TCR_Public/070512.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, May 12, 2007, Vol. 11, No. 112

                             Headlines

ADVANCED MARKETING: Files Amended Schedules of Assets and Debts
CATHOLIC CHURCH: Portland Files March 2007 Operating Report
CATHOLIC CHURCH: San Diego Files Amended Schedules
CATHOLIC CHURCH: Spokane Files March 2007 Operating Report
NORTHWEST AIRLINES: Earns $90 Million in March 2007

PEOPLE'S CHOICE: Files Schedules of Assets and Liabilities
SEA CONTAINERS: Posts $2 Million Net Loss in March 2007
THAXTON GROUP: Files Monthly Operating Report for March 2007
VESTA INSURANCE: Florida Select Files Schedules of Assets & Debts

                             *********

ADVANCED MARKETING: Files Amended Schedules of Assets and Debts
---------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates filed
with the United States Bankruptcy Court for the District of
Delaware their amended schedules of assets and liabilities stating
that:

    (a) the aggregate amount of Unsecured Priority Claims under
        Schedule E has been reduced to $285,690 from $497,203;
        and

    (b) the aggregate amount of Unsecured Non-Priority Claims
        under Schedule F has been reduced to $165,884,073 from
        $174,596,806.

A full-text copy of the AMS' Amended Schedules is available for
free at http://ResearchArchives.com/t/s?1efa

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.  In its schedules of assets and liabilities
filed with the Court, Advanced Marketing disclosed total assets of
$213,384,791 and total debts of $216,608,357.  The Debtors'
exclusive period to file a chapter 11 plan expires on Aug. 10,
2007.  (Advanced Marketing Bankruptcy News, Issue No. 10;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


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

                        Pastoral Center
                Archdiocese of Portland in Oregon
                 Statement of Financial Position
                       As of March 31, 2007

ASSETS

Cash and cash equivalents                            $31,781,980
Accounts receivable, net                               1,880,958
Notes, estates and other receivables                  11,597,775
Loans receivable from Archdiocesan entities, net       5,698,253
Loans receivable from Archdiocesan housing entities      545,078
Interest receivable and other assets                     219,229
Inventories                                            1,779,317
Real Property                                            226,689
Deposits and prepaid expenses                             51,517
Investments                                          104,503,023
Advances to Archdiocesan housing entities              1,531,500
Land, building, and equipment, net                     7,374,692
                                                   -------------
Total Assets                                        $167,190,011
                                                   =============

LIABILITIES AND NET ASSETS

Liabilities:
    Prepetition
       Accounts payable                                 $822,302
       Accrued liabilities                             2,172,196
       Funds held for others
          Second Collections                                 (12)
          Short-term investments payable              12,134,075
          Long-term pool investments payable          17,543,324
       Reserve for insurance claims                    2,343,946
       Notes payable                                  10,512,538
       Pre-need liability and reserve                    456,268
       Accrued post-retirement liability               7,607,264
                                                   -------------
    Total Prepetition Liabilities                     53,591,901
                                                   -------------
    Postpetition Liabilities
       Accounts payable                                  244,144
       Accrued liabilities                             8,440,847
       Funds held for others
          Second Collections                             254,005
          Short-term investments payable               5,006,061
          Long-term pool investments                   7,960,570
       Reserve for insurance claims                      460,648
       Notes payable                                           -
       Pre-need liability and reserve                     35,088
       Accrued post-retirement liability                 404,521
                                                   -------------
    Total Postpetition Liabilities                    22,805,884
                                                   -------------
      Total Liabilities                               76,397,785
                                                   -------------
Net Assets:
    Prepetition Net Assets:
       Charitable Trust Assets                        69,961,063
       Other Assets                                   (3,571,302)
                                                   -------------
    Total Prepetition Net Assets                      66,389,761
                                                   -------------
    Postpetition Net Assets:
       Charitable Trust Assets                        10,602,963
       Other Assets                                   13,799,502
                                                   -------------
    Total Postpetition Net Assets                     24,402,465
                                                   -------------
       Total Net Assets                               90,792,226
                                                   -------------
Total liabilities & net assets                      $167,190,011
                                                   =============

                          Pastoral Center
                 Archdiocese of Portland in Oregon
                      Statement of Activities
                 For the month ending March 31, 2007

