TCR_Public/050618.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, June 18, 2005, Vol. 9, No. 143

                          Headlines

AMES DEPARTMENT: Posts $1 Million Net Loss in April 2005
FGI GROUP: Files Monthly Operating Report for May 2005
FOOTSTAR INC: Earns $3.2 Million of Net Income in May 2005
FRESH CHOICE: Earns $161,000 of Net Income for Period Ended May 15
PILLOWTEX CORP: April 2005 Cash Receipts & Disbursements Report

SONICBLUE INC: Files April 2005 Monthly Operating Report
TWINLAB CORP: Files May 2005 Monthly Operating Report
WESTPOINT STEVENS: Files Amended Schedules of Assets and Debts
WESTPOINT STEVENS: JP Stevens' Amended Schedules of Assets & Debts
WINSTAR COMMS: Posts $882,562 Net Loss in April 2005

                          *********

AMES DEPARTMENT: Posts $1 Million Net Loss in April 2005
--------------------------------------------------------

          Ames Department Stores, Inc., and Subsidiaries
          Unaudited Consolidated Condensed Balance Sheets
                        At April 30, 2005
                          (In Thousands)

ASSETS
Current Assets:
       Cash and cash equivalents                        $19,806
       Restricted cash                                   59,000
       Receivables                                        2,049
                                                     ----------
Total current assets                                     80,855
Fixed Assets                                                  -
                                                     ----------
Total Assets                                            $80,855
                                                     ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
       Accounts payable:
       Trade                                            $55,593
       Other                                             10,940
                                                     ----------
Total accounts payable                                   66,533

Self-insurance reserves                                  29,023
Accrued expenses                                         19,578
Liabilities subject to compromise                       846,015
                                                     ----------
Total liabilities                                       961,149

Stockholders' equity (deficit)
       Common stock                                         295
       Additional paid-in capital                       533,393
       Accumulated deficit                           (1,413,060)
       Treasury stock                                      (922)
                                                     ----------
Total stockholders' deficit                            (880,294)
                                                     ----------
Total liabilities and stockholders' equity              $80,855
                                                     ==========


          Ames Department Stores, Inc., and Subsidiaries
    Unaudited Consolidated Condensed Statements of Operations
             For the Four Weeks Ended April 30, 2005
                          (In Thousands)

Total revenue                                              $169

Costs and expenses
       Wind down expenses and other costs                 1,122
       Gain on Sale of Assets                                 -
       Write off of excess reserves                           -
       Professional fees                                    100
                                                     ----------
Loss before income taxes                                 (1,053)
Income tax provision                                          -
                                                     ----------
Net Loss                                                ($1,053)
                                                     ==========


          Ames Department Stores, Inc., and Subsidiaries
     Unaudited Consolidated Condensed Statements of Cash Flows
              For the Four Weeks Ended April 30, 2005
                          (In Thousands)

Cash flows from operating activities:
       Net loss                                         ($1,053)
       Expenses not requiring the outlay of cash:
          Gain on the sale of assets                          -

Cash used by operations                                  (1,053)

Changes in working capital:
       Increase in receivables                             (384)
       Decrease in accrued exp. and other liabilities      (230)
       Decrease in accounts payable                        (202)
       Increase in Restricted Cash                           (7)
                                                     ----------
Net cash used by operating activities                    (1,876)
Cash flows from financing activities:
       Change in liabilities subject to compromise          650
       Proceeds from the sale of assets                       -
                                                     ----------
Net cash provided by financing activities                   650

Decrease in cash and cash equivalents                    (1,226)
Cash and cash equivalents, beginning of period           21,032
                                                     ----------
Cash and cash equivalents, end of period                $19,806
                                                     ==========

Ames Department Stores filed for chapter 11 protection on Aug. 20,
2001 (Bankr. S.D.N.Y. Case No. 01-42217).  Albert Togut, Esq.,
Frank A. Oswald, Esq. at Togut, Segal & Segal LLP and Martin J.
Bienenstock, Esq., and Warren T. Buhle, Esq., at Weil, Gotshal &
Manges LLP represent the Debtors in their restructuring efforts.  
When the Company filed for protection from their creditors, they
listed $1,901,573,000 in assets and $1,558,410,000 in liabilities.
(AMES Bankruptcy News, Issue No. 69; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


FGI GROUP: Files Monthly Operating Report for May 2005  
------------------------------------------------------
On June 14, 2005, FGI Group Inc., filed a monthly operating report
for Florsheim Group, Inc., et al., and its debtor-affiliates
covering the period ended May 31, 2005, with the United States
Bankruptcy Court for the Northern District of Illinois, Eastern
Division.

