TCR_Public/070127.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, January 27, 2007, Vol. 11, No. 23

                             Headlines

CALPINE CORP: Posts $243.3 Million Net Loss in November 2006
FLYI INC: Posts $631,088 Net Loss in November 2006
FLYI INC: Independence Air Earns $15.6 Million in November 2006
PACIFIC LUMBER: Scotia Has $452 Mil. Member Deficit at Sept. 30
PACIFIC LUMBER: Scotia's Parent's $200M Member Deficit at Sept. 30

REFCO INC: Files December 2006 Monthly Operating Report
REFCO INC: Refco LLC Files November 2006 Monthly Operating Report
ROWE COS: Posts $888,504 Net Loss in Period Ended Dec. 31
ROWE COS: Rowe Furniture Files Dec. 31 Monthly Operating Report

                             *********

CALPINE CORP: Posts $243.3 Million Net Loss in November 2006
------------------------------------------------------------

                       Calpine Corporation
              Condensed Consolidating Balance Sheet
                     As of November 30, 2006

                             ASSETS

Current assets:
    Cash and cash equivalents                     $1,190,772,000
    Accounts receivable, net                         746,029,000
    Margin deposits & other prepaid expenses         319,548,000
    Inventories                                      202,725,000
    Restricted cash                                  387,385,000
    Current derivative assets                        239,673,000
    Current assets held for sale                     154,515,000
    Other current assets                              82,410,000
                                                  --------------
Total current assets                               3,323,057,000

    Restricted cash, net of current portion          193,856,000
    Notes receivable, net of current portion         145,773,000
    Project development costs                         26,468,000
    Investments                                      114,311,000
    Deferred financing costs                         142,200,000
    Prepaid lease, net of current portion            209,305,000
    Property, plant and equipment, net            13,691,556,000
    Goodwill                                          45,160,000
    Other intangible assets, net                      50,672,000
    Long-term derivative assets                      392,912,000
    Other assets                                     523,500,000
                                                  --------------
Total assets                                     $18,858,770,000
                                                  ==============

              LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
    Accounts payable                                $467,011,000
    Accrued payroll and related expense               43,373,000
    Accrued interest payable                         330,409,000
    Income taxes payable                              99,073,000
    Notes payable and other borrowings, current      143,940,000
    Preferred interests, current portion               8,990,000
    Capital lease obligations, current portion       282,389,000
    CCFC financing, current portion                    3,208,000
    CalGen financing, current portion              2,511,136,000
    Construction/project financing, current          717,537,000
    DIP Facility, current portion                      3,500,000
    Current derivative liabilities                   305,788,000
    Other current liabilities                        358,479,000
                                                  --------------
Total current liabilities                          5,274,833,000

    Notes payable and other borrowings, net          419,944,000
    Preferred interests, net of current              574,425,000
    Capital lease obligations, net                       136,000
    CCFC financing, net of current portion           778,932,000
    Construction/project financing, net            1,478,418,000
    DIP Facility, net of current portion             993,875,000
    Deferred income taxes, net of current portion    424,902,000
    Deferred revenue                                 109,650,000
    Long-term derivative liabilities                 534,685,000
    Other liabilities                                159,183,000
                                                  --------------
Total liabilities not subject to compromise       10,748,983,000
Liabilities subject to compromise                 14,864,869,000

Minority interests                                   269,431,000
Stockholders' equity (deficit):
    Common stock                                         536,000
    Additional paid-in capital                     3,271,124,000
    Additional paid-in capital, loaned s             162,400,000
    Additional paid-in capital, returnable shares   (162,400,000)
    Accumulated deficit                          (10,247,826,000)
    Accumulated other comprehensive loss             (48,357,000)
                                                  --------------
Total stockholders' deficit                       (7,024,513,000)
                                                  --------------
Total liabilities and stockholders'              $18,858,770,000
                                                  ==============

                       Calpine Corporation
         Condensed Consolidating Statement of Operations
             For the period ending November 30, 2006

Revenue:
   Electricity and steam revenue                    $378,638,000
   Sales of purchased power and gas
      for hedging and optimization                   109,000,000
   Mark-to-market activities, net                    (10,267,000)
   Other revenue                                       4,536,000
                                                  --------------
Total revenue                                        481,907,000

