TCR_Public/080524.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 24, 2008, Vol. 12, No. 123

                             Headlines

ACCEPTANCE INSURANCE: Posts $62,337 Net Loss in March 2008
ACCEPTANCE INSURANCE: Posts $14,140,363 Net Loss in April 2008
CATHOLIC CHURCH: Fairbanks Files March 2008 Operating Report
DELTA FINANCIAL: Earns $35,675,963 in Month Ended April 30
INTERSTATE BAKERIES: Posts $15MM Net Loss in Month Ended April 5

LEVITT AND SONS: Delivers April 2008 Operating Report
NEUMANN HOMES: Delivers April 2008 Monthly Operating Report
PLASTECH ENGINEERED: Decorating Systems Unit Files Schedules
PLASTECH ENGINEERED: Three Debtor-Affiliates File Schedules
PROPEX INC: Reports $5,700,000 Net Loss in March 2008

REFCO LLC: Chapter 7 Trustee Files March 2008 Operating Report
REUNION INDUSTRIES: Earns March 2008 Net Loss of $238,000
WELLMAN INC: Posts $4,700,000 Net Loss in April 2008

                             *********

ACCEPTANCE INSURANCE: Posts $62,337 Net Loss in March 2008
----------------------------------------------------------
Acceptance Insurance Companies, Inc. submitted its monthly
operating report for March 2008.  The company generated revenues
of $2,539 and incurred a net loss of $62,337 for the month ended
March 31, 2008.

As of March 31, 2008, the Debtor's balance sheet showed total
assets of $36,762,616, total liabilities of $138,163,302, and
total stockholders' deficit of $101,400,686.

A full-text copy of the company's March 2008 monthly operating
report is available for free at:

              http://ResearchArchives.com/t/s?2c71

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.

The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059).  The Debtor's affiliates --
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005.  John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts.  Lawyers at McGrath North Mullin & Kratz PC LLO.
represent the the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.  As of December 2007, the Debtor
listed $36,326,172 in total assets and $138,187,943 in total
debts.


ACCEPTANCE INSURANCE: Posts $14,140,363 Net Loss in April 2008
--------------------------------------------------------------
Acceptance Insurance Companies, Inc. submitted its monthly
operating report for April 2008.  The Debtor generated revenues of
$1,881, and incurred a net loss of $14,140,363  for the month ended
April 30, 2008.

As of April 30, 2008, the Debtor's balance sheet showed total
assets of $22,647,002, total liabilities of $22,647,002, and total
stockholders' deficit of $115,541,050.

A full-text copy of the company's March 2008 monthly operating
report is available for free at:

              http://ResearchArchives.com/t/s?2c71

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.

The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059).  The Debtor's affiliates --
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005.  John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts.  Lawyers at McGrath North Mullin & Kratz PC LLO.
represent the the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.  As of December 2007, the Debtor
listed $36,326,172 in total assets and $138,187,943 in total
debts.


CATHOLIC CHURCH: Fairbanks Files March 2008 Operating Report
------------------------------------------------------------
The Roman Catholic Diocese of Fairbanks in Alaska, aka Catholic
Bishop of Northern Alaska, submitted its March 2008 monthly
operating report.

               Catholic Bishop of Northern Alaska
                 Statement of Financial Position
                      As of March 31, 2008

                                              CBNA      Held for
ASSETS                                       Total       Others
                                             -----      --------
Cash and cash equivalents                 $251,012      $105,439
Investments:
   Valuables in safe                           168             -
   Trust account @ market                1,382,368             -
   457 Plan assets @ market                      -       209,093
   Endowment Fund @ market                       -    14,788,183
   Endowment Fund-earnings @ market        524,564             -
   Stocks                                   91,721             -
   Limited partnerships                    261,324             -
Accounts receivable, net of allowance:
   Tuition, fees and others                323,345             -
   For parishes and school                  38,890             -
   Other                                   128,079             -
Notes and other receivables                 73,075             -
Grants pledged                             125,000             -
Fixed assets, net at cost:
   Land and building                     8,057,814             -
   Aircraft                                340,726             -
   Equipment                                     -             -
Other assets                                80,793             -
                                        ----------    ----------
   Total Assets                        $11,678,887   $15,102,716
                                        ==========    ==========

LIABILITIES AND NET ASSETS

Liabilities:
Accounts payable/accrued liabilities      $145,733             -
Notes payable                              213,233             -
Benefits payable                            88,968             -
Deferred revenue                           287,415             -
Annuities payable                          201,169             -
Other liabilities                           20,000             -
Payroll-related liabilities:
   Payroll taxes                            51,991             -
   General vacation accrual account         16,339             -
   Accrued leave                           258,523             -
Insurance:
   Long term disability                        250             -
   Insurance deposits A/R                  132,542             -
   Insurance reserves expense               36,819             -
   Indemnity insurance reserves                103             -
   Medical/Dental payroll deduction        237,871             -
CBNA building loan                               -             -
                                        ----------    ----------
Total Liabilities                        1,690,961             -

                                        ----------    ----------
Total net assets                         9,987,925    15,102,716
                                        ----------    ----------
Total Liabilities and Net Assets       $11,678,887   $15,102,716
                                        ==========    ==========

               Catholic Bishop of Northern Alaska
                     Statement of Activities
               For the month ending March 31, 2008

                                              CBNA      Held for
                                             Total       Others
                                             -----      --------
Support and revenue:
   Parish assessments                      $13,549             -
   Tuition, net of tuition assistance      138,641             -
   Curricular income                         3,883             -
   Donations                               328,953        $3,843
   Investment income                       (86,770)      (13,669)
   Other income                             29,172             -
                                        ----------    ----------
   Total support and revenue               427,429        (9,826)

Expenses:
   Operating expenses                       78,082             -
   Supplies                                 22,631             -
   Repair & Maintenance                      8,716             -
   Utilities                                36,364             -
   Insurance                                   855             -
   Staff Expenses:
      Salaries & Wages                     361,003             -
      Payroll Taxes                         30,776             -
      Employee Benefits                    100,709             -
      Staff Development/Misc.                1,033             -
   Curricular Expenses                       1,920             -
   Recruiting, advertising and PRs           2,349             -
   Travel Expenses                           8,486             -
   Student related expenses                  6,173             -
   Contributions                               242             -
   Professional and technical fees           5,491             -
   Interest Expense                          6,353             -
   Subsidies                                 9,400             -
   Rental/Lease Expense                     17,624             -
   Assessments                               1,252             -
   Fund Raising Expense                        158             -
   Radio Programming Expense                  (382)            -
   Radio Technical Dept. Expenses              184             -
   Miscellaneous Expense                        72             -
                                        ----------    ----------
   Total General                           699,499             -

