/raid1/www/Hosts/bankrupt/TCR_Public/080119.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, January 19, 2008, Vol. 12, No. 16
Headlines
ACCEPTANCE INSURANCE: Posts $27,965 Net Loss in December 2007
BARNERT HOSPITAL: Files September 2007 Monthly Operating Report
BARNERT HOSPITAL: Files October 2007 Monthly Operating Report
BARNERT HOSPITAL: Files November 2007 Monthly Operating Report
BLACKHAWK AUTOMOTIVE: Has $1,649,447 Net Loss in Oct. 23 - Nov. 30
KITTY HAWK: Incurs $115,616 Net Loss in Month of October 2007
KITTY HAWK: Incurs $209,062 Net Loss in Month of November 2007
KITTY HAWK: KH AirCargo Files October 2007 Operating Report
KITTY HAWK: KH AirCargo Files November 2007 Operating Report
KITTY HAWK: KH Cargo Files October 2007 Monthly Operating Report
KITTY HAWK: KH Cargo Files November 2007 Monthly Operating Report
KITTY HAWK: Kitty Hawk Ground Files October 2007 Operating Report
KITTY HAWK: Kitty Hawk Ground Files November 2007 Operating Report
LEVITZ FURNITURE: Posts $7,945,000 Net Loss in Month Ended Dec. 2
NEUMANN HOMES: Submits Operating Report for November 2007
QUAKER FABRIC: Incurs $885,862 Net Loss in November 2007
SEA CONTAINERS: Earns $10,644,110 in Month Ended November 30
SEA CONTAINERS: SeaCon Services Files November 2007 Report
VESTA INSURANCE: Florida Select Files December 2007 Report
VESTA INSURANCE: Gordon Gaines Files December 2007 Report
*********
ACCEPTANCE INSURANCE: Posts $27,965 Net Loss in December 2007
-------------------------------------------------------------
Acceptance Insurance Companies Inc. filed its monthly operating
report for December 2007 with the United States Bankruptcy Court
for the District of Nebraska.
The Debtor generated revenue of $4,447 and incurred a net loss of
$27,965 for the period Dec. 1, 2007, through Dec. 31, 2007.
At Dec. 31, 2007, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $1,296,871
Total Assets $36,236,172
Total Liabilities $138,187,943
Total Shareholders' Deficit $101,951,771
A full-text copy of Acceptance Insurance Companies Inc.'s December
2007 Monthly Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?272b
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services Inc. and American Agrisurance Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz, PC LLO
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case. When the Debtor filed for protection
from its creditors, it listed $33,069,446 in total assets and
$137,120,541 in total debts. The Debtors exclusive period to file
a plan was further extended until Jan. 31, 2008.
BARNERT HOSPITAL: Files September 2007 Monthly Operating Report
---------------------------------------------------------------
Nathan and Miriam Barnert Memorial Hospital Association, dba
Barnert Hospital, submitted to the United States Bankruptcy Court
for the District of New Jersey its monthly operating report for
the period Sept. 1, 2007, through Sept. 30, 2007, disclosing:
Cash Beginning of the Month $762,265
Total Receipts $4,885,999
Total Disbursements $4,377,280
Net Cash Flow $508,719
Cash End of the Month $1,270,984
Nathan and Miriam Barnert Memorial Hospital Association, dba
Barnert Hospital, owns and operates a 256 bed general acute
care community hospital located at 680 Broadway in Paterson,
New Jersey.The company filed for chapter 11 protection on
Aug. 15, 2007 (Bankr. D. N.J. Case No. 07-21631). David J. Adler,
Esq., at McCarter & English, LLP, represents the Debtor in its
restructuring efforts. Warren J. Martin Jr., Esq. and John S.
Mairo, Esq., at Porzio Bromberg & Newman, P.C., represent the
Official Committee of Unsecured Creditors in this case. Donlin
Recano & Company Inc. is the Debtor's claims, noticing, and
balloting agent. The Debtor's schedules reflect total assets
of $46,600,967 and total liabilities of $61,303,505.
As reported in the Troubled Company Reporter on Dec. 10, 2007,
the Debtor has withdrawn its request for approval of the
$5 million debtor-in-possession financing agreement with Northern
Healthcare Capital LLC.
The Court has extended the Debtors' exclusive period to file a
plan until April 2, 2008.
