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 24, 2007, Vol. 11, No. 279
Headlines
ARMSTRONG WORLD: Desseaux Files Operating Report for October 2007
ARMSTRONG WORLD: Nitram Files Operating Report for October 2007
CALPINE CORP: Earns $3.7 Billion in Period Ended Sept. 30, 2007
COMPLETE RETREATS: Incurs $2,193 Net Loss in Month Ended May 31
COMPLETE RETREATS: Preferred Retreats Files May 2007 Report
COMPLETE RETREATS: Distinctive Retreats Files May 2007 Report
COMPLETE RETREATS: Private Retreats Files May 2007 Report
COMPLETE RETREATS: Legendary Retreats Files May 2007 Report
DANA CORPORATION: Earns $23 Million in Month Ended September 30
FEDERAL-MOGUL: Posts $7.6 Million Net Loss in Month Ended Oct. 31
LEVITT & SONS: Files Schedules of Assets and Liabilities
NEW CENTURY: Incurs $42,714,743 Net Loss in September 2007
SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report
SEA CONTAINERS: SeaCon Services Files Sept. 2007 Operating Report
SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Operating Report
TWEETER HOME: Posts $1,062,986 Net Loss in Month Ended June 3
*********
ARMSTRONG WORLD: Desseaux Files Operating Report for October 2007
-----------------------------------------------------------------
Desseaux Corp. of North America
Unaudited Balance Sheet
As of October 31, 2007
ASSETS
Current Assets $0
Plant, Property and Equipment, Net 0
Other Assets:
Investment in Subsidiary 3,885,354
Due from Parent Corporation 840
---------------
Total Assets $3,886,194
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation 66,805
Payable to Nitram Liquidators - Postpetition 8,085
---------------
Total Liabilities Not Subject to Compromise 74,890
Liabilities Subject to Compromise:
Accrued Expenses 247,768
Payable to Subsidiary 944,860
Notes Payable 2,964,500
---------------
Total Liabilities Subject to Compromise 4,157,128
Shareholder's Equity:
Common Stock 1,000
Paid-in Capital 2,499,000
Retained Deficit (2,845,824)
---------------
Total Shareholder's Equity (345,824)
---------------
Total Liabilities and Owners' Equity $3,886,194
===============
Desseaux Corp. of North America
Unaudited Statements of Operations
Month Ended October 31, 2007
Ordinary Income/Expense:
Trustee Fees ($250)
---------------
Total Income/Expense (250)
---------------
Federal Income Taxes 0
State Taxes 0
---------------
Net Income (Loss) ($250)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
(NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts. The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice. The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written confirmation
order on Aug. 18, 2006. The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. A hearing
to consider confirmation of Nitram and Desseaux's Plan has been
set for Dec. 17, 2007.
(Armstrong Bankruptcy News, Issue No. 118; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ARMSTRONG WORLD: Nitram Files Operating Report for October 2007
---------------------------------------------------------------
Nitram Liquidators, Inc.
Unaudited Balance Sheet
As of October 31, 2007
ASSETS
Current Assets:
Cash $11,810
Accounts Receivable 559,035
Reserve for Uncollectible Accounts (559,035)
---------------
Other Current Assets:
Deferred Tax 0
Due from Parent Corporation 952,944
Note Receivable from Southwest Recreation 6,334,948
Reserve for Receivable (6,334,948)
---------------
Total Current Assets 964,754
---------------
Plant, Property and Equipment, Net 0
Other Assets 0
---------------
Total Assets $964,754
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation $104,012
Accounts Payable - Postpetition 481
---------------
Total Liabilities Not Subject to Compromise 104,493
Liabilities Subject to Compromise:
Accounts Payable 208,148
Warranty Reserves 569,998
Due to Affiliates 8,443,772
---------------
Total Liabilities Subject to Compromise 9,221,918
Shareholder's Equity:
Common Stock 1,000
Cumulative Dividends (Preferred) 2,964,500
Dividends (284,098)
Paid-in Capital 3,459,000
Retained Deficit (14,502,059)
---------------
Total Equity (8,361,657)
---------------
Total Liabilities and Owners' Equity $964,754
===============
Nitram Liquidators, Inc.
Unaudited Statements of Operations
Month Ended October 31, 2007
Income $0
Operating Expenses
Professional Fees 250
---------------
Total Operating Expenses 250
Operating Income (Loss) (250)
Other Income (Expense)
Interest Expense (58)
---------------
Total Other Income (58)
---------------
Income (Loss) Before Capital-related Expenses ($308)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
(NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts. The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice. The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written confirmation
order on Aug. 18, 2006. The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. A hearing
to consider confirmation of Nitram and Desseaux's Plan has been
set for Dec. 17, 2007.