FGI Group reports a $1,230,225 cash balance at May 31, 2005, and
provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.

A full-text copy of FGI Group's May 2005 Monthly Operating Report
is available at no charge at http://researcharchives.com/t/s?26

Florsheim Group, Inc., filed for chapter 11 protection on March 4,
2002 (Bankr. N.D. Ill. Case No. 02 B 08209) to facilitate a sale
of its U.S. wholesale business and 23 retail stores to its U.S.
assets to the Weyco Group, Inc. for $45.6 million in cash, subject
to post closing adjustment.


FOOTSTAR INC: Earns $3.2 Million of Net Income in May 2005
----------------------------------------------------------
On June 15, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the month of May 2005 with the
U.S. Bankruptcy Court for the Southern District of New York.

The Debtors reported a $3.2 million net income on $58.3 million of
net sales for May 2005.  The Debtors also reported a cumulative
net loss of $39.8 million on $988.2 million of net sales from
March 3, 2004, through May 28, 2005.

At May 28, 2005, Footstar, Inc.'s consolidated balance sheet
showed:

      Total Current Assets                      $363,200,000
      Total Assets                               408,400,000
      Current Liabilities                        110,900,000
      Total Liabilities Subject to Compromise    176,700,000
      Total Liabilities                          343,300,000
      Shareholders' Equity                       $65,100,000

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

              http://researcharchives.com/t/s?29

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.


FRESH CHOICE: Earns $161,000 of Net Income for Period Ended May 15
------------------------------------------------------------------
On June 10, 2005, Fresh Choice, Inc., filed its monthly operating
report for the four-week period ended May 15, 2005, with the
United States Bankruptcy Court for the Northern District of
California.

The Company reported a $160,710 net income in $4,390,557 of total
revenues for the four-week period ended May 15, 2005.

At May 15, 2005, Fresh Choice, Inc.'s balance sheet shows:

      Current Assets                         $3,785,710    
      Total Assets                           18,392,119     
      Current Liabilities                     6,514,051
      Total Prepetition Liabilities          11,254,157
      Total Liabilities                      19,412,638
      Total Stockholders' Equity Deficit    ($1,020,519)

A full-text copy of Fresh Choice, Inc.'s Monthly Operating Report
for the period ended May 15, 2005, is available at no charge at:

               http://researcharchives.com/t/s?24

Headquartered in Morgan Hill, California, Fresh Choice, Inc. --
http://www.freshchoice.com/-- owns and operates a chain of more  
than 40 salad bar eateries, mostly located in California.  The
company filed for chapter 11 protection on July 12, 2004 (Bankr.
N.D. Calif. Case No. 04-54318).  Debra I. Grassgreen, Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub P.C. represents
the Debtor in its restructuring efforts.  When the Debtor filed
for protection from its creditors, it listed $29,651,000 in total
assets and $14,348,000 in total debts.


PILLOWTEX CORP: April 2005 Cash Receipts & Disbursements Report
---------------------------------------------------------------
As per agreement with the Office of the United States Trustee,
Pillowtex Corporation and its debtor-affiliates will provide a
report on their Consolidated Balance Sheets and Consolidated
Statements of Operations on a quarterly basis.

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

Accounts Receivable Collections                      $1,635,000
Brown & Joseph/Atwell Fees                               (8,000)
Accounts Receivable Personnel                           (16,000)
Inventory Bulk Sales                                          -
Property Tax Related to Asset Sale                            -
Property (Net)                                        2,070,000
Miscellaneous Proceeds                                        -
                                                     ----------
Total Proceeds                                        3,681,000

Prepetition Cure Cost of Capital Leases                       -
Balance of 2003 Personal Property Tax                         -
Alliance Street Production                                    -
Interest Expense (Term and Revolver)                          -
Idle Facility Cost                                      (33,000)
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                                            -
Product Liability/D&O/Workers Comp. Insurance                 -
Corporate                                                81,000
Severance/Retention                                           -
Warehouse Vacation Pay                                        -
SB Capital Estate Charge Back                                 -
Early Termination Fee                                         -
DIP Fees                                                      -
Professional Fees                                     1,028,000
Miscellaneous Expenses                                   51,000
                                                     ----------
Total Expenses                                        1,193,000
                                                     ----------
Net Cash Flow                                        $2,488,000
                                                     ==========