   Funds released fr. restricted funds           -             -
   Net change in designated funds                -             -
                                        ----------    ----------
   Total Expenses                          699,499             -
                                        ----------    ----------
Increase (decrease) in net assets         (272,070)       (9,826)
                                        ----------    ----------
Net assets:
   Beginning of month                   10,259,996             -
                                        ----------    ----------
   End of month                         $9,987,925       ($9,826)
                                        ==========    ==========

               Catholic Bishop of Northern Alaska
                 Cash Receipts and Disbursements
               For the month ending March 31, 2008

                                              CBNA      Held for
                                             Total       Others
                                             -----      --------
Beginning balance - Feb. 29, 2008         $409,155        77,681
Total receipts - per all prior general
   account reports                               -             -
Less total disbursements                         -             -
                                        ----------    ----------
Beginning balance - Feb. 29, 2008          409,155        77,681

Receipts during current period:
   Transfers from KNOM-WF checking          80,850             -
   Transfer from CBNA to CSF-donations       8,333             -
   Funds collected from others                   -       114,456
   Transfers between internal accounts         550             -
   Accounts receivable - pre-filing        155,018             -
   Accounts receivable - post filing             -             -
   Custodial funds                               -         7,014
   Funds received by CBNA from KNOM         57,275             -
   Funds received fr. Catholic schools      40,949             -
   Annual Catholic Appeal                    1,425             -
   Interest & dividends                        239             -
   Donations                               312,468             -
   Donations - Internet                         25             -
   Donations - credit cards                  5,471             -
   Donations - direct deposit                2,156             -
   Restricted funds                          8,716             -
   Programs                                    634             -
   Co-curricular income                      2,898             -
   Curricular income                         1,220             -
   Parish assessments                       13,549             -
   Miscellaneous                             5,294             -
                                        ----------    ----------
Total receipts this period***              703,115       121,471
                                        ----------    ----------
Balance                                  1,112,271       199,152

Less total disbursements:
   Transfers to KNOM - WF savings           80,850             -
   Transfers to Catholic Schools             8,333             -
   Transfers to CBNA                        40,500             -
   Prepetition debt paid                    85,970             -
   Custodial funds                          71,636             -
   Co-curricular expense                     1,718             -
   Curricular expense                           42             -
   Funds disbursed for others                    -       100,997
   Bank fees and charges                     2,108             -
   Interest Expense                          5,643             -
   Programming - News service                2,514             -
   Wages & salaries                        355,465             -
   Employee benefits                         2,645             -
   Medical & dental insurance                6,118             -
   Mission & program support                26,754             -
   Equipment & supplies                        615             -
   Telephone/Internet                        5,841             -
   Music license fee                             -             -
   Staff development                           683             -
   Utilities                                18,583             -
   Services & insurance                     84,260             -
   Dues/fees                                   452             -
   Education expenses                           49             -
   Maintenance/repairs                      16,526             -
   Office & other supplies                  21,298             -
   Miscellaneous                             9,048             -
   School supplies                             706             -
   Travel                                    2,712             -
   NSF's                                       330             -
   Postage                                      96             -
   Printing                                  1,753             -
                                        ----------    ----------
Total disbursements this period            853,259       100,997
                                        ----------    ----------
Ending balance - March 31, 2008            259,012        98,155

Plus - Petty cash                                -             -
       Miscellaneous reclass                (7,283)        7,283
       CSF undeposited funds                  (574)            -
       KNOM adjustment                        (142)            -
                                        ----------    ----------
Ending balance - March 31, 2008           $251,012      $105,439
                                        ==========    ==========

*** The Diocese of Fairbanks reports total cash receipts of
    $703,115.  However, actual computation shows that the
    Diocese's total cash receipts is $697,075.

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


DELTA FINANCIAL: Earns $35,675,963 in Month Ended April 30
----------------------------------------------------------

              Delta Financial Corp. and Subsidiaries
               Unaudited Consolidated Balance Sheet
                       As of April 30, 2008

Assets

Cash and cash equivalents                            $8,134,145
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                                  10,686,653
Prepaid and other assets                              5,629,821
Deferred tax asset                                            0
                                                    -----------
Total Assets                                        $24,450,620
                                                    ===========

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              $11,459,131
Long term liabilities                                 5,274,030
Deferred tax liability                                        0
                                                    -----------
Total Liabilities                                    16,733,162

Stockholders' Equity:

Preferred stock - REIT                                        0
Common stock                                            254,792
Additional paid-in capital                          158,301,751
Retained earnings (accumulated deficit)            (149,520,930)
Accumulated other comprehensive income (loss)                 0
Treasury stock, at cost                              (1,318,154)
                                                    -----------
Total stockholders' equity                           $7,717,458
                                                    -----------
Total liabilities and stockholders' equity          $24,450,620
                                                    ===========

              Delta Financial Corp. and Subsidiaries
          Unaudited Consolidated Statements of Operations
              Consolidated Statements of Operations
             For the Four Months Ended April 30, 2008

Interest income                                        $123,348
Interest expense                                     (1,204,869)
                                                    -----------
Net interest income                                  (1,081,521)
Provision for loan loss                                       0
                                                    -----------
Net interest income after provision for loan loss    (1,081,521)

Non-interest income

Net gain on sale of mortgage loans                     (190,828)
Other income                                         42,882,369
                                                    -----------
Total non-interest income                            42,691,540

Non-interest expense

Payroll and related costs                             1,801,659
General and administrative                            4,132,396
(Gain) loss on derivative instruments                         0
                                                    -----------
Total non-interest expense                            5,934,055

Income (loss) before income tax expense (benefit)    35,675,963
Provision for income tax expense (benefit)                    0
                                                    -----------
Net income (loss)                                   $35,675,963
                                                    ===========

              Delta Financial Corp. and Subsidiaries
           Schedule of Cash Receipts and Disbursements
                For the Month Ended April 30, 2008

Cash - beginning of month                            $8,513,626

Receipts:
Deposits                                                 99,308
Bank interest                                            20,244
Loans and advances                                            -
Intercompany                                            (40,346)
Other and voided checks                                  77,662
Transfers (from/to DIP accounts)                              -
                                                    -----------
Total receipts                                          156,868

