/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/080503.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, May 3, 2008, Vol. 12, No. 105 Headlines AMERICAN LAFRANCE: Files Operating Report for Period Ended Apr 4 ASARCO LLC: Earns $22,252,000 in Month Ended March 31, 2008 CATHOLIC CHURCH: Davenport Posts $272,017 Net Loss in March CATHOLIC CHURCH: Fairbanks Amends Schedules of Assets and Debts COMPLETE RETREATS: Files Operating Report for January 2008 COMPLETE RETREATS: Files Operating Report for February 2008 COMPLETE RETREATS: Files Operating Report for March 2008 DELTA FINANCIAL: Earns $35,070,523 in Month Ended March 31 FEDDERS CORP: Files Report for the Month Ended February 29 HOMEBANC MORTGAGE: Posts March 2008 Net Loss of $2,128,000 KITTY HAWK: Incurs $196,534 Net Loss in March 2008 KITTY HAWK: KH Ground Files January 2008 Operating Report KITTY HAWK: KH Ground Files February 2008 Operating Report KITTY HAWK: KH Ground Files March 2008 Operating Report KITTY HAWK: Kitty Hawk AirCargo Files January 2008 Report KITTY HAWK: Kitty Hawk AirCargo Files February 2008 Report KITTY HAWK: Kitty Hawk AirCargo Files March 2008 Report KITTY HAWK: Kitty Hawk Cargo Files January 2008 Report KITTY HAWK: Kitty Hawk Cargo Files February 2008 Report KITTY HAWK: Kitty Hawk Cargo Files March 2008 Report KITTY HAWK: Kitty Hawk Ground Files January 2008 Report KITTY HAWK: Kitty Hawk Ground Files February 2008 Report KITTY HAWK: Kitty Hawk Ground Files March 2008 Report LEVITZ FURNITURE: Earns $331,000 in Month Ended April 6, 2008 MOVIE GALLERY: Earns $5,656,000 for the Month of March 2008 NETBANK INC: Delivers March 2008 Monthly Operating Report PACIFIC LUMBER: Scotia Dev't Files March 2008 Operating Report PACIFIC LUMBER: Scotia Pacific Files March 2008 Operating Report ********* AMERICAN LAFRANCE: Files Operating Report for Period Ended Apr 4 ---------------------------------------------------------------- American LaFrance, LLC, delivered to the Court its Monthly Operating Report for the period from March 1, 2008, through April 4, 2008. The Debtor also provided data for its revenues, cash on hand, and estimated inventory. A full-text copy of American LaFrance's March 2008 Monthly Operating Report is available for free at: http://bankrupt.com/misc/ALF_MonthlyOperatingReport.pdf American LaFrance, LLC Cash Receipts and Disbursements For the Period from Mar. 1 to Apr. 4, 2008 Beginning Cash Book Balance $1,215,863 (excluding Restricted Cash) Receipts: Accounts Receivable 5,468,906 Borrowing Under DIP Facility 20,000,000 ---------- Total Receipts $25,468,906 ---------- Disbursements: Admin $231,763 Out-bound freight 72,494 Taxes - Employee Expense 59,849 Equipment Rental 67,233 Insurance 350,508 Marketing 55,653 Occupancy 949,007 Payroll 3,004,934 Employee Benefits & Contractors 1,565,989 Audit/Tax 32,193 Supplies 151,829 Travel 144 Utilities 235,468 Inventory & Material 7,926,641 Utility Deposits 53,600 PPMG 267,264 DIP Interest 157,745 A -- Professional Fee Escrow 1,075,000 B -- Payments on Prepetition Debt 5,468,906 ----------- Total Disbursements $21,726,220 ----------- Net Cash Flow $3,742,687 ----------- Ending Cash Book Balance $4,958,550 =========== 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 Debtor's exclusive period to file a plan expires on May 27, 2008. (American LaFrance Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ASARCO LLC: Earns $22,252,000 in Month Ended March 31, 2008 ----------------------------------------------------------- ASARCO LLC, et al. Balance Sheet As of March 31, 2008 ASSETS Current Assets: Cash $964,795,000 Restricted Cash 25,582,000 Accounts receivable, net 180,338,000 Inventory 317,648,000 Prepaid expenses 5,384,000 Other current assets 11,231,000 --------------- Total Current Assets 1,504,978,000 Net property, plant and equipment 496,912,000 Other Assets Investments in subs 99,166,000 Advances to affiliates 579,000 Prepaid pension & retirement plan 0 Non-current deferred tax asset 40,952,000 Other 81,524,000 --------------- Total assets $2,224,111,000 =============== LIABILITIES Postpetition liabilities: Accounts payable $83,889,000 Accrued liabilities 587,688,000 Debtor-in-possession financing 0 --------------- Total postpetition liabilities 671,577,000 Prepetition liabilities: Not subject to compromise - credit 3,645,000 Not subject to compromise - other 55,996,000 Advances from affiliates 24,919,000 Subject to compromise 1,756,766,000 --------------- Total prepetition liabilities 1,841,325,000 --------------- Total liabilities $2,512,903,000 =============== OWNERS' EQUITY (DEFICIT) Common stock 508,324,000 Additional paid-in capital 104,578,000 Other comprehensive income (213,545,000) Retained earnings: filing date (1,649,762,000) --------------- Total prepetition owners' equity (1,250,405,000) Retained earnings: post-filing date 961,613,000 --------------- Total owners' equity (net worth) (288,792,000) Total liabilities and owners' equity $2,224,111,000 =============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ended March 31, 2008 Sales $180,723,000 Cost of products and services 144,183,000 ------------ Gross profit 36,540,000 Operating expenses: Selling and general & admin expenses 3,423,000 Depreciation & amortization 2,836,000 Provision accretion expense of asset retirement obligation 412,000 ------------ Operating income 29,869,000 Interest expense 196,000 Interest income (2,773,000) Reorganization expenses 3,271,000 Other miscellaneous (income) expenses (7,452,000) ------------ Income (loss) before taxes 36,628,000 Income taxes 14,376,000 ------------ Net income (loss) $22,252,000 ============ ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ended March 31, 2008 Receipts $182,868,000 Disbursements: Inventory material 65,691,000 Operating disbursements 59,619,000 Capital expenditures 23,740,000 ----------- Total disbursements 149,050,000 Operating cash flow 33,818,000 Reorganization disbursements 4,519,000 ------------ Net cash flow 29,299,000 Net payments to secured Lenders 0 ------------ Net change in cash 29,299,000 Beginning cash balance 961,078,000 ------------ Ending cash balances $990,377,000 ============ 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 April 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). ASARCO and its debtor affiliates are scheduled to file a plan of reorganization on June 10, 2008. (ASARCO Bankruptcy News, Issue No. 71; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). CATHOLIC CHURCH: Davenport Posts $272,017 Net Loss in March ----------------------------------------------------------- Diocese of Davenport in Iowa Statement of Financial Position As of March 31, 2008 ASSETS Current Assets Cash and cash equivalents - unrestricted $5,039,722 Cash and cash equivalents - restricted 2,326,239 Accounts receivable, net 55,837 Inventory - Prepaid expenses 2,448 Professional retainers 55,652 Other: Assets Waiting Disposition 618,533 -------------- Total Current Assets 8,098,431 -------------- Property and Equipment Real Property 3,000 Machinery and equipment 6,000 Furniture and fixtures 8,914 Office equipment 59,500 Leasehold improvements - Vehicles 45,460 -------------- Total Property and Equipment 122,874 -------------- Total Assets $8,221,305 ============== LIABILITIES AND NET ASSETS Postpetition Current Liabilities: Salaries and wages - Payroll taxes - Real and personal property taxes - Income taxes - Sales taxes - Notes payable, short term - Accounts payable, trade $95,648 Real property lease arrearage - Personal property lease arrearage - Accrued professional fees - Current portion of long-term debt - other: Pass-through collections 53,436 Additional Accrued Vacations 5,574 Misc. 300 -------------- Total Current Liabilities 154,958 -------------- Long-Term Postpetition Debt, Net - -------------- Total Postpetition Liabilities 154,958 -------------- Prepetition Secured claims - Priority unsecured claims 160,588 General unsecured claims 13,602,441 -------------- Total Prepetition Liabilities 13,763,029 -------------- Total Liabilities 13,917,987 -------------- Equity (deficit): Retained earnings/deficit at filing 5,855,424 Capital stock - Additional paid-in capital - Cumulative profit/loss since filing (11,572,128) Post-petition contributions/distributions or draws - Market value adjustment 20,023 -------------- Total equity (deficit) (5,696,681) -------------- Total liabilities & equity (deficit) $8,221,305 ============== Diocese of Davenport in Iowa Statement of Operations For the month ending March 31, 2008 Revenues Gross sales $111 Less: sales returns & allowances - Net sales 111 Less: cost of goods sold - Gross profit 111 Interest 6,049 Other income: Charitable gifts 204,646 Insurance receipts 60,776 Investment income/fees (8,591) -------------- Total revenues 262,992 -------------- Expenses: Compensation to owner(s)/officer(s) 12,209 Salaries 109,158 Commissions - Contract labor 5,016 Rent/Lease: Personal property 748 Real property - Insurance 247,109 Management fees - Depreciation 2,105 Taxes: Employer payroll taxes 6,947 Real property taxes - Other taxes - Other selling - Other administrative 111,102 Interest - Other expenses: Employee benefits 38,883 Charity collection 2,730 Medical assistance/Victim assistance 543 Utilities 15,309 Transfer to unrestricted - Professional fees - Sabbatical - Cemetery perpetual care - Youth trip expenses - -------------- Total expenses 551,857 -------------- Reorganization items: Professional fees - Estimate of claims payments - Interest earned on accumulated cash from resulting Chapter 11 case 16,849 Gain or (Loss) from sale of equipment - U.S. Trustee quarterly fees - Advertising/printing/mailing - -------------- Total reorganization items 16,849 -------------- Net profit (loss) before federal & state taxes (272,017) Federal & state income taxes - -------------- Net profit (loss) ($272,017) ============== Diocese of Davenport in Iowa Statement of Cash Receipts and Disbursements For the month ending March 31, 2008 Cash receipts Rent/Leases collected $3,095 Cash received from sales 111 Interest received 22,898 Borrowings increase in accounts payable - Funds from shareholders, partners, or other insiders (Sale of property) - Capital contributions - Annual diocesan appeal/donations 204,646 Investment income/misc. - Insurance receipts 60,776 Tribunal/Immigration/Faith Formation fees (11,685) Decrease in prepaids/accounts receivable 73,798 Misc./Increase in accounts payable 4,515 -------------- Total Cash Receipts 358,154 Cash disbursements: Payments for inventory - Selling - Administrative 118,848 Capital expenditures - Principal payments on debt - Interest paid - Rent/Lease: Personal Property 748 Real Property - Amount paid to owner(s)/officer(s) Salaries 12,209 Draws - Commissions/Royalties - Expense Reimbursements - Other - Salaries/Commissions (less employee withholding 85,362 Management fees - Taxes Employee withholding 23,796 Employer payroll taxes 6,947 Real property taxes - Other taxes - Other cash outflows: Insurance 247,109 Utilities 15,309 Medical/Victim Assistance 543 Employee benefits 38,883 Misc. - -------------- Total Cash Disbursements 549,753 -------------- Net increase (decrease) in cash (191,599) Cash balance, beginning of period 2,128,292 -------------- Cash balance, end of period $1,936,693 ============== About Diocese of Davenport The Diocese of Davenport in Iowa filed for chapter 11 protection (Bankr. S.D. Ia. Case No. 06-02229) on Oct. 10, 2006. Richard A. Davidson, Esq., at Lane & Waterman LLP, represents the Davenport Diocese in its restructuring efforts. Hamid R. Rafatjoo, Esq., and Gillian M. Brown, Esq., at Pachulski Stang Zhiel Young Jones & Weintraub LLP represent the Official Committee of Unsecured Creditors. In its schedules of assets and liabilities, the Davenport Diocese reported $4,492,809 in assets and $1,650,439 in liabilities. The Court approved on April 3, 2008, the Diocese of Davenport's second amended disclosure statement explaining its joint plan of reorganization. The Committee is a proponent to the plan. The confirmation hearing of the Debtor's plan started on April 30, 2008. (Catholic Church Bankruptcy News, Issue No. 123; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/ or 215/945-7000). CATHOLIC CHURCH: Fairbanks Amends Schedules of Assets and Debts --------------------------------------------------------------- The Catholic Bishop of Northern Alaska, aka The Roman Catholic Diocese of Fairbanks in Alaska, delivered to the U.S. Bankruptcy Court for the District of Alaska amended schedules of assets and liabilities to report changes in total scheduled assets and liabilities. As previously reported, the Diocese said it has $13,316,864 in total assets and $1,838,719 in total debts. A. Real Property Catholic Schools of Fairbanks $3,500,000 Bishop's residence 1,100,000 Chancery and Retreat Center 1,100,000 Others 3,421,000 B. Personal Property B.1 Cash on Hand 1,600 B.2 Bank Accounts 485,237 B.3 Security Deposits 0 B.4 Household goods 0 B.5 Book, artwork and collectibles Unknown B.6 Wearing apparel 0 B.7 Furs and jewelry 168 B.8 Firearms and other equipment 0 B.9 Insurance Policies 0 B.10 Annuities 0 B.11 Interests in an education IRA 0 B.12 Interests in pension plans 401(k) Plan 0 B.13 Stock and Interests 1,088,256 B.14 Interests in partnerships or joint ventures 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable 787,239 B.17 Alimony 0 B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests 93,935 B.20 Interests in estate death benefit plan Unknown B.21 Other Contingent and Unliquidated Claims Unknown B.22 Patents, copyrights, and others 0 B.23 Licenses, franchises & other intangibles 0 B.24 Customer lists or other compilations Unknown B.25 Vehicles 96,285 B.26 Boats, motors and accessories Salvage Value B.27 Aircraft and accessories 235,000 B.28 Office Equipment 300,000 B.29 Equipment and Supplies for Business 0 B.30 Inventory 84,179 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals, and feed 0 B.35 Other Personal Property 965,793 TOTAL SCHEDULED ASSETS $13,258,694 ========================================================== C. Property Claimed $0 D. Creditors Holding Secured Claims McCosker, Dennis 50,719 Beaumont, Jack and Suzanne 23,200 Hiland, Joyce Marian 33,950 Bozzo, Alfred J. 11,091 Ishiguro, Chothilde 13,713 Sinnot, James Francis 10,621 Others 63,232 E. Creditors Holding Unsecured Priority Claims Taxes, advanced fees and employee claims 280,969 F. Creditors Holding Unsecured Nonpriority Claims Deferred revenue - school tuition 422,982 Society of Jesus, Oregon Province 216,966 Alaska Conference of Catholic Bishops 259,541 Others 480,287 TOTAL SCHEDULED LIABILITIES $1,867,276 ========================================================== About Diocese of Fairbanks The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic Bishop of Northern Alaska, aka Catholic Diocese of Fairbanks, aka The Diocese of Fairbanks, aka CBNA filed for chapter 11 bankruptcy on March 1, 2008 (Bankr. D. Alaska Case No. 08-00110). Susan G. Boswell, Esq., at Quarles & Brady LLP represents the Debtor in its restructuring efforts. Michael R. Mills, Esq., of Dorsey & Whitney LLP serves as the Debtor's local counsel and Cook, Schuhmann & Groseclose Inc. as its special counsel. Judge Donald MacDonald, IV, of the United States Bankruptcy Court for the District of Alaska presides over Fairbanks' Chapter 11 case. The Debtor's schedules show total assets of $13,316,864 and total liabilities of $1,838,719. The church's exclusive plan filing period expires on June 29, 2008. (Catholic Church Bankruptcy News, Issue No. 123; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). COMPLETE RETREATS: Files Operating Report for January 2008 ---------------------------------------------------------- Complete Retreats, LLC, et al. Monthly Operating Report For the Month Ended January 31, 2008 (a) Plan payments made during the month: Administrative Expenses $0 Secured Creditors 0 Priority Creditors 0 Unsecured Creditors 0 ------- Total Plan Payments 0 ======= (b) Cash Flow Report: Total cash receipts $636,402 Total cash disbursements including plan payments 34,763 -------- Net cash flow $601,638 ======== About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court confirmed the Debtor's plan on Nov. 30, 2007. (Complete Retreats Bankruptcy News, Issue No. 42; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). COMPLETE RETREATS: Files Operating Report for February 2008 ----------------------------------------------------------- Complete Retreats, LLC, et al. Monthly Operating Report For the Month Ended February 29, 2008 (a) Plan payments made during the month: Administrative Expenses $0 Secured Creditors 0 Priority Creditors 0 Unsecured Creditors 0 ------- Total Plan Payments 0 ======= (b) Cash Flow Report: Total cash receipts $1,882 Total cash disbursements including plan payments 11,751 ------- Net cash flow ($9,869) ======= About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court confirmed the Debtor's plan on Nov. 30, 2007. (Complete Retreats Bankruptcy News, Issue No. 42; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). COMPLETE RETREATS: Files Operating Report for March 2008 -------------------------------------------------------- Complete Retreats, LLC, et al. Monthly Operating Report For the Month Ended March 31, 2008 (a) Plan payments made during the month: Administrative Expenses $0 Secured Creditors 0 Priority Creditors 0 Unsecured Creditors 0 ------ Total Plan Payments 0 ====== (b) Cash Flow Report: Total cash receipts $107,190 Total cash disbursements including plan payments 5,000 -------- Net cash flow $102,190 ======== About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court confirmed the Debtor's plan on Nov. 30, 2007. (Complete Retreats Bankruptcy News, Issue No. 42; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). DELTA FINANCIAL: Earns $35,070,523 in Month Ended March 31 ---------------------------------------------------------- Delta Financial Corp. and Subsidiaries Unaudited Consolidated Balance Sheet As of March 31, 2008 Assets Cash and cash equivalents $8,513,626 Mortgage loans held for sale, net 0 Mortgage loans held for investment, net of discount and deferred fees 0 Less: allowance for loan losses 0 ---------- Mortgage loans held for investment, net 0 ---------- Trustee receivable 0 Accrued interest receivable 0 Excess cash flow certificates 0 Equipment, net 0 Accounts receivable 11,084,877 Prepaid and other assets 355,791 Deferred tax asset 0 ----------- Total Assets $19,954,295 =========== Liabilities and Stockholder's Equity Liabilities: Bank payable 0 Warehouse financing 0 Financing on mortgage loans held for investment, net 0 Other borrowings 0 Accrued interest payable 0 Accounts payable and other liabilities $12,842,277 Deferred tax liability 0 ----------- Total Liabilities $12,842,277 Stockholders' Equity: Preferred stock - REIT 0 Common stock $254,792 Additional paid-in capital 158,301,751 Retained earnings (accumulated deficit) (150,126,370) Accumulated other comprehensive income (loss) 0 Treasury stock, at cost (1,318,154) ----------- Total stockholders' equity $7,112,018 ----------- Total liabilities and stockholders' equity $19,954,295 =========== Delta Financial Corp. and Subsidiaries Unaudited Consolidated Statements of Operations Consolidated Statements of Operations For the Three Months Ended March 31, 2008 Interest income $103,083 Interest expense (1,281,150) ----------- Net interest income (1,178,066) Provision for loan loss 0 ----------- Net interest income after provision for loan loss (1,178,066) Non-interest income Net gain on sale of mortgage loans (190,828) Other income 42,887,053 ----------- Total non-interest income 42,696,224 Non-interest expense Payroll and related costs 1,717,839 General and administrative 4,729,794 (Gain) loss on derivative instruments 0 ----------- Total non-interest expense 6,447,634 Income (loss) before income tax expense (benefit) 35,070,523 Provision for income tax expense (benefit) 0 ----------- Net income (loss) $35,070,523 =========== The Debtors disclosed payments made to one retained professional during March 2008. The Debtors paid AlixPartners, LP, its claims' agent, $18,519 in fees and $10,864 in expenses. 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 Dec. 17, 2007 (Bankr. D. Del. Lead Case No. 07-11880). On the same day, three affiliates filed separate chapter 11 petitions -- Delta Funding Corp., Renaissance Mortgage Acceptance Corp., and Renaissance R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to 07-11883). The Debtors selected Morrison & Foerster LLP as their general bankruptcy counsel and David B. Stratton, Esq. and James C. Carignan, Esq. at Pepper Hamilton LLP as their counsel. The Debtors hired AlixPartners LLP as their claims agent. The Official Committee of Unsecured Creditors retained Landis Rath & Cobb LLP as its Delaware counsel. The Debtors' amended consolidated quarterly financial condition as of Sept. 30, 2007, showed $7,223,528,000 in total assets and $7,108,232,000 in total liabilities. The Debtors' petition listed D.B. Structured Products Inc. as their largest unsecured creditor holding a $19,500,000 claim. The Court extended until June 16, 2008, the period during which the Debtors have the exclusive right to file a plan of reorganization or liquidation. (Delta Financial Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). FEDDERS CORP: Files Report for the Month Ended February 29 ---------------------------------------------------------- Fedders Corporation and its debtor-affiliates filed their monthly operating report for February 2008. For the month ended Feb. 29, 2008, the Debtors generated gross sales of $4,493,000 and incurred a net loss of $658,000. Total assets were $114,640,000, total current assets were $49,914,000, total liabilities were $322,789,000, and total stockholders' deficit was $208,149,000 as of Feb. 29, 2008. A full-text copy of the Debtors' February 2008 report is available for free at http://ResearchArchives.com/t/s?2b65 