TCR_Public/071110.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, November 10, 2007, Vol. 11, No. 267

                             Headlines


ADVANCED MARKETING: Posts $7.4 Mil. in Month Ended June 30, 2007
ADVANCED MARKETING: Incurs $2.2 Mil. Net Loss in July 31, 2007
AMERICAN HOME: Files Supplement to Initial Monthly Report
DELPHI CORPORATION: Posts $794 Million Net Loss in Sept. 30, 2007
DURA AUTOMOTIVE: Incurs $20,505,000 Net Loss in September 2007             

FEDERAL-MOGUL: Posts $12.1 Million Net Loss in September 2007
INTERSTATE BAKERIES: Incurs $7,699,993 Net Loss in September 2007
MORTGAGE LENDERS: Incurs $964,328 Net Loss in June 1-30, 2007
MORTGAGE LENDERS: Posts $2,738,168 Net Loss in Month Ended July 31
MORTGAGE LENDERS: Incurs $684,328 Net Loss in August 2007

PACIFIC LUMBER: Scotia Dev't Files September 2007 Operating Report
PACIFIC LUMBER: Scotia Pacific Files September 2007 Monthly Repor


                             *********

ADVANCED MARKETING: Posts $7.4 Mil. in Month Ended June 30, 2007
----------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates
filed with the Court a copy of their Monthly Operating Report
ending June 30, 2007, containing a Balance Sheet and a Statement
of Operations as of June 8, 2007.

Curt Smith, chief executive officer and chief financial officer
of AMS, reports that the company has disbursed a total of
$2,024,342 for calculating the United States Trustee's quarterly
fees.

According to Mr. Smith, the Debtors' reorganization costs through
June 30 are estimated at $16,340,605, including losses on the
sale of their assets to Baker and Taylor, Inc.

                            AMS Corp.
                      Unaudited Balance Sheet
                        As of June 8, 2007

ASSETS
Current Assets
   Cash and Cash Equivalents                           $431,980
   Short-term Investments                            40,964,319
   Accounts Receivable, Net                          (1,532,250)
   Vendor & Misc. Receivables                        14,972,598
   Intercompany Receivables                           6,314,970
                                                     ----------
   Inventory                                         28,942,080
   Freight on Inventory                                 556,522
   Inventory in Process, in Transit                           0
   Inventory Reserves                                (9,136,332)
                                                     ----------
   Inventory, Net                                    20,362,271
                                                     ----------
   Deferred Income Tax                                        -
   Income Tax Receivable                                      -
   Prepaid Expenses                                   6,490,963
                                                     ----------
Total Current Assets                                 88,004,851
                                                     ----------
Long-Term Investments                                    15,921
Goodwill & Other Assets                              11,873,152
                                                    -----------
TOTAL ASSETS                                        $99,893,924
                                                    ===========

LIABILITIES & STOCKHOLDER EQUITY
Current Liabilities:
   Accounts Payable                                    $502,622
   Accrued Liabilities                               11,852,714
   Income Taxes Payable                                 164,944
   Intercompany Payables                                      0
   Short-term Debt                                            0
                                                    -----------
TOTAL CURRENT LIABILITIES                            12,520,280
                                                    -----------
   Long Term Liabilities                            158,035,883
                                                    -----------
TOTAL LIABILITIES                                  $170,556,163
                                                    ===========

STOCKHOLDERS' EQUITY
   Common Stock @ Par Value                              23,350
   Additional Paid-in Capital                        37,196,580
   Common Stock Dividend                             (4,213,583)
   Deferred Compensation                                      0
   Retained Earnings - Prior Year                   (56,406,906)
   Retained Earnings - Current Year                 (25,119,933)
   Cumulative Other Comp. Income                       (585,376)
   Treasury Stock                                   (21,556,370)
                                                    -----------
TOTAL STOCKHOLDERS' EQUITY                          (70,662,238)
                                                    -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY          $99,893,924
                                                    ===========


                           AMS Corp.
                Unaudited Statement of Operations
                For the period ended June 8, 2007

GROSS SALES
Invoiced Amount                                        $531,786
Stickering Revenue                                            -
Service & Fee Revenue                                         -
Interco Revenue                                               -
Total Sales Returns                                           -
Sales Returns Provision                                       -
Unprocessed Sales Returns                                     -
                                                     ----------
Sales Less Returns Prov.                                531,786
                                                     ----------
Total Sales Deductions                                        -
                                                     ----------
NET SALES                                              $531,786
                                                     ==========

COST OF NET SALES
Standard Cost of Sales                               $1,720,461
Interco Cost of Sales                                         -
Standard Cost of Returns                                (34,850)
Standard Cost of Returns Provision                            -
Standard Cost of Returns - Unprocessed                        -
Purchase Variance, Revaluation                              604
Return to Publisher Variance                             (3,536)
Freight In Costs of Sales                                 4,187
Freight - AGL                                             6,977
Freight Customer Returns                                  2,293
Freight -Return to Publisher                             21,586
Freight Warehouse Transfer                                4,517
Quantity Adjustments                                  4,137,063
Markdown Expense                                              -
Publisher Incentive                                           -
Publisher Account Settlements                                 -
Other Costs of Sales                                          -
                                                     ----------
Total Cost of Sales                                   5,859,301
                                                     ----------
GROSS PROFIT                                        ($5,327,514)
                                                     ==========

VARIABLE EXPENSES
Freight Sales Shipments                                 $15,777
Freight - Special Shipments                                   -
Shipping Supplies and Service                            74,033
Payroll DC operations                                   168,955
Distribution Fees                                             -
                                                     ----------
Total Variable Expenses                                 258,765
                                                     ----------
VARIABLE PROFIT MARGIN                               (5,586,280)
                                                     ----------
FIXED EXPENSE
Payroll (excl. DC Oper.)                                691,724
Travel & Entertainment                                    9,341
Professional Services                                    18,002
Information Services                                    (20,520)
Office Equipment & Supplies                               2,818
Telephone Expense                                          (954)
Facility Occupancy                                      252,313
General Insurance                                        30,000
Depreciation                                                  -
Uncollectible Accounts                                        -
Customer Service                                          1,749
Promotion Expense                                             -
Express Mail & Postage                                  (13,497)
Training & Education                                          -
Exchange Gain/Loss                                            -
Miscellaneous Expense                                   102,530
Shareholder's Relations                                   6,325
Co-op Advertising Exp/Inc                                     -
Miscellaneous Income                                         (4)
Warehouse Equipment                                      12,095
                                                     ----------
Total Fixed Expenses                                  1,091,921
                                                     ----------
OPERATING INCOME:                                    (6,678,201)
                                                     ----------
Interest Expense                                              -
Interest Income                                        (146,666)
Equity in Inc/Loss of Affiliates                              -
Other Non-operating Expenses                            938,796
                                                     ----------
NON-OPERATING INCOME                                    792,130
                                                     ----------
INCOME BEFORE INC TAX                                (7,470,330)

Tax Provision                                            (5,706)
                                                     ----------
NET INCOME (LOSS)                                   ($7,476,036)
                                                     ==========

Based in San Diego, Calif., Advanced Marketing Services, Inc. --
http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in the
U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group Incorporated
and Publishers Group West Incorporated filed for chapter 11
protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480
through 06-11482).  Suzzanne S. Uhland, Esq., Austin K. Barron,
Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP,
represent the Debtors as Lead Counsel.  Chun I. Jang, Esq., Mark
D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton
& Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  In schedules filed with the Court, Advanced
Marketing disclosed total assets of $213,384,791 and total debts
of $216,608,357.  Publishers Group West disclosed total assets of
$39,699,451 and total debts of $83,272,493.  Publishers Group Inc.
disclosed zero assets but $41,514,348 in liabilities.