Disbursements:
Payroll and related costs
   Payroll                                              (59,908)
   Payroll tax                                          (60,615)
   Employee benefits                                       (748)
   Payroll related (temp/consultant fees,
      BOD fees, ADP fees,etc.)                          (60,233)
                                                    -----------
Total payroll and related costs                        (181,506)
General and administrative                             (204,113)
Private investor payments                                     -
Professional fees                                      (139,109)
Taxes                                                      (230)
US Trustee payments                                     (11,375)
Other payments                                              (14)
                                                    -----------
Total disbursements                                    (536,349)
                                                    -----------
Net cash flow                                          (379,481)
                                                    -----------
Cash - end of month                                  $8,134,145
                                                    ===========

Since January 2008, the Debtors have made payments to these
retained professionals:

   Professional           Role                    Fees   Expenses
   ------------           ----                    ----   --------
   AlixPartners, LLP      Claims Agent          $30,130  $27,367
                          to Debtors

   Morrison & Foerster    General Bankruptcy     47,924    9,687
                          Counsel to Debtors

   FTI Consulting         Financial Advisors     81,302        -
                          to Debtors

   Epiq Systems           -                         101        7

   Crowell & Moring       -                         195        -

   CT Corporation         -                           -        -

   Pentalpha Group LLC    -                      36,868    1,132

                      About Delta Financial

Founded in 1982, Delta Financial Corporation (NASDAQ: DFC) --
http://www.deltafinancial.com/-- is a Woodbury, New York-based
specialty consumer finance company that originates, securitizes
and sells non-conforming mortgage loans.

The company filed a chapter 11 petition on December 17, 2007
(Bankr. D. Del. Lead Case No. 07-11880).  On the same day, three
affiliates filed separate chapter 11 petitions -- Delta Funding
Corp., Renaissance Mortgage Acceptance Corp., and Renaissance
R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to
07-11883).

The Debtors selected Morrison & Foerster LLP as their general
bankruptcy counsel and David B. Stratton, Esq. and James C.
Carignan, Esq. at Pepper Hamilton LLP as their counsel.  The
Debtors hired AlixPartners LLP as their claims agent.  The
Official Committee of Unsecured Creditors 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.  It has $19,954,295 in assets
and $12,842,277 in debts as of March 31, 2008.  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; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/
or 215/945-7000).


INTERSTATE BAKERIES: Posts $15MM Net Loss in Month Ended April 5
----------------------------------------------------------------

         Interstate Bakeries Corporation and Subsidiaries
          Unaudited Consolidated Monthly Operating Report
                Four Weeks Ended April 5, 2008

REVENUE

Gross Income                                        $210,181,623
Less Cost of Goods Sold
   Ingredients, Packaging & Outside Purchasing        60,543,078
   Direct & Indirect Labor                            34,441,412
   Overhead & Production Administration               11,254,877
                                                    ------------
      Total Cost of Goods Sold                       106,239,367
                                                    ------------
          Gross Profit                               103,942,256
                                                    ------------
OPERATING EXPENSES

Owner-Draws/Salaries                                           0
Selling & Delivery Employee Salaries                  48,974,685
Advertising and Marketing                              2,268,992
Insurance (Property, Casualty, & Medical)             11,028,590
Payroll Taxes                                          4,144,221
Lease and Rent                                         2,802,104
Telephone and Utilities                                1,672,192
Corporate Expense (Including Salaries)                 6,460,600
Other Expenses                                        30,016,538
                                                   -------------
     Total Operating Expenses                        107,367,922
                                                   -------------
EBITDA                                                (3,425,666)

Restructuring & Reorganization Charges                 3,745,661
Depreciation and Amortization                          5,155,576
Abandonment                                               84,740
Property & Equipment Impairment                                0
Other(Income)/Expense                                      8,930
Gain/Loss Sale of Property                                     0
Interest Expense                                       3,106,124
                                                   -------------
     Operating Income (Loss)                         (15,526,697)
Income Tax Expense (Benefit)                            (128,586)
                                                   -------------
NET Income (Loss)                                   ($15,398,111)
                                                   =============

CURRENT ASSETS
   Accounts Receivable at end of period             $130,219,232
   Increase (Dec.) in Accounts Receivable             (4,918,943)
   Inventory at end of period                         60,749,258
   Increase (Decrease) in Inventory for period         3,192,909
   Cash at end of period                              21,984,319
   Increase (Decrease) in Cash for period               (967,586)
   Restricted Cash                                    22,109,945
   Increase (Dec.) in Restricted Cash for period         141,597

LIABILITIES
   Increase (Decrease) in Liabilities
      Not Subject to Compromise                        9,242,985
   Increase (Decrease) in Liabilities
      Subject to Compromise                               27,697
   Taxes payable:
      Federal Payroll Taxes                            3,660,320
      State/Local Payroll Taxes                        6,585,155
      State Sales Taxes                                  773,345
      Real Estate and Personal Property Tax            6,891,216
      Other                                            4,086,155
                                                    ------------
      Total Taxes Payable                            $21,996,191
                                                    ============

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R).  Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.

The company and eight of its subsidiaries and affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04 45814).  J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6% senior subordinated convertible notes due Aug. 15, 2014) in
total debts.  The Debtors' filed their Chapter 11 Plan and
Disclosure Statement on Nov. 5, 2007.  Their exclusive period to
file a chapter 11 plan expired on November 8.  On Jan. 25, 2008,
the Debtors filed their First Amended Plan and Disclosure
Statement.  On Jan. 30, 2008, the Debtors received Court approval
of the First Amended Disclosure Statement.

IBC confirmed that it has not received any qualifying alternative
proposals for funding its plan of reorganization in accordance
with the Court-approved alternative proposal procedures.  As a
result, no auction was held on Jan. 22, 2008, as would have been
required under those procedures.  The deadline for submission of
alternative proposals was Jan. 15, 2008.