BARNERT HOSPITAL: Files October 2007 Monthly Operating Report
-------------------------------------------------------------
Nathan and Miriam Barnert Memorial Hospital Association, dba
Barnert Hospital, submitted to the United States Bankruptcy Court
for the District of New Jersey its monthly operating report for
the period Oct. 1, 2007, through Oct. 31, 2007, disclosing:
Cash Beginning of the Month $1,270,984
Total Receipts $5,746,608
Total Disbursements $5,931,446
Net Cash Flow ($184,838)
Cash End of the Month $1,086,147
Nathan and Miriam Barnert Memorial Hospital Association, dba
Barnert Hospital, owns and operates a 256 bed general acute
care community hospital located at 680 Broadway in Paterson,
New Jersey. The company filed for chapter 11 protection on
Aug. 15, 2007 (Bankr. D. N.J. Case No. 07-21631). David J. Adler,
Esq., at McCarter & English, LLP, represents the Debtor in its
restructuring efforts. Warren J. Martin Jr., Esq. and John S.
Mairo, Esq., at Porzio Bromberg & Newman, P.C., represent the
Official Committee of Unsecured Creditors in this case. Donlin
Recano & Company Inc. is the Debtor's claims, noticing, and
balloting agent. The Debtor's schedules reflect total assets
of $46,600,967 and total liabilities of $61,303,505.
As reported in the Troubled Company Reporter on Dec. 10, 2007,
the Debtor has withdrawn its request for approval of the
$5 million debtor-in-possession financing agreement with Northern
Healthcare Capital LLC.
The Court has extended the Debtors' exclusive period to file a
plan until April 2, 2008.
BARNERT HOSPITAL: Files November 2007 Monthly Operating Report
--------------------------------------------------------------
Nathan and Miriam Barnert Memorial Hospital Association, dba
Barnert Hospital, submitted to the United States Bankruptcy Court
for the District of New Jersey its monthly operating report for
the period Nov. 1, 2007, through Nov. 30, 2007, disclosing:
Cash Beginning of the Month $1,086,147
Total Receipts $5,551,797
Total Disbursements $5,245,957
Net Cash Flow $305,839
Cash End of the Month $1,391,986
Nathan and Miriam Barnert Memorial Hospital Association, dba
Barnert Hospital, owns and operates a 256 bed general acute
care community hospital located at 680 Broadway in Paterson,
New Jersey. The company filed for chapter 11 protection on
Aug. 15, 2007 (Bankr. D. N.J. Case No. 07-21631). David J. Adler,
Esq., at McCarter & English, LLP, represents the Debtor in its
restructuring efforts. Warren J. Martin Jr., Esq. and John S.
Mairo, Esq., at Porzio Bromberg & Newman, P.C., represent the
Official Committee of Unsecured Creditors in this case. Donlin
Recano & Company Inc. is the Debtor's claims, noticing, and
balloting agent. The Debtor's schedules reflect total assets
of $46,600,967 and total liabilities of $61,303,505.
As reported in the Troubled Company Reporter on Dec. 10, 2007,
the Debtor has withdrawn its request for approval of the
$5 million debtor-in-possession financing agreement with Northern
Healthcare Capital LLC.
The Court has extended the Debtors' exclusive period to file a
plan until April 2, 2008.
BLACKHAWK AUTOMOTIVE: Has $1,649,447 Net Loss in Oct. 23 - Nov. 30
------------------------------------------------------------------
Blackhawk Automotive Plastics Inc. and its debtor-affiliates
submitted to the U.S. Bankruptcy Court for the Northern District
of Ohio their monthly operating report for the period Oct. 23,
2007, through Nov. 30, 2007.
For the period, the Debtors generated total revenues of
$20,891,931 and incurred a net loss of $1,649,447.
Total cost of sales for the period were $16,428,417 and total
expenses were $5,045,245.
Salem, Ohio-based Blackhawk Automotive Plastics Inc., formerly
Warren Molded/Custom Plastics, manufactures injection molded
plastic products and motor vehicle parts and accessories. BAP's
customers include General Motors, Delphi, Lear, Chrysler, Honda,
Navistar, and Visteon. BAP employs about 1,574 workers
domestically, and generated $136 million in sales in 2006.
BAP owns Canadian subsidiary, Blackhawk Automotive Plastics Ltd.
which operated a manufacturing facility in Ontario until Johnson
Controls Inc. bought BAP Canada's assets in May 2005. BAP
Canada's remaining assets consist primarily of net operating loss
carryforwards for Canadian tax purposes. The NOLs had a book
value of about $8.2 million as of December 2005. BAP also owns a
plant in Upper Sandusky, Ohio, which ceased operations in 2006.
The company filed for chapter 11 protection on Oct. 22, 2007
(Bankr. N.D. Ohio, Case No. 07-42671). Its parent company, Tier e
Automotive Group Inc., filed a separate chapter 11 petition on the
same day (Bankr. N.D. Ohio, Case No. 07-42673).
Tier e acquired BAP from Worthington Industries Inc. in 1999.
Tier e also owns 49% stake in Nescor Holdings Inc., a holding
company for Nescor Plastics Corporation, also an automotive
plastics supplier.
