/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/080216.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 16, 2008, Vol. 12, No. 40 Headlines AMERICAN HOME: Incurs $42,744,477 Net Loss in October 2007 AMERICAN HOME: AHMC Files Operating Report for October 2007 AMERICAN LAFRANCE: Files Schedules of Assets and Liabilities BAYOU GROUP: Incurs $394,464 Net Loss in Month Ended Nov. 30, 2007 BAYOU GROUP: Earns $333,668 in Month Ended December 31, 2007 COMPLETE RETREATS: Reports October 2007 Monthly Operating Report COMPLETE RETREATS: Reports November 2007 Monthly Operating Report COMPLETE RETREATS: Reports December 2007 Monthly Operating Report DELTA FINANCIAL: Files December 17 to 31, 2007 Operating Report DURA AUTOMOTIVE: Posts $24,123,000 Net Loss in December 2007 FEDERAL-MOGUL: Reports December 2007 Earnings of $154.5 Million FOXTONS NORTH: Posts $342,777 Net Loss in December 2007 JOHNSON RUBBER: Posts December 2007 Monthly Net Loss of $1,203,491 MONITOR OIL: Reports December 31, 2007 Net Loss of $6,968,000 MORTGAGE LENDERS: Posts December 2007 Net Loss of $1,238,534 MOVIE GALLERY: Earns $12,673,000 for Month Ended January 6, 2008 NATIONAL EASTERN: Files November 2007 Monthly Operating Report PACIFIC LUMBER: Scotia Dev't Files December 2007 Monthly Report PACIFIC LUMBER: Scotia Pacific Files December 2007 Monthly Report PERFORMANCE TRANS: Logistics Submits December 2007 Monthly Report PERFORMANCE TRANS: Trustee Submits PTS' October 2007 Report PERFORMANCE TRANS: Trustee Submits PTS' November 2007 Report PERFORMANCE TRANS: Trustee Submits PTS' December 2007 Report REFCO LLC: Trustee Files December 2007 Monthly Operating Report REUNION INDUSTRIES: Posts $250,000 Net Loss in December 2007 SEA CONTAINERS: Posts $227,425 Earnings in Month Ended December 31 TWEETER HOME: Earns $35,533,219 in Month Ended July 31, 2007 VICTORY MEMORIAL: Files December 2007 Monthly Operating Report ********* AMERICAN HOME: Incurs $42,744,477 Net Loss in October 2007 ---------------------------------------------------------- American Home Mortgage Investment Corp. Statement of Financial Condition As of October 31, 2007 Assets: Cash and cash equivalents $29,134 Restricted cash 150,799,967 Accounts receivable 7,409,757 Intercompany receivable 1,322,419,566 Securities 1,330,333,272 Derivative assets 5 Investment in subsidiaries (929,830,844) Other assets 9,896 ------------ Total Assets $1,881,170,753 ============ Liabilities and Stockholders' Equity Liabilities: Reverse repurchase agreements $817,033,016 Junior subordinated note 180,416,000 Derivative liabilities 51,636,422 Accrued expenses & other liabilities 563,534,697 Intercompany payable 572,814,990 ------------ Total Liabilities 2,185,435,125 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 (1,496,711,601) ------------ Total Stockholders' Equity (304,264,372) ------------ Total Liabilities & Stockholders' Equity $1,881,170,753 ============ American Home Mortgage Investment Corp. Statement of Income Month Ended October 31, 2007 Net Interest Income: Interest income $10,933,025 Interest expense 896 ------------ Net interest income 10,933,921 Provision for loan losses - ------------ Net interest income after provision 10,933,921 for loan losses Non-Interest Income: Gain (loss) on mortgage loans - Loss on securities and derivatives (5,957,987) Loss from Subsidiaries (47,720,411) Other non-interest income - ------------ Non-interest income (53,678,398) Other Data processing and communications - Other expenses - ------------ Total expenses 0 Loss before income taxes (42,744,477) Income taxes - ------------ Net loss ($42,744,477) ============ American Home Mortgage Investment Corp. Schedule of Cash Receipts and Disbursements Month Ended October 31, 2007 Cash - Beginning of Month, 10/01/2007 $150,829,101 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances - Administrative - Net payroll - Other - Transfers (from DIP accounts) - ------------ Total Receipts - 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 - ------------ Cash - End of Month - 10/31/07 $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 Debtors' exclusive period to file a plan was extended to March 3, 2008. (American Home Bankruptcy News, Issue No. 26, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMC Files Operating Report for October 2007 ----------------------------------------------------------- American Home Mortgage Corp. Statement of Financial Condition As of October 31, 2007 Assets: Cash and cash equivalents $24,549,680 Restricted cash 12,536,255 Accounts receivable 34,121,530 Intercompany receivable 715,600,990 Mortgage loans 1,953,056,741 Derivative assets 743,601 Mortgage servicing rights 382,972,144 Other real estate, net 43,940,731 Premises and equipment, net 30,095,864 Investment in subsidiaries 71,635,637 Other assets 28,128,176 ------------- Total Assets $3,297,381,349 ============= Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $2,052,937,487 Derivative liabilities 10,481,560 Accrued expenses & other liabilities 109,100,458 Intercompany payable 1,425,206,871 Notes payable 418,979,350 Income taxes payable 567,001 ------------- Total Liabilities 4,017,272,727 Stockholders' Equity Additional paid-in capital 153,195,272 Retained earnings (873,086,650) ------------- Total Stockholders' Equity (719,891,378) ------------- Total Liabilities & Stockholders' Equity $3,297,381,349 ============= American Home Mortgage Corp. Statement of Income Month Ended October 31, 2007 Net Interest Income: Interest income $15,309,712 Interest expense - ------------ Net interest income 15,309,712 Provision for loan losses - ------------ Net interest income after provision 15,309,712 for loan losses Non-Interest Income: Loss on mortgage loans (424,047) Loan servicing fees 9,838,995 Changes in fair value of MSR 262,811 Income from subsidiaries (2,934,654) Other non-interest income 271,552 ------------ Non-interest income 7,014,657 Expenses Salaries, commissions & benefits, net 4,141,686 Occupancy and equipment 2,240,014 Data processing and communications 1,524,821 Office supplies and expenses 198,997 Marketing and promotion 55,025 Travel and entertainment 57,008 Professional fees 4,197,201 Other real estate operating expense 1,949,552 Other 107,147 ------------ Total expenses 14,471,451 Loss before income taxes 7,852,918 Income taxes - ------------ Net loss $7,852,918 ============ American Home Mortgage Corp. Schedule of Cash Receipts and Disbursements Month Ended October 31, 2007 Cash - Beginning of Month, 10/01/2007 $42,243,115 Receipts: Cash sales - Accounts receivable - Sale of assets $169,709 Loans and advances 10,554,327 Administrative - Net payroll 155,711 Other - Transfers (from DIP accounts) - ------------ Total Receipts 10,879,747 Disbursements: Net payroll $4,878,223 Payroll taxes 210,710 Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative 10,947,993 Selling - Other - Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 16,036,926 ------------ Net Cash Flow (5,157,180) ------------ Cash - End of Month - 10/31/07 $37,085,935 ============ 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 was extended to March 3, 2008. (American Home Bankruptcy News, Issue No. 26, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN LAFRANCE: Files Schedules of Assets and Liabilities ------------------------------------------------------------ American LaFrance LLC filed its schedules of assets and liabilities with the U.S. Bankruptcy Court for the District of Delaware. A. Real Property Lebanon Facility Unknown Sanford Facility Unknown B. Personal Property B.1 Cash on hand Petty Cash $4,600 B.2 Bank Accounts American LaFrance LLC Acct. No. 5968 2,212,000 American LaFrance LLC Acct. No. 3578 24,717,249 American LaFrance LLC Acct. No. 5145 208,761 American LaFrance LLC Acct. No. 2316 145,946 Wachovia Bank Disbursements Acct. No. 2919 4,000,000 American LaFrance Northwest LLC 67,128 B.3 Security Deposit ALF LA 15,000 Jedburg (Old) Facility 121,000 Computers Lessor: Varilease Finance, Inc. 62,260 Ephrata Facility Lessor: Zimco 45,262 Premier Logistic Solutions 7,500 Berkeley Electric Cooperative 100,025 PP&L Electric Utilities 20,500 Berkeley Security Deposit 600,000 B.4 Household goods 0 B.5 Book, artwork and collectibles 1858 Button & Blake Hand pumper 104,000 1886 Silsby Thomas Manning Steam Fire Engine w/ LaFrance Boiler 260,000 1904 American LaFrance Cosmopolitan Steamer 195,000 1912 American LaFrance Metropolitan Steamer 234,000 1911 American LaFrance Type 8 Roadster 2 seater 500,000 1911 American LaFrance Type 5 Double Tank Combo 195,000 1914 American LaFrance Type 12 Pumper 162,500 1919 American LaFrance Ford Model T Chemical 65,000 1920 American LaFrance Type 40 Pumper 162,500 1920 American LaFrance Type 75 Pumper 195,000 1923 Green Commercial Cab Chassis Type 5R 130,000 1926 American LaFrance Type 75 Triple Combo 156,000 1929 American LaFrance Service Truck 136,500 1931 American LaFrance Type 191 Pumper 143,000 1932 Tyre 235 Pumper 10,400 1935 American LaFrance 400 Series Pumper 227,500 1940 American LaFrance 500 Series 575 CC Pumper 149,500 1956 American LaFrance 700 Series Pumper 32,500 1958 GMC Snorkel Number 1 130,000 1969 American LaFrance Dominion 900 Series 32,500 1992 American LaFrance Pariot Pumper Prototype Unknown Original artwork of old fire vehicles Unknown B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and other equipment 0 B.9 Insurance Policies Prepaid Insurance 688,000 B.10 Annuities 0 B.11 Interests in an education IRA 0 B.12 Interests in pension plans 0 B.13 Stock and Interests B.14 Interests in partnerships & joint venture 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable Net of customer returns, price adjustments and other credits 18,750,000 B.17 Alimony 0 B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests 0 B.20 Interests in estate death benefit plan 0 B.21 Other Contingent and Unliquidated Claims Freightliner, LLC Unknown IBM Corporation Unknown Various officers, employees, service providers Unknown B.22 Patents Unknown B.23 Licenses, franchises & other intangibles Microsoft Corporation Licenses 200,000 Others Unknown B.24 Customer lists or other compilations 0 B.25 Vehicles 2006 Chrysler 300 Touring 25,587 2000 Ford F550 45,554 1997 Jeep Cherokee 2,525 2004 Chrysler Pacifica 28,928 2004 Nissan Altima 22,762 2005 Jeep Cherokee - Key Largo, Florida 27,552 2005 Jeep Cherokee - Jacksonville, Florida 27,713 2004 Dodge R15 28,171 2003 Ford Taurus 12,280 2005 Dodge Ram 100 24,401 2002 Jeep Cherokee 29,975 2003 Lexus RX300 35,000 2002 FTL Sprinter 24,959 2003 FTL Sprinter 32,305 2006 Mercedes C230 31,917 2005 Dodge Grand Caravan 27,440 1999 FTL Sprinter 32,284 2005 Jeep Cherokee 27,552 Others 729,178 B.26 Boats, motors and accessories Boat used for demos Unknown B.27 Aircraft and accessories 0 B.28 Office Equipment Office Equipment 1,193,854 Computer Equipment 1,322,935 Communications Equipment 155,490 Software 13,676,048 B.29 Equipment and Supplies for Business Factory Equipment 3,845,645 Vehicles - Reclass of used truck to fixed assets 43,415 B.30 Inventory 100,000,000 Raw Material: $35,661,000 WIP: $45,824,000 Finished Goods: $1,500,000 Used: $6,043,000 