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


LEVITT AND SONS: Delivers April 2008 Operating Report
-----------------------------------------------------

                      Levitt & Sons, LLC
            Monthly Financial Report for Business
              For the Period April 1 - 30, 2008

Cash, beginning of period                            $3,522,167

Receipts:
  Cash sales                                                  0
  Collection on postpetition A/R                              0
  Collection on prepetition A/R                               0
  Other receipts                                        168,567
                                                 --------------
Total receipts                                          168,567

Total cash available for operations                   3,690,734

Disbursements:
  U.S. Trustee quarterly fees                                 0
  Net payroll                                            19,750
  Payroll taxes paid                                     13,252
  Sales and use taxes                                         0
  Other taxes                                                 0
  Rent                                                        0
  Other leases                                                0
  Telephone                                                   0
  Utilities                                                 471
  Travel & entertainment                                  1,635
  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                              374,022
                                                 --------------
Total cash disbursements                                409,130
                                                 --------------
Ending Cash Balance                                  $3,281,604
                                                 ==============

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.  (Levitt and Sons Bankruptcy News;
Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/
or 215/945-7000)


NEUMANN HOMES: Delivers April 2008 Monthly Operating Report
-----------------------------------------------------------

                    Neumann Homes, Inc., et al.
                   Receipts and Disbursements
                    Month Ended April 30, 2008

Beginning Balance in All Accounts:
Neumann Citibank Operating Account &
   old BofA Operating Account                          $75,117
Neumann Bank of America - old accounts                       -
Neumann Citibank - Customer Earnest                         
   Money Account                                            15
Neumann Citibank - Funding/Dip Account
200,000               
Neumann Citibank - Dip Funding                               
   Professional Account                                      -
Restricted - Neumann Homes Flex Spending                 2,515      
Restricted - Neumann Citibank - Glen at                  
   Lakemoor EM Account
1,221                 
Restricted - Neumann Citibank - Clublands              
   Antioch Clubhouse                                   155,945
Restricted - IndyMac Escrow Account -                  
   NeuVillage                                          125,609
Restricted - Chicago Title Escrow Account -            
   Closed Homes                                        229,884
Restricted - Chicago Title Escrow Account -          
   Lender Funded                                     1,377,147
Restricted - Citibank - Worker Comp Escrow               9,774          
Restricted - Land Title Guarantee Escrow               360,318      
                                                    ----------
                                                    $2,537,546
                                                    ----------

Receipts:
Operations- Operating Account                          904,728
Operations - Customer Earnest Money Account-Ckg              -
Operations - Customer Earnest Money Account-MM               -
Funding/Dip Account                                    150,000
Glen at Lakemoor EM account                                  1
Clublands Antioch Clubhouse account                        221
Dip Funding - Professional Account                           -
Flex Spending                                                -
Restricted Escrow held by CTT-Lender Funding                 -
IndyMac Escrow for L/C-Leona's Neu Village                   -
Flex Spending                                                -
Restricted Escrow held by CTT-(closings)                     -
NHI Worker Comp Escrow                                       -
NHI KERP Account                                       108,921   
Other Receipts                                           2,000          
                                                    ----------
                                                    $1,165,871   
                                                    ----------

Disbursements:
Net Payroll:
   Officers                                            (13,620)
   Others                                              (51,918)
                                                    ----------
                                                      ($65,538)

Taxes:
   Federal Income Tax Withholding                      (14,277)
   FICA/Medicare Withholdings EE                        (6,828)
   Employer's FICA/Medicare ER                          (6,828)
   Federal Unemployment Taxes ER                           (25)
   State Income Tax Withholding                         (2,539)
   Garnishments                                              -
   State Unemployment Taxes ER                            (905)
                                                    ----------
                                                      ($31,402)      

Necessary expenses:
   Rent or mortgage payment(s)                         (20,652)
   Utilities & phones                                   (1,849)
   Insurance                                                 -
   Merchandise/services bought for
     manufacture or sale                                     -
   Other:
     Payroll Services                                   (1,872)
     Benefit Related including flex spending            (9,953)
     Vehicle repairs & fuel                                  -
     Real estate taxes                                  (1,300)
     Postage, shipping, copying                        (11,012)
     Earnest Money Refunds/Disbursements               (38,883)
     House Trades                                       (5,449)
     Other - Transfer                                 (110,258)
     Supplies & Storage & Misc.                        (56,482)
     Cleaning service                                     (350)
     Transportation/travel/lodging                           -
     Consulting services                               (22,346)
     U.S. Trustee Fees                                 (11,700)
     Legal - Professional Fees                        (719,014)
     Professional tax service fees                           -
     Filing Fees, Extension Fees                             -
     Payroll tax adjustment from prior quarter               -
                                                    ----------
                                                   ($1,011,119)

Total Disbursements:                               ($1,108,058)
                                                    ----------
Net Receipts (Disbursements) for the                   $57,813
   Current period
                                                    ----------
Ending Balance in All Accounts                      $2,595,359
                                                    ==========

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.

(Neumann Bankruptcy News; Bankruptcy Creditors' Services Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


PLASTECH ENGINEERED: Decorating Systems Unit Files Schedules
------------------------------------------------------------
Plastech Decorating Systems Inc., debtor-affiliate of Plastech
Engineered Products Inc., submitted its schedules of assets and
liabilities, disclosing:


A.     Real Property
          Plant 11-Elwood Land                           $75,000
          Plant 11-Elwood Building                        79,136