William I. Kohn, Esq., David M. Neumann, Esq., Stuart A. Laven,
Jr., Esq., at Benesch, Friedlander, Coplan & Aronoff LLP represent
the Debtors in their restructuring efforts. Donlin Recano &
Company Inc. provides the Debtors with claims, noticing, balloting
and distribution services. Ronald E. Gold, Esq., at Frost Brown
Todd LLC is counsel to the Official Committee of Unsecured
Creditors. The Debtors' schedules disclose total assets of
$58,665,229 and total liabilities of $51,244,592. As of
bankruptcy filing, BAP's aggregate debt to its senior facility
lenders was about $33 million.
KITTY HAWK: Incurs $115,616 Net Loss in Month of October 2007
-------------------------------------------------------------
Kitty Hawk Inc. filed with the U.S. Bankruptcy Court for the
Northern District of Texas its monthly operating report for
October 2007.
For the month of October 2007, the Debtor generated zero revenues
and incurred $115,616.
Cash Beginning of the Month $0
Total Receipts $7,683,022
Total Cash Available $7,683,022
Total Operating Disbursements $6,992,740
Total Disbursement $6,992,740
Net Cash Flow $690,282
Cash End of the Month $690,282
As of Oct. 31, 2007, the Debtor's balance sheet showed total
assets of $56,442,134, total postpetition liabilities of $184,445,
total prepetition liabilities of $15,283,243, and total equity of
$40,974,446.
A full-text copy of Kitty Hawk Inc.'s November 2007 Monthly
Operating Report is available for free at:
http://ResearchArchives.com/t/s?2726
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel. As of Aug. 31, 2007,
the Kitty Hawk's balance sheet showed total assets of $40 million
and total liabilities of $31 million.
KITTY HAWK: Incurs $209,062 Net Loss in Month of November 2007
--------------------------------------------------------------
Kitty Hawk Inc. filed with the U.S. Bankruptcy Court for the
Northern District of Texas its monthly operating report for
November 2007.
For the month of November 2007, the Debtor generated zero revenues
and incurred $209,062.
Cash Beginning of the Month $690,282
Total Receipts $1,760,658
Total Cash Available $2,450,940
Total Operating Disbursements $2,450,940
Total Disbursement $2,413,192
Net Cash Flow ($652,534)
Cash End of the Month $37,748
As of Nov. 30, 2007, the Debtor's balance sheet showed total
assets of $44,629,020, total postpetition liabilities of $410,249,
total prepetition liabilities of $3,453,388, and total equity of
$40,765,383.
A full-text copy of Kitty Hawk Inc.'s November 2007 Monthly
Operating Report is available for free at:
http://ResearchArchives.com/t/s?2726
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel. As of Aug. 31, 2007,
the Kitty Hawk's balance sheet showed total assets of $40 million
and total liabilities of $31 million.
KITTY HAWK: KH AirCargo Files October 2007 Operating Report
-----------------------------------------------------------
Kitty Hawk Aircargo Inc., a debtor-affiliate of Kitty Hawk Inc.,
submitted to the U.S. Bankruptcy Court for the Northern District
of Texas its monthly operating report for October 2007.
For the month of October 2007, the Debtor generated net revenues
of $233,545 and incurred a net loss of $11,327.
Cash Beginning of the Month $2,913
Total Receipts $2,913
Total Cash Available $218,720
Total Operating Disbursements $164,386
Total Disbursement $164,386
Net Cash Flow $51,421
Cash End of the Month $54,334
As of Oct. 31, 2007, the Debtor's balance sheet showed total
assets of $12,549,935, total postpetition liabilities of
$1,738,427, total prepetition liabilities of $6,974,813, and total
equity of $3,836,695.
A full-text copy of Kitty Hawk Ground Inc.'s October 2007 Monthly
Operating Report is available for free at
http://ResearchArchives.com/t/s?2729
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel. As of Aug. 31, 2007,
the Kitty Hawk's balance sheet showed total assets of $40 million
and total liabilities of $31 million.
KITTY HAWK: KH AirCargo Files November 2007 Operating Report
------------------------------------------------------------
Kitty Hawk Aircargo Inc., a debtor-affiliate of Kitty Hawk Inc.,
submitted to the U.S. Bankruptcy Court for the Northern District
of Texas its monthly operating report for November 2007.
For the month of November 2007, the Debtor generated net revenues
of $1,141,483 and incurred a net loss of $316,173.
Cash Beginning of the Month $54,334
Total Receipts $824,675
Total Cash Available $879,009
Total Operating Disbursements $841,386
Total Disbursement $841,386
Net Cash Flow $(16,711)
Cash End of the Month $37,623
As of Nov. 30, 2007, the Debtor's balance sheet showed total
assets of $12,149,769, total postpetition liabilities of
$2,010,568, total prepetition liabilities of $6,618,679, and total
equity of $3,520,522.