On Aug. 24, 2007, the Debtors' exclusive period to file a chapter
11 plan expired.  On the same date, the Debtors and Creditors
Committee filed a Plan & Disclosure Statement.  On September 26,
the Court approved the adequacy of the Disclosure Statement
explaining the Second Amended Plan.  The hearing to consider
confirmation of the Plan is set on Nov. 15, 2007.  (Advanced
Marketing Bankruptcy News, Issue No. 22; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000).


ADVANCED MARKETING: Incurs $2.2 Mil. Net Loss in July 31, 2007
--------------------------------------------------------------
Advanced Marketing Services Inc. and its debtor-affiliates
delivered to the Court a copy of their Monthly Operating Report
ending July 31, 2007, containing a Balance Sheet as of July 8,
2007, and a Statement of Operations for the period ended July 7,
2007.

Curt Smith, chief executive officer and chief financial officer
of AMS, reports that the company has disbursed a total of
$1,898,205 for calculating the United States Trustee's quarterly
fees.

According to Mr. Smith, the Debtors' reorganization costs through
June 30 are estimated at $16,951,144, including losses on the
sale of their assets to Baker and Taylor, Inc.

                            AMS Corp.
                      Unaudited Balance Sheet
                        As of July 8, 2007

ASSETS
Current Assets
   Cash and Cash Equivalents                           $375,375
   Short-term Investments                            40,410,170
   Accounts Receivable, Net                          (1,248,567)
   Vendor & Misc. Receivables                        15,098,476
   Intercompany Receivables                           5,602,851
                                                     ----------
   Inventory                                         21,551,155
   Freight on Inventory                                 556,522
   Inventory in Process, in Transit                           -
   Inventory Reserves                                (9,134,090)
                                                     ----------
   Inventory, Net                                    12,973,588
                                                     ----------
   Deferred Income Tax                                        -
   Income Tax Receivable                                      -
   Prepaid Expenses                                   4,882,704
                                                     ----------
Total Current Assets                                 78,094,597
                                                     ----------
PROPERTY & EQUIPMENT
   Leasehold Improvements                                     -
   Office Furniture & Equipment                               -
   Warehouse Equipment                                        -
   Autos                                                      -
                                                     ----------
Total Property & Equipment                                    -

Accumulated Depreciation                                      -
                                                     ----------
Net Property & Equipment                                      -

Long-Term Investments                                         -
Goodwill & Other Assets                              11,856,210
                                                    -----------
TOTAL ASSETS                                        $89,950,807
                                                    ===========

LIABILITIES & STOCKHOLDER EQUITY
Current Liabilities:
   Accounts Payable                                    $970,370
   Accrued Liabilities                               12,508,865
   Income Taxes Payable                                 164,944
   Intercompany Payables                                      -
   Short-term Debt                                            -
                                                    -----------
TOTAL CURRENT LIABILITIES                            13,644,179
                                                    -----------
   Long Term Liabilities                            149,286,857
                                                    -----------
TOTAL LIABILITIES                                  $162,931,036
                                                    ===========

STOCKHOLDERS' EQUITY
   Common Stock @ Par Value                              23,350
   Additional Paid-in Capital                        37,196,580
   Common Stock Dividend                             (4,213,583)
   Deferred Compensation                                      -
   Retained Earnings - Prior Year                   (56,439,800)
   Retained Earnings - Current Year                 (27,397,109)
   Cumulative Other Comp. Income                       (593,297)
   Treasury Stock                                   (21,556,370)
                                                    -----------
TOTAL STOCKHOLDERS' EQUITY                          (72,980,229)
                                                    -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY          $89,950,807
                                                    ===========

                            AMS Corp.
                Unaudited Statement of Operations
                For the period ended July 7, 2007

GROSS SALES
Invoiced Amount                                        $447,715
Stickering Revenue                                            -
Service & Fee Revenue                                         -
Interco Revenue                                               -
Total Sales Returns                                           -
Sales Returns Provision                                       -
Unprocessed Sales Returns                                     -
                                                     ----------
Sales Less Returns Prov.                                447,715
                                                     ----------
SALES DEDUCTIONS
Cash Discount Provision                                       -
New Store Allowance                                           -
Customer Rebates                                              -
Co-op Allowance                                               -
Misc. Allowance & Adjustment                                  -
Sales Commissions                                             -
                                                     ----------
Total Sales Deductions                                        -
                                                     ----------
NET SALES                                              $447,715
                                                     ==========

COST OF NET SALES
Standard Cost of Sales                               $1,251,955
Interco Cost of Sales                                         -
Standard Cost of Returns                               (129,540)
Standard Cost of Returns Provision                            -
Standard Cost of Returns - Unprocessed                        -
Purchase Variance, Revaluation                           11,134
Return to Publisher Variance                             (5,932)
Freight In Costs of Sales                                    (9)
Freight - AGL                                          (109,727)
Freight Customer Returns                                 (1,424)
Freight -Return to Publisher                              1,623
Freight Warehouse Transfer                                    -
Quantity Adjustments                                   (135,659)
Markdown Expense                                              -
Publisher Incentive                                           -
Publisher Account Settlements                           (58,200)
Other Costs of Sales                                          -
                                                     ----------
Total Cost of Sales                                     824,220
                                                     ----------
GROSS PROFIT                                          ($376,506)
                                                     ----------

VARIABLE EXPENSES
Freight Sales Shipments                                ($17,596)
Freight - Special Shipments                                   -
Shipping Supplies and Service                            40,381
Payroll DC operations                                   455,815
Distribution Fees                                             -
                                                     ----------
Total Variable Expenses                                 478,601
                                                     ----------
VARIABLE PROFIT MARGIN                                 (855,107)
                                                     ----------
FIXED EXPENSE
Payroll (excl. DC Oper.)                                776,889
Travel & Entertainment                                    2,750
Professional Services                                    27,698
Information Services                                      2,237
Office Equipment & Supplies                              10,655
Telephone Expense                                         1,309
Facility Occupancy                                      116,082
General Insurance                                             -
Depreciation                                                  -
Uncollectible Accounts                                        -
Customer Service                                          1,600
Promotion Expense                                             -
Express Mail & Postage                                      279
Training & Education                                          -
Exchange Gain/Loss                                            -
Miscellaneous Expense                                     8,897
Shareholder's Relations                                   1,250
Co-op Advertising Exp/Inc                                     -
Miscellaneous Income                                    (13,080)
Warehouse Equipment                                      14,627
                                                     ----------
Total Fixed Expenses                                    951,193
                                                     ----------
OPERATING INCOME:                                    (1,806,300)
                                                     ----------
Interest Expense                                              -
Interest Income                                        (140,216)
Equity in Inc/Loss of Affiliates                              -
Other Non-operating Expenses                            610,539
                                                     ----------
NON-OPERATING INCOME                                    470,324
                                                     ----------
INCOME BEFORE INC TAX                                (2,276,624)

Tax Provision                                               552
                                                     ----------
NET INCOME                                          ($2,277,175)
                                                     ==========


                Advanced Marketing Services, Inc.
         (Excluding Publishers Group West Incorporated)
                    Statement of Cash Flows
                    From July 6 to 27, 2007

