/raid1/www/Hosts/bankrupt/TCR_Public/070804.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, August 4, 2007, Vol. 11, No. 183
Headlines
ALLIED HOLDINGS: Posts $8,184,000 Net Loss in May 2007
COLLINS & AIKMAN: Posts $29,666,369 Net Loss in June 2007
DELPHI CORP: Incurs $330 Million Net Loss in June 2007
PACIFIC LUMBER: Scotia Dev't, et al. File June Operating Report
PACIFIC LUMBER: Scotia Pacific Files June Operating Report
SEA CONTAINERS: Posts $24,361,619 Net Loss in May 2007
TWEETER HOME: Sound Advice Files Schedules of Assets and Debts
TWEETER HOME: SA-Arizona Files Schedules of Assets and Debts
TWEETER HOME: New England Files Schedules of Assets and Debts
TWEETER HOME: NEA Delaware Files Schedules of Assets and Debts
TWEETER HOME: Sumarc Electronics Files Schedules of Assets & Debts
TWEETER HOME: THEG USA Files Schedules of Assets and Liabilities
TWEETER HOME: Hillcrest High Files Schedules of Assets & Debts
*********
ALLIED HOLDINGS: Posts $8,184,000 Net Loss in May 2007
------------------------------------------------------
Allied Holdings, Inc.
Unaudited Consolidated Balance Sheet
As of May 31, 2007
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $34,128
Receivables, net of allowances 44,574
Related party receivables 27,617
Inventories 5,038
Deferred income taxes 1,907
Prepayments and other current assets 14,869
---------
Total current assets 128,133
Property and equipment, net 149,621
Goodwill, net 3,545
Other noncurrent assets 31,424
Investment in related parties 21,526
---------
TOTAL ASSETS $334,249
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise:
DIP credit facility $1,800
Accounts and notes payable 41,610
Accrued liabilities 58,448
---------
Total current liabilities 100,858
Long-term liabilities not subject to compromise
DIP credit facility 227,700
Postretirement benefits 14,244
Deferred income taxes 1,926
Other long-term liabilities 15,957
---------
Total long-term liabilities 259,827
Liabilities subject to compromise 198,210
Stockholders' deficit (225,646)
---------
Total liabilities & stockholders' deficit $334,249
=========
Allied Holdings, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended May 31, 2007
(In Thousands)
Revenues $77,390
Operating Expenses
Salaries, Wages & Fringe benefits 38,368
Operating supplies & expenses 16,262
Purchased transportation 8,954
Insurance & claims 3,994
Operating tax & licenses 2,362
Depreciation & amortization 3,042
Rents 693
Communications & utilities 460
Other operating expenses 756
Loss on disposal of operating assets, net 35
---------
Total Operating Expenses 74,926
---------
Operating Income (Loss) 2,464
Other Income (Expense)
Interest expense (3,844)
Investment income 113
Foreign exchange gains, net 1,765
Equity in earnings of subsidiaries 736
---------
(1,230)
---------
Income before reorganization items and income taxes 1,234
Reorganization items (9,418)
---------
Loss before income taxes (8,184)
Income tax benefit -
---------
NET LOSS ($8,184)
=========
The Debtors disclose cash disbursements totaling $13,505,381
during May 2007.
Based in Decatur, Georgia, Allied Holdings Inc. (AMEX: AHI, other
OTC: AHIZQ.PK) -- http://www.alliedholdings.com/-- and its
affiliates provide short-haul services for original equipment
manufacturers and provide logistical services. The company and 22
of its affiliates filed for chapter 11 protection on July 31, 2005
(Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537). Jeffrey W.
Kelley, Esq., at Troutman Sanders, LLP, represented the Debtors in
their restructuring efforts. Henry S. Miller at Miller Buckfire &
Co., LLC, served as the Debtors' financial advisor. Anthony J.
Smits, Esq., at Bingham McCutchen LLP, provided the Official
Committee of Unsecured Creditors with legal advice and Russell A.
Belinsky at Chanin Capital Partners, LLC, provided financial
advisory services to the Committee. When the Debtors filed for
protection from their creditors, they estimated more than
$100 million in assets and debts.
