TCR_Public/080223.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 23, 2008, Vol. 12, No. 46

                             Headlines



AEGIS MORTGAGE: Incurs $9,357,902 Net Loss in December 31
AMERICAN HOME: Reports $17,031,574 Net Loss in November 2007
AMERICAN HOME: AHMC Files November 2007 Operating Report
AMERICAN HOME: AHMA Files October 2007 Operating Report
AMERICAN HOME: AHMS Files October 2007 Operating Report

AMERICAN HOME: AHMH Files October 2007 Operating Report
AMERICAN HOME: Great Oak Files October 2007 Operating Report
AMERICAN HOME: Ventures Files October 2007 Operating Report
AMERICAN HOME: Homegate Files October 2007 Operating Report
ARMSTRONG WORLD: Desseaux Files Operating Report for December 2007

ARMSTRONG WORLD: Nitram Files Operating Report for December 2007
LEVITT & SONS: Lists $428.9 Mil. Liabilities in Amended Schedules
LEVITT & SONS: Debtor-Affiliates Amend Schedules of Assets & Debts
LIONEL LLC: Delivers Dec. 31, 2007 through Jan. 27, 2008 Report
MARCAL PAPER: Reports $7,009,000 Net Loss in December 2007

NATIONAL RV: December 2007 Report Shows Net Loss of $1,341,417
NEW YORK RACING: Posts $3,751,206 Net Loss in January 2008
OUR LADY OF MERCY: December 2007 Report Shows Net Loss of $118,000
VESTA INSURANCE: Florida Select Submits Report for January 2008



                             *********

AEGIS MORTGAGE: Incurs $9,357,902 Net Loss in December 31
---------------------------------------------------------

                Aegis Mortgage Corporation, et al.
                    Consolidated Balance Sheet
                      As of December 31, 2007

                              Assets

Unrestricted Cash & Equivalents                     $26,664,643
Restricted Cash and Equivalents                      19,717,723
                                                 --------------
  Total Cash and Cash Equivalents                    46,382,367


Prime loans                                           3,875,396
Nonconforming Loans                                   2,245,726
Loan Premium, net                                     2,169,645
Repurchased Loans                                     6,332,404
Loan Loss Reserve                                             -
                                                 --------------
  Mortgage Loans Held for Sale                       14,623,171


ABS Nonconforming                                 3,453,258,334
ABS Loan Premium, net                               (20,680,877)
ABS Loan Loss Reserve                              (209,371,728)
                                                 --------------
  Mortgage Loans Held for Investment              3,223,205,729

Accrued Interest - Loans Held for Sale                        -
Accrued Int. - Loans Held for Investment             24,276,209
                                                 --------------
Accrued Interest Receivable                          24,276,209

Mortgage Servicing Rights                                     -
Property and Equipment, net                           2,166,964
Deferred Income Taxes                               130,282,623
Goodwill                                                      -
Prepaid Rent and Deposits                               648,256
Derivative Assets                                     4,837,420
Receivable for Advances                              45,279,281
Servicer Related                                        338,300
Other Assets                                        640,891,283
Intercompany Receivable                                       -
                                                 --------------
TOTAL ASSETS                                     $4,132,931,602
                                                 ==============

                Liabilities & Shareholder's
Equity

N/P Warehouse - Prime                               540,186,233
N/p Warehouse - Nonconforming                        25,222,476
N/P Warehouse - Other                                19,550,612
N/P Warehouse - Repurchased                          11,933,754
                                                 --------------
Revolving Warehouse and                             596,893,074
  Repurchase Facilities

Bonds Payable                                     3,340,122,085
NAS IO Bonds Payable                                          -
NIM Bonds Payable                                    53,038,442
Bond Premium, net                                   (22,858,883)
                                                 --------------
  Bond Financing on Mortgage                      3,370,301,644
  Loans Held for Investment

  Subordinated Debt                                 177,156,872
  Accrued Interest Payable                            6,764,510
  Accounts Payable and                               83,676,330
   Accrued Expenses
  Notes Payable-Other                                         -
                                                 --------------
Total Liabilities                                 4,234,792,430

Common Stock                                             97,386
Preferred Stock                                         104,000
Other Comprehensive Income                                    -
Paid in Capital                                      50,959,490
Distributions                                                 -
Treasury Stock                                                -
Dividends                                               (39,000)
Retained Earnings                                    91,041,942
Current Net Income Prepetition                     (101,668,590)
Current Net Income                                 (142,356,056)
                                                 --------------
Total Equity                                       (101,860,828)
                                                 --------------
TOTAL LIABILITIES & EQUITY                       $4,132,931,602
                                                 ==============


                 Aegis Mortgage Corporation, et al.
                   Consolidated Income Statement
                      December 1 to 31, 2007

Loans Held for
Sale
  Interest Income                                       $74,639
  Interest Expense                                           (0)
  Servicing Expense                                           -
                                                 --------------
  Net Interest Income                                    74,639

Loans Held for Investment
  Interest Income                                    25,524,537
  Interest Expense                                  (15,206,097)
  Servicing Expense                                  (1,501,530)
                                                 --------------
  Net Interest Income                                 8,816,909

Gains on Sale                                        (8,723,640)
Premiums Paid                                           (34,191)
Loan Points                                             194,844
Loan Origination Fees                                    60,599
Broker Fees Received                                          -
                                                 --------------
  Production Income                                  (8,502,388)

Servicing and Prepayment Income                         119,427
Late Charges                                              1,122
                                                 --------------
  Total Servicing Fees                                  120,550

Other income                                            (76,021)
                                                 --------------
Total Revenue                                           433,689

Salaries                                                338,001
Bonuses                                                 117,246
Commissions                                                   -
Employee Benefits                                        18,917
Payroll Taxes                                            13,232
Meetings & Travel                                         9,956
Meals & Entertainment                                     2,116
                                                 --------------
  Total Personnel Expenses                              499,468

Rent                                                    106,874
Telephone                                                91,240
Office Supplies                                            (260)
Shipping & Postage                                        8,410
Equipment                                             1,066,070
                                                 --------------
  Total Office Expenses                               1,272,334

Professional expense                                  1,378,911
Marketing                                                     -
Loan Related Expenses                                    65,236
Banking                                                     500
Other Taxes/Licenses/Fees                                   (49)
Other Expenses                                          167,419
                                                 --------------
  Total Other Expenses                                1,612,017

  Direct Operating Expense                            3,383,819
  Direct Operating Income                            (2,950,130)

