TCR_Public/051022.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, October 22, 2005, Vol. 9, No. 251

                          Headlines

ALLIED HOLDINGS: AH Industries Inc.'s Schedules of Assets & Debts
ALLIED HOLDINGS: Allied Automotive's Schedules of Assets and Debts
ALLIED HOLDINGS: Allied Freight Broker Files Schedules
ALLIED HOLDINGS: Allied Systems Canada Files Schedules
ALLIED HOLDINGS: Logistic Systems' Schedules of Assets & Debts

ALLIED HOLDINGS: RMX LLC'S Schedules of Assets and Debts
FGI GROUP: Files Monthly Operating Report for September 2005
LEVITZ HOME: Aug. 31 Balance Sheet Upside-Down by $210,572,000
MESABA AVIATION: MAIR Holdings' Balance Sheet as of June 30
MIIX GROUP: Posts $367,178 Cumulative Net Loss in July 2005

MIIX GROUP: Posts $367,178 Cumulative Net Loss in August 2005
O'SULLIVAN INDUSTRIES: Mar. 31 Balance Sheet Upside-Down by $197M
REFCO INC: Refco Group Ltd.'s Balance Sheet as of May 31
SOUTHERN INVESTORS: Posts $27,582 Net Loss for August 2005


                          *********

ALLIED HOLDINGS: AH Industries Inc.'s Schedules of Assets & Debts
-----------------------------------------------------------------
AH Industries, Inc., schedules shows $524,776 in total assets from
intercompany receivables, and zero liabilities.

Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide  
short-haul services for original equipment manufacturers and
provide logistical services.  The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537).  Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts.  (Allied Holdings Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


ALLIED HOLDINGS: Allied Automotive's Schedules of Assets and Debts
------------------------------------------------------------------

A.     Real property                                         $0

B.     Personal property                            
B.2    Bank accounts                                    836,905
B.3    Security deposits                                  1,200
B.12   Stock interests                                  unknown
B.13   Interests in partnerships                        unknown
B.15   Accounts receivable                                5,532
B.17   Other liquidated debts owed                            
          Georgia Corporate Franchise Tax Refund            205
          Florida Corporate Franchise Tax Prepayment         23
          Georgia Corporate Franchise Tax Prepayment     60,051
          Kentucky Corporate Franchise Tax Prepayment        30
          Massachusetts Corporate Franchise
             Tax Prepayment                               3,678
          Louisiana Corporate Franchise Tax Prepayment       64
          Michigan Single Business Tax Prepayment        27,869
          Oklahoma Corporate Franchise Tax Prepayment       921
          Pennsylvania Corporate Franchise
             Tax Prepayment                               8,395
          Tennessee Corporate Franchise Tax Prepayment    1,095
          Wisconsin Corporate Franchise Tax Prepayment       25
B.23   Automobiles  Service Yard Vehicles                11,300
B.26   Office equipment and supplies                      1,542
B.33   Other personal property                         
          Leasehold Improvements                          6,786
          Software                                       31,263
          Data Processing Equipment                       7,900
          Intercompany Receivables                   59,098,475
          Prepaid items                                  51,526

       TOTAL SCHEDULED ASSETS                       $60,154,785
                                                   ============

C.     Property claimed as exempt                             0

D.     Secured claims                                         0

E.     Unsecured priority claims                        129,840

F.     Unsecured non-priority claims
          Allied Systems, Ltd                        13,766,432
          Alpha Business Services                        13,981
          Chevron Energy Solution LP                     12,352
          Cindy Pekrul                                   85,529
          Corp Express Doc & Print Mgmt                  14,461
          Gannett Fleming Inc.                           10,623
          Maximus                                        27,577
          National Automobile                            75,000
          Ogletree, Deakins, Nash, Smoak                 17,525
          Stanley Weaver                                 35,616
          Truescreen Inc.                                18,924
          USI of Georgia, Inc.                          182,278
          Others                                         94,716

       TOTAL SCHEDULED LIABILITIES                  $14,484,854
                                                   ============

Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide  
short-haul services for original equipment manufacturers and
provide logistical services.  The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537).  Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts.  (Allied Holdings Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