CASH RECEIPTS
   B&T Purchase Price                                         -
   Reimbursement under B&T TSA                                -
   Inventory                                           $232,485
   CIA inventory                                              -
   Vendor accounts receivable                                 -
   Prepaid expenses                                           -
   CSV Life Insurance                                         -
   Foreign Subs                                               -
   Standby L/C Expirations                                    -
   WF Foothill Fee Reserve                                    -
   Interest Income                                      147,386
   Other                                                171,912
                                                     ----------
Total Cash Receipts                                    $551,783
                                                     ==========

CASH DISBURSEMENTS
   Publisher payments                                         -
   Payroll & health insurance                          $396,276
   KERP                                                 376,050
   MIP                                                        -
   Insurance                                             66,492
   Rent-facilities                                       48,364
   Freight                                               66,134
   Shipping Supplies                                     92,366
   Utilities                                             21,946
   IT Expenses                                           51,228
   Travel                                                12,458
   Professional fees                                    700,653
   US Trustee Fees                                       10,000
   Office equipment and supplies                              -
   Communications                                         8,518
   Warehouse equipment                                        -
   Directors' fees                                            -
   Miscellaneous                                         38,336
   Post-petition A/P                                          -
                                                     ----------
Total Disbursements                                   1,888,819
                                                     ----------
Net Operating Cash Outflow                          ($1,337,036)
                                                     ==========

Based in San Diego, Calif., Advanced Marketing Services, Inc. --
http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in the
U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group Incorporated
and Publishers Group West Incorporated filed for chapter 11
protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480
through 06-11482).  Suzzanne S. Uhland, Esq., Austin K. Barron,
Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP,
represent the Debtors as Lead Counsel.  Chun I. Jang, Esq., Mark
D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton
& Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  In schedules filed with the Court, Advanced
Marketing disclosed total assets of $213,384,791 and total debts
of $216,608,357.  Publishers Group West disclosed total assets of
$39,699,451 and total debts of $83,272,493.  Publishers Group Inc.
disclosed zero assets but $41,514,348 in liabilities.

On Aug. 24, 2007, the Debtors' exclusive period to file a chapter
11 plan expired.  On the same date, the Debtors and Creditors
Committee filed a Plan & Disclosure Statement.  On September 26,
the Court approved the adequacy of the Disclosure Statement
explaining the Second Amended Plan.  The hearing to consider
confirmation of the Plan is set on Nov. 15, 2007.  (Advanced
Marketing Bankruptcy News, Issue No. 22; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: Files Supplement to Initial Monthly Report
---------------------------------------------------------
The Debtors filed a second supplement to their initial operating
report to amend its schedule of retainers paid to retained
professionals:

              American Home Mortgage Holdings, Inc.
                  Schedule of Retainers Paid to
                 Debtors' Retained Professionals

                                                Amount  
                                               Applied
                                                 As of
   Professional                 Amount Paid    8/06/07    Balance
   ------------                 -----------    -------    -------
   Cadwalader, Wickersham        $2,000,000   $940,863 $1,059,137
   Kekst & Company, Inc.             50,000     45,282      4,718
   Kroll Zolfo Cooper LLC           500,000         --         --
   Kroll Zolfo Cooper LLC           250,000    184,681    565,319
   Milestone Advisors LLC           575,000     64,973     10,027
   Young Conaway Stargatt           400,000         --         --
   Young Conaway Stargatt           400,000    536,112    263,888
                                  ---------  ---------  ---------
               Total             $4,175,000 $1,771,910 $1,903,090
                                  =========  =========  =========

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. 14, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORPORATION: Posts $794 Million Net Loss in Sept. 30, 2007
-----------------------------------------------------------------

                    Delphi Corporation, et al.
               Unaudited Consolidated Balance Sheet
                     As of September 30, 2007
                          (In Millions)

                              ASSETS

Current assets:
   Cash and cash equivalents                               $107
   Restricted cash                                          123
   Accounts receivable, net:
      General Motors and affiliates                       1,628
      Other third parties                                   885
      Non-Debtor affiliates                                 258
   Notes receivable from non-Debtor affiliates              289
   Inventories, net:
      Productive material, work-in-process & supplies       854
      Finished goods                                        260
   Other current assets                                     408
                                                       --------
      TOTAL CURRENT ASSETS                                4,812

Long-term assets:
   Property, net                                          1,796
   Investment in affiliates                                 372
   Investments in non-Debtor affiliates                   4,026
   Goodwill                                                 152
   Other intangible assets                                   27
   Other                                                    547
                                                       --------
      TOTAL LONG-TERM ASSETS                              6,920
                                                       --------
TOTAL ASSETS                                            $11,732
                                                       ========

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities not subject to compromise:
   Debtor-in-possession financing                        $3,226
   Accounts payable                                       1,266
   Accounts payable to non-Debtor affiliates                707
   Accrued liabilities                                    1,446
   Notes payable to non-Debtor affiliates                    65
                                                       --------
   TOTAL CURRENT LIABILITIES                              6,710

Long-term liabilities not subject to compromise:
   Employee benefit plan obligations and other            1,043

Liabilities subject to compromise                        16,992
                                                       --------
   TOTAL LIABILITIES                                     24,745

Stockholders' deficit:
   TOTAL STOCKHOLDERS' DEFICIT                           13,013
                                                       --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT             $11,732
                                                       ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
                  Month Ended September 30, 2007
                          (In Millions)

Net sales:
   General Motors and affiliates                           $644
   Other customers                                          440
   Non-Debtor affiliates                                     61
                                                       --------
Total net sales                                           1,145
                                                       --------
Operating expenses:
   Cost of sales                                          1,214
   U.S. employee workforce transition program charges       223
   Long-lived asset impairment charges                        -
   Depreciation and amortization                             40
   Selling, general and administrative                       86
   Securities & ERISA litigation charge                       -
                                                       --------
Total operating expenses                                  1,563
                                                       --------
Operating loss                                             (418)

Interest expense                                           (396)
Loss on extinguishment of debt                                -
Other (expense) income, net                                  33

Reorganization items                                         (8)
Income tax benefit (expense)                                 (5)
Equity income from non-consolidated affiliates                3
Equity income from non-Debtor affiliates                     (3)
                                                       --------
NET LOSS                                                  ($794)
                                                       ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
                  Month Ended September 30, 2007
                          (In Millions)

Cash flows from operating activities:
   Net loss                                               ($794)
   Adjustments to reconcile net loss
    to net cash provided by operating activities:
    Depreciation and amortization                            40
    Deferred income taxes                                    (2)
    Pension and other postretirement benefit expenses        62
    Equity income from unconsolidated affiliates              3
    Equity income from non-Debtor affiliates                 (3)
    Reorganization items                                      8
    U.S. employee workforce transition program charges      223
   Changes in operating assets and liabilities:
    Accounts receivable, net                                 61
    Inventories, net                                        (24)
    Other assets                                             (4)
    Accounts payable, accrued and other long-term debts     441
    U.S. employee workforce transition program payments     (12)
    Other postretirement benefit payments                   (20)
    Pension contributions                                    (6)
    Payments for reorganization items                        (9)
    Other                                                    22
                                                       --------
Net cash used in operating activities                       (14)

Cash flows from investing activities:
   Capital expenditures                                     (18)
   Proceeds from divestitures                                62
   Decrease in restricted cash                               16
   Other                                                    (15)
                                                       --------
Net cash used in investing activities                        45

Cash flows from financing activities:
   Net proceeds from DIP facility                           120
   Repayments on borrowings from non-Debtor affiliates      (64)
                                                       --------
Net cash used in financing activities                        56
                                                       --------
Increase in cash and cash equivalents                        87
Cash and cash equivalents at beginning of period             20
                                                       --------
Cash and cash equivalents at end of period                 $107
                                                       ========

Based in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single 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.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.

