/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/071201.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, December 1, 2007, Vol. 11, No. 285 Headlines AMERICAN HOME: Files Amended Schedules of Assets and Liabilities AMERICAN HOME: AHM Corp. Amends Schedules of Assets and Debts AMERICAN HOME: Homegate Amends Schedules of Assets and Liabilities DURA AUTOMOTIVE: Incurs $14,521,000 Net Loss in October 2007 FIRST MAGNUS: Posts $60,859,610 Net Loss in October 2007 HOMEBANC CORP: Posts $36,036,000 Net Loss in October 2007 HOMEBANC CORP: Amends Schedules of Assets and Liabilities HOMEBANC CORP: HB Funding Amends Schedules of Assets and Debts HOMEBANC CORP: HB Funding II Amends Schedules of Assets and Debts HOMEBANC CORP: HMB Corp. Amends Schedules of Assets and Debts HOMEBANC CORP: HMB Acceptance Amends Schedules of Assets and Debts HOMEBANC CORP: HMB Mortgage Amends Schedules of Assets and Debts LEVITT & SONS: LAS Lake County Files Schedules of Assets & Debts LEVITT & SONS: LAS Hawk Haven Files Schedules of Assets and Debts VESTA INSURANCE: Gordon Gaines Files Oct. 2007 Operating Repor ********* AMERICAN HOME: Files Amended Schedules of Assets and Liabilities ---------------------------------------------------------------- American Home Mortgage Investment Corp. amended schedule B of its Schedules of Assets and Liabilities to add an inter-company accounts receivable aggregating $1,299,975,781, among other things. B - Personal Property B.1 Cash on Hand $0 B.2 Bank Accounts Deutsche Bank 29,133 Northfork Bank 20,920,765 B.3 Security Deposits 0 B.4 Household goods 0 B.5 Book, artwork and collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and other equipment 0 B.9 Insurance Policies 0 B.10 Annuities 0 B.11 Interests in an education IRA 0 B.12 Interests in pension plans 401(k) Plan 0 B.13 Stock and Interests 100 % interest in AHMAC Undetermined 100 % interest in AHMH Undetermined 100 % interest in AHMSP VIII Undetermined B.14 Interests in partnerships 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable Inter-company AHM 1,299,975,781 Inter-company Baylis Trust 1 7,865,269 Accrued Int. Receivable Trading Sec. 4,110,281 Others 701,289 B.17 Alimony 0 B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests 0 B.20 Interests in estate death benefit plan 0 B.21 Other Contingent and Unliquidated Claims 89,472 B.22 Patents, copyrights, and others 0 B.23 Licenses, franchises & other intangibles 0 B.24 Customer lists or other compilations 0 B.25 Vehicles 0 B.26 Boats, motors and accessories 0 B.27 Aircraft and accessories 0 B.28 Office Equipment 0 B.29 Equipment and Supplies for Business 0 B.30 Inventory 0 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals, and feed 0 B.35 Other Personal Property 0 Derivative assets 17,320,805 Mortgage backed securities 1,596,492,619 Prepaid expenses 11,876 TOTAL SCHEDULED ASSETS $2,947,517,290 ========================================================= 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. 16, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHM Corp. Amends Schedules of Assets and Debts ------------------------------------------------------------- American Home Mortgage Corp. amended schedules E and F of its Schedules of Assets and Liabilities to reflect certain changes to those schedules. The total scheduled liabilities now aggregate $4,633,407,089: D - Creditors Holding Secured Claims $2,982,107,598 E - Creditors Holding Unsecured Priority Claims 8,278,185 F - Creditors Holding Unsecured Nonpriority Claims 1,643,021,306 TOTAL SCHEDULED LIABILITIES $4,633,407,089 ========================================================= 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. 16, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Homegate Amends Schedules of Assets and Liabilities ------------------------------------------------------------------ Homegate Settlements Services Inc. amended the list of creditors holding unsecured claims in schedules E and F of its Schedules of Assets and Liabilities. The schedules were amended to reflect the omission of certain creditors. Schedule E currently aggregates $312,892, while Schedule F aggregates $8,434,560. Homegate Settlements' total scheduled liabilities amount to $8,747,452. 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. 16, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTOMOTIVE: Incurs $14,521,000 Net Loss in October 2007 ------------------------------------------------------------ Dura Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Balance Sheet As of October 28, 2007 (In thousands of dollars) ASSETS Current assets: Cash and cash equivalents $4,560 Accounts receivable, net Trade 113,050 Other 7,955 Non-Debtor subsidiaries 31,787 Inventories 49,116 Other current assets 35,019 ---------- Total current assets 241,487 Property, plant and equipment, net 132,570 Goodwill, net 178,611 Notes receivable from Non-Debtors subsidiaries 189,955 Investment in Non-Debtors subsidiaries 790,647 Other noncurrent assets 16,993 ---------- Total Assets $1,550,263 ========== LIABILITIES AND STOCKHOLDERS' INVESTMENT Current liabilities: Debtors-in-possession financing $126,624 Accounts payable 45,468 Accounts payable to Non-Debtors subsidiaries 1,972 Accrued Liabilities 77,373 ---------- Total current liabilities 251,437 Long-term Liabilities: Notes Payable to Non-Debtors subsidiaries 9,283 Other noncurrent liabilities 57,642 Liabilities Subject to Compromise 1,310,801 ---------- Total Liabilities 1,629,163 Stockholders' Investment (78900) ---------- Total Liabilities and Stockholders' Investment $1,550,263 ========== Dura Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Statement of Operations For the Four Weeks Ended October 28, 2007 (In thousands of dollars) Total sales $60,451 Cost of sales 61,056 ---------- Gross (loss) profit (605) Selling, general and administrative expenses $5,802 Facility consolidation, asset impairment and other charges 686 Amortization expense 19 ---------- Operating (loss) income (7,112) Interest expense, net 2,817 ---------- Loss before reorganization items and income taxes (9,929) Reorganization items 4,620 ---------- Loss before income taxes (14,549) Provision for income taxes 20 Loss from continuing operations (14,569) Loss from discontinued operations (48) ---------- Net Income (Loss) (14,521) ========== Dura Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Statements of Cash Flows For the Four Weeks Ended October 28, 2007 (In thousands of dollars) Operating Activities: Net Income (loss) ($14,521) Adjustments to reconcile net loss to net cash used in operations activities: Depreciation, amortization & asset impairment 2,091 Amortization of deferred financing fees 708 (Gain)/Loss on sale of assets 36 Reorganization items 4,620 Changes in other operating items: Accounts receivable 2,617 Inventories (1,104) Other current assets (733) Noncurrent assets 76 Accounts payable 184 Accrued liabilities 521 Noncurrent liabilities (119) Current intercompany transactions (1,139) ---------- Net cash provided by operating activities (6,763) Investing Activities: Purchases of property, plant & equipment (1,464) Proceeds from sales of assets - ---------- Net cash (used in) provided by investing activities (1,464) Financing Activities: DIP Borrowings 6,688 Payments on prepetition debt - ---------- Net cash used in financing activities 6,688 ---------- Net change in cash & cash equivalents from continuing operations (1,539) Cash flows from discontinued operations Proceeds from sale of Atwood - ---------- Net change in cash & cash equivalents from discontinued operations - Cash & cash equivalents, Beginning Balance 6,099 ---------- Cash & cash equivalents, ending balance $4,560 ========== 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 company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. 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 USUS$1,993,178,000 in total assets and USUS$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 Bankruptcy Court canceled the confirmation hearing scheduled for Dec. 6, 2007, saying there was no point moving forward with the Plan until DURA obtains the necessary exit financing. (Dura Automotive Bankruptcy News, Issue No. 38 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FIRST MAGNUS: Posts $60,859,610 Net Loss in October 2007 -------------------------------------------------------- First Magnus Financial Corporation Balance Sheet As of October 31, 2007 ASSETS Unrestricted Cash $10,849,542 Restricted Cash -- Accounts Receivable (net) 669,261,283 Inventory - Notes Receivable - Prepaid Expenses - Other 1,172,069 Property, Plant & Equipment Less : Accumulated Depreciation Net property, Plant & Equipment 27,667,539 Due From Insider(s) Other Assets - net 6,939,377 Other 12,992,671 -------------- TOTAL ASSETS $728,882,481 ============== POST PETITION LIABILITIES Accounts Payable $288,179 Taxes Payable -- Notes Payable -- Professional Fees -- Secured Debt -- Other 1,074,320 -------------- Total Post-Petition Liabilities 1,362,499 PREPETITION LIABILITIES Secured Debt 492,730,207 Priority Debt 