TCR_Public/070428.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 28, 2007, Vol. 11, No. 100

                             Headlines

CATHOLIC CHURCH: Davenport Files March 2007 Operating Report
COMPLETE RETREATS: Files March 2007 Monthly Operating Report
COMPLETE RETREATS: Distinctive Files March 2007 Operating Report
COMPLETE RETREATS: Legendary Files March 2007 Operating Report
COMPLETE RETREATS: Preferred Files March 2007 Operating Report

COMPLETE RETREATS: Private Files March 2007 Operating Report
FLYI INC: Posts $645,974 Net Loss in March 2007
FLYI INC: Independence Air Earns $7.2 Million In March 2007
REFCO INC: Refco LLC Files February 2007 Operating Report
WERNER LADDER: PA Posts $10.2 Million Net Loss in March 2007

                             *********

CATHOLIC CHURCH: Davenport Files March 2007 Operating Report
------------------------------------------------------------

                   Diocese of Davenport in Iowa
                  Statement of Financial Position
                       As of March 31, 2007

ASSETS

Current Assets
     Cash and cash equivalents - unrestricted          $5,170,202
     Cash and cash equivalents - restricted             2,252,217
     Accounts receivable, net                              69,648
     Inventory                                                  -
     Prepaid expenses                                      12,115
     Professional retainers                                55,652
                                                   --------------
Total Current Assets                                    7,559,834
                                                   --------------
Property and Equipment
     Real Property                                      4,737,300
     Machinery and equipment                                6,000
     Furniture and fixtures                                 8,914
     Office equipment                                      59,500
     Leasehold improvements                                     -
     Vehicles                                              45,460
                                                   --------------
Total Property and Equipment                            4,857,174
                                                   --------------
Total Assets                                          $12,417,008
                                                   ==============

LIABILITIES AND NET ASSETS

Postpetition:
     Current Liabilities
         Salaries and wages                                     -
         Payroll taxes                                          -
         Real and personal property taxes                       -
         Income taxes                                           -
         Sales taxes                                            -
         Notes payable, short term                              -
         Accounts payable, trade                          $59,480
         Real property lease arrearage                          -
         Personal property lease arrearage                      -
         Accrued professional fees                              -
         Current portion of long-term debt                      -
         Pass-through collections                          87,640
                                                   --------------
     Total Current Liabilities                            147,120
                                                   --------------
     Long-Term Postpetition Debt, Net                           -
                                                   --------------
     Total Postpetition Liabilities                       147,120
                                                   --------------
Prepetition Liabilities
         Secured claims                                         -
         Priority unsecured claims                       $160,888
         General unsecured claims                       1,660,316
                                                   --------------
     Total Prepetition Liabilities                      1,821,204
                                                   --------------
     Total Liabilities                                  1,968,324
                                                   --------------
Equity (deficit):
     Retained earnings/deficit at filing                5,795,187
     Capital stock                                              -
     Additional paid-in capital                                 -
     Cumulative profit/loss since filing                  814,373
     Post-petition contributions/distributions
         or draws                                               -
     Market value adjustment                            3,839,124
                                                   --------------
     Total equity (deficit)                            10,448,684
                                                   --------------
Total liabilities & equity (deficit)                  $12,417,008
                                                   ==============

                   Diocese of Davenport in Iowa
                      Statement of Operations
                For the month ending March 31, 2007

Revenues
     Gross sales                                           $1,081
     Less: sales returns & allowances                           -
     Net sales                                              1,081
     Less: cost of goods sold                                   -
     Gross profit                                           1,081
     Interest                                               1,603
     Other income:
         Charitable gifts                                 198,740
         Insurance receipts                                44,500
         Investment income                                 80,425
                                                   --------------
     Total revenues                                       326,349
                                                   --------------
Expenses:
     Compensation to owner(s)/officer(s)                   12,578
     Salaries                                              91,657
     Commissions                                                -
     Contract labor                                         7,018
     Rent/Lease:
         Personal property                                    285
         Real property                                          -
     Insurance                                            211,321
     Management fees                                            -
     Depreciation                                           5,945
Taxes:
         Employer payroll taxes                             5,705
         Real property taxes                                1,043
         Other taxes                                            -
     Other selling                                              -
     Other administrative                                  47,890
     Interest                                                   -
     Other expenses:
         Employee benefits                                 18,361
         Charity collection                                 7,239
         Medical assistance/Victim assistance              12,769
         Utilities                                         22,784
         Transfer to unrestricted                               -
         Professional Investment Management Fees             2048
         Sabbatical                                             -
                                                   --------------
             Total expenses                               446,643

