/raid1/www/Hosts/bankrupt/TCR_Public/080329.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, March 29, 2008, Vol. 12, No. 75
Headlines
AEGIS MORTGAGE: Incurs $8,523,876 Net Loss in January 2008
AMERICAN LAFRANCE: Delivers Initial February 2008 Operating Report
ASARCO LLC: Earns $23,099,000 in Month Ended February 29
BLUE WATER: Discloses $85,049,531 in Total Scheduled Assets
DELTA FINANCIAL: Files Operating Report for February 2008
DUNMORE HOMES: Posts February 2008 Net Loss of $905,976
FEDDERS CORPORATION: Files January 2008 Monthly Operating Report
KUSHNER-LOCKE: Files October 2007 Monthly Operating Report
KUSHNER-LOCKE: Files November 2007 Monthly Operating Report
KUSHNER-LOCKE: Files December 2007 Monthly Operating Report
KUSHNER-LOCKE: Files January 2008 Monthly Operating Report
LEVITT AND SONS: Amends December 2007 Operating Report
LEVITT AND SONS: Amends January 2008 Operating Report
LEVITT AND SONS: Amends February 2008 Operating Report
NETBANK INC: Files Monthly Operating Report for February 2008
NEUMANN HOMES: Submits February 2008 Monthly Operating Report
NEW CENTURY: Incurs $7,401,935 Net Loss in Month Ended Jan. 31
SIRVA INC: Files Schedules of Assets and Liabilities
SIRVA INC: DJK Residential Files Schedules of Assets and Debts
TOUSA INC: Posts $7,967,000 Net Loss in Month Ended February 29
TOUSA INC: Amends Schedules to Disclose $55,000 in Receivables
TOUSA INC: Tousa Homes Files Amended Schedules of Assets & Debts
TOUSA INC: Three Affiliates File Amended Schedules
TOUSA INC: Eight Affiliates File Amended Schedules
TOUSA INC: Engle Homes Amends Statement of Financial Affairs
VESTA INSURANCE: Florida Select Files February 2008 Report
*********
AEGIS MORTGAGE: Incurs $8,523,876 Net Loss in January 2008
----------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of January 31, 2008
Assets
Unrestricted Cash & Equivalents $27,513,074
Restricted Cash and Equivalents 20,072,658
--------------
Total Cash and Cash Equivalents 47,585,732
Prime loans 3,875,396
Nonconforming Loans 2,245,726
Loan Premium (Discount), net 2,169,645
Repurchased Loans 6,332,084
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 14,622,851
ABS Nonconforming 3,378,791,916
ABS Loan Premium (Discount), net (19,062,130)
ABS Loan Loss Reserve (196,549,140)
--------------
Mortgage Loans Held for Investment 3,163,180,646
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 23,684,113
--------------
Accrued Interest Receivable 23,684,113
Mortgage Servicing Rights -
Property and Equipment, net 953,666
Deferred Income Taxes 77,612,197
Goodwill -
Prepaid Rent and Deposits 514,796
Derivative Assets (20,491,867)
Receivable for Advances 41,828,549
Servicer Related 298,752
Other Assets 640,429,922
Intercompany Receivable 0
--------------
TOTAL ASSETS $3,990,219,357
==============
Liabilities & Shareholder's Equity
N/P Warehouse - Prime $540,186,233
N/p Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 18,970,212
N/P Warehouse - Repurchased 11,933,754
--------------
Revolving Warehouse and 596,312,674
Repurchase Facilities
Bonds Payable 3,269,599,330
NAS IO Bonds Payable -
NIM Bonds Payable 52,989,614
Bond Premium (Discount), net (22,590,158)
--------------
Bond Financing on Mortgage
Loans Held for Investment 3,299,998,786
Subordinated Debt 177,156,872
Accrued Interest Payable 6,727,958
Accounts Payable and 83,141,881
Accrued Expenses
Notes Payable-Other -
--------------
Total Liabilities 4,163,338,171
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income -
Paid in Capital 56,850,415
NR Related to Common Stock (5,890,925)
Distributions -
Treasury Stock -
Dividends (39,000)
Retained Earnings (215,716,814)
Current Net Income Prepetition -
Current Net Income (8,523,876)
--------------
Total Equity (173,118,814)
--------------
TOTAL LIABILITIES & EQUITY $3,990,219,357
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
January 1 to 31, 2008
Loans Held for
Sale
Interest Income $16,696
Interest Expense -
Servicing Expense -
--------------
Net Interest Income 16,696
Loans Held for Investment
Interest Income 25,427,419
Interest Expense (15,866,756)
Servicing Expense (1,462,784)
--------------
Net Interest Income 8,097,879
Gains on Sale -
Premiums Paid -
Loan Points -
Loan Origination Fees -
Broker Fees Received -
--------------
Production Income -
Servicing and Prepayment Income 97,965
Late Charges -
--------------
Total Servicing Fees 97,965
Other Income (Loss) (15,056,216)
--------------
Total Revenue (6,843,676)
Salaries 207,669
Bonuses -
Commissions -
Employee Benefits -
Payroll Taxes 27,279
Meetings & Travel 155
Meals & Entertainment 359
--------------
Total Personnel Expenses 235,462
Rent 142,947
Telephone 41,386
Office Supplies (2,214)
Shipping & Postage 1,411
Equipment 1,045,000
--------------
Total Office Expenses 1,228,530
Professional expense 758,301
Marketing -
Loan Related Expenses 72,251
Banking -
Other Taxes/Licenses/Fees 25,480
Other Expenses 165,360
--------------
Total Other Expenses 1,021,392
Direct Operating Expense 2,485,384
Direct Operating Income (9,329,060)
Loan Loss Provision (887,380)
Deferred SFAS 91 Expenses -
Sub Debt Expense -
Depreciation Expense 82,196
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense (805,184)
--------------
Total Expenses
1,680,200
Income (Loss) Before Taxes (8,523,876)
Federal and State Income Taxes -
--------------
Net Income (Loss) ($8,523,876)
==============
Aegis Mortgage Corporation, et al.
Receipts and Disbursements
Month Ended January 31, 2008
Balance at Beginning of Period $26,663,143
RECEIPTS:
Cash Sales 0
Accounts Receivable 2,055,264
Loans and Advances 0
Sale of Assets 260,249
Other Insurance Premiums 0
Transfers (from DIP Accounts) 0
Return of Investments
Moulton Reinvestment 0
--------------
Total Receipts 2,315,513
DISBURSEMENTS:
Net Payroll (223,827)
Payroll Taxes (1,216)
Sales, Use & Other Taxes 1,675
Inventory Purchases 0
Secured/Rental/Leases (171,807)
Insurance--Health Benefits (15,611)
Administrative (256,698)
Selling 0
Other NSF's 0
Owner Draw 0
Transfers to DIP Accounts 0
Professional Fees (432,665)
U.S. Trustee Quarterly Fees (12,000)
Court Costs 0
--------------
Total Disbursements ($1,112,148)
--------------
Net Cash Flow 1,203,365
--------------
Cash-End of Month $27,866,508
==============
The Debtors said in their Web site that they will send 2007
Earnings Statements (Form W-2) and 2007 Mortgage Interest
Statements (Form 1098) to former Aegis employees and former Aegis
servicing customers.
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, Issue No. 19; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN LAFRANCE: Delivers Initial February 2008 Operating Report
------------------------------------------------------------------
American LaFrance LLC, delivered to the U.S. Bankruptcy Court for
the District of Delaware its initial Operating Report for the
month ended Feb. 29, 2008.
The Debtor relates that it is in the process of reconciling and
closing its accounts for the calendar year 2007, and thus is
unable to provide a month end balance sheet and a monthly income
statement for February 2008. Instead, the Debtor provided
partial reports on revenues, available cash on hand, and
estimated inventory.
