TCR_Public/070421.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, April 21, 2007, Vol. 11, No. 94

                             Headlines

ACCEPTANCE INSURANCE: Posts $13,702 Net Loss in March 2007
ADVANCED MARKETING: Posts $5.9 Million Net Loss in January 2007
ADVANCED MARKETING: Earns $878,449 in February 2007
CALPINE CORP: Posts $82.9 Million Net Loss in January 2007
CALPINE CORP: Posts $160.2 Million Net Loss in February 2007

DANA CORP: Posts $26 Million Net Loss in February 2007
SAINT VINCENTS: Files February 2007 Monthly Operating Report
THAXTON GROUP: Posts $82 Million Cumulative Net Loss in Feb. 2007
VESTA INSURANCE: Gaines Files March 2007 Operating Report

                             *********

ACCEPTANCE INSURANCE: Posts $13,702 Net Loss in March 2007
----------------------------------------------------------
Acceptance Insurance Companies Inc. filed its monthly operating
report for March 2007 with the United States Bankruptcy Court
for the District of Nebraska on April 9, 2007.

The Debtor reported a net loss of $13,702 from revenue of $7,222
for the month ended March 31, 2007.  Net loss for the month ended
Feb. 28, 2007, was $15,640 on $6,966 of revenues.

At March 31, 2007, Acceptance Insurance Companies Inc.'s balance
sheet showed:

        Total Current Assets                    $1,787,604
        Total Assets                           $35,023,649
        Total Liabilities                     $138,191,135
        Total Shareholders' Deficit          ($103,167,486)

A full-text copy of Acceptance Insurance Companies Inc.'s March
2007 Monthly Operating Report is available at no charge at:

               http://researcharchives.com/t/s?1d87

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly       
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.  The company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059).  The Debtor's affiliates -- Acceptance Insurance
Services Inc. and American Agrisurance Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 and
05-80058) on Jan. 7, 2005.  John J. Jolley, Esq., at Kutak Rock
LLP, represents the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.  The
Debtors' exclusive period to file a plan expires on Aug. 9, 2007.


ADVANCED MARKETING: Posts $5.9 Million Net Loss in January 2007
---------------------------------------------------------------

                            AMS Corp.
                           Balance Sheet
                      As of January 31, 2007

ASSETS
Current Assets
    Cash and Cash Equivalents                    $3,293,815
    Short-term Investments                                -
    Accounts Receivable, Net                     54,244,745
    Vendor & Misc. Receivables                    9,015,952
    Intercompany Receivables                     20,887,870

    Inventory                                    70,569,480
    Freight on Inventory                            556,522
    Inventory in Process, in Transit              6,230,867
    Inventory Reserves                           (9,427,119)
                                               ------------
    Inventory, net                               67,929,751

    Deferred Income Tax                              63,486
    Income Tax Receivable                            (3,524)
    Prepaid Expenses                             25,986,319
                                               ------------
Total Current Assets                            181,418,413

PROPERTY & EQUIPMENT
    Leasehold Improvements                        4,956,425
    Office Furniture & Equipment                 40,776,286
    Warehouse Equipment                          15,751,486
    Autos                                                 -
                                               ------------
Total Property & Equipment                       61,484,197

Accumulated Depreciation                        (39,725,689)
                                                ------------
Net Property & Equipment                         21,758,509

Long-Term Investment                                 16,068
Goodwill & Other Assets                          17,562,528
                                               ------------
TOTAL ASSETS                                   $220,755,518
                                               ============

LIABILITIES & STOCKHOLDER EQUITY
    Current Liabilities
    Accounts Payable                           $189,161,831
    Accrued Liabilities                          13,201,398
    Income Taxes Payable                            152,950
    Intercompany Payables                                 -
    Short-term Debt                              34,653,738
                                               ------------
TOTAL CURRENT LIABILITIES                       237,169,917

    Long Term Liabilities                         6,412,415
                                               ------------
TOTAL LIABILITIES                               243,582,332

STOCKHOLDERS' EQUITY
    Common Stock @ Par Value                         23,350
    Additional Paid-in Capital                   13,109,981
    Common Stock Dividend                        (4,213,583)
    Deferred Compensation                           (75,004)
    Retained Earnings - Prior Year               29,229,430
    Retained Earnings - Current Year            (38,759,416)
    Cumulative Other Comp. Income                  (585,202)
    Treasury Stock                              (21,556,370)
                                               ------------
TOTAL STOCKHOLDERS' EQUITY                      (22,826,814)
                                               ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $220,755,518
                                               ============

                            AMS Corp.
                     Statement of Operations
                    From January 1 to 31, 2007