Cost of revenue:
   Plant operating expense                            62,899,000
   Royalty expense                                     1,871,000
   Transmission purchase expense                       5,994,000
   Purchased power and gas expense
      for hedging and optimization                   112,034,000
   Fuel expense                                      226,818,000
   Depreciation and amortization expense              40,829,000
   Operating plant impairments                            (1,000)
   Operating lease expense                             4,091,000
   Other cost of revenue                               4,712,000
                                                  --------------
Total cost of revenue                                459,247,000

Gross profit                                          22,660,000
Equipment, development project and other impairment            -
Long-term service agreement cancellation charge                -
Project development expense                            2,360,000
Research and development expense                         927,000
Sales, general and administrative expense              6,655,000
                                                  --------------
Income from operations                                12,718,000
Interest expense                                     254,493,000
Interest (income)                                     (7,317,000)
Minority interest expense                                228,000
Other (income) expense, net                              872,000
                                                  --------------
Income (loss) before reorganization items and
   provision for income taxes                       (235,558,000)
Reorganization items                                   7,899,000
                                                  --------------
Income (loss) before provision for income taxes     (243,457,000)
Provision (benefit) for income taxes                    (116,000)
                                                  --------------
Net income (loss)                                  ($243,341,000)
                                                  ==============

Headquartered in San Jose, California, Calpine Corporation
(OTC Pink Sheets: CPNLQ) -- http://www.calpine.com/-- supplies    
customers and communities with electricity from clean, efficient,
natural gas-fired and geothermal power plants.  Calpine owns,
leases and operates integrated systems of plants in 21 U.S. states
and in three Canadian provinces.  Its customized products and
services include wholesale and retail electricity, gas turbine
components and services, energy management and a wide range of
power plant engineering, construction and maintenance and
operational services.

The company previously produced a portion of its fuel consumption
requirements from its own natural gas reserves. However, in July
2005, the company sold substantially all of its remaining domestic
oil and gas assets to Rosetta Resources Inc.

The company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts.  Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors.  As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities.  (Calpine Bankruptcy News, Issue No. 36; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


FLYI INC: Posts $631,088 Net Loss in November 2006
--------------------------------------------------

                             FLYi Inc.
                    Consolidated Balance Sheet
                     As of December 31, 2006

ASSETS

Current assets
   Cash                                               $1,229,624
   Short term investments                                      -
   Net accounts receivable                           379,627,803
   IC Notes receivable                                 4,252,000
                                                   -------------
   Total Current Assets                              385,109,427
                                                   -------------
Other assets
   Restricted cash                                             -
   Long term investments                               7,435,000
   Other assets                                       14,055,412
                                                   -------------
   Total Other Assets                                 21,490,412
                                                   -------------
   TOTAL ASSETS                                     $406,599,839
                                                   =============

Liabilities not subject to compromise
Liabilities subject to compromise
   Secured debt                                                -
   Priority debt                                               -
   Unsecured debt                                   $252,301,322
                                                   -------------
   Total Liabilities                                 252,301,322
                                                   -------------
Owner Equity
   Common stock                                        1,088,716
   Additional paid in capital                        158,254,512
   Treasury stock                                    (35,717,477)
   Prepetition retained earnings                      39,858,773
   Postpetition retained earnings                     (9,186,007)
                                                   -------------
   Net Owners' Equity                                154,298,517
                                                   -------------
   TOTAL LIABILITIES AND OWNER'S EQUITY             $406,599,839
                                                   =============

                             FLYi Inc.
                     Statement of Operations
                          December 2006

Revenues                                                      $0
Operating Expense                                          1,876
                                                   -------------
Net Profit (Loss) before Other Income & Expenses          (1,876)

Other (income) expenses
   Interest income                                        (4,667)
   Interest expense                                            -
   Other miscellaneous                                         -
                                                   -------------
Net Profit (Loss) before reorganization items              2,791

Reorganization items
   Professional fees                                     633,879
   U.S. Trustee Quarterly Fees                                 -
   Income Taxes                                                -
                                                   -------------
Net Profit (Loss)                                      ($631,088)
                                                  =============

Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent    
of Independence Air Inc., a small airline based at Washington
Dulles International Airport.  The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017).  Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.  Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000.  (FLYi Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