     Reorganization items:
         Professional fees                                      -
         Provisions for rejected
             executory contracts                                -
         Interest earned on accumulated cash
             from resulting Chapter 11 case                28,557
         Gain or (Loss) from sale of equipment                  -
         U.S. Trustee quarterly fees                            -
         Advertising/Printing/Mailing                     (89,603)
                                                   --------------
             Total reorganization items                   (61,046)
                                                   --------------
Net profit (loss) before federal &
     state taxes                                         (181,340)
     Federal & state income taxes                               -
                                                   --------------
Net Profit (Loss)                                       ($181,340)
                                                   ==============

                   Diocese of Davenport in Iowa
            Statement of Cash Receipts and Disbursements
                For the month ending March 31, 2007

Cash receipts
     Rent/Leases collected                                 $4,527
     Cash received from sales                               1,081
     Interest received                                     30,160
     Borrowings increase in accounts payable                    -
     Funds from shareholders, partners,
         or other insiders                                      -
     Capital contributions                                      -
     Annual diocesan appeal/donations                     198,740
     Investment income/misc.                                    -
     Insurance receipts                                    44,500
     Tribunal/Immigration/Faith Formation fees             75,898
     Decrease in prepaids/accounts receivable                   -
     Misc/Increase in accounts payable                      9,433
                                                   --------------
     Total Cash Receipts                                 $364,339
                                                   ==============

Cash disbursements:
     Payments for inventory                                     -
     Selling                                                    -
     Administrative                                      $153,425
     Capital expenditures                                       -
     Principal payments on debt                                 -
     Interest paid                                              -
     Rent/Lease:
         Personal Property                                    285
         Real Property                                          -
     Amount paid to owner(s)/officer(s)
         Salaries                                          12,578
         Draws                                                  -
         Commissions/Royalties                                  -
         Expense Reimbursements                               373
         Other                                                  -
     Salaries/Commissions (less employee
         withholding                                       70,036
     Management fees                                            -
     Taxes
         Employee withholding                              21,621
         Employer payroll taxes                             5,705
         Real property taxes                                1,043
         Other taxes                                            -
     Other cash outflows:
         Insurance                                        211,321
         Utilities                                         22,784
         Medical Assistance                                12,769
         Employee Benefits                                 18,361
         Misc/Decrease in Accts Payable/Increase
             in receivables                               118,150
                                                   --------------
     Total Cash Disbursements                            $648,451
                                                   --------------
Net increase (decrease) in cash                          (284,112)

Cash balance, beginning of period                       1,568,021

Cash balance, end of period                            $1,283,909
                                                   ==============

The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on October 10, 2006.  
Richard A. Davidson, Esq., at Lane & Waterman LLP, represents the
Davenport Diocese in its restructuring efforts.  Hamid R.
Rafatjoo, Esq., and Gillian M. Brown, Esq., of Pachulski Stang
Zhiel Young Jones & Weintraub LLP represent the Official Committee
of Unsecured Creditors.  In its schedules of assets and
liabilities, the Davenport Diocese reported $4,492,809 in assets
and $1,650,439 in liabilities.  

Davenport's exclusive period to file a plan will expire on
Aug. 15, 2007.  Its exclusive period to solicit acceptances of
its plan will expire on Oct. 14, 2007.  (Catholic Church
Bankruptcy News, Issue No. 90; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


COMPLETE RETREATS: Files March 2007 Monthly Operating Report
------------------------------------------------------------

                      Complete Retreats, LLC
                          Balance Sheet
                       As of March 31, 2007

                              ASSETS

Unrestricted Cash                                             -
Restricted Cash                                               -
                                                 --------------
Total Cash                                                    -

Accounts Receivable (Net)                                     -
Inventory                                                     -
Notes Receivable                                              -
Prepaid Expenses                                              -
Other                                                         -
                                                 --------------
Total Current Assets                                          -

Property, Plant & Equipment                            $528,774
Less: Accumulated Depreciation/Depletion               (127,342)
                                                 --------------
Net Property, Plant & Equipment                         401,432

Due from Insiders                                             -
Other Assets - Net of Amortization                            -
Other                                                 4,072,562
                                                 --------------
Total Assets                                         $4,473,994
                                                 ==============

                   LIABILITIES & OWNERS' EQUITY

Postpetition Liabilities
   Accounts Payable                                           -
   Taxes Payable                                              -
   Notes Payable                                              -
   Professional Fees                                          -
   Secured Debt                                               -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                                -

Prepetition Liabilities
   Secured Debt                                               -
   Priority Debt                                              -
   Unsecured Debt                                             -
   Other                                               $428,115
                                                 --------------
Total Prepetition Liabilities                           428,115
                                                 --------------
Total Liabilities                                       428,115