A full-text copy of Kitty Hawk Ground Inc.'s November 2007 Monthly
Operating Report is available for free at
http://ResearchArchives.com/t/s?2729
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel. As of Aug. 31, 2007,
the Kitty Hawk's balance sheet showed total assets of $40 million
and total liabilities of $31 million.
KITTY HAWK: KH Cargo Files October 2007 Monthly Operating Report
----------------------------------------------------------------
Kitty Hawk Cargo Inc., a debtor-affiliate of Kitty Hawk Inc.,
submitted to the U.S. Bankruptcy Court for the Northern District
of Texas its monthly operating report for October 2007.
For the month of October 2007, the Debtor generated net revenues
of $4,887,660 and incurred a net loss of $1,409,578.
Cash Beginning of the Month $901,444
Total Receipts $7,328,786
Total Cash Available $8,230,230
Total Operating Disbursements $6,861,059
Total Disbursement $6,861,059
Net Cash Flow $467,727
Cash End of the Month $1,369,171
As of Oct. 31, 2007, the Debtor's balance sheet showed total
assets of $14,696,861, total postpetition liabilities of
$34,632,179, total prepetition liabilities of $4,710,937, and
total equity deficit of $24,646,255.
A full-text copy of Kitty Hawk Ground Inc.'s October 2007 Monthly
Operating Report is available for free at
http://ResearchArchives.com/t/s?2728
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel. As of Aug. 31, 2007,
the Kitty Hawk's balance sheet showed total assets of $40 million
and total liabilities of $31 million.
KITTY HAWK: KH Cargo Files November 2007 Monthly Operating Report
-----------------------------------------------------------------
Kitty Hawk Cargo Inc., a debtor-affiliate of Kitty Hawk Inc.,
submitted to the U.S. Bankruptcy Court for the Northern District
of Texas its monthly operating report for November 2007.
For the month of November 2007, the Debtor generated negative net
revenues of $20,196 and incurred a net loss of $772,656.
Cash Beginning of the Month $1,369,171
Total Receipts $9,431,173
Total Cash Available $10,800,344
Total Operating Disbursements $10,017,178
Total Disbursement $10,017,178
Net Cash Flow ($586,005)
Cash End of the Month $783,166
As of Nov. 30, 2007, the Debtor's balance sheet showed total
assets of $5,570,286, total postpetition liabilities of
$26,346,602, total prepetition liabilities of $4,642,595, and
total equity deficit of $25,418,911.
A full-text copy of Kitty Hawk Ground Inc.'s November 2007 Monthly
Operating Report is available for free at
http://ResearchArchives.com/t/s?2728
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel. As of Aug. 31, 2007,
the Kitty Hawk's balance sheet showed total assets of $40 million
and total liabilities of $31 million.
KITTY HAWK: Kitty Hawk Ground Files October 2007 Operating Report
-----------------------------------------------------------------
Kitty Hawk Ground Inc., a debtor-affiliate of Kitty Hawk Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas its monthly operating report for October 2007.
For the month of October 2007, the Debtor generated net revenues
of $2,107,185 and incurred a net loss of $524,191.
Cash Beginning of the Month $106,914
Total Receipts $2,597,343
Total Cash Available $2,704,257
Total Operating Disbursements $2,409,908
Total Disbursement $2,409,908
Net Cash Flow $187,435
Cash End of the Month $294,349
As of Oct. 31, 2007, the Debtor's balance sheet showed total
assets of $12,774,728, total postpetition liabilities of
$22,105,680, total prepetition liabilities of $8,996,419, and
total deficit of $18,327,371.
A full-text copy of Kitty Hawk Ground Inc.'s October 2007 Montly
Operating Report is available for free at
http://ResearchArchives.com/t/s?2727
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel. As of Aug. 31, 2007,
the Kitty Hawk's balance sheet showed total assets of $40 million
and total liabilities of $31 million.
KITTY HAWK: Kitty Hawk Ground Files November 2007 Operating Report
------------------------------------------------------------------
Kitty Hawk Ground Inc., a debtor-affiliate of Kitty Hawk Inc.,
filed with the U.S. Bankruptcy Court for the Northern District of
Texas its monthly operating report for November 2007.
For the month of November 2007, the Debtor generated negative net
revenues of $21,780 and incurred a net loss of $3,321,592.
Cash Beginning of the Month $294,349
Total Receipts $2,768,856
Total Cash Available $3,063,205
Total Operating Disbursements $2,884,954
Total Disbursement $2,884,954
Net Cash Flow ($116,098)
Cash End of the Month $178,251
As of Nov. 30, 2007, the Debtor's balance sheet showed total
assets of $7,210,872, total postpetition liabilities of
$19,861,391, total prepetition liabilities of $8,998,443, and
total deficit of $21,648,962.
