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 9, 2008, Vol. 12, No. 34
Headlines
AMERICAN HOME: AHMHI Files Operating Report for September 2007
AMERICAN HOME: AHMV Files Operating Report for September 2007
AMERICAN HOME: Great Oak Files Operating Report for September 2007
AMERICAN HOME: Homegate Files Operating Report for September 2007
AVADO BRANDS: Incurs $11,226,700 Net Loss in December 2007
DELPHI CORPORATION: Incurs $964 Million Net Loss in December 2007
DUNMORE HOME: Posts $490,271 Net Loss in Month Ended November 30
DUNMORE HOME: Posts $1,150,136 Net Loss in Month Ended December 31
HANCOCK FABRICS: Posts $1,569,000 Net Loss in Month Ended Jan. 5
HYDRAULIC TECH: Posts December 2007 Net Loss of $17,020,529
KITTY HAWK: Posts $236,951 Net Loss in December 2007
KITTY HAWK: AirCargo Posts $1,078,842 Net Loss in December 2007
KITTY HAWK: Cargo Posts $434,543 Net Loss in December 2007
KITTY HAWK: Ground Posts $987,944 Net Loss in December 2007
KITTY HAWK: KH Ground Posts $987,944 Net Loss in December 2007
LEVITZ FURNITURE: Has $70,951,000 Net Loss in Month Ended Jan. 6
MARCAL PAPER: Incurs $5,411,000 Net Loss in November 2007
MUSICLAND HOLDING: Posts $77,000 Net Loss in December 2007
NEW CENTURY: Incurs $14,549,259 Net Loss in Month Ended Nov. 30
SOLUTIA INC: Incurs $134,000,000 Net Loss in December 200
*********
AMERICAN HOME: AHMHI Files Operating Report for September 2007
--------------------------------------------------------------
American Home Mortgage Holdings Inc., a debtor-affiliate of
American Home Mortgage Investment Corp. submitted its monthly
operating report for September 2007.
American Home Mortgage Holdings, Inc.
Statement of Financial Condition
As of September 30, 2007
Assets:
Cash and cash equivalents $1,000
Accounts receivable 134,546
Intercompany receivable 133,122,337
Investment in subsidiaries (535,195,641)
Other assets
------------
Total Assets ($401,937,758)
============
Liabilities and Stockholders' Equity
Liabilities:
Junior subordinated note $304,214,000
Accrued expenses & other liabilities 4,733,874
------------
Total Liabilities 308,947,874
Stockholders' Equity
Additional paid-in capital 94,597,808
Retained earnings (805,483,440)
------------
Total Stockholders' Equity (710,885,632)
------------
Total Liabilities & Stockholders' Equity ($401,937,758)
============
American Home Mortgage Holdings, Inc.
Statement of Income
Month Ended September 30, 2007
Income from subsidiaries
Non-interest income ($688,756,350)
------------
Non-interest income (688,756,350)
Loss before income taxes (688,756,350)
Income taxes -
------------
Net loss ($688,756,350)
============
American Home Mortgage Holdings, Inc., also discloses that its
cash as of Sept. 1, 2007, was $1,000. Since there was no cash
receipts and disbursements for September, AHM Holdings' cash at
the end of the month is still $1,000.
About American Home
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 Debtors' exclusive
period to file a plan expires on March 3, 2008. (American Home
Bankruptcy News, Issue No. 25, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMV Files Operating Report for September 2007
-------------------------------------------------------------
Great Oak Abstract Corp., a debtor-affiliate of American Home
Mortgage Investment Corp. submitted its monthly operating report
for September 2007.