Revenues, gains and other support
    Annual Catholic Appeal income                         $4,282
    Gross profit on cemetery sales                        71,775
    Contributions, gifts, annuities and bequest        1,815,106
    Operating support - Oregon Catholic Press                  -
    Investment income and realized gains (losses),
       net of expenses                                 4,461,814
    Change in unrealized gains (losses)               (3,352,314)
    Insurance premiums, net                                    -
    Interest income from loans                            96,075
    Parish assessments                                   260,689
    Other income                                         221,934
    Departmental revenues                                 40,314
    Net assets released from restrictions                      -
                                                   -------------
    Total revenues, gains, and other support           3,619,675
                                                   -------------
Expenses and program support:
    Program Services:
       Annual Catholic Appeal program support,
          grants and parish subsidies                    456,701
       Clergy Services                                    27,741
       Catholic Schools                                   37,924
       Pastoral Services                                  36,517
       Evangelization Services                            43,560
       Public Services                                     9,836
       Tribunal Services                                  16,296
       Deposit and loan interest                         125,053
       Insurance program                                 280,285
       Cemetery operating expenses                        67,099
       High School grants/charitable annuities            16,921
       Other program expenses                             60,741
                                                   -------------
          Total program services                       1,178,674
                                                   -------------
    Supporting Services:
       Archbishop, Vicar General
          and Chancellor Services                         41,455
       Finance & Administration:
          Resource Development                            52,375
          Business Affairs                                10,002
          Financial Services                              62,628
       Human Resources                                    26,757
       Shared Services                                    20,294
       Occupancy and physical plant expenses              10,519
       Designated funds expense                           31,682
       Bankruptcy expense                                227,567
       Depreciation expense                                    -
                                                   -------------
          Total supporting services                      483,279
                                                   -------------
          Total expenses and program support           1,661,953
                                                   -------------
Increase (decrease) in net assets before
    transfers and designations of net assets           1,957,722

Fund transfers - in (out)                                      -
Designation of net assets                                      -
                                                   -------------
Increase (decrease) in net assets                      1,957,722

Net assets at beginning of year                       88,834,504
                                                   -------------
Net assets at end of year                            $90,792,226
                                                  ==============

                 Archdiocese of Portland in Oregon
            Statement of Cash Receipts and Disbursements
              For the month ending March 31, 2007

Beginning Cash Balance:                              $29,271,844
Add:
    Transfers in                                       1,240,941
    Receipts Deposited                                 4,678,289
    Other (Return of Direct Deposits)                          -
    Other                                                      -
    Other (Interest Income)                              144,446
                                                   -------------
    Total Cash Receipts                                6,063,677

Subtract:
    Transfers out                                     (1,240,941)
    Disbursements by check or debit                   (2,303,538)
    Cash withdrawn                                             -
    Other (Service Charges)                               (5,206)
    Other (Misc Check Correction)                              -
    Other (NSF Checks)                                    (3,854)
    Other (Clear Interfund Rec/Pay)                            -
                                                   -------------
    Total Cash Disbursements                          (3,553,541)
                                                   -------------
Ending Cash Balance                                  $31,781,980
                                                   =============

                  About Archdiocese of Portland

The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts.  Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents
the Official Tort Claimants Committee in Portland, and scores of
abuse victims are represented by other lawyers.  David A. Foraker
serves as the Future Claimants Representative appointed in the
Archdiocese of Portland's Chapter 11 case.  In its Schedules of
Assets and Liabilities filed with the Court on July 30, 2004, the
Portland Archdiocese reports $19,251,558 in assets and
$373,015,566 in liabilities.

The Court approved the Debtor's disclosure statement explaining
its Second Amended Joint Plan of Reorganization on Feb. 27, 2007.
On April 17, 2007, the Court confirmed Portland's 3rd Amended
Plan.  (Catholic Church Bankruptcy News, Issue No. 91; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


CATHOLIC CHURCH: San Diego Files Amended Schedules
--------------------------------------------------
Rev. Robert H. Brom, bishop of San Diego, notified the U.S.
Bankruptcy Court for the Southern District of California that The
Roman Catholic Bishop of San Diego has amended its Schedules A,
B, D, E, F and G, which were filed on April 19, 2007.