Other: $15,972,000 Reserve for excess obsolescense: ($5,000,000) B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals and feed 0 B.35 Other Personal Property Land Improvements 14,600 Buildings on Not Owned Land 6,824 Leasehold Improvements 1,201,655 Construction in Progress 9,800,000 Prepaid Software Support - Oracle Corporation 128,000 Prepaid Parts 1,200,000 TOTAL SCHEDULED ASSETS $188,990,680 ========================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims ACE-USA $1,733,738 ENAP Grupo De Empresas 0 Jedburg Industrial Properties Unknown National City 0 Patriarch Partners Agency Services 0 Traveler's Casualty & Surety 2,047,248 Varilease 0 E. Creditors Holding Unsecured Priority Claims Various Employees 1,455,334 City of Sanford Licensing Division 105 Commonwealth of Pennsylvania 786 County of Seminole, Florida 20,821 Lancaster Chamber of Comm 1,353 NYS Corporation Tax Processing Unit 465,800 PA Chamber of Bus. & Ind. 1,346 South Carolina Coordinating Council 500 South Carolina Dept of Health & Env 500 Treasurer, State of Maine 2,751 Wiscounsin Department of Revenue 12,000 Others 1,300 F. Creditors Holding Unsecured Non-priority Claims Trade Payable: A & A Manufacturing Co. Inc. 3,295 A&R Metal Industries Ltd. 9,433 A-Z Advertising Specialti 2,054 A-Z Coatings 1,332 A.C. P.A. 7,250 A.H. Stock Manufacturing Corp. 38,616 A.O.K. Tire Mart 1,836 AAP Inc. 2,031 Able Manufacturing & Assembly LLC 38,692 Abrasive-Tool Corporation 2,861 ACC Business 13,646 Zuken USA Inc. 54,500 ZF Commercial Suspension Systems 52,100 ZF Zachz Suspension Mexico, S.A. de C.V. 33,236 Yeager Supply 32,483 WW Williams Department 33,799 Will-Burt Company 104,267 Whelen Engineerin Company 103,485 Weldon Technologies Inc. 128,202 Weaver Fluid Power 30,460 Waterous Company Arizona Operations 37,067 Waterous Company - Chicago 84,592 Warwick Machine & Tool Co. Inc. 111,172 Warranty Claims 7,105,000 Volt Management Corp 36,586 Ventura County Fire Protection 617,870 Ventura County Fiscal Service 569,520 Varilease Finance Inc. 65,792 United Plastic Fabricating Inc. 233,820 Underwriters Laboratories Inc. 127,996 Tusco Display 119,607 Tube Specialties Co. Inc. 88,811 TRW Inc. Ross Gear 300,577 The Village of Pomeroy 156,445 Superior Cam Inc. 323,933 Strategic Equipment & Supply Corp. 183,070 Southwest Emergency Response Team 273,088 Sanborn Fire Company 198,756 Sanborn 355,057 Ryerson Joseph T & Son Inc.-Atlanta 399,801 Ryerson Joseph T & Son Inc.-Chicago 280,375 Others 70,958,944 TOTAL SCHEDULED LIABILITIES $89,065,038 ========================================================= Headquartered in Summerville, South Carolina, American LaFrance LLC -- http://www.americanlafrance.com/-- is one of the oldest fire apparatus manufacturers and one of the top six suppliers of emergency vehicles in North America. Thee company filed for Chapter 11 protection on Jan. 28, 2008 (Bankr. D. Del. Case No. 08-10178). Ian T. Peck, Esq., and Abigail W. Ottmers, Esq., at Haynes and Boone LLP, is the Debtor's proposed Lead Counsel. Christopher A. Ward, Esq., at Klehr, Harrison, Harvey, Branzburg & Ellers LLP, is the Debtor's proposed local counsel. Kurtzman Carson Consultants LLC serves as the Debtor's claims, noticing and balloting agent. The Debtor's exclusive period to file a plan expires on May 27, 2008. (American LaFrance Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). BAYOU GROUP: Incurs $394,464 Net Loss in Month Ended Nov. 30, 2007 ------------------------------------------------------------------ Bayou Group LLC and its debtor-affiliates submitted to the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for the period Nov. 1, 2007, through Nov. 30, 2007. For the month, the Debtors generated total revenues of $590,000 and incurred a net loss of $394,464. As of Nov. 30, 2007*, the Debtors' consolidated balance sheet showed total assets of $122,590,427, total postpetition liabilities of $4,530,792, total prepetition liabilities -- unsecured claims -- of $244,000,000, and net owners equity deficit of $125,940,365. The Debtors had $22,590,427 in unrestricted cash and cash equivalents and $100,000,000 other current assets for litigation claims at Nov. 30, 2007*. The Debtors had an opening cash balance at Nov. 1, 2007**, of $21,913,369 and an ending cash balance at Nov. 30, 2007*, of $22,590,427. * The document delivered to the Court for Bayou Group LLC, et al., Consolidated November 2007 Monthly Operating Report, the date stated was Oct. 31, 2007. ** The document delivered to the Court for Bayou Group LLC, et al., Consolidated November 2007 Monthly Operating Report, the date stated was Oct. 1, 2007. About Bayou Group Based in Chicago, Illinois, Bayou Group LLC operates and manages hedge funds. The company and its affiliates filed for chapter 11 protection on May 30, 2006 (Bankr. S.D.N.Y. Case No. 06-22306) in order to pursue recoveries for the benefit of defrauded investors. Bayou also filed lawsuits against former investors who allegedly received fictitious profits and an inequitably large return of their principal investments. Jeff J. Marwil at Jenner & Block was appointed on April 28, 2006 as the federal equity receiver. Elise Scherr Frejka, Esq., at Dechert LLP, represents the Debtors in their restructuring efforts. Joseph A. Gershman, Esq., and Robert M. Novick, Esq., at Kasowitz, Benson, Torres & Friedman, LLP, represents the Official Committee of Unsecured Creditors. Kasowitz, Benson, Torres & Friedman LLP is counsel to the Unofficial Committee of the Bayou Onshore Funds. Sonnenschein Nath & Rosenthal LLP represents the Sonnenschein Investors. When the Debtors filed for protection from their creditors, they estimated assets and debts of more than $100 million. Bayou Group LLC's schedules showed total assets of $40,219 and total liabilities of $250,000, while its debtor-affiliates' schedules show zero assets and liabilities aggregating about $2.3 million. BAYOU GROUP: Earns $333,668 in Month Ended December 31, 2007 ------------------------------------------------------------ Bayou Group LLC and its debtor-affiliates submitted to the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for December 2007. For the month, the Debtors generated total revenues of $509,269 and incurred a net profit of $333,668. As of Dec. 31, 2007, the Debtors' consolidated balance sheet showed total assets of $120,429,889, total postpetition liabilities of $2,016,589, total prepetition liabilities -- unsecured claims -- of $244,000,000, and net owners equity deficit of $125,586,700. The Debtors had $20,429,889 in unrestricted cash and cash equivalents and $100,000,000 other current assets for litigation claims at Dec. 31, 2007*. The Debtors had an opening cash balance at Dec. 1, 2007, of $22,590,427 and an ending cash balance at Dec. 31, 2007, of $20,429,888. About Bayou Group Based in Chicago, Illinois, Bayou Group LLC operates and manages hedge funds. The company and its affiliates filed for chapter 11 protection on May 30, 2006 (Bankr. S.D.N.Y. Case No. 06-22306) in order to pursue recoveries for the benefit of defrauded investors. Bayou also filed lawsuits against former investors who allegedly received fictitious profits and an inequitably large return of their principal investments. Jeff J. Marwil at Jenner & Block was appointed on April 28, 2006 as the federal equity receiver. Elise Scherr Frejka, Esq., at Dechert LLP, represents the Debtors in their restructuring efforts. Joseph A. Gershman, Esq., and Robert M. Novick, Esq., at Kasowitz, Benson, Torres & Friedman, LLP, represents the Official Committee of Unsecured Creditors. Kasowitz, Benson, Torres & Friedman LLP is counsel to the Unofficial Committee of the Bayou Onshore Funds. Sonnenschein Nath & Rosenthal LLP represents the Sonnenschein Investors. When the Debtors filed for protection from their creditors, they estimated assets and debts of more than $100 million. Bayou Group LLC's schedules showed total assets of $40,219 and total liabilities of $250,000, while its debtor-affiliates' schedules show zero assets and liabilities aggregating about $2.3 million. COMPLETE RETREATS: Reports October 2007 Monthly Operating Report ---------------------------------------------------------------- In lieu of the October 2007 Monthly Operating Reports, Complete Retreats LLC and its debtor-affiliates delivered to the U.S. Bankruptcy Court for the District of Connecticut a summary of minimal activity. As of Oct. 31, 2007, the remaining assets of the Debtors consist of cash, certain fractional interests, three vacant lots located in the Bahamas, and two units in Rhode Island. The four finished homes in the Bahamas were sold to Ultimate Resort in October 2007, resulting in net proceeds of $5,093,700, being paid to the Debtors on October 15, 2007. The Debtors' cash balance, as of Oct. 31, 2007, was $1,727,468, comprising of $1,402,827, reflected in certain bank statements, and $324,640, in a Certificate of Deposit. As of Oct. 31, 2007, the Debtors' cash inflows are derived from rents received from the four homes located in the Bahamas and the proceeds from the sale from these homes on Oct. 15, 2007. There were no cash inflows received from the two Rhode Island properties or the three Bahamian vacant lots. The outflows relate to various operating expenses that are associated with those properties. The estimated value of the remaining assets aggregate $9,350,000: Property Est. Value -------- ---------- Bahamas Lots #1, #2 and #3 $7,000,000 Rhode Island Property #1 900,000 Rhode Island Property #2 1,200,000 Fractional Interests 250,000 ---------- Total $9,350,000 ========== The Debtors' estimated postpetition liabilities include about $6,000,000 in anticipated unpaid professional fees. The Debtors' do not believe any secured claims remain. The priority claims against the Debtors' estates relate primarily to alleged unpaid taxes in an amount subject to determination. About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court confirmed the Debtor's plan on Nov. 30, 2007. (Complete Retreats Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). COMPLETE RETREATS: Reports November 2007 Monthly Operating Report ----------------------------------------------------------------- In lieu of the November 2007 Monthly Operating Reports, Complete Retreats LLC and its debtor-affiliates delivered to the United States Bankruptcy Court for the District of Connecticut a summary of minimal activity. The Debtors' cash balance, as of November 30, 2007, was $1,500,549, of which $1,175,908 was reflected in certain bank statements and $324,640 is noted in a Certificate of Deposit. As of November 30, 2007, no cash inflows were received from the Debtors' two Rhode Island properties or three Bahamian vacant lots. As of November 30, 2007, the Debtors' only operation was the related payment of expenses for the five properties. The Debtors have no other operating expenses with the exception of their employment of Michael Shelton and James Mitchell, who comprise the Debtors' boards of managers. About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court confirmed the Debtor's plan on Nov. 30, 2007. (Complete