American LaFrance, LLC
Revenues
For the Period from Jan. 28 to Feb. 29, 2008
Emergency Vehicle Sales $2,506,240
Vocational Vehicle Sales 362,062
Parts & Services Sales 424,442
-----------
Total Sales $3,292,744
===========
American LaFrance, LLC
Cash on Hand
As of February 29, 2008
Book Cash Balances
Cash on Hand $1,215,853
Cash in Professional Fee Escrow Account 1,075,000
Cash in Prepetition Debt Account 4,740,693
Cash in CD Account# 910 000 6538 2316 145,000
-----------
Sub-total $7,176,546
-----------
Restricted Cash $24,796,640
-----------
Grand Total -- Book Cash $31,973,186
===========
Bank Cash Balances
Wachovia Acct#20000037502919 $0
Wachovia Acct#20000037503099 3,119,940
Wachovia Acct#20000037503112 1,075,000
Wachovia Acct#20000037503125 8,188
Wachovia Acct#20000037503138 4,571,532
Bank of America Acct#910 000 65382316 145,000
Bank of America Acct#0007 8283 0174 0
Bank of America Acct#0007 8283 0365 56
Bank of America Acct#0022 3117 2093 557
Bank of America Acct#0022 3115 5968 6,294
Bank of America Acct#3750610213 100,902
Bank of America Acct#0000 8283 2981 0
Bank of America Acct#0007 8283 2907 0
Bank of America Acct#0007 8283 3142 0
Bank of America Acct#0022 3117 2019 0
----------
Sub-total $9,027,469
----------
Bank of America Acct#0022 3116 3578 $24,796,640
-----------
Grand Total $33,824,110
===========
American LaFrance, LLC
Estimated Inventory
As of December 31, 2007
Summerville:
Raw Materials $24,600,000
WIP 42,600,000
FGI/Demo 1,300,000
-----------
Total Summerville $67,900,000
PDC 5,800,000
Sanford -- All Raw Materials $3,300,000
Sanford WIP 1,800,000
Hamburg -- All Raw Materials 400,000
Hamburg WIP 2,100,000
Ephrata -- Total 6,300,000
Estimated Used and Demo 3,000,000
Estimated E&O Reserve (3,100,000)
------------
Total Inventory $87,500,000
============
American LaFrance, LLC
Cash Receipts and Disbursements
For the Period from Jan. 28 to Feb. 29, 2008
Beginning Cash Book Balance $6,470,532
(excluding Restricted Cash)
Receipts:
Accounts Receivable 4,740,693
Borrowing Under DIP Facility 5,000,000
----------
Total Receipts $9,740,693
----------
Disbursements:
Admin $150,478
Out-bound freight 69,493
Taxes 2,300
Employee Expense 9,957
Equipment Rental 114,046
Insurance 313,702
Marketing 88,786
Occupancy 433,526
Payroll 2,327,298
Employee Benefits & Contractors 1,065,242
Audit/Tax 900
Supplies 51,175
Travel 0
Utilities 20,680
Inventory & Material 4,429,293
Utility Deposits 102,794
PPMG 0
DIP Interest 0
A -- Professional Fee Escrow 1,075,000
B -- Payments on Prepetition Debt 4,740,693
-----------
Total Disbursements $14,995,362
-----------
Net Cash Flow $(5,254,669)
-----------
Ending Cash Book Balance $1,215,863
===========
About American LaFrance
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. The 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, are the Debtor's proposed Lead Counsel.
Christopher A. Ward, Esq., at Klehr, Harrison, Harvey, Branzburg &
Ellers LLP, are the Debtor's proposed local counsel. In its
schedules of assets and debts filed Feb. 4, 2008, the Debtor
disclosed $188,990,680 in total assets and $89,065,038 in total
debts. The Official Committee of Unsecured Creditors is
represented by Pepper Hamilton LLP.
The Debtor's exclusive period to file a plan expires on May 27,
2008. The Debtor filed its plan of reorganization on February 3,
the confirmation hearing of which is set for April 18, 2008.
(American LaFrance Bankruptcy News, Issue No. 11; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
ASARCO LLC: Earns $23,099,000 in Month Ended February 29
--------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of February 29, 2008
ASSETS
Current Assets:
Cash $935,710,000
Restricted Cash 25,368,000
Accounts receivable, net 177,246,000
Inventory 320,428,000
Prepaid expenses 4,842,000
Other current assets 10,095,000
---------------
Total Current Assets 1,473,689,000
Net property, plant and equipment 476,264,000
Other Assets
Investments in subs 100,719,000
Advances to affiliates 439,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,951,000
Other 96,828,000
---------------
Total assets $2,188,891,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $68,087,000
Accrued liabilities 576,238,000
Debtor-in-possession financing 0
---------------
Total postpetition liabilities 644,325,000
Prepetition liabilities:
Not subject to compromise - credit 3670,000
Not subject to compromise - other 130,981,000
Advances from affiliates 24,066,000
Subject to compromise 1,689,744,000
---------------
Total prepetition liabilities 1,848,462,000
---------------
Total liabilities $2,492,787,000
---------------
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive income (26,4182,000)
Retained earnings: filing date (1,591,978,000)
---------------
Total prepetition owners' equity (1,243,258,000)
Retained earnings: post-filing date 939,362,000
---------------
Total owners' equity (net worth) (303,897,000)
Total liabilities and owners' equity $2,188,891,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended February 29, 2008
Sales $159,088,000
Cost of products and services 117,311,000
---------------
Gross profit 41,778,000
Operating expenses:
Selling and general & admin expenses 3,321,000
Depreciation & amortization 2,940,000
Provision accretion expense of asset
retirement obligation 441,000
---------------
Operating income 35,076,000
Interest expense 25,000
Interest income (2,243,000)
Reorganization expenses 5,901,000
Other miscellaneous (income) expenses (6,630,000)
---------------
Income (loss) before taxes 38,023,000
Income taxes 14,924,000
---------------
Net income (loss) $23,099,000
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended February 29, 2008
Receipts $153,728,000
Disbursements:
Inventory material 58,161,000
Operating disbursements 50,488,000
Capital expenditures 13,732,000
---------------
Total disbursements 122,381,000
Operating cash flow 31,346,000
Reorganization disbursements 3,607,000
---------------
Net cash flow 27,740,000
Net payments to secured Lenders 0
---------------
Net change in cash 27,740,000
Beginning cash balance 933,338,000
---------------
Ending cash balances $961,078,000
===============
About ASARCO
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/
-- is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).
