Benefit)                     Undetermined
                                                  -------------
Net Income                                         Undetermined
                                                  =============


                   NEGT Energy Trading-Power L.P.
                     Cash Reconciliation Report
          For the Period November 1 to November 30, 2004

Cash balance from prior balance sheet               $27,237,033
Pre-tax Net income for month                         (1,493,328)

Expense Not Requiring Cash:
    Depreciation                                         33,877
    (Gain) Loss on sale of fixed assets                   1,226
    Unrealized (Gain) loss on foreign exchange            1,878
                                                  -------------
Total Expenses Not Requiring Cash                        36,982
                                                  -------------
Total Cash from Operations                           25,780,686

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable Non-Affiliate              2,328,464
       Accounts Receivable Affiliate                   (270,821)
       Equipment                                            840
       Deposits                                       2,639,308
    Increase (Decrease):
       Accounts Payable Non-Affiliates               (2,832,850)
       Accounts Payable Affiliates                     (443,872)
                                                  -------------
Total Other Sources & Uses of Cash                    1,421,067

Total Cash from Investing - Sale of Fixed Assets              0
                                                  -------------
Ending Cash Balance                                 $27,201,754
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas  
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Power's December 2004 Monthly Operating Report
----------------------------------------------------------------

                   NEGT Energy Trading-Power L.P.
                      Unaudited Balance Sheet
                      As of December 31, 2004

ASSETS

Current Assets
    Cash                                             $27,316,830
    Accounts Receivable                              132,862,234
    Valuation from Unrealized Commodity Contracts   Undetermined
    Receivables from Officers/Employees/Affiliates  Undetermined
    Other Current Assets
       Deposits                                       42,501,461
       Prepaids                                          699,999
                                                  --------------
Total Current Assets                                Undetermined

Fixed Assets
    Equipment, Furniture & Fixtures                    2,204,014
    Less Accumulated Depreciation                     (2,204,014)
                                                  --------------
Total Fixed Assets                                             0

Other Assets                                                   0
                                                  --------------
TOTAL ASSETS                                        Undetermined
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities                                   $250

Prepetition Liabilities
    Priority Claims                                Undetermined
    Secured Debts                                  Undetermined
    Unsecured Debts                                Undetermined
                                                  -------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
    Capital Stock/ Owner's Investments             Undetermined
    Paid-In Capital Surplus                        Undetermined
    Retained Earnings (deficit)
       Prepetition                                 Undetermined
       Postpetition                                Undetermined
                                                  -------------
Total Owner's Equity                               Undetermined
                                                  -------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                  =============


                   NEGT Energy Trading-Power L.P.
                          Income Statement
          For the Period December 1 to December 31, 2004

Total Sales/Income                                    ($204,501)

Cost of Sales                                                90
                                                  -------------
Gross Profit                                           (204,411)

OPERATING EXPENSES:
    Bank Fee Charges                                        160
    Fixed Assets Depreciation                            33,534
    Indirect Allocations                              1,028,842
    Realized(Gain)/Loss on Foreign Exchange               1,905
    Unrealized(Gain)/Loss on Foreign Exchange            (1,079)
                                                  -------------
Total Operating Expenses                              1,063,363
                                                  -------------
Profit/Loss from Operation                           (1,267,774)

Other Income (Expenses):
    Interest Income                                     514,691
    Other Income (Expenses)                                 (64)
                                                  -------------
Total Other Income (Expenses)                           514,627
                                                  -------------
Income Before Taxes                                    (753,147)

Income Taxes Expense (Benefit)                     Undetermined
                                                  -------------
Net Income                                         Undetermined
                                                  =============


                   NEGT Energy Trading-Power L.P.
                     Cash Reconciliation Report
          For the Period December 1 to December 31, 2004

Cash balance from prior balance sheet               $27,201,754
Pre-tax Net income for month                           (753,147)

Expense Not Requiring Cash:
    Depreciation                                         33,534
    (Gain) Loss on sale of fixed assets                      64
    Unrealized (Gain) loss on foreign exchange            1,079
                                                  -------------
Total Expenses Not Requiring Cash                        32,519
                                                  -------------
Total Cash from Operations                           26,481,127

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable Non-Affiliate              7,325,137
       Accounts Receivable Affiliate                   (279,849)
       Equipment                                            280
    Increase (Decrease):
       Accounts Payable Non-Affiliates               (7,115,924)
       Accounts Payable Affiliates                      906,060
                                                  -------------
Total Other Sources & Uses of Cash                      835,703