Loan Loss Provision                                   5,998,360
Deferred SFAS 91 Expenses                                93,900
Sub Debt Expense
  80900 Sub Debt Expense                                      -
  72910 Depreciation Expense                            206,976
Depreciation Expense                                    206,976
Amortization                                                  -
Direct Allocation to Subs                                     -
Allocation Between Subs                                       -
                                                 --------------
  Indirect Operating Expense                          6,299,237
                                                 --------------
Total Expenses                                        9,683,056

Income (Loss) Before Taxes                           (9,249,366)

Federal and State Income Taxes                          108,536
                                                 --------------
Net Income (Loss)                                   ($9,357,902)
                                                 ==============


                Aegis Mortgage Corporation, et al.
                    Receipts and Disbursements
                  Month Ended December 31, 2007

Balance at Beginning of Period                      $20,473,178

RECEIPTS:
Cash Sales                                                    0
Accounts Receivable                                     192,646
Loans and Advances                                      148,742
Sale of Assets                                        7,287,764
Other Insurance Premiums                                299,157
Transfers (from DIP Accounts)                                 0
Return of Investments
   Moulton Reinvestment                                       0
                                                 --------------
   Total Receipts                                     7,928,309

DISBURSEMENTS:
Net Payroll                                            (369,972)
Payroll Taxes                                          (118,840)
Sales, Use & Other Taxes                                   (271)
Inventory Purchases                                           0
Secured/Rental/Leases                                   (39,644)
Insurance--Health Benefits                              (39,777)
Administrative                                         (219,061)
Selling                                                       0
Other NSF's                                                   0

Owner Draw                                                    0
Transfers to DIP Accounts                                     0

Professional Fees                                      (950,778)
U.S. Trustee Professional Fees                                0
Court Costs                                                   0
                                                 --------------
Total Disbursements                                  (1,738,344)

Net Cash Flow                                         6,189,965

Cash-End of Month                                   $26,643,143
                                                 ==============

Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.

The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, &
Jones, L.L.P., serve as counsel to the Debtors.  The Official
Committee of Unsecured Creditors is represented by Landis Rath &
Cobb LLP.  In schedules filed with the Court, Aegis disclosed
total assets of $138,265,342 and total debts of $4,125,470.  The
Debtors' exclusive period to file a plan of reorganization expires
on April 9, 2008.

(Aegis Bankruptcy News, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: Reports $17,031,574 Net Loss in November 2007
------------------------------------------------------------

             American Home Mortgage Investment Corp.
                Statement of Financial Condition
                     As of November 30, 2007

Assets:
   Cash and cash equivalents                            $972,430
   Restricted cash                                   150,799,967
   Accounts receivable                                 7,724,691
   Intercompany receivable                         1,321,750,136
   Securities                                      1,314,012,230
   Derivative assets                                           5
   Investment in subsidiaries                       (927,618,830)
   Other assets                                            9,896
                                                  --------------
      Total Assets                                $1,867,650,525
                                                  ==============

Liabilities and Stockholders' Equity

   Liabilities:
      Reverse repurchase agreements                 $817,033,016
      Junior subordinated note                       180,416,000
      Derivative liabilities                          72,175,135
      Accrued expenses & other liabilities           546,507,327
      Intercompany payable                           572,814,990
                                                  --------------
         Total Liabilities                         2,188,946,468

   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                           (1,513,743,172)
                                                  --------------
         Total Stockholders' Equity                 (321,295,943)
                                                  --------------
Total Liabilities & Stockholders' Equity          $1,867,650,525
                                                  ==============

             American Home Mortgage Investment Corp.
                       Statement of Income
                  Month Ended November 30, 2007

Net Interest Income:
   Interest income                                   $10,588,343
   Interest expense                                      (24,842)
                                                   -------------
      Net interest income                             10,563,501

   Provision for loan losses                                   -
                                                   -------------
      Net interest income after provision             10,563,501
        for loan losses

Non-Interest Income:
   Gain (loss) on mortgage loans                               -
   Loss on securities and derivatives                (29,807,083)
   Gain (loss) from Subsidiaries                       2,212,008
   Other non-interest income                                   -
                                                   -------------
      Non-interest income                            (27,595,075)

Other
   Data processing and communications                          -
   Other expenses                                              -
                                                   -------------
      Total expenses                                           0

Loss before income taxes                             (17,031,574)
Income taxes                                                   -
                                                   -------------
Net loss                                            ($17,031,574)
                                                   =============

             American Home Mortgage Investment Corp.
           Schedule of Cash Receipts and Disbursements
                  Month Ended November 30, 2007

Cash - Beginning of Month, 11/01/2007               $150,829,101

Receipts:
   Cash sales                                                  -
   Accounts receivable                                         -
   Sale of assets                                      4,109,620
   Loans and advances                                          -
   Administrative                                          1,006
   Net payroll                                                 -
   Other                                                       -
   Transfers (from DIP accounts)                               -
                                                   -------------
      Total Receipts                                   4,110,626

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)                       3,167,329
   Professional fees                                           -
   U.S. Trustee quarterly fees                                 -
   Court costs                                                 -
                                                   -------------
      Total Disbursements                              3,167,329
                                                   -------------
      Net Cash Flow                                      943,297
                                                   -------------
Cash - End of Month - 11/30/07                      $151,772,397
                                                   =============

Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP, represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as its
counsel.  As of March 31, 2007, American Home Mortgage's balance
sheet showed total assets of $20,553,935,000, total liabilities of
$19,330,191,000.  The Debtors' exclusive period to file a plan
expires on March 3, 2008.  (American Home Bankruptcy News, Issue
No. 26, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: AHMC Files November 2007 Operating Report
--------------------------------------------------------

                  American Home Mortgage Corp.
                Statement of Financial Condition
                     As of November 30, 2007

Assets:
   Cash and cash equivalents                         $27,669,503
   Restricted cash                                    12,536,255
   Securities purchased under agreements                       -
   Accounts receivable                                38,662,572
   Intercompany receivable                           704,019,746
   Mortgage loans                                  1,851,489,993
   Derivative assets                                     743,601
   Mortgage servicing rights                         381,271,012
   Other real estate, net                             46,941,607
   Premises and equipment, net                        28,734,501
   Investment in subsidiaries                         75,280,131
   Other assets                                        4,390,486
                                                   -------------
      Total Assets                                $3,171,739,407
                                                   =============

Liabilities and Stockholders' Equity

   Liabilities:
      Warehouse lines of credit                   $1,962,910,552
      Derivative liabilities                          10,481,560
      Accrued expenses & other liabilities           473,573,760
      Intercompany payable                         1,441,356,450
      Notes payable                                      913,068
      Income taxes payable                               574,011
                                                   -------------
         Total Liabilities                         3,889,809,401

