/raid1/www/Hosts/bankrupt/TCR_Public/080202.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, February 2, 2008, Vol. 12, No. 28
Headlines
AMERICAN HOME: Incurs $724,539,939 Net Loss in September 2007
AMERICAN HOME: AHMA Files September 2007 Monthly Operating Report
AMERICAN HOME: AHMC Files September 2007 Monthly Operating Report
AMERICAN HOME: AHMS Files September 2007 Monthly Operating Report
ASARCO LLC: Earns $11,461,000 in Month Ended December 31, 2007
CATHOLIC CHURCH: Davenport Files December 2007 Operating Report
FIRST MAGNUS: Posts $30,152,066 Net Loss in December 2007
HOMEBANC MORTGAGE: Posts $396,404,000 Net Loss in December 2007
INTERSTATE BAKERIES: Posts $18,937,878 Net Loss in December 2007
LEVIT AND SONS: Files December 2007 Monthly Operating Report
MORTGAGE LENDERS: Incurs $103,016 Net Loss in November 2007
POPE & TALBOT: Files Schedules of Assets and Liabilities
POPE & TALBOT: MacKenzie Pulp Files Schedules of Assets and Debts
POPE & TALBOT: P&T Finance 1 Files Schedules of Assets and Debts
POPE & TALBOT: P&T Finance 2 Files Schedules of Assets and Debts
POPE & TALBOT: P&T Finance 3 Files Schedules of Assets and Debts
POPE & TALBOT: P&T Funding Files Schedules of Assets and Debts
POPE & TALBOT: P&T LFP Files Schedules of Assets and Debts
POPE & TALBOT: P&T Power Files Schedules of Assets and Debts
POPE & TALBOT: P&T Relocation Files Schedules of Assets and Debts
POPE & TALBOT: P&T Pulp Files Schedules of Assets and Debts
POPE & TALBOT: Penn Timber Files Schedules of Assets and Debt
*********
AMERICAN HOME: Incurs $724,539,939 Net Loss in September 2007
-------------------------------------------------------------
American Home Mortgage Investment Corp., submitted to the U.S.
Bankruptcy Court for the District of Delaware its monthly
operating report for September 2007.
American Home Mortgage Investment Corp.
Statement of Financial Condition
As of September 30, 2007
Assets:
Cash and cash equivalents $29,134
Restricted cash 150,799,967
Accounts receivable 6,902,413
Intercompany receivable 1,319,755,297
Securities 1,348,702,672
Derivative assets 5
Investment in subsidiaries (882,110,448)
Other assets 9,896
------------
Total Assets $1,944,088,936
============
Liabilities and Stockholders' Equity
Liabilities:
Reverse repurchase agreements $817,033,016
Junior subordinated note 180,416,000
Derivative liabilities 43,631,545
Accrued expenses & other liabilities 591,713,275
Intercompany payable 572,814,990
------------
Total Liabilities 2,205,608,826
Stockholders' Equity
Preferred stock - Series A 50,856,875
Preferred stock - Series B 83,183,125
Common Stock 543,074
Additional paid-in capital 1,057,864,155
Retained earnings (1,453,967,119)
------------
Total Stockholders' Equity (261,519,890)
------------
Total Liabilities & Stockholders' Equity $1,944,088,936
============
American Home Mortgage Investment Corp.
Statement of Income
Month Ended September 30, 2007
Net Interest Income:
Interest income $11,084,568
Interest expense (2)
------------
Net interest income 11,084,566
Provision for loan losses -
------------
Net interest income after provision 11,084,566
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans (530,000)
Loss on securities and derivatives (46,687,738)
Loss from Subsidiaries (688,390,714)
------------
Non-interest income (735,608,452)
Other
Data processing and communications 1,980
Other expenses 14,073
------------
Total expenses 16,053
Loss before income taxes (724,539,939)
Income taxes -
------------
Net loss ($724,539,939)
============
American Home Mortgage Investment Corp.
Schedule of Cash Receipts and Disbursements
Month Ended September 30, 2007
Cash - Beginning of Month, 09/01/2007 $150,829,101
Receipts:
Cash sales -
Accounts receivable -
Sale of assets 121,960,121
Loans and advances -
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 121,960,121
Disbursements:
Net payroll -
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative $14,050
Selling -
Other 121,946,071
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 121,960,121
------------
Net Cash Flow 0
------------
Cash - End of Month - 09/30/07 $150,829,101
============
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000. The expiration of the Debtors'
exclusive period to file a plan was moved to March 3, 2008.
(American Home Bankruptcy News, Issue No. 24, Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
AMERICAN HOME: AHMA Files September 2007 Monthly Operating Report
-----------------------------------------------------------------
American Home Mortgage Acceptance, Inc., a debtor-affiliate of
American Home Mortgage Investment Corp., submitted to the U.S.
Bankruptcy Court for the District of Delaware its monthly
operating report for September 2007.
American Home Mortgage Acceptance, Inc.
Statement of Financial Condition
As of September 30, 2007
Assets:
Cash and cash equivalents $254,836
Restricted cash -
Accounts receivable 3,897,284
Intercompany receivable 517,059,825
Mortgage loans 381,380,832
Mortgage servicing rights 16,138,953
Other real estate, net 5,350,113
Investment in subsidiaries (25,889,092)
Other assets 160,738
------------
Total Assets $898,353,489
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $397,312,428
Accrued expenses & other liabilities 1,910,785
Intercompany payable 713,063,684
------------
Total Liabilities 1,112,286,897
Stockholders' Equity
Additional paid-in capital 40,298,920
Retained earnings (254,232,328)
------------
Total Stockholders' Equity (213,933,408)
------------
Total Liabilities & Stockholders' Equity $898,353,489
============
American Home Mortgage Acceptance, Inc.