Total Cash from Investing - Sale of Fixed Assets              0
                                                  -------------
Ending Cash Balance                                 $27,316,830
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas  
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Power's January 2005 Monthly Operating Report
---------------------------------------------------------------

                   NEGT Energy Trading-Power L.P.
                      Unaudited Balance Sheet
                      As of January 31, 2005

ASSETS

Current Assets
    Cash                                             $27,360,331
    Accounts Receivable                              112,280,600
    Valuation from Unrealized Commodity Contracts   Undetermined
    Receivables from Officers/Employees/Affiliates  Undetermined
    Other Current Assets
       Deposits                                       31,997,780
       Prepaids                                          699,999
                                                  --------------
Total Current Assets                                Undetermined

Fixed Assets
    Equipment, Furniture & Fixtures                    2,204,014
    Less Accumulated Depreciation                     (2,204,014)
                                                  --------------
Total Fixed Assets                                             0

Other Assets                                                   0
                                                  --------------
TOTAL ASSETS                                        Undetermined
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities                                   $250

Prepetition Liabilities
    Priority Claims                                 Undetermined
    Secured Debts                                   Undetermined
    Unsecured Debts                                 Undetermined
                                                  --------------
Total Prepetition Liabilities                       Undetermined

Owner's Equity (Deficit)
    Capital Stock/ Owner's Investments              Undetermined
    Paid-In Capital Surplus                         Undetermined
    Retained Earnings (deficit)
       Prepetition                                  Undetermined
       Postpetition                                 Undetermined
                                                  --------------
Total Owner's Equity                                Undetermined
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY          Undetermined
                                                  ==============


                   NEGT Energy Trading-Power L.P.
                          Income Statement
           For the Period January 1 to January 31, 2005

Total Sales/Income                                     ($529,244)

Cost of Sales                                                  0
                                                  --------------
Gross Profit                                            (529,244)

OPERATING EXPENSES:
    Bank Fee Charges                                      54,727
    Indirect Allocations                                 450,251
    Realized(Gain)/Loss on Foreign Exchange                3,465
    Unrealized(Gain)/Loss on Foreign Exchange             (1,963)
    Other                                                  1,548
                                                  --------------
Total Operating Expenses                                 508,028
                                                  --------------
Profit/Loss from Operation                            (1,037,272)

Other Income                                             320,968
                                                  --------------
Income Before Taxes                                     (716,304)

Income Taxes Expense (Benefit)                      Undetermined
                                                  --------------
Net Income                                          Undetermined
                                                  ==============


                   NEGT Energy Trading-Power L.P.
                     Cash Reconciliation Report
           For the Period January 1 to January 31, 2005

Cash balance from prior balance sheet               $27,316,830
Pre-tax Net income for month                           (716,304)

Expense Not Requiring Cash                               (1,963)
                                                  -------------
Total Cash from Operations                           26,598,562

Other sources/uses of cash:
    Decrease (Increase):
       Accounts Receivable Non-Affiliate             19,739,099
       Accounts Receivable Affiliate                 64,589,086
       Deposits                                      10,503,681
    Increase (Decrease):
       Accounts Payable Non-Affiliates              (26,925,301)
       Accounts Payable Affiliates                  (67,144,796)
                                                  -------------
Total Other Sources & Uses of Cash                      761,768

Total Cash from Investing - Sale of Fixed Assets              0
                                                  -------------
Ending Cash Balance                                 $27,360,331
                                                  =============



                    USGen New England, Inc.
                  Unaudited Cash Flow Statement
          For the Period February 1 to February 28, 2005

CASH FLOWS FROM OPERATING ACTIVITIES:
    Net Income                                      ($10,389,929)
Adjustments to reconcile net income to net
    cash provided by operating activities:
    Depreciation                                         846,522
    Amortization of intangible assets                          -
    Loss on disposal of fixed assets                   7,147,871

Change in assets and liabilities:
    Accounts receivable                               57,901,128
    Inventory                                           (189,880)
    Prepaid, Deposits & Other                          8,017,709
    Deferred Income Taxes                                      -
    Accounts Payable                                 (13,458,404)
    Accrued Liabilities                                 (237,370)
    Liabilities - Other                               (2,293,577)
    Prepetition Assets                                         -
    Prepetition Liabilities                             (277,999)
    Equity - Other                                             -
                                                  --------------
Net cash (used in) provided by
    operating activities                              47,066,071