Equity
   Prepetition Owners' Equity                         4,045,880
   Postpetition Cumulative Profit or Loss                     -
   Cash funded from UR LLC in excess of P&L losses            -
                                                 --------------
Total Equity                                          4,045,880
                                                 --------------
Total Liabilities & Owners' Equity                   $4,473,994
                                                 ==============

                      Complete Retreats, LLC
                     Statement of Operations
                       March 1 to 31, 2007

Revenues
   Gross Revenues                                            $0
   Less: Returns & Discounts                                  -
                                                 --------------
Net Revenue                                                   0

Cost of Goods Sold
   Material                                                   -
   Direct Labor
   Direct Overhead                                            -
                                                 --------------
Total Cost of Goods Sold                                      -
                                                 --------------
Gross Profit                                                  -

Operating Expenses
   Officer/Insider Compensation                               -
   Selling & Marketing                                        -
   General Administration                                     -
   Rent & Lease                                               -
   Other                                                      -
                                                 --------------
Total Operating Expenses                                      0
                                                 --------------
Income Before Non-Operating Income & Expenses                 0

Other Income & Expenses
   Non-operating Income                                       -
   Non-operating Expense                                      -
   Interest Expense                                           -
   Depreciation/Depletion                                     -
   Amortization                                               -
   Other                                                      -
                                                 --------------
Net Other Income & Expenses                                   -

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                 --------------
Total Reorganization Expenses                                 0
                                                 --------------
Income Tax                                                    0
                                                 --------------
Net Profit (Loss)                                            $0
                                                 ==============

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).  
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.  Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors.  No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.  (Complete Retreats Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


COMPLETE RETREATS: Distinctive Files March 2007 Operating Report
----------------------------------------------------------------

                    Distinctive Retreats, LLC
                          Balance Sheet
                       As of March 31, 2007

                              ASSETS

Unrestricted Cash                                             -
Restricted Cash                                               -
                                                 --------------
Total Cash                                                    -

Accounts Receivable (Net)                                     -
Inventory                                               $50,831
Notes Receivable                                        448,000
Prepaid Expenses                                        198,555
Other                                                         -
                                                 --------------
Total Current Assets                                    697,386

Property, Plant & Equipment                         104,613,316
Less: Accumulated Depreciation/Depletion             (3,598,186)
                                                 --------------
Net Property, Plant & Equipment                     101,015,130

Due from Insiders                                             -
Other Assets - Net of Amortization                      485,000
Other                                               117,093,266
                                                 --------------
Total Assets                                       $219,290,782
                                                 ==============

                   LIABILITIES & OWNERS' EQUITY

Postpetition Liabilities
   Accounts Payable                                           -
   Taxes Payable                                              -
   Notes Payable                                              -
   Professional Fees                                          -
   Secured Debt                                               -
   Other                                            $37,533,438
                                                 --------------
Total Postpetition Liabilities                       37,533,438

Prepetition Liabilities
   Secured Debt                                         452,027
   Priority Debt                                              -
   Unsecured Debt                                    30,713,743
   Other                                             16,851,100
                                                 --------------
Total Prepetition Liabilities                        48,016,870
                                                 --------------
Total Liabilities                                    85,550,308

Equity
   Prepetition Owners' Equity                       133,882,810
   Postpetition Cumulative Profit or Loss              (142,337)
   Cash funded from UR LLC in excess of P&L losses            -
                                                 --------------
Total Equity                                        133,740,473
                                                 --------------
Total Liabilities & Owners' Equity                 $219,290,781
                                                 ==============

                    Distinctive Retreats, LLC
                     Statement of Operations
                       March 1 to 31, 2007

Revenues
   Gross Revenues                                             -
   Less: Returns & Discounts                                  -
                                                 --------------
Net Revenue                                                   -

Cost of Goods Sold
   Material                                                   -
   Direct Labor                                               -
   Direct Overhead                                            -
                                                 --------------
Total Cost of Goods Sold                                      -
                                                 --------------
Gross Profit                                                  -

Operating Expenses
   Officer/Insider Compensation                               -
   Selling & Marketing                                        -
   General Administration                                     -
   Rent & Lease                                               -
   Other                                                      -
                                                 --------------
Total Operating Expenses                                      -
                                                 --------------
Income Before Non-Operating Income & Expenses                 -

Other Income & Expenses
   Non-operating Income                                       -
   Non-operating Expense                                      -
   Interest Expense                                           -
   Depreciation/Depletion                               $76,595
   Amortization                                               -
   Other                                                      -
                                                 --------------
Net Other Income & Expenses                              76,595