11,822,911 Unsecured Debt 67,411,209 Other -- -------------- Total Prepetition Liabilities 571,964,327 -------------- TOTAL LIABILITIES 573,326,826 EQUITY Pre-petition Owner's Equity 217,787,848 Post-Petition Cumulative Profit/Loss (62,232,194) -------------- Total Equity 155,555,654 -------------- TOTAL LIABILITIES & OWNER'S EQUITY $728,882,481 ============== First Magnus Financial Corporation Income Statement Month Ended October 31, 2007 REVENUES Gross Revenue $42,424 Less: Returns and Discounts -- -------------- Net Revenue 42,424 COST OF GOODS SOLD Material -- Direct Labor 471,901 Direct Overhead -- -------------- Total Cost of Goods Sold 471,901 -------------- GROSS PROFIT (429,478) OPERATING EXPENSES Officer/Insider Compensation -- General & Administrative 243,951 Other Expenses -- -------------- Total Operating Expenses 243,951 -------------- Income Before Non-Operating Income and Expenses (673,428) OTHER INCOME AND EXPENSE Other Income -- Other Expense 60,182,431 Interest Expense -- Depreciation/Depletion -- Amortization -- Net other Income and Expense 60,182,431 -------------- Income Before Reorganization Expense (60,855,860) REORGANIZATION EXPENSES Professional Fees -- U.S. Trustee Fees 3,750 Other -- -------------- Total Reorganization Expenses 3,750 Income Tax -- -------------- NET PROFIT OR (LOSS) ($60,859,610) ============== First Magnus Financial Corporation Receipts and Disbursements Month Ended October 31, 2007 Balance at Beginning of Period $4,517,098 RECEIPTS: -- Cash Sales -- Accounts Receivable -- Prepetition -- Accounts Receivable -- Postpetition -- Loans and Advances -- Sale of Assets 5,366,534 Transfers from Other DIP Accounts 1,117,550 Others 2,355,796 -------------- Total Receipts 8,839,880 DISBURSEMENTS: Business -- Ordinary Operations 1,215,926 Capital Improvements -- Prepetition Debt -- Transfers to Other DIP Accounts 1,117,550 Others 170,210 Reorganization Expenses: Attorney's Fees -- Accountant Fees -- Other Professional Fees -- U.S. Trustee Quarterly Fee 3,750 Court Costs -- -------------- Total Disbursements 2,507,436 Balance at End of Month $10,849,542 ============== Based in Tucson, Arizona, First Magnus Financial Corporation -- http://www.firstmagnus.com/-- purchases and sells prime and Alt-A mortgage loans secured by one-to-four unit residences. The company filed for chapter 11 protection on Aug. 21, 2007 (Bankr. D. Ariz. Case No.: 07-01578). John R. Clemency, Esq., at Greenberg Traurig LLP serves as the counsel for the Debtor. The Official Committee of Unsecured Creditors has selected the firm Warner Stevens LLP as its counsel. When the Debtor filed for bankruptcy, it listed total assets of $942,109,860 and total debts of $812,533,046. The Debtor's exclusive period to file a plan expires on Dec. 19, 2007. (First Magnus Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-7000). HOMEBANC CORP: Posts $36,036,000 Net Loss in October 2007 --------------------------------------------------------- HomeBanc Mortgage Corporation and Subsidiaries Unaudited Consolidated Balance Sheet As of October 31, 2007 ASSETS Cash $9,778,000 Restricted cash 10,449,000 Mortgage loans held for sale, net 516,987,000 Mortgage loans held for investment, net 3,155,468,000 Mortgage servicing rights 67,157,000 Receivable from custodian 627,151,000 Trading securities 752,000 Securities available for sale 0 Securities held to maturity 0 Accrued interest receivable (1,386,000) Premises and equipment, net 15,162,000 Goodwill, net 0 Deferred tax asset, net 16,502,000 Accounts receivable from affiliates 0 Investment in subsidiaries 0 Other Assets 43,183,000 --------------- TOTAL ASSETS $4,461,203,000 =============== LIABILITIES & EQUITY Warehouse lines of credit $523,011,000 Repurchase agreements 0 Loan funding payable 21,631,000 Accrued interest payable 0 Accrued expenses 24,506,000 Other accounts payable (18,562,000) Accounts payable to affiliates 589,000 Collaterized debt obligations 3,661,112,000 Junior subordinated debentures representing 175,260,000 obligations for trust preferred securities --------------- Total liabilities 4,387,547,000 Minority interest 64,000 Shareholders Equity: Preferred stock 47,992,000 Common stock 571,000 Additional paid-in capital 278,865,000 Accumulated deficit (235,932,000) Treasury stock (17,904,000) Accumulated other comprehensive (loss) income 0 --------------- Total shareholder's equity 73,592,000 --------------- TOTAL LIABILITIES & EQUITY $4,461,203,000 =============== HomeBanc Mortgage Corporation and Subsidiaries Unaudited Consolidated Statement