/raid1/www/Hosts/bankrupt/TCR_Public/071208.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 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
-----------------------------------------------------------------
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 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 $998,750
========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Goldman Sachs 718,758,711
Wells Fargo Bank, N.A. 183,217,740
Capitalsource Finance LLC Undetermined
Capitalsource Finance as Collateral Agent Undetermined
Wachovia Bank, N.A. Undetermined
Wachovia Bank, N.A. as Collateral Agent Undetermined
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
US Bank Corporate Trust Services 338,844,417
G. Executory Contracts and Unexpired Leases 0
H. Codebtors 0
I. Current Income of Individual Debtors 0
J. Current Expenditures of Individual Debtors 0
TOTAL SCHEDULED LIABILITIES $1,240,820,869
========================================================
Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer. It operates over 4,600 stores in the United
States, Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.
The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853. Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors. Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel. The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.
When the Debtors' filed for protection from their creditors,
they listed total assets of $891,993,000 and total liabilities
of $1,419,215,000.
The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.
The Debtors' spokeswoman Meaghan Repko said the company does not
expect to exit bankruptcy protection before the second quarter of
2008.
(Movie Gallery Bankruptcy News, Issue No. 10; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)
NETBANK INC: Files Monthly Operating Report for Sept. 29-30, 2007
-----------------------------------------------------------------
NetBank Inc. filed its operating report for the period Sept. 29,
2007 to Sept. 30, 2007.
Funds available at the beginning of the period and available for
operations were $3,429,775. There were no disbursements for the
period, resulting in ending balance of $3,429,775.
A full-text copy of the Debtor's operating report is available for
free at http://ResearchArchives.com/t/s?2628
Headquartered in Jacksonville, Florida, NetBank Inc. --
http://www.netbank.com/-- is a financial holding company of
Netbank, the United States' oldest Internet bank serving retail
and business customers in all 50 states. NetBank Inc. does retail
banking, mortgage banking, business finance, and providing ATM and
merchant processing services.
The company filed for Chapter 11 protection on Sept. 28, 2007
(Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at
Holland & Knight LLP. In its schedules filed with the Court, the
Debtor disclosed total assets of $5,746,867 and total debts of
$35,213,265.
Attorneys at Kilpatrick Stockton LLP and Rogers Towers P.A.,
represent the Official Committee of Unsecured Creditors.
NETBANK INC: Files Monthly Operating Report for October 2007
------------------------------------------------------------
NetBank Inc. filed its operating report for the period Oct. 31,
2007.
Funds available at the beginning of the period were $3,429,775.
Total receipts for the period were $1,826,407, resulting in total
funds available for operations of $5,256,182. Total disbursements
for the period were $26,316, resulting in ending balance of
$5,229,865.
A full-text copy of the Debtor's operating report is available for
free at http://ResearchArchives.com/t/s?262a
Headquartered in Jacksonville, Florida, NetBank Inc. --
http://www.netbank.com/-- is a financial holding company of
Netbank, the United States' oldest Internet bank serving retail
and business customers in all 50 states. NetBank Inc. does retail
banking, mortgage banking, business finance, and providing ATM and
merchant processing services.
The company filed for Chapter 11 protection on Sept. 28, 2007
(Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at
Holland & Knight LLP. In its schedules filed with the Court, the
Debtor disclosed total assets of $5,746,867 and total debts of
$35,213,265.
Attorneys at Kilpatrick Stockton LLP and Rogers Towers P.A.,
represent the Official Committee of Unsecured Creditors.
