/raid1/www/Hosts/bankrupt/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.
The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher
Beard at 240/629-3300.
*** End of Transmission ***