On May 11, 2007, the Court confirmed Allied's Second Amended
Chapter 11 Plan of Reorganization. Allied emerged from
bankruptcy on May 29, 2007. (Allied Holdings Bankruptcy
News, Issue No. 54; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)
* * *
As of April 30, 2007, Allied Holdings Inc.'s Consolidated Balance
Sheet showed $217,379,000 in total stockholders' deficit resulting
from total assets of $309,931,000 and total liabilities of
$527,310,000.
COLLINS & AIKMAN: Posts $29,666,369 Net Loss in June 2007
---------------------------------------------------------
Collins & Aikman Corporation
Balance Sheet
As of June 30, 2007
ASSETS
Cash $233,183,256
Accounts receivable-trade, net 122,896,342
Other non-trade receivables 8,960,523
Inventories, net 25,681,076
Tooling and molding, net-current 30,491,000
Prepaids & other current assets 35,299,619
Deferred tax assets-current 0
---------------
TOTAL CURRENT ASSETS 456,511,816
Investments in subsidiaries 2,479,293,518
Fixed assets, net 226,832,068
Goodwill, net 59,622,121
Deferred tax assets-long term 0
Tooling and molding, net-long term 3,135,210
Other noncurrent assets 27,986,162
Intercompany accounts – net 65,587,515
Prepetition intercompany – net 678,110,577
---------------
TOTAL ASSETS $3,997,078,987
===============
LIABILITIES & EQUITY
Notes payable $0
Short term borrowings 0
Advance on receivables 0
Current portion-long term debt 110,981,044
Current portion-capital leases 0
Accounts payable 42,301,747
Accrued interest payable 85,431,984
Accrued & other liabilities 93,634,893
Income taxes payable 2,879,607
---------------
Total current liabilities 335,229,274
Liabilities subject to compromise 2,416,330,743
Deferred income taxes 30,472,400
---------------
Total liabilities 2,782,032,417
Total equity 1,215,046,570
---------------
TOTAL LIABILITIES & EQUITY $3,997,078,987
===============
Collins & Aikman Corporation
Income Statement
Month Ending June 30, 2007
Net outside sales $130,560,486
I/C Net sales 15,080,446
---------------
Total sales 145,640,931
Cost of Sales 144,153,508
---------------
Gross profit 1,487,423
Selling, general & administrative expenses 17,729,129
---------------
Operating income (16,241,706)
Interest expenses, net 12,092,577
Intercompany interest, net (4,627,307)
Preferred stock accretion 0
Miscellaneous (income)/expense 30,220
Corporate allocation adjustment 0
Commission income (272,461)
Commission expense 0
Royalty income (614,917)
Royalty expense 0
Joint Venture (Income)/Expense 0
Minority interest in cons net income 0
Dividend income 0
Discount/Income for Carcorp. 0
Gain/(Loss) early extinguishments of debt 0
Discount/Premium on hedges 0
(Gain)/Loss on hedges 0
(Gain)/Loss on swaps 0
NAAIS Intercompany sales profit 0
Loss on sale of receivables 0
Restructuring provision 0
Asset Impairment 5,717,263
Foreign transactions – (Gain)/Loss 1,040,175
Amort of discount on NPV of liabilities 0
(Gain)/Loss on sale-leaseback transaction 0
---------------
Income from continuing operations before taxes (29,607,256)
Federal income tax 0
State income tax 0
Foreign income tax 36,328
---------------
Income from continuing operations (29,643,584)
Discontinued operations 22,785
Gain/Loss on sale of divisions 0
Extraordinary items 0
Integration 0
---------------
NET INCOME (LOSS) ($29,666,369)
===============
Headquartered in Troy, Mich., Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems. The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world. The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring. Lazard Freres & Co., LLC, provides the Debtors
with investment banking services. Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee. When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total
debts.
