/raid1/www/Hosts/bankrupt/TCR_Public/071027.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, October 27, 2007, Vol. 11, No. 255
Headlines
AMERICAN HOME: Great Oak Files Schedules of Assets and Liabilities
AMERICAN HOME: Homegate Files Schedules of Assets and Liabilities
ARMSTRONG WORLD: Desseaux Files Monthly Report for September 2007
ARMSTRONG WORLD: Nitram Files September 2007 Operating Report
DELTA SYSTEMS: Files Schedules of Assets and Liabilities
FIRST MAGNUS: Posts $314,548 Net Loss in Month Ended August 31
FIRST MAGNUS: Incurs $1,058,036 Net Loss in September 2007
HOME BANC: HB Funding Files Schedules of Assets and Liabilities
HOMEBANC CORP: HB Funding II Files Schedules of Assets & Debts
HOMEBANC CORP: HMB Acceptance Files Schedules of Assets and Debts
HOMEBANC CORP: HMB Mortgage Files Schedules of Assets and Debts
M FABRIKANT: Incurs $831,000 Consolidated Net Loss in August 2007
MIRANT CORP: Mirant Lovett Posts $1,130,285 Net Loss in Aug. 2007
NEW CENTURY: Posts $21,827,903 Net Loss in Month Ended August 31
NEWPOWER HOLDINGS: Files Operating Report for July 31 to August 31
REFCO LLC: Chapter 7 Trustee Files August 2007 Operating Report
*********
AMERICAN HOME: Great Oak Files Schedules of Assets and Liabilities
------------------------------------------------------------------
American Home Mortgage Investment Corp.'s debtor-affiliate, Great
Oak Abstract Corp., submitted to 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.2 Bank Accounts 757,107
B.16 Accounts Receivable 36,615
B.28 Office Equipment
Furniture & fixtures, net 5,339
B.35 Other Personal Property 104,800
TOTAL SCHEDULED ASSETS $903,861
=========================================================
C - Property Claimed $0
D - Creditors Holding 0
E - Creditors Holding Unsecured Priority Claims
Taxes and employee claims 0
F - Creditors Holding Unsecured Nonprio Claims
Inter-company payable, AP Vendor 0
TOTAL SCHEDULED LIABILITIES $0
=========================================================
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors has selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000. The Debtors' exclusive period to
file a plan expires on Dec. 4, 2007. (American Home Bankruptcy
News, Issue No. 12, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Homegate Files Schedules of Assets and Liabilities
-----------------------------------------------------------------
American Home Mortgage Investment Corp.'s debtor-affiliate,
Homegate Settlements Services Inc., submitted to 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.2 Bank Accounts 100,488
B.28 Office Equipment
Office equipment, net 233,715
TOTAL SCHEDULED ASSETS $334,203
=========================================================
C - Property Claimed $0
D - Creditors Holding 0
E - Creditors Holding Unsecured Priority Claims
Taxes and employee claims 600,318
F - Creditors Holding Unsecured Nonprio Claims
Inter-company payable, AP Vendor 8,165,701
TOTAL SCHEDULED LIABILITIES $8,766,019
=========================================================
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors has selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000. The Debtors' exclusive period to
file a plan expires on Dec. 4, 2007. (American Home Bankruptcy
News, Issue No. 12, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ARMSTRONG WORLD: Desseaux Files Monthly Report for September 2007
-----------------------------------------------------------------
Desseaux Corp. of North America
Unaudited Balance Sheet
As of September 30, 2007
ASSETS
Current Assets $0
Plant, Property and Equipment, Net 0
Other Assets:
Investment in Subsidiary 3,885,354
Due from Parent Corporation 840
---------------
Total Assets $3,886,194
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation $66,805
Payable to Nitram Liquidators – Postpetition 7,835
---------------
Total Liabilities Not Subject to Compromise 74,640
Liabilities Subject to Compromise:
Accrued Expenses 247,768
Payable to Subsidiary 944,860
Notes Payable 2,964,500
---------------
Total Liabilities Subject to Compromise 4,157,128
Shareholder's Equity:
Common Stock 1,000
Paid-in Capital 2,499,000
Retained Deficit (2,845,574)
---------------
Total Shareholder's Equity (345,574)
---------------
Total Liabilities and Owners' Equity $3,886,194
===============
Desseaux Corp. of North America
Unaudited Statements of Operations
Month Ended September 30, 2007
Ordinary Income/Expense $0
---------------
Total Income/Expense 0
---------------
Federal Income Taxes 0
State Taxes 0
---------------
Net Income (Loss) ($0)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts. The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice. The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written
confirmation order on Aug. 18, 2006. The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. The Court
has set Oct. 16, 2007, as the last day for filing objections to
the Nitram/Desseaux's disclosure statement. A hearing to consider
confirmation of the Plan is set for Nov. 2, 2007. (Armstrong
Bankruptcy News, Issue No. 116; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ARMSTRONG WORLD: Nitram Files September 2007 Operating Report
-------------------------------------------------------------
Nitram Liquidators, Inc.