FLYI INC: Independence Air Earns $15.6 Million in November 2006
---------------------------------------------------------------

                       Independence Air Inc.
                    Consolidated Balance Sheet
                     As of December 31, 2006

ASSETS

Current assets
   Cash                                              $41,722,362
   Short term investments                            105,500,000
   Restricted cash                                     1,492,552
   Net accounts receivable                           100,424,937
   Net expandable parts and fuel                          37,661
   Net prepaid expenses                                4,479,759
   Deferred tax asset                                         (1)
                                                   -------------
Total current assets                                 253,657,270
                                                   -------------
Other assets
   Restricted cash                                     3,119,031
   Net depreciation, property and equipment                    -
   Aircraft deposits                                  11,112,000
   Other assets                                          419,643
                                                   -------------
Total other assets                                    14,650,674
                                                   -------------
   TOTAL ASSETS                                     $268,307,944
                                                   =============
LIABILITIES

Liabilities not subject to compromise
   Accounts payable                                   $3,975,717
   Air traffic liability                                 833,822
   Accrued liabilities                                 1,399,004
   Amounts due to insiders                                40,000
                                                   -------------
Total Postpetition Liabilities                         6,248,543
                                                   -------------

Liabilities subject to compromise
   Secured debt                                        1,015,532
   Priority debt                                      10,511,857
   Unsecured debt                                    391,932,901
   Other accruals                                     12,453,599
                                                   -------------
Total prepetition liabilities                        415,913,889
                                                   -------------
Total Liabilities                                    422,162,432
                                                   -------------
Owner Equity
   Common stock                                                -
   Treasury stock                                      7,435,000
   Owner's equity account                                      -
   Prepetition retained earnings                    (257,846,546)
   Postpetition retained earnings                     96,557,059
                                                   -------------
Net Owners' Equity                                  (153,854,488)
                                                   -------------
   TOTAL LIABILITIES AND OWNER'S EQUITY             $268,307,944
                                                   =============

                       Independence Air Inc.
                     Statement of Operations
                          December 2006

Revenues
Operating Revenue
   Passenger revenue                                          $0
   Other revenue                                               -
                                                   -------------
Total operating revenues                                       -
                                                   -------------
Operating expenses
Insider compensation                                      13,333
   Wages                                               1,045,605
   Fringes and benefits                                 (270,148)
   Aircraft fuel                                          12,440
   Aircraft maintenance and materials                      3,845
   Traffic Commissions                                         -
   CRS Fees                                                    -
   Facilities rents                                       13,821
   Landing fees                                       (1,293,608)
   Depreciation and amortization                               -
   Others                                                839,223
   Retirement & restructuring charge                 (16,027,388)
                                                   -------------
Total operating expense                              (15,662,878)
                                                   -------------
Net operating income (loss)                           15,662,878
                                                   -------------
Net Profit (Loss) before other income & expenses      15,662,878
                                                   -------------
Other (income) expenses
   Interest income                                      (630,258)
   Interest expense                                        3,153
   Other miscellaneous                                         -
                                                   -------------
   Total other (income) expense                         (627,106)
                                                   -------------
Net Profit (Loss) before reorganization items         16,289,984
                                                   -------------
Reorganization items
   Professional fees                                     633,879
   U.S. Trustee Quarterly Fees                                 -
   Income Taxes                                           18,041
                                                   -------------
Net Profit (Loss)                                    $15,638,064
                                                   =============

Headquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent    
of Independence Air Inc., a small airline based at Washington
Dulles International Airport.  The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017).  Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.  Brett H. Miller, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors listed assets totaling $378,500,000 and debts totaling
$455,400,000.  (FLYi Bankruptcy News, Issue No. 32; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


PACIFIC LUMBER: Scotia Has $452 Mil. Member Deficit at Sept. 30
---------------------------------------------------------------

                     Scotia Pacific Company LLC
                           Balance Sheets
                      As of September 30, 2006
                             (Unaudited)

                                ASSETS

Current assets:
   Cash and cash equivalents                          $1,600,000
   Marketable securities                               8,900,000
   Receivables from Palco                              7,600,000
   Prepaid timber harvesting costs                     5,800,000
   Other current assets                                1,800,000
                                                  --------------
     Total current assets                             25,700,000