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                 --------------
Total Reorganization Expenses                                 -
                                                 --------------
Income Tax                                                    -
                                                 --------------
Net Profit (Loss)                                      ($76,595)
                                                 ==============

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).  
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.  Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors.  No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.  (Complete Retreats Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


COMPLETE RETREATS: Legendary Files March 2007 Operating Report
--------------------------------------------------------------

                     Legendary Retreats, LLC
                          Balance Sheet
                       As of March 31, 2007

                              ASSETS

Unrestricted Cash                                        $8,375
Restricted Cash                                               -
                                                 --------------
Total Cash                                                8,375

Accounts Receivable (Net)                                     -
Inventory                                                     -
Notes Receivable                                      1,610,000
Prepaid Expenses                                         74,040
Other                                                   110,000
                                                 --------------
Total Current Assets                                  1,794,040

Property, Plant & Equipment                              26,936
Less: Accumulated Depreciation/Depletion                      -
                                                 --------------
Net Property, Plant & Equipment                          26,936

Due from Insiders                                             -
Other Assets - Net of Amortization                            -
Other                                                17,787,456
                                                 --------------
Total Assets                                        $19,616,806
                                                 ==============

                   LIABILITIES & OWNERS' EQUITY

Postpetition Liabilities
   Accounts Payable                                           -
   Taxes Payable                                              -
   Notes Payable                                        $11,366
   Professional Fees                                          -
   Secured Debt                                               -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                           11,366

Prepetition Liabilities
   Secured Debt                                               -
   Priority Debt                                              -
   Unsecured Debt                                       482,432
   Other                                              3,887,743
                                                 --------------
Total Prepetition Liabilities                         4,370,176
                                                 --------------
Total Liabilities                                     4,381,541

Equity
   Prepetition Owners' Equity                        15,300,377
   Postpetition Cumulative Profit or Loss               (65,112)
   Cash funded from UR LLC in excess of P&L losses            -
                                                 --------------
Total Equity                                         15,235,265
                                                 --------------
Total Liabilities & Owners' Equity                  $19,616,806
                                                 ==============

                     Legendary Retreats, LLC
                     Statement of Operations
                       March 1 to 31, 2007

Revenues
   Gross Revenues                                             -
   Less: Returns & Discounts                                  -
                                                 --------------
Net Revenue                                                   -

Cost of Goods Sold
   Material                                                   -
   Direct Labor                                               -
   Direct Overhead                                        ($686)
                                                 --------------
Total Cost of Goods Sold                                   (686)
                                                 --------------
Gross Profit                                                686

Operating Expenses
   Officer/Insider Compensation                               -
   Selling & Marketing                                        -
   General Administration                                     -
   Rent & Lease                                               -
   Other                                                    130
                                                 --------------
Total Operating Expenses                                    130
                                                 --------------
Income Before Non-Operating Income & Expenses               557

Other Income & Expenses
   Non-operating Income                                       -
   Non-operating Expense                                      -
   Interest Expense                                           -
   Depreciation/Depletion                                     -
   Amortization                                               -
   Other                                                      -
                                                 --------------
Net Other Income & Expenses                                   -

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                 --------------
Total Reorganization Expenses                                 -
                                                 --------------
Income Tax                                                    -
                                                 --------------
Net Profit (Loss)                                          $557
                                                 ==============

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).  
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.  Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors.  No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.  (Complete Retreats Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


COMPLETE RETREATS: Preferred Files March 2007 Operating Report
--------------------------------------------------------------

                     Preferred Retreats, LLC
                          Balance Sheet
                       As of March 31, 2007

                              ASSETS

Unrestricted Cash                                      $219,925
Restricted Cash                                         326,530
                                                 --------------
Total Cash                                              546,455

Accounts Receivable (Net)                               755,449
Inventory                                             2,056,975
Notes Receivable                                        142,704
Prepaid Expenses                                      2,938,436
Other                                                 1,023,169
                                                 --------------
Total Current Assets                                  6,916,732

Property, Plant & Equipment                           9,060,515
Less: Accumulated Depreciation/Depletion             (3,387,345)
                                                 --------------
Net Property, Plant & Equipment                       5,673,170

Due from Insiders                                     2,222,941
Other Assets - Net of Amortization                        1,555
Other                                               100,553,642
                                                 --------------
Total Assets                                       $115,914,496
                                                 ==============

                   LIABILITIES & OWNERS' EQUITY

Postpetition Liabilities
   Accounts Payable                                 $11,574,494
   Taxes Payable                                              -
   Notes Payable                                     75,009,390
   Professional Fees                                          -
   Secured Debt                                               -
   Other                                              8,131,861
                                                 --------------
Total Postpetition Liabilities                       94,715,746

