/raid1/www/Hosts/bankrupt/TCR_Public/070616.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, June 16, 2007, Vol. 11, No. 142

                             Headlines

ACCEPTANCE INSURANCE: Posts $46,800 Net Loss in May 2007
INTERSTATE BAKERIES: Posts $8.2 Mil. Loss in Period Ended April 7
NEW CENTURY: Files Schedules of Assets and Liabilities
NEW CENTURY: TRS Holdings Files Schedules of Assets & Liabilities
PACIFIC LUMBER: Scopac Posts $5.9 Million Net Loss in April 2007

PACIFIC LUMBER: Scotia Development Files April 2007 Monthly Report
PEOPLE'S CHOICE: PC Funding Files Schedules of Assets and Debts
SEA CONTAINERS: Posts $4.6 Million Net Loss in April 2007

                             *********

ACCEPTANCE INSURANCE: Posts $46,800 Net Loss in May 2007
--------------------------------------------------------
Acceptance Insurance Companies Inc. filed its monthly operating
report for May 2007 with the United States Bankruptcy Court
for the District of Nebraska on June 11, 2007.

The Debtor reported a net loss of $46,800 and revenues of $6,995
for the month ended May 31, 2007.  

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

        Total Current Assets                    $1,671,666
        Total Assets                           $35,035,640
        Total Liabilities                     $138,229,620
        Total Shareholders' Deficit          ($103,193,980)

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

               http://ResearchArchives.com/t/s?20dc

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly  
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.  

The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059).  The Debtor's affiliates --
Acceptance Insurance Services Inc. and American Agrisurance Inc.
-- filed separate chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005.  John J. Jolley, Esq., at
Kutak Rock LLP, represents the Debtor in its restructuring
efforts.  When the Debtor filed for protection from its creditors,
it listed $33,069,446 in total assets and $137,120,541 in total
debts.  The Debtors' exclusive period to file a plan expires on
Aug. 9, 2007.


INTERSTATE BAKERIES: Posts $8.2 Mil. Loss in Period Ended April 7
-----------------------------------------------------------------

       Interstate Bakeries Corporation and Subsidiaries
        Unaudited Consolidated Monthly Operating Report
                Four Weeks Ended April 7, 2007

REVENUE

Gross Income                                      $229,189,101
Less Cost of Goods Sold
     Ingredients, Packaging & Outside Purchasing    56,889,304
     Direct & Indirect Labor                        41,935,970
     Overhead & Production Administration           12,821,808
                                                 -------------
        Total Cost of Goods Sold                   111,647,082
                                                 -------------
           Gross Profit                            117,542,019
                                                 -------------

OPERATING EXPENSES

Owner - Draws/Salaries                                       -
Selling & Delivery Employee Salaries                53,683,275
Advertising and Marketing                            3,097,164
Insurance (Property, Casualty, & Medical)           12,107,063
Payroll Taxes                                        4,574,115
Lease and Rent                                       2,956,873
Telephone and Utilities                              1,623,663
Corporate Expense (Including Salaries)               6,088,600
Other Expenses                                      30,565,076
                                                 -------------
Total Operating Expenses                           114,695,829
                                                 -------------
EBITDA                                               2,846,190

Restructuring & Reorganization Chares                2,082,978
Depreciation and Amortization                        5,554,465
Abandonment                                             68,442
Other(Income)/Expense                                   22,915
Gain/Loss Sale of Prop                                       -
Interest Expense                                     3,647,024
                                                 -------------
Operating Income (Loss)                             (8,529,634)
Income Tax Expense (Benefit)                          (298,537)
                                                 -------------
Net Income (Loss)                                   (8,231,097)
                                                 =============

CURRENT ASSETS
     Accounts Receivable at end of period          145,096,423
     Increase (Decrease) in Accounts Recevable      (1,456,489)
     Inventory at end of period                     67,201,006
     Increase (Decrease) in Inventory for period       109,294
     Cash at end of period                          69,576,351
     Increase (Decrease) in Cash for period         (1,331,096)
     Restricted Cash                                 8,828,893
     Increase (Dec.) in Restricted Cash for period           -

LIABILITIES
     Increase (Decrease) Liabilities
        Not Subject to Compromise                     (957,177)
     Increase (Decrease) Liabilities
        Subject to Compromise                         (180,224)
     Taxes payable:
        Federal Payroll Taxes                        5,711,711
        State/Local Payroll Taxes                    7,858,312
        State Sales Taxes                              755,968
        Real Estate and Personal Property Taxes      8,612,304
        Other                                        4,243,097
                                                 -------------
        Total Taxes Payable                        $27,181,392
                                                 =============
                     
                     About Interstate Bakeries

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R).  Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.  