GROSS SALES
    Invoiced Amount                             $25,924,194
    Stickering Revenue                              138,623
    Service & Fee Revenue                           593,554
    Interco Revenue                                       -
    Total Sales Returns                         (17,839,833)
    Sales Returns Provision                       9,797,432
    Unprocessed Sales Returns                       804,149
                                               ------------
    Sales Less Returns Prov.                     19,418,119
                                               ============
SALES DEDUCTIONS
    Cash Discount Provision                           4,196
    New Store Allowance                               6,331
    Customer Rebates                                      -
    Co-op Allowance                                       -
    Misc. Allowance & Adjustment                      7,977
    Sales Commissions                                     -
                                               ------------
    Total Sales Deductions                           18,505
                                               ------------
NET SALES                                        19,399,614
                                               ============
COST OF NET SALES
    Standard Cost of Sales                       21,102,941
    Interco Cost of Sales                                 -
    Standard Cost of Returns                    (14,012,605)
    Standard Cost of Returns Provision            7,783,345
    Standard Cost of Returns - Unprocessed          680,691
    Purchase Variance, Revaluation                   (1,189)
    Return to Publisher Variance                     17,234
    Freight In Costs of Sales                       166,725
    Freight - AGL                                    90,767
    Freight Customer Returns                         12,764
    Freight -Return to Publisher                    100,532
    Freight Warehouse Transfer                       14,879
    Quantity Adjustments                          1,604,419
    Markdown Expense                                199,846
    Publisher Incentive                                   -
    Publisher Account Settlements                      (688)
    Other Costs of Sales                            430,636
                                               ------------
    Total Cost of Sales                          18,190,296
                                               ------------
GROSS PROFIT                                      1,209,318
                                               ============

VARIABLE EXPENSES
    Freight Sales Shipments                         445,516
    Freight - Special Shipments                           -
    Shipping Supplies and Service                    12,077
    Payroll DC operations                         1,066,940
    Distribution Fees                                70,194
                                               ------------
    Total Variable Expenses                       1,594,726
                                               ------------
VARIABLE PROFIT MARGIN                             (385,408)
                                               ============

FIXED EXPENSE
    Payroll (excl. DC Oper.)                      1,579,750
    Travel & Entertainment                           46,345
    Professional Services                         1,245,399
    Information Services                            174,205
    Office Equipment & Supplies                      24,671
    Telephone Expense                                 7,668
    Facility Occupancy                              507,217
    General Insurance                                85,519
    Depreciation                                    689,769
    Uncollectible Accounts                           25,945
    Customer Service                                 11,409
    Promotion Expense                                14,670
    Express Mail & Postage                           10,456
    Training & Education                                615
    Exchange Gain/Loss                                    -
    Miscellaneous Expense                            33,706
    Shareholder's Relations                           2,121
    Co-op Advertising Exp/Inc                       (55,622)
    Miscellaneous Income                            (14,887)
    Warehouse Equipment                              36,301
                                               ------------
    Total Fixed Expenses                          4,425,256
                                               ------------

OPERATING INCOME:                                (4,810,665)

Interest Expense                                    292,357
Interest Income                                     (35,422)
Equity in Inc/Loss of Affiliates                     55,873
Other Non-operating Expenses                        750,000
                                               ------------
NON-OPERATING INCOME                              1,062,808
                                               ------------
INCOME BEFORE INC TAX                            (5,873,474)

Tax Provision                                             -
                                               ------------
NET INCOME                                      ($5,873,474)
                                               ============

                Advanced Marketing Services, Inc.
          (Excluding Publishers Group West Incorporated)
                     Statement of Cash Flows
                    From January 1 to 31, 2007

CASH RECEIPTS
    Accounts Receivable                         $26,213,378
    Other                                            73,337
                                               ------------
Total Cash Receipts                              26,286,715
                                               ------------

INVENTORY DISBURSEMENTS
    Publishers - Wires                           19,953,030
    Publishers - Checks                                   -
                                               ------------
    Total Inventory Disbursements                19,953,030
                                               ------------

OPERATING DISBURSEMENTS
    Total Payroll (including taxes)               2,252,167
    Employee retention plan                               -
    Temp/contract labor                              37,811
    Health insurance                                353,020
    Insurance (D&O, Prop., WC, GL)                   51,097
    Rent - facilities                               668,593
    Freight                                         974,023
    Shipping supplies                                94,000
    Utilities                                       125,356
    IT Expenses                                           -
    Travel & other EE related exp.                   23,186
    Professional fees                                     -
    Other                                           143,709
    Capital expenditures                                  -
    Income/gross receipts taxes                           -
    Bank interest and fees                        1,355,170
                                               ------------
    Total Operating Disbursements                 6,078,132
                                               ------------
Total Disbursements                              26,031,162
                                                 ----------
Net Operating Cash Inflow (Outflow)                 255,553
                                               ------------

INTERCOMPANY TRANSFERS
    PGW Rcpts. Swept to AMS                      13,113,699
    AMS (To) / From PGW                          (8,712,400)
    Foreign Subsidiaries                            580,299
                                               ------------
    Total I/C Transfers                          (4,981,598)
                                               ------------
Net Cash Inflow (Outflow)                        $5,237,151
                                               ============

               Publishers Group West Incorporated
                     Statement of Cash Flows
                      January 1 to 31, 2007