American Home Mortgage Ventures, LLC
Statement of Financial Condition
As of September 30, 2007
Assets:
Cash and cash equivalents $613,049
Intercompany receivable -
Premises and equipment, net 2,200
Other assets -
------------
Total Assets $615,249
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities (568)
Intercompany payable 156,507
------------
Total Liabilities 155,939
Stockholders' Equity
Additional paid-in capital 395,500
Retained earnings 63,810
------------
Total Stockholders' Equity 459,310
------------
Total Liabilities & Stockholders' Equity $615,249
============
American Home Mortgage Ventures, LLC
Statement of Income
Month Ended September 30, 2007
Non-Interest Income:
Fee income 1,125
------------
Non-interest income 1,125
Expenses
Salaries, commissions & benefits, net 1
Occupancy and equipment 231
Data processing and communications (1)
Marketing and promotion 250
Travel and entertainment (1)
Other 1
------------
Total expenses 481
Loss before income taxes 644
Income taxes -
------------
Net loss $644
============
American Home Mortgage Ventures, LLC
Schedule of Cash Receipts and Disbursements
Month Ended September 30, 2007
Cash - Beginning of Month, 09/01/2007 $611,549
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances 1,500
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 1,500
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 -
------------
Net Cash Flow 1,500
------------
Cash - End of Month - 09/30/07 $613,049
============
About American Home
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 Debtors' exclusive
period to file a plan expires on March 3, 2008. (American Home
Bankruptcy News, Issue No. 25, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Great Oak Files Operating Report for September 2007
-----------------------------------------------------------------
Great Oak Abstract Corp., a debtor-affiliate of American Home
Mortgage Investment Corp. submitted its monthly operating report
for September 2007.
Great Oak Abstract Corp.
Statement of Financial Condition
As of September 30, 2007
Assets:
Cash and cash equivalents $380,941
Accounts receivable 36,615
Intercompany receivable 693,132
Premises and equipment, net 5,339
Other assets 104,800
------------
Total Assets $1,220,827
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities 76,743
------------
Total Liabilities 76,743
Stockholders' Equity
Additional paid-in capital 95,520
Retained earnings 1,048,564
------------
Total Stockholders' Equity 1,144,084
------------
Total Liabilities & Stockholders' Equity $1,220,827
============
Great Oak Abstract Corp. also discloses that as of Sept. 1,
2007, it has cash amounting to $380,941. There had been no
transactions related to cash receipts and disbursements. Hence,
Great Oak's cash at the end of September was still $380,941.
About American Home
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 Debtors' exclusive
period to file a plan expires on March 3, 2008. (American Home
Bankruptcy News, Issue No. 25, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Homegate Files Operating Report for September 2007
-----------------------------------------------------------------
Great Oak Abstract Corp., a debtor-affiliate of American Home
Mortgage Investment Corp. submitted its monthly operating report
for September 2007.
Homegate Settlement Services, Inc.
Statement of Financial Condition
As of September 30, 2007
Assets:
Cash and cash equivalents $25,524
Restricted cash -
Intercompany receivable -
Premises and equipment, net 233,715
Other assets -
------------
Total Assets $259,239
============
Liabilities and Stockholders' Equity
Liabilities:
Accrued expenses & other liabilities $3,254,299
Intercompany payable 8,649,207
Income taxes payable 3,671
------------
Total Liabilities 11,907,177
Stockholders' Equity
Additional paid-in capital 250,000
Retained earnings (11,897,938)
------------
Total Stockholders' Equity (11,647,938)
------------
Total Liabilities & Stockholders' Equity $259,239
============
Homegate Settlement Services, Inc.
Statement of Income
Month Ended September 30, 2007
Non-interest income:
Tax service ($716,342)
------------
Non-interest income (716,342)
Expenses:
Salaries, commissions and benefits, net (1,552)
Data processing and communications -
Marketing and promotion 20,014
Other (1)
------------
Total expenses 18,461
Loss before income taxes (734,803)
Income taxes -
------------
Net loss ($734,803)
============
Homegate Settlement Services, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended September 30, 2007
Cash - Beginning of Month, 09/01/2007 $25,802
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 279
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 279
------------
Net Cash Flow (279)
------------
Cash - End of Month - 09/30/07 $25,523
============
About American Home
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 Debtors' exclusive
period to file a plan expires on March 3, 2008. (American Home
Bankruptcy News, Issue No. 25, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AVADO BRANDS: Incurs $11,226,700 Net Loss in December 2007
----------------------------------------------------------
Avado Brands Inc., aka Applesouth, and its debtor-affiliates
submitted to the U.S. Bankruptcy Court for the District of
Delaware their monthly operating report for December 2007.
For December 2007, the Debtors generated net revenue of
$16,756,100 and incurred a net loss of $11,226,700. Total cost of
sales for the month were $5,723,800.
