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 8, 2007, Vol. 11, No. 291
Headlines
A.N. CONSTRUCTION: Files October 2007 Monthly Operating Report
AEGIS MORTGAGE: Files Amended Schedules of Assets and Liabilities
AEGIS MORTGAGE: Posts $31.9MM Net Loss in Amended Aug. 2007 Report
AEGIS MORTGAGE: Posts $7.6MM Net Loss in Amended Sept. 2007 Report
AEGIS MORTGAGE: Aegis Fund Amends Schedules of Assets and Debts
AEGIS MORTGAGE: Aegis Wholesale Amends Schedules of Assets & Debts
AEGIS MORTGAGE: Aegis Lending Amends Schedules of Assets and Debts
AEGIS MORTGAGE: Four Affiliates Amend Schedules of Assets & Debts
FEDDERS CORPORATION: Incurs $686,000 Net Loss in Aug. 22-31, 2007
FEDDERS CORPORATION: Incurs $4,321,000 Net Loss in September 2007
JAYS FOODS: Files Operating Report for Month Ended October 28
JAYS FOODS: Select Snacks Files Operating Report for October 2007
LEVITT AND SONS: LAS Hernando Files Schedules of Assets and Debts
LEVITT AND SONS: LAS Manatee Files Schedules of Assets and Debts
LEVITT AND SONS: LAS Tradition Files Schedules of Assets and Debts
MOVIE GALLERY: Submits Schedules of Assets and Liabilities
NETBANK INC: Files Monthly Operating Report for Sept. 29-30, 2007
NETBANK INC: Files Monthly Operating Report for October 2007
PACIFIC LUMBER: Scotia Dev't Files October 2007 Operating Report
PACIFIC LUMBER: ScoPac Files October 2007 Operating Report
PUBLICARD INC: Posts $46,288 Net Loss in October 31, 2007
SOLUTIA INC: Incurs $3,000,000 Net Loss in Month Ended October 31
SONICBLUE INC: Incurs $42,377 Net Loss in Month Ended August 3
*********
A.N. CONSTRUCTION: Files October 2007 Monthly Operating Report
--------------------------------------------------------------
A.N. Construction LLC submitted to the U.S. Bankruptcy Court for
the District of New Jersey its monthly operating report for
October 2007, disclosing:
Cash Balance, Beginning $6,072
Total Receipts 2,756
Less: Total Disbursements 3,080
Net Cash Flow (332)
Cash Balance, End $5,740
(The amounts listed above are the actual amounts on the MOR filed
by the Debtor.)
About A.N. Construction
Hammonton, New Jersey-based A.N. Construction LLC provides non-
residential construction. It filed for chapter 11 protection on
Aug. 17, 2007 (Bankr. D. NJ Case No.: 07-21734). Albert A.
Ciardi, III, Esq., at Ciardi & Ciardi PC represents the Debtor in
its restructuring efforts. When the Debtor filed for bankruptcy,
it listed assets and debts between $1 million and $100 million.
AEGIS MORTGAGE: Files Amended Schedules of Assets and Liabilities
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Aegis Mortgage Corporation filed an amended Schedules of Assets
and Liabilities to change the current value of its interest in
office equipment, furnishings and supplies, from $10,715,920 to
$11,231,601. This brings the Debtor's total assets from
$138,265,342 to $149,496,943.
The Debtor also changed the amount of Unsecured Priority Claims
asserted by creditors, from $743,334 to $1,579,720. This brings
the Debtor's total liabilities from $4,125,470 to $4,961,854.
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.
The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, &
Jones, L.L.P., serve as counsel to the Debtors. The Official
Committee of Unsecured Creditors is represented by Landis Rath &
Cobb LLP. In schedules filed with the Court, Aegis disclosed
total assets of $138,265,342 and total debts of $4,125,470. The
Debtors' exclusive period to file a plan expires on Dec. 11, 2007.
(Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AEGIS MORTGAGE: Posts $31.9MM Net Loss in Amended Aug. 2007 Report
------------------------------------------------------------------
Aegis Mortgage Corporation and its debtor-affiliates filed with
the Court an amended monthly operating report for August 2007 on
Nov. 27, 2007.