(Armstrong Bankruptcy News, Issue No. 118; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
CALPINE CORP: Earns $3.7 Billion in Period Ended Sept. 30, 2007
---------------------------------------------------------------
Calpine Corporation
Consolidated Condensed Balance Sheet
As of September 30, 2007
ASSETS
Current assets:
Cash and cash equivalents $1,703,000,000
Accounts receivable, net 1,047,000,000
Inventories 117,000,000
Margin deposits and other prepaid expense 395,000,000
Restricted cash, current 406,000,000
Current derivative assets 227,000,000
Assets held for sale 198,000,000
Other current assets 55,000,000
---------------
Total current assets 4,148,000,000
Property, plant and equipment, net 12,452,000,000
Restricted cash, net of current portion 155,000,000
Investments 249,000,000
Long-term derivative assets 257,000,000
Non-current assets held for sale -
Other assets 972,000,000
---------------
Total assets $18,233,000,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $614,000,000
Accrued interest payable 187,000,000
Debt, current 4,875,000,000
Current derivative liabilities 280,000,000
Income taxes payable 39,000,000
Liabilities held for sale -
Other current liabilities 466,000,000
---------------
Total current liabilities 6,461,000,000
Debt, net of current portion 3,129,000,000
Deferred income taxes, net of current portion 655,000,000
Long-term derivative liabilities 429,000,000
Long-term liabilities 269,000,000
---------------
Total liabilities not subject to compromise 10,943,000,000
Liabilities subject to compromise 11,667,000,000
Minority interests 8,000,000
Stockholders' equity (deficit):
Common stock 1,000,000
Additional paid-in capital 3,270,000,000
Additional paid-in capital, loaned shares 7,000,000
Additional paid-in capital, returnable shares (7,000,000)
Accumulated deficit (7,543,000,000)
Accumulated other comprehensive loss (113,000,000)
---------------
Total stockholders' deficit (4,385,000,000)
Total liabilities and stockholders' deficit $18,233,000,000
===============
Calpine Corporation
Consolidated Condensed Statement of Operations
For the period ending September 30, 2007
Revenue:
Electricity and steam revenue $473,000,000
Sales of purchased power and gas
for hedging and optimization 159,000,000
Mark-to-market activities, net (15,000,000)
Other revenue 2,000,000
-------------
Total revenue 619,000,000
Cost of revenue:
Plant operating expense 65,000,000
Purchased power and gas expense
for hedging and optimization 105,000,000
Fuel expense 315,000,000
Depreciation & amortization expense 37,000,000
Operating lease expense 5,000,000
Other cost of revenue 11,000,000
-------------
Total cost of revenue 538,000,000
Gross profit (loss) 81,000,000
Equipment, development project & other impairments -
Sales, general and administrative expense 9,000,000
Other operating expenses 16,000,000
-------------
Income (loss) from operations 56,000,000
Interest expense 413,000,000
Interest (income) (4,000,000)
Minority interest expense 1,000,000
Other (income) expense, net (121,000,000)
-------------
Income (loss) before reorganization items
& provision (benefit) for income taxes (233,000,000)
Reorganization items (4,053,000,000)
-------------
Income (loss) before provision
(benefit) for income taxes 3,820,000,000
Provision (benefit) for income taxes 39,000,000
--------------
Net income (loss) $3,781,000,000
==============
Based in San Jose, California, Calpine Corporation (OTC Pink
Sheets: CPNLQ) -- http://www.calpine.com/-- supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants. Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces. Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.
The company and its affiliates filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts. Michael S. Stamer, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors. As of Aug. 31, 2007, the
Debtors disclosed total assets of $18,467,000,000, total
liabilities not subject to compromise of $11,207,000,000, total
liabilities subject to compromise of $15,354,000,000 and
stockholders' deficit of $8,102,000,000.
On Feb. 3, 2006, two more affiliates, Geysers Power Company, LLC,
and Silverado Geothermal Resources, Inc., filed voluntary chapter
11 petitions (Bankr. S.D.N.Y. Case Nos. 06-10197 and 06-10198).
On Sept. 20, 2007, Santa Rosa Energy Center, LLC, another
affiliate, also filed a voluntary chapter 11 petition (Bankr.
S.D.N.Y. Case No. 07-12967).