ALLIED HOLDINGS: Allied Freight Broker Files Schedules
------------------------------------------------------

A.     Real property                                         $0

B.     Personal property
B.15   Accounts receivable                           $1,446,115
B.17   Other liquidated debts owed                            
          West Virginia Corporate Franchise Tax Refund      150
          Wisconsin Corporate Franchise Tax Refund        1,400
B.33   Intercompany receivables                       6,120,162

       TOTAL SCHEDULED ASSETS                        $7,567,827
                                                    ===========

C.     Property claimed as exempt                             0

D.     Secured claims                                         0

E.     Unsecured priority claims                             52

F.     Unsecured non-priority claims
          Allied Automotive Group, Inc.                  10,046
          Allied Systems, Ltd                         2,012,257
          CSC                                                97
          F.J. Boutell Driveaway LLC                    207,892
          Wells Fargo Bank, as Trustee                  Unknown
          
       TOTAL SCHEDULED LIABILITIES                   $2,230,345
                                                    ===========

Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide  
short-haul services for original equipment manufacturers and
provide logistical services.  The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537).  Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts.  (Allied Holdings Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


ALLIED HOLDINGS: Allied Systems Canada Files Schedules
------------------------------------------------------

A.     Real property
          Land
             737 Pinquet Street, Winnipeg, MB          $392,448
             6151 Colonel Talbot Road, London, ON     1,512,560
             1790 Provincial Rd., Windsor, ON         5,289,872
          Building/Renovation/Paving/Fence
             1790 Provincial Rd., Windsor, ON         1,230,607
          Building/Renovations/Parking
             County Rd 11 & Hwy 4, Talbotville, ON      778,179
          Structure/Parking Lot
             North Park Drive Gate 2, Bramalea, ON      142,611
          Gate Repair/Parking Lot
             North Park Drive Gate 2, Bramalea, ON      106,901
          Extend Parking Lot
             North Park Drive Gate 2, Bramalea, ON      304,290
          Others                                        480,943

B.     Personal property
B.1    Cash on hand                                      21,161
B.2    Bank accounts                                    736,466
B.3    Security deposits                                 74,646
B.15   Accounts receivable                            8,809,410
B.17   Other liquidated debts owed                            
          Ontario Corporate Tax Refund                  239,444
          CCRA Corporate Income Tax Refund               86,621
          Quebec Corporate Tax Refund                     7,289
          Ontario Corporate Tax Refund                   14,239
          CCRA Corporate Income Tax Prepayment           36,219
          Quebec Corporate Tax Prepayment                   163
          Ontario Corporate Tax Prepayment                1,902
          Quebec Sales Tax Refund                       274,500
B.23   Automobiles                                            
          Service-Yard Vehicles                         137,900
          Trailers                                   10,849,500
          Tractors                                   13,870,100
B.26   Office equipment and supplies                      3,671
B.27   Machinery, furniture and fixtures                      
          Parts and supplies                            974,414
          Vehicle Tires                                 113,711
          Bulk Fuel                                      51,826
          Shop Equipment                                122,286
B.33   Other personal property                           
          Leasehold Improvements                        788,786
          Software                                        7,730
          Data Processing Equipment                      56,693
          Intercompany Receivables                      100,912
          Prepaid License                               523,808
          Prepaid Insurance                           1,313,399
          Prepaid Rents                                  12,423
          Misc Prepayments                              663,098
          Prepaid Tires                               1,268,862
          Prepaid Real & Personal Property Taxes        104,712
          Vehicles Held for Sale                         48,193

       TOTAL SCHEDULED ASSETS                       $51,552,495
                                                   ============

C.     Property claimed as exempt                             0

D.     Secured claims                                    43,504

E.     Unsecured priority claims
          Alberta Revenue                                34,490
          Canada Customs & Revenue Agency                33,091
          Doraville Internal Revenue Service             80,301
          Minister Of Finance, Ontario                   68,959
          Receiver General-Ontario                      420,686
          Others                                        244,790