B.     Personal Property
B.1    Cash on hand
          Elwood                                           1,000
B.16   Accounts receivable
          Customer Debits                                 (6,401)
          Customer Givebacks                            (113,036)
          Misc. Receivables                              292,473
          Trade Receivables                            4,204,507
B.21   Other contingent and unliquidated claims
          Potential Tax Refund from
          taxing authorities                        Undetermined
B.25   Automobiles and other vehicles
          2000 Grand Voyager                                 445
          1998 Silhoutte                                     410
B.28   Office equipment
          Unitel Telephone System                          3,860
          Oven Tracker XL w/ Probes                        2,024
          OEM RS Logix Software for Paint Line             2,576
          RS Logic Network Software/Service                2,076
          Wonderware Service on Paint Line                 2,667
          Re-Program Paint Line Robots                    12,789
          "Inject On The Fly" Software for 1500T UBE       2,323
          "Inject On The Fly" Software for 1500T UBE       2,323
          "Inject On The Fly" Software for 1500T UBE       2,323
          "Inject On The Fly" Software for 1500T UBE       2,323
          "Inject On The Fly" Software for 1500T UBE       2,323
          "Inject On The Fly" Software for 1500T UBE       2,323
          OEM RS Links Software for U377 Program           5,351
          (7)EA 3Com Wireless Adaptor,
          Adesso Mini PS/2 Touchpad, Netvista Radi         1,974
          (9) RSLINX OEM Software (For P415 Sequencing)    7,243
          LVO TC M55 Computer (2 of 9 for P415 Sequencing)   825
          LVO TC M55 Computer (2 of 9 for P415 Sequencing)   825
          LVO TC M55 Computer (2 of 9 for P415 Sequencing)   825
          LVO TC M55 Computer (2 of 9 for P415 Sequencing)   825
          LVO TC M55 Computer (2 of 9 for P415 Sequencing)   825
          LVO TC M55 Computer (2 of 9 for P415 Sequencing)   825
          LVO TC M55 Computer (2 of 9 for P415 Sequencing)   825
          LVO TC M55 Computer (2 of 9 for P415 Sequencing)   825
          LVO TC M55 Computer (2 of 9 for P415 Sequencing)   825
          LVO TC M52 Computer (DCX 2008 KK Flare Labeling)   743
          LVO TC M52 Computer (DCX 2008 KK Flare Labeling)   743
          LVO TC M52 Computer (DCX 2008 KK Flare Labeling)   743
          LVO TC M52 Computer (DCX 2008 KK Flare Labeling)   743
          LVO TC M52 Computer (DCX 2008 KK Flare Labeling)   743
          LVO TC M52 Computer (DCX 2008 KK Flare Labeling)   743
          LVO TC M52 Computer (DCX 2008 KK Flare Labeling)   743
          LVO TS TC E50 Computer (1 of 11)                   663
          LVO TS TC E50 Computer (1 of 11)                   663
          LVO TS TC E50 Computer (1 of 11)                   663
          LVO TS TC E50 Computer (1 of 11)                   663
          LVO TS TC E50 Computer (1 of 11)                   663
          LVO TS TC E50 Computer (1 of 11)                   663
          LVO TS TC E50 Computer (1 of 11)                   663
          LVO TS TC E50 Computer (1 of 11)                   663
          LVO TS TC E50 Computer (1 of 11)                   663
          LVO TS TC E50 Computer (1 of 11)                   663
          LVO TS TC E50 Computer (1 of 11)                   663
          RJG Equipment for New Presses (UBE 720T #8)        970
          RJG Equipment for New Presses (Niigata 150T #2)    970
          Complete ILVS Unit for P221 Program(10F4)          775
          Complete ILVS Unit for P221 Program(10F4)          775
          Complete ILVS Unit for P221 Program(10F4)          775
          Complete ILVS Unit for P221 Program(10F4)          775
          (9) Ergotron Neoflex LCD Arms (For P415 )          668
          (9) Adesso Mini PS/2 Touchpads (For P415 )         581
          (9) 3Com Wireless Adapters (For P415 Sequencing)   673
          NEC LCD52V 15IN Monitor (4 of 9 for P415)          166
          NEC LCD52V 15IN Monitor (4 of 9 for P415)          166
          NEC LCD52V 15IN Monitor (4 of 9 for P415)          166
          NEC LCD52V 15IN Monitor (4 of 9 for P415)          166
          NEC LCD52V 15IN Monitor (4 of 9 for P415)          166
          NEC LCD52V 15IN Monitor (4 of 9 for P415)          166
          NEC LCD52V 15IN Monitor (4 of 9 for P415)          166
          NEC LCD52V 15IN Monitor (4 of 9 for P415)          166
          NEC LCD52V 15IN Monitor (4 of 9 for P415)          166
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor (1 of 11)        163
          LVO Thinkvision L151 15IN Monitor                  168
          LVO Thinkvision L151 15IN Monitor                  168
          LVO Thinkvision L151 15IN Monitor                  168
          LVO Thinkvision L151 15IN Monitor                  168
          LVO Thinkvision L151 15IN Monitor                  168
          LVO Thinkvision L151 15IN Monitor                  168
          LVO Thinkvision L151 15IN Monitor                  168
          Others                                          11,955
B.29   Machinery and Equipment
          Information System for Paint Line Robots        65,851
          Fanuc Robots for paint Booths                  200,741
          Install Compressed Air Piping                   24,266
          W450 Robot for 1500T UBE Press (1 of 3)         20,612
          W450 Robot for 1500T UBE Press (1 of 3)         22,084
          Conveyor Chain - Paint Line                     98,193
          Conair Material Loading System                  21,805
          Installation of U222/U228 TU-Tone Paint Line    43,734
          Installation of U222/U228 TU-Tone Paint Line    41,395
          Installation of U222/U228 TU-Tone Paint Line    20,697
          (351) Paint rack Storage Containers             20,986
          Material Handling Equipment - (3) Silos         25,239
          Upgrade Paint Line (Phase 1 - 65%)             228,954
          Refurbish JR Program Tape Machines              37,189
          (134) Pouch Racks for U222/U228 Program         43,804
          (4) Mix Room Auxiliary "Piggable" System        43,866
          Custom WIP Racks for P221 Program               24,531
          Upgrade paint Line (Phase 1 - Final 35%)       123,283
          (76) Custom Wip Racks For P221 Program          28,743
          Upgrade Paint Line (Phase 2 - 65%)             235,322
          Replace Main paint Line Track (Portion)         21,442
          Burn-off Oven                                   32,617
          Upgrade paint Line (Phase 2 - Final 35%)       128,859
          Electrical Hookups for the UBE 1000T Molding    22,254
          Installation of Infrared Oven                   62,125
          Infrared Oven Equipment                         57,938
          Roll Foam/Tape Slitter                          36,260
          Turnkey Modifications                           29,809
          Extension of Overhead Cranes Rails              30,645
          Robot for 390T Toshiba Press - Leased           23,862
          Vertical Triggering for Paint Line              61,363
          Upgrade Main Paint Line                        148,684
          P150 '06 FRT Program
            KD5748-42 BLU/BLK 4 Door (270 Totes)          15,540
          P150 '06 RR Program
            KD5748-34 GRY/BLK 4 Door (538 Totes)          27,939
          (432 Totes) KD5648-34 EADD
          2 Door BLK/BLU (XK)                             36,212
            (317 Totes) HD4845-34 EADD
          2 Door BLK/GRY (XK)                             26,572
          (390) XK/XH Rear QTR Flare Returnable           22,066
          (405) Returnables for XK/XH Rear Door Flares    31,325
          Tear Out and Install Electrical Equipment,
            Venting for Main Paint Line                   22,522
          Main Paint Line Conveyor -- Construct/Install   42,636
          Piggabble System for Paint Mix Room (1 of 4)    31,625
          Piggabble System for Paint Mix Room (1 of 4)    31,625
          Piggabble System for Paint Mix Room (1 of 4)    31,625
          Piggabble System for Paint Mix Room (1 of 4)    31,625
          Electrical Capacitors                           21,064
          (178) Wip Racks from Heritage for XK/XH am     103,469
          (6) Doyle Applicator Cleaners,
            Safety Covers & Strainer Baskets              21,413
          Sheet Metal Improvements/Fabrication            46,612
          Booth Modifications - Paint Line               160,838
          Electrical/Mechanical
            Installation of 375T Press from Napoleon      20,272
          Sepro Robot (for 375T CINC Press)               36,768
          Microwave Scan for measuring DOI & Orange Peel  20,412
          Lease Buyout -
            AFL 64784-025-650T UBE PZII720US-153B Press   24,679
          Paint Conveyor Upgrade -
             (8) 16' Inverted Monotail Tracks 4-Wheel    112,462
          Welded SILO & Accessories                       31,023
          Welded SILO & Accessories                       31,023
          PLC Control Modification for Paint Line         48,700
          Paint Line: (2) 4-Bell Paint Spray
            Reciprocators and Cascade Power Sup           32,250
          Cost (1) L-CAR                                  89,279
          New Roof (Peak to Oven)                         66,830
          Costs (1) L-PRIZM                              511,223
          (2) New Truck Doors (Coil and Tray)             22,304
          Costs (1) H-CAR                                 22,555
          Construction of QC Lab                          36,153
          Renovate Ceiling Lights and Sprinklers          25,026
          Renovate Paint Line Flooring                    54,791
          Primary/Secondary Switch Gear                   37,915
          High voltage Connections/
            Installation of Switch Gear                   50,848
          Intech Design/Engineering Services             823,218
          Dual Air Compressor Building                    31,453
          Prepare Facility for 1500T UBE                 154,559
          AMP Circuitry in Molding Area                   37,729
          Pumpford Constructions                       1,290,317
          Pumpford Constructions                          26,365
          Pumpford Constructions                         229,398
          Roof Repair Over the MFG Facility Roof          58,637
          Ground Preparation,
            Soil Removal & Pouring Concrete Pad           63,397
          Safety Storage Building -- Flammable Drums      51,804
          Concrete Drives and Truck Well                  30,301
          Railroad Land Improvements                      24,257
          Install 16'X48'X3' Concrete Silo Pad            30,852
          Others                                       3,079,219
          See http://bankrupt.com/misc/Plastech_SALScheduleB.pdf
B.30   Inventory
          Finished goods, Sub-assembly,
            Inserts, Components, Fasteners, etc.       3,178,404
B.35   Other Personal Property
          Construction in Process                        124,309
          Returnable Containers                        1,787,919
          Secondary Equipment                            608,653