The Court gave the Debtors until April 11, 2008, to file a plan of
reorganization. (ASARCO Bankruptcy News, Issue No. 69; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
BLUE WATER: Discloses $85,049,531 in Total Scheduled Assets
-----------------------------------------------------------
Blue Water Automotive Systems Inc. submitted its schedules of
assets and liabilities with the United States Bankruptcy Court
Eastern District of Michigan, disclosing:
A. Real Property
Administrative Office Building $1,525,000
Busha Highway Plant 567,000
Marysville Building 225,000
Administrative Office Land 180,000
Busha Highway Plant Land 63,000
Marysville Land 25,000
B. Personal Property
B.1 Cash on hand 6,750
B.2 Deposits
LaSalle Bank Midwest NA (493,348)
LaSalle Bank Midwest NA 47,965
Comerica 1,766
B.3 Security Deposits
Blue Cross Blue Shield 208,002
General Electric Capital Corp. 208,120
General Electric Capital Corp. 208,120
RL Enterprises Real Property Taxes 98,528
RL Enterprises, LLC 53,906
Delta Dental 47,175
Principal Life 24,900
North Winds Investment Corp. 2,584
B.4 Household goods and furnishings, including
audio, video, and computer equipment --
B.5 Books, pictures and other art objects, etc. None
B.6 Wearing apparel None
B.7 Furs and jewelry None
B.8 Firearms and sports, photographic, and other
hobby equipment None
B.9 Interests in insurance policies No cash value
B.10 Annuities None
B.11 Interests in an education IRA as defined in
26 U.S.C. Section 530(b)(1) None
B.12 Interests in IRA, ERISA, Keogh, or other
pension or profit sharing plans None
B.13 Stock and interests in businesses Unknown
B.14 Interests in partnerships or joint ventures. 0
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
Trade Receivable
Ford Motor Company 5,486,642
General Motors Corporation 2,356,090
Integram 1,425,281
Chrysler LLC 1,898,923
Automotive Components Holdings, LLC 1,649,893
Air International, Inc. 1,112,075
Mercedes Benz USA 698,375
Dakkota Integrated Systems 503,339
Johnson Controls 417,142
Lear Corporation 400,950
Excelsior Springs Seating Systems 268,163
Tooling Receivables
Ford Motor Company 3,024,730
Johnson Controls Inc 703,465
Chrysler LLC 583,080
Intercompany Receivable 12,003,232
Others 9,620,868
B.17 Alimony, maintenance, support, and
property settlements debtor is entitled to None
B.18 Other liquidated debts including tax refunds
Michigan UAI Refund 100,128
US Dept of Treasury 40,777
US Dept of Treasury PEHBT 2,130
B.19 Equitable or future interests, life estates,
and rights or powers exercisable for the
debtor's benefit None
B.20 Contingent and noncontingent interests in
estate of a decedent, death benefits plan,
life insurance policy, or trust None
B.21 Other contingent and unliquidated claims None
B.22 Patents, copyrights, and other intellectual property
Rotary Stack of Injection Molding Unknown
Patent No. 6210266 Unknown
Patent No. 6026852 Unknown
B.23 Licenses, franchises, and other
general intangibles Undetermined
B.24 Customer lists or other compilations None
B.25 Automobiles and other vehicles and accessories
Dodge Van 4,011
Chevrolet Truck 2,557
Used Stake Truck 1,209
Dodge Pickup Truck 550
GMC Sierra 333
Ford Stake Truck 187
GMC Sierra 125
Dodge Truck 125
B.26 Boats, motors, and accessories None
B.27 Aircraft and accessories None
B.28 Office equipment, furnishings, and supplies
Computer equipment and software 365,504
Marysville Admin. Office Furnitures & Fixtures 95,703
Howell Plant Furniture & Fixtures 24,179
Port Huron Plant Furniture & Fixture 21,358
Burlington Plant Furniture & Fixtures 12,840
Haas Plant Furniture & Fixtures 6,702
Range Road Plant Furniture & Fixtures 802
B.29 Machinery, fixtures, equipment and supplies
Haas Plant Machinery and Equipment 6,908,481
Howell Plant Machinery and Equipment 2,829,973
Range Road Plant Machinery and Equipment 2,141,088
Burlington Plant Machinery and Equipment 2,174,356
Howell Plant Returnable Containers 1,637,098
Caro Plant Machinery and Equipment 849,818
Haas Custom Equipment/Tooling 289,850
Others 7,197,237
B.30 Inventory
Whiting - Raw Material & Work in Progress 1,128,892
Range - Raw Material & Work in Progress 1,043,003
Port Huron- Raw Material & Work in Progress 948,092
Range - Finished Goods 890,589
Haas Raw Material & Work in Progress 845,516
Howell Raw Material 817,924
Burlington Raw Material 782,673
Port Huron - Finished Goods 721,960
Others 3,305,715
B.31 Animals None
B.32 Crops - growing or harvested None
B.33 Farming equipment and implements None
B.34 Farms supplies, chemicals, and feed None
B.35 Other personal property
Molds in Process 4,706,303
TOTAL SCHEDULED ASSETS $85,049,531
==========================================================
D. Creditors Holding Secured Claims
Secured Creditors
CIT Capital USA Inc. $14,981,372
CIT Group/Business Credit 17,560,463
CIT Group/Equipment Financing Inc. 14,460,230
KPS Special Situations Fund II L.P. 5,000,000
Microsoft Financing 216,048
Lease Payments 465,127
Molding/Tooling Contracts Unknown
E. Creditors Holding Unsecured Claims
State of Michigan 100,000
City of St. Clair 86,475
Ohio Commercial Activity Tax 40,000
Indianfields 35,788
Lexington Township 29,585
Howell Township 28,980
City of Marysville 20,936
Alamance County 6,277
City of Port Huron 5,983
F. Creditors Holding NonPriority Claims
Trade Claim
PolyOne Distribution 1,657,245
Basic Tool Inc. 1,455,300
RheTech Inc. 1,371,086
Crest Mold Technology Inc. 1,255,660
Sentech On-Site Services 1,167,043
DTE Energy 1,063,232
Active Burgess Mold 885,163
PME Companies 726,341
Wellman Inc. 598,239
Sundance Products Inc. 567,950
Infor Global Solutions 530,349
Qualified Staffing 435,073
Innovene O&D USA LLC 424,751
Plastomer Corporation 422,943
American Autocoat Inc. 382,427
Spartech/Resin Express Distributors 387,632
Superior Mold Services 346,465
D & N Die & Mold Inc. 341,957
Milacron Marketing Company 296,840
Romeo Mold Technologies Inc. 294,500
Stephenson Electric Co Inc. 277,030
Packaging Corp of America 228,256
Cooper-Standard Automotive 224,104
Mold-Tech Standex Engraving Group 222,550
ENTEC Engineered Resin, Inc. 220,682
Unique Fabricating Inc. 217,931
Rennco Automation Systems Inc. 212,800
Complete Prototype Services 203,388
Uniform Color Company 199,181
R & W Metal Inc. 171,411
Aphagary Canada LTD 170,197
Valley Crane & Rigging 170,000
Borgers USA Corp 165,422
Talma Fastener Corp. 163,863
Ticona 161,285
Radiance Mold & Engineering Inc. 150,333
Applied Technologies and Resources 147,227
Intrax Performance Resources 136,218
Delta Dental Plan 132,340
Diemould Tooling Services 130,560
Sundance Products Inc. 129,162
BodyCote Materials Testing 127,691
Entropex 125,179
Phoenix Machinery Movers 124,630
Three 60 Productions 118,456
Advanced Elastomer Systems 117,656
ARD Logistics- Alabama 114,309
Metzeler/Maps Holding Inc. 114,111
City of St. Clair 113,599
Advance Molds 112,800
Marshall E. Campbell Co. 110,073
Superior Tool & Mold Inc 106,155
Kanematsu USA Inc. 100,320
Pratt Industries 100,710
Paragon Die & Engineering Co. 100,062
State of Michigan 100,550
Rapid Global Business Solutions 99,591
Synergia Automotive 94,513
Jo-Ad Industries 94,446
HS Die & Engineering Inc. 93,350
Tinnerman Palnut 93,315
Park Nameplate Company Inc 92,398
Henkelorbseal 88,621
Sturges Manufacturing Company Inc. 85,988
World Corrugated Container Inc. 85,469
Positive Quality Solutions, Inc. 84,596
Washington Penn Plastics Co Inc. 84,351
St. Clair Packaging Inc. 84,055
HP Pelzer Auto Systems Inc. 83,334
Costello Enterprises 75,140
Standard Components, Inc. 74,525
Twin Corporation 69,637
Blue Water Lift Truck Service 69,249
The Materials Group LLC 69,239
Tool Plas Systems Inc. 69,045
TRW Automotive Electronics 68,778
PolyOne Color 64,229
GT Industries Inc. 63,573
Conair Group Inc. 62,729
Vidon Plastics, Inc. 60,319
Trans-Man Logistics, Inc. 57,527
CNI Inc. 53,550
Fanuc Products LLC 51,149
Oracle Corporation 50,688
Precision Stamping 50,542
Nova Chemicals Inc 50,344
Eteron Inc. 45,612
Michigan petroleum Tech Inc. 42,911
Termax Corp 40,010
Others 11,207,394
Intercompany Payable
Blue Water Automotive Systems Inc. 14,219
A list of all Non-Priority Creditors is available for
free at:
http://bankrupt.com/misc/bluewater_scheduleF.pdf
TOTAL LIABILITIES $86,473,112
==========================================================
About Blue Water Automotive
Blue Water Automotive Systems, Inc. designs and manufactures
engineered thermoplastic components and assemblies for the
automotive industry. The company's product categories include
airflow management, full interior trim/sub-systems, functional
plastic components, and value-added assemblies. They are
supported by full-service design, program management,
manufacturing and tooling capabilities. With more than 1,400
employees, Blue Water operates eight manufacturing and product
development facilities and has annual revenues of approximately
US$200 million. The company's headquarters and technology
center is located in Marysville, Mich. The company has
operations in Mexico.
In 2005, KPS Special Situations Fund II, L.P., and KPS Special
Situations Fund II(A), L.P., acquired Blue Water Automotive
through a stock purchase transaction. In 2006, the company
acquired the automotive assets and operations of Injectronics,
Inc., a manufacturer of thermoplastic injection molded
components and assemblies. KPS then set about reorganizing the
company. The company implemented a program to improve operating
performance and address its liquidity issues. During 2007, the
company replaced senior management, closed two facilities, and
reduced overhead spending by one third.
Blue Water Automotive and four affiliates filed for chapter 11
bankruptcy protection Feb. 12, 2008 (Bankr. E.D. Mich. Case No.