Statement of Income
Month Ended September 30, 2007
Net Interest Income:
Interest income $1,065,245
Interest expense (1)
------------
Net interest income 1,065,244
Provision for loan losses 0
------------
Net interest income after provision 1,065,244
for loan losses
Non-Interest Income:
Loss on mortgage loans (50,912,570)
(Loss) gain on securities & derivatives -
Loan servicing fees (440,937)
Changes in fair value of MSR (10,841,315)
Loss from subsidiaries 3,044,997
------------
Non-interest income (59,149,825)
Expenses
Salaries, commissions & benefits, net 322,235
Marketing and promotion -
Other real estate operating (income) 448,200
Other (1,501)
------------
Total expenses 768,934
Loss before income taxes (58,853,515)
Income taxes -
------------
Net loss ($58,853,515)
============
American Home Mortgage Acceptance, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended September 30, 2007
Cash - Beginning of Month, 09/01/2007 $289,182
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances -
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 0
Disbursements:
Net payroll -
Payroll taxes -
Sales, use & other taxes -
Loans and advances 34,346
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative -
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 34,346
------------
Net Cash Flow (34,346)
------------
Cash - End of Month - 09/30/07 $254,836
============
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000. The expiration of the Debtors'
exclusive period to file a plan was moved to March 3, 2008.
(American Home Bankruptcy News, Issue No. 24, Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
AMERICAN HOME: AHMC Files September 2007 Monthly Operating Report
-----------------------------------------------------------------
American Home Mortgage Corp., a debtor-affiliate of American Home
Mortgage Investment Corp., submitted to the U.S. Bankruptcy Court
for the District of Delaware its monthly operating report for
September 2007.
American Home Mortgage Corp.
Statement of Financial Condition
As of September 30, 2007
Assets:
Cash and cash equivalents $29,016,285
Restricted cash 13,226,830
Accounts receivable 38,310,270
Intercompany receivable 717,372,759
Mortgage loans 1,966,392,812
Derivative assets 743,601
Mortgage servicing rights 386,953,558
Other real estate, net 44,661,591
Premises and equipment, net 31,189,407
Investment in subsidiaries 74,572,484
Other assets 27,745,850
-------------
Total Assets $3,330,185,447
=============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $2,069,964,153
Derivative liabilities 10,481,560
Accrued expenses & other liabilities 107,149,432
Intercompany payable 1,445,880,218
Notes payable 423,885,186
Income taxes payable 567,001
-------------
Total Liabilities 4,057,927,550
Stockholders' Equity
Additional paid-in capital 153,195,270
Retained earnings (880,937,373)
------------
Total Stockholders' Equity (727,742,103)
-------------
Total Liabilities & Stockholders' Equity $3,330,185,447
=============
American Home Mortgage Corp.
Statement of Income
Month Ended September 30, 2007
Net Interest Income:
Interest income $15,082,278
Interest expense (11,548)
-------------
Net interest income 15,070,730
Provision for loan losses -
-------------
Net interest income after provision 15,070,730
for loan losses
Non-Interest Income:
Loss on mortgage loans (420,958,679)
Loan servicing fees 9,538,664
Changes in fair value of MSR (192,267,133)
Income from subsidiaries (46,252,420)
Other non-interest income 272,503
-------------
Non-interest income (649,667,065)
Expenses
Salaries, commissions & benefits, net 4,244,217
Occupancy and equipment 2,861,955
Data processing and communications 463,292
Office supplies and expenses 503,824
Marketing and promotion 274,660
Travel and entertainment 79,142
Professional fees 4,542,443
Other real estate operating expense 2,383,390
Other 494,159
-------------
Total expenses 15,847,082
Loss before income taxes (650,443,417)
Income taxes -
-------------
Net loss ($650,443,417)
=============
American Home Mortgage Corp.
Schedule of Cash Receipts and Disbursements
Month Ended September 30, 2007
Cash - Beginning of Month, 09/01/2007 $77,383,822
Receipts:
Cash sales -
Accounts receivable -
Sale of assets 1,334,425
Loans and advances -
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
-------------
Total Receipts 1,334,425
Disbursements:
Net payroll 6,254,440
Payroll taxes (37,007)
Sales, use & other taxes -
Loans and advances 8,649,888
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 2,664,212
Selling -
Other 18,943,598
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
-------------
Total Disbursements 36,475,132
-------------
Net Cash Flow (35,140,708)
-------------
Cash - End of Month - 09/30/07 $42,243,115
=============
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000. The expiration of the Debtors'
exclusive period to file a plan was moved to March 3, 2008.
(American Home Bankruptcy News, Issue No. 24, Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
AMERICAN HOME: AHMS Files September 2007 Monthly Operating Report
-----------------------------------------------------------------
American Home Mortgage Servicing, Inc., a debtor-affiliate of
American Home Mortgage Investment Corp., submitted to the U.S.
Bankruptcy Court for the District of Delaware its monthly
operating report for September 2007.
American Home Mortgage Servicing, Inc.
Statement of Financial Condition
As of September 30, 2007
Assets:
Cash and cash equivalents $61,947,501
Restricted cash 39,549,612
Accounts receivable & servicing advances 97,557,687
Intercompany receivable 133,617,560
Premises and equipment, net 2,668,380
Investment in subsidiaries 8,767,000
Other assets 838,056
------------
Total Assets $344,945,796
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $50,000,000
Accrued expenses & other liabilities 57,732,956
Intercompany payable 130,695,718
Income taxes payable -
------------
Total Liabilities 238,428,674
Stockholders' Equity
Additional paid-in capital 37,000,200
Retained earnings 69,516,922
------------
Total Stockholders' Equity 106,517,122
------------
Total Liabilities & Stockholders' Equity $344,945,796
============
American Home Mortgage Servicing, Inc.