The company and seven of its debtor-affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814).  J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014)
in total debts. The Debtors' exclusive period to file a chapter 11
plan expires on June 2, 2007.  (Interstate Bakeries
Bankruptcy News, Issue No. 62; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).  


NEW CENTURY: Files Schedules of Assets and Liabilities
------------------------------------------------------
New Century Financial Corporation filed with the U.S. Bankruptcy
Court for the District of Delaware its schedules of assets and
liabilities, disclosing:

A.    Real Property                                         $0

B.    Personal Property
B.1   Cash on hand                                          $0
B.2   Bank accounts
     Union Bank of California
        Account No. 7930000250                     $12,718,148
        Account No. 2110106125                       8,132,092
        Account No. 7930001001                           9,988
     Deutsche Bank National Trust Company
        Account No. 4000052039                         200,190
     Merrill Lynch                           
B.3   Security deposits                                      0
B.4   Household goods and furnishings                        0
B.5   Books, art, and other collectibles                     0
B.6   Wearing apparel                                        0
B.7   Furs and jewelry                                       0
B.8   Firearms and sporting goods                            0
B.9   Interests in insurance policies                  Unknown
B.10  Annuities                                              0
B.11  Interests in education IRA                             0
B.12  Interests in pension plans                             0
B.13  Stock and interests                              Unknown
B.14  Interests in joint ventures                            0
B.15  Government and corporate bonds                         0
B.16  Accounts receivable
     Intercompany receivable
        New Century TRS Holdings, Inc.             268,251,608
        New Century Mortgage Corporation           112,100,214
B.17  Alimony                                                0
B.18  Other liquidated debts owed                            0
B.19  Equitable or future interests                          0
B.20  Contingent & contingent interests                      0
B.21  Other contingent & unliquidated claims      Unliquidated
B.22  Patents, copyrights & trademarks                       0
B.23  Licenses & franchises                                  0
B.24  Other intangibles                                      0
B.25  Automobiles                                            0
B.26  Boats                                                  0
B.27  Aircrafts                                              0
B.28  Office equipment and supplies                          0
B.29  Machinery, furniture and fixtures                      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
     Grantor Rabbi Trust                            44,613,288

     TOTAL SCHEDULED ASSETS                       $446,025,528
     =========================================================

C.    Property Claimed as Exempt                Not applicable

D.    Creditors Holding Secured Claims                 Unknown

E.    Creditors Holding Unsecured
     Priority Claims
        Taxes                                          Unknown

F.    Creditors Holding Unsecured
     Non-Priority Claims
        Junior subordinated debts:
        Wells Fargo as Kodiak Warehouse
         Funding Series I                          $52,659,661
        Wells Fargo as Kodiak Warehouse
         Funding Series II                          36,923,080
        Deferred compensations                      34,646,161
        Equipment Lease                                Unknown
        Executive Employee Contract                    Unknown
        Litigation                                     Unknown
        Repurchase obligation                          Unknown

     TOTAL SCHEDULED LIABILITIES                  $124,228,902
     =========================================================

                    About New Century Financial

Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real  
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation.  The company
offers a broad range of mortgage products designed to meet the
needs of all borrowers.

The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416).  Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors.  The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.

When the Debtors filed for bankruptcy, they listed total assets of
$36,276,815 and total debts of $102,503,950.  The Debtors'
exclusive period to file a chapter 11 plan expires on July 31,
2007.  (New Century Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

The Debtors' exclusive period to file a plan expires on July 31,
2007.