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of August 31, 2007
Assets
Unrestricted Cash & Equivalents $10,720,773
Restricted Cash and Equivalents 19,232,061
--------------
Total Cash and Cash Equivalents 29,952,834
Prime loans 13,808,237
Nonconforming Loans 14,630,259
Loan Premium, net 2,219,404
Repurchased Loans 28,760,838
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 59,418,738
ABS Nonconforming 3,885,471,929
ABS Loan Premium, net (19,273,212)
ABS Loan Loss Reserve (181,454,514)
--------------
Mortgage Loans Held for Investment 3,684,744,203
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 26,252,626
--------------
Accrued Interest Receivable 26,252,626
Mortgage Servicing Rights -
Property and Equipment, net 10,969,126
Deferred Income Taxes 128,495,450
Goodwill -
Prepaid Rent and Deposits 1,877,413
Derivative Assets 13,529,767
Receivable for Advances 43,166,604
Servicer Related 883,888
Other Assets 641,891,872
Intercompany Receivable -
--------------
TOTAL ASSETS $4,641,182,522
==============
Liabilities & Shareholder's Equity
N/P Warehouse - Prime 540,186,233
N/p Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 20,537,507
N/P Warehouse - Repurchased 11,933,754
--------------
Revolving Warehouse and
Repurchase Facilities 597,879,969
Bonds Payable 3,705,880,154
NAS IO Bonds Payable 20,700,000
NIM Bonds Payable 58,777,826
Bond Premium, net (12,836,147)
--------------
Bond Financing on Mortgage
Loans Held for Investment 3,772,521,833
Subordinated Debt 177,156,872
Accrued Interest Payable 6,137,557
Accounts Payable and
Accrued Expenses 95,349,315
Notes Payable-Other -
--------------
Total Liabilities 4,649,045,546
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income (3,297,655)
Paid in Capital 50,959,490
Distributions -
Treasury Stock -
Dividends (32,500)
Retained Earnings 91,041,942
Current Net Income Prepetition (102,112,983)
Current Net Income (44,622,704)
--------------
Total Equity (7,863,024)
--------------
TOTAL LIABILITIES & EQUITY $4,641,182,522
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
August 13 to 31, 2007
Loans Held for Sale
Interest Income $670,331
Interest Expense (498)
Servicing Expense (1,654)
--------------
Net Interest Income 668,179
Loans Held for Investment
Interest Income 30,603,350
Interest Expense (18,226,090)
Servicing Expense (1,716,566)
--------------
Net Interest Income 10,660,694
Gains on Sale -
Premiums Paid -
Loan Points -
Loan Origination Fees 1,050
Broker Fees Received -
--------------
Production Income 1,050
Servicing and Prepayment Income 789,470
Late Charges 52,194
--------------
Total Servicing Fees 841,664
Other income (626,894)
--------------
Total Revenue 11,544,693
Salaries 2,320,898
Bonuses 86,191
Commissions -
Employee Benefits 8,945
Payroll Taxes 145,343
Meetings & Travel 9,730
Meals & Entertainment 1,120
--------------
Total Personnel Expenses 2,572,226
Rent 361,496
Telephone 43,044
Office Supplies 4,023
Shipping & Postage 18,378
Equipment 153,419
--------------
Total Office Expenses 580,360
Professional expense 11
Marketing (912)
Loan Related Expenses 73,182
Banking 45
Other Taxes/Licenses/Fees (250)
Other Expenses 27,430
--------------
Total Other Expenses 99,506
Direct Operating Expense 3,252,092
Direct Operating Income 8,292,601
Loan Loss Provision 59,749,285
Deferred SFAS 91 Expenses -
Sub Debt Expense -
Depreciation Expense 564,978
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 60,314,263
--------------
Total Expenses 63,566,354
Income (Loss) Before Taxes (52,021,662)
Federal and State Income Taxes (20,028,340)
--------------
Net Income (Loss) ($31,993,322)
==============
A full-text copy of the Debtors' Amended MOR is available at no
charge at http://ResearchArchives.com/t/s?262c
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.