F.     Unsecured non-priority claims
          AH Industries                                 524,776
          Allied Automotive Group, Inc.               1,195,361
          Allied Holdings, Inc.                      85,914,828
          Allied Systems, Ltd                           540,977
          Canada Customs & Revenue                      206,373
          Daimler Chrysler- EDI                         249,073
          Daimler Chrysler-AUHL CA                      118,486
          Delavan Industries Inc - Buffalo              197,858
          Delavan Industries Inc - St. Catharines       164,381
          Fonds De Solidarite                            94,179
          Ford Motor Company Body And Assembly          125,768
          GM of Canada Ltd-CANG                         188,491
          Jemm Mobile Truck and Trailer, Inc.           122,052
          Marsh Canada Limited                          582,282
          Michelin North America/Canada                 272,984
          The Bank Of Nova Scotia                     1,005,648
          WSIB                                          158,915
          Others                                      4,942,091

       TOTAL SCHEDULED LIABILITIES                  $97,530,272
                                                   ============

Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide  
short-haul services for original equipment manufacturers and
provide logistical services.  The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537).  Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts.  (Allied Holdings Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


ALLIED HOLDINGS: Logistic Systems' Schedules of Assets & Debts
--------------------------------------------------------------
Logistic Systems, LLC, discloses that it has zero liabilities and  
total assets of $942,200 from government bonds and intercompany  
receivables.

Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide  
short-haul services for original equipment manufacturers and
provide logistical services.  The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537).  Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts.  (Allied Holdings Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


ALLIED HOLDINGS: RMX LLC'S Schedules of Assets and Debts
--------------------------------------------------------
RMX, LLC discloses zero assets and $981,231 in liabilities,
consisting of:

   -- $50 in unsecured priority claims; and

   -- $981,181 in unsecured non-priority claims.


Headquartered in Decatur, Georgia, Allied Holdings, Inc. --
http://www.alliedholdings.com/-- and its affiliates provide  
short-haul services for original equipment manufacturers and
provide logistical services.  The Company and 22 of its affiliates
filed for chapter 11 protection on July 31, 2005 (Bankr. N.D. Ga.
Case Nos. 05-12515 through 05-12537).  Jeffrey W. Kelley, Esq., at
Troutman Sanders, LLP, represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated more than $100 million in assets
and debts.  (Allied Holdings Bankruptcy News, Issue No. 9;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


FGI GROUP: Files Monthly Operating Report for September 2005
------------------------------------------------------------
On Oct. 13, 2005, FGI Group Inc., filed a monthly operating report
for Florsheim Group, Inc., et al., and its debtor-affiliates
covering the period ended Sept. 30, 2005, with the
United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division.

FGI Group reports a $1,119,380 cash balance at Sept. 30, 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 September 2005 Monthly Operating
Report is available at no charge at
http://ResearchArchives.com/t/s?26d

Florsheim Group, Inc., filed for chapter 11 protection on March 4,
2002 (Bankr. N.D. Ill. Case No. 02-08209) 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.


LEVITZ HOME: Aug. 31 Balance Sheet Upside-Down by $210,572,000
--------------------------------------------------------------

                  Levitz Home Furnishings, Inc.
                and its Consolidated Subsidiaries
               Unaudited Consolidated Balance Sheet
                      As of August 31, 2005

                             ASSETS

CURRENT ASSETS:
   Cash and cash equivalents                     $7,739,000
   Net Receivables                                4,236,000
   Merchandise inventories                      101,479,000
   Prepaid expenses and other current assets      7,723,000
   Deferred financing fees                        2,865,000
                                               ------------
      Total current assets                      124,042,000

PROPERTY AND EQUIPMENT - NET                     52,156,000
CAPITAL LEASES, NET                              13,321,000
DEFERRED FINANCING FEES                           6,996,000
OTHER ASSETS                                      6,080,000
LEASEHOLD INTERESTS                              42,797,000
                                               ------------
TOTAL ASSETS                                   $245,392,000
                                               ============

          LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY

CURRENT LIABILITIES:
   Accounts payable - trade                     $78,936,000
   Accrued expenses and non-trade payables      110,475,000
   Customer deposits                             35,924,000
   Deferred revenue                               3,227,000
   Current portion of long-term debt              1,058,000
                                               ------------
      Total current liabilities                 229,620,000

LONG TERM DEBT                                  203,008,000
DEFERRED REVENUE AND OTHER                        2,401,000
MINIMUM PENSION LIABILITY                        20,935,000

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (DEFICIENCY):
   Preferred stock at $0.01 par value;
      3,000,000 and 1,000,000 shares
      authorized; 992,413 and 792,413 shares
      issued and outstanding at June 30 and
      March 31, 2005, respectively                   10,000

   Common stock at $0.01 par value; 100,000,000
      shares authorized; 24,962,496 shares
      issued; 51,365 shares reserved;
      24,911,131 shares outstanding at June 30
      and March 31, 2005, respectively              231,000

   Additional paid-in capital                   180,918,000

   Capital Stock Un-issued and Reserved
      for Class 5 Claims                             18,000

   Equity Receivable                               (500,000)
   Warrants                                      35,090,000
   Dividends distributable                       11,996,000
   Accumulated other comprehensive loss         (12,736,000)
   Accumulated deficit                         (425,599,000)
                                               ------------
      Total stockholders' equity (deficiency)  (210,572,000)
                                               ------------
TOTAL LIABILITIES AND
   SHAREHOLDERS' EQUITY (DEFICIENCY)           $245,392,000
                                               ============

Headquartered in Woodbury, New York, Levitz Home Furnishings, Inc.
-- http://www.levitz.com/-- is a leading specialty retailer of  
furniture in the United States with 121 locations in major
metropolitan areas principally the Northeast and on the West Coast
of the United States.  The Company and its 12 affiliates filed for
chapter 11 protection on Oct. 11, 2005 (Bank. S.D.N.Y. Lead Case
No. 05-45189).  David G. Heiman, Esq., and Richard Engman, Esq.,
at Jones Day, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they reported $245 million in assets and $456 million
in debts. (Levitz Bankruptcy News, Issue No. 1; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


MESABA AVIATION: MAIR Holdings' Balance Sheet as of June 30
-----------------------------------------------------------

                        MAIR Holdings, Inc.
         Unaudited Condensed Consolidated Balance Sheets
                       As of June 30, 2005

                              ASSETS

Current Assets
    Cash and cash equivalents                       $66,516,000
    Short-term investments                           63,936,000
    Accounts receivable, net of reserves             27,678,000
    Inventories, net                                 11,955,000
    Prepaid expenses and deposits                     5,586,000
    Deferred income taxes and other                  11,627,000
                                                   ------------
                                                    187,298,000
                                                   ------------
Property and Equipment
    Flight equipment                                 94,871,000
    Other property and equipment                     41,749,000
    Less: Accumulated depreciation & amortization   (98,549,000)
                                                   ------------
                                                     38,071,000
                                                   ------------
Noncurrent Assets
    Long-term investments                            42,118,000
    Goodwill                                          2,503,000
    Other intangible assets, net                      2,717,000
    Other assets, net                                 6,027,000
                                                   ------------
Total Assets                                       $278,734,000
                                                   ============

                LIABILITIES & SHAREHOLDERS' EQUITY

Current Liabilities
    Accounts payable                                $16,128,000
    Accrued liabilities:
        Payroll                                      18,230,000
        Maintenance                                  20,201,000
        Deferred income                               3,401,000
        Other current liabilities                    21,302,000
                                                   ------------
                                                     79,262,000

Other Noncurrent Liabilities                          5,480,000

Shareholders' Equity
    Undesignated preferred stock                              -
    Common stock                                        206,000
    Paid-in capital                                  54,378,000
    Warrants                                         16,500,000
    Accumulated other comprehensive loss               (165,000)
    Retained earnings                               123,073,000
                                                   ------------
                                                    193,992,000
                                                   ------------
Total Liabilities & Shareholders' Equity           $278,734,000
                                                   ============

MAIR Holdings, Inc.'s balance sheets include the accounts of its
wholly owned subsidiaries, Mesaba Aviation, Inc., and Big Sky
Transportation Co.  