of Operations For the Month Period Ended October 31, 2007 REVENUES Net interest income: Interest income: Mortgage loans including fees ($16,102,000) Securities available for sale 0 Securities held to maturity 0 Trading securities 0 --------------- Total interest income (16,102,000) Total interest expense (17,241,000) --------------- Net interest income (33,343,000) Provision for loan losses 0 --------------- Net interest income after provision for loan (33,343,000) losses Net gain on sale of mortgage loans (29,000) Net gain on sale of securities available 1,000 for sale Mortgage servicing income, net (208,000) Other revenue 538,000 --------------- Total revenues (33,041,000) EXPENSES Salaries and associate benefits, net 915,000 Goodwill impairment 0 Marketing and promotions (26,000) Occupancy and equipment 300,000 Depreciation and amortization 490,000 Minority interest 0 Other operating expense 1,316,000 --------------- Total expenses 2,995,000 --------------- Loss before income taxes (36,036,000) Income tax expense 0 --------------- Net loss ($36,036,000) =============== HomeBanc Mortgage Corporation and Subsidiaries Consolidated Statement of Cash Flows For the Ten-Month Period Ended October 31, 2007 OPERATING ACTIVITIES Net loss ($170,860,000) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Goodwill impairment 39,995,000 Depreciation and amortization 6,344,000 Net amortization of premium/accretion of (1,064,000) discount on investment securities Provision for loan losses (3,830,000) Provision for losses associated with certain (5,104,000) loan sales and mortgage loans held for sale Gain on sale of securities available for sale (24,003,000) Capitalization of mortgage servicing rights (23,172,000) Change in fair value of mortgage servicing (77,000) rights Loss on disposal of premises and equipment 27,492,000 Stock-based compensation, net 2,678,000 Compensation expense for Sales Equity Plan, net 158,000 Cumulative effect of change in accounting 0 principle Minority interest 22,000 Deferred taxes 5,716,000 Decrease (increase) in restricted cash 117,584,000 (Increase) decrease in mortgage loans held for (137,688,000) sale, net Increase in trading securities 4,072,000 Decrease in receivable from custodian (549,539,000) Decrease (increase) in accrued interest 23,773,000 receivable Decrease (interest) in other assets 74,313,000 (Decrease) increase in accrued interest (9,144,000) payable Decrease in other liabilities (70,565,000) --------------- Net cash (used in) provided by operating activities (692,899,000) INVESTING ACTIVITIES Net principal collections of mortgage loans held 1,215,060,000 for investment Purchases of premises and equipment, net (3,592,000) Purchases of investment securities available 0 for sale Proceeds from the sale of securities available 1,509,386,000 for sale Proceeds from maturities and prepayments of 49,274,000 investment securities available for sale Purchase of investment securities held to 0 maturity Proceeds from maturities and prepayments of 10,553,000 investment securities held to maturity --------------- Net cash provided by (used in) investing activities 2,780,681,000 FINANCING ACTIVITIES Increase (decrease) in warehouse credit 118,246,000 facilities, net (Decrease) increase in repurchase agreements, (1,527,470,000) net Net change in loan funding payable (42,224,000) Proceeds from debt issuance 0 Repayment of debt (615,914,000) Proceeds from issuance of preferred stock, net 0 Purchase of shares under share repurchase prog (16,499,000) Purchase of shares under Sales Equity Plan 0 Cash dividends paid (15,130,000) --------------- Net cash (used in) provided by financing activities (2,098,991,000) --------------- Net increase (decrease) in cash (11,209,000) Cash and cash equivalents at beginning of period 20,987,000 --------------- Cash and cash equivalents at end of period $9,778,000 =============== HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Debtors' financial condition as of June 30, 2007, showed total assets of $5,100,000,000 and total liabilities of $4,900,000,000. The Debtors' exclusive period to file a plan ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). HOMEBANC CORP: Amends Schedules of Assets and Liabilities --------------------------------------------------------- On Nov. 8, 2007, pursuant to Rule 1009(a) of the Federal Rules of Bankruptcy Procedure and Rule 1009-2 of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware, HomeBanc Corp. amended Schedule F of its schedules of assets and liabilities. HomeBanc lists as $0 the total claim amounts of these creditors: -- Hiwot Mekonnen; -- Kyiesha Shepard; and -- Sharon Thompson. Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation -- http://www.homebanc.com/-- is a mortgage banking company focused on originating primarily prime purchase money residential mortgage loans in the Southeast United States. HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Debtors' financial condition as of June 30, 2007, showed total assets of $5,100,000,000 and total liabilities of $4,900,000,000. The Debtors' exclusive period to file a plan ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). HOMEBANC CORP: HB Funding Amends Schedules of Assets and Debts -------------------------------------------------------------- On Nov. 8, 2007, pursuant to Rule 1009(a) of the Federal Rules of Bankruptcy Procedure and Rule 1009-2 of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware, HomeBanc Funding Corp. amended Schedule F of its Schedules of Assets and Liabilities. HB Funding lists as $0 the total claim amounts of these creditors: -- Hiwot Mekonnen; -- Kyiesha Shepard; and -- Sharon Thompson. Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation -- http://www.homebanc.com/-- is a mortgage banking company focused on originating primarily prime purchase money residential mortgage loans in the Southeast United States. HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Debtors' financial condition as of June 30, 2007, showed total assets of $5,100,000,000 and total liabilities of $4,900,000,000. The Debtors' exclusive period to file a plan ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). HOMEBANC CORP: HB Funding II Amends Schedules of Assets and Debts ----------------------------------------------------------------- On Nov. 8, 2007, pursuant to Rule 1009(a) of the Federal Rules of Bankruptcy Procedure and Rule 1009-2 of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware, HomeBanc Funding Corp. II amended Schedule F of its Schedules of Assets and Liabilities. HB Funding II lists as $0 the total claim amounts of these creditors: -- Hiwot Mekonnen; -- Kyiesha Shepard; and -- Sharon Thompson. Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation -- http://www.homebanc.com/-- is a mortgage banking company focused on originating primarily prime purchase money residential mortgage loans in the Southeast United States. HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Debtors' financial condition as of June 30, 2007, showed total assets of $5,100,000,000 and total liabilities of $4,900,000,000. The Debtors' exclusive period to file a plan ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). HOMEBANC CORP: HMB Corp. Amends Schedules of Assets and Debts ------------------------------------------------------------- On Nov. 8, 2007, pursuant to Rule 1009(a) of the Federal Rules of Bankruptcy Procedure and Rule 1009-2 of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware, HomeBanc Mortgage Corporation amended Schedule F of its Schedules of Assets and Liabilities. HBMC lists as $0 the total claim amounts of these creditors: -- Adam D. Rodes; -- Alexander Wahab; -- Alison Morgan Cockrill; -- Bradford T. King; -- Brent A. Davis; -- Brian Bhala; -- Craig Lemhalt; -- Dennis Mozser; -- Hiwot Mekonnen; -- James David Lee, III; -- Jennifer Byrd; -- John D. Litras; -- Joseph G. Clements, Jr.; -- Karla M. Gil; -- Kimberly Gilluly; -- Kyiesha Shepard; -- Mark V. Skelton; -- Natalie A. Hixson; -- Ralph Stephens; -- Sharon Thompson; -- Sheila Maxwell; -- Steve Thompson; -- Tasha White; -- William B. Kirk; -- William Grier Hixson; and -- William T. Shirley. Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation -- http://www.homebanc.com/-- is a mortgage banking company focused on originating primarily prime purchase money residential mortgage loans in the Southeast United States. HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Debtors' financial condition as of June 30, 2007, showed total assets of $5,100,000,000 and total liabilities of $4,900,000,000. The Debtors' exclusive period to file a plan ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). HOMEBANC CORP: HMB Acceptance Amends Schedules of Assets and Debts ------------------------------------------------------------------ On Nov. 8, 2007, pursuant to Rule 1009(a) of the Federal Rules of Bankruptcy Procedure and Rule 1009-2 of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware, HMB Acceptance Corp. amended Schedule F of its Schedules of Assets and Liabilities. HMB Acceptance lists as $0 the total claim amounts of these creditors: -- Hiwot Mekonnen; -- Kyiesha Shepard; and -- Sharon Thompson. Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation -- http://www.homebanc.com/-- is a mortgage banking company focused on originating primarily prime purchase money residential mortgage loans in the Southeast United States. HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Debtors' financial condition as of June 30, 2007, showed total assets of $5,100,000,000 and total liabilities of $4,900,000,000. The Debtors' exclusive period to file a plan ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). HOMEBANC CORP: HMB Mortgage Amends Schedules of Assets and Debts ---------------------------------------------------------------- On November 8, 2007, pursuant to Rule 1009(a) of the Federal Rules of Bankruptcy Procedure and Rule 1009-2 of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware, HMB Mortgage Partners, LLC, amended Schedule F of its Schedules of Assets and Liabilities. HMB Mortgage lists as $0 the total claim amounts of these creditors: -- Hiwot Mekonnen; -- Kyiesha Shepard; and -- Sharon Thompson. Headquartered in Atlanta, Ga., HomeBanc Mortgage Corporation -- http://www.homebanc.com/-- is a mortgage banking company focused on originating primarily prime purchase money residential mortgage loans in the Southeast United States. HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Debtors' financial condition as of June 30, 2007, showed total assets of $5,100,000,000 and total liabilities of $4,900,000,000. The Debtors' exclusive period to file a plan ends on April 7, 2008. (HomeBanc Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). LEVITT & SONS: LAS Lake County Files Schedules of Assets & Debts ---------------------------------------------------------------- Levitt and Sons of Lake County LLC submitted to the U.S. Bankruptcy Court for the Southern District of Florida its schedules of assets and liabilities, disclosing: A. Real Property $23,080,461 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts 0 B.3 Security Deposit - prepaid deposits 3,794 B.4 Household goods 0 B.5 Book, artwork and collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and other equipment 0 B.9 Insurance Policies 0 B.10 Annuities 0 B.11 Interests in an education IRA 0 B.12 Interests in pension plans 0 B.13 Stock and Interests 0 B.14 Interests in partnerships & joint venture 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable Classic Pavers of Central Florida LLC 2,336 Clermont Security & Sound 2,537 Innovative Enterprises Central Florida 3,800 L & Jim Painting Inc Central Florida 6,089 Quality Concrete Central Florida 55,222 Real Stone & Granite Co Central Florida 6,519 Unltd Marble Central Florida 905 B.17 Alimony 0 B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests 0 B.20 Interests in estate death benefit plan 0 B.21 Other Contingent and Unliquidated Claims 0 B.22 Patents 0 B.23 Licenses, franchises & other intangibles 0 B.24 Customer lists or other compilations 0 B.25 Vehicles 0 B.26 Boats, motors and accessories 0 B.27 Aircraft and accessories 0 B.28 Office Equipment 0 B.29 Equipment and Supplies for Business 0 B.30 Inventory 0 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals and feed 0 B.35 Other Personal Property 0 TOTAL SCHEDULED ASSETS $23,161,663 ========================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims 103,859,044 E. Creditors Holding Unsecured Priority Claims 1,488,603 F. Creditors Holding Unsecured Non-priority Claims 2,383,727 Trade payable - M & N Construction Inc Central 237,947 Florida Trade payable - Concepts in Greenery Inc. 189,919 Trade payable - Energy Air Inc Central Florida 153,162 Trade payable - Dewitt Excavating Inc. 92,774 Trade payable - Garrard Carpentry Inc. 85,060 Trade payable - Palmer Electric Co 78,072 Trade payable - V & V Const Svcs Inc. Central 67,950 Florida Trade payable - others 1,161,321 Litigation - (contact information unknown) Undetermined Litigation - FPL Fibernet LLC Undetermined Litigation - Groveland Services LLC Undetermined Retention - Palmer Electric Co 88,964 Retention - Garrard Carpentry Inc. 40,642 Retention - Swell Construction Co. 33,322 Retention - others 154,594 Commission Payables 0 TOTAL SCHEDULED LIABILITIES $107,731,374 ========================================================= Based in Fort Lauderdale, Florida, Levitt and Sons LLC -- http://www.levittandsons.com/-- is the homebuilding subsidiary of Levitt Corporation (NYSE:LEV). Levitt Corp. -- http://www.levittcorporation.com/-- together