NEW CENTURY: TRS Holdings Files Schedules of Assets & Liabilities
-----------------------------------------------------------------
New Century Financial Corporation's debtor-affiliate New Century
TRS Holdings Inc. filed with the U.S. Bankruptcy Court for the
District of Delaware its schedules of assets and liabilities,
disclosing:

A.      Real Property                                       $0
B.      Personal Property
B.1     Cash on hand                                        $0
B.2     Bank accounts
          Union Bank of California                     $11,059
B.3     Security Deposits                                    0
B.4     Household goods                                      0
B.5     Book, art work & collectibles                        0
B.6     Wearing apparel                                      0
B.7     Furs and jewelry                                     0
B.8     Firearms and sporting goods                          0
B.9     Interests in Insurance Policies                unknown       
B.10    Annuities                                            0
B.11    Interests in education IRA                           0
B.12    Interests in retirement plans                        0
B.13    Stock and Interests
          Carrington Agreement                       1,000,000
          Carrington Mortgage Credit                25,000,000
          Carrington FY 04 Equity Method             3,778,935
          Carrington Investment                      1,000,000
          Record Inv in Carr. Revenue 1st Qtr 05     2,628,172
          Rcrd Inv in CCM for MGMT                   2,171,717
          Recorded Inv CCM and Fund Co               3,096,242
          Recorded Inv CCM and Fund Co               1,074,151
          Recorded Inv CCM and Fund Co               3,177,380
          Carrington Dist. Pymt-2005 Perf Fee       (2,351,150)
          Recorded Inv CCM and Fund Co/Mgmt          3,155,440
          Recorded Inv CCM and Fund Corp/Mgmt        4,468,856
          Recorded Inv CCM and Fund Co/Mgmt          1,342,222
          Others                                       Unknown

B.14    Interests in joint ventures                          0
B.15    Government and corporate bonds                       0
B.16    Accounts receivable
       Intercompany Receivable:
          New Century Mortgage Corporation         391,528,048
          New Century Residual III Corporation      30,942,889
          New Century Insurance Services             1,883,200

B.17    Alimony                                              0
B.18    Other liquidated debts owed                          0
B.19    Equitable or future interests                        0
B.20    Contingent & contingent interests                    0
B.21    Other contingent & unliquidated claims
          2006 IRS Tax Refund                       82,313,110
B.22    Patents, copyrights & trademarks                     0
B.23    Licenses & franchises                                0
B.24    Other intangibles                                    0
B.25    Automobiles                                          0
B.26    Boats                                                0
B.27    Aircraft                                             0
B.28    Office equipment, furnishings and supplies           0
B.29    Machinery, furniture and fixtures                    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                     $556,220,271
       =======================================================

C.      Property Claimed as Exempt              Not applicable

D.      Creditors Holding Secured Claims               Unknown

E.      Creditors Holding Unsecured Priority Claims    Unknown

F.      Creditors Holding Unsecured Claims
          Home 123 Corporation                     177,371,650
          New Century Credit Corporation            67,632,944
          New Century Financial Corporation        268,251,608
          New Century Residual IV Corporation      469,667,498
          
       TOTAL SCHEDULED LIABILITIES                $982,923,700
       =======================================================

                    About New Century Financial

Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real  
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation.  The company
offers a broad range of mortgage products designed to meet the
needs of all borrowers.

The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416).  Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors.  The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.

When the Debtors filed for bankruptcy, they listed total assets of
$36,276,815 and total debts of $102,503,950.  The Debtors'
exclusive period to file a chapter 11 plan expires on July 31,
2007.  (New Century Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

The Debtors' exclusive period to file a plan expires on July 31,
2007.


PACIFIC LUMBER: Scopac Posts $5.9 Million Net Loss in April 2007
----------------------------------------------------------------

                    Scotia Pacific Company LLC
                    Consolidated Balance Sheet
                       As of April 30, 2006

ASSETS
Current Assets
  Cash                                             $49,684,578
  Accounts receivable, net                           5,290,246
  Inventory: lower cost or market                            -
  Prepaid expenses                                   5,600,601
  Prepaid Restructuring                                564,671
  Investments                                                -
  Other                                                388,751
                                                  ------------
     Total Current Assets                           61,528,848

Property, Plant & Equipment                        611,716,013
Less: Accumulated Depreciation                    (369,987,887)
                                                  ------------
Net book value of property & plant                 241,728,126
Other Assets
  Tax Deposits                                               -
  Investments in Subsidiaries                                -
  Electric Deposit                                           -
  Capitalized Expenses                              11,905,113
                                                  ------------
     TOTAL ASSETS                                 $315,162,088
                                                  ============

LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
  Trade accounts payable                               $24,056
  Tax payable
     Federal payroll taxes                                 121
     State payroll taxes                                   938
     Ad valorem taxes                                        -
     Other taxes                                        98,447
                                                  ------------
        Total taxes payable                             99,506