Statement of Income
Month Ended September 30, 2007
Non-Interest Income:
Gain on mortgage loans $1
Other non-interest income (33,011,977)
------------
Non-interest income (33,011,976)
Expenses
Salaries, commissions & benefits, net 2,106,489
Occupancy and equipment 357,985
Data processing and communications 25,769
Office supplies and expenses 164,340
Marketing and promotion -
Travel and entertainment 8,339
Professional fees 21,290
Other real estate operating expense -
Other 3,012,437
------------
Total expenses 5,696,649
Loss before income taxes (38,708,625)
Income taxes -
------------
Net loss ($38,708,625)
============
American Home Mortgage Servicing, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended September 30, 2007
Cash - Beginning of Month, 09/01/2007 $42,726,969
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances 58,591,078
Administrative 179,066
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 58,770,144
Disbursements:
Net payroll -
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative -
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 0
------------
Net Cash Flow 58,770,144
------------
Cash - End of Month - 09/30/07 $101,497,113
============
Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.
American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel. As of March 31, 2007, American Home Mortgage's
balance sheet showed total assets of $20,553,935,000, total
liabilities of $19,330,191,000. The expiration of the Debtors'
exclusive period to file a plan was moved to March 3, 2008.
(American Home Bankruptcy News, Issue No. 24, Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
ASARCO LLC: Earns $11,461,000 in Month Ended December 31, 2007
--------------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of December 31, 2007
ASSETS
Current Assets:
Cash $907,316,000
Restricted Cash 25,366,000
Accounts receivable, net 123,555,000
Inventory 314,654,000
Prepaid expenses 3,037,000
Other current assets 18,731,000
---------------
Total Current Assets 1,392,659,000
Net property, plant and equipment 472,935,000
Other Assets
Investments in subs 103,076,000
Advances to affiliates 741,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,951,000
Other 112,210,000
---------------
Total assets $2,122,573,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $47,865,000
Accrued liabilities 565,133,000
Debtor-in-possession financing 0
---------------
Total postpetition liabilities 612,998,000
Prepetition liabilities:
Not subject to compromise - credit 3,949,000
Not subject to compromise - other 132,918,000
Advances from affiliates 25,085,000
Subject to compromise 1,679,250,000
---------------
Total prepetition liabilities 1,841,202,000
---------------
Total liabilities $2,454,200,000
===============
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive income (262,773,000)
Retained earnings: filing date (1,546,199,000)
---------------
Total prepetition owners' equity (1,196,071,000)
Retained earnings: post-filing date 864,443,000
---------------
Total owners' equity (net worth) (331,628,000)
Total liabilities and owners' equity $2,122,573,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended December 31, 2007
Sales $113,407,000
Cost of products and services 90,461,000
------------
Gross profit 22,946,000
Operating expenses:
Selling and general & admin expenses 5,462,000
Depreciation & amortization 3,362,000
Provision accretion expense of asset 0
retirement obligation 2,649,000
------------
Operating income 11,472,000
Interest expense 46,000
Interest income (4,201,000)
Reorganization expenses 2,585,000
Other miscellaneous (income) expenses (5,710,000)
------------
Income (loss) before taxes 18,752,000
Income taxes 7,291,000
------------
Net income (loss) $11,461,000
============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended December 31, 2007
Receipts $153,403,000
Disbursements:
Inventory material 91,942,000
Operating disbursements 63,959,000
Capital expenditures 5,563,000
------------
Total disbursements 161,464,000
Operating cash flow (8,061,000)
Reorganization disbursements 8,975,000
------------
Net cash flow (17,035,000)
Net payments to secured Lenders 0
------------
Net change in cash (17,035,000)
Beginning cash balance 949,718,000
------------
Ending cash balances $932,683,000
============
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/
-- is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).
The Debtors' exclusive period to file a plan expires on Feb. 11,
2008. (ASARCO Bankruptcy News, Issue No. 64; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
CATHOLIC CHURCH: Davenport Files December 2007 Operating Report
---------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of December 31, 2007
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,348,151
Cash and cash equivalents - restricted 2,479,889
Accounts receivable, net 114,369
Inventory -
Prepaid expenses 2,333
Professional retainers 55,652
--------------
Total Current Assets 8,000,394
--------------
Property and Equipment
Real Property 3,000
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 122,874
--------------
Total Assets $8,123,268
==============
LIABILITIES AND NET ASSETS
Postpetition
Current Liabilities:
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade $37,659
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
other: -
Pass-through collections 54,624
Additional Accrued Vacations 5,574
--------------
Total Current Liabilities 97,857
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 97,857
--------------
Prepetition
Secured claims -
Priority unsecured claims 160,888
General unsecured claims 13,605,000
--------------
Total Prepetition Liabilities 13,765,888
--------------
Total Liabilities 13,863,745
--------------
Equity (deficit):
Retained earnings/deficit at filing 5,855,424
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing (11,620,558)
Post-petition contributions/distributions
or draws -
Market value adjustment 24,657
--------------
Total equity (deficit) (5,740,477)
--------------
Total liabilities & equity (deficit) $8,123,268
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending December 31, 2007
Revenues
Gross sales $398
Less: sales returns & allowances -
Net sales 398
Less: cost of goods sold -
Gross profit 398
Interest 2,611
Other income:
Charitable gifts 198,099
Insurance receipts 77,244
Investment income/fees 8,365
--------------
Total revenues 286,717
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,209
Salaries 105,561
Commissions -
Contract labor 6,947
Rent/Lease:
Personal property 150
Real property -
Insurance 261,158
Management fees -
Depreciation 2,105
Taxes:
Employer payroll taxes 6,642
Real property taxes -
Other taxes -
Other selling -
Other administrative 29,118
Interest -
Other expenses:
Employee benefits 31,188
Charity collection 3,879
Medical assistance/Victim assistance 1,862
Utilities 8,255
Transfer to unrestricted -
Professional fees -
Sabbatical -
Cemetery perpetual care -
Youth trip expenses -
--------------
Total expenses 469,074
--------------
Reorganization items:
Professional fees -
Estimate of claims payments -
Interest earned on accumulated cash
from resulting Chapter 11 case 21,158
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees -
Advertising/printing/mailing -
--------------
Total reorganization items 21,158
--------------
Net profit (loss) before federal &
state taxes (161,199)
Federal & state income taxes -
--------------
Net profit (loss) ($161,199)
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending December 31, 2007
Cash receipts
Rent/Leases collected $3,450
Cash received from sales 398
Interest received 23,769
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders (Sale of property) -
Capital contributions -
Annual diocesan appeal/donations 198,099
Investment income/misc. -
Insurance receipts 77,244
Tribunal/Immigration/Faith Formation fees 4,915
Decrease in prepaids/accounts receivable 165,331
Misc./Increase in accounts payable 43,223
--------------
Total Cash Receipts 516,429
Cash disbursements:
Payments for inventory -
Selling -
Administrative 39,944
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 150
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,209
Draws -
Commissions/Royalties -
Expense Reimbursements -
Other -
Salaries/Commissions (less employee
withholding 81,765
Management fees -
Taxes
Employee withholding 23,796
Employer payroll taxes 6,642
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 261,159
Utilities 8,255
Medical Assistance 1,862
Employee benefits 31,188
Misc -
--------------
Total Cash Disbursements 466,970
--------------
Net increase (decrease) in cash 49,459
Cash balance, beginning of period 1,717,253
Cash balance, end of period $1,766,712
==============
About Diocese of Davenport
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on Oct. 10, 2006. Richard A.