On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and
Disclosure Statement. On Dec. 22, 2006, they filed an Amended
Joint Chapter 11 Plan. On July 18, 2007, the Court Confirmed
Collins' Liquidation Plan. (Collins & Aikman Bankruptcy News,
Issue No. 71; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DELPHI CORP: Incurs $330 Million Net Loss in June 2007
------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of June 30, 2007
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $26
Restricted cash 110
Accounts receivable, net:
General Motors and affiliates 1,758
Other third parties 1,006
Non-Debtor affiliates 444
Notes receivable from non-Debtor affiliates 290
Inventories, net:
Productive material, work-in-process & supplies 824
Finished goods 255
Other current assets 280
--------
TOTAL CURRENT ASSETS 4,993
Long-term assets:
Property, net 1,897
Investment in affiliates 382
Investments in non-Debtor affiliates 3,870
Goodwill 152
Other intangible assets 30
Other 319
--------
TOTAL LONG-TERM ASSETS 6,650
--------
TOTAL ASSETS $11,643
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Debtor-in-possession financing $3,155
Accounts payable 1,289
Accounts payable to non-Debtor affiliates 583
Accrued liabilities 962
--------
TOTAL CURRENT LIABILITIES 5,989
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 704
Liabilities subject to compromise 17,796
--------
TOTAL LIABILITIES 24,489
Stockholders' deficit:
Common stock 6
Additional paid-in capital 2,776
Accumulated deficit (12,885)
Accumulated other comprehensive loss (2,691)
Treasury stock, at cost (3.2 million shares) (52)
--------
TOTAL STOCKHOLDERS' DEFICIT (12,846)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $11,643
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended June 30, 2007
(In Millions)
Net sales:
General Motors and affiliates $835
Other customers 531
Non-Debtor affiliates 48
--------
Total net sales 1,414
--------
Operating expenses:
Cost of sales 1,595
Long-lived asset impairment charges -
Depreciation and amortization 50
Selling, general and administrative 91
--------
Total operating expenses 1,736
--------
Operating loss (322)
Interest expense (26)
Loss on extinguishment of debt -
Other (expense) income, net 26
Reorganization items (13)
Income tax benefit (expense) (19)
Equity income from non-consolidated affiliates 2
Equity income from non-Debtor affiliates 22
--------
NET LOSS ($330)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended June 30, 2007
(In Millions)
Cash flows from operating activities:
Net loss ($330)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 50
Deferred income taxes 28
Pension and other postretirement benefit expenses 78
Equity income from unconsolidated affiliates (2)
Equity income from non-Debtor affiliates (22)
Reorganization items 13
Loss on liquidation/deconsolidation of investment 93
Changes in operating assets and liabilities:
Accounts receivable, net (176)
Inventories, net 44
Other assets 31
Accounts payable, accrued and other long-term debts 189
U.S. employee special attrition program (13)
Other postretirement benefit payments (16)
Payments for reorganization items (2)
Other (5)
--------
Net cash used in operating activities (40)
Cash flows from investing activities:
Capital expenditures (18)
Proceeds from sale of property 7
--------
Net cash used in investing activities (11)
Cash flows from financing activities:
Net proceeds from DIP facility 45
Net repayments of borrowings under other debt pacts (1)
--------
Net cash used in financing activities 44
--------
Decrease in cash and cash equivalents (7)
Cash and cash equivalents at beginning of period 33
--------
Cash and cash equivalents at end of period $26
========
Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology. The
company's technology and products are present in more than 75
million vehicles on the road worldwide. Delphi has regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
Mar. 31, 2007, the Debtors' balance sheet showed $11,446,000,000
in total assets and $23,851,000,000 in total debts. The Debtors'
exclusive plan-filing period expires on Dec. 31, 2007.