     Secured debt postpetition                               -
     Accrued interest payable                       15,339,738
     Accrued professional fees                       5,246,562
     Other accured liabilities
        Unsecured Debt                                 827,275
        Payroll                                        148,518
        Other                                          275,993
                                                  ------------
     Total Postpetition Liabilities                 21,961,647

Prepetition Liabilities
  Notes payable - Secured                          767,249,127
  Priority debt                                        506,868
  Federal income tax                                         -
  FICA/ Withholding                                          -
  Unsecured debt                                     2,826,898
  Other                                                890,661
  Due to Affiliate/Parent                                    -
                                                  ------------
     Total Prepetition Liabilities                 771,473,554
                                                  ------------
     Total Liabilities                             793,435,201

Owner's Equity (Deficit)
  Equity in Affiliates
  Common Stock                                      20,384,905
  Additional Paid-in Capital                       179,838,186
  Retained Earnings: Filing Date                  (662,058,832)
  Retained Earnings: Post Filing Date              (16,437,372)
                                                  ------------
Total Owner's Equity                              (478,273,113)
                                                  ------------
TOTAL LIABILITIES & OWNERS EQUITY                 $315,162,088
                                                  ============

                    Scotia Pacific Company LLC
                       Statement of Income
               For the Period Ended April 30, 2007

Revenues                                            $3,447,475
Total cost of revenues                                 259,719
                                                  ------------
Gross Profit                                         3,187,757

Operating Expenses
  Selling & Marketing                                        -
  General & Administrative                             253,732
  Insiders Compensation                                      -
  Professional Fees                                          -
  Idle Facilities                                            -
  Environmental                                              -
                                                  ------------
     Total Operating Expenses                          253,732
                                                  ------------
Income before interest, depreciation, tax            2,934,025
Interest Expense                                     5,323,910
Depreciation                                           693,084
Other (Income) Expenses                                (45,447)
Restructuring
  Professional Fees                                  2,933,097
  Other                                                 11,494
Amortization of Deferred Financing Costs                     -
Equity Loss (Earnings) in Subsidiary                         -
Total Interest, Depreciation & Other Items           8,916,138
                                                  ------------
Net Income Before Taxes                             (5,982,114)
Federal Income Tax                                           0
                                                  ------------
Net Income (Loss)                                  ($5,982,114)
                                                  ============

                    Scotia Pacific Company LLC
                   Cash Receipts and Disbursements
                   For the Month Ended April 30, 2007

Receipts
  Cash Sales                                                $0
  Collection of Accounts Receivable                          0
  Loans & Advances                                           0
  Sale of Assets                                             0
  Other
     Interest Income                                    83,296
     Log Sales                                       4,994,128
     Other                                              13,041
                                                  ------------
     Total Receipts                                  5,090,465

Disbursements
  Net payroll                                          191,041
  Payroll txes paid                                    122,673
  Sales, use & other taxes paid                        453,305
  Secured/rentals/leases                                20,000
  Utilities & telephone                                    525
  Insurance                                             40,028
  Cost of goods sold                                         0
  Vehicle expenses                                       1,092
  Travel & entertainment                                     0
  Repairs, maintenance & supplies                            0
  Administrative & selling                             392,996
  Other                                                 94,380
                                                  ------------
     Total Disbursements from operations             1,316,040

Professional fees                                      484,438
U.S. Trustee fees                                        5,000
Interest                                               269,127
Other reorganization expenses                                0
                                                  ------------
     Total Disbursements                             2,074,605
                                                  ------------
Net Cash Flow                                        3,015,860
                                                  ------------
Cash, at the beginning of the month                 46,668,718
                                                  ------------
Cash, at the end of the month                      $49,684,578
                                                  ============
                       About Pacific Lumber

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

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

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

Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032).  Jeffrey L. Schaffer, Esq.,
William J. Lafferty, Esq., and Gary M. Kaplan, Esq., at Howard
Rice Nemerovski Canady Falk & Rabkin, A Professional Corporation
is Pacific Lumber's lead counsel.  Nathaniel Peter Holzer, Esq.,
Harlin C. Womble, Jr. , Esq., and Shelby A. Jordan, Esq., at
Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-
counsel.  Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at
Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead
counsel.  John F. Higgins, Esq., and James Matthew Vaughn, Esq.,
at Porter & Hedges LLP, is Scotia Pacific's co-counsel.