        TOTAL SCHEDULED ASSETS                       $20,268,499
        ========================================================

C.     Properties Scheduled as Exempt                       None

D.     Secured Claim
          Bank of America - February 2007 Revolver
            Credit Agreement                          97,587,809
          Bank of America -
            Standby Letter of Credit 3008997              87,000
          Bank of America - Standby L/C 3023087        1,021,233
          Bank of America - Standby L/C 3055996          445,000
          Bank of America - Standby L/C 68019139         319,319
          Bank of America - Standby L/C 68020422       1,600,000
          Bank of America - Standby L/C 68022027       1,540,000
          Bank of America - Standby L/C 7403857          410,000
          Bank of America - Standby L/C 7404207        1,300,000
          Bank of America - Standby L/C 7410308        6,300,000
          Bank of New York- Second Lien Term Loan    100,331,305
          Goldman Sachs Credit - First Lien Loan     263,496,889

E.     Unsecured Priority Claims
          Indiana Dept. of Revenue                  Undetermined
          Madison County Treasurer                  Undetermined

F.     Unsecured Nonpriority Claims
          IDEM, Office of Enforcement               Undetermined
          USEFA Region 5                            Undetermined

        TOTAL LIABILITIES                           $474,438,557
        ========================================================

Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded plastic
products primarily for the automotive industry.  Plastech's
products include automotive interior trim, underhood components,
bumper and other exterior components, and cockpit modules.  
Plastech's major customers are General Motors, Ford Motor Company,
and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is certified
as a Minority Business Enterprise by the state of Michigan.  
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States.  The company's products are
sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The Debtors
chose Jones Day as their special corporate and litigation counsel.  
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services.  The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.

An Official Committee of Unsecured Creditors has been appointed in
the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000.  (Plastech Bankruptcy News; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PLASTECH ENGINEERED: Three Debtor-Affiliates File Schedules
-----------------------------------------------------------
Three debtor-affiliates of Plastech Engineered Products Inc.
reported these assets and liabilities:

      Debtor-Affiliate             Assets          Liabilities
      ----------------             ------          -----------
      LDM Holding Mexico, Inc.         $0        $474,438,557   
      LDM Holding Canada        5,675,930         474,438,557
      MBS Polymet, Inc.         6,158,050         474,438,557
     
LDM Holding Canada's assets represent stocks in LDM Technologies
Company, a Canadian subsidiary in Leamington, Ontario, while MBS
Polymet's assets comprise of:
     
       Real property                                    $208,399
       Cash on hand                                        1,000
       Accounts Receivable                             1,972,667
       Contingent Claims                            Undetermined
       Automobiles                                        21,999
       Office Equipment                                    2,315
       Machinery                                       2,567,577
       Inventory                                       1,314,398
       Other personal property                            69,692

The three debtor-affiliates' liabilities comprise of secured
loans owed by all of the Debtors:

          Bank of America - February 2007 Revolver
            Credit Agreement                          97,587,809
          Bank of America -
            Standby Letter of Credit 3008997              87,000
          Bank of America - Standby L/C 3023087        1,021,233
          Bank of America - Standby L/C 3055996          445,000
          Bank of America - Standby L/C 68019139         319,319
          Bank of America - Standby L/C 68020422       1,600,000
          Bank of America - Standby L/C 68022027       1,540,000
          Bank of America - Standby L/C 7403857          410,000
          Bank of America - Standby L/C 7404207        1,300,000
          Bank of America - Standby L/C 7410308        6,300,000
          Bank of New York- Second Lien Term Loan    100,331,305
          Goldman Sachs Credit - First Lien Loan     263,496,889

Based in Dearborn, Michigan, Plastech Engineered Products, Inc. --
http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components.  It
designs and manufactures blow-molded and injection-molded plastic
products primarily for the automotive industry.  Plastech's
products include automotive interior trim, underhood components,
bumper and other exterior components, and cockpit modules.  
Plastech's major customers are General Motors, Ford Motor Company,
and Toyota, as well as Johnson Controls, Inc.

Plastech is a privately held company and is the largest family-
owned company in the state of Michigan.  The company is certified
as a Minority Business Enterprise by the state of Michigan.  
Plastech maintains more than 35 manufacturing facilities in the
midwestern and southern United States.  The company's products are
sold through an in-house sales force.

The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417).  Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts.  The Debtors
chose Jones Day as their special corporate and litigation counsel.  
Lazard Freres & Co. LLC serves as the Debtors' investment bankers,
while Conway, MacKenzie & Dunleavy provide financial advisory
services.  The Debtors also employed Donlin, Recano & Company as
their claims and noticing agent.

