T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, January 12, 2008, Vol. 12, No. 10
Headlines
AEGIS MORTGAGE: Posts $65,792,995 Net Loss in October 1-31, 2007
ARMSTRONG WORLD: Desseaux Files November 2007 Operating Report
ARMSTRONG WORLD: Nitram Files November 2007 Operating Report
CATHOLIC CHURCH: Davenport Files Operating Report for Nov. 2007
DELPHI CORPORATION: Amends November 2007 Monthly Operating Report
DURA AUTOMOTIVE: Posts $12,399,000 Net Loss in November 2007
FIRST MAGNUS: Incurs $8,107,038 Net Loss in Month Ended Nov. 30
LEVITT AND SONS: Files November 2007 Monthly Operating Report
MORTGAGE LENDERS: Posts $1,875,004 Net Loss in September 2007
MORTGAGE LENDERS: Posts $531,251 Net Loss in Month Ended Oct. 31
MOVIE GALLERY: Posts $117,146,000 Net Loss in Month Ended Nov. 4
MOVIE GALLERY: Earns $36,439,000 in Month Ended December 2, 2007
PACIFIC LUMBER: ScoPac Files November 2007 Operating Report
PACIFIC LUMBER: Scotia Dev't Files November 2007 Operating Report
POPE & TALBOT: Files Schedules of Assets and Liabilities
POPE & TALBOT: P&T Ltd. Files Schedules of Assets and Debts
POPE & TALBOT: P&T Lumber Files Statement of Assets and Debts
POPE & TALBOT: P&T Spearfish Files Statement of Assets and Debts
*********
AEGIS MORTGAGE: Posts $65,792,995 Net Loss in October 1-31, 2007
----------------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of October 31, 2007
Assets
Unrestricted Cash & Equivalents $18,249,891
Restricted Cash and Equivalents 20,191,821
--------------
Total Cash and Cash Equivalents 38,441,713
Prime loans 13,727,487
Nonconforming Loans 12,265,214
Loan Premium, net 2,013,671
Repurchased Loans 17,095,280
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 45,101,652
ABS Nonconforming 3,659,308,285
ABS Loan Premium, net (19,716,325)
ABS Loan Loss Reserve (224,668,594)
--------------
Mortgage Loans Held for Investment 3,414,923,366
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 26,182,789
--------------
Accrued Interest Receivable 26,182,789
Mortgage Servicing Rights -
Property and Equipment, net 6,367,886
Deferred Income Taxes 131,270,981
Goodwill -
Prepaid Rent and Deposits 944,160
Derivative Assets 6,123,593
Receivable for Advances 44,950,230
Servicer Related 427,094
Other Assets 641,295,468
Intercompany Receivable -
--------------
TOTAL ASSETS $4,356,028,930
==============
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 3,512,560,457
NAS IO Bonds Payable 20,700,000
NIM Bonds Payable 53,185,643
Bond Premium, net (24,254,884)
--------------
Bond Financing on Mortgage 3,562,191,215
Loans Held for Investment
Subordinated Debt 177,156,872
Accrued Interest Payable 8,175,037
Accounts Payable and
Accrued Expenses 88,964,944
Notes Payable-Other -
--------------
Total Liabilities 4,433,381,142
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income -
Paid in Capital 50,959,490
Distributions -
Treasury Stock -
Dividends (32,500)
Retained Earnings 91,041,942
Current Net Income Prepetition (101,661,579)
Current Net Income (117,860,951)
--------------
Total Equity (77,352,212)
--------------
TOTAL LIABILITIES & EQUITY $4,356,028,930
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
October 1 to 31, 2007
Loans Held for
Sale
Interest Income $392,634
Interest Expense (1,005)
Servicing Expense (3,131)
--------------
Net Interest Income 388,497
Loans Held for Investment
Interest Income 28,157,314
Interest Expense (11,805,565)
Servicing Expense (1,646,971)
--------------
Net Interest Income 14,704,777
Gains on Sale 1,151,820
Premiums Paid (10,596)
Loan Points 7,296
Loan Origination Fees 8,904
Broker Fees Received -
--------------
Production Income (1,146,216)
Servicing and Prepayment Income 214,472
Late Charges 1,903
--------------
Total Servicing Fees 216,375
Other income (11,785,728)
--------------
Total Revenue 2,377,706
Salaries 668,848
Bonuses 540,911
Commissions -
Employee Benefits 15,324
Payroll Taxes 31,607
Meetings & Travel 20,757
Meals & Entertainment 3,612
--------------
Total Personnel Expenses 1,281,060
Rent 232,516
Telephone 25,555
Office Supplies 2,786
Shipping & Postage (618)
Equipment 3,069,628
--------------
Total Office Expenses 3,329,867
Professional expense 162,905
Marketing (10,225)
Loan Related Expenses 67,576
Banking (50)
Other Taxes/Licenses/Fees 42,470