08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley
& Lardner, LLP, serves as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
noticing, and balloting agent. Blue Water's bankruptcy petition
lists assets and liabilities each in the range of US$100 million
to US$500 million. (Blue Water Automotive Bankruptcy News, Issue
No. 8; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
DELTA FINANCIAL: Files Operating Report for February 2008
---------------------------------------------------------
Richard Blass, executive vice president of Delta Financial
Corporation, delivered to the Court the Debtors' monthly
operating report for the period February 1 to 29, 2008, which
includes schedules of:
(a) cash receipts and disbursements,
(b) bank reconciliation, and
(c) professionals fees paid.
A full-text copy of the February 2008 MOR is available for free
at http://bankrupt.com/misc/DFCFebruaryReport.pdf
Mr. Blass disclosed that the bank accounts maintained by the
Debtors have cash balances at the end of Feb. 29, 2008:
Debtor Cash Balance
------ ------------
Delta Funding Corporation $2,933,661
Delta Financial Corporation 54,406
Renaissance R.E.I.T. Investment Corp. 33,699
Fidelity Mortgage (60,162)
Mr. Blass 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
February 29, 2008, after completion of the closing of the
Debtors' books for month of February.
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
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. 10; Bankruptcy Creditors' Service
Inc.http://bankrupt.com/newsstand/or 215/945-7000).
DUNMORE HOMES: Posts February 2008 Net Loss of $905,976
-------------------------------------------------------
Dunmore Home, Inc.
Balance Sheet
As of February 29, 2008
ASSETS
Current Assets:
Cash and cash equivalents - unrestricted $3,448,420
Cash and cash equivalents - restricted 350,000
Accounts receivable, net 598,111
-----------
Total current assets 4,396,531
Property and Equipment:
Real property 0
Machinery & equipment 0
Furniture & fixtures 494,090
Office equipment 134,856
Leasehold improvements 0
Vehicles 15,506
-----------
Total Property and Equipment 644,452
Other Assets:
Loans to shareholders 11,369,342
Deferred compensation funds 0
Other various 884,815
Investment in subs 6,168,071
-----------
Total Other Assets 18,422,228
-----------
Total Assets $23,463,211
===========
LIABILITIES & SHAREHOLDERS' DEFICIT
Postpetition Liabilities:
Salaries & wages $52,606
Accounts payable (trade) 23,975
Accrued professional fees 997,740
Current portion of long-term debt 0
-----------
Total postpetition liabilities 1,074,321
Prepetition Liabilities:
Secured claims 0
Priority unsecured claims 213,938
General unsecured claims 27,131,281
-----------
Total prepetition liabilities 27,345,219
Total liabilities $28,419,540
-----------
Shareholders' deficit:
Retained earnings ($1,147,744)
Capital stock 25,000
Additional paid-in capital 0
Cumulative profit (3,833,585)
-----------
Total deficit ($4,956,329)
-----------
Total liabilities and shareholders' deficit $23,463,211
===========
Dunmore Home, Inc.
Statement of Operations
for the month ended February 29, 2008
Revenues:
Rental/Leases $7,740
Interest 410
Other Income 5,574
-----------
Total revenues 13,724
Expenses:
Administrative 30,107
Interest 22,500
Compensation to Owner/Officer 104,606
Salaries 37,721
Real Property (130,162)
Insurance 11,893
Depreciation 0
Employer Payroll Taxes 9,914
Other Expenses 298
Legal & Loan Fees JMP paid by Mr. Dunmore 0
-----------
Total expenses 86,877
-----------
Earnings before reorganization & income tax (73,153)
Reorganization items:
Professional fees (832,823)
-----------
Loss before income tax & discontinued operations (905,976)
-----------
Income tax benefit -
Loss before discontinued operations -
-----------
Discontinued operations:
Loss from discontinued operations -
-----------
Net loss ($905,976)
===========
Dunmore Home, Inc.
Cash Flow
for the period ended February 29, 2008
Cash Receipts:
Cash from sale $0
Rent & service fee income from Dunmore Land Co. 6,725
Other cash receipts 70,071
-----------
Total cash receipts 76,796
Cash disbursements:
Administrative 46,099
Salaries 76,517
Commissions/Royalties 14,000
Salaries/Commissions (less employee withholding) 50,166
Employer payroll taxes 9,914
Consulting fees 11,568
Other 289
Warranty work 1,333
Legal & professional fees 617,741
-----------
Total cash disbursements 827,627
Net decrease in cash (750,831)
Cash balance, beginning of period 4,198,575
-----------
Cash balance, end of period $3,447,744
===========
About Dunmore Homes
Based in Granite Bay, California, Dunmore Homes Inc. is a
privately-owned homebuilder. The company filed for Chapter 11
protection on Nov. 8, 2007 (Bankr. S.D.N.Y. Case No. 07-13533).
Maria A. Bove, Esq., and Debra I. Grassgreen, Esq., at Pachulski
Stang Ziehl & Jones LLP, represent the Debtor in its restructuring
efforts. The Official Committee of Unsecured Creditors has
selected Morrison & Foerster LLP as its counsel in this bankruptcy
proceeding.
In January 2008, the U.S. Bankruptcy Court for the Southern
District of New York ordered the transfer of Debtor's Chapter 11
case to the U.S. Bankruptcy Court for the Eastern District of
California, Sacramento Division.
The Debtor has filed a plan of liquidation and accompanying
disclosure statement on March 21, 2008. (Dunmore Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
FEDDERS CORPORATION: Files January 2008 Monthly Operating Report
----------------------------------------------------------------
Fedders Corporation and its debtor-affiliates submitted to the
United States Bankruptcy Court for the District of Delaware their
January 2008 monthly operating report.
The Debtors generated total net sale of $7,758,000 and incurred a
net loss of $18,691,000 for the month ending Jan. 31, 2008.
As of Jan. 31, 2008, the Debtors' consolidated balance sheet
showed total assets of $130,279,000, total liabilities of
$338,211,000, and total stockholders' deficit of $207,932,000.
A full-text copy of the Debtors' January 2008 operating report is
available for free at: http://ResearchArchives.com/t/s?29b0
About Fedders Corporation
Based in Liberty Corner, New Jersey, Fedders Corporation --
http://www.fedders.com/-- manufactures and markets air
treatment products, including air conditioners, air cleaners,
dehumidifiers, and humidifiers. The company has production
facilities in the United States in Illinois, North Carolina, New
Mexico, and Texas and international production facilities in the
Philippines, China and India.
The company filed for Chapter 11 protection on Aug. 22, 2007,
(Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates
filed for separate Chapter 11 cases. Norman L. Pernick, Esq.,
Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul,
Ewing, Remick & Saul LLP, represent the Debtors in their
restructuring efforts. The Debtors have selected Logan & Company
Inc. as claims and noticing agent. The Official Committee of
Unsecured Creditors is represented by Brown Rudnick Berlack
Israels LLP. When the Debtors filed for protection from its
creditors, it listed total assets of $186,300,000 and total debts
of $322,000,000.
* * *
As reported in the Troubled Company Reporter on March 4, 2008,
the Debtors asked the Court to further extend their exclusive
period to file a Chapter 11 plan until April 14, 2008.
KUSHNER-LOCKE: Files October 2007 Monthly Operating Report
----------------------------------------------------------
The Kushner-Locke Company and its debtor-affiliates filed their
monthly operating report for the period Oct. 1, 2007, through
Oct. 31, 2007, with the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division.
For the month ending Oct. 31, 2007, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $58,799
Total Non-Operating Expenses $0
Net Income (Loss) ($58,799)
The Kushner-Locke Company also filed its cash receipts and
disbursements report for the period from Oct. 1, 2007, through
Oct. 31, 2007.
Full-text copies of The Kushner-Locke Company's October 2007
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?29b1
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?29b2
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L.
Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M.
McDonough, Esq., at Riemer & Braunstein, LLP, represent the
Debtors in their restructuring efforts. Jager Smith, Esq.,
and Michael J. Fencer, Esq., at One Financial Center, represent
the Official Committee of Unsecured Creditors.
KUSHNER-LOCKE: Files November 2007 Monthly Operating Report
-----------------------------------------------------------
The Kushner-Locke Company and its debtor-affiliates filed their
monthly operating report for the period Nov. 1, 2007, through
Nov. 30, 2007, with the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division.
For the month ending Nov. 30, 2007, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $100,226
Total Non-Operating Expenses $21,174
Net Income (Loss) ($121,400)
The Kushner-Locke Company also filed its cash receipts and
disbursements report for the period from Nov. 1, 2007, through
Nov. 30, 2007.