   Stockholders' Equity
      Additional paid-in capital                     153,195,272
      Retained earnings                             (871,265,266)
                                                   -------------
         Total Stockholders' Equity                 (718,069,994)
                                                   -------------
Total Liabilities & Stockholders' Equity          $3,171,739,407
                                                   =============

                  American Home Mortgage Corp.
                       Statement of Income
                  Month Ended November 30, 2007

Net Interest Income:
   Interest income                                   $11,846,186
   Interest expense                                      (15,031)
                                                   -------------
      Net interest income                             11,831,155

   Provision for loan losses                                   -
                                                   -------------
      Net interest income after provision             11,831,155
        for loan losses

Non-Interest Income:
   Gain (loss) on mortgage loans                       3,872,048
   Loan servicing fees                                12,560,769
   Changes in fair value of MSR                      (12,211,224)
   Income (loss) from subsidiaries                     3,646,739
   Other non-interest income                          (5,286,137)
                                                   -------------
      Non-interest income                              2,582,195

Expenses
   Salaries, commissions & benefits, net               3,150,472
   Occupancy and equipment                             2,191,387
   Data processing and communications                    122,551
   Office supplies and expenses                          173,258
   Marketing and promotion                                41,477
   Travel and entertainment                                2,000
   Professional fees                                     535,839
   Other real estate operating expense                 6,754,719
   Other                                                (381,986)
                                                   -------------
      Total expenses                                  12,589,717

Loss before income taxes                               1,823,633
Income taxes                                                   -
                                                   -------------
Net loss                                              $1,823,633
                                                   =============

                  American Home Mortgage Corp.
           Schedule of Cash Receipts and Disbursements
                  Month Ended November 30, 2007

Cash - Beginning of Month, 11/01/2007                $37,085,935

Receipts:
   Cash sales                                                  -
   Accounts receivable                                         -
   Sale of assets                                              -
   Loans and advances                                 (1,434,738)
   Administrative                                              -
   Net payroll                                                 -
   Other                                              23,251,782
   Transfers (from DIP accounts)                       3,167,329
                                                   -------------
      Total Receipts                                  24,984,374

Disbursements:
   Net payroll                                        $7,086,835
   Payroll taxes                                               -
   Sales, use & other taxes                                    -
   Loans and advances                                          -
   Inventory purchases                                         -
   Secured/rental/leases                                       -
   Insurance                                                   -
   Administrative                                     14,777,716
   Selling                                                     -
   Other                                                       -
   Transfers (from DIP accounts)                               -
   Professional fees                                           -
   U.S. Trustee quarterly fees                                 -
   Court costs                                                 -
                                                   -------------
      Total Disbursements                             21,864,551
                                                   -------------
      Net Cash Flow                                    3,119,822
                                                   -------------
Cash - End of Month - 11/30/07                       $40,205,757
                                                   =============

Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP, represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as its
counsel.  As of March 31, 2007, American Home Mortgage's balance
sheet showed total assets of $20,553,935,000, total liabilities of
$19,330,191,000.  The Debtors' exclusive period to file a plan
expires on March 3, 2008.  (American Home Bankruptcy News, Issue
No. 26, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: AHMA Files October 2007 Operating Report
-------------------------------------------------------

             American Home Mortgage Acceptance, Inc.
                Statement of Financial Condition
                     As of October 31, 2007

Assets:
   Cash and cash equivalents                            $260,049
   Restricted cash                                             -
   Accounts receivable                                 2,970,974
   Intercompany receivable                           517,059,825
   Mortgage loans                                    375,408,702
   Mortgage servicing rights                          16,041,196
   Other real estate, net                              4,611,870
   Investment in subsidiaries                        (25,673,270)
   Other assets                                          160,738
                                                    ------------
      Total Assets                                  $890,840,084
                                                    ============

Liabilities and Stockholders' Equity

   Liabilities:
      Warehouse lines of credit                     $397,312,428
      Accrued expenses & other liabilities             1,918,804
      Intercompany payable                           705,081,067
                                                    ------------
         Total Liabilities                         1,104,312,299

   Stockholders' Equity
      Additional paid-in capital                      40,298,920
      Retained earnings                             (253,771,135)
                                                    ------------
         Total Stockholders' Equity                 (213,472,215)
                                                    ------------
Total Liabilities & Stockholders' Equity            $890,840,084
                                                    ============


               American Home Mortgage Acceptance, Inc.
                       Statement of Income
                   Month Ended October 31, 2007

Net Interest Income:
   Interest income                                    $1,067,009
   Interest expense                                            0
                                                    ------------
      Net interest income                              1,067,009

   Provision for loan losses                                   0
                                                    ------------
      Net interest income after provision              1,067,009
        for loan losses

Non-Interest Income:
   Loss on mortgage loans                               (397,870)
   (Loss) gain on securities & derivatives                     0
   Loan servicing fees                                   (97,757)
   Changes in fair value of MSR                                0
   Loss from subsidiaries                                215,822
                                                    ------------
      Non-interest income                               (279,805)

Expenses
   Salaries, commissions & benefits, net                 295,291
   Marketing and promotion                                     -
   Office supplies and expenses                              678
   Other real estate operating (income)                   30,042
   Other                                                       0
                                                    ------------
      Total expenses                                     326,011

Loss before income taxes                                 461,193
Income taxes                                                   -
                                                    ------------
Net income                                              $461,193
                                                    ============


             American Home Mortgage Acceptance, Inc.
           Schedule of Cash Receipts and Disbursements
                  Month Ended October 31, 2007

Cash - Beginning of Month, 10/01/2007                   $254,836

Receipts:
   Cash sales                                                  -
   Accounts receivable                                         -
   Sale of assets                                              -
   Loans and advances                                      5,212
   Administrative                                              -
   Net payroll                                                 -
   Other                                                       -
   Transfers (from DIP accounts)                               -
                                                    ------------
      Total Receipts                                       5,212

Disbursements:
   Net payroll                                                 -
   Payroll taxes                                               -
   Sales, use & other taxes                                    -
   Loans and advances                                          -
   Inventory purchases                                         -
   Secured/rental/leases                                       -
   Insurance                                                   -
   Administrative                                              -
   Selling                                                     -
   Other                                                       -
   Transfers (from DIP accounts)                               -
   Professional fees                                           -
   U.S. Trustee quarterly fees                                 -
   Court costs                                                 -
                                                    ------------
      Total Disbursements                                      0
                                                    ------------
      Net Cash Flow                                        5,212
                                                    ------------
Cash - End of Month, 10/31/07                           $260,048
                                                    ============

Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP, represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as its
counsel.  As of March 31, 2007, American Home Mortgage's balance
sheet showed total assets of $20,553,935,000, total liabilities of
$19,330,191,000.  The Debtors' exclusive period to file a plan
expires on March 3, 2008.  (American Home Bankruptcy News, Issue
No. 26, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: AHMS Files October 2007 Operating Report
-------------------------------------------------------

             American Home Mortgage Servicing, Inc.
                Statement of Financial Condition
                     As of October 31, 2007

Assets:
   Cash and cash equivalents                         $82,491,385
   Restricted cash                                    39,471,256
   Accounts receivable & servicing advances          102,548,034
   Intercompany receivable                           106,978,936
   Premises and equipment, net                         2,583,097
   Investment in subsidiaries                          8,807,975
   Other assets                                          838,059
                                                    ------------
      Total Assets                                  $343,718,742
                                                    ============

Liabilities and Stockholders' Equity

   Liabilities:
      Warehouse lines of credit                      $50,000,000
      Accrued expenses & other liabilities            60,158,532
      Intercompany payable                           130,848,099
      Income taxes payable                                     -
                                                    ------------
         Total Liabilities                           241,006,631

   Stockholders' Equity
      Additional paid-in capital                      37,000,200
      Retained earnings                               65,711,911
                                                    ------------
         Total Stockholders' Equity                  102,712,111
                                                    ------------
Total Liabilities & Stockholders' Equity            $343,718,742
                                                    ============

             American Home Mortgage Servicing, Inc.
                       Statement of Income
                  Month Ended October 31, 2007

Net Interest Income:
   Interest income                                       ($1,320)
   Provision for loan losses                                   0
                                                    ------------
      Net interest income after provision                 (1,320)
         For loan losses

Non-Interest Income:
   Gain on mortgage loans                                   (446)
   Other non-interest income                              42,520
                                                    ------------
      Non-interest income                                 42,074

Expenses
   Salaries, commissions & benefits, net               2,593,917
   Occupancy and equipment                               132,151
   Data processing and communications                     56,741
   Office supplies and expenses                           42,927
   Marketing and promotion                                     -
   Travel and entertainment                                2,609
   Professional fees                                     327,788
   Other real estate operating expense                         -
   Other                                                 689,632
                                                    ------------
      Total expenses                                   3,845,765

Loss before income taxes                              (3,805,011)
Income taxes                                                   -
                                                    ------------
Net loss                                             ($3,805,011)
                                                    ============


             American Home Mortgage Servicing, Inc.
           Schedule of Cash Receipts and Disbursements
                  Month Ended October 31, 2007

Cash - Beginning of Month, 10/01/2007                $101,497,113

Receipts:
   Cash sales                                                  -
   Accounts receivable                                         -
   Sale of assets                                              -
   Loans and advances                                 20,439,300
   Administrative                                         26,228
   Net payroll                                                 -
   Other                                                       -
   Transfers (from DIP accounts)                               -
                                                    ------------
      Total Receipts                                  20,465,528

Disbursements:
   Net payroll                                                 -
   Payroll taxes                                               -
   Sales, use & other taxes                                    -
   Loans and advances                                          -
   Inventory purchases                                         -
   Secured/rental/leases                                       -
   Insurance                                                   -
   Administrative                                              -
   Selling                                                     -
   Other                                                       -
   Transfers (from DIP accounts)                               -
   Professional fees                                           -
   U.S. Trustee quarterly fees                                 -
   Court costs                                                 -
                                                    ------------
      Total Disbursements                                      0
                                                    ------------
      Net Cash Flow                                   20,465,528
                                                    ------------
Cash - End of Month, 10/31/07                       $121,962,641
                                                    ============

Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP, represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as its
counsel.  As of March 31, 2007, American Home Mortgage's balance
sheet showed total assets of $20,553,935,000, total liabilities of
$19,330,191,000.  The Debtors' exclusive period to file a plan
expires on March 3, 2008.  (American Home Bankruptcy News, Issue
No. 26, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: AHMH Files October 2007 Operating Report
-------------------------------------------------------

              American Home Mortgage Holdings, Inc.
                Statement of Financial Condition
                     As of October 31, 2007

Assets:
   Cash and cash equivalents                              $1,000
   Accounts receivable                                   134,570
   Intercompany receivable                           133,122,337
   Investment in subsidiaries                       (530,889,203)
   Other assets                                                -
                                                    ------------
      Total Assets                                 ($397,631,296)
                                                    ============

Liabilities and Stockholders' Equity

   Liabilities:
      Junior subordinated note                      $304,214,000
      Accrued expenses & other liabilities             4,733,874
                                                    ------------
         Total Liabilities                           308,947,874

   Stockholders' Equity
      Additional paid-in capital                      94,597,808
      Retained earnings                             (801,176,978)
                                                    ------------
         Total Stockholders' Equity                 (706,579,170)
                                                    ------------
Total Liabilities & Stockholders' Equity           ($397,631,296)
                                                    ============


              American Home Mortgage Holdings, Inc.
                       Statement of Income
                  Month Ended October 31, 2007

Income from subsidiaries
   Non-interest income                                $4,306,462
                                                    ------------
      Non-interest income                              4,306,462

Earnings before income taxes                           4,306,462
Income taxes                                                   -
                                                    ------------
Net income                                            $4,306,462
                                                    ============

American Home Mortgage Holdings, Inc., discloses that it had
$1,000 in cash as of October 1, 2007.  There were no cash
receipts and disbursements for October, thus AHM Holdings' cash
at the end of the month is still $1,000.

Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.

American Home Mortgage and seven affiliates filed for
chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos.
07-11047 through 07-11054).  James L. Patton, Jr., Esq., Joel A.
Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway,
Stargatt & Taylor LLP, represent the Debtors.  Epiq Bankruptcy
Solutions LLC acts as the Debtors' claims and noticing agent.  The
Official Committee of Unsecured Creditors selected Hahn & Hessen
LLP as its counsel.  As of March 31, 2007, American Home
Mortgage's balance sheet showed total assets of $20,553,935,000,
total liabilities of $19,330,191,000.  The Debtors' exclusive
period to file a plan expires on March 3, 2008.  (American Home
Bankruptcy News, Issue No. 26, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: Great Oak Files October 2007 Operating Report
------------------------------------------------------------

                    Great Oak Abstract Corp.
                Statement of Financial Condition
                     As of October 31, 2007

Assets:
   Cash and cash equivalents                            $380,941
   Accounts receivable                                    36,615
   Intercompany receivable                               693,132
   Premises and equipment, net                             5,339
   Other assets                                          104,800
                                                     -----------
      Total Assets                                    $1,220,827
                                                     ===========

Liabilities and Stockholders' Equity

   Liabilities:
      Accrued expenses & other liabilities                76,743
                                                     -----------
         Total Liabilities                                76,743

   Stockholders' Equity
      Additional paid-in capital                          95,520
      Retained earnings                                1,048,564
                                                     -----------
         Total Stockholders' Equity                    1,144,084
                                                     -----------
Total Liabilities & Stockholders' Equity              $1,220,827
                                                     ===========

Great Oak Abstract Corp. had $380,941 in cash as of October 1,
2007.  Great Oak said there had been no disbursements during the
month.  Hence, the company's cash at the end of October remained
at $380,941.

Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP, represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as its
counsel.  As of March 31, 2007, American Home Mortgage's balance
sheet showed total assets of $20,553,935,000, total liabilities of
$19,330,191,000.  The Debtors' exclusive period to file a plan
expires on March 3, 2008.  (American Home Bankruptcy News, Issue
No. 26, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: Ventures Files October 2007 Operating Report
-----------------------------------------------------------

              American Home Mortgage Ventures, LLC
                Statement of Financial Condition
                     As of October 31, 2007

Assets:
   Cash and cash equivalents                            $613,049
   Intercompany receivable                                     -
   Premises and equipment, net                             2,200
   Other assets                                                -
                                                     -----------
      Total Assets                                      $615,249
                                                     ===========

Liabilities and Stockholders' Equity

   Liabilities:
      Accrued expenses & other liabilities                 ($568)
      Intercompany payable                               156,507
                                                     -----------
         Total Liabilities                               155,939

   Stockholders' Equity
      Additional paid-in capital                         395,500
      Retained earnings                                   63,810
                                                     -----------
         Total Stockholders' Equity                      459,310
                                                     -----------
Total Liabilities & Stockholders' Equity                $615,249
                                                     ===========

As of October 1, 2007, American Home Mortgage Ventures, LLC, said
it has $613,049 in cash.  The company did not make any
disbursements for the month, thus, at the end of the month, the
company still had $613,049 in cash.

Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP, represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as its
counsel.  As of March 31, 2007, American Home Mortgage's balance
sheet showed total assets of $20,553,935,000, total liabilities of
$19,330,191,000.  The Debtors' exclusive period to file a plan
expires on March 3, 2008.  (American Home Bankruptcy News, Issue
No. 26, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: Homegate Files October 2007 Operating Report
-----------------------------------------------------------

               Homegate Settlement Services, Inc.
                Statement of Financial Condition
                     As of October 31, 2007

Assets:
   Cash and cash equivalents                             $22,184
   Restricted cash                                         2,842
   Intercompany receivable                               106,617
   Premises and equipment, net                           233,715
   Other assets                                                -
                                                     -----------
      Total Assets                                      $365,358
                                                     ===========

Liabilities and Stockholders' Equity

   Liabilities:
      Accrued expenses & other liabilities            $2,915,241
      Intercompany payable                             8,290,600
      Income taxes payable                                 3,671
                                                     -----------
         Total Liabilities                            11,209,512

   Stockholders' Equity
      Additional paid-in capital                         250,000
      Retained earnings                              (11,094,154)
                                                     -----------
         Total Stockholders' Equity                  (10,844,154)
                                                     -----------
Total Liabilities & Stockholders' Equity                $365,358
                                                     ===========

               Homegate Settlement Services, Inc.
                       Statement of Income
                  Month Ended October 31, 2007

Non-interest income:
   Tax service fees                                      ($1,813)
                                                    ------------
      Non-interest income                                 (1,813)

Expenses:
   Salaries, commissions and benefits, net                     -
   Data processing and communications                          -
   Marketing and promotion                                     -
   Other                                                   2,743
                                                    ------------
      Total expenses                                       2,743

Loss before income taxes                                  (4,556)
Income taxes                                                   -
                                                    ------------
Net loss                                                 ($4,556)
                                                    ============

Homegate Settlement Services, Inc., discloses that its cash as of
October 1, 2007, was $25,523.  During the month, Homegate
Settlement made disbursement of $883 for payroll.  As of
October 31, 2007, Homegate Settlement had $24,640.

Based in Melville, New York, American Home Mortgage Investment
Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage
real estate investment trust engaged in the business of investing
in mortgage-backed securities and mortgage loans resulting from
the securitization of residential mortgage loans originated and
serviced by its subsidiaries.

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP, represent the Debtors.  Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent.  The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as its
counsel.  As of March 31, 2007, American Home Mortgage's balance
sheet showed total assets of $20,553,935,000, total liabilities of
$19,330,191,000.  The Debtors' exclusive period to file a plan
expires on March 3, 2008.  (American Home Bankruptcy News, Issue
No. 26, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


ARMSTRONG WORLD: Desseaux Files Operating Report for December 2007
------------------------------------------------------------------

                    Desseaux Corp. of North America
                        Unaudited Balance Sheet
                       As of December 31, 2007

                                ASSETS

Current Assets                                               $0
Plant, Property and Equipment, Net                            0
Other Assets:
   Investment in Subsidiary                           3,885,354
   Due from Parent Corporation                              840
                                                ---------------
Total Assets                                         $3,886,194
                                                ===============

                         LIABILITIES & EQUITY

Liabilities Not Subject to Compromise:
   Due to Parent Corporation                             66,805
   Payable to Nitram Liquidators - Postpetition           8,085
                                                ---------------
Total Liabilities Not Subject to Compromise              74,890

Liabilities Subject to Compromise:
   Accrued Expenses                                     247,768
   Payable to Subsidiary                                944,860
   Notes Payable                                      2,964,500
                                                ---------------
Total Liabilities Subject to Compromise               4,157,128

Shareholder's Equity:
   Common Stock                                           1,000
   Paid-in Capital                                    2,499,000
   Retained Deficit                                  (2,845,824)
                                                ---------------
Total Shareholder's Equity                             (345,824)
                                                ---------------
Total Liabilities and Owners' Equity                 $3,886,194
                                                ===============


                    Desseaux Corp. of North America
                  Unaudited Statements of Operations
                     Month Ended December 31, 2007

Ordinary Income/Expense                                      $0
                                                ---------------
Federal Income Taxes                                          0
State Taxes                                                   0
                                                ---------------
Net Income (Loss)                                            $0
                                                ===============

Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
(NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts.  The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice.  The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written confirmation
order on Aug. 18, 2006.  The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.

Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
accompanying Disclosure Statement on Sept. 20, 2007.  Nitram
and Desseaux relate that their First Amended Joint Plan of
Liquidation became effective on Dec. 28, 2007.  The First Amended
Joint Plan of Liquidation was confirmed by Judge Judith K.
Fitzgerald of the U.S. Bankruptcy Court for the District
of Delaware on Dec. 17, 2007.

(Armstrong Bankruptcy News, Issue No. 121; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ARMSTRONG WORLD: Nitram Files Operating Report for December 2007
----------------------------------------------------------------

                        Nitram Liquidators, Inc.
                        Unaudited Balance Sheet
                        As of December 31, 2007

                                ASSETS

Current Assets:
   Cash                                                $211,694
   Accounts Receivable                                  559,035
   Reserve for Uncollectible Accounts                  (559,035)
                                                ---------------
Other Current Assets:
   Deferred Tax                                               0
   Due from Parent Corporation                          952,944
   Note Receivable from Southwest Recreation          6,334,948
   Reserve for Receivable                            (6,334,948)
                                                ---------------
Total Current Assets                                  1,164,637
                                                ---------------
Plant, Property and Equipment, Net                            0
Other Assets                                                  0
                                                ---------------
Total Assets                                         $1,164,637
                                                ===============

                         LIABILITIES & EQUITY

Liabilities Not Subject to Compromise:
   Due to Parent Corporation                           $104,012
   Accounts Payable - Postpetition                          481
                                                ---------------
Total Liabilities Not Subject to Compromise             104,493

Liabilities Subject to Compromise:
   Funds Due to Creditors                               200,000
   Accounts Payable                                     208,148
   Warranty Reserves                                    569,998
   Due to Affiliates                                  8,443,772
                                                ---------------
Total Liabilities Subject to Compromise               9,221,918

Shareholder's Equity:
   Common Stock                                           1,000
   Cumulative Dividends (Preferred)                   2,964,500
   Dividends                                           (284,098)
   Paid-in Capital                                    3,459,000
   Retained Deficit                                 (14,502,176)
                                                ---------------
Total Equity                                         (8,361,774)
                                                ---------------
Total Liabilities and Owners' Equity                 $1,164,637
                                                ===============


                        Nitram Liquidators, Inc.
                  Unaudited Statements of Operations
                     Month Ended December 31, 2007

Income                                                       $0

Operating Expenses                                            0
                                                ---------------
Operating Income (Loss)                                       0

Other Income (Expense)
   Interest Expense                                         (58)
                                                ---------------
Total Other Income                                          (58)
                                                ---------------
Income (Loss) Before Capital-related Expenses              ($58)
                                                ===============

Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
(NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C.Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts.  The company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice.  The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written confirmation
order on Aug. 18, 2006.  The company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.

Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
accompanying Disclosure Statement on Sept. 20, 2007.  Nitram
and Desseaux relate that their First Amended Joint Plan of
Liquidation became effective on Dec. 28, 2007.  The First Amended
Joint Plan of Liquidation was confirmed by Judge Judith K.
Fitzgerald of the U.S. Bankruptcy Court for the District
of Delaware on Dec. 17, 2007.

(Armstrong Bankruptcy News, Issue No. 121; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


LEVITT & SONS: Lists $428.9 Mil. Liabilities in Amended Schedules
-----------------------------------------------------------------
Levitt and Sons LLC, amended its schedules of assets and
liabilities to reflect an aggregate of $428,910,369, plus other
secured claims, in liabilities.  The Debtor listed creditors held
against it secured claims totaling $459,599, and unsecured non-
priority claims totaling $428,450,770.

Creditors holding unsecured non-priority claims consist of:

    -- Trade payables aggregating $88,012,927,
    -- Certain employee claims totaling $1,797,516,
    -- Debt totaling $338,640,327,
    -- Litigation amount that are yet undetermined.

Based in Fort Lauderdale, Florida, Levitt and Sons LLC --
http://www.levittandsons.com/-- is the homebuilding subsidiary of
Levitt Corporation (NYSE:LEV).  Levitt Corp. --
http://www.levittcorporation.com/-- together with its
subsidiaries, operates as a homebuilding and real estate
development company in the southeastern United States.  The
company operates in two divisions, homebuilding and land.  The
homebuilding division primarily develops single and multi-family
homes for adults and families in Florida, Georgia, Tennessee, and
South Carolina.  The land division engages in the development of
master-planned communities in Florida and South Carolina.

Levitt and Sons LLC and 38 of its homebuilding affiliates filed
for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead
Case No. 07-19845).  Paul Singerman, Esq. and Jordi Guso, Esq., at
Berger Singerman, P.A., represent the Debtors in their
restructuring efforts.  The Debtors chose AP Services, LLC as
their crisis managers, and Kurtzman Carson Consultants, LLC as
their claims and noticing agent.  Levitt Corp., the parent
company, is not included in the bankruptcy filing.

The Debtors' latest consolidated financial condition as of Sept.
30, 2007 reflect total assets of $900,392,000, and total
liabilities of $780,969,000.

The Debtors' exclusive plan filing period expires on March 8,
2008.  (Levitt and Sons Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


LEVITT & SONS: Debtor-Affiliates Amend Schedules of Assets & Debts
------------------------------------------------------------------
Levitt and Sons of Georgia LLC, Bowden Building Corporation, and
Levitt and Sons of South Carolina LLC amended their Schedules of
Assets and Liabilities to reflect changes in the amounts of their
liabilities.

LAS Georgia amended its scheduled liabilities from $230,216 to
$247,325.  Trade payable creditors hold $53,934, while certain
employees hold an aggregate of $193,391.

Bowden increased its scheduled liabilities from $26,968,099 to
$27,000,653.  Creditors with secured claims hold an aggregate of
$24,951,633.  Creditors with unsecured priority claims have a
total claim of $84,700.  Unsecured non-priority claims total
$1,964,319, which consist of trade payable employee claims

LAS South Carolina reports total liabilities of $192,025.  Three
employees have been added to the list of employees holding
unsecured claims, and certain of the previously listed employees'
claim amount has been modified:

            Employee                Claim Amount
            --------                ------------
            Christine Rosow             $2,031
            David Fishkind               4,615
            Kirsten Bowers               6,078
            William Jatzlau              5,000

Levitt Construction-East LLC, and Levitt Homes LLC, also submitted
Amended Schedules, with no changes in the aggregate amounts of
their assets and liabilities.