Madison, Georgia-based Avado Brands Inc., aka Applesouth, --
http://www.avado.com/-- operates about 120 casual dining
restaurants under the banners Don Pablo's Mexican Kitchen and Hops
Grillhouse & Brewery. The restaurants are located in 22 states in
the U.S. As of Sept. 5, 2007, the Debtors employed about 9,970
people. For the year ended July 31, 2007, the Debtors generated
about $227.8 million in revenues and a negative EBITDA of
$7.8 million.
The Debtor filed for chapter 11 protection on Feb. 4, 2004 (Bankr.
N.D. Tex. Case No. 04-1555). On April 26, 2005, Judge Steven
Felsenthal confirmed Avado's Modified Plan of Reorganization and
that Plan became effective on May 19, 2005.
On Sept. 5, 2007, Avado filed a voluntary chapter 22 petition
(Bankr. D. Del. Case No. 07-11276) to complete an orderly sale of
its assets, via Section 363 of the Bankruptcy Code. About 10 of
Avado's affiliates also filed for bankruptcy protection on the
same date (Bankr. D. Del. Case Nos. 07-11277 through 07-11286).
Michael Tuchin, Esq., and Stacia A. Neeley, Esq., at Klee, Tuchin,
Bogdanoff & Stern LLP, represent the Debtors. Donald J.
Detweiler, Esq., at Greenberg Traurig, LLP, is the Debtors' local
counsel. Kurtzman Carson Consultants LLC acts as the Debtors
claims and noticing agent. The U.S. Trustee for Region 3 has
appointed creditors to serve on an Official Committee of Unsecured
Creditors to this cases. Greenberg Traurig LLP represents the
Committee. In their second filing, the Debtors disclosed
estimated assets and debts between $1 million to $100 million.
The Debtor's exclusive period for filing a plan is extended until
May 2, 2008.
DELPHI CORPORATION: Incurs $964 Million Net Loss in December 2007
-----------------------------------------------------------------
Delphi Corporation, et al.
Unaudited Consolidated Balance Sheet
As of December 31, 2007
(In Millions)
ASSETS
Current assets:
Cash and cash equivalents $113
Restricted cash 125
Accounts receivable, net:
General Motors and affiliates 972
Other third parties 623
Non-Debtor affiliates 250
Notes receivable from non-Debtor affiliates 278
Inventories, net:
Productive material, work-in-process & supplies 653
Finished goods 170
Other current assets 385
Assets held for sale 467
--------
TOTAL CURRENT ASSETS 4,036
Long-term assets:
Property, net 1,446
Investment in affiliates 331
Investments in non-Debtor affiliates 3,303
Goodwill 152
Other intangible assets 25
Other 487
--------
TOTAL LONG-TERM ASSETS 5,744
--------
TOTAL ASSETS $9,780
========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities not subject to compromise:
Current portion of long-term debt $2,782
Accounts payable 1,007
Accounts payable to non-Debtor affiliates 689
Accrued liabilities 1,322
Liabilities held for sale 167
--------
TOTAL CURRENT LIABILITIES 5,967
Long-term liabilities not subject to compromise:
Long-term debt 24
Employee benefit plan obligations and other 956
Liabilities subject to compromise 16,276
--------
TOTAL LIABILITIES 23,223
Stockholders' deficit:
TOTAL STOCKHOLDERS' DEFICIT (13,443)
--------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $9,780
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Operations
Month Ended December 31, 2007
(In Millions)
Net sales:
General Motors and affiliates $338
Other customers 241
Non-Debtor affiliates 27
--------
Total net sales 606
--------
Operating expenses:
Cost of sales 676
U.S. employee workforce transition program charges (36)
Long-lived asset impairment charges 39
Depreciation and amortization 56
Selling, general and administrative 118
Securities & ERISA litigation charge (10)
--------
Total operating expenses 843
--------
Operating loss (237)
Interest expense (45)
Loss on extinguishment of debt -
Other (expense) income, net 37
Reorganization items (14)
Income tax benefit (expense) 9
Equity income from non-consolidated affiliates (15)
Loss from discontinued operations (599)
Equity income from non-Debtor affiliates (100)
--------
NET LOSS ($964)
========
Delphi Corporation, et al.