PACIFIC LUMBER: Scotia Dev't Files October 2007 Operating Report
----------------------------------------------------------------
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of October 31, 2007
ASSETS
Current Assets
Cash $590,317
Accounts receivable, net 6,171,458
Inventory: lower cost or market 21,555,476
Prepaid expenses 5,109,263
Prepaid Restructuring 200,000
Investments 0
Other 237,575
------------
Total Current Assets 33,864,089
Property, Plant & Equipment 214,527,675
Less: Accumulated Depreciation (139,499,564)
------------
Net book value of property & plant 75,028,111
Other Assets
Notes Receivable 477,438
Deferred Financing Costs 6,325,652
Long-term Investments 2,872,506
Restricted Cash 2,509,580
Restricted Cash-Letter of Credit Collateralization 12,405,351
Deferred Tax Assets 13,652,208
------------
TOTAL ASSETS $147,134,934
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $1,621,074
Tax payable
Federal payroll taxes 37,358
State payroll taxes 5,530
Ad valorem taxes 200,015
Other taxes 20,703
------------
Total taxes payable 263,606
Secured debt postpetition 70,228,574
Accrued interest payable 1,068,852
Accrued professional fees 3,049,169
Other accrued liabilities
Trade Accruals 1,857,967
Compensation and Benefits 1,981,050
Other Accrued 324,727
Due to(from) Affiliate/Parent (102,683)
------------
Total Postpetition Liabilities 80,292,337
Prepetition Liabilities
Notes payable - Secured 84,277,251
Priority debt 3,444,380
Federal income tax (17,006)
FICA/ Withholding 0
Unsecured debt 2,999,685
Other 33,667,162
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 166,032,977
------------
Total Liabilities 246,325,315
Owner's Equity (Deficit)
Equity in Affiliates 525,438,702
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (794,985,292)
Retained Earnings: Post Filing Date (105,191,080)
------------
Total Owner's Equity (99,190,381)
------------
TOTAL LIABILITIES & OWNERS EQUITY $147,134,934
============
Scotia Development LLC, et al.
Statement of Income
for the Period Ended October 31, 2007
Revenues $6,677,254
Total cost of revenues 7,698,651
------------
Gross Profit (1,021,397)
Operating Expenses
Selling & Marketing 94,754
General & Administrative 375,620
Insiders Compensation 107,712
Professional Fees 0
Idle Facilities 189,670
Environmental 21,830
------------
Total Operating Expenses 789,585
------------
Income before interest, depreciation, tax (1,810,982)
Interest Expense 1,570,476
Depreciation 859,031
Other (Income) Expenses (10,013)
Amortization of Deferred Financing Costs 387,997
Restructuring
Professional Fees 1,442,743
Other 132,773
Equity Loss (Earnings) in Subsidiary 4,628,103
Total Interest, Depreciation & Other Items 9,011,110
------------
Net Income Before Taxes (10,822,092)
Federal Income Tax 0
------------
Net Income (Loss) ($10,822,092)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended October 31, 2007
Receipts
Cash Sales $53,045
Collection of Accounts Receivable 9,994,459
Loans & Advances 3,003,040
Sale of Assets 0
Other 2,453,515
------------
Total Receipts 15,504,059
Disbursements
Net payroll 869,555
Payroll taxes paid 365,746
Sales, use & other taxes paid 9,349
Secured/rentals/leases 248,705
Utilities & telephone 85,622
Insurance 1,233,019
Cost of goods sold 5,656,159
Vehicle expenses 124,139
Travel & entertainment 32,009
Repairs, maintenance & supplies 727,009
Administrative & selling 1,195,459
Interest 3,457,238
Other 43,752
------------
Total Disbursements from operations 14,047,760
Professional fees 1,049,292
U.S. Trustee fees 0
Other reorganization expenses 0
------------
Total Disbursements 15,097,053
------------
Net Cash Flow -- 407,006
------------
Cash, at the beginning of the month 183,310
------------
Cash, at the end of the month $590,317
============
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. John F. Higgins, Esq., and James Matthew
Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co-
counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors filed their Joint Plan of
Reorganization on Sept. 30, 2007. The Debtors' exclusive period
to file a chapter 11 plan expired on the same date.