                       Pillowtex, et al.
                      Disbursement Report
                  For Month Ended April 30, 2005

Net Payroll & Payroll Taxes Paid                       $220,139
Sales, Use & Other Taxes Paid                               125
Inventory Purchases                                           -
Interest on Long Term Debt                                    -
Secured/Rental/Lease                                          -
Utilities                                                (1,795)
Insurance                                                     -
Administrative                                            6,579
Professional Fees                                     1,019,481
U.S. Trustee's Fees                                      12,500
Others                                                   50,000
                                                    -----------
Total for U.S. Trustee Fees                          $1,307,119
                                                    ===========

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


SONICBLUE INC: Files April 2005 Monthly Operating Report
--------------------------------------------------------
At April 30, 2005, SONICblue Incorporated reports that it is
sitting on $79,381,968 of cash, has accrued $1,052,724 in
postpetition liabilities and faces a $236,904,166 mountain of
prepetition debts.

A full-text copy of SONICblue Inc.'s April 2005 Operating Report
is available at no charge at http://researcharchives.com/t/s?25

Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets.  The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed voluntary petitions for bankruptcy under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Northern District of California,
San Jose Division (Case No. 03-51775).


TWINLAB CORP: Files May 2005 Monthly Operating Report
-----------------------------------------------------
On June 15, 2005, Twinlab Corporation (n/k/a TL Administration
Corporation ), Twin Laboratories Inc. (n/k/a TL Administration
Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration
(UK) Ltd.) delivered their monthly operating reports for the month
ended May 31, 2005, with the Securities and Exchange Commission.

Full-text copies of the Debtors' May 2005 Monthly Operating
Reports are available at no charge at:

             http://researcharchives.com/t/s?28

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

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

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


WESTPOINT STEVENS: Files Amended Schedules of Assets and Debts
--------------------------------------------------------------
WestPoint Stevens, Inc., amends Schedule F of its Schedules of
Assets and Liabilities to add eight more creditors holding
unsecured non-priority claims:

    Creditor                                         Amount
    --------                                         ------
    Georgia UST Management Program                     $0
    Lee County Health Department                        0
    New Braunfels Fire Department                       0
    Saad Holding Company                                0
    Thomas Dugas                                        0
    U.S. Environmental Protection Agency, Region VI     0
    U.S. Environmental Protection Agency, Region 7      0
    Virginia Department of Environmental Quality        0

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed  
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores.  Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens.  The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
47; Bankruptcy Creditors' Service, Inc., 215/945-7000)


WESTPOINT STEVENS: JP Stevens' Amended Schedules of Assets & Debts
------------------------------------------------------------------
J.P. Stevens & Co., Inc. adds seven more creditors holding
unsecured non-priority claims in Schedule F of its Schedules of
Assets and Liabilities:

    Creditor                                         Amount
    --------                                         ------
    Commonwealth of Massachusetts                      $0
    Commonwealth of Pennsylvania                        0
    Federal Deposit Insurance Corporation               0
    Saad Holding Company                                0
    Thomas Dugas                                        0
    U.S. Environmental Protection Agency                0
    Westchester County Airport                          0

Headquartered in West Point, Georgia, WestPoint Stevens, Inc., --
http://www.westpointstevens.com/-- is the #1 US maker of bed  
linens and bath towels and also makes comforters, blankets,
pillows, table covers, and window trimmings.  It makes the Martex,
Utica, Stevens, Lady Pepperell, Grand Patrician, and Vellux
brands, as well as the Martha Stewart bed and bath lines; other
licensed brands include Ralph Lauren, Disney, and Joe Boxer.
Department stores, mass retailers, and bed and bath stores are its
main customers.  (Federated, J.C. Penney, Kmart, Sears, and Target
account for more than half of sales.) It also has nearly 60 outlet
stores.  Chairman and CEO Holcombe Green controls 8% of WestPoint
Stevens.  The Company filed for chapter 11 protection on June 1,
2003 (Bankr. S.D.N.Y. Case No. 03-13532).  John J. Rapisardi,
Esq., at Weil, Gotshal & Manges, LLP, represents the Debtors in
their restructuring efforts. (WestPoint Bankruptcy News, Issue No.
47; Bankruptcy Creditors' Service, Inc., 215/945-7000)


WINSTAR COMMS: Posts $882,562 Net Loss in April 2005
----------------------------------------------------

                       Winstar Communications, Inc.
                              Balance Sheet
                          As of April 30, 2005