Retreats Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). COMPLETE RETREATS: Reports December 2007 Monthly Operating Report ----------------------------------------------------------------- Complete Retreats LLC and its debtor-affiliates delivered to the United States Bankruptcy Court for the District of Connecticut In lieu of the December 2007 Monthly Operating Reports, the Debtors delivered to the Court a summary of minimal activity. The Debtors' cash balance, as of Dec. 31, 2007, was $1,442,906, which comprised of $1,118,265 reflected in certain bank statements and $324,640 in a Certificate of Deposit. The Debtors did not receive any cash inflows from their Rhode Island properties or their Bahamian vacant lots. About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court confirmed the Debtor's plan on Nov. 30, 2007. (Complete Retreats Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). DELTA FINANCIAL: Files December 17 to 31, 2007 Operating Report --------------------------------------------------------------- Hugh Miller, president and chief executive officer of Delta Financial Corporation, delivered to the Court the Debtors' monthly operating report for the period Dec. 17 to 31, 2007, which includes a schedule of: (a) cash receipts and disbursements, (b) bank reconciliation, and (c) professionals fees paid. Full-text copies of the three-part December 2007 MOR are available for free at: * http://bankrupt.com/misc/DFCDecemberReportPartI.pdf * http://bankrupt.com/misc/DFCDecemberReportPartII.pdf * http://bankrupt.com/misc/DFCDecemberReportPartIII.pdf Mr. Miller disclosed that each of the bank accounts maintained by the Debtors have these cash balances at the end of Dec. 31, 2007: Debtor Cash Balance ------ ------------ Delta Funding Corporation $7,747,729 Delta Financial Corporation 452,318 Renaissance R.E.I.T. Investment Corp. 33,699 Renaissance Mortgage Acceptance Corporation 0 Mr. Miller said the Debtors will provide a statement of operations; a summary of unpaid postpetition debts and accounts payable and accounts receivable; and a balance sheet as of December 31, 2007, after completion of the closing of the Debtors' books for the year 2007. About Delta Financial Founded in 1982, Delta Financial Corporation (NASDAQ: DFC) -- http://www.deltafinancial.com/-- is a Woodbury, New York-based specialty consumer finance company that originates, securitizes and sells non-conforming mortgage loans. The company filed a chapter 11 petition on December 17, 2007 (Bankr. D. Del. Lead Case No. 07-11880). On the same day, three affiliates filed separate chapter 11 petitions -- Delta Funding Corp., Renaissance Mortgage Acceptance Corp., and Renaissance R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to 07-11883). The Debtors selected Morrison & Foerster LLP as their general bankruptcy counsel and David B. Stratton, Esq. and James C. Carignan, Esq. at Pepper Hamilton LLP as their counsel. The Debtors hired AlixPartners LLP as their claims agent. The Official Committee of Unsecured Creditors selected Landis Rath & Cobb LLP as its Delaware counsel and Hahn & Hessen LLP as its general counsel. The Debtors' amended consolidated quarterly financial condition as of Sept. 30, 2007, showed $7,223,528,000 in total assets and $7,108,232,000 in total liabilities. The Debtors' petition listed D.B. Structured Products Inc. as their largest unsecured creditor holding a $19,500,000 claim. The Debtors' exclusive period to file a plan expires on April 15, 2008. (Delta Financial Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service Inc.http://bankrupt.com/newsstand/or 215/945- 7000). DURA AUTOMOTIVE: Posts $24,123,000 Net Loss in December 2007 ------------------------------------------------------------ DURA Automotive Systems, Inc., and Subsidiaries Condensed Consolidated Balance Sheet As of December 31, 2007 (In thousands of dollars) ASSETS Current assets: Cash and cash equivalents $6,706 Accounts receivable, net Trade 92,469 Other 6,366 Non-Debtor subsidiaries 29,810 Inventories 45,212 Other current assets 39,415 ---------- Total current assets 219,978 ---------- Property, plant and equipment, net 127,688 Goodwill, net 178,611 Notes receivable from Non-Debtors subsidiaries 192,443 Investment in Non-Debtors subsidiaries 790,647 Other noncurrent assets 8,120 ---------- Total Assets $1,517,487 ========== LIABILITIES AND NET LIABILITIES IN LIQUIDATION Current liabilities: Debtors-in-possession financing $137,483 Accounts payable 33,431 Accounts payable to Non-Debtors subsidiaries 2,325 Accrued Liabilities 79,779 ---------- Total current liabilities 253,018 ---------- Long-term Liabilities: Notes Payable to Non-Debtors subsidiaries 9,641 Other noncurrent liabilities 55,677 Liabilities Subject to Compromise 1,310,009 ---------- Total Liabilities 1,628,345 Stockholders' Investment (110,858) ---------- Total Liabilities and Stockholders' Investment $1,517,487 ========== DURA Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Statement of Operations For the Five Weeks Ended December 31, 2007 (In thousands of dollars) Total sales $58,300 Cost of sales 57,845 ---------- Gross (loss) profit 455 Selling, general and administrative expenses 4,700 Facility consolidation, asset impairment and other charges 5,152 Amortization expense 19 ---------- Operating (loss) income (9,416) Interest expense, net 3,821 ---------- Loss before reorganization items and income taxes (13,237) Reorganization items 5,819 ---------- Loss before income taxes (19,056) Provision for income taxes 21 ---------- Loss from continuing operations (19,077) Loss from discontinued operations 5046 ---------- Net Income (Loss) ($24,123) ========== DURA Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Statements of Cash Flows For the Five Weeks Ended December 31, 2007 (In thousands of dollars) Operating Activities: Net Income (loss) ($24,123) Adjustments to reconcile net loss to net cash used in operations activities: Depreciation, amortization & asset impairment 1,419 Amortization of deferred financing fees 1,067 Facility consolidation and other charges 5,152 (Gain)/Loss on sale of assets 187 Reorganization items 5,819 Changes in other operating items: Accounts receivable 20,166 Inventories 3,505 Other current assets (638) Noncurrent assets 8,763 Accounts payable (8,250) Accrued liabilities (3,668) Noncurrent liabilities (1,762) Current intercompany transactions (4,438) ---------- Net cash provided by operating activities 3,199 Investing Activities: Purchases of property, plant & equipment (2,222) Proceeds from sales of assets 900 ---------- Net cash (used in) provided by investing activities (1,322) Financing Activities: DIP borrowings (2,849) Payments on prepetition debt (3,064) ---------- Net cash used in financing activities (5,913) Net Increase (Decrease) in Cash & Equivalents (4,036) Cash Flows from Discontinued Operations (917) Cash & Cash Equivalent, Beginning Balance 11,659 ---------- Cash & Cash Equivalent, Ending Balance $6,706 ========== Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co-counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had $1,993,178,000 in total assets and $1,730,758,000 in total liabilities. The Debtors have asked the Court to extend their plan filing period from March 12, 2008, to April 30, 2008. (Dura Automotive Bankruptcy News, Issue No. 45; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FEDERAL-MOGUL: Reports December 2007 Earnings of $154.5 Million --------------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of December 31, 2007 (In millions) Assets Cash and equivalents $112.7 Accounts receivable 559.3 Inventories 380.5 Deferred taxes 268.1 Prepaid expenses and other current assets 249.0 -------- Total current assets 1,569.6 Summary of Unpaid Postpetition Debits 58.3 Intercompany Loans Receivable (Payable) 1,822.2 -------- Intercompany Balances 1,880.4 Property, plant and equipment 710.7 Goodwill 930.4 Other intangible assets 336.5 Insurance recoverable 872.5 Other non-current assets 1,136.9 -------- Total Assets $7,437.0 ======== Liabilities and Shareholders' Equity Short-term debt - Accounts payable $255.2 Accrued compensation 59.6 Restructuring and rationalization reserves 9.1 Current portion of asbestos liability - Interest payable 4.7 Other accrued liabilities 1,020.1 -------- Total current liabilities 1,348.6 Long-term debt 2,668.8 Post-employment benefits 572.7 Other accrued liabilities 594.1 Liabilities subject to compromise 3,822.0 Shareholders' equity: Preferred stock 1,050.6 Common stock 662.1 Additional paid-in capital 7,998.9 Accumulated deficit (11,581.8) Accumulated other comprehensive income 301.0 Other - -------- Total Shareholders' Equity (1,569.1) -------- Total Liabilities and Shareholders' Equity $7,437.0 ======== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the Month Ended December 31, 2007 (In millions) Net sales $232.6 Cost of products sold 188.8 -------- Gross margin 43.7 Selling, general & administrative expenses (29.8) Amortization (1.2) Reorganization items (150.4) Interest income (expense), net (12.8) Other income (expense), net 15.1 -------- Earnings before Income Taxes (135.3) Income Tax (Expense) Benefit (19.2) -------- Earnings before cumulative effect of change in accounting principle (154.5) Cumulative effect of change in acctg. principle - -------- Net Earnings (loss) ($154.5) ======== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the Month Ended December 31, 2007 (In millions) Cash Provided From (Used By) Operating Activities: Net earning (loss) ($154.5) Adjustments to reconcile net earnings (loss) to net cash: Depreciation and amortization 12.4 Adjustment of assets held for sale and other long-lived assets to fair value 27.8 Asbestos charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg. principle - Change in post-employment benefits (115.4) Decrease (increase) in accounts receivable 42.6 Decrease (increase) in inventories 12.9 Increase (decrease) in accounts payable 40.4 Change in other assets & other liabilities (7.1) Change in restructuring charge - Refunds (payments) against asbestos liability - -------- Net Cash Provided From Operating Activities (140.8) Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (9.2) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other - -------- Net Cash Provided From (Used By) Investing Activities (9.2) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt 187.3 Sale of accounts receivable under securitization - Dividends - Other (2.7) -------- Net Cash Provided From Financing Activities 184.6 Increase (Decrease) in Cash and Equivalents 34.5 Cash and equivalents at beginning of period 78.2 -------- Cash and equivalents at end of period $112.7 ======== Federal-Mogul Corporation -- http://www.federal-mogul.com/-- (OTCBB: FDMLQ) is a global supplier, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket. Founded in Detroit in 1899, the company is headquartered in Southfield, Michigan, and employs 45,000 people in 35 countries. Aside from the U.S., Federal-Mogul also has operations in other locations which includes, among others, Mexico, Malaysia, Australia, China, India, Japan, Korea, and Thailand. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Fourth Amended Plan was confirmed by the Bankruptcy Court on Nov. 8, 2007, and affirmed by the District Court on Nov. 14. (Federal-Mogul Bankruptcy News, Issue No. 160; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). * * * As reported in the Troubled Company Reporter on Jan. 10, 2008, Moody's Investors Service confirmed the ratings of the reorganized Federal-Mogul Corporation -- Corporate Family Rating, Ba3; Probability of Default Rating, Ba3; and senior secured bank credit facilities, Ba2. The outlook is stable. The financing for the company's emergence from Chapter 11 bankruptcy protection has been funded in line with the structure originally rated by Moody's in a press release dated Nov. 28, 2007. As reported in the Troubled Company Reporter on Jan. 7, 2008, Standard & Poor's Ratings Services assigned its 'BB-' corporate credit rating to Southfield, Michigan-based Federal-Mogul Corp. following the company's emergence from Chapter 11 on Dec. 27, 2007. The outlook is stable. FOXTONS NORTH: Posts $342,777 Net Loss in December 2007 ------------------------------------------------------- Foxtons North America Inc. and its debtor-affiliates delivered to the United States Bankruptcy Court for the District of New Jersey their monthly operating report for December 2007. The Debtors' opening cash balance was $824,033 and ending cash balance was $408,742 for the month of December 2007. Total disbursements for the month were $596,080. The Debtors generated zero revenues for the month and incurred a net loss of $342,777. About Foxton North West Long Branch, New Jersey-based Foxtons North America Inc. -- http://www.foxtons.com/-- aka YourHomeDirect.com, and its affiliate, Foxtons Inc., are real estate agents. Foxtons Inc. is also known as Foxtons Realty Inc., YHD Foxtons, and YHD-Foxtons Inc. Foxtons North and Foxtons Inc. filed for chapter 11 bankruptcy protection on Oct. 5, 2005 (Bankr. D. N.J. Case Nos. 07-24497 and 07-24496). Lawyers at Forman Holt Eliades & Ravin LLC serve as the Debtors' counsel. Garden City Group Inc. is 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. Allison M. Berger, Esq., at Fox Rothschild LLP, represents the Committee. Foxtons North America disclosed total assets of $487,757 and total liabilities of $40,885,834 in its chapter 11 petition. Foxtons Inc. disclosed total assets of $2,618,254 and total liabilities of $480,945 in its chapter 11 petition. Other papers filed with the bankruptcy court on Oct. 5 disclosed $13 million in assets and $50.4 million of debt, including a $40 million loan from Foxtons shareholder Heven Holdings, Ltd. The Court is set to approve the Debtor's disclosure statement on March 27, 2008. JOHNSON RUBBER: Posts December 2007 Monthly Net Loss of $1,203,491 ------------------------------------------------------------------ Johnson Rubber Company Inc. filed with the U.S. Bankruptcy Court for the Northern District of Ohio its monthly operating report for the period Dec. 12, 2007, through Dec. 31, 2007. Total revenues/sales for the month were $2,316,496 and net loss was $1,203,491. As of Dec. 31, 2007, the Debtor had total assets of $16,191,668, total postpetition liabilities of $428,000, total secured liabilities of $15,997,379, total prepetition liabilities of $7,993,939, and total shareholders' deficit of $8,227,650. Based on the monthly cash statement of the Debtor, its beginning balance was $221,575 and ending balance was $19,316. About Johnson Rubber Headquartered in Middlefield, Ohio, Johnson Rubber Company Inc. -- http://www.johnsonrubber.com/-- designs, develops and manufactures polymer components. The company and its parent, JR Holding Corp., filed for Chapter 11 protection on December 11, 2007 (Bankr. N.D. Ohio, Lead Case No. 07-19391). William I Kohn, Esq., at Benesch Friedlander Coplan & Aronoff LLP, represents the Debtors in its restructuring efforts. The Debtors selected Donlin Recano as claims, noticing and balloting agent. The United States Trustee for Region 9 appointed four creditors to serve on an Official Committee of Unsecured Creditors in this cases. McGuireWoods LLP represents the Committee in this cases. When the Debtors filed for chapter 11 protection against their creditors, they listed $15,346,607 in total assets and $19,869,931 in total debts. MONITOR OIL: Reports December 31, 2007 Net Loss of $6,968,000 ------------------------------------------------------------- Monitor Oil PLC and its debtor-affiliates submitted to the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for Nov. 21, 2007, through Dec. 31, 2007. As of Dec. 31, 2007, the Debtors' balance sheet showed total assets of $98,340,000, total current liabilities of $6,017,000, total liabilities subject to compromise of $50,108,000, and shareholders' deficit of $42,215,000. For the month of December 2007, the Debtors generated zero revenues and incurred a net loss of $6,968,000. Cash and cash equivalents at the end of the year were $4,183,000. Monitor Oil PLC -- htpp://www.monitoroil.com/ -- an oil and gas service company that provides oil and gas production solutions, offshore services and engineering services. The company and two of its affiliates, Monitor Single Lift 1, Ltd., and Monitor US FinCo, Inc., filed for Chapter 11 Protection on Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709). Eric Lopez Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the Debtor. The U.S. Trustee for Region 2 appointed five creditors to serve on an Official Committee of Unsecured Creditors in the Debtors' cases. Ira L. Herman, Esq., at Thompson & Knight LLP, represents the Committee. As of Dec. 31, 2007, the company disclosed total assets of $98,340,000 and total debts of $56,125,000. MORTGAGE LENDERS: Posts December 2007 Net Loss of $1,238,534 ------------------------------------------------------------ Mortgage Lenders Network USA, Inc. Balance Sheet As of December 31, 2007 Assets: Cash and Cash Equivalents $10,554,389 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 6,036,755 ------------ Total Assets $19,779,114 ============ 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 (123,117,214) ------------ Total Stockholders' Equity (120,662,444) ------------ Total Debts & Stockholders' Equity $19,779,114 ============ Mortgage Lenders Network USA, Inc. Income Statement Month Ended December 31, 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 (23,078) ------------ Total Revenues ($23,078) ------------ Expenses Salaries $0 Overtime/Temp Help 0 Bonus/Incentives 0 Benefits 0 Rent Expense 16,579 Telephone 684 Repairs & Maintenances 0 Office & Supplies Expense 107 Postage/Express Mail 131 Service Bureau 0 Consulting Fees 72,001 Insurance 0 Loan Loss/Foreclosure Exp. 0 Appraisal/Credit Expenses 0 Travel & Entertainment 0 Meetings/Seminars/Education 0 Membership Fes/Dues/Filings 0 Advertising - Other 0 Interest Expense - Other 0 Legal/Regulatory Expense 0 Miscellaneous Expenses 1,264 ------------ Total Expenses Before Depreciation 90,766 Depreciation Expense 0 ------------ Net Profit Before Reorganization Items (113,844) Reorganization Items Professional Fees 1,124,689 ------------ Total Reorganization Items 1,124,689 Income Taxes 0 ------------ Net Income (Loss) ($1,238,534) ============ Mortgage Lenders Network USA, Inc. Schedule of Cash Receipts and Disbursements Month Ended December 31, 2007 Cash - Beginning of Month $2,575,962 Receipts: Net Servicing Inflows 0 Warehouse and Loan Sale Inflows 0 Sale of Fixed Assets 0 Sale of Other Assets 0 Other Inflows 37,785 Transfers from Cash Collateral 0 ------------ Total Receipts 37,785 Disbursements: Net Payroll 90,266 Payroll Taxes 0 Medical Coverage Sub/ FSA Witholding 0 Operating Expenses 164,896 Rent 0 Utilities 0 Insurance 0 Administrative & Selling 0 Other 0 Professional Fees Escrow Account 1,113,404 Professional Fees Paid 0 U.S. Trustee Fees 0 DIP Fees 0 Transfers to Cash Collateral 0 ------------ Total Disbursements 1,368,566 ------------ Net Cash Flow (1,330,781) ------------ Cash - End of Month $1,245,181 ============ 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. 25; Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/or 215/945-7000). MOVIE GALLERY: Earns $12,673,000 for Month Ended January 6, 2008 ---------------------------------------------------------------- Movie Gallery, Inc. Unaudited Consolidated Balance Sheet (Excluding International Operations) As Of January 6, 2008 ASSETS Current Assets Cash & Cash Equivalents $54,432,000 Merchandise Inventory 153,025,000 Prepaid Expenses 40,938,000 Store Supplies and Other 11,593,000 --------------- Total Current Assets 259,988,000 Rental inventory, net 226,720,000 Property, furnishings and equipment, net 115,365,000 Other intangibles, net 20,719,000 Deferred income tax asset, net 1,774,000 Deposits and other assets 36,004,000 Investment in subsidiaries 22,879,000 --------------- Total Assets 683,449,000 =============== LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Current maturities of long-term obligations 880,454,000 Accounts payable 23,504,000 Intercompany payable (8,168,000) Accrued liabilities 60,321,000 Accrued payroll 20,958,000 Accrued interest 11,028,000 Deferred revenue 42,555,000 --------------- Total Current Liabilities 1,030,652,000 Other Accrued Liabilities 17,068,000 --------------- Total Liabilities Not Subject to Compromise 1,047,720,000 Liabilities Subject to Compromise Accounts payable 34,228,000 Accrued liabilities 20,534,000 Accrued utilities 4,285,000 Accrued interest 16,410,000 Long-term obligations 323,048,000 Lease liability on closed stores 70,933,000 --------------- Total Liabilities Subject to Compromise 469,438,000 --------------- Total Liabilities 1,517,158,000 Stockholders' Deficit Preferred stock, $0.10 par value; 2000 shares authorized, no shares or issues outstanding - Common stock, $0.001 par value; 65,000 shares authorized, 32,275 shares issued and outstanding 32,000 Additional paid-in capital 200,069,000 Accumulated deficit (1,041,182,000) Accumulated other comprehensive income 7,372,000 --------------- Total Stockholders' Deficit (833,709,000) --------------- Total Liabilities and Stockholders' Deficit $683,449,000 =============== Movie Gallery, Inc. Unaudited Consolidated Statement of Operations (Excluding International Operations) For The Period Ended January 6, 2008 Revenue Rentals $160,762,000 Product Sales 92,789,000 --------------- 253,551,000 Cost of Sales Cost of rental revenues 56,558,000 Cost of product sales 72,522,000 --------------- 129,080,000 Gross Profit 124,471,000 Operating Costs and Expenses Store operating expenses 84,506,000 General and administrative 12,672,000 Amortization of intangibles 258,000 --------------- 97,436,000 Operating Income (Loss) 27,035,000 Interest Expense, net 12,078,000 Intercompany interest expense, net (150,000) --------------- Income (loss) before reorganization items and income taxes 15,107,000 Reorganization items, net 4,043,000 --------------- Income (loss) before income taxes 11,064,000 Income taxes (benefit) (1,609,000) --------------- Net Income (Loss) $12,673,000 =============== Movie Gallery, Inc. Unaudited Consolidated Statement of Cash Flows (Excluding International