On June 20, 2007, the Debtors filed their Chapter 11 Plan and
Disclosure Statement. On Aug. 27, 2007, the Debtors filed their
Amended Plan and Disclosure Statement. Calpine filed a Second
Amended Plan on Sept. 19, 2007 and on Sept. 24, 2007, filed a
Third Amended Plan. On Sept. 25, 2007, the Court approved the
adequacy of the Debtors' Disclosure Statement and entered a
written order on September 26. The hearing to consider
confirmation of that Plan begins Dec. 17, 2007. (Calpine
Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Incurs $2,193 Net Loss in Month Ended May 31
---------------------------------------------------------------
Complete Retreats, LLC
Balance Sheet
As of May 31, 2007
ASSETS
Unrestricted Cash -
Restricted Cash -
--------------
Total Cash $0.00
Accounts Receivable (Net) -
Inventory -
Notes Receivable -
Prepaid Expenses 0.00
Other -
--------------
Total Current Assets 0.00
Property, Plant & Equipment 656,115.87
Less: Accumulated Depreciation/Depletion (127,341.74)
--------------
Net Property, Plant & Equipment 528,774.13
Due from Insiders -
Other Assets - Net of Amortization -
Other 4,072,561.98
--------------
Total Assets $4,601,336.11
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other -
--------------
Total Postpetition Liabilities $0.00
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt 0.00
Other 480,779.42
--------------
Total Prepetition Liabilities 480,779.42
--------------
Total Liabilities 480,779.42
Equity
Prepetition Owners' Equity 4,104,050.48
Postpetition Cumulative Profit or Loss 16,506.21
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 4,120,556.69
--------------
Total Liabilities & Owners' Equity $4,601,336.11
==============
Complete Retreats LLC reported a $2,193.79 net loss for May
2007.
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.
The Court approved the Debtors' amended disclosure statement
explaining their amended plan of liquidation on Aug. 31, 2007.
The Court will confirm that plan on Nov. 28, 2007. (Complete
Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Preferred Retreats Files May 2007 Report
-----------------------------------------------------------
Preferred Retreats, LLC
Balance Sheet
As of May 31, 2007
ASSETS
Unrestricted Cash $246,031.17
Restricted Cash 326,849.43
--------------
Total Cash 572,880.60
Accounts Receivable (Net) 695,701.98
Inventory 2,044,088.48
Notes Receivable 142,703.55
Prepaid Expenses 1,721,274.43
Other 592,090.83
--------------
Total Current Assets $5,195,859.27
Property, Plant & Equipment 3,827,112.63
Less: Accumulated Depreciation/Depletion (3,444,881.15)
--------------
Net Property, Plant & Equipment 382,231.48
Due from Insiders 2,222,991.08
Other Assets - Net of Amortization 1,555.00
Other 71,807,427.69
--------------
Total Assets $80,182,945.12
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $6,171,183.74
Taxes Payable -
Notes Payable 279,547.54
Professional Fees -
Secured Debt -
Other 32,644,414.04
--------------
Total Postpetition Liabilities 39,095,145.32
Prepetition Liabilities
Secured Debt 43,411.29
Priority Debt -
Unsecured Debt 11,113,184.59
Other 155,463,553.67
--------------
Total Prepetition Liabilities 166,620,149.55
--------------
Total Liabilities $205,715,294.87
--------------
Equity
Prepetition Owners' Equity (90,524,986.16)
Postpetition Cumulative Profit or Loss (35,393,864.29)
Cash funded from UR LLC in excess of P&L losses 386,500.70
--------------
Total Equity (125,532,349.75)
--------------
Total Liabilities & Owners' Equity $80,182,945.12
==============
Preferred Retreats, LLC
Statement of Operations
May 1 to 31, 2007
Revenues
Gross Revenues ($0.80)
Less: Returns & Discounts 0.00
--------------
Net Revenue (0.80)
Cost of Goods Sold
Material 0.00
Direct Labor -
Direct Overhead 141,037.31
--------------
Total Cost of Goods Sold 141,037.31
--------------
Gross Profit (141,038.11)
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing 35,306.92
General Administration 18,940.06
Rent & Lease 230,418.02
Other 0.00
--------------
Total Operating Expenses 284,665.00
--------------
Income Before Non-Operating Income & Expenses (425,703.11)
Other Income & Expenses
Non-operating Income -
Non-operating Expense 425,197.63
Interest Expense 1,850,473.69
Depreciation/Depletion 0.00
Amortization -
Other (39,375.37)
--------------