When Pacific Lumber filed for protection from its creditors, it
estimated assets and debts of more than $100 million.  Scotia
Pacific listed total assets of $932,000,000 and total debts of
$765,978,335.  The Debtors' exclusive period to file a chapter 11
plan expires on Sept. 18, 2007, as extended.  The Debtors'
exclusive period to solicit acceptances of that plan expires on
Nov. 19, 2007.  (Scotia/Pacific Lumber Bankruptcy News, Issue
No. 17, http://bankrupt.com/newsstand/or 215/945-7000).  


PACIFIC LUMBER: Scotia Development Files April 2007 Monthly Report
------------------------------------------------------------------

                   Scotia Development LLC, et al.
                    Consolidated Balance Sheet
                       As of April 30, 2007

ASSETS
Current Assets
  Cash                                              $9,032,981
  Accounts receivable, net                           7,644,666
  Inventory: lower cost or market                   27,090,000
  Prepaid expenses                                   5,217,454
  Prepaid Restructuring                                100,000
  Investments                                                -
  Other                                                257,749
                                                  ------------
     Total Current Assets                           49,342,850

Property, Plant & Equipment                        212,012,092
Less: Accumulated Depreciation                    (134,326,208)
                                                  ------------
Net book value of property & plant                  77,685,884
Other Assets
  Notes Receivable                                     669,122
  Deferred Financing Costs                           5,399,163
  Long-term Investments                              2,552,748
  Restricted Cash                                    2,513,938
  Deferred Tax Assets                               13,652,208
                                                  ------------
     TOTAL ASSETS                                 $151,815,913
                                                  ============

LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
  Trade accounts payable                              $910,764
  Tax payable
     Federal payroll taxes                              76,112
     State payroll taxes                                 7,123
     Ad valorem taxes                                 (169,317)
     Other taxes                                        13,217
                                                  ------------
        Total taxes payable                            (72,865)

     Secured debt postpetitio                                -
     Accrued interest payable                        4,175,704
     Accrued professional fees                       2,098,581
     Other accrued liabilities
        Trade Accruals                               1,191,878
        Compensation and Benefits                    1,157,725
        Other Accrued                                  209,937
        Due to Affiliate/Parent                      1,479,495
                                                  ------------
     Total Postpetition Liabilities                  9,671,725

Prepetition Liabilities
  Notes payable - Secured                          114,048,529
  Priority debt                                      6,804,649
  Federal income tax                                   (17,006)
  FICA/ Withholding                                          -
  Unsecured debt                                     2,996,814   
Other                                               33,847,641
  Due to Affiliate/Parent                           41,661,505
                                                  ------------
     Total Prepetition Liabilities                 199,342,132
                                                  ------------
     Total Liabilities                             209,013,857

Owner's Equity (Deficit)
  Equity in Affiliates                             495,466,867
  Common Stock                                           1,001
  Additional Paid-in Capital                       275,546,288
  Retained Earnings: Filing Date                  (798,965,489)
  Retained Earnings: Post Filing Dte               (34,246,610)
                                                  ------------
Total Owner's Equity                               (57,197,944)
                                                  ------------
TOTAL LIABILITIES & OWNERS EQUITY                 $151,815,913
                                                  ============

                   Scotia Development LLC, et al.
                       Statement of Income
                For the Period Ended April 30, 2007


Revenues                                            $9,962,833
Total cost of revenues                              11,991,967
                                                  ------------
Gross Profit                                        (2,029,134)

Operating Expenses
  Selling & Marketing                                   90,262
  General & Administrative                             358,868
  Insiders Compensation                                107,501
  Professional Fees                                          -
  Idle Facilities                                       73,185
  Environmental                                         26,999
                                                  ------------
     Total Operating Expenses                          656,814
                                                  ------------
Income before interest, depreciation, tax           (2,685,949)
Interest Expense                                     1,289,687
Depreciation                                           942,062
Other (Income) Expenses                                 25,323
Restructuring
  Professional Fees                                    681,955
  Other                                                 64,409
Amortization of Deferred Financing Costs               225,900
Equity Loss (Earnings) in Subsidiary                 5,982,114
Total Interest, Depreciation & Other Items           9,211,449
                                                  ------------
Net Income Before Taxes                            (11,897,397)
Federal Income Tax                                       1,200
                                                  ------------
Net Income (Loss)                                 ($11,898,597)
                                                  ============