ASSETS

Unrestricted Cash and Equivalents                   $25,175,024
Restricted Cash and Cash Equivalents                          -
Accounts Receivable (Net)                                     -
Notes Receivable                                              -
Inventories                                                   -
Prepaid Expenses                                              -
Professional Retainers                                        -
Other Current Assets                                          -
                                                   ------------
Total Current Assets                                 25,175,024
                                                   ------------
Real Property and Improvements
    Machinery & Equipment                                     -
    Furniture, Fixtures & Office Equipment                    -
    Leasehold Improvements                                    -
    Vehicles                                                  -
    Less: Accumulated Depreciation                            -
                                                   ------------
    Total Property & Equipment                                -
                                                   ------------
Loans to Insiders
     Other Assets                                             -
                                                   ------------
     Total Other Assets                                       -
                                                   ------------
TOTAL ASSETS                                        $25,175,024
                                                   ============

LIABILITIES & SHAREHOLDER'S EQUITY

Accounts Payable                                              -
Taxes Payable                                                 -
Wages Payable                                                 -
Notes Payable                                                 -
Rent/Leases - Building/Equipment                              -
Secured Debt/Adequate Protection Payments                     -
Professional Fees                                             -
Amounts Due to Insiders                                       -
Other Post Conversion Liabilities                             -
                                                   ------------
Total Post Conversion Liabilities                             -
                                                   ------------
Secured Debt                                                  -
Priority Debt                                                 -
Unsecured Debt                                                -
                                                   ------------
Total Pre-Conversion Liabilities                              -
                                                   ------------
Owners' Equity
    Capital Stock                                             -
    Additional Paid In Capital                                -
    Partners' Capital Account                                 -
    Owners' Equity Account                          $57,559,619
    Retained Earnings - Pre-Conversion                        -
    Retained Earnings - Post-Conversion             (32,384,594)
    Adjustments to Owner Equity                               -
    Postpetition Contributions (Distributions)(Draws)         -
                                                   ------------
    Net Owners' Equity                               25,175,024
                                                   ------------
TOTAL LIABILITIES & OWNERS' EQUITY                  $25,175,024
                                                   ============


                      Winstar Communications, Inc.
                        Statement of Operations
                  For the Month Ended April 30, 2005

Gross Revenues                                                -
    Less: Returns and Allowances                              -
                                                   ------------
    Net Revenue                                               -

Beginning Inventory                                           -
    Add: Purchases                                            -
    Add: Cost of Labor                                        -
    Add: Other Costs                                          -
    Less: Ending Inventory                                    -
    Cost of Goods Sold                                        -
                                                   ------------
    Gross Profit                                              -

Advertising                                                   -
Auto and Truck Expense                                        -
Bad Debts                                                     -
Contributions                                                 -
Employee Benefits Programs                                    -
Insider Compensation                                          -
Insurance                                                     -
Management Fees/Bonuses                                       -
Office Expense                                                -
Pension & Profit-Sharing Plans                                -
Repairs and Maintenance                                       -
Rent and Lease Expenses                                       -
Salaries/Commissions/Fees                                     -
Supplies                                                      -
Taxes - Payroll                                               -
Taxes - Real Estate                                           -
Taxes - Other                                                 -
Travel and Entertainment                                      -
Utilities                                                     -
Other                                                         -
                                                   ------------
Total Operating Expenses before Depreciation                  -
Depreciation/Depletion/Amortization                           -
                                                   ------------
Net Profit (Loss) before other income and expenses            -

Other Income                                            $21,186
Worker's Comp Refund                                          -
Tax Refund                                                    -
Leasehold Buyback                                             -
Interest Expense                                              -
Other Expense                                           851,027
Pmt from Sale of Assets - Tera                                -
Compensation as Director per Court Order                      -
Payment Per Stipulation                                       -
Pmt from Sale of Assets - American Communications             -
Return of DIP Loan Disbursement                               -
Pmt from Sale of Del Telecom International Stock              -
Pmt per NW Nexus Sale Order                                   -
Pmt per 1/7 Order and APA Agreement                           -
Payment per 2/10/03 Court Order                               -
Pmt PTO Employment Contract                                   -
Turnover of Funds to IDT                                      -
Turnover of Bank Account                                      -
Insurance Expense                                             -
Reimbursement of Expenses                                31,608
Payroll                                                  21,113
Sale of Assets                                                -
                                                   ------------
Net Profit (Loss) before reorganization items          (882,562)