Unaudited Consolidated Statement of Cash Flows
Month Ended December 31, 2007
(In Millions)
Cash flows from operating activities:
Net loss ($964)
Adjustments to reconcile net loss
to net cash provided by operating activities:
Depreciation and amortization 56
Long-lived asset impairment 39
Deferred income taxes (8)
Pension and other postretirement benefit expenses 71
Equity income from unconsolidated affiliates 15
Equity income from non-Debtor affiliates 100
Reorganization items 14
U.S. employee workforce transition program charges (36)
Securities and ERISA litigation credit (10)
Changes in operating assets and liabilities:
Accounts receivable, net 433
Inventories, net 31
Other assets 34
Accounts payable, accrued and other long-term debt (285)
U.S. employee workforce transition program payment (30)
Other postretirement benefit payments (16)
Pension contributions (1)
Payments for reorganization items (14)
Dividends from non-debtor affiliates 568
Dividends from joint ventures 15
Other (43)
Operating cash flows from discontinued operations 664
--------
Net cash used in operating activities 633
Cash flows from investing activities:
Capital expenditures (8)
Proceeds from sale of property 3
Decrease (increase) in restricted cash (1)
Return on investment in non-debtor affiliates 108
Other (9)
Investing cash flows used in discontinued operations (4)
--------
Net cash used in investing activities 89
Cash flows from financing activities:
Repayments on DIP credit facility (555)
Repayments on borrowings from non-Debtor affiliates (66)
Net repayments on borrowings from other debt (1)
--------
Net cash used in financing activities (622)
--------
Increase in cash and cash equivalents 100
Cash and cash equivalents at beginning of period 13
--------
Cash and cash equivalents at end of period $113
========
Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS:
DPHIQ) -- http://www.delphi.com/-- is the single supplier of
vehicle electronics, transportation components, integrated systems
and modules, and other electronic technology. The company's
technology and products are present in more than 75 million
vehicles on the road worldwide. Delphi has regional headquarters
in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors. As of
March 31, 2007, the Debtors' balance sheet showed $11,446,000,000
in total assets and $23,851,000,000 in total debts.
The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the solicitation
of votes on the First Amended Plan on Dec. 20, 2007. The Court
confirmed the Debtors' First Amended Plan on Jan. 25, 2008. The
Debtor anticipates to emerge from bankruptcy by March 31, 2008,
the expiration date of its exclusive plan filing period. (Delphi
Bankruptcy News, Issue No. 110; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
* * *
As reported in the Troubled Company Reporter on Jan. 16, 2008,
Moody's Investors Service assigned ratings to Delphi Corporation
for the company's financing for emergence from Chapter 11
bankruptcy protection: Corporate Family Rating of (P)B2;
$3.7 billion of first lien term loans, (P)Ba3; and $0.825 billion
of 2nd lien term debt, (P)B3. In addition, a Speculative Grade
Liquidity rating of SGL-2 representing good liquidity was
assigned. The outlook is stable.
As reported in the Troubled Company Reporter on Jan. 11, 2008,
Standard & Poor's Ratings Services expects to assign its 'B'
corporate credit rating to Troy, Michigan-based automotive
supplier Delphi Corp. upon the company's emergence from Chapter 11
bankruptcy protection, which may occur by the end of the first
quarter of 2008. S&P expects the outlook to be negative.
In addition, Standard & Poor's expects to assign these
issue-level ratings: a 'B+' issue rating (one notch above the
corporate credit rating), and '2' recovery rating to the company's
proposed $3.7 billion senior secured first-lien term loan; and a
'B-' issue rating (one notch below the corporate creditrating),
and '5' recovery rating to the company's proposed $825 million
senior secured second-lien term loan.
DUNMORE HOME: Posts $490,271 Net Loss in Month Ended November 30
----------------------------------------------------------------
Dunmore Home, Inc.