The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, &
Jones, L.L.P., serve as counsel to the Debtors. The Official
Committee of Unsecured Creditors is represented by Landis Rath &
Cobb LLP. In schedules filed with the Court, Aegis disclosed
total assets of $138,265,342 and total debts of $4,125,470. The
Debtors' exclusive period to file a plan expires on Dec. 11, 2007.
(Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AEGIS MORTGAGE: Posts $7.6MM Net Loss in Amended Sept. 2007 Report
------------------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of September 30, 2007
Assets
Unrestricted Cash & Equivalents $12,984,671
Restricted Cash and Equivalents 19,232,061
--------------
Total Cash and Cash Equivalents 32,216,933
Prime loans 13,808,237
Nonconforming Loans 14,278,659
Loan Premium, net 2,160,258
Repurchased Loans 26,798,816
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 57,045,969
ABS Nonconforming 3,785,605,130
ABS Loan Premium, net (18,602,212)
ABS Loan Loss Reserve (182,027,606)
--------------
Mortgage Loans Held for Investment 3,584,975,311
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 26,659,835
--------------
Accrued Interest Receivable 25,659,835
Mortgage Servicing Rights -
Property and Equipment, net 9,749,563
Deferred Income Taxes 135,105,521
Goodwill -
Prepaid Rent and Deposits 1,192,020
Derivative Assets 7,891,871
Receivable for Advances 44,056,198
Servicer Related 720,389
Other Assets 639,718,844
Intercompany Receivable -
--------------
TOTAL ASSETS $4,538,332,455
==============
Liabilities & Shareholder's Equity
N/P Warehouse - Prime 540,186,233
N/p Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 19,550,612
N/P Warehouse - Repurchased 11,933,754
--------------
Revolving Warehouse and
Repurchase Facilities 596,893,074
Bonds Payable 3,627,408,918
NAS IO Bonds Payable 20,700,000
NIM Bonds Payable 53,392,620
Bond Premium, net (20,953,575)
--------------
Bond Financing on Mortgage
Loans Held for Investment 3,680,547,962
Subordinated Debt 177,156,872
Accrued Interest Payable 7,373,317
Accounts Payable and
Accrued Expenses 94,244,098
Notes Payable-Other -
--------------
Total Liabilities 4,556,215,323
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income (6,217,286)
Paid in Capital 50,959,490
Distributions -
Treasury Stock -
Dividends (32,500)
Retained Earnings 91,041,942
Current Net Income Prepetition (101,573,913)
Current Net Income (52,261,987)
--------------
Total Equity (17,882,868)
--------------
TOTAL LIABILITIES & EQUITY $4,538,332,455
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
September 1 to 30, 2007
Loans Held for Sale
Interest Income $362,543
Interest Expense (676,869)
Servicing Expense -
--------------
Net Interest Income 314,325
Loans Held for Investment
Interest Income 28,934,269
Interest Expense (18,735,679)
Servicing Expense (1,690,455)
--------------
Net Interest Income 8,508,135
Gains on Sale 8,963
Premiums Paid -
Loan Points -
Loan Origination Fees -
Broker Fees Received -
--------------
Production Income 8,963
Servicing and Prepayment Income 190,252
Late Charges 977
--------------
Total Servicing Fees 191,229
Other income (714,927)
--------------
Total Revenue 7,679,074
Salaries 1,448,270
Bonuses 26,107
Commissions 9,542
Employee Benefits 22,298
Payroll Taxes 84,315
Meetings & Travel 27,469
Meals & Entertainment 7,643
--------------
Total Personnel Expenses 1,625,645
Rent 319,632
Telephone 83,075
Office Supplies 492
Shipping & Postage 4,569
Equipment 2,205,873
--------------
Total Office Expenses 2,613,641
Professional expense 21,145
Marketing -
Loan Related Expenses 232,323
Banking -
Other Taxes/Licenses/Fees (807)
Other Expenses 76,377
--------------
Total Other Expenses 329,038
Direct Operating Expense 4,568,323
Direct Operating Income 3,110,751
Loan Loss Provision 14,971,531
Deferred SFAS 91 Expenses 59,400
Sub Debt Expense -
Depreciation Expense 501,412
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 15,532,343
--------------
Total Expenses 20,100,666
Income (Loss) Before Taxes (12,421,592)
Federal and State Income Taxes (4,782,309)
--------------
Net Income (Loss) ($7,639,283)
==============
A full-text copy of the Debtors' MOR is available at no charge at
http://ResearchArchives.com/t/s?262d
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.