CASH RECEIPTS
    Accounts Receivable                         $13,113,699
    Other                                                 -
                                               ------------
Total Cash Receipts                              13,113,699
                                               ------------
INVENTORY DISBURSEMENTS
    Publishers - Wires                            7,189,184
    Publishers - Checks                             411,864
                                               ------------
    Total Inventory Disbursements                 7,601,408
                                               ------------
OPERATING DISBURSEMENTS
    Total Payroll (including taxes)                 601,548
    Employee retention plan                               -
    Temp/contract labor                              43,168
    Health insurance                                      -
    Insurance (D&O, Prop., WC, GL)                        -
    Rent - facilities                                33,906
    Freight                                         228,320
    Shipping supplies                                     -
    Utilities                                         2,086
    IT Expenses                                           -
    Travel & other EE related exp.                   17,536
    Professional fees                                     -
    Other                                            21,399
    Capital expenditures                                  -
    Income/gross receipts taxes                           -
    Bank interest and fees                                -
                                               ------------
    Total Operating Disbursements                   947,963
                                               ------------
Total Disbursements                               8,549,011
                                               ------------
Net Operating Cash Inflow (Outflow)               4,564,688
                                               ------------
INTERCOMPANY TRANSFERS
    PGW Rcpts. Swept to AMS                     (13,113,699)
    AMS (To) / From PGW                           8,712,400
    Foreign Subsidiaries                                  -
                                               ------------
    Total I/C Transfers                          (4,401,299)
                                               ------------
Net Cash Inflow (Outflow)                          $163,389
                                               ============

Based in San Diego, California, Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,    
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in the
U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group Incorporated
and Publishers Group West Incorporated filed for chapter 11
protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480
through 06-11482).  Suzzanne S. Uhland, Esq., Austin K. Barron,
Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP,
represent the Debtors as Lead Counsel.  Chun I. Jang, Esq., Mark
D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton
& Finger, P.A., represent the Debtors as Local Counsel.  
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million.  The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).  


ADVANCED MARKETING: Earns $878,449 in February 2007
---------------------------------------------------

                            AMS Corp.
                           Balance Sheet
                     As of February 28, 2007

ASSETS
Current Assets
    Cash and Cash Equivalents                    $8,578,615
    Short-term Investments                                -
    Accounts Receivable, Net                     43,373,018
    Vendor & Misc. Receivables                    8,937,476
    Intercompany Receivables                     21,088,097

    Inventory                                    79,449,472
    Freight on Inventory                            556,522
    Inventory in Process, in Transit              6,230,867
    Inventory Reserves                           (9,257,041)
                                               ------------
    Inventory, net                               76,979,821

    Deferred Income Tax                              63,486
    Income Tax Receivable                            (3,524)
    Prepaid Expenses                             32,472,438
                                               ------------
Total Current Assets                            191,489,427

PROPERTY & EQUIPMENT
    Leasehold Improvements                        4,956,365
    Office Furniture & Equipment                 40,776,286
    Warehouse Equipment                          15,751,486
    Autos                                                 -
                                               ------------
Total Property & Equipment                       61,484,137

Accumulated Depreciation                        (40,396,609)
                                               ------------
Net Property & Equipment                         21,087,528

Long-Term Investment                                 16,068
Goodwill & Other Assets                          17,467,896
                                               ------------
TOTAL ASSETS                                   $230,060,919
                                               ============

LIABILITIES & STOCKHOLDER EQUITY
    Current Liabilities
    Accounts Payable                             27,725,952
    Accrued Liabilities                          12,724,517
    Income Taxes Payable                            152,950
    Intercompany Payables                                 -
    Short-term Debt                              31,492,202
                                               ------------
TOTAL CURRENT LIABILITIES                        72,095,621

    Long Term Liabilities                       180,453,377
                                               ------------
TOTAL LIABILITIES                               252,548,998

STOCKHOLDERS' EQUITY
    Common Stock @ Par Value                         23,350
    Additional Paid-in Capital                   13,276,648
    Common Stock Dividend                        (4,213,583)
    Deferred Compensation                           (75,004)
    Retained Earnings - Prior Year               28,747,751
    Retained Earnings - Current Year            (38,105,420)
    Cumulative Other Comp. Income                  (585,202)
    Treasury Stock                              (21,556,370)
                                               ------------
TOTAL STOCKHOLDERS' EQUITY                      (22,487,829)
                                               ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $230,061,169[sic.]
                                               ============

                            AMS Corp.
                     Statement of Operations
                   From February 1 to 28, 2007

GROSS SALES
    Invoiced Amount                             $18,357,532
    Stickering Revenue                              115,403
    Service & Fee Revenue                           558,927
    Interco Revenue                                       -
    Total Sales Returns                          (9,764,420)
    Sales Returns Provision                      13,355,682
    Unprocessed Sales Returns                             -
                                                 ----------
    Sales Less Returns Prov.                     22,623,124
                                                 ==========
SALES DEDUCTIONS
    Cash Discount Provision                             694
    New Store Allowance                              41,401
    Customer Rebates                                      -
    Co-op Allowance                                       -
    Misc. Allowance & Adjustment                     87,205
    Sales Commissions                                   223
                                                 ----------
    Total Sales Deductions                          129,523
                                                 ----------
NET SALES                                        22,493,601
                                                 ==========
COST OF NET SALES
    Standard Cost of Sales                      $14,384,302
    Interco Cost of Sales                                 -
    Standard Cost of Returns                     (8,091,836)
    Standard Cost of Returns Provision           11,101,196
    Standard Cost of Returns - Unprocessed                -
    Purchase Variance, Revaluation                 (103,118)
    Return to Publisher Variance                          -
    Freight In Costs of Sales                       153,870
    Freight - AGL                                   123,879
    Freight Customer Returns                          6,647
    Freight -Return to Publisher                      9,906
    Freight Warehouse Transfer                        7,227
    Quantity Adjustments                         (1,302,490)
    Markdown Expense                                      -
    Publisher Incentive                                   -
    Publisher Account Settlements                         -
    Other Costs of Sales                            314,527