Davidson, Esq., at Lane & Waterman LLP, represents the Davenport
Diocese in its restructuring efforts. Hamid R. Rafatjoo, Esq.,
and Gillian M. Brown, Esq., of Pachulski Stang Zhiel Young Jones &
Weintraub LLP represent the Official Committee of Unsecured
Creditors. In its schedules of assets and liabilities, the
Davenport Diocese reported $4,492,809 in assets and $1,650,439 in
liabilities.
(Catholic Church Bankruptcy News, Issue No. 112; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).
FIRST MAGNUS: Posts $30,152,066 Net Loss in December 2007
---------------------------------------------------------
First Magnus Financial Corporation
Balance Sheet
As of December 31, 2007
ASSETS
Unrestricted Cash $13,000,644
Restricted Cash --
Accounts Receivable (net) 144,605,792
Inventory --
Notes Receivable --
Prepaid Expenses --
Other 1,199,452
Property, Plant & Equipment
Less : Accumulated Depreciation
Net property, Plant & Equipment --
Due From Insider(s)
Other Assets - net 6,939,377
Other 12,992,671
--------------
TOTAL ASSETS $178,737,936
==============
POST PETITION LIABILITIES
Accounts Payable $510,688
Taxes Payable --
Notes Payable --
Professional Fees --
Secured Debt --
Other 7,282,090
--------------
Total Postpetition Liabilities 7,792,778
PREPETITION LIABILITIES
Secured Debt 55,214,214
Priority Debt 11,822,911
Unsecured Debt 67,411,209
Other --
--------------
Total Prepetition Liabilities 134,448,334
--------------
TOTAL LIABILITIES 142,241,111
EQUITY
Prepetition Owner's Equity 217,787,849
Postpetition Cumulative Profit/Loss (100,491,298)
Direct Charges to Equity (80,799,726)
--------------
Total Equity 36,496,824
--------------
TOTAL LIABILITIES & OWNER'S EQUITY $178,737,936
==============
First Magnus Financial Corporation
Income Statement
Month Ended December 31, 2007
REVENUES
Gross Revenue $105,462
Less: Returns and Discounts --
--------------
Net Revenue 105,462
COST OF GOODS SOLD
Material --
Direct Labor 291,504
Direct Overhead --
--------------
Total Cost of Goods Sold 291,504
--------------
GROSS PROFIT 186,042
OPERATING EXPENSES
Officer/Insider Compensation --
Selling & Marketing 1,286,457
General & Administrative --
Other Expenses --
--------------
Total Operating Expenses 1,286,457
--------------
Income Before Non-Operating Income
and Expenses (1,472,499)
OTHER INCOME AND EXPENSE
Other Income --
Other Expense 28,673,317
Interest Expense --
Depreciation/Depletion --
Amortization --
Net other Income and Expense 28,673,317
--------------
Income Before Reorganization Expense (30,145,816)
REORGANIZATION EXPENSES
Professional Fees --
U.S. Trustee Fees 6,250
Other --
Total Reorganization Expense 6,250
Income Tax --
--------------
NET PROFIT OR (LOSS) ($30,152,066)
==============
First Magnus Financial Corporation
Receipts and Disbursements
Month Ended December 31, 2007
Balance at Beginning of Period $11,205,519
RECEIPTS:
Cash Sales --
Accounts Receivable -- Prepetition 1,653,395
Accounts Receivable -- Postpetition --
Loans and Advances --
Sale of Assets --
Transfers from Other DIP Accounts 799,904
Others 1,435,211
--------------
Total Receipts 3,888,510
DISBURSEMENTS:
Business -- Ordinary Operations 1,156,340
Capital Improvements --
Prepetition Debt --
Transfers to Other DIP Accounts 799,904
Others 130,892
Reorganization Expenses
U.S. Trustee Quarterly Fee 6,250
--------------
Total Disbursements 2,093,385
Balance at End of Month $13,000,644
==============
Based in Tucson, Arizona, First Magnus Financial Corporation --
http://www.firstmagnus.com/-- purchases and sells prime and
Alt-A mortgage loans secured by one-to-four unit residences.
The company filed for chapter 11 protection on Aug. 21, 2007
(Bankr. D. Ariz. Case No.: 07-01578). John R. Clemency, Esq., at
Greenberg Traurig LLP serves as the counsel for the Debtor. The
Official Committee of Unsecured Creditors has selected the firm
Warner Stevens LLP as its counsel. When the Debtor filed for
bankruptcy, it listed total assets of $942,109,860 and total debts
of $812,533,046.
The Debtor's exclusive period to file a plan expired on Dec. 19,
2007. The confirmation hearing on the Debtor's liquidation plan
will commence on Feb. 7, 2008.
(First Magnus Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service Inc. http://bankrupt.com/newsstand/or 215/945-7000).