An Official Committee of Unsecured Creditors has been appointed in
the Debtors' cases.

As of Dec. 31, 2006, the company's books and records
reflected assets totaling $729,000,000 and total liabilities of
$695,000,000.  (Plastech Bankruptcy News; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Reports $5,700,000 Net Loss in March 2008
-----------------------------------------------------

                           Propex Inc.
          Unaudited Condensed Consolidated Balance Sheet
                       As of March 30, 2008

ASSETS

Current assets:
   Cash and cash equivalents                        $25,700,000
   Restricted cash                                      700,000
   Accounts receivable, net                          97,000,000
   Accounts Receivable Claims - prepetition            (200,000)
   Inventories, net                                 144,600,000
   Deferred income taxes                              9,100,000
   Prepaid expenses and other current assets         29,700,000
   Assets held for sale                               7,400,000
                                                    -----------
Total current assets                                314,000,000

Other assets:
   Goodwill                                           9,100,000
   Intangible assets, net                            23,200,000
   Deferred income taxes                                      -
   Investment in Subsidiaries                                 -
   Intercompany Notes Receivable                              -
   Other assets                                      11,900,000
                                                    -----------
Property, plant and equipment, net                  223,700,000
                                                    -----------
Total assets                                       $581,900,000
                                                    ===========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Prepetition
   Accounts payable                                  $8,800,000
   Accrued liabilities                                  200,000
   Current portion of debt and accrued interest     382,600,000
   Accrued pension obligations                                -
   Restructuring and other similar costs                700,000
   Other current liabilities                            400,000      
Postpetition
   Accounts payable                                  33,600,000
   Accrued liabilities                               16,600,000
   Current portion of debt and accrued interest      34,500,000
   Accrued pension obligations                                -
   Restructuring and other similar costs                500,000
   Other current liabilities                                  -
                                                    -----------
Total current liabilities                           477,900,000
                                                    
Non-Current liabilities:
Prepetition
   Accrued pension and other postretirement          24,800,000
     benefit liabilities
   Other non-current liabilities                              -
Postpetition
   Intercompany Notes Payable                                 -
   Debt, less current portion                                 -
   Deferred income taxes                             11,800,000
   Accrued pension and other postretirement          28,500,000
     benefit liabilities
   Other non-current liabilities                      1,400,000
                                                    -----------
Total non-current liabilities                        66,500,000
                                                    
Total stockholder's equity:
   Common stock                                               -
   Paid In Capital                                   96,400,000
   Accumulated Other Comprehensive income            21,300,000
   Retained Earnings - Prior Year                   (73,300,000)
   Retained Earnings - Current Year                  (6,900,000)
                                                    -----------
Total stockholder's equity                           37,500,000
                                                    -----------
Total liabilities and stockholder's equity         $581,900,000
                                                    ===========

                           Propex Inc.
     Unaudited Condensed Consolidated Statement of Operations
                 For Month Ended March 30, 2008

Net revenue                                         $47,300,000
Cost of sales                                        43,100,000
                                                    -----------
   Gross profit                                       4,200,000
   
Operating expenses:
   Selling, general and administrative                5,700,000
   Other expense, net                                  (100,000)      
   Add Back Depreciation and Amortization             2,200,000

EBITDA                                                  800,000

Depreciation & Amortization                           2,200,000
Interest expense                                      3,200,000
Restructuring and Similar Costs                       4,600,000        
Other Non Operating expense                
   Impairment of goodwill                                     -
   Impairment of other intangibles                            -
   Impairment of property, plant and equipment                -
   Pension curtailment, net of settlement loss                -
   Debt Forgiveness                                           -
   Other                                                      -
Equity Loss from Sub Earnings                                 -

Income before income taxes                           (9,200,000)
   Income tax provision                              (3,500,000)
                                                    -----------   
Net income                                          ($5,700,000)
                                                    ===========

                           Propex Inc.
    Unaudited Condensed Consolidated Statement of Cash Flows
                   For Month Ended March 30, 2008

Cash Flows from Operating Activities:
   Net income (loss)                                ($5,700,000)
   Adjustments to reconcile net loss to net
     Depreciation and amortization                    2,200,000
     None Cash Interest on Debt                               -
     Amortization of bank fees                                -
     Net gain on dispositions of property                     -
       and equipment
     Stock-based Compensation                                 -
     Impairment of property, plant and equipment              -
     Impairment of goodwill                                   -
     Impairment of other intangibles                          -
     Pension and Post Retirement Benefit Cost           200,000
     Deferred income taxes                                    -
   Changes in operating assets and liabilities
     Increase in assets - Prepetition                         -
     Increase in assets - Postpetition               (5,700,000)
     Increase in liabilities - Prepetition           (5,800,000)      
     Increase in liabilities - Postpetition           9,800,000
                                                    -----------
Net cash provided by operating activities            (5,000,000)

Cash flows from investing activities
   Capital expenditures                                (200,000)
   Proceeds from sale of property and equipment               -
   Acquisition of business                                    -
                                                    -----------   
   Net cash used in investing activities               (200,000)

Cash flows from financing activities
   Payments if long-term debt principal                       -
   Proceeds from issuance of debt                             -
   Debt issuance costs                                        -
   Dividends from unconsolidated Parent                       -
   Net receipts from unconsolidated Parent              100,000      
   Net payments of affiliate debt                             -
                                                    -----------
   Net cash provided by financing activities            100,000
   Effect of changes in foreign exchange rates         (600,000)
     on cash and cash equivalents                   

   Change in cash and cash equivalents               (5,700,000)
   Cash and cash equivalents - beginning of period   31,400,000
                                                    -----------  
   Cash and cash equivalents - end of period        $25,700,000
                                                    ===========

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It is produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249).
The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim,
Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston,
Texas, to represent them.  As of Sept. 30, 2007, the debtors'
balance sheet showed total assets of $585,700,000 and total debts
of $527,400,000.  The Debtors' exclusive period to file a plan of
reorganization expires on May 17, 2008.

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


REFCO LLC: Chapter 7 Trustee Files March 2008 Operating Report
--------------------------------------------------------------
Albert Togut, the Chapter 7 trustee overseeing the liquidation of
Refco, LLC's estate, filed with the Court a monthly statement of
cash receipts and disbursements for the period March 1 to 31,
2008.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
in its capital account "A" as of March 1 totaled $81,779,000.  
Capital account "A" includes activities related to collection of
excess capital.

During the Reporting Period, Refco LLC received $22,000, and
disbursed $81,801,000.  The Debtor held $0 at the end of the
period.