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. The Debtors asked the Court to stretch until May 31, 2008, their exclusive plan filing period. HOMEBANC MORTGAGE: Posts March 2008 Net Loss of $2,128,000 ---------------------------------------------------------- HomeBanc Mortgage Corporation and Subsidiaries Unaudited Consolidated Balance Sheet As of March 31, 2008 ASSETS Cash $6,517,000 Restricted cash 0 Mortgage loans held for sale, net 4,099,000 Mortgage loans held for investment, net 0 Mortgage servicing rights 0 Receivable from custodian 0 Trading securities 500,000 Securities available for sale 0 Securities held to maturity 0 Accrued interest receivable 0 Premises and equipment, net 0 Goodwill, net 0 Deferred tax asset, net 0 Accounts receivable from affiliates 0 Investment in subsidiaries 0 Other Assets 13,361,000 --------------- TOTAL ASSETS $24,477,000 =============== LIABILITIES & EQUITY Warehouse lines of credit $0 Repurchase agreements 0 Loan funding payable 1,478,000 Accrued interest payable 0 Accrued expenses 5,545,000 Other accounts payable 0 Accounts payable to affiliates 0 Collaterized debt obligations 0 Junior subordinated debentures representing 175,260,000 obligations for trust preferred securities --------------- Total liabilities 182,283,000 Minority interest 64,000 Shareholders Equity: Preferred stock 47,992,000 Common stock 571,000 Additional paid-in capital 278,865,000 Accumulated deficit (467,394,000) Treasury stock (17,904,000) Accumulated other comprehensive (loss) income 0 --------------- Total shareholder's equity (157,870,000) --------------- TOTAL LIABILITIES & EQUITY $24,477,000 =============== HomeBanc Mortgage Corporation and Subsidiaries Unaudited Consolidated Statement of Operations For 3 Months Ended March 31, 2008 REVENUES MBS interest income $507,000 Other miscellaneous income 131,000 --------------- Total revenues 638,000 EXPENSES Professionals 1,763,000 Insurance 0 Contract personnel 79,000 Data facility 0 Compensation and benefits 312,000 Financial systems 77,000 Medical insurance run-off payments 176,000 Loan sales expense 91,000 U.S. trustee fees 32,000 Office rental 23,000 Other misc. operating expenses 213,000 --------------- Total expenses 2,766,000 --------------- Income tax expense 0 --------------- Net loss ($2,128,000) =============== HomeBanc Mortgage Corporation and Subsidiaries Consolidated Statement of Cash Flows For the 3 Month Period Ended March 31, 2008 OPERATING ACTIVITIES Net loss ($2,128,000) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: (Increase) decrease in mortgage loans held for 1,312,000 sale, net Decrease (interest) in other assets (1,000) Decrease in other liabilities (55,000) --------------- Net cash (used in) provided by operating (872,000) activities INVESTING ACTIVITIES Net cash provided by (used in) investing 0 activities FINANCING ACTIVITIES Net cash (used in) provided by financing 0 activities --------------- Net increase (decrease) in cash (872,000) Cash and cash equivalents at beginning of period 7,389,000 --------------- Cash and cash equivalents at end of period $6,517,000 =============== About HomeBanc Mortgage Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation -- http://www.homebanc.com/-- is a mortgage banking company focused on originating primarily prime purchase money residential mortgage loans in the Southeast United States. HomeBanc Mortgage together with five affiliates filed for chapter 11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079 through 07-11084). Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors selected the firm Otterbourg, Steindler, Houston and Rosen, P.C. as its counsel. The Debtors' financial condition as of June 30, 2007, showed total assets of $5,100,000,000 and total liabilities of $4,900,000,000. The Debtors' exclusive period to file a plan ends on May 6, 2008. (HomeBanc Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/ or 215/945-7000). KITTY HAWK: Incurs $196,534 Net Loss in March 2008 -------------------------------------------------- Kitty Hawk Inc.'s balance sheet in its March 2008 monthly operating report shows total assets of $42,145,643, total liabilities of $2,046,459, and total stockholders' equity of $40,099,184. For the month of March 2008, revenue was zero and incurred a net loss of $196,534. Cash at the beginning of the month was $6,297,770, total receipts were $228,848, total cash available was $6,526,618, total operating disbursements were $567,085, total disbursements were $567,085, and cash at the end of the month was $5,959,533. A full-text copy of the company's March 2008 operating report is available for free at http://ResearchArchives.com/t/s?2b66 About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: KH Ground Files January 2008 Operating Report --------------------------------------------------------- KH Ground Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for January 2008. Its January 2008 balance sheet shows total assets of $0, total liabilities of $250, and total stockholders' deficit of $250. For the month, revenue and net income was zero. Cash at the beginning and end of the month was zero. A full-text copy of KH Ground Inc.'s January 2008 operating report is available for free at http://ResearchArchives.com/t/s?2b6b About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: KH Ground Files February 2008 Operating Report ---------------------------------------------------------- KH Ground Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for February 2008. Its February 2008 balance sheet shows total assets of $0, total liabilities of $250, and total stockholders' deficit of $250. For the month, revenue and net income was zero. Cash at the beginning and end of the month was zero. A full-text copy of KH Ground Inc.'s February 2008 operating report is available for free at http://ResearchArchives.com/t/s?2b6b About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: KH Ground Files March 2008 Operating Report ------------------------------------------------------- KH Ground Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for March 2008. Its March 2008 balance sheet shows total assets of $0, total liabilities of $575, and total stockholders' deficit of $575. For the month, revenue was zero and net loss was $325. Cash at the beginning and end of the month was zero. A full-text copy of KH Ground Inc.'s March 2008 operating report is available for free at http://ResearchArchives.com/t/s?2b6b About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: Kitty Hawk AirCargo Files January 2008 Report --------------------------------------------------------- Kitty Hawk AirCargo Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for January 2008. Its January 2008 balance sheet shows total assets of $10,012,401, and total liabilities of $7,833,935, and total stockholders' equity of $2,178,466. For the month, revenue was $36,900 and net loss was $263,212. Cash at the beginning of the month was $564,506 and cash at the end of the month was $142,416. A full-text copy of Kitty Hawk AirCargo Inc.'s January 2008 report is available for free at http://ResearchArchives.com/t/s?2b6a About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: Kitty Hawk AirCargo Files February 2008 Report ---------------------------------------------------------- Kitty Hawk