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property, plant and equipment                     (7,166,280)
    Change in Investment in Subsidiary                         -
    Support payments received - principle              6,041,799
                                                  --------------
Net cash (used in) provided by investing
    activities                                        (1,124,481)

CASH FLOWS FROM FINANCING ACTIVITIES:
    Increase in Debt                                           -
    Capital Contributions                                      -
                                                  --------------
Net cash provided by (used in) financing
    activities                                                 -
                                                  --------------
NET INCREASE (DECREASE) IN CASH                       45,941,590

CASH, BEGINNING OF PERIOD                            930,024,736
                                                  --------------
CASH, END OF PERIOD                                 $975,966,326
                                                  ==============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas       
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: Quantum's October 2004 Monthly Operating Report
--------------------------------------------------------------

                          Quantum Ventures
                           Balance Sheet
                       As of October 31, 2004

ASSETS

Current Assets                                         $308,226

Fixed Assets                                                  0

Other Assets                                        (21,223,185)
                                                 --------------
TOTAL ASSETS                                       ($20,914,959)
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities                                     $0
Prepetition Liabilities
    Unsecured Debts                                       1,400
                                                 --------------
Total Prepetition Liabilities                             1,400

Owner's Equity (Deficit)
    Capital Stock/Owners' Investments                       100
    Paid-In Capital Surplus                         233,222,604
    Retained Earnings
       Prepetition                                 (254,177,934)
       Postpetition                                      38,870
                                                 --------------
Total Owner's Equity                                (20,916,359)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         ($20,914,959)
                                                 ==============


                          Quantum Ventures
                          Income Statement
           For the Period October 1 to October 31, 2004


Total Sales/Income                                           $0
Total Cost of Sales                                           0
Gross Profit                                                  0

OPERATING EXPENSES:
    Other Operating Expenses                              1,000
                                                 --------------
Total Operating Expenses                                  1,000
                                                 --------------
Profit/Loss from Operation                               (1,000)

Other Income (Expenses)                                       0
                                                 --------------
Income Before Taxes                                      (1,000)

Income Taxes Expense                                    (39,870)
                                                 --------------
Net Income (Loss)                                       $38,870
                                                 ==============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas       
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: Quantum's November 2004 Monthly Operating Report
---------------------------------------------------------------

                          Quantum Ventures
                           Balance Sheet
                      As of November 30, 2004

ASSETS

Current Assets
    Postpetition Accounts Receivables                    $75,361
    Other Current Assets                                 308,226
                                                  --------------
Total Current Assets                                     383,587

Fixed Assets                                                   0

Other Assets                                         (21,223,185)
                                                  --------------
TOTAL ASSETS                                        ($20,839,598)
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities                                      $0
Prepetition Liabilities
    Unsecured Debts                                        1,400
                                                  --------------
Total Prepetition Liabilities                              1,400

Owner's Equity (Deficit)
    Capital Stock/Owners' Investments                        100
    Paid-In Capital Surplus                          233,222,604
    Retained Earnings
       Prepetition                                  (254,177,934)
       Postpetition                                      114,231
                                                  --------------
Total Owner's Equity                                 (20,840,998)
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY          ($20,839,598)
                                                  ==============


                          Quantum Ventures
                          Income Statement
          For the Period November 1 to November 30, 2004


Total Sales/Income                                           $0
Total Cost of Sales                                           0
Gross Profit                                                  0
Total Operating Expenses                                      0
                                                  -------------
Profit/Loss from Operation                                    0

Other Income (Expenses)                                  75,361
                                                  -------------
Income Before Taxes                                      75,361

Income Taxes Expense                                          0
                                                  -------------
Net Income (Loss)                                       $75,361
                                                  =============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas  
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PG&E NATIONAL: Quantum's December 2004 Monthly Operating Report
---------------------------------------------------------------

                          Quantum Ventures
                           Balance Sheet
                      As of December 31, 2004

ASSETS

Current Assets
    Postpetition Accounts Receivables                    $75,361
    Other Current Assets                                 308,226
                                                  --------------
Total Current Assets                                     383,587

Fixed Assets                                                   0

Other Assets                                         (21,223,185)
                                                  --------------
TOTAL ASSETS                                        ($20,839,598)
                                                  ==============