The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, &
Jones, L.L.P., serve as counsel to the Debtors. The Official
Committee of Unsecured Creditors is represented by Landis Rath &
Cobb LLP. In schedules filed with the Court, Aegis disclosed
total assets of $138,265,342 and total debts of $4,125,470. The
Debtors' exclusive period to file a plan expires on Dec. 11, 2007.
(Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AEGIS MORTGAGE: Aegis Fund Amends Schedules of Assets and Debts
---------------------------------------------------------------
Aegis Funding Corporation filed an amended Schedules of Assets
and Liabilities to change the amount of Unsecured Priority Claims
asserted by creditors, from $18,265 to $86,513, bringing the
total liabilities from $182,253 to $250,500.
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.
The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, &
Jones, L.L.P., serve as counsel to the Debtors. The Official
Committee of Unsecured Creditors is represented by Landis Rath &
Cobb LLP. In schedules filed with the Court, Aegis disclosed
total assets of $138,265,342 and total debts of $4,125,470. The
Debtors' exclusive period to file a plan expires on Dec. 11, 2007.
(Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AEGIS MORTGAGE: Aegis Wholesale Amends Schedules of Assets & Debts
------------------------------------------------------------------
Aegis Wholesale Corporation filed an amended Schedules of Assets
and Liabilities to change the amount of Unsecured Priority Claims
asserted by creditors, from $492,399 to $1,366,571, bringing the
total liabilities from $3,435,325 to $4,309,497.
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.
The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, &
Jones, L.L.P., serve as counsel to the Debtors. The Official
Committee of Unsecured Creditors is represented by Landis Rath &
Cobb LLP. In schedules filed with the Court, Aegis disclosed
total assets of $138,265,342 and total debts of $4,125,470. The
Debtors' exclusive period to file a plan expires on Dec. 11, 2007.
(Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AEGIS MORTGAGE: Aegis Lending Amends Schedules of Assets and Debts
------------------------------------------------------------------
Aegis Lending Corporation filed an amended Schedules of Assets
and Liabilities to change the amount of Unsecured Priority Claims
asserted by creditors, from $28,202 to $32,922, which brings its
total liabilities from $837,111 to $841,831.
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.
The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, &
Jones, L.L.P., serve as counsel to the Debtors. The Official
Committee of Unsecured Creditors is represented by Landis Rath &
Cobb LLP. In schedules filed with the Court, Aegis disclosed
total assets of $138,265,342 and total debts of $4,125,470. The
Debtors' exclusive period to file a plan expires on Dec. 11, 2007.
(Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AEGIS MORTGAGE: Four Affiliates Amend Schedules of Assets & Debts
-----------------------------------------------------------------
Four other debtor-affiliates of Aegis Mortgage Loan Servicing
Corporation filed with the U.S. Bankruptcy Court for the District
of Delaware amended their schedules of assets and liabilities to
change the amounts of the Unsecured Priority Claims:
Assets Liabilities
------ -----------
Aegis REIT Corporation 3,427 $0
Solutions Settlement of
America Corporation 0 125
Solutions Title of
America Corporation 220,840 285,053
Meanwhile, Aegis Mortgage Loan Servicing Corporation also filed
an amended Schedule of Assets and Liabilities to inform the
Court that it no longer have any assets left.
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.
The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, &
Jones, L.L.P., serve as counsel to the Debtors. The Official
Committee of Unsecured Creditors is represented by Landis Rath &
Cobb LLP. In schedules filed with the Court, Aegis disclosed
total assets of $138,265,342 and total debts of $4,125,470. The
Debtors' exclusive period to file a plan expires on Dec. 11, 2007.
(Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
FEDDERS CORPORATION: Incurs $686,000 Net Loss in Aug. 22-31, 2007
-----------------------------------------------------------------
Fedders Corporation and its debtor-affiliates generated net sales
for the stub period Aug. 22, 2007, to Aug. 31, 2007, were
$4,480,000 and incurred a net loss of $686,000 for the period.