A.     Real Property
           Mater Dei High School                      $60,790,223
           Holy Cross Cemetery                         11,376,471
           Pastoral Center                              7,034,112
           Others                                      17,480,034
B.     Personal Property
B.1    Cash on Hand
           Petty Cash Fund                                  5,420
B.2    Bank Accounts
           Pastoral Center                              9,030,479
           Holy Cross Cemetery                            681,471
           Marian Catholic High School                  3,181,160
           SDSU Newman Center                              27,911
           Vincent Memorial High School                   281,457
           UCSD Newman Center                              76,056
B.3    Security Deposits                                        0
B.4    Household Goods                                    unknown
B.5    Books, art work & collectibles                     unknown
B.6    Wearing apparel                                          0
B.7    Furs and jewelry                                   unknown
B.8    Firearms and sporting goods                        unknown
B.9    Interests in insurance policies                          0
B.10   Annuities                                                0
B.11   Interests in education IRA                               0
B.12   Interests in retirement plans                            0
B.13   Stock and Interests
           Large Cap Value                              9,786,164
           Mid Cap Growth                              11,095,348
B.14   Interests in joint ventures                              0
B.15   Government & corporate bonds                             0
           Domestic Income - Intermediate               4,838,586
           Domestic Income - Short                      6,841,372
           US Government Obligations                    5,271,029
B.16   Accounts receivable
           Pastoral Center                              3,324,612
           Diocesan Notes Receivable                       37,232
           Marian Catholic High School                  1,139,284
           Marian's Other Receivables                      92,479
           Marian's Prepaid Expenses                        3,000
           Vincent Memorial High School                   575,068
           Holy Cross Cemetery                          4,414,838
           Holy Cross' Other Expenses                       4,413
           UCSD Newman Center                               1,854
B.17   Alimony                                                  0
B.18   Other liquidated debts owed                              0
B.19   Equitable and future interests                           0
           Contingent reversionary interest            65,000,000
B.20   Contingent interests
           John Donahue Trust                           3,698,579
           Chien charitable unitrust                      369,199
           Sanclemente charitable annuity                 325,109
           Others                                         965,110
B.21   Other contingent & unliquidated claims                   0
B.22   Patents, copyrights & trademarks                         0
B.23   Licenses & franchises                                    0
B.24   Other intangibles                                        0
B.25   Automobiles
           Pastoral Center                                  3,275
           Marian Catholic High School                     19,500
           Vincent Memorial High School                    13,760
           Holy Cross Cemetery                             27,625
B.26   Boats                                                    0
B.27   Aircraft                                                 0
B.28   Office equipment and supplies                      unknown
B.29   Machinery, furniture and fixtures                  unknown
B.30   Inventory
           Marian Catholic High School                     14,507
           Holy Cross Cemetery                          6,653,524
B.31   Animals                                                  0
B.32   Crops                                                    0
B.33   Farming equipment                                        0
B.34   Farm supplies                                            0
B.35   Other personal property                                  0

        TOTAL SCHEDULED ASSETS                       $234,480,274
                                                    =============

C.     Property Claimed as Exempt                 Not Applicable

D.     Secured Claims
           ALSAM Foundation                           $35,920,100
           Union Bank of California                     4,323,204
           Individual creditors                         1,327,534

E.     Unsecured Priority Claims                          526,837

F.     Unsecured Non-Priority Claims                   54,837,851

        TOTAL SCHEDULED LIABILITIES                   $96,935,527
                                                     ============

Moreover, Rev. Brom listed the executory contracts, in which the
Diocese is a party to, complete list of which is available for
free at http://researcharchives.com/t/s?1ef8

Rev. Brom also disclosed that the Diocese has restricted assets
amounting to $32,083,184.

RESTRICTED ASSETS

I.   Temporary Restricted Funds
         Pastoral Center                               $2,032,490
         Holy Cross                                     6,573,885
         Marian Catholic High                             280,294
         Vincent Memorial                                 121,779
         Mater Dei                                      1,532,169
                                                     ------------
                                                       10,540,619
II.  Permanently Restricted Funds
         Pastoral Center                                8,291,246
         Marian Catholic High                              22,535
                                                     ------------
                                                        8,313,781
III. Others
         Special Collections                              519,628
         Newman Special Collections                         9,593
         Catholic Appeal Rebates                            5,388
         Stock Gifts                                        4,023
         Miscellaneous                                 12,690,148
                                                     ------------
                                                       13,228,782

         Total Restricted Assets                      $32,083,184
                                                     ============

In compliance with Judge Perris' instruction, Rev. Brom submitted
as Schedule K, the contested bank accounts of the Parishes and
Schools.  In his filing, Rev. Brom noted that the Accounts,
investments and personal properties are listed pursuant to the
Court's Order; however, the Diocese disclaims any interest in any
of the Properties.  He contended that it is the position of the
Diocese that the Properties are owned by the entities as listed
and not property of the bankruptcy estate pursuant to Section 541
of the Bankruptcy Code.

A complete list of the Parishes' and Schools' bank accounts is
available for free at http://researcharchives.com/t/s?1ef9

Rev. Brom said further that the miscellaneous tangible
personal properties owned by the Parishes and Schools consist
generally of furniture, rectory furnishings, religious articles,
books, supplies, computers, vestments, vehicles, playground, and
athletic, office and school equipment.