(Delphi Corporation Bankruptcy News, Issue No. 79; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
PACIFIC LUMBER: Scotia Dev't, et al. File June Operating Report
---------------------------------------------------------------
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of June 31, 2007
ASSETS
Current Assets
Cash $7,848,529
Accounts receivable, net 8,759,555
Inventory: lower cost or market 20,350,659
Prepaid expenses 4,438,757
Prepaid Restructuring 100,000
Investments -
Other 270,092
------------
Total Current Assets 41,776,591
Property, Plant & Equipment 212,776,239
Less: Accumulated Depreciation (136,058,941)
------------
Net book value of property & plant 76,717,298
Other Assets
Notes Receivable 619,172
Deferred Financing Costs 4,944,694
Long-term Investments 2,608,741
Restricted Cash 2,509,580
Deferred Tax Assets 13,652,208
------------
TOTAL ASSETS $142,819,285
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $1,125,885
Tax payable
Federal payroll taxes 58,723
State payroll taxes 10,082
Ad valorem taxes (30,217)
Other taxes 16,948
------------
Total taxes payable 55,535
Secured debt postpetition
Accrued interest payable 6,650,020
Accrued professional fees 1,895,308
Other accrued liabilities
Trade Accruals 1,773,529
Compensation and Benefits 1,119,429
Other Accrued 581,131
Due to Affiliate/Parent 1,265,590
------------
Total Postpetition Liabilities 14,466,426
Prepetition Liabilities
Notes payable - Secured 114,048,529
Priority debt 6,578,633
Federal income tax (17,006)
FICA/ Withholding -
Unsecured debt 2,917,217
Other 33,835,206
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 199,024,084
------------
Total Liabilities 213,490,510
Owner's Equity (Deficit)
Equity in Affiliates 503,825,661
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (794,985,292)
Retained Earnings: Post Filing Date (70,671,225)
------------
Total Owner's Equity (70,671,225)
------------
TOTAL LIABILITIES & OWNERS EQUITY $142,819,285
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended June 31, 2007
Revenues $10,263,219
Total cost of revenues 11,968,882
------------
Gross Profit (1,705,662)
Operating Expenses
Selling & Marketing 72,253
General & Administrative 352,766
Insiders Compensation 106,674
Professional Fees -
Idle Facilities 70,190
Environmental 28,194
------------
Total Operating Expenses 630,078
------------
Income before interest, depreciation, tax (2,335,740)
Interest Expense 1,204,970
Depreciation 867,577
Other (Income) Expenses (35,235)
Restructuring
Professional Fees 1,005,181
Other 9,280
Amortization of Deferred Financing Costs 225,900
Equity Loss (Earnings) in Subsidiary 4,272,434
Total Interest, Depreciation & Other Items 7,550,106
------------
Net Income Before Taxes (9,885,846)
Federal Income Tax -
------------
Net Income (Loss) ($9,885,846)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended June 31, 2007
Receipts
Cash Sales $87,608
Collection of Accounts Receivable 11,250,736
Loans & Advances -
Sale of Assets -
Other 267,215
------------
Total Receipts 11,605,559
Disbursements
Net payroll 1,138,705
Payroll taxes paid 420,572
Sales, use & other taxes paid 32,875
Secured/rentals/leases 196,265
Utilities & telephone 95,151
Insurance 714,872
Cost of goods sold 4,871,404
Vehicle expenses 44,759
Travel & entertainment 35,557
Repairs, maintenance & supplies 579,972
Administrative & selling 743,020
Other 2,751,897
------------
Total Disbursements from operations 11,616,051
Professional fees 983,082
U.S. Trustee fees -
Other reorganization expenses -
------------
Total Disbursements 12,599,133
------------
Net Cash Flow (993,573)
------------
Cash, at the beginning of the month 9,032,981
------------
Cash, at the end of the month $7,848,529
============
Headquartered in Oakland, California, 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). Jack L. Kinzie, Esq., at Baker
Botts LLP, 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
listed 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.