The Debtors' balance sheet as of Aug. 31, 2007, showed total
assets of $187,960,000, and total liabilities of $345,904,000,
resulting in total stockholders' deficit of $157,944,000.
Net cash used during the period was $2,472,000.
A full-text copy of the Debtors' operating report is available for
free at http://ResearchArchives.com/t/s?2626
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.
The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates
filed for separate Chapter 11 cases. Norman L. Pernick, Esq. of
Saul, Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts. The Debtors have selected Logan &
Company Inc. as claims and noticing agent. The U.S. Trustee for
region 3 has appointed an Official Committee of Unsecured
Creditors on this case. When the Debtors filed for protection, it
listed total assets of $186,300,000 and total debts of
$322,000,000.
The company has production facilities in the United States in
Illinois, North Carolina, New Mexico, and Texas and
international production facilities in the Philippines, China
and India.
FEDDERS CORPORATION: Incurs $4,321,000 Net Loss in September 2007
-----------------------------------------------------------------
Fedders Corporation and its debtor-affiliates generated net sales
for the month ended Sept. 30, 2007, were $7,160,000 and incurred a
net loss of $4,321,000 for the period.
The Debtors' balance sheet as of Sept. 30, 2007, showed total
assets of $181,361,000, and total liabilities of $343,430,000,
resulting in total stockholders' deficit of $162,069,000.
Net cash used during the period was $1,212,000.
A full-text copy of the Debtors' operating report is available for
free at http://ResearchArchives.com/t/s?2627
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers.
The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates
filed for separate Chapter 11 cases. Norman L. Pernick, Esq. of
Saul, Ewing, Remick & Saul LLP represents the Debtors in their
restructuring efforts. The Debtors have selected Logan &
Company Inc. as claims and noticing agent. The U.S. Trustee for
region 3 has appointed an Official Committee of Unsecured
Creditors on this case. When the Debtors filed for protection, it
listed total assets of $186,300,000 and total debts of
$322,000,000.
The company has production facilities in the United States in
Illinois, North Carolina, New Mexico, and Texas and
international production facilities in the Philippines, China
and India.
JAYS FOODS: Files Operating Report for Month Ended October 28
-------------------------------------------------------------
Jays Foods Inc. submitted to the the U.S. Bankruptcy Court for
the Northern District of Illinois its monthly operating report for
the period ended Oct. 28, 2007.
Beginning Balance ($83,421)
Receipts:
Operations 4,100,392
Other Receipts 8,553
Less: Total Disbursements 4,437,159
Net Receipts ($336,767)
Outstanding Checks 115,769
Route Deposits in Transit (22,697)
DIP Loan Borrowings/(Repayments) 416,321
----------
Ending Balance $89,204
Chicago-based Jays Foods Inc. -- http://www.jaysfoods.com/--
wholesales confectionery products and manufactures snack chip
products. Jays Foods leases real property, and owns certain
equipment, in Chicago, Illinois where it operates a manufacturing
facility that makes snacks mostly under the Jays, O-KE-DOKE and
Krunchers brand names. Jays is 100% owned by Jays Holding
Company, Inc.
The company, then known as Jays Food LLC, first filed for chapter
11 protection on March 5, 2004 (Bankr. N.D. Ill. Case No. 04-
08681). David Missner, Esq., Marc I. Fenton, Esq. and Thomas
Zwartz, Esq. at Piper Rudnick LLP were counsels to the Debtor. In
the March 2004 case, a Section 363 sale took place and most of the
assets of former Jays Foods were sold to Jays Foods Acquisition
Inc., predecessor to Jays Foods Inc. The March 2004 case was
closed on or about March 9, 2007.
Select Snacks Inc., on the other hand, owns real property,
improvements and equipment in Jeffersonville, Indiana where it
operates a manufacturing facility that makes private label and co-
manufactured snacks for its customers. Select Snacks is 100%
owned by Select Snacks Holdings Company, Inc.
Both Select Holding and Jays Holding are 100% owned by Ubiquity
Brands LLC.
As of the Oct. 11, 2007, the Debtors had approximately 943
employees of which Select has 262 (211 union employees and, 51
non-union employees) and Jays has 681 total employees (236 union
employees and 445 non-union employees).