(Delphi Bankruptcy News, Issue No. 94; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Incurs $20,505,000 Net Loss in September 2007             
--------------------------------------------------------------

        Dura Automotive Systems, Inc., and Subsidiaries
        Condensed Unaudited Consolidated Balance Sheet
                    As of September 30, 2007
                     (Dollars in thousands)

                             ASSETS     

Current assets:
  Cash and cash equivalent s                             $6,099
  Accounts receivable, net
     Trade                                              114,233
     Other                                                9,392
     Non-Debtor subsidiaries                             29,964
  Inventories                                            47,900
  Other current assets                                   33,866
                                                     ----------
     Total current assets                               241,454

Property, plant and equipment, net                      133,884
Goodwill, net                                           178,611
Notes receivable from Non-Debtors subsidiaries          188,751
Investment in Non-Debtors subsidiaries                  790,647
Other noncurrent assets                                  17,069
                                                     ----------
Total Assets                                         $1,550,416
                                                     ==========

             LIABILITIES AND STOCKHOLDERS' INVESTMENT

Current liabilities:
  Debtors-in-possession financing                      $119,936
  Accounts payable                                       42,629
  Accounts payable to Non-Debtors subsidiaries            1,821
  Accrued Liabilities                                    71,131
                                                     ----------
     Total current liabilities                          235,517

Long-term Liabilities:
  Notes Payable to Non-Debtors subsidiaries               9,194
  Other noncurrent liabilities                           57,762
Liabilities Subject to Compromise                     1,312,201
                                                     ----------
Total Liabilities                                     1,614,674

Stockholders' Investment                                (64,258)
                                                     ----------
Total Liabilities and Stockho1ders' Investment       $1,550,416
                                                     ==========

       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statement of Operations
            For the Five Weeks Ended September 30, 2007
                     (Dollars in thousands)

Total sales                                             $73,674
Cost of sales                                            71,899
                                                     ----------
Gross (loss) profit                                       1,775

Selling, general and administrative expenses              6,017
Facility consolidation, asset impairment
  and other charges                                         277
Amortization expense                                         19
                                                     ----------
Operating (loss) income                                  (4,538)

Interest expense, net                                     3,484
                                                     ----------
Loss before reorganization items and income taxes        (8,022)

Reorganization items                                      3,650
                                                     ----------
Loss before income taxes                                (11,672)

Provision for income taxes                                 (832)

Loss from continuing operations                         (10,840)

Loss from discontinued operations                         9,665
                                                     ----------
Net Income (Loss)                                      ($20,505)
                                                     ==========

       Dura Automotive Systems, Inc., and Subsidiaries           
  Condensed Unaudited Consolidated Statements of Cash Flows
            For the Five Weeks Ended Sept. 30, 2007
                     (Dollars in thousands)

Operating Activities:                                           
Net Income (loss) from continuing operations           ($10,840)
Adjustments to reconcile net loss to net cash used
  in operations activities:                                      
     Depreciation, amortization & asset impairment        2,194
     Amortization of deferred financing fees                708
     (Gain)/Loss on sale of assets                           72
     Reorganization items                                 3,650
Changes in other operating items:
  Accounts receivable                                    (6,748)
  Inventories                                            (1,280)
  Other current assets                                    1,559
  Noncurrent assets                                        (233)
  Accounts payable                                         (562)
  Accrued liabilities                                   (19,801)
  Noncurrent liabilities                                   (715)
  Current intercompany transactions                        (552)
                                                     ----------
Net cash provided by operating activities               (32,548)

Investing Activities:
Purchases of property, plant & equipment                 (1,512)
                                                     ----------
Net cash (used in) provided by
   investing activities                                  (1,512)

Financing Activities:
DIP Borrowings
(129,194)             
Payments on prepetition debt                                304
                                                     ----------
Net cash used in financing activities                  (128,890)
                                                     ----------
Net change in cash & cash equivalents
   from continuing operations                          (162,950)

Cash Flows from discontinued operations                
   Proceeds from sale of Atwood                         155,700
                                                     ----------
Net change in cash & cash equivalents
   from discontinued operations                         155,700

Cash & Cash Equivalent, Beginning Balance                13,349
                                                     ----------
Cash & Cash Equivalent, Ending Balance                   $6,099
                                                     ==========

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent      
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry.  The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries.  DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings.  Mark D. Collins, Esq., Daniel
J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards
Layton & Finger, P.A. Attorneys are the Debtors' co-counsel.  
Baker & McKenzie acts as the Debtors' special counsel.  Togut,
Segal & Segal LLP is the Debtors' conflicts counsel.  Miller
Buckfire & Co., LLC is the Debtors' investment banker.  Glass &
Associates Inc., gives financial advice to the Debtor.  Kurtzman
Carson Consultants LLC handles the notice, claims and balloting
for the Debtors and Brunswick Group LLC acts as their Corporate
Communications Consultants for the Debtors.  As of July 2, 2006,
the Debtor had $1,993,178,000 in total assets and $1,730,758,000
in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  The hearing to consider
confirmation of the plan is set for Nov. 26, 2007.  (Dura
Automotive Bankruptcy News, Issue No. 35 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FEDERAL-MOGUL: Posts $12.1 Million Net Loss in September 2007
-------------------------------------------------------------

                Federal-Mogul Global, Inc., et al.
                     Unaudited Balance Sheet
                     As of September 30, 2007
                          (In millions)

                              Assets

Cash and equivalents                                      $86.6
Accounts receivable                                       615.6
Inventories                                               403.0
Deferred taxes                                            192.4
Prepaid expenses and other current assets                 119.3
                                                       --------
Total current assets                                    1,417.0

Summary of Unpaid Postpetition Debits                      28.6
Intercompany Loans Receivable (Payable)                 1,686.7
                                                       --------
Intercompany Balances                                   1,715.3

Property, plant and equipment                             754.9
Goodwill                                                  930.5
Other intangible assets                                   338.8
Insurance recoverable                                     879.5
Other non-current assets                                  523.6
                                                       --------
Total Assets                                           $6,559.5
                                                       ========

               Liabilities and Shareholders' Equity

Short-term debt                                          $782.9
Accounts payable                                          245.4
Accrued compensation                                       65.8
Restructuring and rationalization reserves                 17.8
Current portion of asbestos liability                         -
Interest payable                                            4.0
Other accrued liabilities                                 270.9
                                                       --------
Total current liabilities                               1,386.8

Long-term debt                                                -
Post-employment benefits                                  680.4
Other accrued liabilities                                 545.9
Liabilities subject to compromise                       5,459.0

Shareholders' equity:
   Preferred stock                                      1,050.6
   Common stock                                           662.1
   Additional paid-in capital                           7,998.4
   Accumulated deficit                                (11,418.3)
   Accumulated other comprehensive income                 194.7
   Other                                                      -
                                                       --------
Total Shareholders' Equity                             (1,512.5)
                                                       --------
Total Liabilities and Shareholders' Equity             $6,559.5
                                                       ========


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Operations
              For the Month Ended September 30, 2007
                          (In millions)

Net sales                                                $249.3
Cost of products sold                                     200.0
                                                       --------
Gross margin                                               49.3

Selling, general & administrative expenses                (41.2)
Amortization                                               (1.2)
Reorganization items                                       (4.8)
Interest income (expense), net                            (14.7)
Other income (expense), net                                23.2
                                                       --------
Earnings before Income Taxes                               10.7

