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
&n