/raid1/www/Hosts/bankrupt/TCR_Public/080126.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 26, 2008, Vol. 12, No. 22
Headlines
CALPINE CORP: Incurs $220,000,000 Net Loss in Month Ended Nov. 30
DELPHI CORP: Amends Schedule F to Reflect $120 Million Claims
FEDERAL-MOGUL: Earns $8 Million in Month Ended November 30, 2007
GLOBAL HOME: Incurs $4,145,000 Net Loss in Month Ended December 31
JAYS FOODS: Files December 2007 Monthly Operating Report
JAYS FOODS: Select Snacks Files December 2007 Operating Report
LIONEL LLC: Earns $831,000 for the Month Ended Dec. 30, 2007
NETBANK INC: Submits Operating Report for December 1-30, 2007
NEUMANN HOMES: Delivers December 2007 Monthly Operating Report
PERFORMANCE TRANS: Automotive Files Schedules of Assets and Debts
PERFORMANCE TRANS: E. and L. Files Schedules of Assets and Debts
PERFORMANCE TRANS: Fla. Leasco Files Schedules of Assets & Debts
PERFORMANCE TRANS: Hadley Auto Files Schedules of Assets and Debts
PERFORMANCE TRANS: HFS Files Schedules of Assets and Debts
PERFORMANCE TRANS: LAC Holding Files Schedules of Assets and Debts
PERFORMANCE TRANS: Logistics Files Schedules of Assets and Debts
PERFORMANCE TRANS: PLG Inc. Files Schedules of Assets and Debts
PERFORMANCE TRANS: Trans. Files Schedules of Assets and Debts
PERFORMANCE TRANS: Vehicle Files Schedules of Assets and Debts
REFCO LLC: Chapter 7 Trustee Files November 2007 Operating Report
*********
CALPINE CORP: Incurs $220,000,000 Net Loss in Month Ended Nov. 30
-----------------------------------------------------------------
Calpine Corporation
Consolidated Condensed Balance Sheet
As of November 30, 2007
ASSETS
Current assets:
Cash and cash equivalents $1,847,000,000
Accounts receivable, net 870,000,000
Inventories 145,000,000
Margin deposits and other prepaid expense 477,000,000
Restricted cash, current 408,000,000
Current derivative assets 235,000,000
Assets held for sale 195,000,000
Other current assets 54,000,000
---------------
Total current assets 4,231,000,000
Property, plant and equipment, net 12,384,000,000
Restricted cash, net of current portion 156,000,000
Investments 252,000,000
Long-term derivative assets 220,000,000
Other assets 969,000,000
---------------
Total assets $18,212,000,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $657,000,000
Accrued interest payable 267,000,000
Debt, current 4,879,000,000
Current derivative liabilities 269,000,000
Income taxes 39,000,000
Other current liabilities 446,000,000
---------------
Total current liabilities 6,557,000,000
Debt, net of current portion 3,117,000,000
Deferred income taxes, net of current portion 668,000,000
Long-term derivative liabilities 419,000,000
Long-term liabilities 263,000,000
--------------
Total liabilities not subject to compromise 11,024,000,000
Liabilities subject to compromise 11,859,000,000
Minority interests 4,000,000
Stockholders' equity (deficit):
Common stock 1,000,000
Additional paid-in capital 3,270,000,000
Additional paid-in capital, loaned shares 7,000,000
Additional paid-in capital, returnable shares (7,000,000)
Accumulated deficit (7,827,000,000)
Accumulated other comprehensive loss (119,000,000)
---------------
Total stockholders' deficit (4,675,000,000)
Total liabilities and stockholders' deficit $18,212,000,000
===============
Calpine Corporation
Consolidated Condensed Statement of Operations
For the period ending November 30, 2007
Revenue:
Electricity and steam revenue $428,000,000
Sales of purchased power and gas
for hedging and optimization 155,000,000
Mark-to-market activities, net (3,000,000)
Other revenue 3,000,000
-------------
Total revenue 583,000,000
Cost of revenue:
Plant operating expense 71,000,000
Purchased power and gas expense
for hedging and optimization 113,000,000
Fuel expense 309,000,000
Depreciation & amortization expense 39,000,000
Operating lease expense 4,000,000
Other cost of revenue 12,000,000
-------------
Total cost of revenue 548,000,000
Gross profit (loss) 35,000,000
Sales, general and administrative expense 8,000,000
Other operating expenses 2,000,000
-------------
Income (loss) from operations 25,000,000
Interest expense 118,000,000
Interest (income) (6,000,000)
Other (income) expense, net (18,000,000)
-------------
Income (loss) before reorganization items
& provision (benefit) for income taxes (69,000,000)
Reorganization items 144,000,000
-------------
Income (loss) before provision
(benefit) for income taxes (213,000,000)
Provision (benefit) for income taxes 7,000,000
-------------
Net income (loss) ($220,000,000)
=============
Based in San Jose, California, Calpine Corporation (OTC Pink
Sheets: CPNLQ) -- http://www.calpine.com/-- supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants. Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces. Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.