HOMEBANC MORTGAGE: Posts $396,404,000 Net Loss in December 2007
---------------------------------------------------------------
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Balance Sheet
As of December 31, 2007
ASSETS
Cash $7,387,000
Restricted cash 0
Mortgage loans held for sale, net 5,411,000
Mortgage loans held for investment, net (80,000)
Mortgage servicing rights 0
Receivable from custodian 0
Trading securities 500,000
Securities available for sale 0
Securities held to maturity 0
Accrued interest receivable 0
Premises and equipment, net (140,000)
Goodwill, net 0
Deferred tax asset, net 0
Accounts receivable from affiliates 0
Investment in subsidiaries 0
Other Assets 17,882,000
---------------
TOTAL ASSETS $30,960,000
===============
LIABILITIES & EQUITY
Warehouse lines of credit $0
Repurchase agreements 0
Loan funding payable 1,478,000
Accrued interest payable 0
Accrued expenses 5,600,000
Other accounts payable 0
Accounts payable to affiliates 510,000
Collaterized debt obligations 0
Junior subordinated debentures representing 175,260,000
obligations for trust preferred securities
---------------
Total liabilities 182,848,000
Minority interest 64,000
Shareholders Equity:
Preferred stock 47,992,000
Common stock 571,000
Additional paid-in capital 278,865,000
Accumulated deficit (461,476,000)
Treasury stock (17,904,000)
Accumulated other comprehensive (loss) income 0
---------------
Total shareholder's equity (151,952,000)
---------------
TOTAL LIABILITIES & EQUITY $30,960,000
===============
HomeBanc Mortgage Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
For the Month Ended December 31, 2007
REVENUES
Net interest income:
Interest income:
Mortgage loans including fees $168,839,000
Securities available for sale 16,833,000
Securities held to maturity 4,632,000
Trading securities 1,198,000
---------------
Total interest income 191,502,000
Total interest expense (226,714,000)
---------------
Net interest income (35,212,000)
Provision for loan losses 3,830,000
---------------
Net interest income after provision for loan (31,382,000)
losses
Net gain on sale of mortgage loans 17,261,000
Net gain on sale of securities available 24,003,000
for sale
Mortgage servicing income, net 9,178,000
Other revenue (8,138,000)
---------------
Total revenues 10,922,000
EXPENSES
Salaries and associate benefits, net 50,293,000
Goodwill impairment 39,995,000
Marketing and promotions 10,259,000
Occupancy and equipment 751,000
Depreciation and amortization 6,830,000
Minority interest 111,000
Other operating expense 276,856,000
---------------
Total expenses 385,109,000
---------------
Loss before income taxes (374,187,000)
Income tax expense 22,217,000
---------------
Net loss ($396,404,000)
===============
HomeBanc Mortgage Corporation and Subsidiaries
Consolidated Statement of Cash Flows
For the 12 Month Period Ended December 31, 2007
OPERATING ACTIVITIES
Net loss ($396,404,000)
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
Goodwill impairment 39,995,000
Depreciation and amortization 6,830,000
Net amortization of premium/accretion of (1,064,000)
discount on investment securities
Provision for loan losses (3,830,000)
Provision for losses associated with certain (5,104,000)
loan sales and mortgage loans held for sale
Gain on sale of securities available for sale (24,003,000)
Capitalization of mortgage servicing rights (23,172,000)
Change in fair value of mortgage servicing 67,080,000
rights
Loss on disposal of premises and equipment 42,153,000
Stock-based compensation, net 2,678,000
Compensation expense for Sales Equity Plan, net 158,000
Cumulative effect of change in accounting 0
principle
Minority interest 22,000
Deferred taxes 22,218,000
Decrease (increase) in restricted cash 128,033,000
(Increase) decrease in mortgage loans held for 373,888,000
sale, net
Increase in trading securities 4,324,000
Decrease in receivable from custodian 77,612,000
Decrease (increase) in accrued interest 22,387,000
receivable
Decrease (interest) in other assets 99,614,000
(Decrease) increase in accrued interest (9,144,000)
payable
Decrease in other liabilities (70,988,000)
---------------
Net cash (used in) provided by operating 353,283,000
activities
INVESTING ACTIVITIES
Net principal collections of mortgage loans held 4,370,608,000
for investment
Purchases of premises and equipment, net (3,437,000)
Purchases of investment securities available 0
for sale
Proceeds from the sale of securities available 1,509,386,000
for sale
Proceeds from maturities and prepayments of 49,274,000
investment securities available for sale
Purchase of investment securities held to 0
maturity
Proceeds from maturities and prepayments of 10,553,000
investment securities held to maturity
---------------
Net cash provided by (used in) investing 5,936,384,000
activities
FINANCING ACTIVITIES
Increase (decrease) in warehouse credit (404,765,000)
facilities, net
(Decrease) increase in repurchase agreements, (1,527,470,000)
net
Net change in loan funding payable (62,377,000)
Proceeds from debt issuance 0
Repayment of debt (4,277,026,000)
Proceeds from issuance of preferred stock, net 0
Purchase of shares under share repurchase prog (16,499,000)
Purchase of shares under Sales Equity Plan 0
Cash dividends paid (15,130,000)
---------------
Net cash (used in) provided by financing (6,303,267,000)
activities
---------------
Net increase (decrease) in cash (13,600,000)
Cash and cash equivalents at beginning of period 20,987,000
---------------
Cash and cash equivalents at end of period $7,387,000
===============
Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation
-- http://www.homebanc.com/-- is a mortgage banking company
focused on originating primarily prime purchase money residential
mortgage loans in the Southeast United States.
HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084). Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them in
these cases. The Official Committee of Unsecured Creditors
selected the firm Otterbourg, Steindler, Houston and Rosen, P.C.
as its counsel. The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000. The Debtors' exclusive period to file a plan
ends on April 7, 2008.