Balance Sheet
As of November 30, 2007
ASSETS
Current Assets:
Cash and cash equivalents $721,306
Accounts receivable, net 277,186
Inventory -
Other current assets -
-----------
Total current assets 998,492
Property plant and equipment 4,653,969
Investment in subsidiary LLC's 6,805,958
Related party note receivable (S. Dunmore) 11,277,410
Receivable from Dunmore Land Co. 350,750
Other long-term assets 1,790,910
Deferred compensation investments 1,658,998
-----------
Total Assets $27,536,487
===========
LIABILITIES & SHAREHOLDERS' DEFICIT
Liabilities not subject to compromise:
Current liabilities:
Accounts payable trace (postpetition) $21,196
Accrued payroll 284,578
Debtor in Possession loan 566,423
Due to S. Dunmore JMP 103,333
Short-term borrowings 1,529,191
-----------
Total current liabilities 2,504,721
-----------
Liabilities subject to compromise:
Accounts payable prepetition 1,709,841
Long-term unsecured debt - TPS 20,000,000
Long-term secured debt 2,000,000
Accrued warranty costs 384,577
Deferred compensation payable 1,662,593
Other accruals 887,770
-----------
Total liabilities $29,149,502
-----------
Shareholders' deficit:
Common stock $25,000
Retained deficit (1,147,744)
CY Income (490,271)
-----------
($1,613,015)
-----------
Total liabilities and shareholders' deficit $27,536,487
===========
Dunmore Home, Inc.
Statement of Operations
for the month ended November 30, 2007
Revenues:
Sale of real property -
Rental & service income from SBDs $22,757
-----------
22,757
-----------
Costs and expenses:
Costs of goods sold -
Payroll and benefit related costs 315,823
Insurance 2,481
Office administrative & technology costs 8,614
Rent 49,156
Depreciation & amortization 18,941
Professional fees 18,621
Other 2,991
Interest 129,556
-----------
546,183
-----------
Earnings before reorganization & income tax (523,426)
Reorganization items:
Loss on disposal of facility -
Gain on sale of real property -
Professional fees -
Provision for rejected executory contracts -
Interest earned (33,155)
-----------
(33,155)
-----------
Loss before income tax & discontinued operations (490,271)
-----------
Income tax benefit -
Loss before discontinued operations (490,271)
-----------
Discontinued operations:
Loss from discontinued operations -
-----------
Net loss ($490,271)
===========
Dunmore Home, Inc.
Cash Flow
for the period ended November 30, 2007
Cash flows from operating activities:
Sale of Stone Mitigation Land -
Rent & service fees (S. Dunmore) $29,430
Other sources 20,088
Payroll and benefits (118,079)
Insurance (8,123)
Corporate office expenses (11,534)
Consulting fees (10,800)
Other (20,154)
-----------
Net cash used in operating activities (119,172)
-----------
Cash flows from investing activities:
Purchase of property and equipment -
Advances to related party -
-----------
Net cash used in investing activities -
-----------
Cash flows from financing activities:
Debtor-in-possession loan (S. Dunmore Loan) 392,915
Debtor-in-possession loan payments -
Contributions to LLC to cover utilities & warranty (33,190)
-----------
Net cash provided by financing activities 359,725
-----------
Net change in cash and cash equivalents 240,553
-----------
Cash and cash equivalents, beg. of year 480,753
-----------
Cash and cash equivalents, end of year $721,306
===========
Headquartered in Granite Bay, California, Dunmore Homes Inc. is a
privately-owned homebuilder. The company filed for Chapter 11
protection on Nov. 8, 2007 (Bankr. S.D.N.Y. Case No. 07-13533).
Maria A. Bove, Esq., and Debra I. Grassgreen, Esq., at Pachulski
Stang Ziehl & Jones LLP, represent the Debtor in its restructuring
efforts. The Official Committee of Unsecured Creditors has
selected Morrison & Foerster LLP as its counsel in this bankruptcy
proceeding. When the Debtor filed for protection against its
creditors, it listed assets and liabilities of more than
$100 million.
In January 2008, the U.S. Bankruptcy Court for the Southern
District of New York ordered the transfer of Debtor's Chapter 11
case to the U.S. Bankruptcy Court for the Eastern District of
California, Sacramento Division. The Debtor's exclusive period to
file a plan expires on March 7, 2008. (Dunmore Bankruptcy News,
Issue No. 9; Bankruptcy Creditors' Service, Inc.,