   Timber and timberlands                            212,300,000
   Property and equipment                             30,300,000
   Deferred financing costs                            9,500,000
   Restricted cash, marketable securities
      and other investments                            4,300,000
   Intangible assets                                   2,200,000)
                                                  --------------
     Total Assets                                   $284,300,000  
                                                  ==============

                   LIABILITIES AND MEMBER DEFICIT

Current liabilities:
   Payables to Palco                                  $1,500,000
   Accrued interest                                   11,400,000
   Deferred revenue                                    4,000,000
   Other accrued liabilities                           2,400,000
   Short-term borrowings and current
      maturities of long-term debt, excluding
      $7.3 of repurchased Timber Notes held
      in the SAR Account                              74,300,000
                                                  --------------
      Total current liabilities                       93,600,000           

Long-term debt, less current maturities
   and excluding $37.0 of repurchased
   Timber Notes held in the SAR Account              643,100,000
Other non-current liabilities                            200,000
                                                  --------------
Total liabilities                                    736,900,000

Member deficit                                      (452,600,000)
                                                  --------------
Total Liabilities and Member Deficit                $284,300,000
                                                  ==============

Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its affiliates operate in  
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.

Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.

Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transactions pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.

Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032).  Jeffrey L. Schaffer, Esq.,

William J. Lafferty, Esq., and Gary M. Kaplan, Esq., at Howard
Rice Nemerovski Canady Falk & Rabkin, A Professional Corporation
is Pacific Lumber's lead counsel.  Nathaniel Peter Holzer, Esq.,
Harlin C. Womble, Jr. , Esq., and Shelby A. Jordan, Esq., at
Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-
counsel.  Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at
Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead
counsel.  John F. Higgins, Esq., and James Matthew Vaughn, Esq.,
at Porter & Hedges LLP, is Scotia Pacific's co-counsel.

When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.  
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.  The Debtors' exclusive period to file a chapter
11 plan expires on April 18, 2007.  (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 1, http://bankrupt.com/newsstand/or  
215/945-7000).


PACIFIC LUMBER: Scotia's Parent's $200M Member Deficit at Sept. 30
------------------------------------------------------------------

                    Maxxam Inc. and Subsidiaries
                     Consolidated Balance Sheets
                      As of September 30, 2006
                             (Unaudited)

                                ASSETS

Current assets:
   Cash and cash equivalents                         $30,500,000
   Marketable securities                             135,200,000
Receivables:
   Trade, net of allowance for doubtful
      accounts of $0.7                                12,100,000
   Other                                               4,400,000
Inventories:
   Lumber                                             12,200,000
   Logs                                               23,500,000
Real Estate and other assets held for sale             8,200,000
Prepaid Expenses and other current assets             17,200,000
Restricted cash and marketable securities             28,300,000
                                                 ---------------
     Total current assets                            271,600,000

Property, plant and equipment, net of
     accumulated depreciation of $228.4              338,600,000
Timber and timberlands                               201,500,000
Real Estate                                           45,300,000
Deferred income taxes                                 94,800,000
Intangible assets                                      2,200,000
Long-term receivables and other assets                29,900,000
Restricted cash and marketable securities              8,200,000
                                                 ---------------
                                                    $992,100,000
                                                 ===============

                 LIABILITIES AND MEMBER DEFICIT

Current liabilities:
   Accounts payables                                 $14,500,000
   Accrued interest                                   14,700,000
   Accrued compensation and related benefits          11,600,000
   Other accrued liabilities                          30,700,000
   Short-term borrowings and current
      Maturities of long-term debt                   174,100,000
                                                 ---------------
     Total current liabilities                       245,600,000

Long-term debt, less current maturities              860,300,000
Accrued pension and other
   postretirement benefits                            32,900,000
Losses in excess of investment in Kaiser                       -
Other non-current liabilities                         54,000,000       
                                                 ---------------  
     Total liabilities                             1,192,800,000
                                                 ---------------