Full-text copies of The Kushner-Locke Company's November 2007
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?29b4
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?29b3
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L.
Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M.
McDonough, Esq., at Riemer & Braunstein, LLP, represent the
Debtors in their restructuring efforts. Jager Smith, Esq.,
and Michael J. Fencer, Esq., at One Financial Center, represent
the Official Committee of Unsecured Creditors.
KUSHNER-LOCKE: Files December 2007 Monthly Operating Report
-----------------------------------------------------------
The Kushner-Locke Company and its debtor-affiliates filed their
monthly operating report for the period Dec. 1, 2007, through
Dec. 31, 2007, with the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division.
For the month ending Dec. 31, 2007, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $75,502
Total Non-Operating Expenses $15,444
Net Income (Loss) ($90,947)
The Kushner-Locke Company also filed its cash receipts and
disbursements report for the period from Dec. 1, 2007, through
Dec. 31, 2007.
Full-text copies of The Kushner-Locke Company's December 2007
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?29b6
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?29b5
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L.
Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M.
McDonough, Esq., at Riemer & Braunstein, LLP, represent the
Debtors in their restructuring efforts. Jager Smith, Esq.,
and Michael J. Fencer, Esq., at One Financial Center, represent
the Official Committee of Unsecured Creditors.
KUSHNER-LOCKE: Files January 2008 Monthly Operating Report
----------------------------------------------------------
The Kushner-Locke Company and its debtor-affiliates filed their
monthly operating report for the period Jan. 1, 2008, through
Jan. 31, 2008, with the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division.
For the month ending Jan. 31, 2008, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $54,230
Total Non-Operating Expenses $65,281
Net Income (Loss) ($119,511)
The Kushner-Locke Company also filed its cash receipts and
disbursements report for the period from Jan. 1, 2008, through
Jan. 31, 2008.
Full-text copies of The Kushner-Locke Company's January 2008
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?29b8
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?29b7
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L.
Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M.
McDonough, Esq., at Riemer & Braunstein, LLP, represent the
Debtors in their restructuring efforts. Jager Smith, Esq.,
and Michael J. Fencer, Esq., at One Financial Center, represent
the Official Committee of Unsecured Creditors.
LEVITT AND SONS: Amends December 2007 Operating Report
------------------------------------------------------
Levitt & Sons, LLC, filed an amendment of its monthly financial
report for the period December 1 to 31, 2007, with respect solely
to Attachment 3 in accordance with the Guidelines established by
the United States Trustee and FRBP 2015. A full-text copy of the
amendment is available for free at:
http://bankrupt.com/misc/LAS_Amendment2DecMOR.pdf
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 are seeking to extend their exclusive period to file a
plan of reorganization to April 10, 2008. (Levitt and Sons
Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)
LEVITT AND SONS: Amends January 2008 Operating Report
-----------------------------------------------------
Levitt & Sons, LLC, filed an amendment to its monthly financial
reports for the period of January 1 to 31, 2008, solely as to
Attachment 3 in accordance with the Guidelines established by the
United States Trustee and FRBP 2015. A full-text copy of the
amendment is available for free at:
http://bankrupt.com/misc/LAS_AmendmentJanMOR.pdf
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 are seeking to extend their exclusive period to file a
plan of reorganization to April 10, 2008. (Levitt and Sons
Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)
LEVITT AND SONS: Amends February 2008 Operating Report
------------------------------------------------------
Levitt & Sons, LLC
Monthly Financial Report for Business
For the Period February 1 - 29, 2008
Cash, beginning of period $3,596,228
Receipts:
Cash sales 0
Collection on postpetition A/R 0
Collection on prepetition A/R 0
Other receipts 631,300
--------------
Total receipts 631,300
Total cash available for operations 4,227,528
Disbursements:
U.S. Trustee quarterly fees 0
Net payroll 104,298
Payroll taxes paid 58,062
Sales and use taxes 0
Other taxes 0
Rent 0
Other leases 0
Telephone 0
Utilities 37,547
Travel & entertainment 1,663
Vehicle expenses 0
Office supplies 0
Advertising 0
Insurance 0
Purchases of fixed assets 0
Purchases of inventory 0
Manufacturing supplies 0
Repairs & maintenance 0
Payments to secured creditors 0
Other operating expenses 329,340
--------------
Total cash disbursements 530,911
--------------
Ending Cash Balance $3,696,617
==============
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 are seeking to extend their exclusive period to file a
plan of reorganization to April 10, 2008. (Levitt and Sons
Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)
NETBANK INC: Files Monthly Operating Report for February 2008
-------------------------------------------------------------
NetBank Inc. United States Bankruptcy Court for the
Middle District of Florida its monthly unaudited operating report
for the period Feb. 1, 2008, through Feb. 29, 2008.
The Debtor's fund at the beginning of the month was $6,360,853,
total receipts were $6,588,006, total disbursements were $322,643,
and ending balance was $6,265,363.
A full-text copy of the company's monthly operating report for
February 2008 is available for free at
http://ResearchArchives.com/t/s?29af
Headquartered in Jacksonville, Florida, NetBank Inc. --
http://www.netbank.com/-- is a financial holding company of
Netbank, the United States' oldest Internet bank serving retail
and business customers in all 50 states. NetBank Inc. does retail
banking, mortgage banking, business finance, and providing ATM and
merchant processing services.
The company filed for Chapter 11 protection on Sept. 28, 2007
(Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at
Holland & Knight LLP. The U.S. Trustee for Region 21 appointed
six creditors to serve on an Official Committee of Unsecured
Creditors of the Debtor's case. Rogers Towers and Kilpatrick
Stockton LLP represent the Committee in this case. As of
Sept. 25, 2007, the Debtor listed total assets at $87,213,942 and
total debts at $42,245,857.
NEUMANN HOMES: Submits February 2008 Monthly Operating Report
-------------------------------------------------------------
Neumann Homes, Inc., et al.
Receipts and Disbursements
Month Ended February 29, 2008
Beginning Balance in All Accounts:
Neumann Citibank Operating Account &
old BofA Operating Account $471,221
Neumann Bank of America - old accounts -
Neumann Citibank - Customer Earnest 16,236
Money Account
Neumann Citibank - Funding/Dip Account 12,944
Neumann Citibank - Dip Funding -
Professional Acct
Restricted - Neumann Homes Flex Spending 5,170
Restricted - Neumann Citibank - Glen at 1,219
Lakemoor EM Account
Restricted - Neumann Citibank - Clublands 155,367
Antioch Clubhouse
Restricted - IndyMac Escrow Account - 111,925
NeuVillage
Restricted - Chicago Title Escrow Account - 166,313
Closed Homes
Restricted - Chicago Title Escrow Account - 1,471,949
Lender Funded
Restricted - Citibank - Worker Comp Escrow 9,730
Restricted - Land Title Guarantee Escrow 360,318
----------
$2,782,392
----------
Receipts:
Operations- Operating Account 338,765
Operations - Customer Earnest Money Account-Ckg 14,249
Operations - Customer Earnest Money Account-MM -
Funding/Dip Account 101,935
Glen at Lakemoor EM account 1
Clublands Antioch Clubhouse account 291
Dip Funding - Professional Account -
Flex Spending -
Restricted Escrow held by CTT-Lender Funding (94,802)
IndyMac Escrow for L/C-Leona's Neu Village 13,684
Flex Spending -
Restricted Escrow held by CTT-(closings) 44,798
Other Receipts -
----------
$418,922
----------
Disbursements:
Net Payroll:
Officers (13,620)
Others (58,324)
----------
(71,944)
Taxes:
Federal Income Tax Withholding (14,925)
FICA/Medicare Withholdings EE (7,431)
Employer's FICA/Medicare ER (7,431)
Federal Unemployment Taxes ER (183)
State Income Tax Withholding (2,767)
Garnishments -
State Unemployment Taxes ER (2,635)
----------
(35,371)
Necessary expenses:
Rent or mortgage payment(s) (37,804)
Utilities & phones (1,041)
Insurance (27,777)
Merchandise/services bought for (152)
manufacture or sale -
Other:
Payroll Services (1,514)
Benefit Related including flex spending (10,901)
Bank Fees -
Postage (90)
Earnest Money Refunds (30,485)
House Trades -
Other - Transfer (26,179)
Cleaning (1,250)
Transportation (4,625)
Consulting Services (21,275)
US Trustee Fees -
Legal - Professional Fees (263,709)
Professional Tax Service Fees (12,000)
Payroll Tax Adjustment from Prior Qtr (2,165)
----------
(440,967)
Total Disbursements: (548,282)
----------
Net Receipts (Disbursements) for the (129,360)
Current period
----------
Ending Balance in All Accounts $2,653,032
==========
Headquartered in Warrenville, Illinois, Neumann Homes Inc. --
http://www.neumannhomes.com/-- develops and builds residential
real estate throughout the Midwest and West US. The company is
active in the Chicago area, southeastern Wisconsin, Colorado, and
Michigan. The company have built more than 11,000 homes in some
150 residential communities. The company offer formal business
training to employees through classes, seminars, and computer-
based training.