           About the Roman Catholic Diocese of San Diego

Roman Catholic Diocese of San Diego in California --
http://www.diocese-sdiego.org/-- employs approximately
3,000 people in various areas of work.  The Diocese filed for
Chapter 11 protection just before commencement of the first of
court proceedings for 140 sexual abuse lawsuits filed against the
Diocese.  Authorities of the San Diego Diocese said they were not
in favor of litigating their cases.

The San Diego Diocese filed for chapter 11 protection on Feb. 27,
2007 (Bankr. S.D. Calif. Case No. 07-00939).  Gerald P. Kennedy,
Esq., at Procopio, Cory, Hargreaves and Savitch LLP, represents
the Diocese.  In its schedules of assets and liabilities, the
Diocese listed total assets of $152,510,888 and total liabilities
of $72,754,092.

The Diocese's exclusive period to file a chapter 11 plan of
reorganization expires on June 27, 2007.  On March 27, 2007, the
Debtor filed its plan and disclosure statement.  (Catholic Church
Bankruptcy News, Issue No. 91; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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

                   Catholic Diocese of Spokane
                          Balance Sheet
                       As of March 31, 2007

ASSETS
   Total Cash Accounts                                 $2,982,635
   Total Transfer Account                                       -
   Total Investments                                    4,081,646
   Total Property                                         495,004
   Total Loans Receivable                               2,542,864
   Total Interfund Loan Receivable                        217,912
   Total Accounts Receivable                               92,894
   Total Land and Buildings & Equipment                 2,120,834
   Total Prepaid Expenses                                 138,825
                                                   --------------
Total Assets                                          $12,672,618
                                                   ==============

LIABILITIES AND NET ASSETS

Liabilities
   Total Deposits Payable                              $7,997,686
   Total Interest Payable                                       -
   Total Accounts Payable                                  24,315

Total Long-term Liabilities                             9,269,297

Net Assets
   Total Unrestricted - Fund Balance                  (17,890,853)
   Total Unrestricted Net Assets                      (17,890,853)
   T.R. - Guse Grant Funds                                417,749
   T.R. - Bishop's School Grants Funds                     72,630
   T.R. - Bishop's Discretionary Funds                     65,681
   Total Replacement Fund                              10,548,988
   Total Diocesan D&L Funding                           2,176,115
   Total Guatemala Funds                                  547,068
   Temporarily Restricted                                       -
                                                   --------------
Total liabilities & net assets                        $12,672,618
                                                   ==============

                   Catholic Diocese of Spokane
                   Income and Expense Statement
               For the month ending March 31, 2007

Total Income                                          $1,858,445
Total Expenses                                           383,832
                                                   --------------
Net Excess or Deficit                                ($1,474,612)
                                                   ==============

The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for March 2007 shows that cash receipts for the
period total $2,169,140, while disbursements total $1,904,535.

                    About The Diocese of Spokane

The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004.  Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts.

The Diocese of Spokane, the Tort Claimants Committee, the Future
Claims Representative, and the Executive Committee of the
Association of Parishes delivered an Amended Plan of
Reorganization, and a Disclosure Statement describing that Plan
to the Court on Feb. 1, 2007.  The Honorable Patricia C. Williams
approved the disclosure statement on March 8, 2007.  On April 24,
2007, the Court confirmed Spokane's 2nd Amended Joint Plan.
(Catholic Church Bankruptcy News, Issue No. 91; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


NORTHWEST AIRLINES: Earns $90 Million in March 2007
---------------------------------------------------

                  Northwest Airlines Corporation
         Unaudited Condensed Consolidated Balance Sheet
                       As of March 31, 2007

ASSETS

Current assets:
    Cash and cash equivalents                     $1,800,000,000
    Unrestricted short-term investments              626,000,000
    Restricted cash, cash equivalents &
       short-term investments                        543,000,000
    Accounts receivable, net                         687,000,000
    Flight equipment spare parts, net                101,000,000
    Prepaid expenses & other                         415,000,000
                                                 ---------------
Total current assets                               4,172,000,000

Property and equipment:
    Flight equipment, net                          7,855,000,000
    Other property & equipment, net                  563,000,000
                                                 ---------------
Total property & equipment                         8,418,000,000

Flight Equipment under capital leases, net            12,000,000

Other assets:
    International routes                             634,000,000
    Investments in affiliated companies               22,000,000
    Other                                            484,000,000
                                                 ---------------
Total other assets                                 1,140,000,000
                                                 ---------------
Total assets                                     $13,742,000,000
                                                 ===============

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
    Air traffic liability                         $1,865,000,000
    Accounts payable & other liabilities           1,541,000,000
    Current maturities of long-term debt
       & capital lease obligations                   223,000,000
                                                 ---------------
Total current liabilities                          3,629,000,000

