/raid1/www/Hosts/bankrupt/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
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public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
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On Thursdays, the TCR delivers a list of recently filed chapter 11
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of Delaware, contact Ken Troubh at Nationwide Research &
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*********
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 ***