The company and its affiliates filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
Kirkland & Ellis LLP, represents the Debtors in their
restructuring efforts. Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. As of Nov. 31, 2007, the Debtors disclosed
total assets of $18,212,000,000, total liabilities not subject to
compromise of $11,024,000,000, total liabilities subject to
compromise of $11,859,000,000 and stockholders' deficit of
$4,675,000,000.
On Feb. 3, 2006, two more affiliates, Geysers Power Company, LLC,
and Silverado Geothermal Resources, Inc., filed voluntary chapter
11 petitions (Bankr. S.D.N.Y. Case Nos. 06-10197 and 06-10198).
On Sept. 20, 2007, Santa Rosa Energy Center, LLC, another
affiliate, also filed a voluntary chapter 11 petition (Bankr.
S.D.N.Y. Case No. 07-12967).
On June 20, 2007, the Debtors filed their Chapter 11 Plan and
Disclosure Statement. On Aug. 27, 2007, the Debtors filed their
Amended Plan and Disclosure Statement. Calpine filed a Second
Amended Plan on Sept. 19, 2007 and on Sept. 24, 2007, filed a
Third Amended Plan. On Sept. 25, 2007, the Court approved the
adequacy of the Debtors' Disclosure Statement and entered a
written order on September 26. On Dec. 19, 2007, the Court
confirmed the Debtors' Plan.
(Calpine Bankruptcy News, Issue No. 79; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
* * *
As reported in the Troubled Company Reporter on Jan. 11, 2008,
Moody's Investors Service assigned a B2 Corporate Family Rating
and a B2 Probability of Default Rating to Calpine Corporation in
conjunction with the company's plan to exit bankruptcy in early
2008. Moody's also assigned B2 to the company's $7.3 billion
senior secured term loan and revolving credit facility, the
majority of which will be used as the company's primary exit
financing to help satisfy approximately $8.2 billion of secured
and other claims to be settled in cash, as well as to pay other
related expenses. The rating outlook for Calpine is stable.
DELPHI CORP: Amends Schedule F to Reflect $120 Million Claims
-------------------------------------------------------------
Delphi Corp. has amended Schedule F of its Schedules of Assets
and Liabilities to reflect liabilities aggregating $120,304,772
on account of unsecured nonpriority claims.
The unsecured nonpriority claims were filed in connection with
the Delphi Supplemental Executive Retirement Program.
The unsecured nonpriority claimholders include:
Creditor Claim Amount
-------- ------------
Albrecht, George B. $1,439,976
Battenberg, III J. T. 21,959,868
Campbell, Ray C. 2,659,593
Chestnut, James D. 1,197,125
Crouse, James L. 1,101,532
Cunningham, Jr. Charles R. 1,053,744
Ebbert, William A. 2,529,342
Heilman, David R. 2,551,128
Helm, Wesley D. 938,944
Herren, William R. 1,356,968
Hollasch, Kurt D. 1,135,197
Holmes, John R. 1,029,067
Jones, Guy S. 987,738
Kesler, Larry D. 1,197,634
Knobelspiesse, Ernest A. 1,367,019
Meier, Charles R. 909,331
Ondrick, Charles W. 949,921
Rausch, Carl G. 1,267,847
Robinson, John H. 1,008,159
Runkle, Donald L. 9,683,853
Sloan, Jr. George B. 1,646,483
Thorns, Jr. Odail 1,695,045
Tosch, Paul J. 4,118,745
Warren, William S. 1,720,990
Wingeier, Kenneth G. 943,354
Zeilinger, Robert J. 923,589
A full-text copy of the amended Schedule F is available for free
at: http://bankrupt.com/misc/Delphi_SAL_SchedF_01-17-08.pdf
Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of
vehicle electronics, transportation components, integrated systems
and modules, and other electronic technology. The company's
technology and products are present in more than 75 million
vehicles on the road worldwide. Delphi has regional headquarters
in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
March 31, 2007, the Debtors' balance sheet showed $11,446,000,000
in total assets and $23,851,000,000 in total debts.
The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007. Confirmation
hearing on that Plan started on Jan. 17, 2008.