                           *   *   *   

MAIR's latest annual report indicates that Mesaba transports 65
passengers for every passenger Big Sky transports, and MAIR
provides this limited amount of deconsolidated financial
disclosure about total assets at March 31, 2005:

                                     Total Assets at
          Deconsolidated Entity       March 31, 2005
          ---------------------      ---------------
          Mesaba Aviation, Inc.         $120,877,000
          Big Sky Transportation Co.      11,308,000
          MAIR Holdings, Inc.            148,769,000
                                        ------------
              Consolidated Total        $280,954,000
                                        ============

Mesaba Aviation, Inc., d/b/a Mesaba Airlines,--
http://www.mesaba.com/-- operates as a Northwest Airlink  
affiliate under code-sharing agreements with Northwest Airlines.  
The Company filed for chapter 11 protection on Oct. 13, 2005
(Bankr. D. Minn. Case No. 05-39258).  Michael L. Meyer, Esq., at
Ravich Meyer Kirkman McGrath & Nauman PA, represents the Debtor in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed total assets of $108,540,000 and
total debts of $87,000,000. (Mesaba Bankruptcy News, Issue No. 1;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


MIIX GROUP: Posts $367,178 Cumulative Net Loss in July 2005
-----------------------------------------------------------
On Aug. 25, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from July 1, 2005, to July 31,
2005, with the U.S. Bankruptcy Court for the District of Delaware.

MIIX Group reports a cumulative net loss of $367,178 on $8,293 of
total revenue for the period from Dec. 21, 2004 thru July 31,
2005.  New Jersey State Medical Underwriters, Inc., reports a
cumulative net loss of $407,809 on $2,934,128 of total revenue for
the period from Dec. 21, 2004, thru July 31, 2005.

At July 31, 2005, The MIIX Group's and New Jersey State Medical
Underwriters, Inc.'s balance sheets reflect:

                                                     New Jersey
                                                  State Medical
                             The MIIX Group   Underwriters, Inc.
                             --------------   ------------------
   Total Assets                  $8,314,634          $13,773,731
   Total Liabilities              8,937,488            6,231,194
   Stockholders' Equity           ($622,855)          $7,542,538

A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period from
July 1, 2005 to July 31, 2005, is available at no charge at:

             http://ResearchArchives.com/t/s?26e

Headquartered in Lawrenceville, New Jersey, The MIIX Group, Inc. -
- http://www.miix.com/-- provides management services to medical  
malpractice insurance companies.  The Company along with its
debtor-affiliate filed for chapter 11 protection on Dec. 20, 2004
(Bankr. D. Del. Case No. 04-13588).  Andrew J. Flame, Esq., at
Drinker Biddle & Reath LLP represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated assets between $10 million and $50
million and debts between $10 million and $50 million.


MIIX GROUP: Posts $367,178 Cumulative Net Loss in August 2005
-------------------------------------------------------------
On Sept. 26, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from Aug. 1, 2005, to Aug. 31,
2005, with the U.S. Bankruptcy Court for the District of Delaware.

MIIX Group reports a cumulative net loss of $367,178 on $8,293 of
total revenue for the period from Dec. 21, 2004 thru Aug. 31,
2005.  New Jersey State Medical Underwriters, Inc., reports a
cumulative net loss of $475,143 on $2,957,460 of total revenue for
the period from Dec. 21, 2004, thru Aug. 31, 2005.