Prepetition Liabilities
   Secured Debt                                          43,411
   Priority Debt                                              -
   Unsecured Debt                                    11,983,920
   Other                                            126,713,227
                                                 --------------
Total Prepetition Liabilities                       138,740,559
                                                 --------------
Total Liabilities                                   233,456,305

Equity
   Prepetition Owners' Equity                       (90,524,986)
   Postpetition Cumulative Profit or Loss           (31,016,823)
   Cash funded from UR LLC in excess of P&L losses    4,000,000
                                                 --------------
Total Equity                                       (117,541,809)
                                                 --------------
Total Liabilities & Owners' Equity                 $115,914,496
                                                 ==============

                     Preferred Retreats, LLC
                     Statement of Operations
                       March 1 to 31, 2007

Revenues
   Gross Revenues                                       ($9,039)
   Less: Returns & Discounts                             (1,000)
                                                 --------------
Net Revenue                                             (10,039)

Cost of Goods Sold
   Material                                             (14,055)
   Direct Labor                                               -
   Direct Overhead                                       84,110
                                                 --------------
Total Cost of Goods Sold                                 70,055
                                                 --------------
Gross Profit                                            (80,094)

Operating Expenses
   Officer/Insider Compensation                               -
   Selling & Marketing                                    2,290
   General Administration                               102,077
   Rent & Lease                                           9,910
   Other                                                310,137
                                                 --------------
Total Operating Expenses                                424,415
                                                 --------------
Income Before Non-Operating Income & Expenses          (504,509)

Other Income & Expenses
   Non-operating Income                                       -
   Non-operating Expense                                      -
   Interest Expense                                           -
   Depreciation/Depletion                                57,536
   Amortization                                               -
   Other                                               (118,132)
                                                 --------------
Net Other Income & Expenses                             (60,596)

Reorganization Expenses
   Professional Fees                                   (340,497)
   U.S. Trustee Fees                                          -
   Other                                                      5
                                                 --------------
Total Reorganization Expenses                          (340,492)
                                                 --------------
Income Tax                                                    -
                                                 --------------
Net Profit (Loss)                                     ($103,420)
                                                 ==============

Preferred Retreats had approximately $3,000,000 on hand as of
March 31, 2007.

Preferred Retreats obtained approximately $5,900,000 in
immediately available cash for the period from March 1 to 31,
2007, from accounts receivables, asset sales and certain loans.  
During the same period, the company spent approximately
$2,800,000 for its daily business operations, and paid
approximately $14,000 on reorganization fees, including
fees for the U.S. Trustee and the company's bankruptcy
professionals.

Preferred Retreats filed with the Court an illegible copy of the
Debtors' consolidated cash receipts and disbursements for the
period March 1 to 31, 2007, a full-text copy of which is
available at no charge at:

          http://researcharchives.com/t/s?1e02

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).  
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.  Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors.  No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.  (Complete Retreats Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


COMPLETE RETREATS: Private Files March 2007 Operating Report
------------------------------------------------------------

                      Private Retreats, LLC
                          Balance Sheet
                       As of March 31, 2007

                              ASSETS

Unrestricted Cash                                             -
Restricted Cash                                          $1,679
                                                 --------------
Total Cash                                                1,679

Accounts Receivable (Net)                                     -
Inventory                                                71,384
Notes Receivable                                        560,981
Prepaid Expenses                                              -
Other                                                         -
                                                 --------------
Total Current Assets                                    632,365

Property, Plant & Equipment                          51,312,308
Less: Accumulated Depreciation/Depletion             (5,820,571)
                                                 --------------
Net Property, Plant & Equipment                      45,491,737

Due from Insiders                                             -
Other Assets - Net of Amortization                    1,152,200
Other                                                19,041,338
                                                 --------------
Total Assets                                        $66,319,319
                                                 ==============

                   LIABILITIES & OWNERS' EQUITY

Postpetition Liabilities
   Accounts Payable                                           -
   Taxes Payable                                              -
   Notes Payable                                        $14,901
   Professional Fees                                          -
   Secured Debt                                               -
   Other                                             29,870,250
                                                 --------------
Total Postpetition Liabilities                       29,885,151

Prepetition Liabilities
   Secured Debt                                         186,738
   Priority Debt                                              -
   Unsecured Debt                                     5,432,515
   Other                                             12,508,567
                                                 --------------
Total Prepetition Liabilities                        18,127,820
                                                 --------------
Total Liabilities                                    48,012,971