(Delphi Bankruptcy News, Issue No. 108; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)
FEDERAL-MOGUL: Earns $8 Million in Month Ended November 30, 2007
----------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of November 30, 2007
(In millions)
Assets
Cash and equivalents $78.2
Accounts receivable 605.2
Inventories 394.8
Deferred taxes 194.7
Prepaid expenses and other current assets 115.0
--------
Total current assets 1,387.9
Summary of Unpaid Postpetition Debits 37.8
Intercompany Loans Receivable (Payable) 1,767.3
--------
Intercompany Balances 1,805.1
Property, plant and equipment 744.5
Goodwill 931.0
Other intangible assets 340.2
Insurance recoverable 903.3
Other non-current assets 1,274.4
--------
Total Assets $7,386.4
========
Liabilities and Shareholders' Equity
Short-term debt $822.0
Accounts payable 227.4
Accrued compensation 66.3
Restructuring and rationalization reserves 8.1
Current portion of asbestos liability -
Interest payable 3.9
Other accrued liabilities 956.0
--------
Total current liabilities 2,083.7
Long-term debt -
Post-employment benefits 688.3
Other accrued liabilities 593.6
Liabilities subject to compromise 5,462.0
Shareholders' equity:
Preferred stock 1,050.6
Common stock 662.1
Additional paid-in capital 8,001.4
Accumulated deficit (11,432.4)
Accumulated other comprehensive income 277.1
Other -
--------
Total Shareholders' Equity (1,441.1)
--------
Total Liabilities and Shareholders' Equity $7,386.4
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended November 30, 2007
(In millions)
Net sales $253.0
Cost of products sold 213.9
--------
Gross margin 39.1
Selling, general & administrative expenses (29.5)
Amortization (1.2)
Reorganization items (5.9)
Interest income (expense), net (14.5)
Other income (expense), net 20.3
--------
Earnings before Income Taxes 8.3
Income Tax (Expense) Benefit (0.3)
--------
Earnings before cumulative effect of change
in accounting principle 8.0
--------
Net Earnings (loss) $8.0
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended November 30, 2007
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) $8.0
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 11.4
Adjustment of assets held for sale and
other long-lived assets to fair value 0.9
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits 0.4
Decrease (increase) in accounts receivable 11.9
Decrease (increase) in inventories 10.8
Increase (decrease) in accounts payable (11.1)
Change in other assets & other liabilities (49.6)
Change in restructuring charge -
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities (17.4)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (5.4)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (5.4)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 32.5
Sale of accounts receivable under securitization -
Dividends -
Other 0.6
--------
Net Cash Provided From Financing Activities 33.1
Increase (Decrease) in Cash and Equivalents 10.3
Cash and equivalents at beginning of period 67.9
--------
Cash and equivalents at end of period $78.2
========
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket. Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries. Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
Nov. 14. The Debtors emerged from bankruptcy on Dec. 27, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 159; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000).
* * *
As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the reorganized
Federal-Mogul Corporation -- Corporate Family Rating, Ba3;
Probability of Default Rating, Ba3; and senior secured bank credit
facilities, Ba2. The outlook is stable. The financing for the
company's emergence from Chapter 11 bankruptcy protection has been
funded in line with the structure originally rated by Moody's in a
press release dated Nov. 28, 2007.
As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007. The outlook is stable.
GLOBAL HOME: Incurs $4,145,000 Net Loss in Month Ended December 31
------------------------------------------------------------------
Global Home Products LLC and its debtor-affiliates delivered to
the U.S. Bankruptcy Court for the District of Delaware directed
their monthly operating report for the period ended Dec. 31, 2007,
disclosing:
Beginning Cash Balance $1,668,000
Total Receipts $19,000
Total Disbursements $195,000
Ending Cash Balance $1,492,000
During the period, the Debtors generated zero revenues and
incurred net loss available for common shareholders of $4,145,000.
As of Dec. 31, 2007, the Debtors' balance sheet showed:
Total Assets $1,948,000
Total Liabilities $365,384,000
Total Shareholders' Deficit $363,436,000
Headquartered in Westerville, Ohio, Global Home Products LLC
-- http://www.anchorhocking.com/and http:/www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry. The company also designs and markets photo frames,
photo albums and related home decor products. The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. Lead 06-10340).
Laura Davis Jones, Esq., David Bertenthal, Esq., Bruce Grohsgal,
Esq., and Joshua Fried, Esq, at Pachulski Stang Ziehl & Jones LLP,
represent the Debtors. Attorneys at Dinsmore & Shohl, LLP, and
Frost Brown Todd LCC are the Debtors' special counsel. Epiq
Bankruptcy Solutions, LLC acts as the Debtors' claims agent.