                     About Levitt and Sons

Based in Fort Lauderdale, Florida, Levitt and Sons LLC --
http://www.levittandsons.com/-- is the homebuilding subsidiary of
Levitt Corporation (NYSE:LEV).  Levitt Corp. --
http://www.levittcorporation.com/-- together with its
subsidiaries, operates as a homebuilding and real estate
development company in the southeastern United States.  The
company operates in two divisions, homebuilding and land.  The
homebuilding division primarily develops single and multi-family
homes for adults and families in Florida, Georgia, Tennessee, and
South Carolina.  The land division engages in the development of
master-planned communities in Florida and South Carolina.

Levitt and Sons LLC and 38 of its homebuilding affiliates filed
for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead
Case No. 07-19845).  Paul Singerman, Esq. and Jordi Guso, Esq., at
Berger Singerman, P.A., represent the Debtors in their
restructuring efforts.  The Debtors chose AP Services, LLC as
their crisis managers, and Kurtzman Carson Consultants, LLC as
their claims and noticing agent.  Levitt Corp., the parent
company, is not included in the bankruptcy filing.

The Debtors' latest consolidated financial condition as of Sept.
30, 2007 reflect total assets of $900,392,000, and total
liabilities of $780,969,000.

The Debtors' exclusive plan filing period expires on March 8,
2008.  (Levitt and Sons Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


LIONEL LLC: Delivers Dec. 31, 2007 through Jan. 27, 2008 Report
---------------------------------------------------------------
Lionel LLC and Liontech Co. delivered to the United States
Bankruptcy Court for the Southern District of New York their
monthly operating report for the period of Dec. 31, 2007, through
Jan. 27, 2008.

As of Jan. 27, 2008, the Debtors' consolidated balance sheet
reflected total assets of $41,658,000, total liabilities of
$66,965,000, and net unrestricted deficit of $25,307,000.  The
balance sheet also reflected total current assets of $27,207,000
and total current liabilities of $24,925,000.

For the month ended Jan. 27, 2008, gross sales were $4,038,000 and
losses were $243,000.

For the month ended Jan. 27, 2008, total inflows were $496,000 and
total outflows were $5,987,000.

                         About Lionel LLC

Chesterfield, Michigan-based Lionel LLC --http://www.lionel.com/-
- markets model train products, including steam and die engines,
rolling stock, operating and non-operating accessories, track,
transformers and electronic control devices.

The Company and its affiliate, Liontech Company, filed for chapter
11 protection on Nov. 15, 2004 (Bankr. S.D.N.Y. Case Nos. 04-17324
and 04-17324).  Adam C. Harris, Esq., Abbey Walsh, Esq., and Adam
L. Hirsch, Esq., at Schulte Roth & Zabel LLP; Dale Cendali, Esq.,
at O'Melveny & Myers LLP; and Ronald L. Rose, Esq., at Dykema
Gossett PLLC, represent the Debtors.  Houlihan Lokey Howard &
Zukin Capital LP and Ernst & Young LLP are the Debtors' financial
advisors.  Kurtzman Carson Consultants LLC acts as the Debtors'
noticing and claims agent.  As of May 31, 2007, the Debtor
disclosed total assets of $39,161,000 and total debts of
$62,667,000.

Alan D. Halperin, Esq., and Robert D. Raicht, Esq., at Halperin
Battaglia Raicht, LLP, represent the Official Committee of
Unsecured Creditors.  FTI Consulting, Inc., is the Committee's
financial advisor.  Alec P. Ostrow, Esq. in New York, represents
Mike's Train House Inc.

The Court gave the Debtor until March 31, 2008, to file its
chapter 11 plan of reorganization.


MARCAL PAPER: Reports $7,009,000 Net Loss in December 2007
----------------------------------------------------------
Marcal Paper Mills Inc. delivered with the United States
Bankruptcy Court for the District of New Jersey its monthly
operating report for the period ended Dec. 31, 2007.

As of Dec. 31, 2007, the Debtor's balance sheet reflected total
assets of $168,448,000, total liabilities of $4,918,000, and net
unrestricted deficit of $87,291,000.  The balance sheet also
reflected total current assets of $62,992,000.

For the month ended Dec. 31, 2007, gross sales were $32,539,000
and losses were $7,009,000.

For the month ended Dec. 31, 2007, total receipts were $48,666,205
and total disbursements were $49,906,851.  Cash at the end of the
month was $619,414.

                     About Marcal Paper Mills

Based in Elmwood Park, New Jersey, Marcal Paper Mills Inc.--
http://www.marcalpaper.com/--is a privately-held, fourth
generation family business.  Founded in 1932, it employs over 900
people in its Elmwood Park, New Jersey and Chicago, Illinois
manufacturing operations.  The company produces over 160,000 tons
of finished paper products, including bath tissue, kitchen towels,
napkins and facial tissue, distributed to retail outlets for home
consumption and to distributors for away-from-home use in hotels,
restaurants, hospitals, offices and factories.

The Debtor filed for chapter 11 protection on Nov. 30, 2006
(Bankr. D. N.J. Case No. 06-21886).  Gerald H. Gline, Esq., and
Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman &
Leonard P.A. represent the Debtor.  Kenneth Rosen, Esq., and Mary
E. Seymour, Esq., at Lowenstein Sandler PC represent the Official
Committee of Unsecured Creditors.  In its schedules filed with the
Court, the Debtor disclosed total assets of $178,626,436 and total
debts of $178,890,725.


NATIONAL RV: December 2007 Report Shows Net Loss of $1,341,417
--------------------------------------------------------------
National R.V. Holdings Inc. and National R.V., Inc. filed with the
United States Bankruptcy Court for the Central District of
California their monthly operating report for the period Nov. 30,
2007, through Dec. 31, 2007.

As of Dec. 31, 2007, the Debtors' balance sheet reflected on an
accrual basis total assets of $55,542,751, total liabilities of
$13,602,305, total pre-petition liabilities of $13,535,744, total
post-petition liabilities of $66,561 and total stockholders'
equity of $41,940,446.  The Debtors' Dec. 31, 2007 consolidated
balance sheet also reflected total current assets of $48,727,693.

Gross sales or revenues were $0 and net loss was $1,341,417, both
for the month ended Dec. 31, 2007 and still on an accrual basis.

               About National R.V. Holdings Inc.

Headquartered in Perris, California, National R.V. Holdings Inc.
(Pink Sheets: NRVH) -- http://www.nrvh.com/-- through its wholly
owned subsidiary, National RV Inc., produces motorized
recreational vehicles.  National RV designs, manufactures and
markets Class A gas and diesel motorhomes under model names Surf
Side, Sea Breeze, Dolphin, Tropi-Cal, Pacifica and Tradewinds.