LIABILITIES AND EQUITY

Postpetition Liabilities                                      $0
Prepetition Liabilities
    Unsecured Debts                                        1,400
                                                  --------------
Total Prepetition Liabilities                              1,400

Owner's Equity (Deficit)
    Capital Stock/Owners' Investments                        100
    Paid-In Capital Surplus                          233,222,604
    Retained Earnings
       Prepetition                                  (254,177,934)
       Postpetition                                      114,231
                                                  --------------
Total Owner's Equity                                 (20,840,998)
                                                  --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY          ($20,839,598)
                                                  ==============

Quantum Ventures reported no earnings for December 2004.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/-- (n/k/a National Energy & Gas       
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on July 8,
2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A. Feldman, Esq.,
Shelley C. Chapman, Esq., and Carollynn H.G. Callari, Esq., at
Willkie Farr & Gallagher, and Paul M. Nussbaum, Esq., and Martin
T. Fletcher, Esq., at Whiteford, Taylor & Preston L.L.P.,
represent the Debtors in their restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$7,613,000,000 in assets and $9,062,000,000 in debts.  NEGT
received bankruptcy court approval of its reorganization plan in
May 2004, and that plan took effect on Oct. 29, 2004.  (PG&E
National Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


ROBOTIC VISION: Posts $14.6 Million Net Loss in March 2005
----------------------------------------------------------
On May 23, 2005, Robotic Vision Systems, Inc., n/k/a Acuity
Cimatrix, Inc., delivered a copy of its March 2005 monthly
operating report to the U.S. Securities and Exchange Commission.

Robotic Vision reported a $14,605,000 net loss on $2,579,000 of
gross revenues for the month ending March 31, 2005.

At March 31, 2005, Robotic Vision's balance sheet showed:

    Total Current Assets                       $7,133,000
    Total Assets                               30,174,000
    Total Liabilities Subject to Compromise    53,820,000
    Total Liabilities                          55,264,000
    Shareholders' Equity Deficit             ($25,090,000)

A full-text copy of Robotic Vision Systems, Inc.'s March 2005
Monthly Operating Report is available at no charge at:

   http://www.sec.gov/Archives/edgar/data/225868/000119312505113226/dex991.htm

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


SPIEGEL INC: Posts $3.2 Million Net Income for Period Ended Apr. 2
------------------------------------------------------------------

                 Spiegel, Inc., and Subsidiaries
                      Debtors-in-Possession
              Unaudited Consolidated Balance Sheet
                       As of April 2, 2005

                             ASSETS

Current assets:
Cash and cash equivalents                          $316,805,000
Receivables, net                                     35,273,000
Inventories                                         131,604,000
Prepaid expenses                                     27,712,000
Assets of discontinued operations                    70,849,000
                                                 --------------
Total current assets                                582,243,000
                                                 --------------

Property and equipment, net                         112,988,000
Intangible assets, net                              135,608,000
Other assets                                         16,621,000
                                                 --------------
Total assets                                       $847,460,000
                                                 ==============

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities           $161,298,000
Current portion of long-term debt                    48,000,000
Liabilities of discontinued operations               94,065,000
                                                 --------------
Total current liabilities                           303,363,000
                                                 --------------
Deferred lease obligation                            15,104,000

Liabilities subject to compromise                 1,384,685,000
                                                 --------------
Total liabilities                                 1,703,152,000
                                                 --------------

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                (27,799,000)
Accumulated deficit                              (1,289,337,000)
                                                 --------------
Total stockholders' deficit                        (855,692,000)
                                                 --------------
Total liabilities & stockholders' deficit          $847,460,000
                                                 ==============


                 Spiegel, Inc., and Subsidiaries
                      Debtors-in-Possession
         Unaudited Consolidated Statement of Operations
                 Four Weeks Ended April 2, 2005

Net sales and other revenues:
Net sales                                           $68,924,000
Other revenue                                         7,312,000
                                                 --------------
                                                     76,236,000

Cost of sales and operating expenses:
Cost of sales, including buying
   and occupancy expenses                            37,305,000
Selling, general & administrative expenses           29,934,000
                                                 --------------
                                                     67,239,000

Estimated loss of non-debtors                          (271,000)

Operating Income                                      8,726,000

Interest expense                                        681,000
                                                 --------------
Income from operations before reorganization
   items                                              8,045,000
                                                 --------------
Reorganization items, net                               614,000

Income Tax                                              215,000
                                                 --------------
Income from operations                                7,216,000
                                                 --------------
Discontinued operations:
Loss from discontinued operations                    (3,982,000)
                                                 --------------
Net Income                                           $3,234,000
                                                 ==============