The company filed for Chapter 11 protection on Nov. 1, 2007
(Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at
Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the
Debtors to represent them in these cases. The Official Committee
of Unsecured Creditors has selected Paul, Hastings, Janofsky &
Walker LLP, as its counsel in these bankruptcy proceeding. When
the Debtors filed for protection against its creditors, they
listed assets and debts of more than $100 million.
The Debtors exclusive plan filing period expires on July 31, 2008.
(Neumann Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)
NEW CENTURY: Incurs $7,401,935 Net Loss in Month Ended Jan. 31
--------------------------------------------------------------
New Century Financial Corp. and Affiliates
Consolidated Balance Sheet
As of January 31, 2008
Assets
Current Assets:
Unrestricted Cash and Equivalents $73,335,384
Restricted Cash and Equivalents 11,593,293
Accounts Receivable, Net 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 456,671
Professional Retainers 0
Other Current Assets 31,342,426
--------------
Total Current Assets 116,727,774
--------------
Property and Equipment 7,997,413
Other Assets 321,678,446
--------------
Total Assets $446,403,633
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise:
Accounts Payable $0
Professional Fees 24,148,186
Liabilities Subject to Compromise:
Secured Debt 220,643,581
Priority Debt 11,323,226
Unsecured Debt 1,041,917,064
--------------
Total Liabilities 1,298,032,057
--------------
Owner Equity:
Capital Stock 4,530,047
Additional Paid-in Capital 2,170,845,310
Partners' Capital Account 0
Owners' Equity Account 0
Retained Earnings - Prepetition (1,083,442,469)
Retained Earnings - Postpetition (1,943,561,312)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net owner Equity (851,628,424)
--------------
Total Liabilities and Owners' Equity $446,403,633
==============
New Century Financial Corp. and Affiliates
Consolidated Statement of Operations
Month Ended January 31, 2008
Revenues $14,581
Cost of Goods Sold 0
Operating Expenses:
Employee Benefits Programs 8,585
Insurance (2,083)
Office Expense 140,976
Rent and Lease Expense 30,404
Salaries, Commissions, & Fees 637,650
Travel and Entertainment 2,488
Other 690,251
Depreciation, Depletion & Amortization 183,421
--------------
Net Loss before Other Income & Expenses ($1,677,111)
Other Expense 0
Reorganization Items
Professional Fees 5,923,985
Interest Earned for Accumulated Cash (199,161)
Total Reorganization Expenses 5,724,824
Income Taxes 0
--------------
Net Profit (Loss) ($7,401,935)
==============
New Century Financial Corp. and Affiliates
Schedule of Cash Receipts and Disbursements
Month Ended January 31, 2008
Cash, Beginning of month $91,176,880
Total Receipts 4,4822704
Total Disbursements (10,730,473)
--------------
Net Cash Flow (6,248,203)
--------------
Cash, End of month $84,928,677
==============
About New Century
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and
Ana Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets
of $36,276,815 and total debts of $102,503,950. The confirmation
hearing on the Debtor's plan will begin on April 24, 2008. (New
Century Bankruptcy News, Issue No. 35; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
SIRVA INC: Files Schedules of Assets and Liabilities
----------------------------------------------------
A. Real Property $0
B. Personal Property
B.13 Stock and Interests 595,710,800
B.35 Other Personal Property
Prepaid Insurance 2,196,632
TOTAL SCHEDULED ASSETS $597,907,432
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
JPMorgan Chase Bank 486,380,075
Toyota Motor Credit Corp. Undetermined
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
Accounts Payable 99,084,726
Accrued Expenses/Other Current Debts 32,427,427
Accrued Purchased Transportation Expense 54,394,273
Cargo and Loss Claim Accrual 24,735,033
Other Long-Term and Lease Impairment Claims 7,361,111
TOTAL SCHEDULED LIABILITIES $704,382,645
=========================================================
About Sirva Inc.
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
SIRVA INC: DJK Residential Files Schedules of Assets and Debts
--------------------------------------------------------------
DJK Residential LLC', debtor-affiliate SIRVA Inc., submitted to
the U.S. Bankruptcy Court for the Southern District of New York
its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
Citibank, New York 258,771
B.3 Security Deposit 0
B.4 Household goods Not applicable
B.5 Book, artwork and collectibles Not applicable
B.6 Wearing apparel Not applicable
B.7 Furs and jewelry Not applicable
B.8 Firearms and other equipment Not applicable
B.9 Insurance Policies 0
B.10 Annuities Not applicable
B.11 Interests in an education IRA Not applicable
B.12 Interests in pension plans 0
B.13 Stock and Interests 0
B.14 Interests in partnerships & joint venture 0
B.15 Government and corporate bonds Not applicable
B.16 Accounts Receivable
A/R Customer 573,832
A/R Expense Mgmt Pass Through 100,456
Res Uncoll Customer A/R (68,706)
B.17 Alimony Not applicable
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests Not applicable
B.20 Interests in estate death benefit plan Not applicable
B.21 Other Contingent and Unliquidated Claims 0
B.22 Patents 0
B.23 Licenses, franchises & other intangibles 0
B.24 Customer lists or other compilations Not applicable
B.25 Vehicles 0
B.26 Boats, motors and accessories Not applicable
B.27 Aircraft and accessories Not applicable
B.28 Office Equipment 0
B.29 Equipment and Supplies for Business 0
B.30 Inventory 0
B.31 Animals Not applicable
B.32 Crops Not applicable
B.33 Farming equipment and implements Not applicable
B.34 Farm supplies, chemicals and feed Not applicable
B.35 Other Personal Property
Prepaid Other Expense 29,720
TOTAL SCHEDULED ASSETS $894,073
========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
JPMorgan Chase Bank as Administrative Agent 486,380,075
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
Contingent Claim 37,932
Bise, Heather 3,723
Bloomstein, Marcy 2,808
Bogante, Lawrence 25,104
Dwinell, Colleen 29,941
Elite Limousine 2,642
Elite Service Group 1,468
Federal Express 712
Fica, Pamela 2,032
Fiorino, Barbara Jo 1,341
GE Mastercard 7,971
Hepinstall, Dwight 1,484
ID Management 780
Kossek, Maria 3,451
Lazarus, Leslie 2,276
Lee, Lynda 4,642
Matt May Corp., The 13,120
New York Times 11,861
NY Times Digital 5,217
Pilar Silva 937
Quinn & Co. 4,693
SFX Group 1,107
Vinci, Josephine 4,750
Yeljenic, Marie 4,698
Others 1,700
TOTAL SCHEDULED LIABILITIES $486,556,465
========================================================
About Sirva Inc.
Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets :
SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation
solutions to a well-established and diverse customer base. The
company handles all aspects of relocation, including home
purchase and home sale services, household goods moving,
mortgage services and home closing and settlement services.
SIRVA conducts more than 300,000 relocations per year,
transferring corporate and government employees along with
individual consumers. SIRVA's brands include Allied, Allied
International, Allied Pickfords, Allied Special Products, DJK
Residential, Global, northAmerican, northAmerican International,
Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA
Settlement. The company has operations in Costa Rica.
The company and 61 of its affiliates filed separate petitions
for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case
No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis,
L.L.P. is representing the Debtor. An official Committee of
Unsecured Creditors has been appointed in this case. When the
Debtors filed for bankruptcy, it reported total assets of
US$924,457,299 and total debts of US$1,232,566,813 for the
quarter ended Sept. 30, 2007. The combined hearing on the
adequacy of the disclosure statement and the confirmation of the
Debtors' proposed Plan of Reorganization is set April 18, 2008.