Unaudited Balance Sheet
As of September 30, 2007
ASSETS
Current Assets:
Cash $12,368
Accounts Receivable 559,035
Reserve for Uncollectible Accounts (559,035)
---------------
Other Current Assets:
Deferred Tax -
Due from Parent Corporation 952,694
Note Receivable from Southwest Recreation 6,334,948
Reserve for Receivable (6,334,948)
---------------
Total Current Assets 965,119
---------------
Plant, Property and Equipment, Net 0
Other Assets 0
---------------
Total Assets $965,061
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation $104,012
Accounts Payable – Postpetition 481
---------------
Total Liabilities Not Subject to Compromise 104,493
Liabilities Subject to Compromise:
Accounts Payable 208,148
Warranty Reserves 569,998
Due to Affiliates 8,443,772
---------------
Total Liabilities Subject to Compromise 9,221,918
Shareholder's Equity:
Common Stock 1,000
Cumulative Dividends (Preferred) 2,964,500
Dividends (284,098)
Paid-in Capital 3,459,000
Retained Deficit (14,501,751)
---------------
Total Equity (8,361,349)
---------------
Total Liabilities and Owners' Equity $965,061
===============
Nitram Liquidators, Inc.
Unaudited Statements of Operations
Month Ended August 31, 2007
Income $0
---------------
Total Operating Expenses 0
Operating Income (Loss) 0
---------------
Other Income (Expense)
Bank Fees (57)
---------------
Total Other Income (57)
---------------
Income (Loss) Before Capital-related Expenses ($57)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts. The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice. The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written
confirmation order on Aug. 18, 2006. The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. The Court
has set Oct. 16, 2007, as the last day for filing objections to
the Nitram/Desseaux's disclosure statement. A hearing to consider
confirmation of the Plan is set for Nov. 2, 2007. (Armstrong
Bankruptcy News, Issue No. 116; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
DELTA SYSTEMS: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Delta Systems Inc. and its debtor-affiliates submitted to the U.S,
Bankruptcy Court for the Western District of Arkansas their
schedules of assets and liabilities, disclosing:
Name of Schedule Assets Liabilities
---------------- ---------- -----------
A. Real Property $0
B. Personal Property 4,325,789
C. Property Claimed as 0
Exempt
D. Creditors Holding $1,483,712
Secured Claims
E. Creditors Holding 0
Unsecured Priority
Claims
F. Creditors Holding 6,151,962
Unsecured Non-priority
Claims
---------- -----------
TOTAL $4,325,789 $7,635,674
Rogers, Arkansas-headquartered Delta Systems Inc. --
http://www.deltasystemsinc.com/-- together with its affiliates,
design and manufacture electrical and electronic products for
OEMs. The Debtor and three-affiliates filed for chapter 11
protection on Oct. 1, 2007 (Bankr. W.D. Ark. Lead Case No. 07-
73144). Jill R. Jacoway, Esq. at Jacoway Law Firm, Ltd. and
Stanley V. Bond, Esq. at Bond Law Office are counsels to the
Debtors.