Ronald F. Stengel, Conway Del Genio Gries & Co., LLC, is the
Debtors' chief restructuring officer. Plante & Moran is the
Debtors' 401(k) plan auditors. PricewaterhouseCoopers LLP and
Deloitte Tax LLP provide tax services. Houlihan Lokey Howard &
Zukin Capital is the Debtors' investment bankers while Johnson
Associates Inc. is the special compensation advisor
Sharon Levine, Esq., and Bruce Buechler, Esq., at Lowenstein
Sandler PC; and David M. Fournier, Esq., at Pepper Hamilton LLP,
represent the Official Committee of Unsecured Creditors.
Attorneys at Basham, Ringer y Correa, SC is the Committee's
special counsel. Huron Consulting Services LLC acts as the
Committee's financial advisors.
Jesse H. Austin, III, Esq., at Paul, Hastings, Janofsky & Walker
LLP, and Robert J. Dehney, Esq., at Morris, Nichols, Arsht &
Tunnell LLP, represent Medeleine LLC. Global Home Products
Investors LLC, Cerberus Partners, LP, and Cerberus Capital
Management, LP, are represented in these bankruptcy proceedings by
Lawrence V. Gelber, Esq., and Sophie S. Kim, Esq., at Schulte Roth
& Zabel LLP; and Adam G. Landis, Esq., and Kerri Mumford, Esq., at
Landis Rath & Cobb LLP.
The Debtors have obtained permission to start soliciting
acceptances to their amended plan of reorganization.
JAYS FOODS: Files December 2007 Monthly Operating Report
--------------------------------------------------------
Jays Foods Inc. submitted to the U.S. Bankruptcy Court for the
Northern District of Illinois its monthly operating report for the
period ended Dec. 31, 2007, disclosing:
Beginning Balance @ 11/26/07 $332,627
Receipts:
Operations 3,439,509
Other Receipts 40,767
Proceeds from Sale of Assets 25,345,144
Less: Total Disbursements 27,555,236
Outstanding Checks 334,440
DIP Loan Borrowings/(Repayments) (489,017)
------------
Ending Balance @ 12/31/07 $1,448,235
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 December 2007 Operating Report
--------------------------------------------------------------
Select Snacks Inc., debtor-affiliate of Jays Foods Inc., submitted
to the U.S. Bankruptcy Court for the Northern District of Illinois
its monthly operating report for the period ended Dec. 31, 2007,
disclosing:
Beginning Balance @ 11/26/07 $245,580
Receipts:
Operations 422,692
Less: Total Disbursements 1,147,861
Outstanding Checks 11,884
DIP Loan Borrowings/(Repayments) 467,703
------------
Ending Balance @ 12/31/07 ($245,580)
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.
LIONEL LLC: Earns $831,000 for the Month Ended Dec. 30, 2007
------------------------------------------------------------
Lionel LLC and its debtor-affiliate, Liontech Company, submitted
to the U.S. Bankruptcy Court for the Southern District of New York
their monthly operating report for the period Nov. 26, 2007,
through Dec. 30, 2007.
For the period ended Dec. 30, 2007, the Debtors generated gross
sales of $8,857,000 and net sales of $8,458,000, after deducting
discounts and returns of $399,000.
The Debtors had a net income of $831,000 for the period ended Dec.
30, 2007.
Monthly Disbursements $7,051,000
Monthly Operating Profit $831,000
The Debtor's balance sheet as of Dec. 30, 2007, showed:
Total Assets $50,836,000
Total Current Assets $36,333,000
Total Liabilities $75,862,000
Total Current Liabilities $33,693,000
Total Stockholders' Deficit $25,026,000
Headquartered in Chesterfield, Michigan, Lionel LLC --
http://www.lionel.com/-- markets model train products, including
steam and die engines, rolling stock, operating and non-operating
accessories, track, transformers and electronic control devices.
The company and its affiliate, Liontech Company, filed for chapter
11 protection on Nov. 15, 2004 (Bankr. S.D.N.Y. Case Nos.
04-17324 and 04-17324). Adam C. Harris, Esq., Abbey Walsh, Esq.,
and Adam L. Hirsch, Esq., at Schulte Roth & Zabel LLP; Dale
Cendali, Esq., at O'Melveny & Myers LLP; and Ronald L. Rose, Esq.,
at Dykema Gossett PLLC, represent the Debtors. Houlihan Lokey
Howard & Zukin Capital LP and Ernst & Young LLP are the Debtors'
financial advisors. Kurtzman Carson Consultants LLC acts as the
Debtors' noticing and claims agent. Alan D. Halperin, Esq., and
Robert D. Raicht, Esq., at Halperin Battaglia Raicht LLP,
represent the Official Committee of Unsecured Creditors. FTI
Consulting Inc., is the Committee's financial advisor. Alec P.
Ostrow, Esq., in New York, represents Mike's Train House Inc.
The Debtors have asked the Court to extend their exclusive periods
to file a chapter 11 plan until March 31, 2008.