A full-text copy of Kitty Hawk Ground Inc.'s November 2007 Monthly
Operating Report is available for free at
http://ResearchArchives.com/t/s?2727
Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) --
http://www.kittyhawkcompanies.com/-- is a holding company
providing corporate planning and administrative services. It
operates through its three wholly owned bankrupt subsidiaries,
Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank.
N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court
confirmed the Debtor's Plan which became effective on Sept. 30,
2002.
The Debtor, along with four affiliates, filed new voluntary
chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos.
07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner,
Esq., at Andrews & Kurth, LLP, represent the Debtors. The
Official Committee of Unsecured Creditors has selected Munsch,
Hardt, Kopf & Harr, P.C., as its counsel. As of Aug. 31, 2007,
the Kitty Hawk's balance sheet showed total assets of $40 million
and total liabilities of $31 million.
LEVITZ FURNITURE: Posts $7,945,000 Net Loss in Month Ended Dec. 2
-----------------------------------------------------------------
PLVTZ Inc., fka Levitz Furniture Inc. submitted to the U.S.
Bankruptcy Court for the Southern District of New York its monthly
operating report for the period Nov. 5, 2007, to Dec. 2, 2007,
disclosing:
PLVTZ, Inc.
Balance Sheet
As of December 2, 2007
ASSETS
Current Assets
Cash $6,838,000
Accounts receivable, net 6,334,000
Inventory 63,785,000
Prepaid expenses 1,777,000
------------
Total current assets 78,734,000
Plant and equipment, net 33,634,000
Other assets 1,419,000
Deferred financing fees 3,632,000
Trademark 20,207,000
Favorable leases 10,675,000
------------
TOTAL ASSETS $148,301,000
============
Liabilities and Shareholders Equity
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable trade $356,000
Accrued expenses 4,206,000
Customer Deposits 3,200,000
------------
Total current liabilities 7,762,000
Liabilities subject to compromise:
Revolving line of credit 22,868,000
Term loan A 7,000,000
Term loan B 22,000,000
Trade and other miscellaneous claims 72,352,000
Customer deposits 7,559,000
------------
131,779,000
------------
TOTAL LIABILITIES 139,541,000
Shareholders' (deficit):
Preferred stock 47,000,000
Class A Common stock 139,030,000
Class B Common stock 10,000,000
Retained (deficit) (187,270,000)
------------
8,760,000
------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $148,301,000
============
PLVTZ, Inc.
Statement of Operations
For the period November 5 to December 2, 2007
Revenues:
Sales $25,207,000
Cost and expenses:
Cost of goods sold 14,735,000
Selling, operating and administrative 14,163,000
Interest 974,000
------------
TOTAL COSTS AND EXPENSES 29,872,000
------------
(Loss) before reorganization items,
depreciation and amortization (4,665,000)
Reorganization items:
Professional fees 2,229,000
Depreciation 887,000
Amortization 164,000
------------
NET LOSS ($7,945,000)
============
PLVTZ, Inc.
Statement of Cash Flows
For the period November 5 to December 2, 2007
Cash flows from operating activities:
Cash received from customers $26,124,000
Cash paid to suppliers and employees (11,216,000)
Interest paid (4,528,000)
------------
Net cash provided before Reorganization items 10,380,000
Operating cash flows reorganization items:
Professional fees paid for services
rendered in the Chapter 11 proceeding (2,229,000)
------------
Net cash used by reorganization items (2,229,000)
------------
Net cash provided by operating activities 8,151,000
Cash flows from investing activities
Capital expenditures (340,000)
------------
Net cash provided by investing activities (340,000)
Cash flows used by financing activities
Net borrowings under short-term
credit facility 3,852,000
Principal payments on prepetition
debt authorized by court (5,857,000)
------------
Net cash used by financing activities (2,005,000)
Net increase in cash and cash equivalents 5,806,000
Cash and cash equivalents at beginning of month 1,032,000
------------
Cash and cash equivalents at end of month $6,838,000
============
Based in New York City, Levitz Furniture Inc., nka PVLTZ Inc. --
http://www.levitz.com/-- is a specialty retailer of furniture,
bedding and home furnishings in the United States. It has 76
locations in major metropolitan areas, principally in the
Northeast and on the West Coast of the United States.
Levitz Furniture Inc. and 11 affiliates filed for chapter 11 on
Sept. 5, 1997. In December 2000, the Court confirmed the Debtors'
Plan and Levitz emerged from chapter 11 on February 2001. Levitz
Home Furnishings Inc. was created as the new holding company as a
result of the emergence.
Levitz Home Furnishings and 12 affiliates filed for chapter 11
protection on Oct. 11, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
45189). In their second filing, the Debtors disclosed about
$245 million in total assets and $456 million in total debts.