                   Scotia Development LLC, et al.
                  Cash Receipts and Disbursements
                 For the Month Ended April 30, 2007

Receipts
  Cash Sales                                           $86,031
  Collection of Accounts Receivable                 11,479,388
  Loans & Advances                                       3,040
  Sale of Assets                                             -
  Other                                                283,220
                                                  ------------
     Total Receipts                                 11,851,678

Disbursements
  Net payroll                                        1,136,042
  Payroll txes paid                                    551,998
  Sales, use & other taxes paid                        421,414
  Secured/rentals/leases                               175,738
  Utilities & telephone                                102,418
  Insurance                                            555,792
  Cost of goods sold                                 3,103,690
  Vehicle expenses                                      17,503
  Travel & entertainment                                22,487
  Repairs, maintenance & supplies                      862,241
  Administrative & selling                           1,067,143
  Other                                              5,112,183
                                                  ------------
     Total Disbursements from operations            13,128,650

Professional fees                                      339,825
U.S. Trustee fees                                       20,750
Other reorganization expenses                                -
                                                  ------------
     Total Disbursements                            13,489,224
                                                  ------------
Net Cash Flow                                       (1,637,547)
                                                  ------------
Cash, at the beginning of the month                 10,670,528
                                                  ------------
Cash, at the end of the month                       $9,032,981
                                                  ============

                       About Pacific Lumber

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

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

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

Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032).  Jeffrey L. Schaffer, Esq.,
William J. Lafferty, Esq., and Gary M. Kaplan, Esq., at Howard
Rice Nemerovski Canady Falk & Rabkin, A Professional Corporation
is Pacific Lumber's lead counsel.  Nathaniel Peter Holzer, Esq.,
Harlin C. Womble, Jr. , Esq., and Shelby A. Jordan, Esq., at
Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-
counsel.  Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at
Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead
counsel.  John F. Higgins, Esq., and James Matthew Vaughn, Esq.,
at Porter & Hedges LLP, is Scotia Pacific's co-counsel.

When Pacific Lumber filed for protection from its creditors, it
estimated assets and debts of more than $100 million.  Scotia
Pacific listed total assets of $932,000,000 and total debts of
$765,978,335.  The Debtors' exclusive period to file a chapter 11
plan expires on Sept. 18, 2007, as extended.  The Debtors'
exclusive period to solicit acceptances of that plan expires on
Nov. 19, 2007.  (Scotia/Pacific Lumber Bankruptcy News, Issue
No. 17, http://bankrupt.com/newsstand/or 215/945-7000).  


PEOPLE'S CHOICE: PC Funding Files Schedules of Assets and Debts
---------------------------------------------------------------
People's Choice Funding Inc. filed with the U.S. Bankruptcy Court
for the Central District of California its schedules of assets and
liabilities, disclosing:

A.     Real Property                                        $0

B.     Personal Property
B.1    Cash on hand                                          0
B.2    Bank Accounts                                   128,064
B.3    Security Deposit                                      0
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 Funding III, LLC              unknown
         People's Choice Funding IV, LLC               unknown
B.14   Interests in partnerships & joint venture             0
B.15   Government and corporate bonds                        0
B.16   Accounts Receivable
         Intercompany receivables from People's
            Choice Home Loan, Inc.                   4,807,571
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                                      0
B.29   Equipment and Supplies for Business                   0
B.30   Inventory                                             0
B.31   Animals                                               0
B.32   Crops                                                 0
B.33   Farming equipment and implements                      0
B.34   Farm supplies, chemicals and feed                     0
B.35a  Other Personal Property
         Residual interest related to 2004-1, 2005-1,
            2005-2, 2005-3, 2005-4 and 2006-1       21,000,000
         Prepaid professional services                   4,054
B.35b  AP Debit Balances

      TOTAL SCHEDULED ASSETS                       $25,939,689
      ========================================================

C.     Property Claimed as Exempt

D.     Creditors Holding Secured Claims                     $0

E.     Creditors Holding Unsecured Priority Claims           0

F.     Creditors Holding Unsecured Non-priority Claims       0

      TOTAL SCHEDULED LIABILITIES                           $0
      ========================================================

                      About People's Choice

Headquartered in Irvine, Calif., 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. 9; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