NETBANK INC: Submits Operating Report for December 1-30, 2007
-------------------------------------------------------------
NetBank Inc. filed with the U.S. Bankruptcy Court for the Middle
District of Florida its monthly operating report, as required by
the Bankruptcy Code, for the period from Dec.. 1, 2007, to
Dec. 31, 2007, disclosing:
Funds at the Beginning of the Period $5,203,160
Total Receipts 1,307,908
Total Disbursements 156,303
Ending Balance $6,354,764
A full-text copy of the company's monthly operating report is
available at no cost at http://ResearchArchives.com/t/s?275c
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.
NEUMANN HOMES: Delivers December 2007 Monthly Operating Report
--------------------------------------------------------------
Neumann Homes, Inc., et al.
Receipts and Disbursements
Month Ended December 31, 2007
Beginning Balance in All Accounts:
Neumann Citibank Operating Account &
old BofA Operating Acct $236,453
Neumann Bank of America-old accounts 133
Neumann Citibank-Customer Earnest Money Account 803,464
Neumann Citibank-Funding/Dip Account 375,042
Restricted -- Neumann Citibank - Glen at
Lakemoor EM Account 25,211
Restricted -- Neumann Citibank - Clublands
Antioch Clubhouse 153,506
Restricted -- IndyMac Escrow Account -
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 393,278
----------
$5,192,303
RECEIPTS:
Operations -- Operating Account 119,147
Operations -- Customer Earnest Money Account-Ckg -
Operations -- Customer Earnest Money Account-MM 803,143
Funding/Dip Account 786,075
Glen at Lakemoor EM account 114
Clublands Antioch Clubhouse account 1,414
Dip Funding -- Professional Account 575,000
Flex Spending 8,964
Other Receipts -
----------
2,293,858
DISBURSEMENTS:
Net Payroll:
Officers (14,762)
Others (106,388)
--------
(121,150)
Taxes:
Federal Income Tax Withholding (24,801)
FICA/Medicare Withholdings EE (7,266)
Employer's FICA/Medicare ER (7,265)
Federal Unemployment Taxes ER (39)
State Income Tax Withholding (4,760)
Garnishments -
State Unemployment Taxes ER (66)
----------
(44,196)
Necessary expenses:
Rent or mortgage payment(s) (20,000)
Utilities & phones (17,833)
Insurance (52,401)
Merchandise/services bought for
manufacture or sale (1,235)
Other: -
IT Services (18,083)
Benefit Related (30,745)
Bank Fees (9)
Postage (800)
Cleaning (600)
Taxes, Licenses, filing fees (614)
Other - Transfer (1,376,388)
Other - Funding of PFS payroll (8,677)
Transportation (14,935)
Security (825)
Miscellaneous - voids -
----------
(1,543,145)
Total Disbursements: (1,708,491)
Net Receipts (Disbursements) for
the current period 585,367
Ending Balance in All Accounts $5,777,670
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. 10; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)
PERFORMANCE TRANS: Automotive Files Schedules of Assets and Debts
-----------------------------------------------------------------
Automotive Logistics Corp., debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B.13 Stock and Interests unknown
B.22 Patents unknown
TOTAL SCHEDULED ASSETS $0
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC 67,187,616
Wells Fargo National Association 35,774,315
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims 0
G. Executory Contracts and Unexpired Leases 0
H. Codebtors 0
TOTAL SCHEDULED LIABILITIES $102,961,931
=========================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. It also
disclosed owing more than $100,000,000 to at most 10,000
creditors, including $708,679 to Broadspire and $282,949 to
General Motors of Canada Limited. Performance Transportation
Services Inc.'s schedules show total assets of $12,533,174 and
total liabilities of $105,481,656.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: E. and L. Files Schedules of Assets and Debts
----------------------------------------------------------------
E. and L. Transport LLC, debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand
Petty cash funds 38,257
B.3 Security Deposits
Miscellaneous special deposits 49,551
B.16 Accounts Receivable
Customers 7,107,721
Other 40,717
Allowance for doubtful accounts (68,875)
B.25 Vehicles & accessories
Trucks, trailers, service vehicles
and upgrades 2,597,845
Accumulated depreciation (727,047)
B.28 Office equipment, furnishings, supplies
Other equipment (office, computer,
service cars, leasehold improvements) 374,547
Accumulated depreciation (76,820)
B.30 Inventory
Material & Supplies 408,747
B.35 Other personal property
WIP 233,322
Prepaid items 555,759
Unbillable revenue 299,892
TOTAL SCHEDULED ASSETS $10,833,616
=======================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC 67,197,616
Wells Fargo National Association 35,774,315
Bridgestone Firestone North American
Tire LLC Unknown
Safeco Credit Company Inc. Unknown
E. Creditors Holding Unsecured Priority Claims
Employees
Accrued Health, Welfare and Pension 659,722
Accrued Vacation & Sick 1,413,484