                 Spiegel, Inc., and Subsidiaries
                      Debtors-in-Possession
         Unaudited Consolidated Statement of Cash Flows
                 Four Weeks Ended April 2, 2005

Cash flows from operating activities:
Net Income                                           $3,234,000
Adjustments to reconcile net loss to net cash
   used in operating activities:
   Reorganization items, net                            614,000
   Depreciation and amortization                      2,733,000
   Change in assets and liabilities:
      (Increase) decrease in receivables, net        (2,003,000)
      (Increase) decrease in investments/advances     3,852,000
      (Increase) decrease in inventories             12,838,000
      (Increase) decrease in prepaid expenses         4,438,000
      Increase (decrease) in accounts payable
         and other accrued liabilities              (24,087,000)
      Increase (decrease) in net liabilities of
         discontinued operations                     (2,216,000)
      (Increase) decrease in income taxes            (1,025,000)
                                                 --------------
Net cash used for operating activities               (1,622,000)
                                                 --------------
Net cash used for reorganization items                 (151,000)

Cash flows from investing activities:
   Net (additions) reductions to property and
      equipment                                      (2,135,000)
   Net (additions) reductions to other assets           180,000
                                                 --------------
Net cash used in investing activities                (1,955,000)
                                                 --------------
Net cash provided by financing activities                     -
                                                 --------------
Effect of exchange rate changes on cash                 163,000
                                                 --------------
Net change in cash and cash equivalents              (3,565,000)
Cash & cash equivalents, beginning of period        320,370,000
                                                 --------------
Cash & cash equivalents, end of period             $316,805,000
                                                 ==============

Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/-- is a leading international general  
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores.  The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540).  James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling, represent the Debtors in their
restructuring efforts.  When the Company filed for protection from
its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts.  (Spiegel Bankruptcy News, Issue No. 45;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


UNIVERSAL ACCESS: Files April 2005 Monthly Operating Report
-----------------------------------------------------------
Universal Access Global Holdings, Inc., and its debtor-affiliates
delivered its April 2005 monthly operating report with the United
States Bankruptcy Court for the Northern District of Illinois,
Eastern Division.  The Debtors' summary of cash receipts and
disbursements shows:

         Beginning Cash Balance    $6,210,776
         Total Receipts             5,735,968
         Total Disbursements        3,891,603
         Ending Cash Balance       $8,055,143

A full-text copy of Universal Access Global Holdings, Inc., and
its debtor-affiliates' April 2005 Monthly Operating Report is
available at no charge at:

   http://www.sec.gov/Archives/edgar/data/1070699/000110465905024489/a05-9634_1ex99d1.htm

Headquartered in Chicago, Illinois, Universal Access Global
Holdings, Inc. -- http://www.universalaccess.com/-- provides  
network infrastructure services and facilitates the buying and
selling of capacity on communications networks.  The company, and
its debtor-affiliates, filed for a chapter 11 protection on August
4, 2004 (Bankr. N.D. Ill. Case No. 04-28747).  John Collen, Esq.,
and Rosanne Ciambrone, Esq., at Duane Morris LLC, represent the
Company.  David W. Wirt, Esq., and David Neier, Esq., at Winston &
Strawn, represent an Official Committee of Unsecured Creditors.
When the Debtor filed for protection from its creditors, it listed
$22,047,000 in total assets and $24,054,000 in total debts.


USG CORP: Earns $22.9 Million of Net Income in April 2005
---------------------------------------------------------

USG Corporation, et al.
Consolidated Balance Sheet                        30-April-2005
__________________________                        _____________

Assets:
Cash and cash equivalents                          $472,904,000
Marketable Securities                               175,607,000
Restricted Cash                                      67,162,000
Receivables                                         438,798,000
Inventories                                         283,071,000
Income taxes receivable                              22,966,000
Deferred income taxes                                16,122,000
Other current assets                                 56,860,000
                                                  -------------
Total current assets                              1,533,490,000

Property, plant and equipment, net                1,609,403,000
Marketable Securities                               263,583,000
Deferred income taxes                               132,550,000
Goodwill                                             42,576,000
Other assets                                        366,523,000
                                                  -------------
Total Assets                                     $3,948,125,000
                                                  =============