FIRST MAGNUS: Posts $314,548 Net Loss in Month Ended August 31
--------------------------------------------------------------
First Magnus Financial Corporation
Balance Sheet
As of August 31, 2007
ASSETS
Unrestricted Cash $6,498,165
Restricted Cash -
--------------
Total cash -
Accounts Receivable (net) 1,816,582,309
Inventory -
Notes Receivable -
Prepaid Expenses -
Other 1,171,767
Property, Plant & Equipment
Less : Accumulated Depreciation
Net property, Plant & Equipment 27,667,539
Due From Insider(s)
Other Assets - net 6,939,377
Other 12,992,671
--------------
TOTAL ASSETS $1,871,851,828
==============
POST PETITION LIABILITIES
Accounts Payable -
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other 2,816,771
--------------
Total Post-Petition Liabilities 2,816,771
PREPETITION LIABILITIES
Secured Debt 1,572,205,025
Priority Debt 11,990,930
Unsecured Debt 67,411,209
Other
--------------
Total Prepetition Liabilities 1,651,607,164
--------------
TOTAL LIABILITIES 1,654,423,935
EQUITY
Pre-petition Owner's Equity 217,742,442
Post-Petition Cumulative Profit/Loss (314,549)
--------------
Total Equity 217,427,893
--------------
TOTAL LIABILITIES & OWNER'S EQUITY $1,871,851,828
==============
First Magnus Financial Corporation
Income Statement
Month Ended August 31, 2007
REVENUES
Gross Revenue $157,294
COST OF GOODS SOLD
Direct Labor 444,986
--------------
GROSS PROFIT (287,692)
OPERATING EXPENSES
Officer/Insider Compensation -
General & Administrative 26,856
--------------
Total Operating Expenses 26,856
--------------
Income Before Non-Operating Income
and Expenses (314,548)
OTHER INCOME AND EXPENSE
Other Income -
Other Expense -
Interest Expense -
Depreciation/Depletion -
Amortization -
Net other Income and Expense -
--------------
Income Before Reorganization Expense (314,548)
REORGANIZATION EXPENSES
Professional fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
Income Tax -
--------------
NET PROFIT OR (LOSS) ($314,548)
==============
Based in Tucson, Arizona, First Magnus Financial Corporation --
http://www.firstmagnus.com/-- purchases and sells prime and
Alt-A mortgage loans secured by one-to-four unit residences.
Thecompany filed for chapter 11 protection on Aug. 21, 2007
(Bankr. D. Ariz. Case No.: 07-01578). John R. Clemency, Esq., at
Greenberg Traurig LLP serves as the counsel for the Debtor. The
Official Committee of Unsecured Creditors has selected the firm
Warner Stevens LLP as its counsel. When the Debtor filed for
bankruptcy, it listed total assets of $942,109,860 and total debts
of $812,533,046.
The Debtor's exclusive period to file a plan expires on Dec. 19,
2007. (First Magnus Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000).
FIRST MAGNUS: Incurs $1,058,036 Net Loss in September 2007
----------------------------------------------------------
First Magnus Financial Corporation
Balance Sheet
As of September 30, 2007
ASSETS
Unrestricted Cash $4,517,098
Restricted Cash --
Accounts Receivable (net) 1,815,380,004
Inventory -
Notes Receivable -
Prepaid Expenses -
Other 1,144,686
Net Property, Plant & Equipment 27,667,539
Due From Insider(s) -
Other Assets - net 6,939,377
Other 12,992,671
--------------
TOTAL ASSETS $1,868,641,375
==============
POSTPETITION LIABILITIES
Accounts Payable $266,500
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other 565,872
--------------
Total Post-Petition Liabilities 832,372
PREPETITION LIABILITIES
Secured Debt 1,572,205,025
Priority Debt 11,822,911
Unsecured Debt 67,411,209
Other -
--------------
Total Prepetition Liabilities 1,651,439,145
--------------
TOTAL LIABILITIES 1,652,271,517
--------------
EQUITY
Prepetition Owner's Equity 217,742,442
Post-Petition Cumulative Profit/Loss (1,372,585)
--------------
Total Equity 216,369,857
--------------
TOTAL LIABILITIES & OWNER'S EQUITY $1,868,641,375
==============
First Magnus Financial Corporation
Income Statement
Month Ended September 30, 2007
REVENUES
Gross Revenue $46,478
Less: Returns and Discounts -
--------------
Net Revenue 46,478
COST OF GOODS SOLD
Material -
Direct Labor 673,086
Direct Overhead -
--------------
Total Cost of Goods Sold 673,086
--------------
GROSS PROFIT (626,607)
OPERATING EXPENSES
Officer/Insider Compensation -
General & Administrative 431,427
Other Expenses -
--------------
Total Operating Expenses 431,427
--------------
Income Before Non-Operating Income
and Expenses (1,058,036)
OTHER INCOME AND EXPENSE
Other Income -
Other Expense -
Interest Expense -
Depreciation/Depletion -
Amortization -
Net other Income and Expense -
--------------
Income Before Reorganization Expense (1,058,036)
REORGANIZATION EXPENSES
Professional fees -
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses -
Income Tax -
--------------
NET PROFIT OR (LOSS) ($1,058,036)
==============
Based in Tucson, Arizona, First Magnus Financial Corporation --
http://www.firstmagnus.com/-- purchases and sells prime and
Alt-A mortgage loans secured by one-to-four unit residences.