Equity
   Prepetition Owners' Equity                        19,317,217
   Postpetition Cumulative Profit or Loss            (1,010,868)
   Cash funded from UR LLC in excess of P&L losses            -
                                                 --------------
Total Equity                                         18,306,349
                                                 --------------
Total Liabilities & Owners' Equity                  $66,319,319
                                                 ==============

                      Private Retreats, LLC
                     Statement of Operations
                       March 1 to 31, 2007

Revenues
   Gross Revenues                                       ($1,804)
   Less: Returns & Discounts                                  -
                                                 --------------
Net Revenue                                              (1,804)

Cost of Goods Sold
   Material                                                   -
   Direct Labor                                               -
   Direct Overhead                                            -
                                                 --------------
Total Cost of Goods Sold                                      -
                                                 --------------
Gross Profit                                             (1,804)

Operating Expenses
   Officer/Insider Compensation                               -
   Selling & Marketing                                        -
   General Administration                                     -
   Rent & Lease                                               -
   Other                                                      -
                                                 --------------
Total Operating Expenses                                      -
                                                 --------------
Income Before Non-Operating Income & Expenses            (1,804)

Other Income & Expenses
   Non-operating Income                                       -
   Non-operating Expense                                      -
   Interest Expense                                           -
   Depreciation/Depletion                               136,693
   Amortization                                               -
   Other                                                      -
                                                 --------------
Net Other Income & Expenses                             136,693

Reorganization Expenses
   Professional Fees                                          -
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                 --------------
Total Reorganization Expenses                                 -
                                                 --------------
Income Tax                                                    -
                                                 --------------
Net Profit (Loss)                                     ($138,497)
                                                 ==============

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).  
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.  Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors.  No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.  (Complete Retreats Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


FLYI INC: Posts $645,974 Net Loss in March 2007
-----------------------------------------------

                             FLYi Inc.
                    Consolidated Balance Sheet
                       As of March 31, 2007

ASSETS

Current assets
   Cash                                                      $0
   Short term investments                                     -
   Net accounts receivable                                    -
   IC Notes receivable                                        -
                                                  -------------
   Total Current Assets                                       -
                                                  -------------
Other assets
   Restricted cash                                            -
   Long term investments                                      -
   Other assets                                               -
                                                  -------------
   Total Other Assets                                         -
                                                  -------------
   TOTAL ASSETS                                              $0
                                                  =============

Liabilities not subject to compromise
Liabilities subject to compromise
   Secured debt                                               -
   Priority debt                                              -
   Unsecured debt                                             -
                                                  -------------
   Total Liabilities                                          -
                                                  -------------
Owner Equity
   Transfer of Cash to Distribution Trust            (1,243,278)
   Transfer of Priority/Secured/Admin
      Liabilities to Distribution Trust               1,479,815
   Settlement of Intercompany Debt                 (284,924,587)
   Transfer of Unsecured Debt to Trust
      as Beneficial Interests                       132,478,302
   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                   (11,274,776)
                                                  -------------
   Net Owners' Equity                                         -
                                                  -------------
   TOTAL LIABILITIES AND OWNER'S EQUITY                      $0
                                                  =============

                             FLYi Inc.
                     Statement of Operations
                             March 2007

Revenues                                                     $0
Operating Expense                                           824
                                                  -------------
Net Profit (Loss) before Other Income & Expenses           (824)

Other (income) expenses
   Interest income                                       (4,455)
   Interest expense                                           -
   Other miscellaneous                                        -
                                                  -------------
Net Profit (Loss) before reorganization items             3,631

Reorganization items
      Professional fees                                 649,605
      U.S. Trustee Quarterly Fees                             -
      Income Taxes                                            -
                                                  -------------
Net Profit (Loss)                                      (645,974)
                                                  =============

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.

The Debtors' exclusive period to file a chapter 11 expired on
Aug. 15, 2006.  On the same day, the Debtors filed their Joint
Plan of Liquidation.  On Nov. 13, 2006, they filed an Amended Plan
and Disclosure Statement.  The Court approved the Disclosure
Statement on Nov. 17, 2006 and the Clerk of Court entered a
written disclosure statement order on Nov. 21, 2006.  The hearing
to consider confirmation of the Debtors' Plan is set for March 12,
2007.  (FLYi Bankruptcy News, Issue No. 39; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FLYI INC: Independence Air Earns $7.2 Million In March 2007
-----------------------------------------------------------

                       Independence Air Inc.
                    Consolidated Balance Sheet
                       As of March 31, 2007