Other Expenses 187,877
--------------
Total Other Expenses 450,554
Direct Operating Expense 5,061,481
Direct Operating Income (2,683,775)
Loan Loss Provision 62,478,487
Deferred SFAS 91 Expenses 171,500
Sub Debt Expense -
Depreciation Expense 459,233
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 63,109,220
--------------
Total Expenses 68,170,701
Income (Loss) Before Taxes (65,792,995)
Federal and State Income Taxes -
--------------
Net Income (Loss) ($65,792,995)
==============
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' exlusive plan filing period expired Jan. 11, 2008,
but the Debtors requested on Dec. 18, 2007, for an extension to
file their plan until April 9, 2008. (Aegis Bankruptcy News,
Issue No. 14, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
ARMSTRONG WORLD: Desseaux Files November 2007 Operating Report
--------------------------------------------------------------
Desseaux Corporation of North America, debtor-affiliate of
Armstrong World Industries Inc. submitted its monthly operating
report for November 2007, disclosing:
Desseaux Corp. of North America
Unaudited Balance Sheet
As of November 30, 2007
ASSETS
Current Assets $0
Plant, Property and Equipment, Net 0
Other Assets:
Investment in Subsidiary 3,885,354
Due from Parent Corporation 840
---------------
Total Assets $3,886,194
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation 66,805
Payable to Nitram Liquidators - Postpetition 8,085
---------------
Total Liabilities Not Subject to Compromise 74,890
Liabilities Subject to Compromise:
Accrued Expenses 247,768
Payable to Subsidiary 944,860
Notes Payable 2,964,500
---------------
Total Liabilities Subject to Compromise 4,157,128
Shareholder's Equity:
Common Stock 1,000
Paid-in Capital 2,499,000
Retained Deficit (2,845,824)
---------------
Total Shareholder's Equity (345,824)
---------------
Total Liabilities and Owners' Equity $3,886,194
===============
Desseaux Corp. of North America
Unaudited Statements of Operations
Month Ended November 30, 2007
Ordinary Income/Expense $0
---------------
Federal Income Taxes 0
State Taxes 0
---------------
Net Income (Loss) $0
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
(NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts. The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice. The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written confirmation
order on Aug. 18, 2006. The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. Nitram
and Desseaux relate that their First Amended Joint Plan of
Liquidation became effective on Dec. 28, 2007. The First Amended
Joint Plan of Liquidation was confirmed by Judge Judith K.
Fitzgerald of the U.S. Bankruptcy Court for the District
of Delaware on Dec. 17, 2007.
(Armstrong Bankruptcy News, Issue No. 120; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ARMSTRONG WORLD: Nitram Files November 2007 Operating Report
------------------------------------------------------------
Nitram Liquidators Inc., debtor-affiliate of Armstrong World
Industries Inc., delivered its monthly operating report for
November 2007, disclosing:
Nitram Liquidators, Inc.
Unaudited Balance Sheet
As of November 30, 2007
ASSETS
Current Assets:
Cash $11,752
Accounts Receivable 559,035
Reserve for Uncollectible Accounts (559,035)
---------------
Other Current Assets:
Deferred Tax 0
Due from Parent Corporation 952,944
Note Receivable from Southwest Recreation 6,334,948
Reserve for Receivable (6,334,948)
---------------
Total Current Assets 964,695
---------------
Plant, Property and Equipment, Net 0
Other Assets 0
---------------
Total Assets $964,695
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation $104,012
Accounts Payable - Postpetition 481
---------------
Total Liabilities Not Subject to Compromise 104,493
Liabilities Subject to Compromise:
Accounts Payable 208,148
Warranty Reserves 569,998
Due to Affiliates 8,443,772
---------------
Total Liabilities Subject to Compromise 9,221,918
Shareholder's Equity:
Common Stock 1,000
Cumulative Dividends (Preferred) 2,964,500
Dividends (284,098)
Paid-in Capital 3,459,000
Retained Deficit (14,502,117)
---------------
Total Equity (8,361,715)
---------------
Total Liabilities and Owners' Equity $964,695
===============
Nitram Liquidators, Inc.