Nicholas M. Miller, Esq., and Richard H. Engman, Esq., at Jones
Day represented the Debtors. Jeffrey L. Cohen, Esq., Jay R.
Indyke, Esq., and Cathy Hershcopf, Esq., at Cooley Godward Kronish
LLP served as counsel to the Official Committee of Unsecured
Creditors. During this period, the Debtors closed around 35
stores in the Northeast, California, Minnesota and Arizona.
PLVTZ Inc., a company created by Prentice Capital Management LP,
and Great American Group purchased substantially all the assets of
Levitz Home Furnishings in December 2005. Initially, Prentice
owned all of the equity interests in PLVTZ. On July 6, 2007,
PLVTZ was converted into a Delaware corporation, and Harbinger
Capital Partners Special Situations Fund, LP, Harbinger Capital
Partners Master Fund I, Ltd., and their affiliates became minority
shareholders. Great American's stake in the acquisition was in
running the going-out-of-business sales for some 27 Levitz units.
PLVTZ, dba Levitz Furniture, continued to face decline in
financial performance since December 2005. Liquidity issues and
the inability to obtain additional capital prompted PLVTZ to seek
protection under chapter 11 on Nov. 8, 2007 (Bankr. S.D.N.Y. Lead
Case No. 07-13532). Paul D. Leake, Esq., and Brad B. Erens, Esq.,
at Jones Day represents the Debtors in their restructuring
efforts. Kurtzman Carson Consultants LLC serves as the Debtors'
claims and noticing agent. The Debtor's schedules reveal total
assets of $123,842,190 and total liabilities of $76,421,661. The
Debtors' exclusive period to file a chapter 11 plan expires on
March 7, 2008. (Levitz Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
PLVTZ's balance sheet at Sept. 30. 2007, showed total assets of
$177,883,000 and total liabilities of $152,476,000.
NEUMANN HOMES: Submits Operating Report for November 2007
---------------------------------------------------------
Neumann Homes, Inc., et al.
Receipts and Disbursements
Month Ended November 30, 2007
Beginning Balance in All Accounts:
Neumann Citibank Operating Account and
old BofA Operating Account $128,062
Neumann Bank of America-old accounts 133
Neumann Citibank-Customer Earnest
Money Account 802,964
Neumann Citibank-Funding/Dip Account 11,438
Restricted -- Neumann Citibank - Glen
at Lakemoor EM Account 25,211
Restricted -- Neumann Citibank - Clublands
Antioch Clubhouse 153,095
Restricted -- IndyMac Escrow Acct -
NeuVillage 111,925
Restricted -- Chicago Title Escrow Account
Closed Homes 717,082
Restricted -- Chicago Title Escrow Account
Lender Funded 2,366,479
Restricted -- Citibank
Worker Comp Escrow 9,730
Restricted -- Land Title Guarantee Escrow 360,318
-------
$4,686,437
RECEIPTS:
Operations -- Operating Account 287,814
Operations -- Customer Earnest Money Account 6,375
Funding/Dip Account 513,126
Clublands Antioch Clubhouse account 411
Other Receipts 32,960
-------
840,685
DISBURSEMENTS:
Net Payroll:
Officers (14,762)
Others (153,555)
--------
(168,317)
Taxes:
Federal Income Tax Withholding (38,461)
FICA/Medicare Withholdings EE (10,422)
Employer's FICA/Medicare ER (10,422)
Federal Unemployment Taxes ER -
State Income Tax Withholding (6,717)
Garnishments (325)
State Unemployment Taxes ER -
--------
(66,347)
Necessary expenses:
Rent or mortgage payment(s) (20,000)
IT Services (19,779)
Benefit Related (30,019)
Bank Fees (8)
Other -- Transfer (5,875)
Other -- Funding of PFS payroll (34,708)
Miscellaneous - voids 12,105
Miscellaneous - voids (1,872)
--------
(100,156)
Total Disbursements: (334,819)
Net Receipts (Disbursements) for
the current period 505,866
Ending Balance in All Accounts $5,192,303
Headquartered in Warrenville, Illinois, Neumann Homes Inc. --
http://www.neumannhomes.com/-- develops and builds residential
real estate throughout the Midwest and West US. The company is
active in the Chicago area, southeastern Wisconsin, Colorado, and
Michigan. The company have built more than 11,000 homes in some
150 residential communities. The company offer formal business
training to employees through classes, seminars, and computer-
based training.
The company filed for Chapter 11 protection on Nov. 1, 2007
(Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at
Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the
Debtors to represent them in these cases. The Official Committee
of Unsecured Creditors has selected Paul, Hastings, Janofsky &
Walker LLP, as its counsel in these bankruptcy proceeding. When
the Debtors filed for protection against its creditors, they
listed assets and debts of more than $100 million.