Accrued Wages 1,359,811
Payroll Tax 12,582
Indiana Department of Revenue 626
Treasurer State of New Jersey 300
Indiana Department of Revenue 9
F. Creditors Holding Unsecured Nonpriority Claims
Allied Systems (Canada) Co-Trip Lease 279,438
Ford Motor Co 123,775
Strategic Protection Group 83,910
General Motors of Canada Limited 63,115
Ohio Turnpike Commission 58,651
Autocomm Inc. 44,579
Autoport, LTD 39,487
Allied Systems-Toyota Fuel Surchrg 33,707
Penske Trk Lsng - Maint 23,609
Wackenhut Corporation 22,472
Industrial Security Service Inc. 22,112
SGS Automotive 21,632
Toyota Financial Services 00586059 17,453
Daniel J. Talarek 13,449
Chicago Intl-Fleet Charge #5220 13,153
Indiana Department of Transportation 12,628
Tri County International - Fleetcharge#5220 10,913
Jack Cooper Transportation 9,729
Fleet Prider 601024 9,626
Chevron 7,542
S & I Stream Cleaning Inc 6,336
Fremont Volvo and GMC Trks 5,747
DTE Energy #2097 818 0002 1 5,706
Cimmins Filtration Inc 5,496
Auto Clutch / All Brake 5,241
Lamacs, Inc. #ELT054 4,254
Others 234,046
TOTAL SCHEDULED LIABILITIES $107,596,273
=======================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. It also
disclosed owing more than $100,000,000 to at most 10,000
creditors, including $708,679 to Broadspire and $282,949 to
General Motors of Canada Limited. Performance Transportation
Services Inc.'s schedules show total assets of $12,533,174 and
total liabilities of $105,481,656.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Fla. Leasco Files Schedules of Assets & Debts
----------------------------------------------------------------
Florida Leasco Company LLC, debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.25 Vehicles & accessories
Tractor, Trailer and Upgrades 5,936,160
Less Accumulated Depreciation (1,839,112)
TOTAL SCHEDULED ASSETS $4,097,048
=======================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC 67,197,616
Wells Fargo National Association 35,774,315
E. Creditors Holding Unsecured
Priority Claims 0
F. Creditors Holding Unsecured Nonpriority Claims 0
TOTAL SCHEDULED LIABILITIES $102,971,931
=======================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. It also
disclosed owing more than $100,000,000 to at most 10,000
creditors, including $708,679 to Broadspire and $282,949 to
General Motors of Canada Limited. Performance Transportation
Services Inc.'s schedules show total assets of $12,533,174 and
total liabilities of $105,481,656.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Hadley Auto Files Schedules of Assets and Debts
------------------------------------------------------------------
Hadley Auto Transport LLC, debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 26,631
B.3 Security Deposit
Miscellaneous Special Deposits 35,511
B.9 Insurance Policies 169,974
B.16 Accounts Receivable
Accounts Receivable - Other 1,337,509
B.21 Other Contingent and Unliquidated Claims
Golden Eagle Insurance Corporation 455
Harbor Auto Transport 1,908
Herb's Tires 2,852
Jonathan E. Degaro 2,385
Martha Hernandez 1,219
Patrick Keim 12,990
Union Pacific Railroad 746
Vanessa Espinoza 772
B.25 Vehicles
Trucks and Trailers 8,461,019
Accumulated Depreciation (1,971,702)
B.28 Office Equipment
Other Equipment (Office, computer,
service cars, leasehold improvements) 428,836
Accumulated Depreciation (83,840)
B.30 Inventory 352,375
B.35 Other Personal Property
WIP 136,974
Prepaid 387,729
Other 5,316
Unbilled Revenue (448)
TOTAL SCHEDULED ASSETS $9,309,211
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC 67,197,616
Ervin Leasing unknown
Wells Fargo National Association 35,774,315
E. Creditors Holding Unsecured Priority Claims
City of Galena Park 62
City of South Salt Lake 73
Employees -Accrued Health, Welfare & Pension 156,620
Employees -Accrued Vacation and Sick 535,124
Employees -Accrued Wages 427,903
Employees -Payroll Tax 13,418
F. Creditors Holding Unsecured Non-priority Claims
Toyota Financial 110,658
Daimler Chrysler 97,963
Ford Motor Co. 48,500
Allied Systems, Inc. 32,987
CES 15,115
Conway Freight Inc. 11,012
Fleet Pride 75,362
J.F. Barton Contracting Co. 7,800
Judson ISD Tax Off 9,600
Others 100,147
G. Executory Contracts and Unexpired Leases 0
H. Codebtors 0
TOTAL SCHEDULED LIABILITIES $104,614,275
=========================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. It also
disclosed owing more than $100,000,000 to at most 10,000
creditors, including $708,679 to Broadspire and $282,949 to
General Motors of Canada Limited. Performance Transportation
Services Inc.'s schedules show total assets of $12,533,174 and
total liabilities of $105,481,656.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: HFS Files Schedules of Assets and Debts
----------------------------------------------------------
HFS Investments Inc., debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.3 Security Deposits
Miscellaneous special deposits 1,000