Unaudited Statements of Operations
Month Ended November 30, 2007
Income $0
Operating Expenses 0
---------------
Operating Income (Loss) 0
Other Income (Expense)
Interest Expense (58)
---------------
Total Other Income (58)
---------------
Income (Loss) Before Capital-related Expenses ($58)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
(NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts. The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice. The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written confirmation
order on Aug. 18, 2006. The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. Nitram
and Desseaux relate that their First Amended Joint Plan of
Liquidation became effective on Dec. 28, 2007. The First Amended
Joint Plan of Liquidation was confirmed by Judge Judith K.
Fitzgerald of the U.S. Bankruptcy Court for the District
of Delaware on Dec. 17, 2007.
(Armstrong Bankruptcy News, Issue No. 120; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)
CATHOLIC CHURCH: Davenport Files Operating Report for Nov. 2007
---------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of November 30, 2007
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,249,640
Cash and cash equivalents - restricted 2,671,989
Accounts receivable, net 136,712
Inventory -
Prepaid expenses 2,272
Professional retainers 55,652
--------------
Total Current Assets 8,116,265
--------------
Property and Equipment
Real Property 3,000
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 122,874
--------------
Total Assets $8,239,139
==============
LIABILITIES AND NET ASSETS
Postpetition
Current Liabilities:
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade $24,220
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
other: -
Pass-through collections 24,840
Additional Accrued Vacations 5,574
--------------
Total Current Liabilities 54,634
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 54,634
--------------
Prepetition
Secured claims -
Priority unsecured claims 160,888
General unsecured claims 13,605,000
--------------
Total Prepetition Liabilities 13,765,888
--------------
Total Liabilities 13,820,522
--------------
Equity (deficit):
Retained earnings/deficit at filing 5,855,424
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing (11,459,359)
Post-petition contributions/distributions
or draws -
Market value adjustment 22,552
--------------
Total equity (deficit) (5,581,383)
--------------
Total liabilities & equity (deficit) $8,239,139
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending November 30, 2007
Revenues
Gross sales $403
Less: sales returns & allowances -
Net sales 403
Less: cost of goods sold -
Gross profit 403
Interest 2,656
Other income:
Charitable gifts 217,513
Insurance receipts 133,288
Investment income/fees 104,247
--------------
Total revenues 458,107
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,209
Salaries 105,460
Commissions -
Contract labor 5,327
Rent/Lease:
Personal property 150
Real property -
Insurance 81,553
Management fees -
Depreciation (10,495)
Taxes:
Employer payroll taxes 6,586
Real property taxes -
Other taxes -
Other selling -
Other administrative 37,234
Interest -
Other expenses:
Employee benefits 24,853
Charity collection 1,094
Medical assistance/Victim assistance 1,841
Utilities 4,832
Transfer to unrestricted -
Professional fees -
Sabbatical -
Cemetery perpetual care -
Youth trip expenses 90,805
--------------
Total expenses 361,449
--------------
Reorganization items:
Professional fees (23,700)
Estimate of claims payments (7,468,531)
Interest earned on accumulated cash
from resulting Chapter 11 case -
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees -
Advertising/printing/mailing -
--------------
Total reorganization items (7,492,231)
--------------
Net profit (loss) before federal &
state taxes (7,395,573)
Federal & state income taxes -
--------------
Net profit (loss) ($7,395,573)
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending November 30, 2007
Cash receipts
Rent/Leases collected $3,175
Cash received from sales 403
Interest received 2,656
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders (Sale of property) -
Capital contributions -
Annual diocesan appeal/donations 217,513
Investment income/misc. -
Insurance receipts 133,288
Tribunal/Immigration/Faith Formation fees 101,072
Decrease in prepaid/accounts receivable -
Misc./Increase in accounts payable -
--------------
Total Cash Receipts 458,107
Cash disbursements:
Payments for inventory -
Selling -
Administrative 158,160
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 150
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,209
Draws -
Commissions/Royalties -
Expense Reimbursements -
Other -
Salaries/Commissions (less employee
withholding 81,664
Management fees -
Taxes
Employee withholding 23,796
Employer payroll taxes 6,586
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 81,553
Utilities 4,832
Medical Assistance 1,841
Employee benefits 24,853
Misc 47,939
--------------
Total Cash Disbursements 443,583
--------------
Net increase (decrease) in cash 14,524
Cash balance, beginning of period 1,702,729
Cash balance, end of period $1,717,253
==============
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Iowa Case No. 06-02229) on October 10, 2006.