Stockholders' deficit:
   Preferred stock, $0.50 par value; $0.75
      Liquidation preference; 2,500,000 shares
      authorized; Class A $0.05 Non-Cumulative
      Participating Convertible Preferred Stock;
      668,964 shares issued and 668,119 shares
      outstanding                                        300,000
  Common stock, $0.50 par value; 13,000,000
      shares authorized; 10,063,359 shares
      issued; 5,257,657 and 5,967,942 shares
      outstanding                                      5,000,000
  Additional capital                                 225,300,000
  Accumulated deficit                               (273,100,000)
  Accumulated other comprehensive loss               (10,800,000)
  Treasury stock, at cost                           (147,400,000)
                                                 ---------------  
     Total stockholders' deficit                    (200,700,000)
                                                 ---------------
                                                    $992,100,000
                                                 ===============

Headquartered in Oakland, California, The Pacific Lumber Company
-- http://www.palco.com/-- and its affiliates operate in  
several principal areas of the forest products industry,
including the growing and harvesting of redwood and Douglas-fir
timber, the milling of logs into lumber and the manufacture of
lumber into a variety of finished products.

Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.

Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transactions pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.

Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032).  Jeffrey L. Schaffer, Esq.,

William J. Lafferty, Esq., and Gary M. Kaplan, Esq., at Howard
Rice Nemerovski Canady Falk & Rabkin, A Professional Corporation
is Pacific Lumber's lead counsel.  Nathaniel Peter Holzer, Esq.,
Harlin C. Womble, Jr. , Esq., and Shelby A. Jordan, Esq., at
Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-
counsel.  Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at
Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead
counsel.  John F. Higgins, Esq., and James Matthew Vaughn, Esq.,
at Porter & Hedges LLP, is Scotia Pacific's co-counsel.

When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.  
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335.  The Debtors' exclusive period to file a chapter
11 plan expires on April 18, 2007.  (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 1, http://bankrupt.com/newsstand/or  
215/945-7000).


REFCO INC: Files December 2006 Monthly Operating Report
-------------------------------------------------------
Refco Inc. and its debtor-affiliates delivered to U.S. Bankruptcy
Court for the Southern District of New York a statement of their
cash receipts and disbursements for the period from Dec. 1 to 31,
2006.

Peter F. James, controller of Refco, reports that the company
held a $1,957,687,000 cash balance at the start of the reporting
period.  Refco received $520,999,000 and disbursed $1,809,093,000
in cash.  Refco's ending cash balance totals $669,594,000.

As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed approximately $2,200,000.

Mr. James discloses that Refco paid $504,000 in gross wages, of
which $187,000 was paid on behalf of and reimbursed by the Non-
Debtors and Refco LLC.  Refco also withheld $154,000 in employee
payroll taxes, of which $10,000 was remitted to a third party
vendor.

Mr. James states that Refco has received tax notices from the IRS
and other state taxing authorities in the aggregate amount of
$137,000.  The notices are currently under investigation by RJM,
LLC, Refco's duly appointed Chapter 11 Plan Administrator.

Refco paid $40,327,000 for professional fees for December, and
$145,338,000 since the Petition Date.
    
Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.

Refco prepared its Monthly Report in lieu of comprehensive
financial statements.

A full-text copy of Refco's December 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?18fe

Headquartered in New York, New York, Refco Inc. --
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 No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 55; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


REFCO INC: Refco LLC Files November 2006 Monthly Operating Report
-----------------------------------------------------------------
Albert Togut, the Chapter 7 trustee appointed to oversee
the liquidation of Refco LLC's estate, filed with the U.S.
Bankruptcy Court for the Southern District of New York a
monthly statement of cash receipts and disbursements for the
period from Nov. 1 to 30, 2006.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of October 1 totals $616,608,000.  The Debtor's beginning
purchase price account balance totals $25,038,000, while its
beginning capital account "A" balance totals $591,570,000.
   
The purchase price account includes activity related to Man
Financial, Inc. sale proceeds and related disbursements.  Capital
account "A" includes activity related to collection of excess
capital.

Refco LLC received $7,706,000 and disbursed $3,864,000.  The
Debtor held $620,450,000 at the end of the period.

The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.

Headquartered in New York, New York, Refco Inc. --
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 No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  (Refco Bankruptcy News, Issue No. 55; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


ROWE COS: Posts $888,504 Net Loss in Period Ended Dec. 31
---------------------------------------------------------
Rowe Companies Inc. filed its monthly operating report for
December 2006 with the United States Bankruptcy Court for the
Eastern District of Virginia on Jan. 22, 2007.