AirCargo Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for February 2008. Its February 2008 balance sheet shows total assets of $9,735,444, total liabilities of $7,764,971 and total stockholders' equity of $1,970,473. For the month, revenue was zero and net loss was $207,993. Cash at the beginning of the month was $142,416 and cash at the end of the month was $199,455. A full-text copy of Kitty Hawk AirCargo Inc.'s February 2008 report is available for free at http://ResearchArchives.com/t/s?2b6a About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: Kitty Hawk AirCargo Files March 2008 Report ------------------------------------------------------- Kitty Hawk AirCargo Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for March 2008. Its March 2008 balance sheet shows total assets of $10,205,561, total liabilities of $7,707,516, and total stockholders' equity of $2,498,045. For the month, revenue was zero and net income was $527,572. Cash at the beginning of the month was $199,455 and cash at the end of the month was $400,376. A full-text copy of Kitty Hawk AirCargo Inc.'s March 2008 report is available for free at http://ResearchArchives.com/t/s?2b6a About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: Kitty Hawk Cargo Files January 2008 Report ------------------------------------------------------ Kitty Hawk Cargo Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for January 2008. Its January 2008 balance sheet shows total assets of $3,910,498, total liabilities of $27,088,121, and total stockholders' deficit of $23,177,623. For the month, revenue was $31,385 and net profit was $2,675,831. Cash at the beginning of the month was $68,445 and cash at the end of the month was $23,495. A full-text copy of Kitty Hawk Cargo Inc.'s January 2008 report is available for free at http://ResearchArchives.com/t/s?2b69 About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: Kitty Hawk Cargo Files February 2008 Report ------------------------------------------------------- Kitty Hawk Cargo Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for February 2008. Its February 2008 balance sheet shows total assets of $165,320, total liabilities of $23,516,405, and total stockholders' deficit of $23,351,085. For the month, revenue was $43 and net loss was $173,462. Cash at the beginning of the month was $23,495 and cash at the end of the month was $2,452. A full-text copy of Kitty Hawk Cargo Inc.'s February 2008 report is available for free at http://ResearchArchives.com/t/s?2b69 About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: Kitty Hawk Cargo Files March 2008 Report ---------------------------------------------------- Kitty Hawk Cargo Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for March 2008. Its March 2008 balance sheet shows total assets of $106,458, total liabilities of $23,606,944, total stockholders' deficit of $23,500,486. For the month, revenue was a negative $14,601 and net loss was $149,401. Cash at the beginning of the month was $2,452 and cash at the end of the month was $37,931. A full-text copy of Kitty Hawk Cargo Inc.'s March 2008 report is available for free at http://ResearchArchives.com/t/s?2b69 About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: Kitty Hawk Ground Files January 2008 Report ------------------------------------------------------- Kitty Hawk Ground Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for January 2008. Its January 2008 balance sheet shows total assets of $3,768,047, total liabilities of $27,161,786 and total stockholders' deficit of $23,393,739. Revenue for the month was a negative $2,029, and net loss for the month was $756,833. Cash at the beginning of the month was $68,770, and cash at the end of the month was $123,003. A full-text copy of Kitty Hawk Ground Inc.'s January 2008 report is available for free at http://ResearchArchives.com/t/s?2b67 About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: Kitty Hawk Ground Files February 2008 Report -------------------------------------------------------- Kitty Hawk Ground Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for February 2008. Its February 2008 balance sheet shows total assets of $2,450,630, total liabilities of $26,688,560, and total stockholders' deficit of $24,237,930. Net revenue for the month was a negative $7,194 and net loss for the month was $844,191. Cash at the beginning of the month was $123,003 and cash at the end of the month was $2,562. A full-text copy of Kitty Hawk Ground Inc.'s February 2008 report is available for free at http://ResearchArchives.com/t/s?2b67 About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. KITTY HAWK: Kitty Hawk Ground Files March 2008 Report ----------------------------------------------------- KH Ground Inc., a debtor-affiliate of Kitty Hawk Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas its monthly operating report for March 2008. Its March 2008 balance sheet shows total assets of $2,088,390, total liabilities of $26,452,372, and total stockholders' deficit of $24,363,982. Net revenue for the month was a negative $26,914 and net loss for the month was $126,052. Cash at the beginning of the month was $2,562 and cash at the end of the month was $53,024. A full-text copy of Kitty Hawk Ground Inc.'s March 2008 report is available for free at http://ResearchArchives.com/t/s?2b67 About Kitty Hawk Headquartered in Texas, Kitty Hawk Inc. (AMEX: KHK) -- http://www.kittyhawkcompanies.com/-- is a holding company providing corporate planning and administrative services. It operates through its three wholly owned bankrupt subsidiaries, Kitty Hawk filed for Chapter 11 protection on May 1, 2000 (Bank. N.D. Tex. Case No. 00-42141). On Aug. 5, 2002, the Court confirmed the Debtor's Plan which became effective on Sept. 30, 2002. The Debtor, along with four affiliates, filed new voluntary chapter 11 petitions on Oct. 15, 2007 (Bankr. N.D. Tex. Case Nos. 07-44536 to 07-44540). Gogi Malik, Esq., and Jason S. Brookner, Esq., at Andrews & Kurth, LLP, represent the Debtors. The Official Committee of Unsecured Creditors has selected Munsch, Hardt, Kopf & Harr, P.C., as its counsel. LEVITZ FURNITURE: Earns $331,000 in Month Ended April 6, 2008 ------------------------------------------------------------- PLVTZ, Inc. Balance Sheet As of April 6, 2008 ASSETS Current Assets Cash $375,000 Accounts receivable, net 376,000 ------------ Total current assets 751,000 Other assets 4,275,000 ------------ TOTAL ASSETS $5,026,000 ============ Liabilities and Shareholders' Equity Liabilities Not Subject to Compromise Current Liabilities: Accounts payable trade $5,585,000 Accrued expenses 927,000 Customer Deposits 1,080,000 ------------ Total current liabilities 7,592,000 Liabilities Subject to Compromise Term loan B 20,715,000 Trade and other miscellaneous claims 45,496,000 Customer Deposit 1,558,000 ------------ Total 67,769,000 ------------ TOTAL LIABILITIES 75,361,000 ============ Shareholder's (deficit): Preferred stock 47,000,000 Class A Common stock 139,030,000 Class B Common stock 10,000,000 Retained (deficit) (266,365,000) ------------ Shareholder's deficit (70,335,000) TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $5,026,000 ============ PLVTZ, Inc. Statement of Operations For the period March 3 to April 6, 2008 Selling, operating and administrative expenses $2,194,000 Reorganization costs (2,525,000) ------------ Net Income $331,000 ============ PLVTZ, Inc. Statement of Cash Flows For the period March 3 to April 6, 2008 Cash flows used in operating activities: Cash received from customers $2,178,000 Cash received from sales agent 1,954,000 Cash paid to suppliers and employees (9,665,000) ------------ Net cash used in operating activities (5,533,000) ============ Net decrease in cash and cash equivalents (5,533,000) Cash and cash equivalents at beginning of month 5,158,000 ------------ Cash and cash equivalents at end of month $375,000 ============ About Levitz Furniture/PVLTZ Based in New York City, Levitz Furniture Inc., nka PVLTZ Inc. -- http://www.levitz.com/-- is a specialty retailer of furniture, bedding and home furnishings in the United States. It has 76 locations in major metropolitan areas, principally in the Northeast and on the West Coast of the United States. Levitz Furniture Inc. and 11 affiliates filed for chapter 11 on Sept. 5, 1997. In December 2000, the Court confirmed the Debtors' Plan and Levitz emerged from chapter 11 on February 2001. Levitz Home Furnishings Inc. was created as the new holding company as a result of the emergence. Levitz Home Furnishings and 12 affiliates filed for chapter 11 protection on Oct. 11, 2005 (Bankr. S.D.N.Y. Lead Case No. 05- 45189). In their second filing, the Debtors disclosed about $245 million in total assets and $456 million in total debts. Nicholas M. Miller, Esq., and Richard H. Engman, Esq., at Jones Day represented the Debtors. Jeffrey L. Cohen, Esq., Jay R. Indyke, Esq., and Cathy Hershcopf, Esq., at Cooley Godward Kronish LLP served as counsel to the Official Committee of Unsecured Creditors. During this period, the Debtors closed around 35 stores in the Northeast, California, Minnesota and Arizona. PLVTZ Inc., a company created by Prentice Capital Management LP, and Great American Group purchased substantially all the assets of Levitz Home Furnishings in December 2005. Initially, Prentice owned all of the equity interests in PLVTZ. On July 6, 2007, PLVTZ was converted into a Delaware corporation, and Harbinger Capital Partners Special Situations Fund, LP, Harbinger Capital Partners Master Fund I, Ltd., and their affiliates became minority shareholders. Great American's stake in the acquisition was in running the going-out-of-business sales for some 27 Levitz units. PLVTZ, dba Levitz Furniture, continued to face decline in financial performance since December 2005. Liquidity issues and the inability to obtain additional capital prompted PLVTZ to seek protection under chapter 11 on Nov. 8, 2007 (Bankr. S.D.N.Y. Lead Case No. 07-13532). Paul D. Leake, Esq., and Brad B. Erens, Esq., at Jones Day represents the Debtors in their restructuring efforts. Kurtzman Carson Consultants LLC serves as the Debtors' claims and noticing agent. The Debtor's schedules show total assets of $123,842,190 and total liabilities of $76,421,661. The Debtors' exclusive period to file a chapter 11 plan expired on March 7, 2008. (Levitz Bankruptcy News, Issue No. 39; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). MOVIE GALLERY: Earns $5,656,000 for the Month of March 2008 ----------------------------------------------------------- Movie Gallery, Inc. Unaudited Consolidated Balance Sheet (Excluding International Operations) As Of March 9, 2008 ASSETS Current Assets Cash & Cash Equivalents $66,732,000 Merchandise Inventory 151,271,000 Prepaid Expenses 35,083,000 Store Supplies and Other 15,538,000 --------------- Total Current Assets 268,624,000 Rental inventory, net 219,515,000 Property, furnishings and equipment, net 94,094,000 Other intangibles, net 20,205,000 Deferred income tax asset, net 1,153,000 Deposits and other assets 26,743,000 Investment in subsidiaries 22,868,000 --------------- Total Assets 653,202,000 =============== LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Current maturities of long-term obligations 867,220,000 Accounts payable 37,443,000 Intercompany payable (9,426,000) Accrued liabilities 58,313,000 Accrued payroll 22,041,000 Accrued interest 13,111,000 Deferred revenue 38,794,000 --------------- Total Current Liabilities 1,027,496,000 Other Accrued Liabilities 17,220,000 --------------- Total Liabilities Not Subject to Compromise 1,044,716,000 Liabilities Subject to Compromise Accounts payable 35,337,000 Accrued liabilities 17,244,000 Accrued utilities 4,337,000 Accrued interest 16,410,000 Long-term obligations 314,311,000 Lease liability on closed stores 70,588,000 --------------- Total Liabilities Subject to Compromise 458,227,000 --------------- Total Liabilities 1,502,943,000 Stockholders' Deficit Preferred stock, $0.10 par value; 2000 shares authorized, no shares or issues outstanding 0 Common stock, $0.001 par value; 65,000 shares authorized, 32,282 shares issued and outstanding 32,000 Additional paid-in capital 200,069,000 Accumulated deficit (1,057,214,000) Accumulated other comprehensive income 7,372,000 --------------- Total Stockholders' Deficit (849,741,000) --------------- Total Liabilities and Stockholders' Deficit $653,202,000 =============== Movie Gallery, Inc. Unaudited Consolidated Statement of Operations (Excluding International Operations) For The Period Ended March 9, 2008 Revenue Rentals $132,627,000 Product Sales 44,594,000 --------------- 177,221,000 Cost of Sales Cost of rental revenues 42,682,000 Cost of product sales 33,326,000 --------------- 76,008,000 Gross Profit 101,213,000 Operating Costs and Expenses Store operating expenses 73,161,000 General and administrative 10,431,000 Amortization of intangibles 257,000 --------------- 83,849,000 --------------- Operating Income (Loss) 17,364,000 Interest Expense, net 7,973,000 Intercompany interest expense, net 0 --------------- Income (loss) before reorganization items and income taxes 9,391,000 Reorganization items, net 3,738,000 --------------- Income (loss) before income taxes 5,653,000 Income taxes (3,000) --------------- Net Income (Loss) $5,656,000 =============== Movie Gallery, Inc. Unaudited Consolidated Statement of Cash Flows (Excluding International Operations) For The Period Ended March 9, 2008 Operating Activities Net income (loss) $5,700,000 Adjustments to Reconcile Changes in Net Assets to Net Cash Provided by Operating Activities: Rental Inventory Amortization 31,183,000 Purchases of Rental Inventory (26,041,000) Purchases of Rental Inventory-Base Stock (21,000) Reorganization Items, net (540,000) Depreciation and Intangibles Amortization 3,340,000 Loss on Closed Store Write-Offs 31,000 Amortization of Debt Issuance Cost 558,000 Changes in Operating Assets and Liabilities Merchandise Inventory (8,668,000) Other Current Assets 4,458,000 Deposits and Other Assets 214,000 Accounts Payable 423,000 Accrued Interest 1,785,000 Lease Liability on Closed Stores 2,197,000 Other Accrued Liabilities and Deferred Revenue (2,879,000) --------------- Net Cash Provided by Operating Activities 11,740,000 Investing Activities Purchases of Property, Furnishings and Equipment, net (346,000) --------------- Net Cash Used In Investing Activities (346,000) Financing Activities Change in Intercompany Receivable (308,000) Long-term debt financing fees 0 Principal payments on DIP credit facility 0 --------------- Net Cash Used In Financing Activities (308,000) Increase (Decrease) in Cash and Cash Equivalents 11,086,000 Cash and cash equivalents at beginning of period 55,646,000 --------------- Cash and cash equivalents at end of period $66,732,000 =============== About Movie Gallery Based in Dothan, Alabama, Movie Gallery Inc. -- http://www.moviegallery.com/-- is a home entertainment specialty retailer. The company owns and operates 4,600 retail stores that rent and sell DVDs, videocassettes and video games. The company and its debtor-affiliates filed for Chapter 11 protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849 to 07-33853). Anup Sathy, Esq., Marc J. Carmel, Esq., and Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the Debtors. Michael A. Condyles, Esq., and Peter J. Barrett, Esq., at Kutak Rock LLP, is the Debtors' local counsel. The Debtors' claims & balloting agent is Kurtzman Carson Consultants LLC. When the Debtors' filed for protection from their creditors, they listed total assets of $891,993,000 and total liabilities of $1,419,215,000. The Official Committee of Unsecured Creditors has selected Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B. Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl & Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at Miles & Stockbridge PC, as its local counsel. The Debtors' spokeswoman Meaghan Repko said that the company does not expect to exit bankruptcy protection before the second quarter of 2008. The Court confirmed the Debtors' Second Amended Chapter 11 Plan of Reorganization on April 9, 2008. (Movie Gallery Bankruptcy News Issue No. 26; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) NETBANK INC: Delivers March 2008 Monthly Operating Report --------------------------------------------------------- NetBank Inc. submitted its monthly operating report for the period beginning March 1, 2008, through March 31, 2008. Funds at the beginning of the period were $6,265,363, total receipts for the period were $6,276,536, total disbursements for the period were $213,705 and ending balance was $6,062,831. A full-text copy of the Debtor's March 2008 report is available for free at http://ResearchArchives.com/t/s?2b64 About NetBank 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. The Debtor asked the Court to exclusively file its reorganization plan until May 5, 2008. PACIFIC LUMBER: Scotia Dev't Files March 2008 Operating Report -------------------------------------------------------------- Scotia Development LLC, debtor-affiliate of The Pacific Lumber Company, filed its monthly operating report for the period ended March 31, 2008, disclosing: Scotia Development LLC, et al. Consolidated Balance Sheet As of March 31, 2008 ASSETS Current Assets Cash $2,342,745 Accounts receivable, net 5,857,780 Inventory: lower cost or market 13,763,926 Prepaid expenses 5,275,428 Prepaid Restructuring 200,000 Investments 0 Other 264,316 ------------ Total Current Assets 27,704,194 Property, Plant & Equipment 186,891,739 Less: Accumulated Depreciation (120,683,388) ------------ Net book value of property & plant 66,208,351 Other Assets Notes Receivable 594,738 Deferred Financing Costs 4,390,198 Long-term Investments 3,447,356 Restricted Cash 2,592,844 Restricted Cash -- L.C. Collateralization 10,862,851 Deferred Tax Assets 13,313,381 ------------ TOTAL ASSETS $129,113,914 ============ LIABILITIES & OWNERS EQUITY Postpetition Liabilities Trade accounts payable $1,335,769 Tax Payable Federal payroll taxes 116,955 State payroll taxes 130,206 Ad valorem taxes 267,921 Other taxes 1,311,773 ------------ Total taxes payable 1,826,854 Secured debt postpetition 75,000,000 Accrued interest payable 3,249,516 Accrued professional fees 3,300,494 Other accrued liabilities Trade Accruals 460,886 Compensation and benefits 1,614,912 Other accrued 2,428,631 Due to (from) affiliate/parent 7,586,652 ------------ Total Postpetition Liabilities 96,803,714 Prepetition Liabilities Notes payable - Secured 84,277,251 Priority debt 3,444,754 Federal income tax (17,006) FICA/ Withholding 0 Unsecured debt 3,016,106 Other 27,804,898 Due to Affiliate/Parent 41,661,505 ------------ Total Prepetition Liabilities 160,187,508 ------------ Total Liabilities 256,991,222 Owner's Equity (Deficit) Equity in Affiliates 556,855,433 Common Stock 1,001 Additional Paid-in Capital 275,546,288 Retained Earnings: Filing Date (792,985,229) Retained Earnings: Post Filing Date (167,294,801) ------------ Total Owner's Equity (127,877,308) ------------ TOTAL LIABILITIES & OWNERS EQUITY $129,113,914 ============ Scotia Development LLC, et al. Statement of Income For the Period Ended March 31, 2008 Revenues $130,633,137 Total cost of revenues 148,151,351 ------------ Gross Profit (17,518,213) Operating Expenses Selling & Marketing 1,284,232 General & Administrative 3,767,671 Insiders Compensation 1,589,580 Idle Facilities 1,731,487 Environmental 430,982 ------------ Total Operating Expenses 8,803,953 ------------ Income before interest, depreciation, tax (26,322,166) Interest Expense 22,229,308 Depreciation 11,870,832 Other (Income) Expenses 6,385,940 Amortization of Deferred Financing Costs 5,731,864 Restructuring Professional Fees 15,678,095 Other 1,249,352 Equity Loss (Earnings) in Subsidiary 77,825,939 Total Interest, Depreciation & Other Items 140,971,329 ------------ Net Income Before Taxes (167,293,495) Federal Income Tax 1,306 ------------ Net Income (Loss) ($167,294,801) ============ Scotia Development LLC, et al. Cash Receipts and Disbursements For the Month Ended March 31, 2008 Receipts Cash Sales $1,216,730 Collection of Accounts Receivable 133,162,910 Loans & Advances 24,932,629 Sale of Assets 2,183,879 Other 8,691,358 ------------ Total Receipts 170,187,505 Disbursements Net payroll 14,994,246 Payroll taxes paid 5,895,323 Sales, use & other taxes paid 1,117,054 Secured/rentals/leases 2,686,988 Utilities & telephone 1,206,303 Insurance 11,004,842 Cost of goods sold 81,640,894 Vehicle expenses 1,286,892 Travel & entertainment 401,037 Repairs, maintenance & supplies 9,543,597 Administrative & selling 10,991,222 Interest 9,306,654 Other 2,888,629 ------------ Total Disbursements from operations 152,963,681 Professional fees 12,607,563 U.S. Trustee fees 70,786 Other reorganization expenses 3,467,438 ------------ Total Disbursements 169,109,467 ------------ Net Cash Flow 1,078,038 ------------ Cash, at the beginning of the month 1,264,707 ------------ Cash, at the end of the month $2,342,745 ============ About Pacific Lumber Based in Oakland, California, The Pacific Lumber Company -- http://www.palco.com/-- and its subsidiaries operate in several principal areas of the forest products industry, including the growing and harvesting of redwood and Douglas-fir timber, the milling of logs into lumber and the manufacture of lumber into a variety of finished products. Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned subsidiaries of Pacific Lumber. Scotia Pacific, Pacific Lumber's largest operating subsidiary, was established in 1993, in conjunction with a securitization transaction pursuant to which the vast majority of Pacific Lumber's timberlands were transferred to Scotia Pacific, and Scotia Pacific issued Timber Collateralized Notes secured by substantially all of Scotia Pacific's assets, including the timberlands. Pacific Lumber, Scotia Pacific, and four other subsidiaries filed for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan, Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead counsel. Kyung S. Lee, Esq., Esq., at Diamond McCarthy LLP is Scotia Pacific's co-counsel, replacing Porter & Hedges LLP. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones LLP, represents the Official Committee of Unsecured Creditors. When Pacific Lumber filed for protection from its creditors, it listed estimated assets and debts of more than $100 million. Scotia Pacific listed total assets of $932,000,000 and total debts of $765,978,335. The Debtors filed their Joint Plan of Reorganization on Sept. 30, 2007, which was amended on Dec. 20, 2007. Four other parties-in- interest have filed competing plans for the Debtors -- The Bank of New York Trust Company, N.A., as Indenture Trustee for the Timber Notes; the Official Committee of Unsecured Creditors; Marathon Structured Finance Fund L.P, the Debtors' DIP Lender and Agent under the DIP Credit Facility; and the Heartlands Commission, which represents the tribal members of the Bear River Band of Rohnerville Rancheria and PALCO employees. The Debtors' exclusive plan filing period expired on Feb. 29, 2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 57; http://bankrupt.com/newsstand/or 215/945-7000). PACIFIC LUMBER: Scotia Pacific Files March 2008 Operating Report ---------------------------------------------------------------- Scotia Pacific Company LLC, debtor-affiliate of The Pacific Lumber Company, filed its monthly operating report for the period ended March 31, 2008, disclosing: Scotia Pacific Company LLC Consolidated Balance Sheet As of March 31, 2008 4ASSETS Current Assets Cash $36,012,821 Accounts receivable, net 8,476,643 Inventory: lower cost or market 2,114,014 Prepaid expenses 5,887,563 Prepaid Restructuring 774,671 Investments 0 Other 784,084 ------------ Total Current Assets 54,139,797 Property, Plant & Equipment 602,269,780 Less: Accumulated Depreciation (361,438,191) ------------ Net book value of property & plant 240,831,588 Other Assets Capitalized Expenses 9,672,247 ------------ TOTAL ASSETS $304,553,632 ============ LIABILITIES & OWNERS EQUITY Postpetition Liabilities Trade accounts payable 157,920 Tax payable Federal payroll taxes 14,039 State payroll taxes 28,140 Ad valorem taxes 205,000 Other taxes 222,158 ------------ Total taxes payable 469,338 Secured debt postpetition 0 Accrued interest payable 64,513,169 Accrued professional fees 4,894,597 Other accrued liabilities Unsecured Debt 2,497,543 Payroll 657,388 Other 231,792 ------------ Total Postpetition Liabilities 73,421,747 Prepetition Liabilities Notes payable - Secured 767,406,547 Priority debt 79,064 Federal income tax 0 FICA/ Withholding 0 Unsecured debt 3,357,954 Other 0 ------------ Total Prepetition Liabilities 770,843,566 ------------ Total Liabilities 844,265,313 Owner's Equity (Deficit) Preferred Stock 0 Common Stock 20,384,905 Additional Paid-in Capital 179,838,186 Retained Earnings: Filing Date (662,058,832) Retained Earnings: Post Filing Date (77,875,939) ------------ Total Owner's Equity (539,711,681) ------------ TOTAL LIABILITIES & OWNERS EQUITY $304,553,632 ============ Scotia Pacific Company LLC Statement of Income For the Period Ended March 31, 2008 Revenues $1,975,646 Total cost of revenues 1,214,097 Gross Profit 761,549 Operating Expenses Selling & Marketing 0 General & Administrative 193,216 Insiders Compensation 0 Professional Fees 0 Idle Facilities 0 Environmental 0 ------------ Total Operating Expenses 193,216 ------------ Income before interest, depreciation, tax 568,333 Interest Expense 4,906,812 Depreciation 552,212 Other (Income) Expenses (1,175) Amortization of Deferred Financing Costs 0 Restructuring Professional Fees 2,456,168 Other 36,987 Equity Loss (Earnings) in Subsidiary 0 Total Interest, Depreciation & Other Items 7,917,715 ------------ Net Income Before Taxes (7,349,382) Federal Income Tax 0 ------------ Net Income (Loss) ($7,349,382) ============ Scotia Pacific Company LLC Cash Receipts and Disbursements For the Month Ended March 31, 2008 Receipts Cash Sales $0 Collection of Accounts Receivable 0 Loans & Advances 0 Sale of Assets 0 Interest Income 133,637 Log Sales to Palco less Reimbursable 2,472,708 Other 249,204 ------------ Total Receipts 2,855,549 Disbursements Net payroll 296,702 Payroll taxes paid 79,138 Sales, use & other taxes paid 0 Secured/rentals/leases 27,277 Utilities & telephone 346 Insurance 25,932 Cost of goods sold 743,568 Vehicle expenses 749 Travel & entertainment 0 Repairs, maintenance & supplies 0 Administrative & selling 385,581 Decking, logging & hauling 1,577,846 Other 0 ------------ Total Disbursements from operations 3,137,139 Professional fees 3,737,029 U.S. Trustee fees 0 Interest 185,030 Other reorganization expenses 0 ------------ Total Disbursements 7,059,198 ------------ Net Cash Flow (4,203,649) ------------ Cash, at the beginning of the month 40,216,470 ------------ Cash, at the end of the month $36,012,821 ============ About Pacific Lumber Based in Oakland, California, The Pacific Lumber Company -- http://www.palco.com/-- and its subsidiaries operate in several principal areas of the forest products industry, including the growing and harvesting of redwood and Douglas-fir timber, the milling of logs into lumber and the manufacture of lumber into a variety of finished products. Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned subsidiaries of Pacific Lumber. Scotia Pacific, Pacific Lumber's largest operating subsidiary, was established in 1993, in conjunction with a securitization transaction pursuant to which the vast majority of Pacific Lumber's timberlands were transferred to Scotia Pacific, and Scotia Pacific issued Timber Collateralized Notes secured by substantially all of Scotia Pacific's assets, including the timberlands. Pacific Lumber, Scotia Pacific, and four other subsidiaries filed for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan, Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead counsel. Kyung S. Lee, Esq., Esq., at Diamond McCarthy LLP is Scotia Pacific's co-counsel, replacing Porter & Hedges LLP. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones LLP, represents the Official Committee of Unsecured Creditors. When Pacific Lumber filed for protection from its creditors, it listed estimated assets and debts of more than $100 million. Scotia Pacific listed total assets of $932,000,000 and total debts of $765,978,335. The Debtors filed their Joint Plan of Reorganization on Sept. 30, 2007, which was amended on Dec. 20, 2007. Four other parties-in- interest have filed competing plans for the Debtors -- The Bank of New York Trust Company, N.A., as Indenture Trustee for the Timber Notes; the Official Committee of Unsecured Creditors; Marathon Structured Finance Fund L.P, the Debtors' DIP Lender and Agent under the DIP Credit Facility; and the Heartlands Commission, which represents the tribal members of the Bear River Band of Rohnerville Rancheria and PALCO employees. The Debtors' exclusive plan filing period expired on Feb. 29, 2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 57; 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. 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For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya, Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9474. 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