    Total Cost of Sales                          16,604,110
                                                 ----------
GROSS PROFIT                                      5,889,490
                                                 ==========

VARIABLE EXPENSES
    Freight Sales Shipments                         354,728
    Freight - Special Shipments                       5,646
    Shipping Supplies and Service                   106,542
    Payroll DC operations                           325,477
    Distribution Fees                               136,012
                                                 ----------
    Total Variable Expenses                         928,404
                                                 ----------
VARIABLE PROFIT MARGIN                            4,961,086
                                                 ==========

FIXED EXPENSE
    Payroll (excl. DC Oper.)                      1,998,205
    Travel & Entertainment                           14,557
    Professional Services                           160,399
    Information Services                            162,127
    Office Equipment & Supplies                      36,422
    Telephone Expense                                21,235
    Facility Occupancy                              808,879
    General Insurance                                     -
    Depreciation                                    684,879
    Uncollectible Accounts                           23,704
    Customer Service                                  4,449
    Promotion Expense                                14,537
    Express Mail & Postage                           16,037
    Training & Education                             14,865
    Exchange Gain/Loss                                    -
    Miscellaneous Expense                           219,735
    Shareholder's Relations                          33,010
    Co-op Advertising Exp/Inc                       (44,951)
    Miscellaneous Income                           (429,512)
    Warehouse Equipment                              31,861
                                                 ----------
    Total Fixed Expenses                          3,770,459[sic.]
                                                 ----------
OPERATING INCOME:                                 1,190,627

Interest Expense                                    266,794
Interest Income                                     (22,757)
Equity in Inc/Loss of Affiliates                     67,891
Other Non-operating Expenses                            250
                                                 ----------
NON-OPERATING INCOME                                312,178
                                                 ----------
INCOME BEFORE INC TAX                               878,449

Tax Provision                                            -
                                                 ----------
NET INCOME                                         $878,449
                                                 ==========

                Advanced Marketing Services, Inc.
         (Excluding Publishers Group West Incorporated)
                     Statement of Cash Flows
                   From February 1 to 28, 2007

CASH RECEIPTS
    Accounts Rcvbl. (net of RTPs)               $19,989,296
    Other                                            65,070
                                               ------------
Total Cash Receipts                              20,054,366
                                               ------------
INVENTORY DISBURSEMENTS
    Publishers - Wires                            7,716,719
    Publishers - Checks                                   -
                                               ------------
    Total Inventory Disbursements                 7,716,719
                                               ------------
OPERATING DISBURSEMENTS
    Total Payroll (including taxes)               2,210,344
    Employee retention plan                               -
    Temp/contract labor                             439,126
    Health insurance                                359,193
    Insurance (D&O, Prop., WC, GL)                   64,503
    Rent - facilities                               667,140
    Freight                                         506,153
    Shipping supplies                               127,838
    Utilities                                        89,873
    IT Expenses                                      90,775
    Travel & other EE related exp.                   33,561
    Professional fees (Sep. Tab)                          -
    Other                                           141,061
    Capital expenditures                                  -
    Income/gross receipts taxes                         925
    Bank interest and fees                          646,130
                                               ------------
    Total Operating Disbursements                 5,376,622
                                               ------------
Total Disbursements                              13,093,341
                                               ------------
Net Operating Cash Inflow (Outflow)               6,961,025
                                               ------------
INTERCOMPANY TRANSFERS
    PGW Rcpts. Swept to AMS                       8,887,405
    AMS (To) / From PGW                         (11,763,945)
    Foreign Subsidiaries                                  -
                                               ------------
    Total I/C Transfers                          (2,876,540)
                                               ------------
Net Cash Inflow (Outflow)                        $4,084,485
                                               ============

Based in San Diego, California, Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,    
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in the
U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group Incorporated
and Publishers Group West Incorporated filed for chapter 11
protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480
through 06-11482).  Suzzanne S. Uhland, Esq., Austin K. Barron,
Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP,
represent the Debtors as Lead Counsel.  Chun I. Jang, Esq., Mark
D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton
& Finger, P.A., represent the Debtors as Local Counsel.  
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million.  The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


CALPINE CORP: Posts $82.9 Million Net Loss in January 2007
----------------------------------------------------------

                       Calpine Corporation
              Consolidated Condensed Balance Sheet
                     As of January 31, 2007

                             ASSETS

Current assets:
    Cash and cash equivalents                     $969,268,000
    Accounts receivable, net                       743,735,000
    Inventories                                    154,800,000
    Margin deposits and other prepaid expense      360,240,000
    Restricted cash - current                      390,097,000
    Current derivative assets                      217,175,000
    Current assets held for sale                    88,457,000
    Other current assets                            79,949,000
                                               ---------------
Total current assets                             3,003,721,000

    Property, plant and equipment, net          13,490,393,000
    Restricted cash, net of current portion        190,190,000
    Investments                                    129,311,000
    Long-term derivative assets                    341,856,000
    Other assets                                 1,131,751,000
                                               ---------------
Total assets                                   $18,287,222,000
                                               ===============

         LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities:
    Accounts payable                              $418,289,000
    Accrued interest payable                       287,294,000
    Debt, current portion                        4,483,574,000
    Current derivative liabilities                 329,942,000
    Taxes payable - current                         98,549,000
    Other current liabilities                      308,524,000
                                               ---------------
Total current liabilities                        5,926,172,000

    Debt, net of current portion                 3,238,549,000
    Deferred income taxes, net of current portion  483,143,000
    Long-term derivative liabilities               461,822,000
    Other long-term liabilities                    346,986,000
                                               ---------------
Total liabilities not subject to compromise     10,456,672,000
Liabilities subject to compromise               14,813,261,000

Minority interests                                 266,251,000
Stockholders' equity (deficit):
    Common stock                                       528,000
    Additional paid-in capital                   3,270,282,000
    Additional paid-in capital, loaned shares      140,143,000
    Additional paid-in capital, returnable shares (140,143,000)
    Accumulated deficit                        (10,460,939,000)
    Accumulated other comprehensive loss           (58,833,000)
                                               ---------------
Total stockholders' deficit                     (7,248,962,000)
                                               ---------------
Total liabilities and stockholders' deficit    $18,287,222,000
                                               ===============

                       Calpine Corporation
         Consolidated Condensed Statement of Operations
             For the period ending January 31, 2007

Revenue:
    Electricity and steam revenue                 $414,669,000
    Sales of purchased power and gas
       for hedging and optimization                113,019,000
    Mark-to-market activities, net                 (13,560,000)
    Other revenue                                    2,584,000
                                               ---------------
Total revenue                                      516,712,000

Cost of revenue:
    Plant operating expense                         47,705,000
    Purchased power and gas expense
       for hedging and optimization                 97,232,000
    Fuel expense                                   282,604,000
    Depreciation and amortization expense           38,851,000
    Operating plant impairments                         (1,000)
    Operating lease expense                          4,772,000
    Other cost of revenue                           12,027,000
                                               ---------------
Total cost of revenue                              483,190,000

Gross profit                                        33,522,000
Equipment, development project & other impairments    (242,000)
Sales, general and administrative expense           11,893,000
Other operating expenses                             2,665,000
                                               ---------------
Income (loss) from operations                       19,206,000
Interest expense                                   100,844,000
Interest (income)                                   (5,629,000)
Minority interest expense                             (518,000)
Other (income) expense, net                          1,738,000
                                               ---------------
Income (loss) before reorganization items
   and provisions for income taxes                 (77,229,000)
Reorganization items                                 5,825,000
                                               ---------------
Income (loss) before provision for income taxes    (83,054,000)
Provision (benefit) for income taxes                  (182,000)
                                               ---------------
Net income (loss)                                 ($82,872,000)
                                               ===============

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.  The Debtors' exclusive period to file chapter 11  
plan of reorganization expires on June 20, 2007.  (Calpine  
Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Service,  
Inc., http://bankrupt.com/newsstand/or 215/945-7000).     

Calpine Corp. has until June 20, 2007, to file a plan, and until
Aug. 20, 2007, to solicit acceptances of that plan.


CALPINE CORP: Posts $160.2 Million Net Loss in February 2007
------------------------------------------------------------

                       Calpine Corporation
              Consolidated Condensed Balance Sheet
                     As of February 28, 2007

                             ASSETS

Current assets:
    Cash and cash equivalents                     $983,071,000
    Accounts receivable, net                       767,239,000
    Inventories                                    149,989,000
    Margin deposits and other prepaid expense      423,618,000
    Restricted cash - current                      268,206,000
    Current derivative assets                      202,188,000
    Other current assets                            80,450,000
                                               ---------------
Total current assets                             2,874,761,000

    Property, plant and equipment, net          13,468,215,000
    Restricted cash, net of current portion        191,046,000
    Investments                                    144,311,000
    Long-term derivative assets                    322,772,000
    Other assets                                 1,101,864,000
                                               ---------------
Total assets                                   $18,102,969,000
                                               ===============

         LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

Current liabilities:
    Accounts payable                              $458,218,000
    Accrued interest payable                       257,525,000
    Debt, current portion                        4,462,607,000
    Current derivative liabilities                 311,877,000
    Taxes payable - current                         98,549,000
    Other current liabilities                      278,584,000
                                               ---------------
Total current liabilities                        5,867,360,000

    Debt, net of current portion                 3,180,923,000
    Deferred income taxes, net                     591,777,000
    Long-term derivative liabilities               441,395,000
    Other long-term liabilities                    334,082,000
                                               ---------------
Total liabilities not subject to compromise     10,415,537,000
Liabilities subject to compromise               14,822,096,000

Minority interests                                 268,695,000
Stockholders' equity (deficit):
    Common stock                                       527,000
    Additional paid-in capital                   3,269,528,000
    Additional paid-in capital, loaned shares      137,243,000
    Additional paid-in capital, returnable shares (137,243,000)
    Accumulated deficit                        (10,621,152,000)
    Accumulated other comprehensive loss           (52,262,000)
                                               ---------------
Total stockholders' deficit                     (7,403,359,000)
                                               ---------------
Total liabilities and stockholders' deficit    $18,102,969,000
                                               ===============