Long-term debt                                     4,233,000,000

Deferred Credits & other liabilities:
    Long-term pension & postretirement
       Health care benefits                           88,000,000
    Other                                            164,000,000
                                                 ---------------
Total deferred credits & other liabilities           252,000,000

Liabilities Subject to Compromise                 13,633,000,000

Preferred redeemable stock subject to Compromise     275,000,000

Common Stockholders' Equity (Deficit)
    Common stock                                       1,000,000
    Additional paid-in capital                     1,507,000,000
    Accumulated deficit                           (7,676,000,000)
    Accumulated other comprehensive
       income (loss)                              (1,099,000,000)
    Treasury stock                                (1,013,000,000)
                                                 ---------------
Total common stockholders' equity (deficit)       (8,280,000,000)
                                                 ---------------
Total Liabilities &
    Stockholders' Equity (deficit)               $13,742,000,000
                                                 ===============

                  Northwest Airlines Corporation
    Unaudited Condensed Consolidated Statement of Operations
                  For Month Ended March 31, 2007

Operating Revenues
    Passenger                                       $851,000,000
    Regional carrier revenues                        117,000,000
    Cargo                                             73,000,000
    Other                                             67,000,000
                                                 ---------------
    Total Operating Revenues                       1,108,000,000

Operating Expenses
    Aircraft fuel and taxes                          242,000,000
    Salaries, wages, and benefits                    224,000,000
    Selling and marketing                             60,000,000
    Aircraft maintenance materials and repair         71,000,000
    Other rentals and landing fees                    49,000,000
    Depreciation and amortization                     40,000,000
    Aircraft rentals                                  32,000,000
    Regional carrier expenses                         74,000,000
    Other                                            142,000,000
                                                 ---------------
    Total Operating Expenses                         934,000,000

Operating Income (Loss)                              174,000,000

Other Income (Expense)
    Interest expense, net                            (45,000,000)
    Investment income                                 11,000,000
    Reorganization items, net                        (54,000,000)
    Other, net                                         3,000,000
                                                 ---------------
    Total other income (expense)                     (85,000,000)
                                                 ---------------
Income (Loss) Before Income Taxes                     89,000,000

    Income tax expense (benefit)                      (1,000,000)
                                                 ---------------
Net Income (Loss)                                    $90,000,000
                                                 ===============

                  Northwest Airlines Corporation
     Unaudited Condensed Consolidated Statement of Cash Flows
                  For Month Ended March 31, 2007

Cash Flows from Operating Activities:
    Net income (loss)                                $90,000,000
    Adjustments to reconcile net loss to net
       cash provided by (used in)
       operating activities:
       Depreciation and amortization                  40,000,000
       Pension and other postretirement benefit
          contributions less than expense              6,000,000
       Changes in certain assets & liabilities       (24,000,000)
       Long-term vendor deposits/holdbacks            (4,000,000)
       Reorganization items                           54,000,000
       Other, net                                      3,000,000
                                                 ---------------
Net cash provided by operating activities            165,000,000

Cash Flows from Reorganization Activities:
    Net cash provided by (used in)
       reorganization activities                      22,000,000

Cash Flows from Investing Activities:
    Capital expenditures                              (7,000,000)
    Proceeds from sales of short term investment     (16,000,000)
    Decrease (increase) in restricted
       cash, cash equivalents &
       short-term investments                        (81,000,000)
    Other, net                                        (1,000,000)
                                                 ---------------
Net cash provided by (used in) investing
    activities                                      (105,000,000)

Cash Flows from Financing Activities:
    Proceeds from long-term debt                               -
    Payments of long-term debt and capital
       lease obligations                             (51,000,000)
    Other, net                                                 -
                                                 ---------------
Net cash provided by (used in)
    financing activities                             (51,000,000)
                                                 ---------------
Increase (Decrease) in Cash and
    Cash Equivalents                                  31,000,000

Cash & cash equivalents at beginning of period     1,769,000,000
                                                 ---------------
Cash & cash equivalents at end of period          $1,800,000,000
                                                 ===============

                     About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/-- is
the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce R.
Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq., at
Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld
LLP as its bankruptcy counsel in the Debtors' chapter 11 cases.

When the Debtors filed for bankruptcy, they listed $14.4 billion
in total assets and $17.9 billion in total debts.  (Northwest
Airlines Bankruptcy News, Issue No. 67; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                           Plan Update

On Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  The hearing to
consider confirmation of the Debtors' Plan is set for Wednesday,
May 16, 2007.