Jays Foods and Select Snacks filed voluntary chapter 11 petitions
on Oct. 11, 2007 (Bankr. N.D. Ill. Case Nos. 07-18768 and
07-18769). Mark K. Thomas, Esq., Brian I. Swett, Esq., Jeremy T.
Stillings, Esq., Myja K. Kjaer, Esq., at Winston & Strawn LLP,
represent the Debtors. Kurtzman Carson Consultants LLC serve as
their notice, claims and balloting agent. The Official Committee
of Unsecured Creditors has selected Jeffrey N. Pomerantz, Esq.,
and Jeffrey W. Dulberg, Esq., at Pachulski Stang Ziehl & Jones
LLP, as its counsel. The Debtors' schedueles of assets and
liabilities disclose total assets of $40,709,164 and total
liabilities of $30,745,755.
JAYS FOODS: Select Snacks Files Operating Report for October 2007
-----------------------------------------------------------------
Select Snacks Inc. submitted to the U.S. Bankruptcy Court for the
Northern District of Illinois its monthly operating report for the
period ended Oct. 28, 2007.
Beginning Balance ($37,328)
Receipts:
Operations 1,054,417
Other Receipts 0
Less: Total Disbursements 1,310,290
Outstanding Checks 26,595
DIP Loan Borrowings/(Repayments) 368,253
Net Receipts $138,976
----------
Ending Balance $101,647
Chicago-based Jays Foods Inc. -- http://www.jaysfoods.com/--
wholesales confectionery products and manufactures snack chip
products. Jays Foods leases real property, and owns certain
equipment, in Chicago, Illinois where it operates a manufacturing
facility that makes snacks mostly under the Jays, O-KE-DOKE and
Krunchers brand names. Jays is 100% owned by Jays Holding
Company, Inc.
The company, then known as Jays Food LLC, first filed for chapter
11 protection on March 5, 2004 (Bankr. N.D. Ill. Case No. 04-
08681). David Missner, Esq., Marc I. Fenton, Esq. and Thomas
Zwartz, Esq. at Piper Rudnick LLP were counsels to the Debtor. In
the March 2004 case, a Section 363 sale took place and most of the
assets of former Jays Foods were sold to Jays Foods Acquisition
Inc., predecessor to Jays Foods Inc. The March 2004 case was
closed on or about March 9, 2007.
Select Snacks Inc., on the other hand, owns real property,
improvements and equipment in Jeffersonville, Indiana where it
operates a manufacturing facility that makes private label and co-
manufactured snacks for its customers. Select Snacks is 100%
owned by Select Snacks Holdings Company, Inc.
Both Select Holding and Jays Holding are 100% owned by Ubiquity
Brands LLC.
As of the Oct. 11, 2007, the Debtors had approximately 943
employees of which Select has 262 (211 union employees and, 51
non-union employees) and Jays has 681 total employees (236 union
employees and 445 non-union employees).
Jays Foods and Select Snacks filed voluntary chapter 11 petitions
on Oct. 11, 2007 (Bankr. N.D. Ill. Case Nos. 07-18768 and
07-18769). Mark K. Thomas, Esq., Brian I. Swett, Esq., Jeremy T.
Stillings, Esq., Myja K. Kjaer, Esq., at Winston & Strawn LLP,
represent the Debtors. Kurtzman Carson Consultants LLC serve as
their notice, claims and balloting agent. The Official Committee
of Unsecured Creditors has selected Jeffrey N. Pomerantz, Esq.,
and Jeffrey W. Dulberg, Esq., at Pachulski Stang Ziehl & Jones
LLP, as its counsel. The Debtors' schedueles of assets and
liabilities disclose total assets of $40,709,164 and total
liabilities of $30,745,755.
LEVITT AND SONS: LAS Hernando Files Schedules of Assets and Debts
-----------------------------------------------------------------
Levitt and Sons of Manatee County LLC filed with the U.S.