The company filed for chapter 11 protection on Aug. 21, 2007
(Bankr. D. Ariz. Case No.: 07-01578). John R. Clemency, Esq., at
Greenberg Traurig LLP serves as the counsel for the Debtor. The
Official Committee of Unsecured Creditors has selected the firm
Warner Stevens LLP as its counsel. When the Debtor filed for
bankruptcy, it listed total assets of $942,109,860 and total debts
of $812,533,046.
The Debtor's exclusive period to file a plan expires on Dec. 19,
2007. (First Magnus Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000).
HOME BANC: HB Funding Files Schedules of Assets and Liabilities
---------------------------------------------------------------
HomeBanc Funding Corp. submitted to 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.2 Bank Accounts 1,523,174
B.9 Insurance Policies unknown
B.16 Accounts Receivable
HomeBanc Mortgage Corporation 651,458,703
HomeBanc Funding Corp. II 35,737,832
HomeBanc Mortgage Trust 2005-1 485,469
HomeBanc Mortgage Trust 2005-3 2,344
HomeBanc Mortgage Trust 2005-4 3,095
B.23 Licenses, franchises & other intangibles unknown
TOTAL SCHEDULED ASSETS $689,210,616
=========================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims 0
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
David Falgoust 250
HMB Acceptance Corp. 400
HomeBanc Corp. 87,237,473
HomeBanc Mortgage Trust 2004-1 591,343,494
HomeBanc Mortgage Trust 2004-2 275,505
TOTAL SCHEDULED LIABILITIES $678,857,122
=========================================================
Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation --
http://www.homebanc.com/-- is a mortgage banking company focused
on originating primarily prime purchase money residential mortgage
loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them
in these cases. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000.
The Debtors' exclusive period to file a plan ends on Dec. 7, 2007.
(HomeBanc Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000
HOMEBANC CORP: HB Funding II Files Schedules of Assets & Debts
--------------------------------------------------------------
HomeBanc Funding Corp. II submitted to 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.9 Insurance Policies unknown
B.16 Accounts Receivable
HomeBanc Mortgage Corporation 386,509,083
HMB Acceptance Corp. 500
HomeBanc Mortgage Trust 2004-2 825
HomeBanc Mortgage Trust 2005-1 685,192
HomeBanc Mortgage Trust 2005-2 931,609
HomeBanc Mortgage Trust 2005-4 2,949
HomeBanc Mortgage Trust 2005-5 30,000
B.23 Licenses, franchises & other intangibles unknown
TOTAL SCHEDULED ASSETS $388,160,158
=========================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims 0
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
HomeBanc Corp. 109,194,791
HomeBanc Funding Corp. 35,737,832
HomeBanc Mortgage Trust 2004-1 243,415,228
David Falgoust unknown
TOTAL SCHEDULED LIABILITIES $388,347,850
=========================================================
Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation --
http://www.homebanc.com/-- is a mortgage banking company focused
on originating primarily prime purchase money residential mortgage
loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them
in these cases. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000.
The Debtors' exclusive period to file a plan ends on Dec. 7, 2007.