                       Calpine Corporation
         Consolidated Condensed Statement of Operations
               For period ending February 28, 2007

Revenue:
    Electricity and steam revenue                 $456,400,000
    Sales of purchased power and gas
      for hedging and optimization                 105,287,000
    Mark-to-market activities, net                  (9,914,000)
    Other revenue                                   11,671,000
                                               ---------------
Total revenue                                      563,444,000

Cost of revenue:
    Plant operating expense                         50,251,000
    Purchased power and gas expense
      for hedging and optimization                  85,986,000
    Fuel expense                                   321,644,000
    Depreciation and amortization expense           38,560,000
    Operating plant impairments                          1,000
    Operating lease expense                          1,556,000
    Other cost of revenue                           16,162,000
                                               ---------------
Total cost of revenue                              514,160,000

Gross profit                                        49,284,000
Equipment, development project & other impair          200,000
Sales, general & administrative expense             16,175,000
Other operating expenses                             4,001,000
                                               ---------------
Income (loss) from operations                       28,908,000
Interest expense                                    97,113,000
Interest (income)                                   (4,594,000)
Minority interest expense                            2,389,000
Other (income) expense, net                          1,724,000
                                               ---------------
Income (loss) before reorganization items
   and provisions for income taxes                 (67,724,000)
Reorganization items                               (12,051,000)
                                               ---------------
Income (loss) before provision for income tax      (55,673,000)
Provision (benefit) for income taxes               104,540,000
                                               ---------------
Net income (loss)                                ($160,213,000)
                                               ===============

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.  The Debtors' exclusive period to file chapter 11  
plan of reorganization expires on June 20, 2007.  (Calpine  
Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Service,  
Inc., http://bankrupt.com/newsstand/or 215/945-7000).     

Calpine Corp. has until June 20, 2007, to file a plan, and until
Aug. 20, 2007, to solicit acceptances of that plan.


DANA CORP: Posts $26 Million Net Loss in February 2007
------------------------------------------------------

                         Dana Corporation
                      Condensed Balance Sheet
                      As of February 28, 2007

ASSETS

CURRENT ASSETS
   Cash and cash equivalents                      $945,000,000
   Accounts receivable
      Trade                                      1,247,000,000
      Other                                        230,000,000
   Inventories                                     732,000,000
   Assets of discontinued operations               417,000,000
   Other current assets                            148,000,000
                                                --------------
Total current assets                             3,719,000,000

Investments and other assets                     1,010,000,000
Investments in equity affiliates                   700,000,000
Property, plant and equipment, net               1,736,000,000
                                                --------------
TOTAL ASSETS                                    $7,165,000,000
                                                ==============

LIABILITIES AND SHAREHOLDERS' DEFICIT

CURRENT LIABILITIES
   Notes payable, including current portion
      of long-term debt                            $97,000,000
   Accounts payable                                988,000,000
   Liabilities of discontinued operations          217,000,000
   Other accrued liabilities                       754,000,000
                                                --------------
Total current liabilities                        2,056,000,000

Liabilities subject to compromise                4,506,000,000

Deferred employee benefits and other
   non-current liabilities                         497,000,000
Long-term debt                                      14,000,000
DIP financing                                      900,000,000
Minority interest in consolidated subsidiaries      78,000,000
Shareholders' deficit                             (886,000,000)
                                                --------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICITS    $7,165,000,000
                                                ==============

                        Dana Corporation
                  Condensed Statement of Income
             For the month ending February 28, 2007

Net sales                                         $690,000,000
Costs and expenses
   Cost of sales                                   667,000,000
   Selling, general and administrative expenses     26,000,000
   Realignment charges                               4,000,000
   Other income, net                                 7,000,000
                                                --------------
Loss from operations                                         -
Interest expense                                     5,000,000
Reorganization items, net                           14,000,000
                                                --------------
Loss before income taxes                           (19,000,000)
Income tax expense                                 (10,000,000)
Minority interest                                   (1,000,000)
Equity in earnings of affiliates                     5,000,000
                                                --------------
Loss from continuing operations                    (25,000,000)
Loss from discontinued operations                   (1,000,000)
                                                --------------
Net loss                                          ($26,000,000)
                                                ==============

                        Dana Corporation
                Condensed Statement of Cash Flows
             For the month ending February 28, 2007

OPERATING ACTIVITIES
Net loss                                          ($26,000,000)
Depreciation and amortization                       23,000,000
Gain on sale of assets                                       -
Increase in working capital                        (39,000,000)
Unremitted equity in earnings of affiliates         (5,000,000)
Other                                               18,000,000
                                                --------------
Net cash flows used by operating activities        (29,000,000)

INVESTING ACTIVITIES
Purchases of property, plant and equipment         (10,000,000)
Proceeds from sale of businesses                             -
Other                                                1,000,000
                                                --------------
Net cash flows used for investing activities        (9,000,000)

FINANCING ACTIVITIES
Net change in short-term debt                       76,000,000
Proceeds from DIP Credit Agreement                           -
                                                --------------
Net cash flows provided by financing activities     76,000,000

Net increase in cash and cash equivalents           38,000,000
                                                --------------
Cash and cash equivalents, beginning of period     907,000,000
                                                --------------
Cash and cash equivalents, end of period          $945,000,000
                                                ==============

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies.  Dana employs 46,000 people in
28 countries.  Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

The company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of Sept. 30,
2005, the Debtors listed $7,900,000,000 in total assets and
$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP,
represents the Official Committee of Unsecured Creditors.  Fried,
Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the
Official Committee of Equity Security Holders.  Stahl Cowen
Crowley, LLC serves as counsel to the Official Committee of
Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.  (Dana Corporation Bankruptcy News, Issue No. 39;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/  
or 215/945-7000).