PEOPLE'S CHOICE: Files Schedules of Assets and Liabilities
----------------------------------------------------------
People's Choice Financial Corp. and its debtor-affiliates filed
with the U.S. Bankruptcy Court for the Central District of
California their schedules of assets and liabilities disclosing:

A.     Real Property                                 $3,478,310

B.     Personal Property
B.1    Cash on hand                                           0
B.2    Bank Accounts                                  5,507,808
B.3    Security Deposit                                 591,907
B.4    Household goods                                        0
B.5    Book, artwork and collectibles                         0
B.6    Wearing apparel                                        0
B.7    Furs and jewelry                                       0
B.8    Firearms and other equipment                           0
B.9    Insurance Policies                               unknown
B.10   Annuities                                              0
B.11   Interests in an education IRA                          0
B.12   Interests in pension plans                             0
B.13   Stock and Interests
          People's Choice Home Loan Securities
             Corporation                                unknown
          People's Choice Funding II, LLC               unknown
B.14   Interests in partnerships & joint venture              0
B.15   Government and corporate bonds                         0
B.16   Accounts Receivable
          A/R Corporate advance - taxes               7,836,687
          A/R Corporate advance - recoverable from
             borrowers                                4,379,594
          Servicer payable/receivable                   398,130
          Intercompany receivable from PCHLSC           342,928
          A/R - Bad checks/NSF                          339,935
          A/R Corporate Advance - recoverable 3rd party     866
B.17   Alimony                                                0
B.18   Other Liquidated Debts Owing Debtor                    0
B.19   Equitable or future interests                          0
B.20   Interests in estate death benefit plan                 0
B.21   Other Contingent and Unliquidated Claims               0
B.22   Patents                                                0
B.23   Licenses, franchises & other intangibles         unknown
B.24   Customer lists or other compilations                   0
B.25   Vehicles                                               0
B.26   Boats, motors and accessories                          0
B.27   Aircraft and accessories                               0
B.28   Office Equipment                               1,906,027
B.29   Equipment and Supplies for Business
B.30   Inventory
          Mortgage loans held for sale - pledged    755,078,829
          Mortgage loans held for sale - not
             pledged                                 12,065,358
B.31   Animals                                                0
B.32   Crops                                                  0
B.33   Farming equipment and implements                       0
B.34   Farm supplies, chemicals and feed                      0
B.35   Other Personal Property
          Mortgage servicing rights (2005-2,
             2005-3, 2005-4, and 2006-1)             14,000,000
          Prepaid professional services                 501,250
          Prepaid workers' comp insurance               119,155
          Prepaid software maintenance                   94,153
          Prepaid - general                              55,504
          Prepaid advertising - Anaheim sports           30,377
          Prepaid license fees                           30,070
          Prepaid equipment maintenance                   9,626
          Prepaid postage                                 4,449
          Prepaid postage - direct mail                   2,979
          Prepaid subscriptions                           1,792
          Prepaid dues                                    1,167
          Residual interest (2004-1 and 2006-1)

       TOTAL SCHEDULED ASSETS                      $806,776,901
                                                  =============

C.     Property Claimed as Exempt

D.     Creditors Holding Secured Claims                $417,511

E.     Creditors Holding Unsecured Priority Claims      821,158

F.     Creditors Holding Unsecured Non-priority
          Claims                                    104,533,717

       TOTAL SCHEDULED LIABILITIES                 $105,772,386
                                                  =============

                       About People's Choice

Headquartered in Irvine, California, People's Choice Financial
Corp. -- http://www.pchl.com/-- is a residential mortgage banking
company, through its subsidiaries, originates, sells, securitizes
and services primarily single-family, non-prime, residential
mortgage loans.

The company and two of its affiliates, People's Choice Home Loan,
Inc., and People's Choice Funding, Inc., filed for chapter 11
protection on March 20, 2007 (Bankr. C.D. Calif. Case No. 07-
10772).  J. Rudy Freeman, Esq., at Pachulski Stang Ziehl Young
Jones & Weintraub LLP, represents the Debtors.  At March 31, 2006,
the Debtors' financial conditions showed total assets of
$4,711,747,000 and total debts of $4,368,966,000.  The Debtors'
exclusive period to file a chapter 11 plan expires on July 18,
2007.  (People's Choice Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/ or
215/945-7000).