(HomeBanc Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000
HOMEBANC CORP: HMB Acceptance Files Schedules of Assets and Debts
-----------------------------------------------------------------
HMB Acceptance Corp. submitted to 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.2 Bank Accounts -- Wachovia Bank, N.A. 279,389
B.9 Insurance Policies unknown
B.13 Stock and Interests unknown
B.15 Government and corporate bonds unknown
B.16 Accounts Receivable
HomeBanc Corp. 31,584,001
HomeBanc Funding Corp. 400
B.23 Licenses, franchises & other intangibles unknown
TOTAL SCHEDULED ASSETS $31,863,790
=========================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims 0
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
HomeBanc Funding Corp. II 500
HomeBanc Mortgage Corporation 1,817,020
HomeBanc Mortgage Trust 2004-1 12,990,769
HomeBanc Mortgage Trust 2004-2 7,935,073
HomeBanc Mortgage Trust 2005-1 2,888,359
HomeBanc Mortgage Trust 2005-2 1,664,394
HomeBanc Mortgage Trust 2005-3 1,975,191
HomeBanc Mortgage Trust 2005-4 621,829
HomeBanc Mortgage Trust 2005-5 1,691,467
Robert Stanley Kryder 250
TOTAL SCHEDULED LIABILITIES $31,584,851
=========================================================
Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation --
http://www.homebanc.com/-- is a mortgage banking company focused
on originating primarily prime purchase money residential mortgage
loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them
in these cases. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000.
The Debtors' exclusive period to file a plan ends on Dec. 7, 2007.
(HomeBanc Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
HOMEBANC CORP: HMB Mortgage Files Schedules of Assets and Debts
---------------------------------------------------------------
HMB Mortgage Partners LLC submitted to 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.2 Bank Accounts - Wachovia Bank, N.A. 105,513
B.9 Insurance Policies unknown
B.14 Interests in partnerships & joint venture
BH Mortgage Partners LLC 110,000
B.16 Accounts Receivable
HomeBanc Mortgage Corporation 77,324
TOTAL SCHEDULED ASSETS $292,837
=========================================================
C. Property Claimed as Exempt Not applicable
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
=========================================================
Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation --
http://www.homebanc.com/-- is a mortgage banking company focused
on originating primarily prime purchase money residential mortgage
loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them
in these cases. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000.
The Debtors' exclusive period to file a plan ends on Dec. 7, 2007.
(HomeBanc Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
M FABRIKANT: Incurs $831,000 Consolidated Net Loss in August 2007
-----------------------------------------------------------------
M. Fabrikant & Sons Inc. and Fabrikant-Leer International Ltd.
filed with the U.S. Bankruptcy Court for the Southern District of
New York its operating statements for the month of August 2007.
Disbursements for August 2007
M. Fabrikant $1,929,038
Fabrikant-Leer 10,453
Consolidated Loss for the Month $831,000
Headquartered in New York City, M. Fabrikant & Sons Inc. --
http://www.fabrikant.com/-- sells diamonds and jewelries. The
company and its affiliate, Fabrikant-Leer International Ltd.,
filed for chapter 11 protection on Nov. 17, 2006 (Bankr. S.D.N.Y.
Lead Case No. 06-12737). Mitchel H. Perkiel, Esq., Lee W.
Stremba, Esq., and Paul H. Deutch, Esq., at Troutman Sanders LLP
represent the Debtors in their restructuring efforts. Alan Kolod,
Esq., Lawrence L. Ginsberg, Esq., and Christopher J. Caruso, Esq.,
at Moses & Singer LLP serve as counsel to the Official Committee
of Unsecured Creditors. When the Debtors filed for protection
from their creditors, they listed estimated assets and debts of
more than $100 million.
The Court has set an Oct. 30, 2007 hearing to consider approval of
the disclosure statement explaining the plan jointly filed by the
Debtors and the Creditors Committee.