(Sirva Inc. Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: Posts $7,967,000 Net Loss in Month Ended February 29
---------------------------------------------------------------
TOUSA Inc.
Consolidated Detailed Balance Sheet
As of February 29, 2008
ASSETS
HOMEBUILDING:
CASH
Unrestricted cash $88,532,000
Restricted cash 7,367,000
Proceeds due from closings 13,353,000
---------------
Total homebuilding 109,252,000
INVENTORY
Land 99,919,000
Land interest 0
Land relief 0
Inventory - land banking 40,584,000
Site development 3,978,386,000
Site development relief (3,392,762,000)
Finished lots 254,728,000
Land deposits 58,758,000
Land bank option payments 12,397,000
Capitalized indirect costs 16,542,000
Capitalized interest 0
Capitalized real estate taxes 0
CIP direct costs 5,771,654,000
CIP indirect costs 303,949,000
CIP lots 2,120,708,000
CIP capitalized interest 295,930,000
CIP real estate taxes 44,444,000
CIP other (182,267,000)
CIP reserve 0
CIP inventory accrual 24,342,000
CIP relief (7,942,701,000)
Inventory valuation reserve (192,329,000)
---------------
Total inventory 1,312,282,000
INVESTMENTS IN JOINT VENTURES 39,539,000
DUE TO/FROM TOUSA/JOINT VENTURE 9,259,000
PREPAIDS AND OTHER ASSETS
Accounts receivable 67,715,000
Vendor rebates receivable 4,075,000
Prepaid commissions-broker 964,000
Prepaid commissions-in-house 2,228,000
Prepaid expenses 23,648,000
Deferred finance costs 54,857,000
Security and other deposits 13,066,000
Other 204,598,000
---------------
Total prepaids and other assets 371,151,000
FIXED ASSETS
Building 0
Capitalized software 9,757,000
Equipment 6,941,000
Furniture and fixtures 5,417,000
Leasehold improvements 9,108,000
Model home furniture 26,396,000
Transportation equipment 324,000
Other Assets 1,843,000
Accumulated depreciation (36,998,000)
---------------
Total fixed assets 22,788,000
GOODWILL 60,003,000
---------------
Total Homebuilding Assets 1,924,275,000
FINANCIAL SERVICES
PHMC unrestricted cash 3,401,000
ULT unrestricted cash 7,366,000
PHMC restricted cash 5,156,000
ULT restricted cash 0
PHMC prepaids & other assets 975,000
ULT prepaids & other assets 1,840,000
PHMC mortgages held for sale 11,921,000
PHMC fixed assets 1,205,000
ULT fixed assets 1,624,000
PHMC goodwill 2,578,000
ULT goodwill 1,328,000
---------------
Total financial services assets 37,393,000
---------------
TOTAL ASSETS $1,961,669,000
===============
LIABILITIES & EQUITY
HOMEBUILDING:
ACCOUNTS PAYABLE & OTHER LIABILITIES
Accounts payable $38,456,000
Inventory accrual 24,342,000
Construction reserve 0
Development reserve 23,770,000
Accrued income taxes 0
Accrued franchise tax 104,000
Accrued salaries 132,000
Accrued bonuses 13,329,000
Accrued vacations 1,962,000
Accrued benefits and taxes 3,464,000
Accrued real estate taxes 17,708,000
Warranty reserve 4,314,000
Litigation reserve 3,069,000
Insurance reserve 12,536,000
Accrued in house commissions 0
Accrued outside brokers commissions 0
Accrued completion costs 11,619,000
Other accrued expenses 177,277,000
Other liabilities 30,523,000
---------------
Total accounts payable and other liabilities 362,605,000
CUSTOMER DEPOSITS 29,325,000
BORROWINGS - land bank 44,509,000
BORROWINGS 1,834,111,000
---------------
Total homebuilding liabilities 2,270,550,000
FINANCIAL SERVICES
PHMC A/P & accrued expenses 1,303,000
ULT A/P & accrued expenses 606,000
PHMC accrued commissions and compensation 837,000
ULT accrued commissions and compensation 301,000
ULT escrow payable 0
PHMC borrowings 4,510,000
---------------
Total financial services liabilities 7,556,000
---------------
TOTAL LIABILITIES 2,278,106,000
INTERCOMPANY
Homebuilding intercompany (6,781,000)
Financial services intercompany 6,898,000
---------------
Total intercompany 117,000
STOCKHOLDERS' EQUITY
Preferred stock 89,304,000
Common stock 596,000
Additional paid in capital 486,024,000
Unearned compensation 0
Retained earnings (844,113,000)
Other (15,053,000)
Current profit (loss) (33,313,000)
---------------
Total stockholders' equity (316,554,000)
---------------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $1,961,669,000
===============
TOUSA Inc.
Consolidated Detailed Income Statement
For the Period Jan. 29 to Feb. 29, 2008
Deliveries $337,000
Average sales price 284,000
HOMEBUILDING
Home Sales Revenue:
Revenue home sales - base house $96,111,000
Revenue home sales - lot premium 2,238,000
Revenue home sales - option/upgrades 13,187,000
Revenue home sales - other 1,089,000
Revenue home sales - incentives (16,956,000)
---------------
Total home sales revenue 95,668,000
Home Sales Cost of Sales:
COS home sales - land & land interest 24,013,000
COS home sales - material and labor 47,782,000
COS home sales - options/upgrades 7,351,000
COS home sales - indirect construction costs 4,026,000
COS home sales - COS interest 3,049,000
COS home sales - COS real estate taxes 559,000
COS home sales - warranty 725,000
COS home sales - closed homes (2,048,000)
COS other (6,544,000)
---------------
Total home sales cost of sales 78,913,000
---------------
Total Home Sales Gross Profit 16,755,000
Closing costs 241,000
Commissions in house 1,915,000
Commissions broker 2,596,000
---------------
Total House Profit 12,002,000
Revenue from land sales 140,000
COS land sales 1,927,000
---------------
Total profit from land (1,787,000)
---------------
Total Homebuilding Gross Profit 14,968,000
Other Selling & Marketing Expenses:
S&M compensation 1,025,000
Model - maintenance 258,000
Model - utilities 81,000
Model - lease expense 674,000
Model - amortized lease gain (14,000)
Model - other expenses (33,000)
Sales office expenses 193,000
Advertising - newspaper 242,000
Advertising - signage 178,000
Advertising - radio 145,000
Advertising - television 26,000
Advertising - other 293,000
Other S&M expenses 247,000
S&M relief 0
---------------
Total other selling & marketing expenses 3,315,000
---------------
Total operating income 6,900,000
GENERAL & ADMINISTRATIVE EXPENSES
G&A salaries 5,599,000
G&A benefits & taxes 968,000
Payroll relief (2,125,000)
Office rent 440,000
Equipment rental 54,000
Office & supply expense 103,000
Telephone 23,000
Utilities 11,000
Insurance 331,000
Professional and consulting expenses 75,000
Information technology expenses 75,000
Temporary help 34,000
Travel expenses 35,000
Meals & entertainment 17,000
Repairs & maintenance 29,000
Dues subscriptions seminars 34,000
Contributions 0
Courier and delivery 25,000
Meetings 6,000
Depreciation and amortization 969,000
Other G&A expenses 564,000
---------------
Total G&A expenses 7,270,000
Income/fees from JVS (88,000)
Interest expense 7,641,000
Total other (income) expense (181,000)
---------------
Homebuilding Pretax Contribution (7,741,000)
FINANCIAL SERVICES
Revenues:
PHMC interest income 82,000
PHMC interest expense (33,000)
PHMC investor premium income 487,000
PHMC loan origination income 291,000
PHMC credit app expense (71,000)
PHMC gain/loss on secondary market 0
PHMC miscellaneous income 153,000
ULT revenues 1,936,000
PHMC FAS 91 revenue 0
---------------
Total revenues 2,845,000
EXPENSES
PHMC compensation and related benefits 874,000
ULT compensation and related benefits 1,071,000
PHMC other G&A 139,000
ULT other G&A 748,000
PHMC depreciation expense 49,000
ULT depreciation expense 73,000
PHMC FAS 91 expense 0
---------------
Total expenses 2,955,000
---------------
Financial Services Pretax Contribution (110,000)
INTERCOMPANY CHARGES
Corporate charges 0
Other non divisional 117,000
---------------
Total intercompany charges 117,000
---------------
Pretax income (7,967,000)
Provision for income taxes:
State income taxes 0
Federal income taxes 0
---------------
Total provision for income taxes 0
---------------
NET INCOME ($7,967,000)
===============
TOUSA Inc.