Income Tax (Expense) Benefit                                1.4
                                                       --------
Earnings before cumulative effect of change
   in accounting principle                                 12.1
                                                       --------
Net Earnings (loss)                                       $12.1
                                                       ========


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Cash Flows
              For the Month Ended September 30, 2007
                          (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earning (loss)                                     $12.1
Adjustments to reconcile net earnings (loss) to net cash:
   Depreciation and amortization                           12.2
   Adjustment of assets held for sale and
      other long-lived assets to fair value                 2.2
   Asbestos charge                                            -
   Summary of unpaid postpetition debits                      -
   Cumulative effect of change in acctg. principle            -
   Change in post-employment benefits                     (44.7)
   Decrease (increase) in accounts receivable             (15.9)
   Decrease (increase) in inventories                      (2.4)
   Increase (decrease) in accounts payable                  5.6
   Change in other assets & other liabilities             (22.9)
   Change in restructuring charge                             -
   Refunds (payments) against asbestos liability              -
                                                       --------
Net Cash Provided From Operating Activities               (53.7)

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment            (1.9)
   Proceeds from sale of property, plant & equipment          -
   Proceeds from sale of businesses                        14.0
   Business acquisitions, net of cash acquired                -
   Other                                                      -
                                                       --------
Net Cash Provided From (Used By) Investing Activities      12.1

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                             76.0
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                      -
                                                       --------
Net Cash Provided From Financing Activities                76.0

Increase (Decrease) in Cash and Equivalents                34.3

Cash and equivalents at beginning of period                52.3
                                                       --------
Cash and equivalents at end of period                     $86.6
                                                       ========

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some $6 billion.  Federal-Mogul also has
operations in Mexico and the Asia Pacific Region, which includes,
Malaysia, Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they listed $10.15 billion in assets and $8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at
The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.  
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan.  On July 28, 2004, the
District Court approved the Disclosure Statement.  The estimation
hearing began on June 14, 2005.  The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007.  The confirmation hearing started on June 18, 2007.

(Federal-Mogul Bankruptcy News, Issue No. 151; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


INTERSTATE BAKERIES: Incurs $7,699,993 Net Loss in September 2007
-----------------------------------------------------------------

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

REVENUE:
Gross Income                                       $220,794,820
Less Cost of Goods Sold
   Ingredients, Packaging & Outside Purchasing       55,480,758
   Direct & Indirect Labor                           39,430,591
   Overhead & Production Administration              12,325,614
                                                  -------------
      Total Cost of Goods Sold                      107,236,963
                                                  -------------
         Gross Profit                               113,557,857
                                                  -------------
OPERATING EXPENSES

Owner-Draws/Salaries                                          -
Selling & Delivery Employee Salaries                 51,168,360
Advertising and Marketing                             1,973,449
Insurance (Property, Casualty, & Medical             12,224,071
Payroll Taxes                                         4,428,228
Lease and Rent                                        2,934,533
Telephone and Utilities                               1,122,670
Corporate Expense (Including Salaries                 7,498,000
Other Expenses                                       28,457,611
                                                  -------------
     Total Operating Expenses                       109,806,922
                                                  -------------
EBITDA                                                3,750,935

Restructuring & Reorganization Charges                2,789,732
Depreciation and Amortization                         5,111,616
Abandonment                                             (16,104)
Property & Equipment Impairment                               -
Other( Income)/Expense                                    6,095
Gain/Loss Sale of Property                                    -
Interest Expense                                      3,693,512
                                                  -------------
     Operating Income (Loss)                         (7,833,916)
Income Tax Expense (Benefit)                           (133,923)
                                                  -------------
NET Income (Loss)                                    (7,699,993)
                                                  =============

CURRENT ASSETS                                     $144,249,639
   Accounts Receivable at end of period             140,750,640
   Increase (Dec.) in Accounts Receivable           (3,498,999)
   Inventory at end of period                       61,774,980
   Increase (Decrease) in Inventory for period      (1,880,591)
   Cash at end of period                            70,584,887
   Increase (Decrease) in Cash for period            1,868,501
   Restricted Cash                                  18,163,050
   Increase (Dec.) in Restricted Cash for period      456,397

LIABILITIES
   Increase (Decrease) in Liabilities
      Not Subject to Compromise                    (1,014,585)
   Increase (Decrease) in Liabilities                  22,190
      Subject to Compromise
   Taxes payable:
      Federal Payroll Taxes                         4,334,235
      State/Local Payroll Taxes                     2,808,266
      State Sales Taxes                               605,761
      Real Estate and Personal Property Taxes       7,901,480
      Other                                         3,359,021
                                                -------------
      Total Taxes Payable                          19,008,763
                                                =============

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

The company and seven of its debtor-affiliates filed for chapter
11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No. 04-
45814).  J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6% senior subordinated convertible notes due Aug. 15, 2014) in
total debts.  The Debtors' exclusive period to file a chapter 11
plan has recently been extended to Nov. 8, 2007.

(Interstate Bakeries Bankruptcy News, Issue No. 77; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


MORTGAGE LENDERS: Incurs $964,328 Net Loss in June 1-30, 2007
-------------------------------------------------------------

              Mortgage Lenders Network USA, Inc.
                         Balance Sheet
                      As of June 30, 2007

Assets:
   Cash and Cash Equivalents                         $15,834,336
   Mortgage loans held for sale                          739,165
   Portfolio loans                                             0
   Allowance for loan losses                                   0
   Capitalized Mortgage Servicing rights, net                  0
   Retained interests in securitization,
      at fair value                                            0
   Furniture, fixtures, equipment,
      an software, net                                 3,187,970
   Deferred Costs                                              0
   Principal & Interest Advances                               0
   Interest in subsidiaries                                    0
   Other Assets                                       11,566,080
                                                    ------------
      Total Assets                                   $31,327,551
                                                    ============

Liabilities:
   Accounts Payable prepetition                      $14,473,514
   Accounts Payable postpetition                         114,191
   Accrued Expenses - Payroll                            981,314
   Accrued Expenses - Other                           15,509,179
   Warehouse Borrowings                               22,987,992
   Convertible Debt                                    1,500,000
   Servicing & Working Capital Advances               54,408,435
   Capital Lease Liability                                 6,258
   Other liabilities                                  31,249,341
                                                    ------------
      Total Liabilities                              141,230,225

Stockholders' Equity:
   Common Stock                                          625,000
   Additional Paid-In Capital                          1,829,770
   Retained Earnings                                (112,357,444)
                                                    ------------
      Total Stockholders' Equity                    (109,902,674)
                                                    ------------
      Total Debts & Stockholders' Equity             $31,327,551
                                                    ============


                Mortgage Lenders Network USA, Inc.
            Schedule of Cash Receipts and Disbursements
                    Month Ended June 30, 2007

Cash - Beginning of Month                             $5,918,908

Receipts:
   Net Servicing Inflows                                 747,479
   Warehouse and Loan Sale Inflows                     3,255,242
   Sale of Fixed Assets                                   18,000
   Sale of Other Assets                                        0
   Other Inflows                                          69,902

   Transfers from Cash Collateral                              0

      Total Receipts                                   4,090,623

Disbursements:
   Net Payroll                                           353,285
   Payroll Taxes                                          60,892
   Medical Coverage Sub/ FSA Witholding                   12,822
   Operating Expenses                                    948,829
   Rent                                                        0
   Utilities                                                   0
   Insurance                                                   0
   Administrative & Selling                                    0
   Other                                                       0

   Professional Fees Escrow Account                            0
   Professional Fees Paid                                      0
   U.S. Trustee Fees                                       7,750
   DIP Fees                                                    0