B.16 Accounts Receivable
Customers 273,732
Other 227,069
Allowance for doubtful accounts
B.25 Vehicles & accessories
Trucks and Trailers 12,625
Accumulated Appreciation (3,241)
TOTAL SCHEDULED ASSETS $9,384
=======================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC 67,197,616
Wells Fargo National Association 35,774,315
E. Creditors Holding Unsecured
Priority Claims 0
F. Creditors Holding Unsecured Nonpriority Claims 0
TOTAL SCHEDULED LIABILITIES $102,971,931
=======================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. It also
disclosed owing more than $100,000,000 to at most 10,000
creditors, including $708,679 to Broadspire and $282,949 to
General Motors of Canada Limited. Performance Transportation
Services Inc.'s schedules show total assets of $12,533,174 and
total liabilities of $105,481,656.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: LAC Holding Files Schedules of Assets and Debts
------------------------------------------------------------------
LAC Holding LLC, debtor-affiliate of Performance Transportation
Services Inc., submitted to the U.S. Bankruptcy Court for the
Western District of New York its schedules of assets and
liabilities, disclosing:
A. Real Property $0
B. Personal Property 0
TOTAL SCHEDULED ASSETS $0
=======================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC $67,197,616
Wells Fargo National Association 35,774,315
E. Creditors Holding Unsecured
Priority Claims 0
F. Creditors Holding Unsecured Nonpriority Claims 0
TOTAL SCHEDULED LIABILITIES $102,971,931
=======================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. It also
disclosed owing more than $100,000,000 to at most 10,000
creditors, including $708,679 to Broadspire and $282,949 to
General Motors of Canada Limited. Performance Transportation
Services Inc.'s schedules show total assets of $12,533,174 and
total liabilities of $105,481,656.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Logistics Files Schedules of Assets and Debts
----------------------------------------------------------------
Logistics Computer Services Inc., debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.13 Stock and Interests unknown
B.16 Accounts Receivable
Accounts Receivable - Other 42,238
B.28 Office Equipment
Other Equipment (Office, computer,
service cars, leasehold improvements) 725,586
Accumulated Depreciation (142,415)
B.35 Other Personal Property
WIP 591,302
Prepaid 321,614
Deferred Debit 7,007
TOTAL SCHEDULED ASSETS $12,533,174
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC unknown
CIT Technology Financing Services, Inc. unknown
De Lage Landen Financial Serivces, Inc. unknown
De Lage Landen Financial Serivces, Inc. unknown
O/E Systems, Inc. unknown
Relational Funding Corporation unknown
The CIT Group/Business Credit, Inc. unknown
Wells Fargo National Association unknown
E. Creditors Holding Unsecured Priority Claims
Employees -Accrued Vacation and Sick 6,784
Employees -Accrued Taxes 40,135
Employees -Payroll Tax 3,784
F. Creditors Holding Unsecured
Non-priority Claims 2,833,853
See http://bankrupt.com/misc/LCS_SAL_F.pdf
G. Executory Contracts and Unexpired Leases 0
H. Codebtors 0
TOTAL SCHEDULED LIABILITIES $105,481,656
=========================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. It also
disclosed owing more than $100,000,000 to at most 10,000
creditors, including $708,679 to Broadspire and $282,949 to
General Motors of Canada Limited. Performance Transportation
Services Inc.'s schedules show total assets of $12,533,174 and
total liabilities of $105,481,656.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: PLG Inc. Files Schedules of Assets and Debts
---------------------------------------------------------------
Performance Logistics Group Inc., debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 534
B.13 Stock and Interests unknown
B.22 Patents unknown
TOTAL SCHEDULED ASSETS $534
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC unknown
De Lage Landen Financia Services, Inc. unknown
Great American Leasing Corporation unknown
Relational Funding Corporation unknown
Wells Fargo National Association unknown
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims 0
G. Executory Contracts and Unexpired Leases 0
H. Codebtors 0
TOTAL SCHEDULED LIABILITIES $0
=========================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. It also
disclosed owing more than $100,000,000 to at most 10,000
creditors, including $708,679 to Broadspire and $282,949 to
General Motors of Canada Limited. Performance Transportation
Services Inc.'s schedules show total assets of $12,533,174 and
total liabilities of $105,481,656.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Trans. Files Schedules of Assets and Debts
-------------------------------------------------------------
Transportation Releasing LLC, debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.3 Security Deposits