SAINT VINCENTS: Files February 2007 Monthly Operating Report
------------------------------------------------------------

                          SVCMC Debtors
              Unaudited Consolidated Balance Sheet
                      As of February 28, 2007

ASSETS
Cash & Cash Equivalents                            $23,586,434
Investments                                                  -
Patients Accounts Receivable, less allowance for
   doubtful accounts                                94,851,993
Accounts Receivable                                 54,467,087
Other Current Assets                                30,368,943
                                                --------------
   Total Current Assets                            203,274,457

Depreciation Reserve Funds & Collaterized Assets     5,900,344
Assets Designated for Self-Insurance
   Investments at Market                            45,574,698
Assets whose use is limited -
   Investments at Market                            59,095,812
Other Non-Current Assets                            42,943,151

Land, Buildings & Equipment, net of
   Accumulated Depreciation                        129,011,641
                                                --------------
    Total Assets                                  $485,800,103
                                                ==============

LIABILITIES AND NET ASSETS
Liabilities Not Subject to Compromise:
   Long-term Debt                                  $92,417,552
   Long-term Debt (GE)                             114,334,529
   Accounts Payables & Accrued Expenses            125,507,272
   Accrued Salaries & Payroll Taxes Withheld        38,263,854
   Estimated Retroactive Payables                  103,810,908
   Other Non-current Liabilities                    41,906,242
                                                 -------------
   Total Liabilities Not Subject to Compromise     516,240,357

Liabilities Subject to Compromise:
   Liabilities Subject to Compromise               481,131,676
                                                --------------
   Total Liabilities Subject to Compromise         481,131,676
                                                --------------
   Total Liabilities                               997,372,033

Net Assets:
   Unrestricted                                   (577,232,309)
   Temporarily Restricted                           40,115,432
   Permanently Restricted                           25,544,947
                                                --------------
   Total Net Assets                               (511,571,930)
                                                --------------
   Total Liabilities & Net Assets                 $485,800,103
                                                ==============

                          SVCMC Debtors
             Unaudited Consolidated Income Statement
                   From February 1 to 28, 2007

Operating Revenue
   Inpatient                                       $29,595,993
   Outpatient                                       18,667,341
                                                --------------
      Patient Service Revenue                       48,263,334
                                                --------------
   Less Provision for Bad Debt                       2,310,198
                                                --------------
      Net Patient Service Revenue                   45,953,136
                                                --------------
   Pool Revenue                                      1,498,654
   Capitation                                        7,456,400
   Other                                             5,913,314
                                                --------------
   Total Operating Revenue                          60,821,504

Operating Expenses:
   Salaries and Wages                               22,487,056
   Fringe Benefits                                   6,172,935
   Supplies and Other                               26,063,358
   Insurance                                         1,204,892
                                                --------------
   Total Direct Operating Costs                     55,928,241

   Salaries and Wages                                        -
   Fringe Benefits                                           -
   Supplies and Other                                        -
                                                --------------
   Total Corporate Allocated                         1,388,600
                                                --------------
   Total Operating Expense                          57,316,841
                                                --------------
Interest                                             1,606,277
Depreciation                                         1,443,634
                                                --------------
   Operating Gain (Loss) Before
      Non-Recurring and/or Unusual Items               454,752

Non-Recurring and/or Unusual Items:
   Discontinued Operations (St. Mary's)                      -
   St. Mary's Op Pac Rate Adjustment                         -
   ZBEC/HFE Recoveries                                       -
   Restructuring & Bankruptcy Related Costs         (4,305,886)
   Estimated Close-out of St. Mary's                         -
   Hanys Investment Income (SFS INS)                         -
   Prior Period Ambulance Revenue                            -
   Transfer of Equity Foundation                             -
                                                --------------
   Total Non-Recurring and/or Unusual Items         (4,305,886)
                                                --------------
   Operating Gain (Loss) After
      Non-Recurring and/or Unusual Items            (3,851,134)
                                                --------------
Non-Operating Revenue                               (1,471,689)
Change in Temporary Restricted Net Assets             (100,581)
                                                --------------
   Change in Net Assets                            ($5,423,404)
                                                --------------
   EBITDA                                           $3,504,663
                                                ==============

                          SVCMC Debtors
                Unaudited Statement of Cash Flows
                    From February 1 to 28, 2007

Cash Flows from Operation Activities:
   Changes in Net Assets                           ($5,423,404)