(HomeBanc Bankruptcy News, Issue No. 18; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
INTERSTATE BAKERIES: Posts $18,937,878 Net Loss in December 2007
----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended December 15, 2007
REVENUE:
Gross Income $197,537,517
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 53,069,341
Direct & Indirect Labor 34,155,326
Overhead & Production Administration 10,734,097
-------------
Total Cost of Goods Sold 97,958,764
-------------
Gross Profit 99,578,753
-------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 46,431,759
Advertising and Marketing 2,967,955
Insurance (Property, Casualty, & Medical 11,771,927
Payroll Taxes 4,141,865
Lease and Rent 2,877,206
Telephone and Utilities 1,231,142
Corporate Expense (Including Salaries 7,257,400
Other Expenses 28,595,746
-------------
Total Operating Expenses 105,275,000
-------------
EBITDA (5,696,247)
Restructuring & Reorganization Charges 3,322,306
Depreciation and Amortization 5,226,944
Abandonment 1,410,558
Property & Equipment Impairment -
Other( Income)/Expense 46,654
Gain/Loss Sale of Property -
Interest Expense 3,625,943
-------------
Operating Income (Loss) (19,328,652)
Income Tax Expense (Benefit) (390,774)
-------------
NET Income (Loss) ($18,937,878)
=============
CURRENT ASSETS
Accounts Receivable at end of period $128,026,608
Increase (Dec.) in Accounts Receivable (6,853,862)
Inventory at end of period 52,584,248
Increase (Decrease) in Inventory for period (1,228,467)
Cash at end of period 51,664,245
Increase (Decrease) in Cash for period (6,775,026)
Restricted Cash 19,195,734
Increase (Dec.) in Restricted Cash for period 39,492
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (1,783,753)
Increase (Decrease) in Liabilities
Subject to Compromise 295,574
Taxes payable:
Federal Payroll Taxes 4,321,827
State/Local Payroll Taxes 4,597,348
State Sales Taxes 642,794
Real Estate and Personal Property Taxes 6,644,655
Other 3,713,360
-------------
Total Taxes Payable $19,919,984
=============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R). Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.
The company and eight of its subsidiaries and affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04 45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6% senior subordinated convertible notes due Aug. 15, 2014) in
total debts. The Debtors' filed their Chapter 11 Plan and
Disclosure Statement on Nov. 5, 2007. Their exclusive period to
file a chapter 11 plan expired on November 8. On January 25,
2008, the Debtors filed heir First Amended Plan and Disclosure
Statement.
IBC confirmed that it has not received any qualifying alternative
proposals for funding its plan of reorganization in accordance
with the Court-approved alternative proposal procedures. As a
result, no auction was held on Jan. 22, 2008, as would have been
required under those procedures. The deadline for submission of
alternative proposals was Jan. 15, 2008. On Jan. 29, 2008, the
Court approved the Debtors' amended plan of reorganization, as
amended on Jan. 25, 2008. Plan confirmation hearing will start on
March 12, 2008.
(Interstate Bakeries Bankruptcy News, Issue No. 86; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
LEVIT AND SONS: Files December 2007 Monthly Operating Report
------------------------------------------------------------
Levitt & Sons, LLC
Monthly Financial Report for Business
For the Period December 1 - 31, 2007
Cash, beginning of period $3,999,226
Receipts:
Cash sales 0
Collection on postpetition A/R 0
Collection on prepetition A/R 0
Other receipts 618,083
--------------
Total receipts 618,083
Total cash available for operations 4,617,309
Disbursements:
U.S. Trustee quarterly fees 0
Net payroll 256,980
Payroll taxes paid 83,433
Sales and use taxes 0
Other taxes 0
Rent 0
Other leases 0
Telephone 0
Utilities 2,798
Travel & entertainment 2,822
Vehicle expenses 0
Office supplies 0
Advertising 0
Insurance 0
Purchases of fixed assets 0
Purchases of inventory 0
Manufacturing supplies 0
Repairs & maintenance 0
Payments to secured creditors 0
Other operating expenses 804,642
--------------
Total cash disbursements 1,150,675
--------------
Ending Cash Balance $3,466,634
==============
Based in Fort Lauderdale, Florida, Levitt and Sons LLC --
http://www.levittandsons.com/-- is the homebuilding subsidiary of
Levitt Corporation (NYSE:LEV). Levitt Corp. --
http://www.levittcorporation.com/-- together with its
subsidiaries, operates as a homebuilding and real estate
development company in the southeastern United States. The
company operates in two divisions, homebuilding and land. The
homebuilding division primarily develops single and multi-family
homes for adults and families in Florida, Georgia, Tennessee, and
South Carolina. The land division engages in the development of
master-planned communities in Florida and South Carolina.
Levitt and Sons LLC and 38 of its homebuilding affiliates filed
for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead
Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at
Berger Singerman, P.A., represent the Debtors in their
restructuring efforts. The Debtors chose AP Services, LLC as
their crisis managers, and Kurtzman Carson Consultants, LLC as
their claims and noticing agent. Levitt Corp., the parent
company, is not included in the bankruptcy filing.
The Debtors' latest consolidated financial condition as of
Sept. 30, 2007 reflect total assets of $900,392,000, and total
liabilities of $780,969,000. The Debtors' exclusive plan filing
period expires on March 8, 2008.
(Levitt and Sons Bankruptcy News, Issue No. 10; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)
MORTGAGE LENDERS: Incurs $103,016 Net Loss in November 2007
-----------------------------------------------------------
Mortgage Lenders Network USA, Inc.