(Neumann Bankruptcy News, Issue No. 9; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)
QUAKER FABRIC: Incurs $885,862 Net Loss in November 2007
--------------------------------------------------------
Quaker Fabric Corp. and its debtor-affiliates delivered to the
United States Bankruptcy Court for the District of Delaware their
consolidated monthly operating report for November 2007.
During the month of November 2007, the Debtor's adjusted
consolidated statement show generated sales of $99,518 and
incurred a net loss of $885,862. Unadjusted statements show zero
revenues for the month.
As of Nov. 30, 2007, the Debtors' unadjusted balance sheet shows
total assets of ($11,257,118), total stockholders' deficit of
$11,257,118. Adjusted balance sheet as of Nov. 30, 2007, shows
total assets of $9,733,229, total current liabilities of
$22,105,818, total long-term liabilities of $374,391, and total
stockholders' deficit of $12,746,949.
Adjusted statements include transactions from non-debtor
affiliates, Quaker Mexico and Quaker Textiles Do Brazil.
Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB) --
http://www.quakerfabric.com/-- designs, manufactures, and markets
woven upholstery fabrics primarily for residential furniture
manufacturers and jobbers. It also develops and manufactures
specialty yarns, including chenille, taslan, and spun products for
use in the production of its fabrics, as well as for sale to
distributors of craft yarns, and manufacturers of homefurnishings
and other products. The company is one of the largest producers
of Jacquard upholstery fabrics. Quaker Fabric sells its products
through sales representatives andindependent commissioned sales
agents in the United States, Canada, Mexico, and internationally.
The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr. D.
Del. Case No. 07-11146). John D. Sigel, Esq. at Wilmer Cutler
Pickering Hale and Dorr LLP and Joel A. Waite, Esq. at Young
Conaway Stargatt & Taylor LLP are co-counsels to the Debtors.
Epiq Bankruptcy Solutions is the Debtors' claims agent. The
Official Committee of Unsecured Creditors has selected Shumaker,
Loop & Kendrick, LLP, as its bankruptcy counsel and Benesch,
Friedlander, Coplan & Aronoff, LLP, as co-counsel. The Debtors'
schedules reflect total assets of $41,375,191 and total
liabilities of $54,435,354. The Debtors have asked the Court to
extend their exclusive period to file a chapter 11 plan until
April 14, 2008.
SEA CONTAINERS: Earns $10,644,110 in Month Ended November 30
------------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of November 30, 2007
Assets
Current Assets
Cash and cash equivalents $46,979,067
Trade receivables, less allowances
for doubtful accounts 440,764
Due from related parties 678,434
Prepaid expenses and other current assets 1,221,998
------------
Total current assets 49,320,263
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,546,856
Intercompany receivables -
Investment in equity ownership interests 220,612,336
Other assets 3,669,219
------------
Total assets $417,148,674
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $13,841,321
Accrued expenses 62,601,847
Current portion of long-term debt 173,097,845
Current portion of senior notes 385,407,893
------------
Total current liabilities 634,948,906
Total shareholders' equity (217,800,232)
------------
Total liabilities and shareholders' equity $417,148,674
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended November 30, 2007
Revenue $1,214,000
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (244,792)
Professional fees (4,059,681)
Credits to provide against
intercompany accounts 20,917,753
Impairment of investment in subsidy Co. -
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses 16,613,280
------------
Gain or (Loss) on sale of assets (2,025,436)
------------
Operating income (loss) 15,801,844
Other income (expense)
Interest income 588,042
Foreign exchange gains or (losses) (8,225)
Interest expense, net (4,796,551)
------------
Income (Loss) before taxes 11,585,110
Income tax expense (941,000)
------------
Net (Loss) $10,644,110
============
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP. In its schedules filed
with the Court, Sea Containers disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083.
The Court gave the Debtors until Feb. 20, 2008, to file a plan of
reorganization.
(Sea Containers Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SEA CONTAINERS: SeaCon Services Files November 2007 Report
----------------------------------------------------------
Sea Containers Services
Unaudited Balance Sheet
As of November 30, 2007
Assets
Current Assets
Cash and cash equivalents $23,113
Trade receivables 4,044
Due from related parties 1,770,249
Prepaid expenses and other current assets 3,074,412
------------
Total current assets 4,871,818
Fixed assets, net 1,512,940
Investments 2,771,549
Intercompany receivables 52,644,890
Other assets -
------------
Total assets $61,801,197
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $1,472,031
Accrued expenses 945,530
Current portion of long-term debt 1,574,542
------------
Total current liabilities 3,992,103
Total shareholders' equity 57,809,094
------------
Total liabilities and shareholders' equity $61,801,197
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended November 30, 2007
Revenue $1,043,485
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (726,556)
Professional Fees (127,228)
Other charges -
Depreciation and amortization (95,036)
------------
Total costs and expenses (948,820)
------------
Gains on sale of assets 8,034
------------
Operating income (loss) 102,699
Other income (expense)
Interest income -
Foreign exchange gains (losses) -
Interest expense, net (11,429)
------------
Income (Loss) before taxes 91,270
Income tax credit -
------------
Net Income $91,270
============
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP. In its schedules filed
with the Court, Sea Containers disclosed total assets of
$62,400,718 and total liabilities of $1,545,384,083.