MIRANT CORP: Mirant Lovett Posts $1,130,285 Net Loss in Aug. 2007
-----------------------------------------------------------------
Mirant Lovett, LLC
Consolidated Balance Sheet
As of August 31, 2007
ASSETS
Unrestricted Cash $288
Restricted cash 16,709,929
Total cash 16,710,217
Accounts receivable (net) 9,378,627
Inventory 12,055,198
Notes receivable 31,210,351
Prepaid expenses -
Other 1,364,312
-----------
Total current assets 70,718,705
Property, plant & equipment 10,565,277
Less: accumulated (2,695,995)
Depreciation / depletion
Net property, plant & equipment 7,869,282
Due from insiders
Other assets, net of amortization
Other restricted cash 5,958,062
-----------
TOTAL ASSETS $84,546,049
===========
LIABILITIES AND EQUITY
Postpetition Liabilities:
Accounts payable 8,877,583
Taxes payable 1,162,546
Notes payable -
Professional fees -
Secured debt -
Other 8,593,537
-----------
Total postpetition liabilities 18,633,666
Prepetition Liabilities:
Secured debt -
Priority debt -
Unsecured debt -
Other liabilities subject to compromise 25,273,500
-----------
Total prepetition liabilities 25,273,500
-----------
TOTAL LIABILITIES 43,907,166
EQUITY
Additional paid in capital 244,343,544
Retained earnings (203,704,661)
Direct charges to equity -
-----------
Total equity 40,638,883
-----------
TOTAL LIABILITIES & OWNERS' EQUITY $84,546,049
===========
Mirant Lovett, LLC
Consolidated Statements of Income
Month Ending August 31, 2007
REVENUES:
Gross Revenues $8,901,803
Less: returns & discounts -
-----------
Net revenue 8,901,803
COST OF GOODS SOLD:
Material 4,416,812
Direct labor -
Direct overhead -
-----------
Total cost of goods sold 4,416,812
-----------
Gross margin 4,484,991
OPERATING EXPENSES:
Officer / insider compensation -
Selling & marketing -
General & administrative -
Operating & maintenance 4,962,251
Other -
-----------
Total operating expenses 4,962,251
-----------
Income before non-operating (477,260)
income & expense
OTHER INCOME AND EXPENSES:
Non-operating income -
Non-operating expense -
Interest expense 53,012
Depreciation / depletion 629,668
Amortization -
Other (3,103)
-----------
Net other income & expenses 679,577
REORGANIZATION EXPENSES:
Professional fees -
U.S. Trustee fees -
Other (26,552)
-----------
Total reorganization expenses -
Income tax -
-----------
NET PROFIT (LOSS) $(1,130,285)
===========
Mirant Lovett, LLC
Unconsolidated Cash Receipts and Disbursements
Month Ending August 31, 2007
Cash, beginning of month $14,824,607
Cash sales -
Collection of accounts receivable -
Prepetition -
Postpetition -
-----------
Total operating receipts -
Non - operating receipts
Loans & advances (2,254,625)
Sale of assets -
Other 61,750
-----------
Total non-operating receipts (2,192,875)
-----------
Total receipts (2,192,875)
-----------
Total cash available 12,631,732
Operating disbursements
Collateral deposits (11,367,431)
Operating and maintenance 7,289,232
-----------
Total operating disbursements (4,078,199)
Reorganization expenses -
-----------
Total disbursements (4,078,198)
-----------
Net cash flow 1,885,323
-----------
Cash, end of month $16,709,930
===========
Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao. Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.
Mirant Corporation filed for chapter 11 protection on July 14,
2003 (Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006. thomas E. Lauria,
Esq., at White & Case LLP, represented the Debtors in their
successful restructuring. When the Debtors filed for protection
from their creditors, they listed $20,574,000,000 in assets and
$11,401,000,000 in debts. The Debtors emerged from bankruptcy on
Jan. 3, 2006. On March 7, 2007, the Court entered a final decree
closing 46 Mirant cases.
Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included. On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure Statement
explaining that Plan. The Court approved the adequacy of Mirant
NY-Gen's Disclosure Statement on March 22, 2007, and confirmed the
Amended Plan on May 7, 2007. Mirant NY-Gen emerged from chapter
11 on May 7, 2007.
On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization. The Court confirmed Mirant Lovett's Plan on
Sept. 19, 2007. (Mirant Bankruptcy News, Issue No. 132;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)
* * *
The ratings of Mirant Corp. (Issuer Default Rating of 'B+') and
its subsidiaries remain on Fitch's Rating Watch Negative following
the company's plans to pursue alternative strategic options
including a possible purchase of Mirant by a third party.