Balance Sheet
As of November 30, 2007
Assets:
Cash and Cash Equivalents $11,863,643
Mortgage loans held for sale 0
Portfolio loans 0
Allowance for loan losses 0
Capitalized Mortgage Servicing rights, net 0
Retained interests in securitization,
at fair value 0
Land 3,187,970
Deferred Costs 0
Principal & Interest Advances 0
Interest in subsidiaries 0
Other Assets 5,970,202
------------
Total Assets $21,021,814
============
Liabilities:
Accounts Payable prepetition $14,473,514
Accounts Payable postpetition 75,547
Accrued Expenses - Payroll 981,314
Accrued Expenses - Other 15,508,495
Warehouse Borrowings 22,284,261
Convertible Debt 1,500,000
Servicing & Working Capital Advances 54,408,435
Capital Lease Liability 0
Other liabilities 31,209,991
------------
Total Liabilities 140,441,557
Stockholders' Equity:
Common Stock 625,000
Additional Paid-In Capital 1,829,770
Retained Earnings (121,874,513)
------------
Total Stockholders' Equity (119,419,743)
------------
Total Debts & Stockholders' Equity $21,021,814
============
Mortgage Lenders Network USA, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended November 30, 2007
Cash - Beginning of Month $2,746,793
Receipts:
Net Servicing Inflows 0
Warehouse and Loan Sale Inflows 0
Sale of Fixed Assets 0
Sale of Other Assets 0
Other Inflows 195,659
Transfers from Cash Collateral 0
------------
Total Receipts 195,659
Disbursements:
Net Payroll 106,078
Payroll Taxes 0
Medical Coverage Sub/ FSA Witholding 0
Operating Expenses 50,317
Rent 0
Utilities 0
Insurance 0
Administrative & Selling 0
Other 0
Professional Fees Escrow Account 210,095
Professional Fees Paid 0
U.S. Trustee Fees 0
DIP Fees 0
Transfers to Cash Collateral 0
------------
Total Disbursements 366,490
------------
Net Cash Flow (170,831)
------------
Cash - End of Month $2,575,962
============
Mortgage Lenders Network USA, Inc.
Income Statement
Month Ended November 30, 2007
Revenue
Gain on Sale - Subprime $0
Gain on Sale - SRP/MBS 0
Mortgage origination income 0
Net Warehouse interest income 0
Servicing income, net 0
Loss on investment in MLN Depository 0
Other Income 222,912
------------
Total Revenues $222,912
------------
Expenses
Salaries $0
Overtime/Temp Help 0
Bonus/Incentives 0
Benefits 0
Rent Expense 8,455
Telephone 602
Repairs & Maintenances 0
Office & Supplies Expense 313
Postage/Express Mail 183
Service Bureau 0
Consulting Fees 133,848
Insurance 0
Loan Loss/Foreclosure Exp. 0
Appraisal/Credit Expenses 0
Travel & Entertainment 0
Meetings/Seminars/Education 0
Membership Fes/Dues/Filings (17,850)
Advertising - Other 0
Interest Expense - Other 0
Legal/Regulatory Expense 0
Miscellaneous Expenses 1,122
------------
Total Expenses Before Depreciation 126,673
Depreciation Expense 0
------------
Net Profit Before Reorganization Items 96,239
Reorganization Items
Professional Fees 199,255
------------
Total Reorganization Items 199,255
Income Taxes 0
------------
Net Income (Loss) ($103,016)
============
Middletown, Connecticut-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering a
full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels. The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No. 07-
10146). Pachulski Stang Ziehl & Jones LLP represents the Debtor.
Blank Rome LLP represents the Official Committee of Unsecured
Creditors. In the Debtor's schedules of assets and liabilities
filed with the Court, it disclosed total assets of $464,847,213
and total debts of $556,459,464. The Debtor has until Feb. 22,
2008, to exclusively file a plan of reorganization.
(Mortgage Lenders Bankruptcy News, Issue No. 24; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-
7000).
POPE & TALBOT: Files Schedules of Assets and Liabilities
--------------------------------------------------------
Pope & Talbot Ltd. submitted its schedules of assets and
liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.2 Financial Accounts
The Toronto-Dominion Bank 79
B.16 Accounts Receivable
Intercompany receivable
Pope & Talbot Ltd. 42,332,361
Trade receivable
Investment purchase from P&T Ltd. 25,657,555
Other receivables 2,167,767
TOTAL SCHEDULED ASSETS $70,157,762
========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Revolver
Wells Fargo Financial Corporation 30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims None
F. Creditors Holding Unsecured Non-priority Claims
Intercompany loan payable
P&T Ltd. 27,585,507
TOTAL SCHEDULED LIABILITIES $261,095,966
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: MacKenzie Pulp Files Schedules of Assets and Debts
-----------------------------------------------------------------
MacKenzie Pulp Land Ltd., a debtor-affiliate of Pope & Talbot
Ltd., submitted 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
Revolver
Wells Fargo Financial Corporation $30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims None
F. Creditors Holding Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $233,510,459
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: P&T Finance 1 Files Schedules of Assets and Debts
----------------------------------------------------------------
P&T Finance One Limited, a debtor-affiliate of Pope & Talbot Ltd.,
submitted its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.14 Investments in subsidiaries & others
P&T Finance Two Limited Partnership 25,389,286
TOTAL SCHEDULED ASSETS $25,389,286
========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Revolver
Wells Fargo Financial Corporation $30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims None
F. Creditors Holding Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $233,510,459
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: P&T Finance 2 Files Schedules of Assets and Debts
----------------------------------------------------------------
P&T Finance Two Limited Partnership, a debtor-affiliate of Pope &
Talbot Ltd., submitted 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
Revolver
Wells Fargo Financial Corporation 30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims None
F. Creditors Holding Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $233,510,459
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: P&T Finance 3 Files Schedules of Assets and Debts
----------------------------------------------------------------
P&T Finance Three LLC, a debtor-affiliate of Pope & Talbot Ltd.,
submitted its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.24 Borrower & applicant list
Forest License #A77955 11,608,387
Tree Farm License #8, Forest License 2,013,680
Nos. A81250 and A18969
Tree Farm License #23 1,109,431
TOTAL SCHEDULED ASSETS $14,731,498
========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Revolver
Wells Fargo Financial Corporation $30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims None