Richard A. Davidson, Esq., at Lane & Waterman LLP, represents the
Davenport Diocese in its restructuring efforts. Hamid R.
Rafatjoo, Esq., and Gillian M. Brown, Esq., of Pachulski Stang
Zhiel Young Jones & Weintraub LLP represent the Official Committee
of Unsecured Creditors. In its schedules of assets and
liabilities, the Davenport Diocese reported $4,492,809 in assets
and $1,650,439 in liabilities.
The Debtor was unable to file a Chapter 11 Plan of Reorganization
when its exclusive plan-filing period expired on Nov. 16, 2007.
The Court ordered the Diocese to file its Plan and disclosure
statement by Jan. 31, 2008. The Court will convene a hearing on
March 5, 2008, 1:30 p.m. to consider approval of the Disclosure
Statement. Judge Jackwig notes that the hearing is a "no
testimony hearing."
(Catholic Church Bankruptcy News, Issue No. 111; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DELPHI CORPORATION: Amends November 2007 Monthly Operating Report
-----------------------------------------------------------------
On Jan. 4, 2008, Delphi Corporation and its debtor-affiliates
delivered to the U.S. Bankruptcy Court for the Southern District
of New York an amended version of its monthly operating report for
the month ended Nov. 30, 2007.
The purpose of the amendment, according to Delphi Corp. Chief
Accounting Officer and Controller Thomas S. Timko, is to correct
a reclassification among certain line items in the unaudited
condensed combined debtors-in-possession financial statements
included in the monthly operating report filed on Dec. 31, 2007.
The monthly and year-to-date net losses in the statement of
operations were properly reported but cost of sales was
understated and equity income (loss) earnings from non-Debtor
affiliates should have included additional income of the same
amount, Mr. Timko tells the Honorable Robert Drain. The
reclassification also caused investments in non-Debtor affiliates
and accounts payable to non-Debtor affiliates on the balance sheet
to be understated by the same amount.
Mr. Timko relates that the monthly cash flows provided by
operating activities in the statement of cash flows were properly
reported because the reclassification impacted offsetting items
within cash flows provided by operating activities. The amount
of the reclassification that impacted the unaudited condensed
combined debtors-in-possession financial statements included in
the originally filed MOR was $183,000,000, he discloses.
Delphi Corporation, et al.
Amended Unaudited Consolidated Balance Sheet
As of November 30, 2007
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $13
Restricted cash 124
Accounts receivable, net:
General Motors and affiliates 1,482
Other third parties 949
Non-Debtor affiliates 232
Notes receivable from non-Debtor affiliates 286
Inventories, net:
Productive material, work-in-process & supplies 794
Finished goods 215
Other current assets 357
--------
TOTAL CURRENT ASSETS 4,452
Long-term assets:
Property, net 1,756
Investment in affiliates 380
Investments in non-Debtor affiliates 4,229
Goodwill 152
Other intangible assets 25
Other 534
--------
TOTAL LONG-TERM ASSETS 7,076
--------
TOTAL ASSETS $11,528
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Debtor-in-possession financing $3,301
Accounts payable 1,279
Accounts payable to non-Debtor affiliates 708
Accrued liabilities 1,362
Notes payable to non-Debtor affiliates 66
--------
TOTAL CURRENT LIABILITIES 6,716
Long-term liabilities not subject to compromise:
Employee benefit plan obligations and other 1,143
Liabilities subject to compromise 17,008
--------
TOTAL LIABILITIES 24,867
Stockholders' deficit:
TOTAL STOCKHOLDERS' DEFICIT (13,339)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $11,528
========
Delphi Corporation, et al.
Amended Unaudited Consolidated Statement of Operations
Month Ended November 30, 2007
(In Millions)
Net sales:
General Motors and affiliates $660
Other customers 431
Non-Debtor affiliates 54
--------
Total net sales 1,145
--------
Operating expenses:
Cost of sales &nbs