   Transfers to Cash Collateral                                0
                                                    ------------
      Total Disbursements                              1,383,578
                                                    ------------
      Net Cash Flow                                    2,707,045
                                                    ------------
Cash - End of Month                                   $8,625,953
                                                    ============


              Mortgage Lenders Network USA, Inc.
                       Income Statement
                 Month Ended June 30, 2007

Revenue
   Gain on Sale - Subprime                              $812,805
   Gain on Sale - SRP/MBS                                      0
   Mortgage origination income                                 0
   Net Warehouse interest income                               0
   Servicing income, net                                  (1,240)
   Loss on investment in MLN Depository                        0
   Other Income                                          544,977
                                                    ------------
      Total Revenues                                  $1,356,542
                                                    ------------

Expenses
   Salaries                                             $132,187
   Overtime/Temp Help                                          0
   Bonus/Incentives                                            0
   Benefits                                               24,457
   Rent Expense                                          176,187
   Telephone                                               7,745
   Repairs & Maintenances                                 11,955
   Office & Supplies Expense                              11,603
   Postage/Express Mail                                      266
   Service Bureau                                        147,255
   Consulting Fees                                       498,840
   Insurance                                                   0
   Loan Loss/Foreclosure Exp.                             57,462
   Appraisal/Credit Expenses                                 (60)
   Travel & Entertainment                                  5,789
   Meetings/Seminars/Education                               760
   Membership Fes/Dues/Filings                             4,435
   Advertising - Other                                         0
   Interest Expense - Other                                    0
   Legal/Regulatory Expese                             1,219,042
   Miscellaneous Expenses                                 17,005
                                                    ------------
      Total Expenses Before Depreciation               2,314,926

      Depreciation Expense                                     0
                                                    ------------
      Net Profit Before Reorganization Items            (958,384)

Reorganization Items
   Professional Fees                                       5,943
                                                    ------------
      Total Reorganization Items                           5,943

   Income Taxes                                                0
                                                    ------------
Net Income (Loss)                                      ($964,328)
                                                    ============

Middletown, Conn.-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering a   
full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels.  The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No.
07-10146).  Pachulski Stang Ziehl & Jones LLP represents the
Debtor.  Blank Rome LLP represents the Official Committee of
Unsecured Creditors.  In the Debtor's schedules of assets and
liabilities filed with the Court, it disclosed total assets of
$464,847,213 and total debts of $556,459,464.  The Debtor's
exclusive period to file a chapter 11 plan of reorganization is
set to expire on Jan. 2, 2008.  

(Mortgage Lenders Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-
7000).


MORTGAGE LENDERS: Posts $2,738,168 Net Loss in Month Ended July 31
------------------------------------------------------------------

              Mortgage Lenders Network USA, Inc.
                         Balance Sheet
                      As of July 31, 2007

Assets:
   Cash and Cash Equivalents                         $14,759,859
   Mortgage loans held for sale                          739,165
   Portfolio loans                                             0
   Allowance for loan losses                                   0
   Capitalized Mortgage Servicing rights, net                  0
   Retained interests in securitization,
      at fair value                                            0
   Furniture, fixtures, equipment,
      an software, net                                 3,187,970
   Deferred Costs                                              0
   Principal & Interest Advances                               0
   Interest in subsidiaries                                    0
   Other Assets                                       11,566,080
                                                    ------------
      Total Assets                                   $30,253,074
                                                    ============

Liabilities:
   Accounts Payable prepetition                      $14,473,514
   Accounts Payable postpetition                         123,058
   Accrued Expenses - Payroll                            981,314
   Accrued Expenses - Other                           15,509,179
   Warehouse Borrowings                               22,987,992
   Convertible Debt                                    1,500,000
   Servicing & Working Capital Advances               54,408,435
   Capital Lease Liability                                 6,258
   Other liabilities                                  31,209,991
                                                    ------------
      Total Liabilities                              141,199,741

Stockholders' Equity:
   Common Stock                                          625,000
   Additional Paid-In Capital                          1,829,770
   Retained Earnings                                (113,401,437)
                                                    ------------
      Total Stockholders' Equity                    (110,946,667)
                                                    ------------
      Total Debts & Stockholders' Equity             $30,253,074
                                                    ============


                Mortgage Lenders Network USA, Inc.
            Schedule of Cash Receipts and Disbursements
                    Month Ended July 31, 2007

Cash - Beginning of Month                             $8,625,953

Receipts:
   Net Servicing Inflows                                       0
   Warehouse and Loan Sale Inflows                             0
   Sale of Fixed Assets                                        0
   Sale of Other Assets                                        0
   Other Inflows                                          39,293

   Transfers from Cash Collateral                              0

      Total Receipts                                      39,293

Disbursements:
   Net Payroll                                            60,837
   Payroll Taxes                                          28,839
   Medical Coverage Sub/ FSA Witholding                   14,297
   Operating Expenses                                    465,939
   Rent                                                        0
   Utilities                                                   0
   Insurance                                                   0
   Administrative & Selling                                    0
   Other                                                       0

   Professional Fees Escrow Account                        8,000
   Professional Fees Paid                                      0
   U.S. Trustee Fees                                           0
   DIP Fees                                                    0

   Transfers to Cash Collateral                                0
                                                    ------------
      Total Disbursements                                577,912
                                                    ------------
      Net Cash Flow                                     (538,619)
                                                    ------------
Cash - End of Month                                   $8,087,334
                                                    ============


                Mortgage Lenders Network USA, Inc.
                         Income Statement
                    Month Ended July 31, 2007


Revenue
   Gain on Sale - Subprime                                    $0
   Gain on Sale - SRP/MBS                                      0
   Mortgage origination income                                 0
   Net Warehouse interest income                               0
   Servicing income, net                                       0
   Loss on investment in MLN Depository                        0
   Other Income                                            1,823
                                                    ------------
      Total Revenues                                      $1,823
                                                    ------------

Expenses
   Salaries                                              $85,699
   Overtime/Temp Help                                      1,139
   Bonus/Incentives                                            0
   Benefits                                               (1,173)
   Rent Expense                                          138,840
   Telephone                                              11,064
   Repairs & Maintenances                                      0
   Office & Supplies Expense                               4,187
   Postage/Express Mail                                    9,988
   Service Bureau                                        107,748
   Consulting Fees                                        10,735
   Insurance                                                   0
   Loan Loss/Foreclosure Exp.                              7,655
   Appraisal/Credit Expenses                                 493
   Travel & Entertainment                                    887
   Meetings/Seminars/Education                                 0
   Membership Fes/Dues/Filings                             8,150
   Advertising - Other                                         0
   Interest Expense - Other                                    0
   Legal/Regulatory Expese                             1,699,688
   Miscellaneous Expenses                                 23,249
                                                    ------------
      Total Expenses Before Depreciation               2,108,347

      Depreciation Expense                                     0
                                                    ------------
      Net Profit Before Reorganization Items          (2,106,525)

Reorganization Items
   Professional Fees                                     631,643
                                                    ------------
      Total Reorganization Items                         631,643

   Income Taxes                                                0
                                                    ------------
Net Income (Loss)                                    ($2,738,168)
                                                    ============
Middletown, Conn.-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering a   
full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels.  The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No.
07-10146).  Pachulski Stang Ziehl & Jones LLP represents the
Debtor.  Blank Rome LLP represents the Official Committee of
Unsecured Creditors.  In the Debtor's schedules of assets and
liabilities filed with the Court, it disclosed total assets of
$464,847,213 and total debts of $556,459,464.  The Debtor's
exclusive period to file a chapter 11 plan of reorganization is
set to expire on Jan. 2, 2008.  