SEA CONTAINERS: Posts $2 Million Net Loss in March 2007
-------------------------------------------------------

                        Sea Containers Ltd.
                      Unaudited Balance Sheet
                       As of March 31, 2007

                              Assets

Current Assets
   Cash and cash equivalents                       $50,299,242
   Trade receivables, less allowances
     for doubtful accounts                                   -
   Due from related parties                          8,041,387
   Prepaid expenses and other current assets         3,552,078
                                                  ------------
      Total current assets                         $61,892,707

Fixed assets, net                                            -

Lont-term equipment sales receivable, net                    -
Investments in group companies                               -
Intercompany receivables                                     -
Investment in equity ownership interests           214,557,440
Other assets                                         3,076,316
                                                  ------------
Total assets                                      $279,526,463
                                                  ============

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                 $1,459,714
   Accrued expenses                                 41,530,039
   Current portion of long-term debt                27,244,501
   Current portion of senior notes                 385,182,065
                                                  ------------
      Total current liabilities                    455,416,319

Total shareholders' equity                        (175,889,856)
                                                  ------------
Total liabilities and shareholders' equity        $279,526,463
                                                  ============

                     Sea Containers, Ltd.
               Unaudited Statement of Operations
             For the Month Ended March 31, 2007

Revenue                                             $2,562,502

Costs and expenses:
   Operating costs                                      97,086
   Selling, general and
     administrative expenses                        (3,131,678)
   Professional fees                                (2,347,358)
   Charges to provide against
     intercompany accounts                           3,715,956
   Depreciation and amortization                             -
                                                  ------------
      Total costs and expenses                      (1,665,994)
                                                  ------------

Gain or (Loss) on sale of assets                             0
                                                  ------------
Operating income (loss)                                896,508

Other income (expense)
   Interest income                                     630,656
   Foreign exchange gains or (losses)                      (18)
   Interest expense, net                            (3,491,338)
                                                  ------------
Income (Loss) before taxes                          (1,964,192)
Income tax expense                                    (100,000)
                                                  ------------
Net (Loss)                                         ($2,064,192)
                                                  ============

                    Sea Containers Services
                    Unaudited Balance Sheet
                    As of March 31, 2007

                            Assets

Current Assets
   Cash and cash equivalents                           $23,016
   Trade receivables                                    56,869
   Due from related parties                          7,221,608
   Prepaid expenses and other current assets         4,593,907
                                                  ------------
      Total current assets                          11,895,400

Fixed assets, net                                    2,860,896

Investments                                          2,637,008
Intercompany receivables                            42,871,505
Other assets                                         3,651,143
                                                  ------------
Total assets                                       $63,915,952
                                                  ============

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                 $2,533,641
   Accrued expenses                                  4,219,564
   Current portion of long-term debt                 1,668,977
                                                  ------------
      Total current liabilities                      8,422,183

Total shareholders' equity                          55,493,770
                                                  ------------
Total liabilities and shareholders' equity         $63,915,952
                                                  ============

                    Sea Containers Services
               Unaudited Statement of Operations
              For the Month Ended March 31, 2007

Revenue                                             $2,557,990

Costs and expenses:
   Operating costs                                           -
   Selling, general and
     administrative expenses                        (2,271,579)
   Professional Fees                                    40,219
   Other charges                                             0
   Depreciation and amortization                      (109,913)
                                                  ------------
      Total costs and expenses                      (2,341,273)
                                                  ------------

Gains on sale of assets                                      -
                                                  ------------
Operating income (loss)                                216,717

Other income (expense)
   Interest income                                          31
   Foreign exchange gains (losses)                      (1,772)
   Interest expense, net                               (17,217)
                                                  ------------
Income (Loss) before taxes                             197,760
Income tax credit                                            -
                                                  ------------
Net Income                                            $197,760
                                                  ============

Sea Containers Carribean Inc. reported zero assets and accounts
payable of $3,530,094, as its sole liabilities in its March 2007
balance sheet.

                       About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules filed
with the Court, Sea Containers Ltd. disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083.

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.  (Sea Containers
Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


THAXTON GROUP: Files Monthly Operating Report for March 2007
------------------------------------------------------------
The Thaxton Group Inc. filed its monthly operating report for the
month of March 2007 with the U.S. Bankruptcy Court for the
District of Delaware on May 1, 2007.

The company reported a net income of $370,677 on
$5,584,574 of revenue for the period March 1, 2007, to
March 31, 2007.