Liabilities and Stockholders' Equity:
Accounts payable                                   $231,948,000
Accrued expenses                                    168,507,000
Taxes on income                                      70,286,000
                                                  -------------
Total current liabilities                           470,741,000

Other liabilities                                   393,888,000
Liabilities subject to compromise                 2,241,351,000

Stockholders' Equity:
Common stock                                          4,998,000
Treasury stock                                     (254,632,000)
Capital received in excess of par value             103,022,000
Accumulated other comprehensive income/(loss)        20,499,000
Retained earnings                                   968,258,000
                                                  -------------
Total stockholders' equity                          842,145,000
                                                  -------------
Total Liabilities and Stockholders' Equity       $3,948,125,000
                                                  =============


USG Corporation, et al.                            Month Ending
Consolidated Income Statement                     30-April-2005
_____________________________                     _____________

Net sales                                          $370,688,000

Cost of products sold                               304,160,000
Selling and administrative expenses                  24,037,000
Chapter 11 reorganization expenses                   (1,860,000)
Provision for restructuring expenses                          -
Interest expense                                        367,000
Interest income                                        (149,000)
Other (income)/expense, net                             198,000
                                                  -------------
Earnings/(loss) before income taxes                  43,935,000

Income taxes (benefit)                               21,037,000
                                                  -------------
Net Earnings/(loss)                                 $22,898,000
                                                  =============

Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading  
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes.  The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094).  David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts.  (USG
Bankruptcy News, Issue No. 88; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


USGEN NEW ENGLAND: Earns $74 Million of Net Income in March 2005
----------------------------------------------------------------

                     USGen New England, Inc.
                     Unaudited Balance Sheet
                      As of March 31, 2005

                              ASSETS

Cash and Cash Equivalents                          $966,212,199

Accounts Receivable                                  35,675,421
Support Payment Receivable - Current               Undetermined
Fuel, Inventory and Supplies                          1,739,299
Prepaid Expenses                                      7,568,010
                                                  -------------
Total Current Assets                               Undetermined

Property, Plant and Equipment - net                 373,225,527
Construction Work in Progress                         2,420,478
Intangible Asset                                       $166,530
Support Payment Receivable - Non-current                      -
                                                  -------------
Total Postpetition Assets                          Undetermined

Prepetition IC Accounts Receivable                 Undetermined
Prepetition Accounts Receivable                    Undetermined
Prepetition Prepaid Expenses                       Undetermined
                                                  -------------
Total Prepetition Assets                           Undetermined
                                                  -------------
TOTAL ASSETS                                       Undetermined
                                                  =============

                      LIABILITIES AND EQUITY

Accounts Payable                                     $9,834,115
Accrued Liabilities                                  42,961,439
                                                  -------------
Total Current Liabilities                            52,795,555

Deferred Income Taxes                                (1,098,758)
Other Liabilities                                       (80,484)
                                                  -------------
Total Postpetition Liabilities                       51,666,313

Prepetition Accounts Payable                       Undetermined
Prepetition IC Accounts Payable                    Undetermined
Prepetition Market Accounts Payable                Undetermined
Debt - Current (in Default)                          77,790,887
Out of Market Liabilities - Current                           -
Out of Market Liabilities - Non-current                       -
                                                  -------------
Total Prepetition Liabilities                      Undetermined
                                                  -------------
Total Liabilities                                  Undetermined

Shareholder's Equity
    Common Stock, Additional Paid-In Capital      1,347,736,929
    Other Comprehensive Income                                -
    Retained Earnings                              (788,422,118)
                                                  -------------
Total Shareholder's Equity                         $559,314,811
                                                  -------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                  =============


                     USGen New England, Inc.
                    Unaudited Income Statement
            For the Period March 1 to March 31, 2005

REVENUE:
    Contract Revenue                                  ($211,330)
    Market Energy                                    11,613,985
    Ancillary Products                                  503,565
    Market Capacity                                           -
    Other Revenue                                      (482,573)
                                                  -------------
Total Revenue                                        11,423,647

FUEL COSTS:
    Contract Expense                                  6,048,008
    Fuel Expense                                      1,449,531
    Fuel Hedges                                               -
                                                  -------------
Total Fuel Costs                                      7,497,539
                                                  -------------
Gross Profit                                          3,926,108

OPERATING EXPENSES:
    Direct Labor                                        769,394
    Direct Materials                                    185,307
    Direct Subcontractor Services                       443,656
    Other Operating                                    (437,122)
    Incentive Plan, Union and non-union                  91,976
    Ash Disposal, net                                  (114,971)
                                                  -------------
Total Station Operating Expenses                        938,240