(Mortgage Lenders Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-
7000).


MORTGAGE LENDERS: Incurs $684,328 Net Loss in August 2007
---------------------------------------------------------

                Mortgage Lenders Network USA, Inc.
                          Balance Sheet
                      As of August 31, 2007

Assets:
   Cash and Cash Equivalents                         $14,076,579
   Mortgage loans held for sale                          739,165
   Portfolio loans                                             0
   Allowance for loan losses                                   0
   Capitalized Mortgage Servicing rights, net                  0
   Retained interests in securitization,
      at fair value                                            0
   Furniture, fixtures, equipment,
      an software, net                                 3,187,970
   Deferred Costs                                              0
   Principal & Interest Advances                               0
   Interest in subsidiaries                                    0
   Other Assets                                       11,549,908
                                                    ------------
      Total Assets                                   $29,553,622
                                                    ============

Liabilities:
   Accounts Payable prepetition                      $14,473,514
   Accounts Payable postpetition                         114,191
   Accrued Expenses - Payroll                            981,314
   Accrued Expenses - Other                           15,509,179
   Warehouse Borrowings                               22,987,992
   Convertible Debt                                    1,500,000
   Servicing & Working Capital Advances               54,408,435
   Capital Lease Liability                                     0
   Other liabilities                                  31,209,991
                                                    ------------
      Total Liabilities                              141,184,617

Stockholders' Equity:
   Common Stock                                          625,000
   Additional Paid-In Capital                          1,829,770
   Retained Earnings                                (114,085,765)
                                                    ------------
      Total Stockholders' Equity                    (111,630,995)
                                                    ------------
      Total Debts & Stockholders' Equity             $29,553,622
                                                    ============


                Mortgage Lenders Network USA, Inc.
           Schedule of Cash Receipts and Disbursements
                   Month Ended August 31, 2007

Cash - Beginning of Month                             $8,087,334

Receipts:
   Net Servicing Inflows                                       0
   Warehouse and Loan Sale Inflows                             0
   Sale of Fixed Assets                                        0
   Sale of Other Assets                                        0
   Other Inflows                                          75,181

   Transfers from Cash Collateral                              0

      Total Receipts                                      75,181

Disbursements:
   Net Payroll                                            89,702
   Payroll Taxes                                               0
   Medical Coverage Sub/ FSA Witholding                        0
   Operating Expenses                                    602,502
   Rent                                                        0
   Utilities                                                   0
   Insurance                                                   0
   Administrative & Selling                                    0
   Other                                                       0

   Professional Fees Escrow Account                            0
   Professional Fees Paid                                      0
   U.S. Trustee Fees                                           0
   DIP Fees                                                    0

   Transfers to Cash Collateral                                0
                                                    ------------
      Total Disbursements                                692,204
                                                    ------------
      Net Cash Flow                                     (617,023)
                                                    ------------
Cash - End of Month                                   $7,470,311
                                                    ============


                Mortgage Lenders Network USA, Inc.
                         Income Statement
                   Month Ended August 31, 2007

Revenue
   Gain on Sale - Subprime                                    $0
   Gain on Sale - SRP/MBS                                      0
   Mortgage origination income                                 0
   Net Warehouse interest income                               0
   Servicing income, net                                       0
   Loss on investment in MLN Depository                        0
   Other Income                                          148,851
                                                    ------------
      Total Revenues                                    $148,851
                                                    ------------

Expenses
   Salaries                                                   $0
   Overtime/Temp Help                                          0
   Bonus/Incentives                                            0
   Benefits                                             (291,040)
   Rent Expense                                           67,882
   Telephone                                               4,069
   Repairs & Maintenances                                      0
   Office & Supplies Expense                              84,723
   Postage/Express Mail                                      577
   Service Bureau                                         34,284
   Consulting Fees                                       202,129
   Insurance                                                   0
   Loan Loss/Foreclosure Exp.                                  0
   Appraisal/Credit Expenses                                   0
   Travel & Entertainment                                    741
   Meetings/Seminars/Education                                 0
   Membership Fes/Dues/Filings                             2,002
   Advertising - Other                                         0
   Interest Expense - Other                                    0
   Legal/Regulatory Expese                            (1,396,126)
   Miscellaneous Expenses                                  7,354
                                                    ------------
      Total Expenses Before Depreciation              (1,283,405)

      Depreciation Expense                                     0
                                                    ------------
      Net Profit Before Reorganization Items           1,432,257

Reorganization Items
   Professional Fees                                   2,116,585
                                                    ------------
      Total Reorganization Items                       2,116,585

   Income Taxes                                                0
                                                    ------------
Net Income (Loss)                                      ($684,328)
                                                    ============

Middletown, Conn.-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering a   
full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels.  The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No.
07-10146).  Pachulski Stang Ziehl & Jones LLP represents the
Debtor.  Blank Rome LLP represents the Official Committee of
Unsecured Creditors.  In the Debtor's schedules of assets and
liabilities filed with the Court, it disclosed total assets of
$464,847,213 and total debts of $556,459,464.  The Debtor's
exclusive period to file a chapter 11 plan of reorganization is
set to expire on Jan. 2, 2008.  

(Mortgage Lenders Bankruptcy News, Issue No. 19; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-
7000).


PACIFIC LUMBER: Scotia Dev't Files September 2007 Operating Report
------------------------------------------------------------------

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

ASSETS
Current Assets
Cash                                               $183,310
Accounts receivable, net                          9,704,408
Inventory: lower cost or market                  19,573,384
Prepaid expenses                                  5,533,404
Prepaid Restructuring                               200,000
Investments                                               0
Other                                               260,172
                                                ------------
  Total Current Assets                            35,454,678

Property, Plant & Equipment                      214,210,213
Less: Accumulated Depreciation                  (138,641,304)
                                                ------------
Net book value of property & plant                75,568,909
Other Assets
Notes Receivable                                    502,878
Deferred Financing Costs                          6,713,649
Long-term Investments                             2,771,508
Restricted Cash                                   2,509,580
Restricted Cash Letter  
  of Credit Collateralization                     14,398,907
Deferred Tax Assets                              13,652,208
                                                ------------
  TOTAL ASSETS                                  $151,572,317
                                                ============

LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable                           $1,282,597
Tax payable
  Federal payroll taxes                               42,588
  State payroll taxes                                 11,701
  Ad valorem taxes                                   169,956
  Other taxes                                         21,187
                                                ------------
     Total taxes payable                             245,432

  Secured debt postpetition                       67,228,574
  Accrued interest payable                         2,955,614
  Accrued professional fees                        2,655,718
  Other accrued liabilities
     Trade Accruals                                1,905,893
     Compensation and Benefits                     1,807,458
     Other Accrued                                   715,832
     Due to(from) Affiliate/Parent                (1,705,715)
                                                ------------
  Total Postpetition Liabilities                  77,091,403

Prepetition Liabilities
Notes payable - Secured                          84,277,251
Priority debt                                     4,824,071
Federal income tax                                   (17,006)
FICA/ Withholding                                         0
Unsecured debt                                    2,923,410
Other                                            33,808,075
Due to Affiliate/Parent                          41,661,505
                                                ------------
  Total Prepetition Liabilities                  167,477,307
                                                ------------
  Total Liabilities                              244,568,709