At Aug. 31, 2005, The MIIX Group's and New Jersey State Medical
Underwriters, Inc.'s balance sheets reflect:

                                                     New Jersey
                                                  State Medical
                             The MIIX Group   Underwriters, Inc.
                             --------------   ------------------
   Total Assets                  $8,227,463          $13,686,560
   Total Liabilities              8,937,488            6,231,194
   Stockholders' Equity           ($710,026)          $7,455,367

A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period from
Aug. 1, 2005 to Aug. 31, 2005, is available at no charge at:

             http://ResearchArchives.com/t/s?26f

Headquartered in Lawrenceville, New Jersey, The MIIX Group, Inc. -
- http://www.miix.com/-- provides management services to medical  
malpractice insurance companies.  The Company along with its
debtor-affiliate filed for chapter 11 protection on Dec. 20, 2004
(Bankr. D. Del. Case No. 04-13588).  Andrew J. Flame, Esq., at
Drinker Biddle & Reath LLP represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated assets between $10 million and $50
million and debts between $10 million and $50 million.


O'SULLIVAN INDUSTRIES: Mar. 31 Balance Sheet Upside-Down by $197M
-----------------------------------------------------------------

      O'SULLIVAN INDUSTRIES HOLDINGS, INC. AND SUBSIDIARIES
               Unaudited Consolidated Balance Sheet
                       As of March 31, 2005

Assets

Current assets:
Cash and cash equivalents                             $4,584,000
Trade receivables, net                                29,067,000
Inventories, net                                      39,893,000
Prepaid expenses and other current assets              2,455,000
                                                   -------------
Total current assets                                  75,999,000

Property, plant and equipment, net                    53,666,000
Other assets                                           7,102,000
Goodwill, net of accumulated amortization             38,088,000
                                                   -------------
Total assets                                        $174,855,000
                                                   =============

Liabilities and Stockholders' Deficit
Current liabilities:
Accounts payable                                     $11,787,000
Accrued advertising                                    9,670,000
Accrued liabilities                                   16,463,000
Payable to RadioShack                                          -
                                                   -------------
Total current liabilities                             37,920,000

Long-term debt                                       223,016,000
Mandatorily redeemable senior preferred stock         30,084,000
Other liabilities                                     11,229,000
Payable to RadioShack                                 70,067,000
                                                   -------------
Total liabilities                                    372,316,000

Commitments and contingent liabilities

Stockholders' deficit:
Junior preferred stock, Series A                               -
Junior preferred stock, Series B                     110,643,000
Junior preferred stock, Series C                           1,000
Class A common stock                                      14,000
Class B common stock                                       7,000
Additional paid-in capital                            13,057,000
Retained deficit                                    (323,321,000)
Notes receivable from employees                                -
Treasury stock, at cost                                        -
Accumulated other comprehensive income                 2,138,000
                                                   -------------
Total stockholders' deficit                        ($197,461,000)
                                                   -------------
Total liabilities and stockholders' deficit         $174,855,000
                                                   =============

Headquartered in Roswell, Georgia, O'Sullivan Industries Holdings,
Inc. -- http://www.osullivan.com/-- designs, manufactures, and  
distributes ready-to-assemble furniture and related products,
including desks, computer work centers, bookcases, filing
cabinets, home entertainment centers, commercial furniture, garage
storage units, television, audio, and night stands, dressers, and
bedroom pieces.  O'Sullivan sells its products primarily to large
retailers including OfficeMax, Lowe's, Wal-Mart, Staples, and
Office Depot.  The Company and its subsidiaries filed for chapter
11 protection on October 14, 2005 (Bankr. N.D. Ga. Case No. 05-
83049).  On September 30, 2005, the Debtor listed $161,335,000 in
assets and $254,178,000 in debts.  (O'Sullivan Bankruptcy News,
Issue No. 1; Bankruptcy Creditors' Service, Inc., 215/945-7000)


REFCO INC: Refco Group Ltd.'s Balance Sheet as of May 31
--------------------------------------------------------

              Refco Group Ltd., LLC, and Subsidiaries
              Consolidated Balance Sheets (Unaudited)
                        As of May 31, 2005