SEA CONTAINERS: Posts $4.6 Million Net Loss in April 2007
---------------------------------------------------------

                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                     As of April 30, 2007

                           Assets

Current Assets
  Cash and cash equivalents                        $48,229,279
  Trade receivables, less allowances
    for doubtful accounts                                    -
  Due from related parties                           7,893,940
  Prepaid expenses and other current assets          2,819,035
                                                  ------------
     Total current assets                          $58,942,254

Fixed assets, net                                            -

Lont-term equipment sales receivable, net                    -
Investments in group companies                               -
Intercompany receivables                                     -
Investment in equity ownership interests           216,410,606
Other assets                                         3,000,994
                                                  ------------
Total assets                                      $278,353,854
                                                  ============

            Liabilities and Shareholders' Equity

Current Liabilities
  Accounts payable                                  $3,482,268
  Accrued expenses                                  44,889,612
  Current portion of long-term debt                 27,947,657
  Current portion of senior notes                  385,210,294
                                                  ------------
     Total current liabilities                     461,529,831

Total shareholders' equity                        (183,175,977)
                                                  ------------
Total liabilities and shareholders' equity        $278,353,854
                                                  ============

                    Sea Containers, Ltd.
               Unaudited Statement of Operations
               For the Month Ended April 30, 2007

Revenue                                             $1,954,519

Costs and expenses:
  Operating costs                                       95,698
  Selling, general and
    administrative expenses                         (2,267,755)
  Professional fees                                 (4,177,440)
  Charges to provide against
    intercompany accounts                            3,126,037
  Depreciation and amortization                              -
                                                  ------------
     Total costs and expenses                       (3,223,460)
                                                  ------------

Gain or (Loss) on sale of assets                       (17,935)
                                                  ------------
Operating income (loss)                             (1,286,876)

Other income (expense)
  Interest income                                      193,689
  Foreign exchange gains or (losses)                    16,757
  Interest expense, net                             (3,494,010)
                                                  ------------
Income (Loss) before taxes                          (4,570,440)
Income tax expense                                    (100,000)
                                                  ------------
Net (Loss)                                         ($4,670,440)
                                                  ============

                    Sea Containers Services
                    Unaudited Balance Sheet
                      As of April 30, 2007

                           Assets

Current Assets
  Cash and cash equivalents                            $34,040
  Trade receivables                                    228,240
  Due from related parties                           5,408,824
  Prepaid expenses and other current assets          3,825,768
                                                  ------------
     Total current assets                            9,496,872

Fixed assets, net                                    2,765,304

Investments                                          2,690,824
Intercompany recevables                             46,293,038
Other assets                                         3,723,778
                                                  ------------
Total assets                                       $64,969,816
                                                  ============

             Liabilities and Shareholders' Equity

Current Liabilities
  Accounts payable                                  $2,233,826
  Accrued expenses                                   2,680,370
  Current portion of long-term debt                  1,676,174
                                                  ------------
     Total current liabilities                       6,590,370

Total shareholders' equity                          54,173,446
                                                  ------------
Total liabilities and shareholders' equity         $60,763,816
                                                  ============

                   Sea Containers Services
               Unaudited Statement of Operations
              For the Month Ended April 30, 2007

Revenue                                             $2,477,590

Costs and expenses:
  Operating costs                                            -
  Selling, general and
    administrative expenses                         (2,146,988)
  Professional Fees                                     (1,252)
  Other charges                                              0
  Depreciation and amortization                       (117,368)
                                                  ------------
     Total costs and expenses                       (2,265,608)
                                                  ------------

Gains on sale of assets                                 15,390
                                                  ------------
Operating income (loss)                                227,372

Other income (expense)
  Interest income                                           16
  Foreign exchange gains (losses)                          210
  Interest expense, net                                (14,312)
                                                  ------------
Income (Loss) before taxes                             213,286
Income tax credit                                    1,539,862
                                                  ------------
Net Income                                          $1,753,148
                                                  ============

Sea Containers Carribean, Inc., reported zero asset and accounts
payable of $3,530,094, as its sole liabilities in its April 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.  (Sea Containers Bankruptcy News, Issue No. 18;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.

                             *********

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

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

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

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                             *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Tara Marie A. Martin, John Paul C. Canonigo, Sheena Jusay, and
Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
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                    *** End of Transmission ***