Professional Fees                                             -
U.S. Trustee Quarterly Fees                                   -
Interest Earned on Accumulated Cash from Chapter 11           -
Gain (Loss) from Sale of Equipment                            -
Other Reorganization Expenses                                 -
Total Reorganization Expenses                                 -
Income Taxes                                                  -
                                                   ------------
Net Profit (Loss)                                     ($882,562)
                                                   ============


                      Winstar Communications, Inc.
                    Cash Receipts and Disbursements
                  For the Month Ended April 30, 2005

Cash Beginning of Month                             $26,057,586

Receipts:
    Cash Sales                                                -
    Accounts Receivable                                       -
    Return of DIP Loan Disbursement                           -
    Sale of ISP Northwest Nexus                               -
    Holdings Funds                                            -
    Insurance Refund Dividend                                 -
    Final Settlement                                          -
    Liquidation of Well's Fargo Acct                          -
    Liquidation of Fleet Account per stipulation              -
    Transfer from AON                                         -
    Leasehold Buyback                                         -
    Closing of Bank Account                                   -
    Pmt from Sales of Assets - Tera                           -
    Pmt from Sales of Assets - American Communications        -
    Pmt from Sale of Del Telecom International Stock          -
    Transfers                                                 -
    Claim Settlement                                          -
    Refund of Overpayment                                     -
    Tax Refund                                                -
    Worker's Comp Refund                                      -
    Collection on Preferences                             6,000
    Turnover of Bank Account                                  -
    Reimbursement - Moving Expenses                           -
    Interest                                             15,186
    Payment from Sale of Assets                               -
                                                   ------------
    Total Receipts                                      $21,186

Disbursements:
    Employee Benefits                                         -
    Net Payroll                                         $21,113
    Payroll Taxes                                             -
    Sales, Use, & Other Taxes                                 -
    Chapter 11 Quarterly Fees                                 -
    Chapter 11 Administrative Claims                          -
    Insurance                                                 -
    Additional Payment of Funds - CTG Revised Accounting      -
    Pmt per NW Nexus Sale Order                               -
    Pmt per 1/7 Order and APA Agreement                       -
    Advertising Fees                                          -
    License Fees                                              -
    Legal Fees per Court Order                                -
    Administrative                                          145
    Telephone                                                 -
    Compensation as Director per Court Order                  -
    Distribution Per Orders of 12/12/02                       -
    Payment per 2/10/03 Court Order                           -
    Pmt PTO Employment Contract                               -
    Owner Draw                                                -
    Reimbursement of Check from SF Interactive                -
    Reimbursement of Expenses                            31,608
    Reimbursement of Expenses per Order of 5/13/03            -
    Turnover of Funds to IDT                                  -
    Trustee Bond                                              -
    Professional Fees                                         -
    Trustee Expense                                           -
    Trustee Commission                                   68,410
    Bankruptcy Service Payments                           1,022
    Rent                                                      -
    Moving Expenses                                           -
    Payment per Stipulation                                   -
    Payment of Carve Out per order of 12/11/02                -
    Payment per stipulation and order of 4/15/03
       - per carve out                                        -
    Per Order of 4/15/03 - payment of chapter 11 carve out    -
    Pmt per order of 4/15/03
       - pmt of carve out chapter 11 fees                     -
    Attorney's Fees for Counsel for Trustee             372,719
    Accounting Fees for acct. for Chapter 7 Trustee     119,551
    Tax Consultant Fees                                 289,179
    Payment - Summary Judgment                                -
    Payment of Claims                                         -
                                                   ------------
    Total Disbursements                                 903,748
                                                   ------------
    Net Cash Flow                                      (882,562)
                                                   ------------
    Cash - End of Month                             $25,175,024
                                                   ============

Headquartered in New York, New York, Winstar Communications, Inc.,
provides broadband services to business customers.  The Company
and its debtor-affiliates filed for chapter 11 protection on April
18, 2001 (Bankr. D. Del. Case Nos. 01-01430 through 01-01462).
The Debtors obtained the Court's approval converting their case to
a chapter 7 liquidation proceeding in January 2002.  Christine C.
Shubert serves as the Debtors' chapter 7 trustee.  When the
Debtors filed for bankruptcy, they listed $4,975,437,068 in total
assets and $4,994,467,530 in total debts.  (Winstar Bankruptcy
News, Issue No. 67; Bankruptcy Creditors' Service, Inc.,
215/9457000)

                          *********

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

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

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

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.

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

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

                          *********

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

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