Cash and cash equivalents                           $405,029,000

Cash and securities segregated
under federal and other regulations:
   Cash and cash equivalents                       1,053,218,000
   Securities purchased under agreements to resell    67,013,000
Securities purchased under agreements to resell   46,551,374,000
Deposits with clearing organizations               2,519,147,000
Receivables from securities borrowed               2,631,989,000
Receivables from broker-dealers and
   clearing organizations                         10,770,348,000
Receivables from customers, net of reserves        1,807,446,000
Securities owned, at market or fair value          6,774,039,000
Memberships in exchanges                              36,159,000
Goodwill                                             744,110,000
Identifiable intangible assets                       595,931,000
Other assets                                         363,888,000
                                                 ---------------
Total assets                                     $74,319,691,000
                                                 ===============
Liabilities
   Short-term borrowings, including current
      portion of long-term borrowings               $144,913,000
   Securities sold under agreements to repurchase 43,333,241,000
   Payable from securities loaned                  2,458,147,000
   Payable to broker-dealers
      and clearing organizations                   8,444,520,000
   Payable to customers                            7,622,809,000
   Securities sold, not yet purchased             10,590,379,000
   Accounts payable, accrued expenses
      and other liabilities                          278,149,000
Long-term borrowings                               1,236,000,000
                                                 ---------------
Total liabilities                                 74,108,158,000
                                                 ---------------
Commitments and contingent liabilities
Membership interests issued by
   subsidiary and minority interest                   23,606,000
Member's equity                                      187,927,000
                                                 ---------------
Total liabilities and member's equity            $74,319,691,000
                                                 ===============

In its Chapter 11 petition, Refco Inc. and its affiliates reported
to the Bankruptcy Court that as of February 28, 2005, their
financial condition was:

      Total Assets: $48,765,349,000

      Total Debts:  $48,599,748,000

In a filing with the Securities and Exchange Commission, Refco
Group Ltd., LLC, and its subsidiaries disclosed that their
consolidated balance sheet as of May 31, 2005, reflects:

      Total Assets: $74,319,691,000

      Total Debts:  $74,108,158,000

As of Aug. 31, 2005, Mr. Klejna reports, the Debtors' consolidated
financial position was:

      Total Assets: $16.5 billion

      Total Debts:  $16.8 billion

Headquartered in New York, New York, Refco Inc. (NYSE: RFX) --  
http://www.refco.com/-- is a diversified financial services   
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In addition
to its futures brokerage activities, Refco is a major broker of
cash market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products.  Refco is one of the largest global clearing firms for
derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case Nos. 05-60006
through 05-60029).  J. Gregory Milmoe, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represents the Debtors in their
restructuring efforts.  As of Feb. 28, 2005, Refco Inc. and its
debtor-affiliates listed $48,765,349,000 in total assets and
$48,599,748,000 in total liabilities.  As of May 31, 2005, Refco
Group Ltd., LLC, and its subsidiaries listed $74,319,691,000 in
total assets and $74,108,158,000 in total debts.  As of Aug. 31,
2005, the Debtors' consolidated financial position listed $16.5
billion in total assets and $16.8 billion in total debts.


SOUTHERN INVESTORS: Posts $27,582 Net Loss for August 2005
----------------------------------------------------------
On Oct. 19, 2005, Southern Investors Service Company, Inc., filed
its monthly operating report for September 2005 with the U.S.
Bankruptcy Court for Southern District of Texas.

Southern Investors reports a net loss of $14,628 on $0 revenues
for the month of September 2005.

At Sept. 30, 2005, Southern Investors' balance sheet reflects:

        Current Assets                     $2,660,344
        Total Assets                        2,660,344
        Post-Petition Liabilities              53,805
        Pre-Petition Liabilities            8,636,056
        Total Liabilities                   8,689,861   
        Total Owner's Deficit             ($6,029,517)

A full-text copy of Southern Investors' monthly operating report
for the month of September 2005 is available at no charge at:

               http://ResearchArchives.com/t/s?277

Headquartered in Houston, Texas, Southern Investors Service
Company, Inc., manages residential developments and office
buildings that are owned by others.  The Company filed for chapter
11 protection on April 8, 2005. (Bankr. S.D. Tx. Case No. 05-
35538). Basil A. Umari, Esq. of Andrews & Kurth LLP, represents
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they reported assets of
$2,377,000 and Debts totaling $8,607,000.

                          *********

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, Tara Marie A. Martin 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.

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