Owner's Equity (Deficit)
Equity in Affiliates                            520,810,599
Common Stock                                          1,001
Additional Paid-in Capita                        275,546,288
Retained Earnings: Filing Date                 (794,985,292)
Retained Earnings: Post Filing Date             (94,368,988)
                                                ------------
Total Owner's Equity                             (92,996,392)
                                                ------------
TOTAL LIABILITIES & OWNERS EQUITY               $151,572,317
                                                ============


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

Revenues                                          $8,752,775
Total cost of revenues                             8,842,946
                                                ------------
Gross Profit                                         (90,171)

Operating Expenses
Selling & Marketing                                  75,057
General & Administrative                            307,663
Insiders Compensation                               113,136
Professional Fees                                         0
Idle Facilities                                      69,219
Environmental                                        28,522
                                                ------------
  Total Operating Expenses                           593,596
                                                ------------
Income before interest, depreciation, tax           (683,768)

Interest Expense                                   1,510,977
Depreciation                                         859,031
Other (Income) Expenses                            1,507,639
Amortization of Deferred Financing Costs             387,997
Restructuring
Professional Fees                                 1,584,834
Other                                               167,711
Equity Loss (Earnings) in Subsidiary               7,741,201
                                                ------------
  Total Interest, Depreciation & Other Items      13,759,390
                                                ------------
Net Income Before Taxes                          (14,443,158)
Federal Income Tax                                         0
                                                ------------
Net Income (Loss)                               ($14,443,158)
                                                ============


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

Receipts
Cash Sales                                          $40,289
Collection of Accounts Receivable                 5,991,545
Loans & Advances                                  5,503,040
Sale of Assets                                       75,000
Other                                               181,480
                                                ------------
  Total Receipts                                  11,791,354

Disbursements
Net payroll                                         924,450
Payroll taxes paid                                  314,367
Sales, use & other taxes paid                        10,773
Secured/rentals/leases                              158,993
Utilities & telephone                                82,451
Insurance                                           453,672
Cost of goods sold                                7,192,605
Vehicle expenses                                    114,152
Travel & entertainment                               44,341
Repairs, maintenance & supplies                     548,398
Administrative & selling                          1,022,390
Interest                                            347,260
Other                                               107,829
                                                ------------
  Total Disbursements from operations             11,321,682

Professional fees                                  1,759,607
U.S. Trustee fees                                        250
Other reorganization expenses                              0
                                                ------------
  Total Disbursements                             13,081,539
                                                ------------
Net Cash Flow                                     (1,290,185)
                                                ------------
Cash, at the end of the month                       $183,310
                                                ============

Based 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.  John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.

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 filed their Joint Plan of
Reorganization on Sept. 30, 2007.  Their exclusive period to file
a chapter 11plan expired on the same date.  (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 33, http://bankrupt.com/newsstand/or   
215/945-7000).


PACIFIC LUMBER: Scotia Pacific Files September 2007 Monthly Report
------------------------------------------------------------------

                   Scotia Pacific Company LLC
                   Consolidated Balance Sheet
                    As of September 30, 2007

ASSETS
Current Assets
   Cash                                          $51,536,008
   Accounts receivable, net                        2,058,043
   Inventory: lower cost or market                 2,636,838
   Prepaid expenses                                6,345,976
   Prepaid Restructuring                             939,671
   Investments                                             0
   Other                                             679,713
                                                ------------
      Total Current Assets                        64,196,250

Property, Plant & Equipment                      599,435,623
Less: Accumulated Depreciation                  (358,291,556)
                                                ------------
Net book value of property & plant               241,144,066
Other Assets
   Capitalized Expenses                           10,890,174
                                                ------------
      TOTAL ASSETS                              $316,230,491
                                                ============

LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
   Trade accounts payable                           $199,344
   Tax payable
      Federal payroll taxes                           10,432
      State payroll taxes                              1,568
      Ad valorem taxes                               175,000
      Other taxes                                    450,905
                                                ------------
         Total taxes payable                         637,905

      Secured debt postpetition                            0
      Accrued interest payable                    37,758,516
      Accrued professional fees                    6,340,896
      Other accrued liabilities
        Unsecured Debt                             2,943,562
         Payroll                                     411,087
         Other                                       318,959
                                                ------------
      Total Postpetition Liabilities              48,610,268

Prepetition Liabilities
   Notes payable - Secured                       767,318,907
   Priority debt                                     207,812
   Federal income tax                                      0
   FICA/ Withholding                                       0
   Unsecured debt                                  3,524,406
   Other                                             235,944
                                                ------------
      Total Prepetition Liabilities              771,287,069
                                                ------------
      Total Liabilities                          819,897,337

Owner's Equity (Deficit)
   Preferred Stock                                         0
   Common Stock                                   20,384,905
   Additional Paid-in Capital                    179,838,186
   Retained Earnings: Filing Date               (662,058,832)
   Retained Earnings: Post Filing Date           (41,831,105)
                                                ------------
Total Owner's Equity                            (503,666,846)
                                                ------------
TOTAL LIABILITIES & OWNERS EQUITY               $316,230,491
                                                ============


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

Revenues                                             $86,654
Total cost of revenues                             1,298,559
                                                ------------
Gross Profit                                      (1,211,904)

Operating Expenses
   Selling & Marketing                                     0
   General & Administrative                          319,807
   Insiders Compensation                                   0
   Professional Fees                                       0
   Idle Facilities                                         0
   Environmental                                           0
                                                ------------
      Total Operating Expenses                       319,807
                                                ------------
Income before interest, depreciation, tax         (1,531,711)

Interest Expense                                   4,719,774
Depreciation                                         382,489
Other (Income) Expenses                             (446,024)

Restructuring
   Professional Fees                               1,506,000
   Other                                              47,252
Equity Loss (Earnings) in Subsidiary                       0
                                                ------------
  Total Interest, Depreciation & Other Items       6,209,490
                                                ------------
Net Income Before Taxes                           (7,741,201)
Federal Income Tax                                         0
                                                ------------
Net Income (Loss)                                ($7,741,201)
                                                ============


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

Receipts
   Cash Sales                                             $0
   Collection of Accounts Receivable                       0
   Loans & Advances                                        0
   Sale of Assets                                          0
   Interest Income                                   230,527
   Log Sales to Palco less Reimbursable            2,828,144
   Other                                                   0
                                                ------------
      Total Receipts                               3,058,671

Disbursements
   Net payroll                                       227,378
   Payroll taxes paid                                 81,051
   Sales, use & other taxes paid                           0
   Secured/rentals/leases                              4,430
   Utilities & telephone                                 282
   Insurance                                          57,515
   Cost of goods sold                                      0
   Vehicle expenses                                        0
   Travel & entertainment                                  0
   Repairs, maintenance & supplies                         0
   Administrative & selling                          531,924
   Decking, logging & hauling                      1,293,729
   Other                                                   0
                                                ------------
      Total Disbursements from operations          2,196,309

Professional fees                                  3,701,911
U.S. Trustee fees                                          0
Interest                                             269,127
Other reorganization expenses                         13,260
                                                ------------
      Total Disbursements                          6,180,607
                                                ------------
Net Cash Flow                                     (3,121,936)
                                                ------------
Cash, at the end of the month                    $51,536,009
                                                ============

Based 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.  John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.

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 filed their Joint Plan of
Reorganization on Sept. 30, 2007.  Their exclusive period to file
a chapter 11plan expired on the same date.  (Scotia/Pacific Lumber
Bankruptcy News, Issue No. 33, 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, Joseph Medel C. Martirez, Sheena R. Jusay,
and Peter A. Chapman, Editors.

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

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

The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each.  For subscription information, contact Christopher Beard
at 240/629-3300.

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