Schedule of Receipts and Disbursements
For the Period Jan. 29 to Feb. 29, 2008
Funds at beginning of period $61,965,691
Receipts:
Cash sales 90,847,493
Accounts receivable 0
Other receipts 13,510,290
---------------
Total receipts 104,357,783
---------------
Total funds available for operations 166,323,474
DISBURSEMENTS
Advertising 732,103
Bank charges 2,328
Contract labor 21,696
Fixed asset payments 63,081
Insurance 659,358
Inventory payments 37,170,586
Leases 961,734
Manufacturing supplies 0
Office supplies 55,651
Payroll - net 9,109,552
Professional fees (accounting and legal) 229,178
Rent 659,981
Repairs & maintenance 163,849
Secured creditor payments 4,274,270
Taxes paid - payroll 265,209
Taxes paid - sales & use (1,012)
Taxes paid - other 435,648
Telephone 21,288
Travel & entertainment 135,174
U.S. trustee quarterly fees 0
Utilities 18,438
Vehicle expenses 26,845
Other operating expenses 2,066,589
---------------
Total disbursements 57,071,546
---------------
Ending Balance $109,251,928
===============
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No.:
08-10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta,
Esq., at Kirkland & Ellis LLP and Paul Steven Singerman, Esq., at
Berger Singerman to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker and
financial advisor. Ernst & Young LLP is selected as the Debtors'
independent auditor and tax services provider. Kurtzman Carson
Consultants LLC acts as the Debtors' Notice, Claims & Balloting
Agent. The Official Committee of Unsecured Creditors is
represented by Stearns Weaver Weissler Alhadeff & Sitterson PA.
The Debtor's exclusive period to file a plan expires on May 28,
2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: Amends Schedules to Disclose $55,000 in Receivables
--------------------------------------------------------------
TOUSA Inc. amended its Schedules of Assets and Liabilities, to
disclose total assets of $2,103,412,931, and total liabilities of
$2,087,506.
The Debtor reported accounts receivable totaling $55,026;
liabilities on unsecured priority claims aggregating $1,132,808;
and liabilities on unsecured non-priority claims aggregating
$954,698.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No.:
08-10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta,
Esq., at Kirkland & Ellis LLP and Paul Steven Singerman, Esq., at
Berger Singerman to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker and
financial advisor. Ernst & Young LLP is selected as the Debtors'
independent auditor and tax services provider. Kurtzman Carson
Consultants LLC acts as the Debtors' Notice, Claims & Balloting
Agent. The Official Committee of Unsecured Creditors is
represented by Stearns Weaver Weissler Alhadeff & Sitterson PA.
The Debtor's exclusive period to file a plan expires on May 28,
2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: Tousa Homes Files Amended Schedules of Assets & Debts
----------------------------------------------------------------
In an amended Schedules of Assets and Liabilities, TOUSA Homes,
Inc., reported assets totaling $1,181,056,314, and liabilities
totaling $17,449,196.
The Debtor disclosed accounts receivable aggregating
$106,464,373, from the original value of $106,406,660. The
Debtor also disclosed that it has creditors holding unsecured
priority claims aggregating $833.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No.:
08-10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta,
Esq., at Kirkland & Ellis LLP and Paul Steven Singerman, Esq., at
Berger Singerman to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker and
financial advisor. Ernst & Young LLP is selected as the Debtors'
independent auditor and tax services provider. Kurtzman Carson
Consultants LLC acts as the Debtors' Notice, Claims & Balloting
Agent. The Official Committee of Unsecured Creditors is
represented by Stearns Weaver Weissler Alhadeff & Sitterson PA.
The Debtor's exclusive period to file a plan expires on May 28,
2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: Three Affiliates File Amended Schedules
--------------------------------------------------
Three debtor affiliates of TOUSA Inc. amended their reported
assets ranging from $100,000,000 to $300,000,000.
Debtor Assets Debts
------ ------------ ----------
Newmark Homes, LP $266,929,576 $2,058,130
Newmark Homes, LLC 195,823,329 4,723,129
TOUSA Homes Florida, LP 149,316,999 3,700,219
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No.:
08-10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta,
Esq., at Kirkland & Ellis LLP and Paul Steven Singerman, Esq., at
Berger Singerman to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker and
financial advisor. Ernst & Young LLP is selected as the Debtors'
independent auditor and tax services provider. Kurtzman Carson
Consultants LLC acts as the Debtors' Notice, Claims & Balloting
Agent. The Official Committee of Unsecured Creditors is
represented by Stearns Weaver Weissler Alhadeff & Sitterson PA.
The Debtor's exclusive period to file a plan expires on May 28,
2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: Eight Affiliates File Amended Schedules
--------------------------------------------------
Eight debtor affiliates of TOUSA Inc. amended their reported
assets ranging from $0 to $45,000,000:
Debtor Assets Debts
------ ----------- -----------
Reflection Key, LLC $8,065,551 $591,299
LB/TE #1, LLC 5,063,168 2,899
Engle Homes Residential Construction 2,440,932 19,470,989
Engle Sierra Verde P5, LLC 2,219,640 109,209
Engle/Gilligan, LLC 733,341 20,447
Engle Sierra Verde P4, LLC 239,938 121,694
TOUSA Homes, LP 33,867 4,930,153
Newmark Homes Purchasing, LP 13,274 1,474,956
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No.:
08-10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta,
Esq., at Kirkland & Ellis LLP and Paul Steven Singerman, Esq., at
Berger Singerman to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker and
financial advisor. Ernst & Young LLP is selected as the Debtors'
independent auditor and tax services provider. Kurtzman Carson
Consultants LLC acts as the Debtors' Notice, Claims & Balloting
Agent. The Official Committee of Unsecured Creditors is
represented by Stearns Weaver Weissler Alhadeff & Sitterson PA.
The Debtor's exclusive period to file a plan expires on May 28,
2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TOUSA INC: Engle Homes Amends Statement of Financial Affairs
------------------------------------------------------------
Engle Homes Residential Construction LLC amended its unaudited
Statement of Financial Affairs, a full-text copy of which is
available for free at:
http://bankrupt.com/misc/TOUSA_AmendedSofa-EngleHomesRC.pdf
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No.:
08-10928). The Debtors have selected M. Natasha Labovitz, Esq.,
Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta,
Esq., at Kirkland & Ellis LLP and Paul Steven Singerman, Esq., at
Berger Singerman to represent them in their restructuring efforts.
Lazard Freres & Co. LLC is the Debtors' investment banker and
financial advisor. Ernst & Young LLP is selected as the Debtors'
independent auditor and tax services provider. Kurtzman Carson
Consultants LLC acts as the Debtors' Notice, Claims & Balloting
Agent. The Official Committee of Unsecured Creditors is
represented by Stearns Weaver Weissler Alhadeff & Sitterson PA.
The Debtor's exclusive period to file a plan expires on May 28,
2008. (TOUSA Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
VESTA INSURANCE: Florida Select Files February 2008 Report
----------------------------------------------------------
Florida Select Insurance Agency Inc., a debtor-affiliate of Vesta
Insurance Group Inc., filed its monthly operating report for the
period ended Feb. 29, 2008.
Florida Select Insurance Agency
Income Statement
Month Ended February 29, 2008
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit 0
Less:
Operating Expenses 0
------------
Net Profit Operations $0
Non-Operating Income (Expenses)
Interest Earned 8,553
Miscellaneous Income 0
-------------
Net Profit (Loss) ($8,553)
============
Florida Select Insurance Agency
Schedule of Cash Receipts and Disbursements
Month Ended February 29, 2008
Cash On Hand (Beginning) $2,031,355
Cash Receipts:
Management Fees 0
Loan Proceeds 0
Sale of Property 0
Interest Earned 8,553
Miscellaneous Income 0
------------
Total Receipts 8,553
Cash Disbursements:
Business Disbursements Form BA-02(B) 0
------------
Surplus Or Deficit 8,553
------------
Cash on Hand (End) $2,039,908
============
About Vesta Insurance
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.
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 plan of liquidation
was confirmed on March 24, 2008. (Vesta Bankruptcy News, Issue
No. 35; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr.,
Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya,
Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
*** End of Transmission ***