with its subsidiaries, operates as a homebuilding and real estate development company in the southeastern United States. The company operates in two divisions, homebuilding and land. The homebuilding division primarily develops single and multi-family homes for adults and families in Florida, Georgia, Tennessee, and South Carolina. The land division engages in the development of master-planned communities in Florida and South Carolina. Levitt and Sons LLC and 38 of its homebuilding affiliates filed for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at Berger Singerman, P.A., represent the Debtors in their restructuring efforts. The Debtors chose AP Services, LLC as their crisis managers, and Kurtzman Carson Consultants, LLC as their claims and noticing agent. Levitt Corp., the Debtors' parent company, did not file for Chapter 11 protection. The Debtors' latest consolidated financial condition as of Sept. 30, 2007 reflect total assets of $900,392,000, and total liabilities of $780,969,000. The Debtors' exclusive period for filing a reorganization plan ends March 8, 2008. (Levitt and Sons Bankruptcy News, Issue No. 5; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) LEVITT & SONS: LAS Hawk Haven Files Schedules of Assets and Debts ----------------------------------------------------------------- Levitt and Sons at Hawks Haven LLC submitted to the U.S. Bankruptcy Court for the Southern District of Florida its schedules of assets and liabilities, disclosing: A. Real Property $9,600,331 B. Personal Property B.1 Cash on hand 2,800 B.2 Bank Accounts 0 B.3 Security Deposit 0 B.4 Household goods 0 B.5 Book, artwork and collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and other equipment 0 B.9 Insurance Policies 0 B.10 Annuities 0 B.11 Interests in an education IRA 0 B.12 Interests in pension plans 0 B.13 Stock and Interests 0 B.14 Interests in partnerships & joint venture 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable Capri Engineering Sw FI 337 Southern Building Prod Central Florida 660 B.17 Alimony 0 B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests 0 B.20 Interests in estate death benefit plan 0 B.21 Other Contingent and Unliquidated Claims 0 B.22 Patents 0 B.23 Licenses, franchises & other intangibles 0 B.24 Customer lists or other compilations 0 B.25 Vehicles 0 B.26 Boats, motors and accessories 0 B.27 Aircraft and accessories 0 B.28 Office Equipment 0 B.29 Equipment and Supplies for Business 0 B.30 Inventory 0 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals and feed 0 B.35 Other Personal Property 0 TOTAL SCHEDULED ASSETS $9,604,128 ========================================================= C. Property Claimed as Exempt 0 D. Creditors Holding Secured Claims $103,859,044 E. Creditors Holding Unsecured Priority Claims 877,173 F. Creditors Holding Unsecured Non-priority Claims Trade payable - Coleman Floors Co Se FI 115,638 Trade payable - Gulf Western Roofing 64,563 Trade Payable - Juniper Landscaping Inc. 74,312 Trade payable - Pro Frame Cont Inc. 133,208 Trade payable - Jjr Construction Co 47,211 Trade payable - Melco Electric Inc. 44,397 Trade payable - Cox Lumber Co. 44,599 Trade payable - Distinctive Kitchens & Baths Inc. 33,457 Trade payable - Jim Carrigan Corp 26,833 Trade payable - Lawson Industries Inc. 23,240 Trade payable - Precision Drywall 43,894 Trade payable - Precast Wall Systems Inc. 36,760 Trade payable - Pool People West Inc. 30,414 Trade payable - Southern Living 24,105 Trade payable - Samsone Corp. 22,839 Trade payable - Royal Const Group Inc. 20,506 Trade payable - Carter Pritchett Advertising Inc. 17,540 Trade payable - Jade Home decor Inc. South Fl 17,444 Trade payable - Krieger Kitchens 16,555 Trade payable - Custom Plastering Inc. 16,135 Trade payable - International Marble Co. 15,245 Trade payable - Southern Building Products 15,089 Retention - Mitchell & Stark Const. 