The Debtor reported a net loss of $888,504 from revenue of $389,
for the period ended Dec. 31, 2006.  Net loss for the period ended
Dec. 3, 2006, was $2,215,831 with no revenue.

At Dec. 31, 2006, The Rowe Companies Inc.'s balance sheet showed:

        Total Current Assets                  $17,722,727
        Total Assets                          $17,799,023
        Total Liabilities                     $22,536,159
        Total Shareholders' Deficit           ($4,737,136)

A full-text copy of Rowe Companies Inc.'s December 2006 Monthly
Operating Report is available at no charge at:

               http://ResearchArchives.com/t/s?18ff

Headquartered in McLean, Virginia, The Rowe Companies
-- http://www.therowecompanies.com/-- manufactures    
upholstered retail home and office furniture, interior
decorations, tableware, lighting fixtures, and other interior
design accessories.  The company owns 100% of stock of
manufacturing and retail subsidiaries, Rowe Furniture
-- http://www.rowefurniture.com/--  and Storehouse, Inc.    
-- http://www.storehousefurniture.com/    

The company and its two of its debtor-affiliates filed for chapter
11 protection on Sept. 18, 2006 (Bank. E.D. Va. Case Nos. 06-11142
to 06-11144).  Dylan G. Trache, Esq., H. Jason Gold, Esq., and
Valerie P. Morrison, Esq., at Wiley Rein & Fielding LLP, represent
the Debtors.  When the Debtors filed for protection from their
creditors, The Rowe Companies listed total assets of $130,779,655
and total debts of $93,262,974; Rowe Furniture estimated assets
between $50 million and $100 million and debts between $10 million
and $50 million; and Storehouse, Inc. estimated assets and debts
between $10 million and $50 million.  The Debtors' exclusive
period to file a chapter 11 plan expires on Jan. 16, 2007.


ROWE COS: Rowe Furniture Files Dec. 31 Monthly Operating Report
---------------------------------------------------------------
Rowe Furniture Inc. filed its monthly operating report for the
period ended December 31, 2006, with the United States Bankruptcy
Court for the Eastern District of Virginia on Jan. 22, 2007.

At Dec. 31, 2006, The Rowe Furniture Inc.'s balance sheet showed:

        Total Current Assets                  $20,051,434
        Total Assets                          $67,405,825
        Total Liabilities                     $21,560,271
        Total Shareholders' Equity            $45,845,554

A full-text copy of Rowe Furniture Inc.'s December 2006 Monthly
Operating Report is available at no charge at

               http://ResearchArchives.com/t/s?1900

Headquartered in McLean, Virginia, The Rowe Companies
-- http://www.therowecompanies.com/-- manufactures    
upholstered retail home and office furniture, interior
decorations, tableware, lighting fixtures, and other interior
design accessories.  The company owns 100% of stock of
manufacturing and retail subsidiaries, Rowe Furniture
-- http://www.rowefurniture.com/--  and Storehouse, Inc.    
-- http://www.storehousefurniture.com/    

The company and its two of its debtor-affiliates filed for chapter
11 protection on Sept. 18, 2006 (Bank. E.D. Va. Case Nos. 06-11142
to 06-11144).  Dylan G. Trache, Esq., H. Jason Gold, Esq., and
Valerie P. Morrison, Esq., at Wiley Rein & Fielding LLP, represent
the Debtors.  When the Debtors filed for protection from their
creditors, The Rowe Companies listed total assets of $130,779,655
and total debts of $93,262,974; Rowe Furniture estimated assets
between $50 million and $100 million and debts between $10 million
and $50 million; and Storehouse, Inc. estimated assets and debts
between $10 million and $50 million.  The Debtors' exclusive
period to file a chapter 11 plan expires on Jan. 16, 2007.

                             *********

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/

On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts.  The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.

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.  Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Rizande B. Delos
Santos, Cherry A. Soriano-Baaclo, Jason A. Nieva, Melvin C. Tabao,
Lucilo M. Pinili, Jr., Tara Marie A. Martin, and Peter A. Chapman,
Editors.

Copyright 2007.  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 $775 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 ***