23, http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: Scotia Pacific Files June Operating Report
----------------------------------------------------------
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of June 31, 2007
ASSETS
Current Assets
Cash $51,253,350
Accounts receivable, net 5,732,397
Inventory: lower cost or market -
Prepaid expenses 5,738,030
Prepaid Restructuring 564,671
Investments -
Other 409,787
------------
Total Current Assets 63,698,235
Property, Plant & Equipment 597,238,268
Less: Accumulated Depreciation (355,889,963)
------------
Net book value of property & plant 241,348,305
Other Assets
Tax Deposits -
Investments in Subsidiaries -
Electric Deposit -
Capitalized Expenses 11,499,138
------------
TOTAL ASSETS $316,545,677
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $58,478
Tax payable
Federal payroll taxes 520
State payroll taxes 2,562
Ad valorem taxes 70,000
Other taxes 305,641
------------
Total taxes payable 378,723
Secured debt postpetition -
Accrued interest payable 24,305,805
Accrued professional fees 5,174,558
Other accured liabilities
Unsecured Debt 1,298,965
Payroll 297,015
Other 210,963
------------
Total Postpetition Liabilities 31,724,508
Prepetition Liabilities
Notes payable - Secured 767,276,693
Priority debt 263,100
Federal income tax -
FICA/ Withholding -
Unsecured debt 3,677,340
Other 235,944
Due to Affiliate/Parent -
------------
Total Prepetition Liabilities 771,453,077
------------
Total Liabilities 803,177,585
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 (24,796,166)
------------
Total Owner's Equity (486,631,908)
------------
TOTAL LIABILITIES & OWNERS EQUITY $316,545,677
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended June 31, 2007
Revenues $3,887,915
Total cost of revenues 1,308,105
------------
Gross Profit 2,579,810
Operating Expenses
Selling & Marketing -
General & Administrative 278,904
Insiders Compensation -
Professional Fees -
Idle Facilities -
Environmental -
------------
Total Operating Expenses 278,904
------------
Income before interest, depreciation, tax 2,300,906
Interest Expense 4,714,452
Depreciation 697,602
Other (Income) Expenses (282,362)
Restructuring
Professional Fees 1,404,000
Other 39,648
Amortization of Deferred Financing Costs -
Equity Loss (Earnings) in Subsidiary -
Total Interest, Depreciation & Other Items 6,573,340
------------
Net Income Before Taxes (4,272,434)
Federal Income Tax 0
------------
Net Income (Loss) ($4,272,434)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended June 31, 2007
Receipts
Cash Sales $0
Collection of Accounts Receivable 0
Loans & Advances 0
Sale of Assets 0
Other
Interest Income 229,915
Log Sales 2,709,593
Other -
------------
Total Receipts 2,939,508
Disbursements
Net payroll 197,308
Payroll taxes paid 85,668
Sales, use & other taxes paid -
Secured/rentals/leases 32,063
Utilities & telephone -
Insurance 60,520
Cost of goods sold -
Vehicle expenses 4,362
Travel & entertainment 279
Repairs, maintenance & supplies 17
Administrative & selling 621,462
Other -
------------
Total Disbursements from operations 1,001,680
Professional fees 1,382,256
U.S. Trustee fees -
Interest 286,490
Other reorganization expenses -
------------
Total Disbursements 2,672,926
------------
Net Cash Flow 266,582
------------
Cash, at the beginning of the month 50,986,768
------------
Cash, at the end of the month $51,253,350
============
Headquartered in Oakland, California, 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). Jack L. Kinzie, Esq., at Baker
Botts LLP, 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
listed 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.
23, http://bankrupt.com/newsstand/or 215/945-7000).