(Scotia/Pacific Lumber Bankruptcy News, Issue No. 36,
http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: ScoPac Files October 2007 Operating Report
----------------------------------------------------------
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of October 31, 2007
ASSETS
Current Assets
Cash $48,654,685
Accounts receivable, net 4,100,965
Inventory: lower cost or market 2,084,826
Prepaid expenses 6,198,513
Prepaid Restructuring 939,671
Investments 0
Other 639,145
-------------
Total Current Assets 62,617,805
Property, Plant & Equipment 600,144,233
Less: Accumulated Depreciation (358,914,670)
-------------
Net book value of property & plant 241,229,563
Other Assets
Capitalized Expenses 10,687,186
-------------
TOTAL ASSETS $314,534,555
=============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $106,688
Tax payable
Federal payroll taxes 11,325
State payroll taxes 342
Ad valorem taxes 210,000
Other taxes 96,138
------------
Total taxes payable 317,805
Secured debt postpetition 0
Accrued interest payable 42,430,127
Accrued professional fees 5,161,465
Other accrued liabilities
Unsecured Debt 2,779,557
Payroll 427,425
Other 328,818
------------
Total Postpetition Liabilities 51,551,884
Prepetition Liabilities
Notes payable - Secured 767,333,213
Priority debt 207,812
Federal income tax 0
FICA/ Withholding 0
Unsecured debt 3,500,651
Other 235,944
------------
Total Prepetition Liabilities 771,277,620
------------
Total Liabilities 822,829,504
Owner's Equity (Deficit)
Preffered Stock 0
Common Stock 20,384,905
Additional Paid-in Capital 179,838,186
Retained Earnings: Filing Date (662,058,832)
Retained Earnings: Post Filing Date (46,459,208)
------------
Total Owner's Equity (508,294,949)
------------
TOTAL LIABILITIES & OWNERS EQUITY $314,534,555
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended October 31, 2007
Revenues $4,409,885
Total cost of revenues 1,592,781
------------
Gross Profit 2,817,104
Operating Expenses
Selling & Marketing 0
General & Administrative 229,824
Insiders Compensation 0
Professional Fees 0
Idle Facilities 0
Environmental 0
------------
Total Operating Expenses 229,824
------------
Income before interest, depreciation, tax 2,587,280
Interest Expense 5,049,182
Depreciation 821,717
Other (Income) Expenses (234,316)
Amortization of Deferred Financing Costs 0
Restructuring
Professional Fees 1,505,000
Other 73,800
Equity Loss (Earnings) in Subsidiary 0
Total Interest, Depreciation & Other Items 7,215,383
------------
Net Income Before Taxes (4,628,103)
Federal Income Tax 0
------------
Net Income (Loss) ($4,628,103)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended October 31, 2007
Receipts
Cash Sales $0
Collection of Accounts Receivable 0
Loans & Advances 0
Sale of Assets 0
Interest Income 213,684
Log Sales to Palco less Reimbursable 2,950,856
Other 0
------------
Total Receipts 3,164,540
Disbursements
Net payroll 231,953
Payroll taxes paid 83,313
Sales, use & other taxes paid 463,015
Secured/rentals/leases 3,551
Utilities & telephone 348
Insurance 71,785
Cost of goods sold 0
Vehicle expenses 0
Travel & entertainment 0
Repairs, maintenance & supplies 0
Administrative & selling 562,564
Decking, logging & hauling 1,708,517
Other 0
------------
Total Disbursements from operations 3,125,046
Professional fees 2,684,431
U.S. Trustee fees 0
Interest 236,385
Other reorganization expenses 0
------------
Total Disbursements 6,045,863
------------
Net Cash Flow (2,881,323)
------------
Cash, at the end of the month $48,654,685
============
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. John F. Higgins, Esq., and James Matthew
Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co-
counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors filed their Joint Plan of
Reorganization on Sept. 30, 2007. The Debtors' exclusive period
to file a chapter 11 plan expired on the same date.
(Scotia/Pacific Lumber Bankruptcy News, Issue No. 36,
http://bankrupt.com/newsstand/or 215/945-7000).
PUBLICARD INC: Posts $46,288 Net Loss in October 31, 2007
---------------------------------------------------------
For the month ended Oct. 31, 2007, PubliCARD Inc. incurred a
net loss of $46,288 on zero revenues.
The company's balance sheet as of Oct. 31, 2007, showed total
assets of $55,519 and total liabilities of $482,271 resulting in
a total stockholders deficit of $426,752.
The company's October 31 balance sheet also showed strained
liquidity with $51,777 in total current assets available to pay
$313,821 in total pre-petition current liabilities and $168,450 in
total post-petition current liabilities.
A full-text copy of the company's monthly operating report for the
month ended Sept. 31, 2007, is available for free at:
http://ResearchArchives.com/t/s?262b
PubliCARD Inc. is a smart card technology company that provides
products and solutions to facilitate secure access and
transactions. PubliCARD also licenses smart card reader
technology and the integrated circuit technology within readers.
Headquartered in New York, PubliCARD Inc. fka Publicker Inc. filed
a chapter 11 petition on May 17, 2007 (Bankr. S.D.N.Y. Case No.
07-11517). David C. McGrail, Esq., at the Law Offices of David C.
McGrail in New York represents the Debtor in its restructuring
efforts. The company listed assets and debts between $100,000 to
$500,000 when it sought bankruptcy protection.