Net Other Income & Expenses 2,315,046.69
Reorganization Expenses
Professional Fees 1,861,116.85
U.S. Trustee Fees -
Other 14,290.00
--------------
Total Reorganization Expenses 1,875,406.85
--------------
Income Tax -
--------------
Net Profit (Loss) ($4,616,156.65)
==============
Preferred Retreats, LLC
Consolidated Cash Receipts and Disbursements
May 1 to 31, 2007
Cash - Beginning of Month $2,776,240.66
Receipts from Operations
Cash Sales 12,186.51
Collection of Accounts Receivable
Prepetition -
Postpetition -
--------------
Total Operating Receipts 12,186.51
Non-operating Receipts
Loans & Advances 1,290,796.17
Sale of Assets 81,700,000.00
Other 1,204,447.57
--------------
Total Non-operating Receipts 84,195,243.74
--------------
Total Receipts 84,207,430.25
--------------
Total Cash Available 86,983,670.91
Operating Disbursements
Gross Payroll 499,755.77
Payroll Taxes Paid 0.00
Sales, Use & Other Taxes Paid 1,367,955.88
Secured/Rental/Leases 0.00
Utilities 0.00
Insurance 41,984.20
Mortgages 74,674,893.66
Interest 913,126.68
Employee Expenses 0.00
House Keeping & Contract Labor 0.00
Repairs & Maintenance 0.00
Field Expenses 66,645.82
International Destination Expenses 116,359.88
HOA 111,716.30
Other 341,032.80
--------------
Total Operating Disbursements 78,133,470.99
Reorganization Expenses
Professional Fees 4,573,024.44
U.S. Trustee Fees 37,000.00
Other 1,630,071.24
--------------
Total Reorganization Expenses 6,240,095.68
--------------
Total Disbursements 84,373,566.67
--------------
Net Cash Flow (166,136.42)
--------------
Cash - End of Month $2,610,104.24
==============
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts. Michael
J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in the
Debtors' schedules, however, the Debtors disclosed $308,000,000 in
total debts.
The Court approved the Debtors' amended disclosure statement
explaining their amended plan of liquidation on Aug. 31, 2007.
The Court will confirm that plan on Nov. 28, 2007. (Complete
Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Distinctive Retreats Files May 2007 Report
-------------------------------------------------------------
Distinctive Retreats, LLC
Balance Sheet
As of May 31, 2007
ASSETS
Unrestricted Cash $0.00
Restricted Cash -
--------------
Total Cash 0.00
Accounts Receivable (Net) 0.00
Inventory 50,830.98
Notes Receivable 448,000.00
Prepaid Expenses 198,554.77
Other -
--------------
Total Current Assets 697,385.75
Property, Plant & Equipment 48,310,058.51
Less: Accumulated Depreciation/Depletion (3,713,484.54)
--------------
Net Property, Plant & Equipment 44,596,573.97
Due from Insiders -
Other Assets - Net of Amortization 485,000.00
Other 138,357,194.10
--------------
Total Assets $184,136,153.82
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable $0.00
Taxes Payable -
Notes Payable 0.00
Professional Fees -
Secured Debt -
Other 1,486,559.36
--------------
Total Postpetition Liabilities 1,486,559.36
Prepetition Liabilities
Secured Debt 452,027.00
Priority Debt -
Unsecured Debt 30,713,743.27
Other 16,851,099.94
--------------
Total Prepetition Liabilities 48,016,870.21
--------------
Total Liabilities 49,503,429.57
Equity
Prepetition Owners' Equity 133,882,809.53
Postpetition Cumulative Profit or Loss 749,914.72
Cash funded from UR LLC in excess of P&L losses -
--------------
Total Equity 134,632,724.25
--------------
Total Liabilities & Owners' Equity $184,136,153.82
==============
Distinctive Retreats, LLC
Statement of Operations
May 1 to 31, 2007
Revenues
Gross Revenues $0.00
Less: Returns & Discounts -
--------------
Net Revenue 0.00
Cost of Goods Sold
Material -
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold 0.00
--------------
Gross Profit 0.00
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other 0.00
--------------
Total Operating Expenses 0.00
--------------
Income Before Non-Operating Income & Expenses 0.00
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense -
Depreciation/Depletion 0.00
Amortization -
Other (969,969.52)
--------------
Net Other Income & Expenses (969,969.52)
Reorganization Expenses
Professional Fees 0.00
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 0.00
--------------
Income Tax -
--------------
Net Profit (Loss) $969,969.52
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In additio