SEA CONTAINERS: Posts $24,361,619 Net Loss in May 2007
------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of May 31, 2007
Assets
Current Assets
Cash and cash equivalents $24,871,181
Trade receivables, less allowances
for doubtful accounts -
Due from related parties 7,853,462
Prepaid expenses and other current assets 2,725,804
------------
Total current assets $35,450,447
Fixed assets, net -
Lont-term equipment sales receivable, net -
Investments in group companies -
Intercompany receivables -
Investment in equity ownership interests 219,030,940
Other assets 2,925,670
------------
Total assets $257,407,057
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $4,276,310
Accrued expenses 48,281,095
Current portion of long-term debt 25,761,086
Current portion of senior notes 385,238,522
------------
Total current liabilities 463,557,013
Total shareholders' equity (206,149,956)
------------
Total liabilities and shareholders' equity $257,407,057
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended May 31, 2007
Revenue $2,844,000
Costs and expenses:
Operating costs 96,213
Selling, general and
administrative expenses (14,903,657)
Professional fees (4,694,080)
Charges to provide against
intercompany accounts (3,762,203)
Depreciation and amortization -
------------
Total costs and expenses (23,263,727)
------------
Gain or (Loss) on sale of assets (26,929)
------------
Operating income (loss) (20,446,656)
Other income (expense)
Interest income 144,457
Foreign exchange gains or (losses) (235,355)
Interest expense, net (3,724,065)
------------
Income (Loss) before taxes (24,261,619)
Income tax expense (100,000)
------------
Net (Loss) ($24,361,619)
============
Sea Containers Services
Unaudited Balance Sheet
As of May 31, 2007
Assets
Current Assets
Cash and cash equivalents $31,171
Trade receivables 41,199
Due from related parties 6,313,902
Prepaid expenses and other current assets 5,896,342
------------
Total current assets 12,282,614
Fixed assets, net 2,671,123
Investments 2,677,370
Intercompany receivables 43,176,757
Other assets 3,703,291
------------
Total assets $64,511,155
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $2,117,621
Accrued expenses 2,457,288
Current portion of long-term debt 1,665,550
------------
Total current liabilities 6,240,459
Total shareholders' equity 58,270,696
------------
Total liabilities and shareholders' equity $64,511,155
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended May 31, 2007
Revenue $15,043,777
Costs and expenses:
Operating costs -
Selling, general and
administrative expenses (14,869,370)
Professional Fees 144,243
Other charges 0
Depreciation and amortization (108,558)
------------
Total costs and expenses (14,833,685)
------------
Gains on sale of assets 0
------------
Operating income (loss) 210,092
Other income (expense)
Interest income 8,651
Foreign exchange gains (losses) 0
Interest expense, net (35,595)
------------
Income (Loss) before taxes 183,148
Income tax credit 0
------------
Net Income $183,148
============
Sea Containers Carribean, Inc., reported zero assets and accounts
payable of $3,530,094, as its sole liabilities in its May 2007
balance sheet.
Based 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 Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007. (Sea Containers Bankruptcy
News, Issue No. 23; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
TWEETER HOME: Sound Advice Files Schedules of Assets and Debts
--------------------------------------------------------------
Sound Advice 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 15,077
B.2 Bank Account
Bank of America 30,892
Wachiova 4,388
Wachiova 3,387
B.3 Security Deposits 70,644
B.22 Intellectual Property unknown
B.23 Licenses, Franchises and Other Intangibles unknown
B.25 Vehicles and Accessories unknown
B.28 Office Equipment 86,279
B.29 Machinery 748,809
B.30 Inventory
Merchandise at #902 545,603
Merchandise at #909 577,587
Merchandise at #922 570,123
Merchandise at #923 558,980
Merchandise at #970 1,157,983
Others 8,536,044
TOTAL SCHEDULED ASSETS $12,905,796
=======================================================
C. Property Claimed as Exempt -
D. Secured Claims
General Electric Capital Corp $19,479,790
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
Landlords 491,529
Customer Deposits
Employee Severance
Oliver Buettner 3,048
Ramon Delgado 4,119
Richard Liddle 40,712
Utilities
Florida Power & Light Company 51,868
Others 18,163
TOTAL SCHEDULED LIABILITIES $20,089,229
=======================================================
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796). Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden,
Arps, Slate, Meagher & Flom, L.L.P. represent the Debtors in
their restructuring efforts. As of Dec. 21, 2006, Tweeter
had total assets of $258,573,353 and total debts of
$190,417,285.