Adjustments to Reconcile Changes in Net Assets
   to Net Cash Provided by Operating Activities:
   Depreciation & Amortization                       1,443,634
   Change in Unrealized Gains & Losses               1,632,569
   Change in Patient's Accounts Receivable          29,839,568
   Change in Accounts Receivables, Other            (2,054,910)
   Change in Prepaid Expenses & Other                  610,048
   Change in Other Non-Current Assets               (9,268,372)
   Change in Accounts Payable &
      Accrued Exp-Prepetition                                -
   Change in Accounts Payable &
      Accrued Exp-Postpetition                      (9,649,835)
   Change in Accrued Salaries & P/R Taxes             (773,988)
   Change in Est. Retro rec/pay
      from/to third parties                          1,854,036
   Change in Est. Liability for self-insurance               -
   Change in Other Non-Current Liabilities             782,995
                                                --------------
   Net Cash Provided by Operating Activities         8,992,341

Cash flows From Investment Activities:
   Sale of Investments, Net                             (1,196)
   Sale of Assets Whose Use is Limited                (905,787)
   Acquisition/Sale of Land, Building,
      & Equipment                                     (907,761)
                                                --------------
   Net Cash Provided by Investing Activities        (1,814,744)

Cash flows From Financing Activities:
   Proceeds/Repayment From/of Working Capital Loa            -
   Proceed from issuance of Long-term debt                   -
   Repayment of Long-term debt                      (8,446,250)
                                                --------------
   Net Cash (Used) in Financing Activities          (8,446,250)

   Net Increase (Decrease)
      in Cash & Cash Equivalents                    (1,268,653)

   Cash & Cash Equivalents, Beginning               24,855,087
                                                --------------
   Cash & Cash Equivalents, End                    $23,586,434
                                                ==============

Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the     
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency.  

The Company and six of its affiliates filed for chapter 11
protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945
through 05-14951).  Gary Ravert, Esq., and Stephen B. Selbst,
Esq., at McDermott Will & Emery, LLP, filed the Debtors' chapter
11 cases.  On Sept. 12, 2005, John J. Rapisardi, Esq., at Weil,
Gotshal & Manges LLP took over representing the Debtors in their
restructuring efforts.  Martin G. Bunin, Esq., at Thelen Reid &
Priest LLP, represents the Official Committee of Unsecured
Creditors.  As of Apr. 30, 2005, the Debtors listed $972 million
in total assets and $1 billion in total debts.  (Saint Vincent
Bankruptcy News, Issue No. 51 Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


THAXTON GROUP: Posts $82 Million Cumulative Net Loss in Feb. 2007
-----------------------------------------------------------------
The Thaxton Group filed its monthly operating report for the month
of February 2007 with the U.S. Bankruptcy Court for the District
of Delaware on April 9, 2007.

The company reported a cumulative net loss of $82,078,657 on
$197,281,253 of revenue for the period from Oct. 17, 2003, thru
Feb. 28, 2007.

At Feb. 28, 2007, the company's balance sheet reflects:

          Total Assets                    $ 82,492,371
          Total Liabilities               $172,677,331
          Stockholders' Equity Deficit   ($ 90,184,960)

A full-text copy of Thaxton Group's February 2007 Monthly
Operating Report is available at no charge at:

                http://researcharchives.com/t/s?1d89    

Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company.
The company filed for Chapter 11 protection on Oct. 17, 2003
(Bankr. Del. Case No. 03-13183).  Daniel B. Butz, Esq.,
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at
Morris, Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts.  Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors.  As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.


VESTA INSURANCE: Gaines Files March 2007 Operating Report
---------------------------------------------------------

                      J. Gordon Gaines, Inc.
                         Income Statement
                    Month Ended March 31, 2007

Revenue from Total Sales                                   0
Less:
   Cost of Sales                                           0   
                                                  ----------
Gross Profit                                              $0

Less:
   Operating Expenses                               (145,856)
                                                  ----------
Net Profit Operations                                145,856

Non-Operating Income (Expenses)
   Interest Earned                                     4,172
   State Tax Refunds                                       0  
   Non-operational income                            103,216
   Sale of Property                                   18,245
   Stale Dated Checks Written Off                          0  
   Miscellaneous Income                                    0
                                                  ----------
Net Profit (Loss)                                   $271,489
                                                  ==========

                      J. Gordon Gaines, Inc.
            Schedule of Cash Receipts and Disbursements
                    Month Ended March 31, 2007

Cash On Hand (Beginning)                            $836,577

Cash Receipts:
   Accounts Receivable                                     0  
   Management Fees                                         0
   Loan Proceeds                                           0  
   Sale of Property                                   18,245
   Interest Earned                                     4,172
   State Tax Refunds                                       0
   Non-operational Income                            103,216
   Funding by Texas Receiver                         328,963
   Funding by Texas Receiver in Transit                    0  
   Intercompany insurance operations                       0  
   Stale Dated Checks Written Off                          0  
   Miscellaneous Income                                    0
                                                  ----------
Total Receipts                                       454,596

Cash Disbursements:
   Business Disbursements Form BA-02(B)              183,107
                                                  ----------
   Surplus Or Deficit                                271,489
                                                  ----------
   Cash on Hand (End)                             $1,108,066
                                                  ==========

Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.

Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517).  Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors.  In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.

J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers.  The company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts.   In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.

On Aug. 1, 2006, the District Court of Travis County, Texas
entered an order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc.  (Vesta
Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                             *********

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

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
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, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Nikki Frances S. Fonacier, 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.

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