F. Creditors Holding Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $233,510,459
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: P&T Funding Files Schedules of Assets and Debts
--------------------------------------------------------------
P&T Funding Ltd., a debtor-affiliate of Pope & Talbot Ltd.,
submitted its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.2 Financial Accounts
The Toronto-Dominion Bank 210
B.14 Investments in subsidiaries & others
Pope & Talbot Spearfish 22,633
B.16 Accounts Receivable
Intercompany loan receivable
Pope & Talbot Ltd. 234,912
Intercompany trade receivable
Pope & Talbot Ltd. 10,430
TOTAL SCHEDULED ASSETS $268,185
========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Revolver
Wells Fargo Financial Corporation $30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims Unknown
F. Creditors Holding Unsecured Non-priority Claims
Contribution from Pope & Talbot 1,048
Community Trust
TOTAL SCHEDULED LIABILITIES $233,511,507
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: P&T LFP Files Schedules of Assets and Debts
----------------------------------------------------------
P&T LFP Investment Limited Partnerhip, a debtor-affiliate of Pope
& Talbot Ltd., submitted 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
Revolver
Wells Fargo Financial Corporation 30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims None
F. Creditors Holding Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $233,510,459
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: P&T Power Files Schedules of Assets and Debts
------------------------------------------------------------
P&T Power Company, a debtor-affiliate of Pope & Talbot Ltd.,
submitted 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
Revolver
Wells Fargo Financial Corporation $30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims None
F. Creditors Holding Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $233,510,459
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: P&T Relocation Files Schedules of Assets and Debts
-----------------------------------------------------------------
Pope & Talbot Relocation Services Inc., a debtor-affiliate of Pope
& Talbot Ltd., submitted its schedules of assets and liabilities,
disclosing:
A. Real Property $0
B. Personal Property
B.16 Accounts Receivable
Intercompany trade receivable
Pope & Talbot Inc. 687,695
Pope & Talbot Pulp Sales U.S. Inc. 4,051
TOTAL SCHEDULED ASSETS $691,746
========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Revolver
Wells Fargo Financial Corporation $30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims None
F. Creditors Holding Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $235,510,459
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: P&T Pulp Files Schedules of Assets and Debts
-----------------------------------------------------------
Pope & Talbot Pulp Sales U.S. Inc., a debtor-affiliate of Pope &
Talbot Ltd., submitted its schedules of assets and liabilities,
disclosing:
A. Real Property $0
B. Personal Property
B.13 Stock & Interests
Pope & Talbot Pulp Sales Europe LLC (1,133,293)
B.14 Investments in subsidiaries & others
Pope & Talbot Factoring Ltd. 4,993,899
B.16 Accounts Receivable
Trade receivable (General) 17,363,715
Allowance for doubtful accounts (2,097,133)
Trade receivable adjustment (1,181,249)
Intercompany receivable 3,040
B.30 Inventory
Pulp
Various inventory 11,067,912
Prepaid cargo insurance 77,280
Net realization value adjustment (2,822)
B.35 Other personal property
Sales tax deposit 100
Miscellaneous deposits 100
TOTAL SCHEDULED ASSETS $29,091,549
========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Revolver
Wells Fargo Financial Corporation $30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims None
F. Creditors Holding Unsecured Non-priority Claims
Intercompany payable
Pope & Talbot Inc. 20,519,945
Pope & Talbot Relocation Inc. 4,051
TOTAL SCHEDULED LIABILITIES $254,043,455
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: Penn Timber Files Schedules of Assets and Debts
--------------------------------------------------------------
Penn Timber Inc., a debtor-affiliate of Pope & Talbot Ltd.,
submitted its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.14 Investments in subsidiaries & others
Pope & Talbot Finance One Limited Partnership 253,892
Pope & Talbot Finance Two Limited Partnership 277,018
B.16 Accounts Receivable
Intercompany trade receivable
Pope & Talbot Inc. 1,000
TOTAL SCHEDULED ASSETS $481,910
========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims
Revolver
Wells Fargo Financial Corporation $30,463,024
David W. Stack 15,231,512
Term B Loan
Ableco Finance LLC 16,409,331
HBK Master Fund LP 10,418,623
Quadrangle Master Funding Ltd. 7,050,971
Oak Hill Credit Opportunities 4,102,333
Financing Ltd.
Regiment Capital Special 3,906,984
Situations Fund III LP
DK Acquisition Partners LP 3,906,984
Oak Hill Credit Alpha Finance I 3,774,146
(Offshore) LLC
OHA Capital Solutions LP 2,666,516
OHSF II Financing Ltd. 1,640,933
Fortress Credit Opportunities I LP 1,562,793
Fortress Credit Funding I LP 1,562,793
Oak Hill Credit Alpha Finance I LLC 1,476,840
OHA Capital Solutions LP 1,435,816
Credit Genesis CLO 2005-1 Ltd. 1,302,328
Durham Acquisition Co., LLC 1,041,862
Fortress Credit Opportunities II LP 781,397
OHSF Financing Ltd. 656,373
Term C Loan
Ableco Finance LLC 30,920,282
HBK Master Fund LP 19,631,925
Quadrangle Master Funding Ltd. 13,286,222
Oak Hill Credit Opportunities 7,730,070
Financing Ltd.
Regiment Capital Special 7,361,972
Situations Fund III LP
DK Acquisition Partners LP 7,361,972
Oak Hill Credit Alpha Finance I 7,111,665
(Offshore) LLC
Fortress Credit Funding I LP 5,889,578
OHA Capital Solutions LP 5,024,546
OHSF II Financing Ltd. 3,092,028
Oak Hill Credit Alpha Finance I LLC 2,782,825
OHA Capital Solutions LP 2,705,525
Credit Genesis CLO 2005-1 Ltd. 2,453,991
Durham Acquisition Co., LLC 1,963,192
Fortress Credit Opportunities I LP 1,472,394
Lerner Enterprises LP 1,236,811
OHSF Financing Ltd. 1,236,811
Bank of America N.A. 779,472
Concordia Distressed Debt Fund LP 658,250
Others 1,419,369
E. Creditors Holding Unsecured Priority Claims None
F. Creditors Holding Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $233,510,459
========================================================
Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 12; 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. Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr.,
Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya,
Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G.
Patalinghug, Frauline S. Abangan, 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.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
*** End of Transmission ***