Operations) For The Period Ended January 6, 2008 Operating Activities Net income (loss) $12,673,000 Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Rental Inventory Amortization 34,297,000 Purchases of Rental Inventory (17,599,000) Purchases of Rental Inventory-Base Stock (20,000) Changes in Rental Amortization Estimates 3,561,000 Reorganization Items, net (2,910,000) Depreciation and Intangibles Amortization 3,761,000 Loss on Closed Store Write-Offs 18,000 Amortization of Debt Issuance Cost 839,000 Stock based Compensation 467,000 Changes in Operating Assets and Liabilities Merchandise Inventory 33,951,000 Other Current Assets 11,924,000 Deposits and Other Assets 84,000 Accounts Payable (37,735,000) Accrued Interest 3,956,000 Lease Liability on Closed Stores 669,000 Other Accrued Liabilities and Deferred Revenue (5,346,000) --------------- Net Cash Used by Operating Activities 42,590,000 Investing Activities Purchases of Property, Furnishings and Equipment, net (558,000) --------------- Net Cash Provided by Investing Activities (558,000) Financing Activities Change in Intercompany Receivable (1,286,000) --------------- Net Cash Provided by Financing Activities (1,286,000) Increase (Decrease) in Cash and Cash Equivalents 40,746,000 Cash and cash equivalents at beginning of period 13,686,000 --------------- Cash and cash equivalents at end of period $54,432,000 =============== Based in Dothan, Alabama, Movie Gallery Inc. -- http://www.moviegallery.com/-- is a home entertainment specialty retailer. The company owns and operates 4,600 retail stores that rent and sell DVDs, videocassettes and video games. It operates over 4,600 stores in the United States, Canada, and Mexico under the Movie Gallery, Hollywood Entertainment, Game Crazy, and VHQ banners. The company and its debtor-affiliates filed for Chapter 11 protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849 to 07-33853. Anup Sathy, Esq., Marc J. Carmel, Esq., and Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the Debtors. Michael A. Condyles, Esq., and Peter J. Barrett, Esq., at Kutak Rock LLP, is the Debtors' local counsel. The Debtors' claims & balloting agent is Kutzman Carson Consultants LLC. When the Debtors' filed for protection from their creditors, they listed total assets of US$891,993,000 and total liabilities of US$1,419,215,000. The Official Committee of Unsecured Creditors has selected Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B. Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl & Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at Miles & Stockbridge PC, as its local counsel. The Debtors' spokeswoman Meaghan Repko said that the company does not expect to exit bankruptcy protection before the second quarter of 2008. The Court will commence plan confirmation hearing on April 9, 2008. (Movie Gallery Bankruptcy News Issue No. 19; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) NATIONAL EASTERN: Files November 2007 Monthly Operating Report -------------------------------------------------------------- National Eastern Corporation submitted to the United States Bankruptcy Court for the District of Connecticut its monthly operating report for November 2007. According to the Debtor's cash statement, cash at the beginning of the period was $188,805, while cash at the end of the period was $85,923. Total disbursements for the month were $509,908. As of November 2007, the company had total assets of $20,071,068 and total prepetition liabilities of $15,398,616, $8,572,798 of which is secured and $6,825,818 of which is unsecured. The Debtor had a total collectible accounts receivable at Nov. 30, 2007 of $532,100. About National Eastern Based in Plainville, Connecticut, National Eastern Corp. fabricates steel. The Debtor filed for Chapter 11 protection on Sept. 17, 2007 (Bankr. D. Conn. Case No. 07-21290). Anthony S. Novak, Esq., at Chorches & Novak, P.C., represents the Debtor in its restructuring efforts. The Debtors chose Edward F. O'Donnel, Esq., at Siegel, O'Connor, O'Donnell & Beck, P.C., as its special counsel. When the company filed for bankruptcy, it listed total assets of $20,786,808 and total debts of $15,398,616. PACIFIC LUMBER: Scotia Dev't Files December 2007 Monthly Report --------------------------------------------------------------- Scotia Development LLC, et al. Consolidated Balance Sheet As of December 31, 2007 ASSETS Current Assets Cash $303,755 Accounts receivable, net 5,613,135 Inventory: lower cost or market 21,739,103 Prepaid expenses 5,626,306 Prepaid Restructuring 200,000 Investments - Other 266,009 ------------ Total Current Assets 33,748,308 Property, Plant & Equipment 186,595,457 Less: Accumulated Depreciation (118,495,237) ------------ Net book value of property & plant 68,100,220 Other Assets Notes Receivable 571,064 Deferred Financing Costs 5,554,188 Long-term Investments 3,023,547 Restricted Cash 2,509,580 Restricted Cash/Letter of Credit Collaterization 10,862,851 Deferred Tax Assets 13,652,208 ------------ TOTAL ASSETS $138,021,966 ============ LIABILITIES & OWNERS EQUITY Postpetition Liabilities Trade accounts payable 1,579,516 Tax payable Federal payroll taxes 47,909 State payroll taxes 9,344 Ad valorem taxes 37,823 Other taxes 23,784 ------------ Total taxes payable 118,860 Secured debt postpetition 74,228,573 Accrued interest payable 3,207,484 Accrued professional fees 3,187,329 Other accrued liabilities Trade Accruals 672,407 Compensation and Benefits 2,505,086 Other Accrued 574,164 Due to(from) Affiliate/Parent 3,744,105 ------------ Total Postpetition Liabilities 89,817,524 Prepetition Liabilities Notes payable - Secured 84,277,251 Priority debt 3,292,575 Federal income tax (-17,006) FICA/ Withholding - Unsecured debt 3,006,054 Other 32,039,007 Due to Affiliate/Parent 41,661,505 ------------ Total Prepetition Liabilities 164,259,386 ------------ Total Liabilities 254,076,910 Owner's Equity (Deficit) Equity in Affiliates 537,279,502 Common Stock 1,001 Additional Paid-in Capital 275,546,288 Retained Earnings: Filing Date (794,985,292) Retained Earnings: Post Filing Date (133,896,443) ------------ Total Owner's Equity (116,054,944) ------------ TOTAL LIABILITIES & OWNERS EQUITY $138,021,966 ============ Scotia Development LLC, et al. Statement of Income For the Period Ended December 31, 2007 Revenues $4,634,127 Total cost of revenues (4,983,566) ------------ Gross Profit (349,440) Operating Expenses Selling & Marketing 95,425 General & Administrative (752,082) Insiders Compensation 101,251 Idle Facilities 359,903 Environment 21,105 ------------ Total Operating Expenses (174,398) ------------ Income before interest, depreciation, tax (175,042) Interest Expense 1,635,898 Depreciation 812,419 Other (Income) Expenses 5,383,627 Amortization of Deferred Financing Costs 387,997 Restructuring Professional Fees 1,547,665 Other 118,745 Equity Loss (Earnings) in Subsidiary 6,258,116 Total Interest, Depreciation & Other 16,144,466 ------------ Net Income Before Taxes (16,319,508) Federal Income Tax 0 ------------ Net Income (Loss) ($16,319,508) ============ Scotia Development LLC, et al. Cash Receipts and Disbursements For the Month Ended December 31, 2007 Receipts Cash Sales $169,715 Collection of Accounts Receivable 5,727,199 Loans & Advances 1,503,040 Sale of Assets 434,500 Other 2,796,842 ------------ Total Receipts 10,631,296 Disbursements Net payroll 843,947 Payroll taxes paid 353,878 Sales, use & other taxes paid 413,711 Secured/rentals/leases 185,207 Utilities & telephone 52,459 Insurance 436,538 Cost of goods sold 4,370,496 Vehicle expenses 89,977 Travel & entertainment 41,211 Repairs, maintenance & supplies 410,142 Administrative & selling 436,478 Interest 491,804 Other 3,753 ------------ Total Disbursements from operations 8,129,601 Professional fees 1,914,761 U.S. Trustee fees 8,036 Other reorganization expenses 0 ------------ Total Disbursements 10,052,398 ------------ Net Cash Flow 578,898 ------------ Cash, at the beginning of the month (275,143) ------------ Cash, at the end of the month $303,755 ============ Scotia Development LLC, et al. Consolidated Balance Sheet As of December 31, 2007 ASSETS Current Assets Cash $303,755 Accounts receivable, net 5,613,135 Inventory: lower cost or market 21,739,103 Prepaid expenses 5,626,306 Prepaid Restructuring 200,000 Investments - Other 266,009 ------------ Total Current Assets 33,748,308 Property, Plant & Equipment 186,595,457 Less: Accumulated Depreciation (118,495,237) ------------ Net book value of property & plant 68,100,220 Other Assets Notes Receivable 571,064 Deferred Financing Costs 5,554,188 Long-term Investments 3,023,547 Restricted Cash 2,509,580 Restricted Cash/Letter of Credit Collaterization 10,862,851 Deferred Tax Assets 13,652,208 ------------ TOTAL ASSETS $138,021,966 ============ LIABILITIES & OWNERS EQUITY Postpetition Liabilities Trade accounts payable 1,579,516 Tax payable Federal payroll taxes 47,909 State payroll taxes 9,344 Ad valorem taxes 37,823 Other taxes 23,784 ------------ Total taxes payable 118,860 Secured debt postpetition 74,228,573 Accrued interest payable 3,207,484 Accrued professional fees 3,187,329 Other accrued liabilities Trade Accruals 672,407 Compensation and Benefits 2,505,086 Other Accrued 574,164 Due to(from) Affiliate/Parent 3,744,105 ------------ Total Postpetition Liabilities 89,817,524 Prepetition Liabilities Notes payable - Secured 84,277,251 Priority debt 3,292,575 Federal income tax (-17,006) FICA/ Withholding - Unsecured debt 3,006,054 Other 32,039,007 Due to Affiliate/Parent 41,661,505 ------------ Total Prepetition Liabilities 164,259,386 ------------ Total Liabilities 254,076,910 Owner's Equity (Deficit) Equity in Affiliates 537,279,502 Common Stock 1,001 Additional Paid-in Capital 275,546,288 Retained Earnings: Filing Date (794,985,292) Retained Earnings: Post Filing Date (133,896,443) ------------ Total Owner's Equity (116,054,944) ------------ TOTAL LIABILITIES & OWNERS EQUITY $138,021,966 ============ Scotia Development LLC, et al. Statement of Income For the Period Ended December 31, 2007 Revenues $4,634,127 Total cost of revenues (4,983,566) ------------ Gross Profit (349,440) Operating Expenses Selling & Marketing 95,425 General & Administrative (752,082) Insiders Compensation 101,251 Idle Facilities 359,903 Environment 21,105 ------------ Total Operating Expenses (174,398) ------------ Income before interest, depreciation, tax (175,042) Interest Expense 1,635,898 Depreciation 812,419 Other (Income) Expenses 5,383,627 Amortization of Deferred Financing Costs 387,997 Restructuring Professional Fees 1,547,665 Other 118,745 Equity Loss (Earnings) in Subsidiary 6,258,116 Total Interest, Depreciation & Other 16,144,466 ------------ Net Income Before Taxes (16,319,508) Federal Income Tax 0 ------------ Net Income (Loss) ($16,319,508) ============ Scotia Development LLC, et al. Cash Receipts and Disbursements For the Month Ended December 31, 2007 Receipts Cash Sales $169,715 Collection of Accounts Receivable 5,727,199 Loans & Advances 1,503,040 Sale of Assets 434,500 Other 2,796,842 ------------ Total Receipts 10,631,296 Disbursements Net payroll 843,947 Payroll taxes paid 353,878 Sales, use & other taxes paid 413,711 Secured/rentals/leases 185,207 Utilities & telephone 52,459 Insurance 436,538 Cost of goods sold 4,370,496 Vehicle expenses 89,977 Travel & entertainment 41,211 Repairs, maintenance & supplies 410,142 Administrative & selling 436,478 Interest 491,804 Other 3,753 ------------ Total Disbursements from operations 8,129,601 Professional fees 1,914,761 U.S. Trustee fees 8,036 Other reorganization expenses 0 ------------ Total Disbursements 10,052,398 ------------ Net Cash Flow 578,898 ------------ Cash, at the beginning of the month (275,143) ------------ Cash, at the end of the month $303,755 ============ Based in Oakland, California, The Pacific Lumber Company -- http://www.palco.com/-- and its subsidiaries operate in several principal areas of the forest products industry, including the growing and harvesting of redwood and Douglas-fir timber, the milling of logs into lumber and the manufacture of lumber into a variety of finished products. Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned subsidiaries of Pacific Lumber. Scotia Pacific, Pacific Lumber's largest operating subsidiary, was established in 1993, in conjunction with a securitization transaction pursuant to which the vast majority of Pacific Lumber's timberlands were transferred to Scotia Pacific, and Scotia Pacific issued Timber Collateralized Notes secured by substantially all of Scotia Pacific's assets, including the timberlands. Pacific Lumber, Scotia Pacific, and four other subsidiaries filed for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan, Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead counsel. John F. Higgins, Esq., and James Matthew Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co- counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones LLP, represents the Official Committee of Unsecured Creditors. When Pacific Lumber filed for protection from its creditors, it listed estimated assets and debts of more than $100 million. Scotia Pacific listed total assets of $932,000,000 and total debts of $765,978,335. The Debtors filed their Joint Plan of Reorganization on Sept. 30, 2007, which was amended on Dec. 20, 2007. The Debtors' exclusive plan filing period expires on Feb. 29, 2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 44, http://bankrupt.com/newsstand/or 215/945-7000). PACIFIC LUMBER: Scotia Pacific Files December 2007 Monthly Report ----------------------------------------------------------------- Scotia Pacific Company LLC Consolidated Balance Sheet As of December 31, 2007 ASSETS Current Assets Cash $43,743,528 Accounts receivable, net 4,583,467 Inventory: lower cost or market 1,546,142 Prepaid expenses 6,574,267 Prepaid Restructuring 764,671 Investments 0 Other 733,109 ------------ Total Current Assets 57,945,184 Property, Plant & Equipment 600,786,857 Less: Accumulated Depreciation (359,784,925) ------------ Net book value of property & plant 241,001,932 Other Assets Capitalized Expenses 10,281,211 ------------ TOTAL ASSETS $309,228,327 ============ LIABILITIES & OWNERS EQUITY Postpetition Liabilities Trade accounts payable $32,689 Tax payable Federal payroll taxes 11,886 State payroll taxes 9,494 Ad valorem taxes 75,985 Other taxes 179,564 ------------ Total taxes payable 276,929 Secured debt postpetition 0 Accrued interest payable 51,247,962 Accrued professional fees 4,786,694 Other accrued liabilities Unsecured Debt 998,070 Payroll 591,640 Other 398,425 ------------ Total Postpetition Liabilities 58,332,409 Prepetition Liabilities Notes payable - Secured 767,362,183 Priority debt 79,065 Federal income tax 0 FICA/ Withholding 0 Unsecured debt 3,358,032 Other 232,387 ------------ Total Prepetition Liabilities 771,031,667 ------------ Total Liabilities 829,364,076 Owner's Equity (Deficit) Preffered Stock 0 Common Stock 20,384,905 Additional Paid-in Capital 179,838,186 Retained Earnings: Filing Date (662,058,832) Retained Earnings: Post Filing Date (58,300,008) ------------ Total Owner's Equity (520,135,749) ------------ TOTAL LIABILITIES & OWNERS EQUITY $309,228,327 ============ Scotia Pacific Company LLC Statement of Income For the Period Ended December 31, 2007 Revenues $2,051,520 Total cost of revenues 712,530 ------------ Gross Profit 1,338,990 Operating Expenses Selling & Marketing 0 General & Administrative 217,663 Insiders Compensation 0 Professional Fees 0 Idle Facilities 0 Environmental 0 ------------ Total Operating Expenses 217,663 ------------ Income before interest, depreciation, tax 1,121,328 Interest Expense 4,876,476 Depreciation 558,610 Other (Income) Expenses (213,423) Amortization of Deferred Financing Costs 0 Restructuring Professional Fees 2,065,546 Other 92,235 Equity Loss (Earnings) in Subsidiary 0 Total Interest, Depreciation & Other Items 7,379,443 ------------ Net Income Before Taxes (6,258,116) Federal Income Tax 0 ------------ Net Income (Loss) ($6,258,116) ============ Scotia Pacific Company LLC Cash Receipts and Disbursements For the Month Ended December 31, 2007 Receipts Cash Sales $0 Collection of Accounts Receivable 0 Loans & Advances 0 Sale of Assets 0 Interest Income 165,948 Log Sales to Palco less Reimbursable 2,037,876 Other 4,321 ------------ Total Receipts 2,208,144 Disbursements Net payroll 301,801 Payroll taxes paid 81,316 Sales, use & other taxes paid 204,015 Secured/rentals/leases 21,368 Utilities & telephone 276 Insurance 196,956 Vehicle expenses 0 Cost of goods sold 0 Travel & entertainment 0 Repairs, maintenance & supplies 0 Administrative & selling 417,856 Decking, logging & hauling 871,793 Other 56,451 ------------ Total Disbursements from operations 2,151,833 Professional fees 1,828,286 U.S. Trustee fees 0 Interest 235,889 Other reorganization expenses 0 ------------ Total Disbursements 4,216,009 ------------ Net Cash Flow (2,007,865) ------------ Cash, at the end of the month $43,743,528 ============ Based in Oakland, California, The Pacific Lumber Company -- http://www.palco.com/-- and its subsidiaries operate in several principal areas of the forest products industry, including the growing and harvesting of redwood and Douglas-fir timber, the milling of logs into lumber and the manufacture of lumber into a variety of finished products. Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned subsidiaries of Pacific Lumber. Scotia Pacific, Pacific Lumber's largest operating subsidiary, was established in 1993, in conjunction with a securitization transaction pursuant to which the vast majority of Pacific Lumber's timberlands were transferred to Scotia Pacific, and Scotia Pacific issued Timber Collateralized Notes secured by substantially all of Scotia Pacific's assets, including the timberlands. Pacific Lumber, Scotia Pacific, and four other subsidiaries filed for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan, Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead counsel. John F. Higgins, Esq., and James Matthew Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co- counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones LLP, represents the Official Committee of Unsecured Creditors. When Pacific Lumber filed for protection from its creditors, it listed estimated assets and debts of more than $100 million. Scotia Pacific listed total assets of $932,000,000 and total debts of $765,978,335. The Debtors filed their Joint Plan of Reorganization on Sept. 30, 2007, which was amended on Dec. 20, 2007. The Debtors' exclusive plan filing period expires on Feb. 29, 2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 44, http://bankrupt.com/newsstand/or 215/945-7000). PERFORMANCE TRANS: Logistics Submits December 2007 Monthly Report ----------------------------------------------------------------- Performance Logistics Group and subsidiaries Unaudited Consolidated Balance Sheet As of December 31, 2007 ASSETS Current Assets: Cash, cash equivalents and marketable securities $12,155,000 Deposits 1,929,000 Restricted Cash 3,515,000 Receivables customer 14,118,000 allowance for doubtful accounts (477,000) Receivables other 1,904,000 Inventory 1,837,000 Work in process 694,000 Prepayments and other current assets 6,310,000 ----------- Total current assets 41,984,000 Property and equipment 53,156,000 Accumulated depreciation (14,399,000) ----------- Total property and equipment 38,758,000 Other Assets: Other 16,000 DIP Financing Costs(2007) 557,000 Amortization of DIP 2007 financing costs (93,000) Debt Financing Costs(2007) 8,436,000 Amortization of debt financing costs (8,436,000) Goodwill - Debt Costs(DIP) 1,079,000 Amortization of debt costs (1,079,000) Jr. DIP Debt Costs 140,000 Amortization of Jr DIP debt costs (140,000) Debt Costs(Prepetition) 8,790,000 Amortization of debt costs (8,790,000) ----------- Total other assets 480,000 ----------- Total assets $81,221,000 =========== LIABILITIES AND EQUITY Current Liabilities NOT Subject to Compromise: Current portion of debt - prepetition 1st lien $49,625,000 Current portion of debt 16,500,000 Current portion of accrued interest on debt 885,000 Current portion of long-term equipment leases 1,877,000 Accounts payable 3,105,000 Accrued workman's compensation 21,195,000 Accrued cargo damage claims 1,723,000 Accrued payroll and benefits 9,542,000 Accrued liabilities 4,199,000 Accrued taxes 587,000 ----------- Total current liabilities 109,237,000 Long Term Liabilities NOT Subject to Compromise: Long-term debt, less current portion - Long-term equipment leases 1,719,000 Shareholder, other notes & leases payable - ----------- Total long term liabilities 1,719,000 Liabilities Subject to Compromise: Prepetition - 2nd lien debt 35,000,000 Prepetition - accrued interest - Prepetition - accounts payable 5,701,000 Prepetition - accrued liabilities - ----------- Total liabilities subject to compromise 40,701,000 Deferred compensation - Deferred income taxes 1,209,000 ----------- Total liabilities 152,865,000 Stockholders' Equity: Common Stock $0.01 par value; 100,000 shares 1,000 Additional paid-in capital 19,416,000 Restricted Stock - Currency Exchange 2,306,000 Retained earnings (93,367,000) ----------- Total stockholders' equity (71,644,000) ----------- Total liabilities and stockholders' equity $81,221,000 =========== Performance Logistics Group and subsidiaries Unaudited Consolidated Statements of Operations For the Period Ending December 31, 2007 Transportation Revenue $19,078,000 Plus Fuel Surcharge 2,327,000 ----------- Revenue 21,405,000 Operating Expenses Driver Wages and Benefits 10,180,000 Claims and Transportation Expenses 1,508,000 Maintenance 2,348,000 Fuel 3,842,000 Memo; Fuel Surcharge (2,327,000) Terminal Costs 456,000 Depreciation 435,000 Direct Fixed 1,103,000 Discontinued Operations - Vehicle Movement 3,000 Management Fee and Expenses 43,000 Corporate Overhead (less Depreciation) 1,270,000 ----------- Total Operating Costs 21,187,000 Other Income/(Expenses) - ----------- Operating Income 218,000 ----------- EBITDA 696,000 Less Amortization of Capital Access Fee and Taxes included in EBITDA - Interest Expense 7,877,000 Professional Fees and Restructuring 262,000 Goodwill Impairment 74,622,000 Non-Operating Income/(Expense) 387,000 ----------- Pretax Income (82,156,000) Income Tax (Est.) 189,000 ----------- NET INCOME (LOSS) (82,345,000) Reorganization Items - ----------- NET INCOME (LOSS) ($82,345,000) =========== Performance Logistics Group and subsidiaries Unaudited Consolidated Statement of Cash Flows For the Year to Date Ending December 2007 Cash flows from operating activities (includes fresh start) Net Income $(96,163,000) Adjustments to reconcile net income to net cash flows provided by operations: Depreciation and amortization 11,130,000 Gain (loss) on disposal of property and equipment (281,000) Goodwill impairment - Cost of debt financing (retired) - Amortization of debt financing (DIP) 8,666,000 Amortization of capital access fee - Non cash interest (PIK) - Deferred income taxes 184,000 Deferred compensation - Non cash reorganization costs (323,000) Changes in assets and liabilities: - (Increase) decrease in accounts receivable (687,000) (Increase) decrease in other current assets (1,198,000) Increase/(decrease) in accounts payable 3,983,000 (Increase)/decrease in other assets and liabilities (4,809,000) ----------- Net cash provided by operating activities (79,498,000) Cash flows from investing activities Property and equipment (6,030,000) Restricted cash 4,986,000 Proceeds from disposal of property and equipment 707,000 ----------- Net cash provided by (used in) investing activities (338,000) Cash flows from financing activities Repayment of debt (375,000) Borrowings under debt agreement 1,017,000 Net borrowings (repayments) under revolving credit facilities 16,500,000 Payments on capital lease obligations (1,185,000) Acquisition of capital leases - Acquisition of debt costs (8,279,000) ----------- Net cash used in financing activities 7,678,000 ----------- Net increase (decrease) in cash (72,158,000) Effect of exchange rate on cash and cash equivalents 998,000 Cash at beginning of period 10,622,000 ----------- Cash and cash equivalents at end of period ($60,538,000) =========== Performance Transportation Services Inc. is the second largest transporter of new automobiles, sport-utility vehicles and light trucks in North America, and operates under three key transportation business lines including: E. and L. Transport, Hadley Auto Transport and Leaseway Motorcar Transport. The company and 13 of its affiliates previously filed for Chapter 11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06- 00107). The Court confirmed the Debtors' plan on Dec. 21, 2006, and that plan became effective on Jan. 29, 2007. Garry M. Graber, Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day represented the Debtors in their restructuring efforts. When the Debtor filed for protection from their creditors it reported more than $100,000,000 in total assets. It also disclosed owing more than $100,000,000 to at most 10,000 creditors, including $708,679 to Broadspire and $282,949 to General Motors of Canada Limited. The company and its debtor-affiliates filed their second Chapter 11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746 thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve as the Debtors' local counsel. The Debtors' claims & balloting agent is Kutzman Carson Consultants LLC. The Debtors have until March 18, 2008, to file plan of reorganization. (Performance Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000). PERFORMANCE TRANS: Trustee Submits PTS' October 2007 Report ----------------------------------------------------------- Clear Thinking Group, LLC, the liquidating trustee appointed under Performance Transportation Services Inc.' confirmed plan of reorganization, delivered to the Court an operating report for the PTS Liquidating Trust from Oct. 1 to 31, 2007. The Liquidating Trustee reports that the Trust had a $29,836 monthly net of disbursement during the reporting period. The Trust's operating account had an ending balance of $52,665 from a $82,502 balance at the start of the month. The Trust's money market account had an ending balance of $273,627 from a $272,662 balance at the start of the month. The Liquidating Trustee is represented in the cases by David Neier, Esq., at Arent Fox, LLP, in New York. About Performance Transportation Performance Transportation Services Inc. is the second largest transporter of new automobiles, sport-utility vehicles and light trucks in North America, and operates under three key transportation business lines including: E. and L. Transport, Hadley Auto Transport and Leaseway Motorcar Transport. The company and 13 of its affiliates previously filed for Chapter 11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06- 00107). The Court confirmed the Debtors' plan on Dec. 21, 2006, and that plan became effective on Jan. 29, 2007. Garry M. Graber, Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day represented the Debtors in their restructuring efforts. When the Debtor filed for protection from their creditors it reported more than $100,000,000 in total assets. It also disclosed owing more than $100,000,000 to at most 10,000 creditors, including $708,679 to Broadspire and $282,949 to General Motors of Canada Limited. The company and its debtor-affiliates filed their second Chapter 11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746 thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve as the Debtors' local counsel. The Debtors' claims & balloting agent is Kutzman Carson Consultants LLC. The Debtors have until March 18, 2008, to file plan of reorganization. (Performance Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000). PERFORMANCE TRANS: Trustee Submits PTS' November 2007 Report ------------------------------------------------------------ The liquidating trustee appointed under Performance Transportation Services Inc.' confirmed plan of reorganization, Clear Thinking Group, LLC, presented to the Court the PTS Liquidating Trust's operating report for the period from Nov. 1 to 30, 2007. The Liquidating Trustee reports that the Trust had a $45,557 monthly net of disbursement during the reporting period. The Trustee also reports that the Trust's operating account had an ending bank balance of $182,107 from a balance of $52,665 at the beginning of the reporting period. The Trust's money market account had an ending balance of $99,042 from a $273,627 balance at the start of the month. About Performance Transportation Performance Transportation Services Inc. is the second largest transporter of new automobiles, sport-utility vehicles and light trucks in North America, and operates under three key transportation business lines including: E. and L. Transport, Hadley Auto Transport and Leaseway Motorcar Transport. The company and 13 of its affiliates previously filed for Chapter 11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06- 00107). The Court confirmed the Debtors' plan on Dec. 21, 2006, and that plan became effective on Jan. 29, 2007. Garry M. Graber, Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day represented the Debtors in their restructuring efforts. When the Debtor filed for protection from their creditors it reported more than $100,000,000 in total assets. It also disclosed owing more than $100,000,000 to at most 10,000 creditors, including $708,679 to Broadspire and $282,949 to General Motors of Canada Limited. The company and its debtor-affiliates filed their second Chapter 11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746 thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve as the Debtors' local counsel. The Debtors' claims & balloting agent is Kutzman Carson Consultants LLC. The Debtors have until March 18, 2008, to file plan of reorganization. (Performance Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000). PERFORMANCE TRANS: Trustee Submits PTS' December 2007 Report ------------------------------------------------------------ Clear Thinking Group, LLC, the trustee appointed to oversee the liquidation of Performance Transportation Services Inc.' estate pursuant to their confirmed plan of reorganization, filed with the Court an operating report for the PTS Liquidating Trust for the month ended Dec. 31, 2007. The Liquidating Trustee reports that the Trust had a $23,409 monthly net of disbursement during the reporting period. The Trustee also reports that the Trust's operating account had an ending bank balance of $158,697 from a balance of $182,107 at the beginning of the reporting period. The Trust's money market account had an ending balance of $99,392 from a $99,042 balance at the start of the month. About Performance Transportation Performance Transportation Services Inc. is the second largest transporter of new automobiles, sport-utility vehicles and light trucks in North America, and operates under three key transportation business lines including: E. and L. Transport, Hadley Auto Transport and Leaseway Motorcar Transport. The company and 13 of its affiliates previously filed for Chapter 11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06- 00107). The Court confirmed the Debtors' plan on Dec. 21, 2006, and that plan became effective on Jan. 29, 2007. Garry M. Graber, Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day represented the Debtors in their restructuring efforts. When the Debtor filed for protection from their creditors it reported more than $100,000,000 in total assets. It also disclosed owing more than $100,000,000 to at most 10,000 creditors, including $708,679 to Broadspire and $282,949 to General Motors of Canada Limited. The company and its debtor-affiliates filed their second Chapter 11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746 thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve as the Debtors' local counsel. The Debtors' claims & balloting agent is Kutzman Carson Consultants LLC. The Debtors have until March 18, 2008, to file plan of reorganization. (Performance Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000). REFCO LLC: Trustee Files December 2007 Monthly Operating Report --------------------------------------------------------------- Albert Togut, the Chapter 7 trustee overseeing the liquidation of Refco LLC's estate, filed with the Court a monthly statement of cash receipts and disbursements for the period from Dec. 1 to 31, 2007. The Chapter 7 Trustee reports that Refco LLC's beginning balance as of November 1 totals $89,022,000. The Debtor's beginning purchase price account balance totals $2,562,000, while its beginning capital account "A" balance aggregates $86,460,000. The purchase price account includes activity related to Man Financial, Inc. sale proceeds and related disbursements. Capital account "A" includes activities related to collection of excess capital. During the Reporting Period, Refco LLC received $66,233,000, and and disbursed $76,252,000. The Debtor held $79,003,000 at the end of the period. The Chapter 7 Trustee says the Monthly Statement is filed in lieu of comprehensive financial statements. A full-text copy of Refco LLC's December 2007 Monthly Statement is available at no charge at: http://bankrupt.com/misc/RefcoLLCMORDecember07.pdf About Refco Headquartered in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. (Refco Bankruptcy News, Issue No. 76; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). REUNION INDUSTRIES: Posts $250,000 Net Loss in December 2007 ------------------------------------------------------------ Reunion Industries Inc. filed with the Bankruptcy Court and United States Trustee its monthly operating report for December 2007. As of Dec. 31, 2007, the Debtor had $45,821,000 in total assets, $69,064,000 in total liabilities, and $23,243,000 in total stockholders' deficit. For the month, the Debtor did not had any revenue and incurred a net loss of $250,000. A full-text copy of the company's December 2007 report is available for free at http://ResearchArchives.com/t/s?2815 About Reunion Industries Headquartered in Pittsburgh, Pennsylvania, Reunion Industries Inc. owns and operates industrial manufacturing operations that design and manufacture engineered, high quality products for specific customer requirements. These products include large diameter seamless pressure vessels, manufactured by its CP Industries division, and hydraulic and pneumatic cylinders, manufactured by its Hanna Cylinders division. In addition, the Debtor has a 65% interest in Shanghai Klemp Metal Products Co., Ltd., a Chinese company located in Shanghai, China. Shanghai Klemp manufactures metal bar grating. Reunion Industries filed for Chapter 11 protection on Nov. 26, 2007 (Bankr. D. Conn. Case No.: 07-50727). Two Reunion Industries stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier Poole Family, L.P., filed separate Chapter 11 petitions on the same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol A. Felicetta, Esq. at Reid and Riege, P.C. represents the Debtors in their restructuring efforts. SEA CONTAINERS: Posts $227,425 Earnings in Month Ended December 31 ------------------------------------------------------------------ Sea Containers, Ltd. Unaudited Balance Sheet As of December 31, 2007 Assets Current Assets Cash and cash equivalents $42,613,906 Trade receivables, less allowances for doubtful accounts 366,826 Due from related parties 678,431 Prepaid expenses and other current assets 1,104,484 ------------ Total current assets 44,763,647 Fixed assets, net - Long-term equipment sales receivable, net - Investments in group companies 143,546,856 Intercompany receivables - Investment in equity ownership interests 219,264,558 Other assets 3,532,187 ------------ Total assets $411,107,248 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable $11,248,427 Accrued expenses 66,036,441 Current portion of long-term debt 173,147,423 Current portion of senior notes 385,436,121 ------------ Total current liabilities 635,868,412 Total shareholders' equity (224,761,164) ------------ Total liabilities and shareholders' equity $411,107,248 ============ Sea Containers, Ltd. Unaudited Statement of Operations For the Month Ended December 31, 2007 Revenue ($576,334) Costs and expenses: Operating costs 104,364 Selling, general and admin. expenses (2,529,631) Professional fees (4,188,223) Charges against intercompany accounts 5,504,075 Impairment of investment in subsidy Co. - Forgiveness of intercompany debt - Depreciation and amortization - ------------ Total costs and expenses (1,109,415) ------------ Gain or (Loss) on sale of assets - ------------ Operating income (loss) (1,685,749) Other income (expense) Investment income 1,714,999 Foreign exchange gains or (losses) (32,636) Interest expense, net (4,504,861) ------------ Income (Loss) before taxes (4,508,247) Income tax expense (519,900) ------------ Net (Loss) ($5,028,147) ============ Sea Containers Services Unaudited Balance Sheet As of December 31, 2007 Assets Current Assets Cash and cash equivalents $54,206 Trade receivables 16,230 Due from related parties 670,771 Prepaid expenses and other current assets 2,739,916 ------------ Total current assets 3,481,123 Fixed assets, net 27,645 Investments 2,677,370 Intercompany receivables 53,743,237 Other assets - ------------ Total assets $59,929,375 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable $1,276,545 Accrued expenses 1,065,629 Current portion of long-term debt 1,515,069 ------------ Total current liabilities 3,857,243 Total shareholders' equity 56,072,132 ------------ Total liabilities and shareholders' equity $59,929,375 ============ Sea Containers Services Unaudited Statement of Operations For the Month Ended December 31, 2007 Revenue $2,394,653 Costs and expenses: Operating costs - Selling, general and admin. expenses (277,060) Professional Fees (454,102) Other charges - Depreciation and amortization (1,352,681) ------------ Total costs and expenses (2,083,842) ------------ Gains on sale of assets (33,311) ------------ Operating income (loss) 277,500 Other income (expense) Interest income 70 Foreign exchange gains (losses) 1,142 Interest expense, net (51,286) ------------ Income (Loss) before taxes 227,425 Income tax credit - ------------ Net Income $227,425 ============ Sea Containers Caribbean, Inc., reported zero assets and accounts payable of $3,530,094, as its sole liabilities in its December 2007 balance sheet. A full-text copy of the Debtors' schedules of cash receipts and disbursements is available for free at: http://bankrupt.com/misc/SeaCon_Dec2007_CashSchedule.pdf As of Feb. 8, 2008, Sea Containers Ltd. has not filed its form 10-K report for fiscal year ended December 31, 2005, or later, nor has it filed form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006, Sept. 30, 2006, Dec. 31, 2006, March 31, 2007, June 30, 2007, Sept. 30, 2007, and Dec. 31, 2007. About Sea Containers Based in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Court gave the Debtors until Feb. 20, 2008 to file a plan of reorganization. (Sea Containers Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TWEETER HOME: Earns $35,533,219 in Month Ended July 31, 2007 ------------------------------------------------------------ Tweeter Home Entertainment Group, Inc., et al. Consolidated Balance Sheet As of July 31, 2007 Assets Current Assets: Cash and Cash Equivalents $5,987,298 Accounts Receivable - Inventory - Deferred Tax Assets - Prepaid Expenses and Other Current Assets 2,300,447 -------------- Total Current Assets 8,287,745 Property and Equipment - Long-Term Investments - Intangible Assets, Net - Other Assets - Goodwill - -------------- Total Assets $8,287,745 ============== Liabilities and Owners' Equity Liabilities Not Subject to Compromise (postpetition): Current Portion of Long-Term Debt - Total Accounts Payable $3,854,292 -------------- Total Postpetition Liabilities 3,854,292 Liabilities Subject to Compromise (Prepetition): Deferred Compensation - Accrued Expenses - Customer Deposits - Prepetition Accounts Payable 32,536,235 -------------- Total Prepetition Liabilities 32,536,235 Secured Bank Debt - Other Long-Term Liabilities: Accrued Income Taxes 951,185 Long-Term Restructuring and Discontinued Store Reserve - Rent-Related Accruals - -------------- Total Other Long-Term Liabilities 951,185 -------------- Total Liabilities 37,341,711 Total Stockholder's Equity (29,053,966) -------------- Total Liabilities and Stockholder's Equity $8,287,745 ============== Tweeter Home Entertainment Group, Inc., et al. Consolidated Statement of Operations For the Month Ended July 31, 2007 Revenue $10,343,557 Cost of Goods Sold (7,181,303) -------------- Gross Profit 3,162,254 Controllable Expenses 4,061,224 Non-Controllable Expenses 1,808,221 -------------- Total Operating Expenses 5,869,445 Operating Income (2,707,191) Other Income (Expense) 12,393 Loss on Transaction 32,813,636 -------------- Earnings Before Tax (35,533,219) Taxes - -------------- Net Income ($35,533,219) ============== Tweeter Home Entertainment Group, Inc., et al. Schedule of Cash Receipts and Disbursements For the Month Ended July 31, 2007 Cash, Beginning of Month $936,646 Cash Receipts: Transfers from DIP Accounts 4,339,696 -------------- Total Receipts 4,339,696 Cash Disbursements: Payroll Issued (5,276,342) -------------- Total Disbursements (5,276,342) -------------- Net Cash Flow (936,646) -------------- Cash, End of Month $0 ============== Based in Canton, Mass., Tweeter Home Entertainment Group Inc. -- http://www.tweeter.com/-- retails mid-to high-end audio and video consumer electronics products. Tweeter and seven of its affiliates filed for chapter 11 Protection on June 11, 2007 (Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M. Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E. Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, represent the Debtors. Kurtzman Carson Consultants LLC acts as the Debtors' claims and noticing agent. Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C., represent the Official Committee of Unsecured Creditors. As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and total debts of $190,417,285. The Debtors are seeking to extend their exclusive period to file a reorganization plan from March 3, 2008, to June 5, 2008. (Tweeter Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). VICTORY MEMORIAL: Files December 2007 Monthly Operating Report -------------------------------------------------------------- Victory Memorial Hospital and its debtor-affiliates filed with the United States Bankruptcy Court for the Eastern District of New York their monthly operating report for the period Dec. 1, 2007, through Dec. 31, 2007. As of Dec. 31, 2007, the Debtors' consolidated balance sheet reflected total assets of $40,896,570, total liabilities of $96,122,046, and net unrestricted deficit of $55,225,476. The Debtors' Dec. 31, 2007 consolidated balance sheet also reflected total current assets of $20,748,303 and total current liabilities of $32,006,201. Total operating revenues for the month were $6,855,852 and negative change in unrestricted assets were $2,239,574 for the month ended Dec. 31, 2007. Cash and cash equivalents at the beginning of the month were $4,888,891 and at the end of the month were $2,764,988. About Victory Memorial Based in Brooklyn, New York, Victory Memorial Hospital is a non-profit, full service acute care voluntary hospital with approximately 241 beds and a skilled nursing unit with 150 beds. Victory Hospital provides a full range of medical services with a focus on community care and a program of community outreach to the Brooklyn community. Victory Ambulance Services, Inc. a for-profit subsidiary, provides Victory Hospital with ambulance services. Victory Pharmacy, Inc., a for-profit subsidiary, does not have any employees or assets. The company and its two-subsidiaries filed for chapter 11 protection on Nov. 15, 2006 (Bankr. S.D.N.Y. Case Nos. 06-44387 through 06-44389). Timothy W. Walsh, Esq., and Jeremy R. Johnson, Esq., at DLA Piper US LLP, represent the Debtors. Craig E. Freeman, Esq., and Martin G Bunin, Esq., at Alston & Bird LLP, represent the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed assets and debts between $1 million and $100 million. ********* 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. 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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, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9474. 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