NEW CENTURY: Posts $21,827,903 Net Loss in Month Ended August 31
----------------------------------------------------------------
New Century Financial Corp. and Affiliates
Consolidated Balance Sheet
As of August 31, 2007
Assets
Current Assets:
Unrestricted Cash and Equivalents $109,097,751
Restricted Cash and Equivalents 18,400,223
Accounts Receivable, Net 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 10,963,649
Professional Retainers 0
Other Current Assets 67,544,523
--------------
Total Current Assets 206,006,146
--------------
Property and Equipment 69,418,455
Other Assets 7,635,780,293
--------------
Total Assets $7,911,204,893
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise:
Accounts Payable $0
Professional Fees 22,787,655
Liabilities Subject to Compromise:
Secured Debt 7,255,428,803
Priority Debt 2,739,519
Unsecured Debt 249,404,842
--------------
Total Liabilities 7,530,360,819
--------------
Owner Equity:
Capital Stock 9,480,047
Additional Paid-in Capital 2,170,845,310
Partners' Capital Account 0
Owners' Equity Account 0
Retained Earnings – Prepetition (1,088,392,469)
Retained Earnings – Postpetition (711,088,812)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net owner Equity 380,844,076
--------------
Total Liabilities and Owners' Equity $7,911,204,894
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended August 31, 2007
Revenues ($190,307)
Cost of Goods Sold 0
Operating Expenses:
Advertising 306,924
Employee Benefits Programs 144,467
Insurance 160,951
Office Expense 865,972
Rent and Lease Expense (8,909,762)
Salaries, Commissions, & Fees 2,778,327
Travel and Entertainment 81,412
Other 3,262,709
Depreciation, Depletion & Amortization 2,105,405
--------------
Net Profit (Loss) before Other Income & Expenses (986,712)
Other Expense (7,499,706)
Reorganization Items
Professional Fees 13,492,773
Interest Earned for Accumulated Cash (151,288)
Total Reorganization Expenses 13,341,485
Income Taxes 0
--------------
Net Profit (Loss) ($21,827,903)
==============
New Century Financial Corp. and Affiliates
Schedule of Cash Receipts and Disbursements
Month Ended August 31, 2007
Cash, Beginning of month $131,457,785
Total Receipts 11,691,718
Total Disbursements (15,651,528)
--------------
Net Cash Flow (3,959,810)
--------------
Cash, End of month $127,497,975
==============
The consolidated financial statements include non-debtor
affiliates and subsidiaries of New Century Financial Corp. A
copy of the Debtors' monthly operating report is available for
free at:
http://ResearchArchives.com/t/s?2488
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 plan expires on Nov. 28,
2007. (New Century Bankruptcy News, Issue No. 24; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
NEWPOWER HOLDINGS: Files Operating Report for July 31 to August 31
------------------------------------------------------------------
NewPower Holdings Inc. filed its Monthly Operating Report for
the period from July 31, 2007, TO Aug. 31, 2007, with the U.S.
Bankruptcy Court for the Northern District of Georgia, Newnan
Division on Sept. 6, 2007. The company reports an opening
cash balance of $1,722,000 and a closing cash balance of
$1,679,000.
A full-text copy of NewPower Holdings Inc.'s Monthly Operating
Report for the period from July 31, 2007, to Aug. 31, 2007, is
available at no charge at http://ResearchArchives.com/t/s?248c
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP represent the Debtors. When the Debtors filed for
chapter 11 protection, they reported $231,837,000 in assets and
$87,936,000 in debts.
On Aug. 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary. That Plan became
effective on Oct. 9, 2003, with respect to the company and TNPC.
On Feb. 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003 with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
REFCO LLC: Chapter 7 Trustee Files August 2007 Operating Report
---------------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation of
Refco, LLC's estate, delivered to the Court a monthly statement
of cash receipts and disbursements for the period from August 1
to 31, 2007.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of August 1 totals $167,525,000. The Debtor's beginning
purchase price account balance totals $5,021,000, while its
beginning capital account "A" balance aggregates $162,504,000.
The purchase price account includes activity related to Man
Financial, Inc. sale proceeds and related disbursements. Capital
account "A" includes activities related to collection of excess
capital.
During the Reporting Period, Refco LLC received $778,000 and
disbursed $82,009,000. The Debtor held $86,294,000 at the end of
the period.
The Chapter 7 Trustee says the Monthly Statement is filed in lieu
of comprehensive financial statements.
A full-text copy of Refco LLC's August 2007 Monthly Statement is
available at no charge at:
http://ResearchArchives.com/t/s?2489
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the most
active members of futures exchanges in Chicago, New York, London
and Singapore. In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products. Refco is one of the largest
global clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2007. (Refco Bankruptcy News, Issue No. 71; 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
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related conferences are encouraged. Send announcements to
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On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
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
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Tara Marie A. Martin, Joseph Medel C. Martirez, Sheena R. Jusay,
and Peter A. Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***