Miscellaneous special deposits 1,000
B.16 Accounts Receivable
Customers 273,732
Other 227,069
Allowance for doubtful accounts (628)
B.28 Office equipment, furnishings, supplies
Other equipment (office, computer,
leasehold improvements) 84,719
Accumulated depreciation (20,405)
TOTAL SCHEDULED ASSETS $565,486
=======================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC 67,197,616
Wells Fargo National Association 35,774,315
E. Creditors Holding Unsecured Priority Claims
Employees
Accrued Wages 100,240
Accrued Vacation & Sick 74,632
Accrued Health, Welfare and Pension 51,174
Payroll Tax 2,361
F. Creditors Holding Unsecured Nonpriority Claims
McLearen's JJJ 3,337
Stathakis Systems #1127 1,305
Ford Motors Company - Vehicle Operations 1,188
Cintas Corporation #300 585
SBC 313 336-4255 964 9 565
Absopure Water #58288 1/171317 408
Bell Tire 370507 360
DTE Energy 293148500029 335
GE Capital 7408393-005 314
Allied Waste #302410024162 304
Avaya 0100726070 235
Michigan Drive 129
Absopure Water Co. #296579 85
Detroit Edison 204959700079 62
TOTAL SCHEDULED LIABILITIES $103,209,558
=======================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. It also
disclosed owing more than $100,000,000 to at most 10,000
creditors, including $708,679 to Broadspire and $282,949 to
General Motors of Canada Limited. Performance Transportation
Services Inc.'s schedules show total assets of $12,533,174 and
total liabilities of $105,481,656.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Vehicle Files Schedules of Assets and Debts
--------------------------------------------------------------
Vehicle Logistics Associates LLC, debtor-affiliate of Performance
Transportation Services Inc., submitted to the U.S. Bankruptcy
Court for the Western District of New York its schedules of assets
and liabilities, disclosing:
A. Real Property $0
B. Personal Property 0
TOTAL SCHEDULED ASSETS $0
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Black Diamond Commercial Finance LLC 67,197,616
Wells Fargo National Association 35,197,616
E. Creditors Holding Unsecured Priority Claims
City of Newark 1,200
City of San Jose 2,144
Employees -Accrued Health, Welfare & Pension 17,397
Employees -Accrued Vacation and Sick 42,382
Employees -Accrued Wages 86,667
F. Creditors Holding Unsecured Non-priority Claims 0
G. Executory Contracts and Unexpired Leases 0
H. Codebtors 0
TOTAL SCHEDULED LIABILITIES $102,395,232
=========================================================
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their retructuring efforts. It also
disclosed owing more than $100,000,000 to at most 10,000
creditors, including $708,679 to Broadspire and $282,949 to
General Motors of Canada Limited. Performance Transportation
Services Inc.'s schedules show total assets of $12,533,174 and
total liabilities of $105,481,656.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors exclusive
period to file a plan of reorganization expires on March 18, 2008.
(Performance Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
REFCO LLC: Chapter 7 Trustee Files November 2007 Operating Report
-----------------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation of
Refco LLC's estate, filed with the Court a monthly statement of
cash receipts and disbursements for the period from Nov. 1 to
Nov. 30, 2007.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of November 1 totals $86,335,000. The Debtor's beginning
purchase price account balance totals $2,561,000, while its
beginning capital account "A" balance aggregates $83,774,000.
The purchase price account includes activity related to Man
Financial, Inc. sale proceeds and related disbursements. Capital
account "A" includes activities related to collection of excess
capital.
During the Reporting Period, Refco LLC received $5,279,000, and
and disbursed $2,592,000. The Debtor held $89,022,000 at the end
of the period.
The Chapter 7 Trustee says the Monthly Statement is filed in lieu
of comprehensive financial statements.
A full-text copy of Refco LLC's November 2007 Monthly Statement
is available at no charge at:
http://bankrupt.com/misc/RefcoLLCMORNovember07.pdf
Headquartered in New York, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the most
active members of futures exchanges in Chicago, New York, London
and Singapore. In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products. Refco is one of the largest
global clearing firms for derivatives.
The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.
The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26,
2006.
(Refco Bankruptcy News, Issue No. 75; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Tara Marie A. Martin, Philline P. Reluya, Joseph Medel C.
Martirez, and Peter A. Chapman, Editors.
Copyright 2008. 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.
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*** End of Transmission ***