SOLUTIA INC: Incurs $3,000,000 Net Loss in Month Ended October 31
-----------------------------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated Financial Position
As of October 31, 2007
ASSETS
Cash $9,000,000
Trade Receivables, net 219,000,000
Account Receivables-Unconsolidated Subsidiaries 67,000,000
Inventories 162,000,000
Other Current Assets 85,000,000
Assets of Discontinued Operations 6,000,000
--------------
Total Current Assets 548,000,000
Property, Plant and Equipment, net 649,000,000
Investments in Subsidiaries and Affiliates 687,000,000
Intangible Assets, net 100,000,000
Other Assets 58,000,000
--------------
Total Assets $2,042,000,000
==============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $219,000,000
Short Term Debt 924,000,000
Other Current Liabilities 174,000,000
Liabilities of Discontinued Operations 3,000,000
--------------
Total Current Liabilities 1,320,000,000
Long-Term Debt 19,000,000
Other Long-Term Liabilities 175,000,000
--------------
Total Liabilities not Subject to Compromise 1,514,000,000
Liabilities Subject to Compromise 1,939,000,000
Shareholders' Deficit (1,411,000,000)
--------------
Total Liabilities & Shareholders' Deficit $2,042,000,000
==============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended October 31, 2007
Total Net Sales $231,000,000
Total Cost Of Goods Sold 207,000,000
--------------
Gross Profit 24,000,000
Total MAT Expense 17,000,000
--------------
Operating Income (Loss) 7,000,000
Equity Earnings from Affiliates 0
Interest Expense, net (9,000,000)
Other Income, net 5,000,000
Reorganization Items:
Professional fees (5,000,000)
Employee severance and retention costs (1,000,000)
Adjustment to allowed claim amounts 0
Settlements of prepetition claims 0
--------------
(6,000,000)
--------------
Income from continuing operations before taxes (3,000,000)
Income tax expense (benefit) 0
Income from discontinued operations 0
--------------
Net Loss ($3,000,000)
==============
Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in the
manufacture and sale of chemical-based materials, which are used
in consumer and industrial applications worldwide. The company
and 15 debtor-affiliates filed for chapter 11 protection on Dec.
17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors
filed for protection from their creditors, they listed
$2,854,000,000 in assets and $3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP,
in New York, as lead bankruptcy counsel, and David A. Warfield,
Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St.
Louis Missouri, as special counsel. Trumbull Group LLC is the
Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira
S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss
Hauer & Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice. The Official Committee of Retirees of Solutia, Inc., et
al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke,
Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne,
LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E.
Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter
Young & Rediker, LLC, in Birmingham, Alabama.
On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement. On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan. The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007,
the Debtor re-filed a Consensual Plan & Disclosure Statement and
on November 29, the Court confirmed the Debtors' Consensual Plan.
(Solutia Bankruptcy News, Issue No. 110; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
* * *
Solutia carries Moody's Investors Service's B1 Corporate Family
Rating and Probability of Default Rating.
SONICBLUE INC: Incurs $42,377 Net Loss in Month Ended August 31
---------------------------------------------------------------
SONICBlue Incorporated and its debtor-affiliates submitted to the
U.S. Bankruptcy Court for the Northern District of California
their monthly operating report for August 2007.
For the month ended Aug. 31, 2007, the Debtors incurred a net loss
of $42,377 on zero revenues.
As of Aug. 31, 2007, the Debtors' balance sheet showed total
assets of $85,992,541 (all are considered current assets), total
liabilities of $243,212,292, of which $1,956,774 are current.
The Debtors' statement of cash receipts and disbursements for
August 2007 disclose:
Cash Balance, Beginning $85,696,432
Total Receipts $354,985
Less: Total Disbursements 58,876
Excess $296,109
Cash Balance, End $85,992,541
Based in Santa Clara, California, SONICblue Incorporated is
involved in the converging Internet, digital media, entertainment
and consumer electronics markets. The company, together with
three of its wholly owned subsidiaries, Diamond Multimedia Systems
Inc., ReplayTV Inc., and Sensory Science Corporation, filed for
Chapter 11 protection on Mar. 21, 2003 (Bankr. N.D. Calif. Case
Nos. 03-51775 to 03-51778). When the Debtors filed for protection
from their creditors, they listed assets totaling $342,871,000 and
debts totaling $335,473,000.
The Court disqualified Pillsbury Winthrop Shaw Pittman LLP as the
Debtors' bankruptcy counsel due to the firm's failure to disclose
conflicts of interest and the evidence of a "Fraud on the Court
Motion" filed by SonicBlue Claims LLC, a company created to buy
creditors' claims. As a result, the Court appointed Dennis J.
Connolly as the Chapter 11 trustee in the Debtors' cases.
*********
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. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
*** End of Transmission ***