34,051 Others 250,836 TOTAL SCHEDULED LIABILITIES $105,840,703 ========================================================= Based in Fort Lauderdale, Florida, Levitt and Sons LLC -- http://www.levittandsons.com/-- is the homebuilding subsidiary of Levitt Corporation (NYSE:LEV). Levitt Corp. -- http://www.levittcorporation.com/-- together with its subsidiaries, operates as a homebuilding and real estate development company in the southeastern United States. The company operates in two divisions, homebuilding and land. The homebuilding division primarily develops single and multi-family homes for adults and families in Florida, Georgia, Tennessee, and South Carolina. The land division engages in the development of master-planned communities in Florida and South Carolina. Levitt and Sons LLC and 38 of its homebuilding affiliates filed for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at Berger Singerman, P.A., represent the Debtors in their restructuring efforts. The Debtors chose AP Services, LLC as their crisis managers, and Kurtzman Carson Consultants, LLC as their claims and noticing agent. Levitt Corp., the Debtors' parent company, did not file for Chapter 11 protection. The Debtors' latest consolidated financial condition as of Sept. 30, 2007 reflect total assets of $900,392,000, and total liabilities of $780,969,000. The Debtor's exclusive period for filing a reorganization plan ends March 8, 2008. (Levitt and Sons Bankruptcy News, Issue No. 5; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) VESTA INSURANCE: Gordon Gaines Files Oct. 2007 Operating Report --------------------------------------------------------------- J. Gordon Gaines, Inc. Income Statement Month Ended October 31, 2007 Revenue from Total Sales $0 Less: Cost of Sales 0 ------------ Gross Profit 0 Less: Operating Expenses (68,224) ------------ Net Profit Operations 68,224 Non-Operating Income (Expenses) Interest Earned 1,866 State Tax Refunds 0 Non-operational income 59,034 Sale of Property 0 Stale Dated Checks Written Off 0 Miscellaneous Income 0 ------------ Net Profit (Loss) $129,124 ============ J. Gordon Gaines, Inc. Schedule of Cash Receipts and Disbursements Month Ended October 31, 2007 Cash On Hand (Beginning) $576,077 Cash Receipts: Accounts Receivable 0 Management Fees 0 Loan Proceeds 0 Sale of Property 0 Interest Earned 1,866 State Tax Refunds Non-operational Income 59,034 Funding by Texas Receiver 0 Funding under post confirmation 199,766 Intercompany insurance operations 0 Miscellaneous Income 0 ------------ Total Receipts 260,666 Cash Disbursements: Business Disbursements Form BA-02(B) 131,543 ------------ Surplus Or Deficit 129,124 ------------ Cash on Hand (End) $705,201 ============ Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc. (Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding company for a group of insurance companies that primarily offer property insurance in targeted states. Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership III, L.P., filed an involuntary chapter 7 petition against the company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517). The case was converted to a voluntary chapter 11 case on Aug. 8, 2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor. R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, represents the petitioning creditors. In its schedules of assets and liabilities, Vesta listed $14,919,938 in total assets and $214,278,847 in total liabilities. J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that manages the company's numerous insurance subsidiaries and employs the headquarters workers. The company filed for chapter 11 protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represent the Debtor in its restructuring efforts. In its schedules of assets and liabilities, Gaines listed $19,818,094 in total assets and $16,046,237 in total liabilities. On Aug. 1, 2006, the District Court of Travis County, Texas entered an order appointing the Texas Commissioner of Insurance as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries: Vesta Fire Insurance Corporation; The Shelby Insurance Company; Shelby Casualty Insurance Corporation; Texas Select Lloyds Insurance Company; and Select Insurance Services, Inc. On Oct. 11, 2006, both Vesta and Gaines filed separate Plans of Liquidation and Disclosure Statements. They filed an amended Plan on Nov. 7, 2006, and a Second Amended Plan on Nov. 10, 2006. The Court approved the Disclosure Statements of Vesta and Gaines on Nov. 10, 2006. On Dec. 22, 2006, the Court confirmed the Third Amended Plans of Vesta and Gaines. Florida Select Insurance Agency Inc., an affiliate, filed for chapter 11 protection on April 24, 2007 (Bankr. N.D. Ala. Case No. 07-01849). Rufus Dorsey, IV, Esq., at Parker Hudson Rainer & Dobbs LLP, represents Florida Select. FSIA's exclusive period to file a plan of reorganization expires on Dec. 20, 2007. (Vesta Bankruptcy News, Issue No. 29; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva, Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez, Tara Marie A. Martin, Joseph Medel C. Martirez, 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. 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