The Debtors' exclusive period to file a plan expires on Oct. 9,
2007. Tweeter Bankruptcy News, Issue No. 7, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: SA-Arizona Files Schedules of Assets and Debts
------------------------------------------------------------
Sound Advice, Inc. of Arizona 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 1,695
B.2 Bank Account
Depository Account at JP Morgan Chase 12,409
Depository Account at JP Morgan Chase 3,155
B.3 Security Deposit
SCI Casa Poloma Fund, LLC 9,000
Westwood Financial Holdings, LLC 8,750
B.13 Stock Interests 0
B.23 Licenses, Franchises and Other Intangibles unknown
B.25 Vehicles and Accessories 0
B.28 Office Equipment 5,062
B.29 Machinery 357,160
B.30 Inventory
Merchandise at #1001 497,557
Merchandise at #1002 348,434
Merchandise at #1004 320,105
Merchandise at #1006 325,851
Merchandise at #1070 322,605
Merchandise at #1079 341,471
TOTAL SCHEDULED ASSETS $2,553,254
=======================================================
C. Property Claimed as Exempt -
D. Secured Claims
General Electric Capital Corp $19,479,790
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
Landlords:
Lomar Companies, LLC 11,287
Mimco, Inc. 4,763
SCI Casa Pploma Fund, LLC 9,469
Third Avenue Associates, Ltd. 95,349
Third Avneue Associates, Ltd. 23,837
Utilities:
Arizona Public Service 6,284
Salt River Project 2,822
TOTAL SCHEDULED LIABILITIES $19,633,601
=======================================================
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796). Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden,
Arps, Slate, Meagher & Flom, L.L.P. represent the Debtors in
their restructuring efforts. As of Dec. 21, 2006, Tweeter
had total assets of $258,573,353 and total debts of
$190,417,285.
The Debtors' exclusive period to file a plan expires on Oct. 9,
2007. Tweeter Bankruptcy News, Issue No. 7, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: New England Files Schedules of Assets and Debts
-------------------------------------------------------------
New England Audio Co. 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 (at 150 store locations) 34,660
B.2 Bank Account
Bank of America (depository account) 157,922
Bank of America (concentration account) 536,241
Bank of America (operating account) 77,329
Bank of America (regional disbursement acct) 1,802
Commerce Bank (depository account) 8,430
JP Morgan Chase (depository account) 26,277
JP Morgan Chase (depository account) 6,568
Wachovia (depository account) 26,102
Wachovia (regional disbursement account) 1,843
B.3 Security Deposit 4,034,209
B.13 Stock Interests
Tivoli Audio, LLC 3,482,754
B.16 Accounts Receivable
All Pro Trading & Management 20,824
American Express 832,327
Campbell Soup Supply Co, LLC 47,327
Discover 286,312
GE Capital Consumer Card 183,111
Harrah's Entertainment, Inc. 78,312
Hunter Industries 29,598
IDS 62,775
MGM Grand Resorts Development 38,483
Nevada Power Company 56,420
New Retail Claims 78,379
Nextworth Solutions, Inc. 23,347
Post Management 34,997
RH of Texas 41,375
SE Structured Media Systems 37,965
The Hartford Insurance Company 59,900
US Patent & Trademark Office 28,803
Verizon Laboratories Inc. 24,869
Visa-Mastercard 904,152
Others 391,571
B.22 Intellectual Property unknown
B.23 Licenses, Franchises and Other Intangibles unknown
B.28 Office Equipment 1,793,603
B.29 Machinery 5,013,429
B.30 Inventory
Merchandise at various locations 34,545,767
B.35 Others 13,202,660
TOTAL SCHEDULED ASSETS $66,210,444
=======================================================
C. Property Claimed as Exempt -
D. Secured Claims
General Electric Capital Corp $19,479,790
Inland Real Estate 62,506
Zurich American Insurance Group 1,248,367
Florida Power & Light 7,724
Tweet Canton, LLC 39,802
Bank of America 226,038
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
Trade Payables 27,958,999
Deferred Compensation Balances 212,879
Landlords 2,215,580
Employee Severance 1,990,486
Utilities 231,555
Employee Points Program 213,077
TOTAL SCHEDULED LIABILITIES $53,886,803
=======================================================
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796). Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden,
Arps, Slate, Meagher & Flom, L.L.P. represent the Debtors in
their restructuring efforts. As of Dec. 21, 2006, Tweeter
had total assets of $258,573,353 and total debts of
$190,417,285.