Corporate Expense:
    Corporate Labor                                     659,418
    Incentive Plan                                      967,625
    Travel and Entertainment                             16,351
    Insurance                                         1,299,553
    Professional Services                             1,097,926
    Other General Administrative                     (2,152,297)
                                                  -------------
Total Corporate Expenses                              1,888,575

General Expenses:
    Property Taxes                                    1,310,228
    Interconnect Cost                                    51,647
    Depreciation                                        845,806
                                                  -------------
Total General Expenses                                2,207,681
                                                  -------------
Total Operating Expenses                              5,034,496
                                                  -------------
Total Operating Income                               (1,108,388)

Other Income (Expenses):
    Lease Expense                                         2,173
    Interest Income - NEES Receivable                 1,452,698
    Income - Other                                    2,013,619
    Gain                                             71,927,422
    Bank and LC Fees                                     (1,584)
                                                  -------------
Total Other Income (Expenses)                        75,394,328
                                                  -------------
Income Before Tax                                   $74,285,940
                                                  =============


                     USGen New England, Inc.
                  Unaudited Cash Flow Statement
           For the Period March 1 to March 31, 2005

CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income                                          $74,285,940
Adjustments to reconcile net income to net
    cash provided by operating activities:
    Depreciation                                        845,806
    Amortization of intangible assets                         -
    Loss on disposal of fixed assets                    488,905

Change in assets and liabilities:
    Accounts receivable                              (1,082,040)
    Inventory                                           (25,216)
    Prepaid, Deposits & Other                         2,128,153
    Deferred Income Taxes                                     -
    Accounts Payable                                 (1,289,451)
    Accrued Liabilities                              (9,369,308)
    Liabilities - Other                              (2,243,330)
    Prepetition Assets                                  456,822
    Prepetition Liabilities                         (72,472,462)
    Equity - Other                                            -
                                                  -------------
Net cash (used in) provided by
    operating activities                             (8,276,181)

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property, plant and equipment                      (579,344)
    Change in Investment in Subsidiary                        -
    Support payments received - principle             6,080,804
                                                  -------------
Net cash (used in) provided by investing
    activities                                        5,501,460

CASH FLOWS FROM FINANCING ACTIVITIES:
    Repayment of Debt                                (6,979,406)
    Capital Contributions                                     -
                                                  -------------
Net cash provided by (used in) financing
    activities                                       (6,979,406)
                                                  -------------
NET INCREASE (DECREASE) IN CASH                       4,204,685

CASH, BEGINNING OF PERIOD                           975,966,326
                                                  -------------
CASH, END OF PERIOD                                $980,171,011
                                                  =============

Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale.  The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465).  John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts.  When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731.  The Debtor filed its Second Amended
Plan of Liquidation and Disclosure Statement on March 24, 2005
(PG&E National Bankruptcy News, Issue No. 43; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


WINN-DIXIE: Monthly Operating Report for 4-Week Period Ended May 4
------------------------------------------------------------------

                  Winn-Dixie Stores, Inc., et al.
               Unaudited Consolidated Balance Sheet
                           At May 4, 2005
                           (In thousands)

                               ASSETS

Current assets:
    Cash and cash equivalents                            $53,676
    Marketable securities                                 19,563
    Trade and other receivables, net                     191,298
    Insurance claims receivable                            5,911
    Income tax receivable                                 34,011
    Merchandise inventories, less LIFO reserve           824,737
    Prepaid expenses and other current assets            112,227
                                                    ------------
    Total current assets                               1,241,423

Property, plant and equipment, net                       805,139
Other assets, net                                        117,969
                                                    ------------
TOTAL ASSETS                                          $2,164,531
                                                    ============

               LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
    Current portion of long-term debt                       $268
    Current obligations under capital leases               2,831
    Accounts payable                                     111,015
    Reserve for workers' compensation insurance
       claims and self-insurance                          81,550
    Accrued wages and salaries                            87,979
    Accrued rent                                           6,026
    Accrued expenses                                     104,634
                                                    ------------
    Total current liabilities                            394,303

Reserve for workers' compensation insurance
    claims and self-insurance                            133,419
Long-term debt                                               372
Long-term borrowings under DIP Credit Facility           196,785
Obligations under capital leases                           7,729
Other liabilities                                         18,862
                                                    ------------
Total liabilities not subject to compromise              751,470
Liabilities subject to compromise                      1,114,627
                                                    ------------
Total liabilities                                      1,866,097