The Court gave the Debtors until Feb. 20, 2008, to file a plan of
reorganization.
(Sea Containers Bankruptcy News, Issue No. 34; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
VESTA INSURANCE: Florida Select Files December 2007 Report
----------------------------------------------------------
Florida Select Insurance Agency
Income Statement
Month Ended December 31, 2007
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit 0
Less:
Operating Expenses 702,541
------------
Net Profit Operations ($702,541)
Non-Operating Income (Expenses)
Interest Earned 11,377
Miscellaneous Income 0
-------------
Net Profit (Loss) ($691,164)
============
Florida Select Insurance Agency
Schedule of Cash Receipts and Disbursements
Month Ended December 31, 2007
Cash On Hand (Beginning) $2,728,634
Cash Receipts:
Management Fees 0
Loan Proceeds 0
Sale of Property 0
Interest Earned 11,377
Miscellaneous Income 0
------------
Total Receipts 11,377
Cash Disbursements:
Business Disbursements Form BA-02(B) 702,541
------------
Surplus Or Deficit (691,164)
------------
Cash on Hand (End) $2,037,470
============
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors. In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.
J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered an order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc.
On Oct. 11, 2006, both Vesta and Gaines filed separate Plans of
Liquidation and Disclosure Statements. They filed an amended Plan
on Nov. 7, 2006, and a Second Amended Plan on Nov. 10, 2006. The
Court approved the Disclosure Statements of Vesta and Gaines on
Nov. 10, 2006. On Dec. 22, 2006, the Court confirmed the Third
Amended Plans of Vesta and Gaines.
Florida Select Insurance Agency Inc., an affiliate, filed for
chapter 11 protection on April 24, 2007 (Bankr. N.D. Ala. Case No.
07-01849). Rufus Dorsey, IV, Esq., at Parker Hudson Rainer &
Dobbs LLP, represents Florida Select. FSIA filed a plan of
reorganization on Dec. 19, 2007. (Vesta Bankruptcy News, Issue
No. 31; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
VESTA INSURANCE: Gordon Gaines Files December 2007 Report
---------------------------------------------------------
J. Gordon Gaines, Inc.
Income Statement
Month Ended December 31, 2007
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit 0
Less:
Operating Expenses 199,985
------------
Net Profit Operations (199,985)
Non-Operating Income (Expenses)
Interest Earned 0
State Tax Refunds 0
Non-operational income 0
Sale of Property 0
Stale Dated Checks Written Off 0
Miscellaneous Income 0
------------
Net Profit (Loss) ($199,985)
============
J. Gordon Gaines, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended December 31, 2007
Cash On Hand (Beginning) $299,117
Cash Receipts:
Accounts Receivable 0
Management Fees 0
Loan Proceeds 0
Sale of Property 0
Interest Earned 0
State Tax Refunds
Non-operational Income 0
Funding by Texas Receiver 0
Funding under post confirmation 100,931
Intercompany insurance operations 0
Miscellaneous Income 0
------------
Total Receipts 100,931
Cash Disbursements:
Business Disbursements Form BA-02(B) 285,916
------------
Surplus Or Deficit (184,985)
------------
Cash on Hand (End) $114,132
============
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors. In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.
J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered an order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc.
On Oct. 11, 2006, both Vesta and Gaines filed separate Plans of
Liquidation and Disclosure Statements. They filed an amended Plan
on Nov. 7, 2006, and a Second Amended Plan on Nov. 10, 2006. The
Court approved the Disclosure Statements of Vesta and Gaines on
Nov. 10, 2006. On Dec. 22, 2006, the Court confirmed the Third
Amended Plans of Vesta and Gaines.
Florida Select Insurance Agency Inc., an affiliate, filed for
chapter 11 protection on April 24, 2007 (Bankr. N.D. Ala. Case No.
07-01849). Rufus Dorsey, IV, Esq., at Parker Hudson Rainer &
Dobbs LLP, represents Florida Select. FSIA filed a plan of
reorganization on Dec. 19, 2007. (Vesta Bankruptcy News, Issue
No. 31; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
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For copies of court documents filed in the District of Delaware,
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of Delaware, contact Ken Troubh at Nationwide Research &
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*********
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,
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Tara Marie A. Martin, Philline P. Reluya, Joseph Medel C.
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Copyright 2008. All rights reserved. ISSN: 1520-9474.
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