The companies filed for Chapter 11 protection on Nov. 30, 2007
(Bankr. C.D. Calif. Lead Case No. 07-17937).  David Guess, Esq.,
at Klee Tuchin Bogdanoff & Stern LLP, represents the Debtors in
their restructuring efforts.  The Debtors selected OMNI Management
Group LLC as their claim, notice and balloting agent.   The U.S.
Trustee of Region 16 appointed seven creditors to serve on an
Official Committee of Unsecured Creditors in this case.

When the Debtors filed for protection against their creditors,
it listed total assets of $54,442,000 and total debts of
$30,128,000.


NEW YORK RACING: Posts $3,751,206 Net Loss in January 2008
-----------------------------------------------------------
The New York Racing Association, Inc. delivered with the United
States Bankruptcy Court for the Southern District of New York its
monthly operating report for the period of Jan. 1, 2008, through
Jan. 31, 2008.

As of Jan. 31, 2008, the Debtor's unaudited balance sheet
reflected total assets of $137,975,598, total liabilities of
$335,528,476, and net unrestricted deficit of $197,552,878.  The
balance sheet also reflected total current assets of $65,289,311
and total current liabilities of $204,187,300.

For the month ended Jan. 31, 2008, gross revenues were $17,831,019
and losses were $3,751,206.

For the month ended Jan. 31, 2008, total cash and cash equivalents
were $21,754,088 at the beginning of the month and $15,097,976 at
the end of the month.

                       About New York Racing

Based in Jamaica, New York, The New York Racing Association
Inc. aka NYRA -- http://www.nyra.com/--operates racing tracks in
Aqueduct, Belmont Park and Saratoga.  The company filed for
chapter 11 protection on Nov. 2, 2006 (Bankr. S.D.N.Y. Case No.
06-12618).  Brian S. Rosen, Esq., at Weil, Gotshal & Manges LLP,
Henry C. Collins, Esq., at Cooper, Erving & Savage LLP, and
Irena M. Goldstein, Esq., at Dewey Ballantine LLP represent the
Debtor in its restructuring efforts.  Jeffrey S. Stein of The
Garden City Group Inc. serves as the Debtor's claims and noticing
agent.  The U.S. Trustee for Region 2 appointed an Official
Committee of Unsecured Creditors and Edward M. Fox, Esq., Eric T.
Moser, Esq., and Jeffrey N. Rich, Esq., at Kirkpatrick & Lockhart
Preston Gates Ellis LLP, represent the Committee.


OUR LADY OF MERCY: December 2007 Report Shows Net Loss of $118,000
------------------------------------------------------------------
Our Lady of Mercy Medical Center and O.L.M. Parking Inc. delivered
with the United States Bankruptcy Court for the Southern 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 $12,614,000, total liabilities of
$20,306,000, and net unrestricted deficit of $7,692,000.  The
balance sheet also reflected total current assets of $4,461,000
and total current liabilities of $570,000.

Total operating revenues for the month were $194,000 and losses of
$118,000 for the month ended Dec. 31, 2007.

Cash and cash equivalents at the beginning of the month were
$113,000 and at the end of the month were $10,000.

             About Our Lady of Mercy Medical Center

Based in Bronx, New York, Our Lady of Mercy Medical Center
-- http://www.olmhs.org/-- provides health care services.  The
medical center is a member of the Montefiore Health System and is
a University affiliate of New York Medical College.  The company
and its debtor-affiliate, O.L.M. Parking Corporation, sought
chapter 11 protection on March 8, 2007 (Bankr. S.D.N.Y. Case Nos.
07-10609 and 07-10610).  Frank A. Oswald, Esq. at Togut, Segal &
Segal LLP, and Burton S. Weston, Esq., at Garfunkel, Wild &
Travis, P.C., represent the Debtors in their restructuring
efforts.  The Garden City Group, Inc., is the Debtors' claims and
noticing agent.  Martin G. Bunin, Esq., Craig E. Freeman, Esq.,
and Catherine R. Fenoglio, Esq., at Alston & Bird LLP, represent
the Official Committee of Unsecured Creditors.  Daniel T.
McMurray, of Focus Management Group, is the Patient Care Ombudsman
and is represented by Mark I. Fishman, Esq., at Neubert, Pepe &
Monteith PC.


VESTA INSURANCE: Florida Select Submits Report for January 2008
---------------------------------------------------------------

                  Florida Select Insurance Agency
                         Income Statement
                   Month Ended January 31, 2008

Revenue from Total Sales                                     $0
Less:
   Cost of Sales                                              0
                                                   ------------
Gross Profit                                                  0

Less:
   Operating Expenses                                    13,214
                                                   ------------
Net Profit Operations                                  ($13,214)


Non-Operating Income (Expenses)
   Interest Earned                                        7,099
   Miscellaneous Income                                       0
                                                  -------------
Net Profit (Loss)                                       ($6,115)
                                                   ============

                  Florida Select Insurance Agency
           Schedule of Cash Receipts and Disbursements
                  Month Ended January 31, 2008

Cash On Hand (Beginning)                             $2,037,470

Cash Receipts:
   Management Fees                                            0
   Loan Proceeds                                              0
   Sale of Property                                           0
   Interest Earned                                        7,099
   Miscellaneous Income                                       0
                                                   ------------
Total Receipts                                            7,099

Cash Disbursements:
   Business Disbursements Form BA-02(B)                  13,214
                                                   ------------
   Surplus Or Deficit                                    (6,115)
                                                   ------------
   Cash on Hand (End)                                $2,031,355
                                                   ============

Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.

Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517).  Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors.  In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.

J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers.  The company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts.   In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.

On Aug. 1, 2006, the District Court of Travis County, Texas
entered an order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc.

On Oct. 11, 2006, both Vesta and Gaines filed separate Plans of
Liquidation and Disclosure Statements.  They filed an amended Plan
on Nov. 7, 2006, and a Second Amended Plan on Nov. 10, 2006.  The
Court approved the Disclosure Statements of Vesta and Gaines on
Nov. 10, 2006.  On Dec. 22, 2006, the Court confirmed the Third
Amended Plans of Vesta and Gaines.

Florida Select Insurance Agency Inc., an affiliate, filed for
chapter 11 protection on April 24, 2007 (Bankr. N.D. Ala. Case No.
07-01849).  Rufus Dorsey, IV, Esq., at Parker Hudson Rainer &
Dobbs LLP, represents Florida Select.  FSIA's exclusive period to
file a plan of reorganization expired Dec. 20, 2007.  (Vesta
Bankruptcy News, Issue No. 33; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
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related conferences are encouraged.  Send announcements to
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On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts.  The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
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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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                    *** End of Transmission ***