Shareholders' equity:
    Common stock                                         141,929
    Additional paid-in-capital                            31,827
    Retained earnings                                    144,257
    Accumulated other comprehensive loss                 (19,579)
                                                     -----------
Total shareholders' equity                               298,434
                                                     -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY            $2,164,531
                                                     ===========


                  Winn-Dixie Stores, Inc., et al.
          Unaudited Consolidated Statement of Operations
                  Four weeks ended May 4, 2005
                           (In thousands)

Net sales                                              $742,683
Cost of sales                                           562,277
                                                    -----------
Gross profit on sales                                   180,406

Other operating and administrative expenses             211,465
Restructuring charges                                     5,791
                                                    -----------
Operating loss                                          (36,850)
Interest expense, net                                     1,147
                                                    -----------
Loss before reorganization items and income taxes       (37,997)
Reorganization items, net                                 6,219
                                                    -----------
Loss from continuing operations before income tax       (44,216)
Income tax expense                                            -
                                                    -----------
Net loss from continuing operations                     (44,216)
Discontinued operations:
    Loss from discontinued operations                    (1,105)
    Loss on disposal of discontinued operations            (126)
    Income tax expense                                        -
                                                    -----------
Net loss from discontinued operations                    (1,231)
                                                    -----------
Net loss                                               ($45,447)
                                                    ===========


                  Winn-Dixie Stores, Inc., et al.
          Unaudited Consolidated Statement of Cash Flows
                  Four weeks ended May 4, 2005
                           (In thousands)

Cash flows from operating activities:
Net loss                                               ($45,447)
Adjustments to reconcile net loss to net
  cash used in operating activities:
    Gain on sale of facilities                             (178)
    Reorganization items, net                             6,219
    Depreciation and amortization                        11,404
    Stock compensation plans                                471
    Change in operating assets and liabilities:
       Trade and other receivables                       (1,856)
       Merchandise inventories                          (33,313)
       Prepaid expenses and other current assets         (3,874)
       Accounts payable                                 (26,041)
       Reserve for insurance claims and self-insurance    2,637
       Lease liability on closed facilities               4,052
       Income taxes receivable                               20
       Defined benefit plan                                (410)
       Other accrued expenses                             4,988
    Net cash used in operating activities before
     reorganization items                               (81,328)
    Cash effect of reorganization items                    (658)
                                                    -----------
Net cash used in operating activities                   (81,986)

Cash flows from investing activities:
    Purchases of property, plant and equipment           (1,353)
    Increase in investments and other assets             (3,186)
    Proceeds from sale of assets                         15,549
    Marketable securities, net                              (57)
                                                    -----------
Net cash provided by investing activities                10,953

Cash flows from financing activities:
    Gross borrowings on DIP Credit Facility             234,057
    Gross repayments on DIP Credit Facility            (143,549)
    Principal payments on long-term debt                    (33)
    Principal payments on capital lease obligations        (157)
    Other                                                   167
                                                    -----------
Net cash provided by financing activities                90,485
                                                    ------------
Increase in cash and cash equivalents                    19,452
Cash and cash equivalents at beginning of period         34,224
                                                    ------------
Cash and cash equivalents at end of period              $53,676
                                                    ============

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. --
http://www.winn-dixie.com/-- is one of the nation's largest food  
retailers.  The Company operates stores across the Southeastern
United States and in the Bahamas and employs approximately 90,000
people.  The Company, along with 23 of its U.S. subsidiaries,
filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y.
Case No. 05-11063).  The Honorable Judge Robert D. Drain ordered
the transfer of Winn-Dixie's chapter 11 cases from Manhattan to
Jacksonville.  On April 14, 2005, Winn-Dixie and its debtor-
affiliates filed for chapter 11 protection in M.D. Florida (Case
No. 05-03817 to 05-03840).  D.J. Baker, Esq., at Skadden Arps
Slate Meagher & Flom LLP, and Sarah Robinson Borders, Esq., and
Brian C. Walsh, Esq., at King & Spalding LLP, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts.  (Winn-Dixie
Bankruptcy News, Issue No. 14; 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
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Monthly Operating Reports are summarized in every Saturday edition
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For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                          *********

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

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

Copyright 2005.  All rights reserved.  ISSN: 1520-9474.

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