At March 31, 2007, the company's balance sheet reflects:

          Total Assets                    $ 96,883,164
          Total Liabilities               $173,367,295
          Stockholders' Equity Deficit   ($ 76,484,131)

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

               http://ResearchArchives.com/t/s?1eed

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 Debtor in its
restructuring efforts.  Alan Kolod, Esq., at Moses & Singer LLP,
represents the Official 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: Florida Select Files Schedules of Assets & Debts
-----------------------------------------------------------------
Florida Select Insurance Agency Inc., an affiliate of Vesta
Insurance Group Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Alabama in Birmingham its schedules of assets
and liabilities disclosing:

A.      Real Property                                          $0

B.      Personal Property
B.1     Cash On Hand                                            0
B.2     Bank Accounts
            Cash in Bank
               Bank of America                             26,890
               Bank of America                             30,326
               Bank of America                          1,006,212
               Bank of America                            290,048
               Bank of America                              1,672
               Bank of America                          1,728,639
               River City Bank                              1,117
               First Commercial Bank                       75,426
               First Commercial Bank                      129,986
            Cash Reserve
               Bank of America Investment Services          6,297
B.3     Security Deposits                                       0
B.4     Household Goods And Furnishings                         0
B.5     Books, Pictures And Other Art Objects                   0
B.6     Wearing Apparel                                         0
B.7     Furs And Jewelry                                        0
B.8     Firearms, Sports And Other Hobby Equipment              0
B.9     Insurance Policy Interests                        Unknown
B.10    Annuities                                               0
B.11    Education IRA Interests                                 0
B.12    Interests in IRA, ERISA Or Other Plans                  0
B.13    Stock And Interests                               Unknown
B.14    Interests In Partnerships Or Joint Ventures             0
B.15    Government And Corporate Bonds                          0
B.16    Accounts Receivable                               Unknown

         ***The Debtor's books reflect a premium
            accounts receivable balance aggregating
            $2,791,645.  The Debtor is currently unable
            to estimate the net value of these accounts
            receivable given the intervening receiverships and
            related collection issues.

B.17    Alimony, Maintenance And Property Settlements           0
B.18    Other Liquidate Debts                                   0
B.19    Equitable Or Future Interests                           0
B.20    Contingent And Noncontingent Interests                  0
B.21    Other Contingent And Unliquidated Claims          Unknown
B.22    Patents And Other Intellectual Property                 0
B.23    Licenses And Other General Intangibles                  0
B.24    Customer Lists                                          0
B.25    Automobiles And Other Vehicles                          0
B.26    Boats, Motors And Accessories                           0
B.27    Aircraft And Accessories                                0
B.28    Office Furniture, Equipment And Supplies          Unknown
B.29    Machinery, Fixtures And Equipment                       0
B.30    Inventory                                               0
B.31    Animals                                                 0
B.32    Crops                                                   0
B.33    Farming Equipment                                       0
B.34    Farm Supplies                                           0
B.35    Other Personal Property                                 0

         TOTAL SCHEDULED ASSETS                        $3,296,618
                                                      ===========

C.      Property Claimed as Exempt                           None

D.      Secured Claims                                         $0

E.      Unsecured Priority Claims                               0

F.      Creditors Holding Unsecured Claims
            American Express                                1,044
            Computer Consultants & Merchants Inc.             193
            Danka Office Imaging Company                      942
            Dataquick Info Systems Inc.                       441
            EOP - Sarasota City Center LLP                Unknown
            Hawaii Ins & Guaranty Co., Ltd.               367,965
            J. Gordon Gaines Inc.                       1,087,203
            Modern Waste Solutions                             52
            Moreno, Robert                                Unknown
            Ocean Club Assocs Inc.                        Unknown
            Vesta Fire Insurance Co.                    1,068,783
            Vesta Fire Insurance Co.                      573,868
            Vesta Insurance Group Inc.                  1,126,790

         TOTAL SCHEDULED LIABILITIES                   $4,227,286
                                                      ===========

                         About Florida Select

Based in Birmingham, Alabama, Florida Select Insurance Agency,
Inc. -- http://www.floridaselect.com/-- provides residential
insurance for Florida and South Carolina property owners.  Florida
Select is an affiliate of Vesta Insurance Group, Inc.  The company
filed for chapter 11 protection on April 24, 2007 (BAnkr. N.D.
Ala. Case No. 07-01849).  Rufus Dorsey, IV, Esq., at Parker Hudson
Rainer & Dobbs LLP, represents Florida Select.

                    About Vesta Insurance

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.

On Oct. 11, 2006, both Vesta and Gaines filed separate Plans of
Liquidation and Disclosure Statements.  They filed an amended Plan
on Nov. 7, 2006, and a Second Amended Plan on Nov. 10, 2006.  The
Court approved the Disclosure Statements of Vesta and Gaines on
Nov. 10, 2006.  On Dec. 22, 2006, the Court confirmed the Third
Amended Plans of Vesta and Gaines.

(Vesta Bankruptcy News, Issue No. 20; 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
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A list of Meetings, Conferences and Seminars appears in each
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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
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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
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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, John Paul C. Canonigo, and Peter A. Chapman,
Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9474.

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                    *** End of Transmission ***