ASSETS

Current assets
   Cash                                                      $0
   Short term investments                                     -
   Restricted cash                                            -
   Net accounts receivable                                    -
   Net expandable parts and fuel                              -
   Net prepaid expenses                                       -
   Deferred tax asset                                         -
                                                  -------------
Total current assets                                          -
                                                  -------------
Other assets
   Restricted cash                                            -
   Aircraft deposits                                          -
   Other assets                                               -
                                                  -------------
Total other assets                                            -
                                                  -------------
   TOTAL ASSETS                                              $0
                                                  =============
LIABILITIES

Liabilities not subject to compromise
   Accounts payable                                           -
   Air traffic liability                                      -
   Accrued liabilities                                        -
   Amounts due to insiders                                    -
                                                  -------------
Total Postpetition Liabilities                                -
                                                  -------------

Liabilities subject to compromise
   Secured debt                                               -
   Priority debt                                              -
   Unsecured debt                                             -
   Other accruals                                             -
                                                  -------------
Total prepetition liabilities                                 -
                                                  -------------
Total Liabilities                                             -
                                                  -------------
Owner Equity
   Transfer of Cash to Distribution Trust          (145,999,087)
   Transfer of Other Assets to Distribution
      Trust                                         (20,692,258)
   Transfer of Priority/Secured/Admin.
      Liabilities to Distribution Trust              15,674,905
   Settlement of Intercompany Debt                  284,924,587
   Transfer of Unsecured Debt to Trust
      as Beneficial Interests                        21,626,438
   Common stock                                               -
   Treasury stock                                             -
   Owner's equity account                                     -
   Prepetition retained earnings                   (257,846,546)
   Postpetition retained earnings                   102,311,961
                                                  -------------
Net Owners' Equity                                            -
                                                  -------------
   TOTAL LIABILITIES AND OWNER'S EQUITY                      $0
                                                  =============

                       Independence Air Inc.
                     Statement of Operations
                            March 2007

Revenues                                                     $0
Operating Revenue
   Passenger revenue                                          -
   Other revenue                                              -
                                                  -------------
Total operating revenues                                      -
                                                  -------------
Operating expenses
Insider compensation                                     25,305
   Wages                                                230,982
   Fringes and benefits                                (332,931)
   Aircraft fuel                                     (1,353,279)
   Aircraft maintenance and materials                    (1,874)
   CRS fees                                              (7,578)
   Facilities rents                                      30,115
   Landing fees                                           4,481
   Depreciation and amortization                              -
   Others                                            (2,837,135)
   Retirement & restructuring charge                 (2,428,801)
                                                  -------------
Total operating expense                              (6,670,716)
                                                  -------------
Net operating income (loss)                           6,670,716
                                                  -------------
Net Profit (Loss) before other income & expenses      6,670,716
                                                  -------------
Other (income) expenses
   Interest income                                     (921,566)
   Interest expense                                      (3,675)
   Other miscellaneous                                        -
                                                  -------------
   Total other (income) expense                        (925,241)
                                                  -------------
Net Profit (Loss) before reorganization items         7,595,957
                                                  -------------
Reorganization items
   Professional fees                                    364,361
   Income Taxes                                          22,170
                                                  -------------
Net Profit (Loss)                                    $7,209,425
                                                  =============

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.

The Debtors' exclusive period to file a chapter 11 expired on
Aug. 15, 2006.  On the same day, the Debtors filed their Joint
Plan of Liquidation.  On Nov. 13, 2006, they filed an Amended Plan
and Disclosure Statement.  The Court approved the Disclosure
Statement on Nov. 17, 2006 and the Clerk of Court entered a
written disclosure statement order on Nov. 21, 2006.  The hearing
to consider confirmation of the Debtors' Plan is set for March 12,
2007.  (FLYi Bankruptcy News, Issue No. 39; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: Refco LLC Files February 2007 Operating Report
---------------------------------------------------------

Albert Togut, the Chapter 7 trustee overseeing the liquidation of
Refco, LLC's estate, delivered to the Court a monthly statement
of cash receipts and disbursements for the period from
Feb. 1 to 28, 2007.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of February 1 totals $633,278,000.  The Debtor's beginning
purchase price account balance totals $14,589,000, while its
beginning capital account "A" balance aggregates $618,689,000.
    
The purchase price account includes activity related to Man
Financial, Inc. sale proceeds and related disbursements.  Capital
account "A" includes activities related to collection of excess  
capital.

Refco LLC received $4,739,000 and disbursed $2,483,000 during the
Reporting Period.  The Debtor held $635,534,000 at the end of the
period.
  
The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.

A full-text copy of Refco LLC's February 2007 Monthly Statement
is available at no charge at:

               http://researcharchives.com/t/s?1e01

Based in 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 $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco Managed
Futures LLC, and Lind-Waldock Securities LLC.

Refco Commodity Management, Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.  