Bankruptcy Court for the Southern District of Florida its
schedules of assets and liabilities, disclosing:
LEVITT AND SONS OF HERNANDO COUNTY, LLC
A. Real Property $14,332,645
B. Personal Property
B.1 Cash on hand 1,000
B.9 Insurance Policies unknown
B.16 Accounts Receivable
Gator Door East Inc 3,661
HomeBanc Receivable 5,704
Stock Buiding Supply Central Fl 529
West Orange Lumber 464
B.23 Licenses, franchises & other intangibles unknown
TOTAL SCHEDULED ASSETS $14,344,003
==========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims 96,478,908
E. Creditors Holding Unsecured Priority Claims 983,200
F. Creditors Holding Unsecured Non-priority Claims
Trade Payable - Unsecured Claims 408,397
Duratek Precast Technologies Inc 17,772
TOTAL SCHEDULED LIABILITIES $97,888,277
==========================================================
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 to file a plan expires on March 8,
2008. (Levitt and Sons Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)
LEVITT AND SONS: LAS Manatee Files Schedules of Assets and Debts
----------------------------------------------------------------
Levitt and Sons of Manatee County LLC filed with the U.S.
Bankruptcy Court for the Southern District of Florida its
schedules of assets and liabilities, disclosing:
LEVITT AND SONS OF MANATEE COUNTY, LLC
A. Real Property $18,892,640
B. Personal Property
B.1 Cash on hand 1,070
B.16 Accounts Receivable
Broadstar Holdings LLP 3,657
Cq Insulation Inc 4,515
Csc Seamless Gutters LLC 2,919
Hgo Door & Trim Inc 103
Horizon Construction Services 18,021
Smith Metal & Drywall Central Fl 9,438
TOTAL SCHEDULED ASSETS $18,932,364
==========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims $9,660,112
E. Creditors Holding Unsecured Priority Claims 931,137
F. Creditors Holding Unsecured Non-priority Claims
Trade Payable 1,213,879
Retention 7,749
TOTAL SCHEDULED LIABILITIES $11,812,877
==========================================================
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 to file a plan expires on March 8,
2008. (Levitt and Sons Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)
LEVITT AND SONS: LAS Tradition Files Schedules of Assets and Debts
------------------------------------------------------------------
Levitt and Sons at Tradition LLC filed with the U.S. Bankruptcy
Court for the Southern District of Florida its schedules of assets
and liabilities, disclosing:
LEVITT AND SONS AT TRADITION, LLC
A. Real Property
Various land and houseline property
(inventory held for resale purposes) $54,192,639
B. Personal Property
B.1 Cash on hand 4,000
B.13 Stock and Interests Undetermined
B.16 Accounts Receivable 534
B.21 Other Contingent and Unliquidated Claims Undetermined
TOTAL SCHEDULED ASSETS $54,197,173
==========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
KeyBank, Edward M. Cochran
Boca Raton, Florida $96,478,908
E. Creditors Holding Unsecured Priority Claims
Unsecured Priority Claimants:
Alessandro, Thomas & Maria 51,783
Alperin, Nadine 66,219
Angela & James Sutherland 52,380
Michael & Anita Gruttadaurio 91,044
Others 3,147,794
City of Port St. Lucie 1,060
St. Lucie County Fire District 109
St. Lucie County Sheriffs Office 87
F. Creditors Holding Unsecured Non-priority Claims
Trade Payable:
Certified Building Contractors 115,635
East coast Bobcat Inc. 143,424
H&J Contracting Inc. 201,077
Others 1,688,014
Litigation Undetermined
Commission Payable 0
TOTAL SCHEDULED LIABILITIES $102,037,534
==========================================================
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 to file a plan expires on March 8,
2008. (Levitt and Sons Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)
MOVIE GALLERY: Submits Schedules of Assets and Liabilities
----------------------------------------------------------
Movie Gallery Inc. and its debtor-affiliates submitted to the
U.S. Bankruptcy Court for the Southern District of Florida their
schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts 0
B.3 Security Deposit 0
B.4 Household good 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
Liberty Mutual Insurance Company 504,062
Zurich American Insurance Company 203,606
St. Paul Fire and Marine Insurance Company 73,700
Liberty Mutual Fire Insurance Company 71,710
Others 145,672
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 0
B.13 Stock and Interests Undetermined
B.14 Interests in partnerships & joint venture 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable 0
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 &n