The Debtors' exclusive period to file a plan expires on Oct. 9,
2007. Tweeter Bankruptcy News, Issue No. 7, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: NEA Delaware Files Schedules of Assets and Debts
--------------------------------------------------------------
NEA Delaware 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 1,000
B.13 Stock Interests unknown
B.22 Intellectual Property unknown
B.23 Licenses, Franchises and Other Intangibles unknown
B.28 Office Equipment 7,946
B.29 Machinery 80,622
B.30 Inventory
Merchandise at #122 305,314
Merchandise at #126 381,401
Merchandise at #127 462,584
Merchandise at #131 506,789
TOTAL SCHEDULED ASSETS $1,745,656
=======================================================
C. Property Claimed as Exempt -
D. Secured Claims
General Electric Capital Corp $19,479,790
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
Landlords 35,437
Utilities 9,240
TOTAL SCHEDULED LIABILITIES $19,524,467
=======================================================
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796). Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden,
Arps, Slate, Meagher & Flom, L.L.P. represent the Debtors in
their restructuring efforts. As of Dec. 21, 2006, Tweeter
had total assets of $258,573,353 and total debts of
$190,417,285.
The Debtors' exclusive period to file a plan expires on Oct. 9,
2007. Tweeter Bankruptcy News, Issue No. 7, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Sumarc Electronics Files Schedules of Assets & Debts
------------------------------------------------------------------
Sumarc Electronics 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 1,479
B.3 Security deposits 159
B.28 Office equipment 5,476
B.29 Machinery 405,303
B.30 Inventory 1,396,836
TOTAL SCHEDULED ASSETS
$1,809,253
========================================================
C. Property Claimed as Exempt -
D. Secured Claims
General Electric Capital Corp. $19,479,790
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
Wendover, LLC and Shachtman IV, LLC 6,048
Utilities
9,590
TOTAL SCHEDULED LIABILITIES $19,495,428
========================================================
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796). Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden,
Arps, Slate, Meagher & Flom, L.L.P. represent the Debtors in
their restructuring efforts. As of Dec. 21, 2006, Tweeter
had total assets of $258,573,353 and total debts of
$190,417,285.
The Debtors' exclusive period to file a plan expires on Oct. 9,
2007. Tweeter Bankruptcy News, Issue No. 7, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: THEG USA Files Schedules of Assets and Liabilities
----------------------------------------------------------------
THEG USA, L.P. 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 4,526
B.2 Bank accounts 25,591
B.3 Security deposits 42,660
B.28 Office equipment 24,627
B.29 Machinery 376,591
B.30 Inventory 5,493,975
TOTAL SCHEDULED ASSETS
$5,967,970
========================================================
C. Property Claimed as Exempt -
D. Secured Claims
General Electric Capital Corp $19,479,790
E. Unsecured Priority Claims -
F. Unsecured Non-Priority Claims
Landlords 168,057
Employee severance 306,005
Utilities 37,066
TOTAL SCHEDULED LIABILITIES $19,990,918
========================================================
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796). Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden,
Arps, Slate, Meagher & Flom, L.L.P. represent the Debtors in
their restructuring efforts. As of Dec. 21, 2006, Tweeter
had total assets of $258,573,353 and total debts of
$190,417,285.
The Debtors' exclusive period to file a plan expires on Oct. 9,
2007. Tweeter Bankruptcy News, Issue No. 7, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Hillcrest High Files Schedules of Assets & Debts
--------------------------------------------------------------
Hillcrest High Fidelity 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.30 Inventory 2,753
TOTAL SCHEDULED ASSETS $2,753
=======================================================
C. Property Claimed as Exempt -
D. Secured Claims
General Electric Capital Corp $19,479,790
E. Unsecured Priority Claims 0
F. Unsecured Non-Priority Claims
Landlords 58,066
TOTAL SCHEDULED LIABILITIES $19,537,856
=======================================================
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case No: 07-10787 through 07-10796). Gregg M.
Galardi, Esq. and Mark L. Desgrosseilliers, Esq. at Skadden,
Arps, Slate, Meagher & Flom, L.L.P. represent the Debtors in
their restructuring efforts. As of Dec. 21, 2006, Tweeter
had total assets of $258,573,353 and total debts of
$190,417,285.
The Debtors' exclusive period to file a plan expires on Oct. 9,
2007. Tweeter Bankruptcy News, Issue No. 7, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
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
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herein is obtained from sources believed to be reliable, but is
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*** End of Transmission ***