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.  (Refco Bankruptcy News, Issue No. 62; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/     
or 215/945-7000).


WERNER LADDER: PA Posts $10.2 Million Net Loss in March 2007
------------------------------------------------------------

         Werner Holding Co. (PA), Inc., and Subsidiaries
              Unaudited Consolidated Balance Sheet
                      As of March 31, 2007
                        ($ in thousands)

ASSETS
Current Assets:
Cash and cash equivalents                                $1,363
Receivables, net                                         63,294
Income taxes receivable (payable)                           640
Inventories, net                                         62,732
Property, plant and equipment held for sale, at
   cost less accumulated depreciation                    16,590
Prepaid insurance and other                               7,262
                                                   ------------
Total current assets                                    151,881

Property, Plant & Equipment, Net                         50,964
Other assets:
Deferred financing fees, net                              6,078
Investment in subsidiaries                                    -
Other noncurrent assets                                   6,483
                                                   ------------
Total other assets                                       12,561
                                                   ------------
TOTAL ASSETS                                           $215,406
                                                   ============

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable                                        $15,583
Accrued liabilities                                      28,122
Intercompany payable (receivables)                            -
First lien revolving credit facility                    205,085
Current maturities of long-term debt
                                                   ------------
Total current liabilities                               248,790

Long-Term Liabilities:
Long-term debt                                           13,591
Reserve for product liability and
   workers' compensation claims                          12,205
Other long-term obligations                               4,092
Liabilities subject to compromise                       318,300
                                                   ------------
Total Liabilities                                       596,978

Convertible preferred stock                             100,592

Shareholders' Deficit:
Common stock                                                  1
Additional paid-in-capital                               17,017
Retained earnings (deficit)                            (485,941)
Accumulated other comprehensive income (loss)           (13,241)
                                                   ------------
Total Shareholders Deficit                             (482,164)
                                                   ------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT              $215,406
                                                   ============

         Werner Holding Co. (PA), Inc., and Subsidiaries
         Unaudited Consolidated Statement of Operations
                   Month Ended March 31, 2007
                        ($ in thousands)

Net sales                                               $33,101
Total cost of sales                                      26,298
                                                   ------------
Gross profit                                              6,803

Total operating expenses                                 10,004

Operating income (loss)                                  (3,201)
Equity in net income (loss) of subsidiaries                   -
Other income (expense), net                                 539
                                                   ------------
Income (loss) before interest,
reorganization items and taxes                           (2,662)

Reorganization Items:
  (Restructuring Process Fees)                           (2,291)
   Interest Income                                           10
                                                   ------------
Reorganization Items, Net                                (2,281)
                                                   ------------
Interest (loss) before interest and taxes                (4,943)
Inter-company interest expense                                -
Interest expense                                          4,451
                                                   ------------
Income (loss) before income taxes                        (9,394)
Provision (benefit) for income taxes                        785
                                                   ------------
Net Income (Loss)                                      ($10,179)
                                                   ============

         Werner Holding Co. (PA), Inc., and Subsidiaries
         Unaudited Consolidated Statement of Cash Flows
                   Month Ended March 31, 2007
                        ($ in thousands)

Cash flows provided (used) by
operating activities                                   ($10,276)

Cash Flows From Investing Activities:
Capital expenditures, net                                  (213)
                                                   ------------
Net cash used in investing activities                      (213)

Cash Flows From Financing Activities:
Capital lease payments                                     (163)
Net borrowings under First Lien Credit Facility          10,500
Debt issuance costs                                        (500)
                                                   ------------
Net cash provided (used) by financing activities          9,837

Net increase (decrease) in cash and equivalents            (652)
Cash and equivalents at March 1, 2007                     2,015
                                                   ------------
Cash and equivalents at March 31, 2007                   $1,363
                                                   ============

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--   
manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates filed
for chapter 11 protection on June 12, 2006 (Bankr. D. Del. Case
No. 06-10578).  

The Debtors are represented by the firm of Willkie Farr &
Gallagher LLP as lead counsel and the firm of Young, Conaway,
Stargatt & Taylor LLP as co-counsel.  Rothschild Inc. is the
Debtors' financial advisor.  The Official Committee of Unsecured
Creditors is represented by the firm of Winston & Strawn LLP as
lead counsel and the firm of Greenberg Traurig LLP as co-counsel.
Jefferies & Company serves as the Creditor Committee's financial
advisor.  At March 31, 2006, the Debtors reported total assets of
$201,042,000 and total debts of $473,447,000.  (Werner Ladder
Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or (215/945-7000)

The Debtors' exclusive period to file a plan expires on April 10,
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, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
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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