The Chapter 7 Trustee filed the Monthly Statement in lieu of
comprehensive financial statements.

A full-text copy of Refco LLC's March 2008 Monthly Statement is
available at no charge at:

          http://bankrupt.com/misc/RefcoLLCMORMarch08.pdf

Headquartered in New York, Refco Inc. -- http://www.refco.com/--
is a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the most
active members of futures exchanges in Chicago, New York, London
and Singapore.  In addition to its futures brokerage activities,
Refco is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products.  Refco is one of the largest
global clearing firms for derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.  (Refco Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


REUNION INDUSTRIES: Earns March 2008 Net Loss of $238,000
---------------------------------------------------------
Reunion Industries Inc. submitted its monthly operating report for
March 2008.

The Debtor's beginning cash balance was $464,628 and ending cash
balance was $392,901.

For the month ended March 31, 2008, the Debtor generated net sales
of $4,537,000 and had a net income of $238,000.

As of March 31, 2008, the Debtor's balance sheet showed total
assets of $46,925,000, total liabilities of $70,238,000, and total
stockholders' deficit of $23,313,000.

A full-text copy of the Debtor's March 2008 monthly report is
available for free at http://ResearchArchives.com/t/s?2c74

                     About Reunion Industries

Headquartered in Pittsburgh, Pennsylvania, Reunion Industries
Inc. owns and operates industrial manufacturing operations that
design and manufacture engineered, high quality products for
specific customer requirements.  These products include large
diameter seamless pressure vessels, manufactured by its CP
Industries division, and hydraulic and pneumatic cylinders,
manufactured by its Hanna Cylinders division.  In addition,
the Debtor has a 65% interest in Shanghai Klemp Metal Products
Co., Ltd., a Chinese company located in Shanghai, China.
Shanghai Klemp manufactures metal bar grating.

Reunion Industries filed for Chapter 11 protection on Nov. 26,
2007 (Bankr. D. Conn. Case No.: 07-50727).  Two Reunion Industries
stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier
Poole Family, L.P., filed separate Chapter 11 petitions on the
same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726).  Carol
A. Felicetta, Esq. at Reid and Riege, P.C. represents the Debtors
in their restructuring efforts.


WELLMAN INC: Posts $4,700,000 Net Loss in April 2008
----------------------------------------------------

                           Wellman, Inc.
                    Consolidated Balance Sheet
                            (Unaudited)
                       As of April 30, 2008

                              ASSETS

Current assets:
Cash & cash equivalents                                $300,000
Accounts receivable                                 149,900,000
Inventories                                          93,200,000
Prepaid expenses & other current assets              30,800,000
Current assets held for sale                                  -
                                                   ------------
Total current assets                                274,200,000

Property, plant, & equipment:
Land, buildings & improvements                       90,400,000
Machinery & equipment                               340,100,000
CIP                                                   4,400,000
                                                   ------------
                                                    434,900,000
Less accumulated depreciation                       196,000,000
                                                   ------------
Net property, plant & equipment                     238,900,000

Other assets                                         10,900,000
Noncurrent assets held for sale                               -
                                                   ------------
Total assets                                       $524,000,000
                                                   ============

               LIABILITIES & STOCKHOLDERS' DEFICIT

Liabilities not subject to compromise
Current liabilities:
Accounts payable - trade                             $4,400,000
Accrued liabilities                                  20,700,000
Debtor in possession credit agreement               142,200,000
Other debt                                                    -
Current liabilities associated with assets
   held for sale                                              -
                                                   ------------
Total current liabilities                           167,300,000

Liabilities subject to compromise                   531,200,000

Long-term debt                                                -
Deferred income taxes & other noncurrent
   liabilities                                       37,100,000
Noncurrent liabilities assoc. w/ assets
   held for sale                                              -
                                                   ------------
Total liabilities                                   735,600,000

Stockholders' Deficit:
Common stock                                                  -
Preferred stock                                     185,700,000
Paid-in capital                                     248,700,000
Common stock warrants                                 4,900,000
Accumulated other comprehensive loss                          -
Accumulated deficit                                (601,400,000)
Less common stock in treasury                       (49,500,000)
                                                   ------------
Total stockholders' deficit                        (211,600,000)
                                                   ------------
Total liabilities & stockholders' deficit          $524,000,000
                                                   ============

                           Wellman, Inc.
          Condensed Consolidated Statement of Operations
                            (Unaudited)
               For the Month Ended April 30, 2008

Net sales                                           $85,100,000
Cost of sales                                        83,200,000
                                                   ------------
Gross profit                                          1,900,000

Selling, general & administrative expenses            2,800,000
Other (income) loss                                    (200,000)
                                                   ------------
Operating (income) loss                                (700,000)

Interest expense, net                                   900,000
                                                   ------------
Earnings (loss) from continuing operations           (1,600,000)
   before restructuring items & income taxes

Reorganization items, net                             3,100,000
                                                   ------------
Earnings (loss) from continuing operations          (4,700,000)
   before income taxes

Income tax expense                                            0
                                                   ------------
Earnings (loss) from continuing operations           (4,700,000)
Earnings from discontinued operations,
   net of tax                                                 0
                                                   ------------
Net Earnings (loss)                                 ($4,700,000)
                                                   ============

                           Wellman, Inc.
               Consolidated Statement of Cash Flows
                            (Unaudited)
                For the Month Ended April 30, 2008

Cash flow from operating activities:
Net earnings (loss)                                 ($4,700,000)

Adjustments to reconcile net earnings (loss) to
   net cash used in operating activities:
Loss from discontinued operations, net of tax                 0
Depreciation                                          1,200,000
Amortization                                          1,400,000
Amortization in interest expense                        300,000
Deferred taxes on income                                      0
Reorganization items                                  3,100,000
Payment of reorganization items                      (3,100,000)
Gain on sale of assets                                 (200,000)

Changes in assets and liabilities:
Accounts receivable                                 (14,600,000)
Inventories                                          (8,000,000)
Prepaid expenses and other current assets             7,000,000
Other assets                                           (200,000)
Accounts payable and accrued liabilities               (800,000)
Other liabilities                                      (700,000)
Other                                                   200,000
                                                   ------------
Net cash used by operating activities              ($19,100,000)

Cash flows from investing activities:
Additions to property, plant and equipment (net)       (400,000)
Proceeds from sale of assets                            300,000
                                                   ------------
Net cash used by investing activities                  (100,000)

Cash flows from financing activities:
Borrowings (Repayments) of long-term debt            18,200,000
Dividends paid on common stock                                0
Debt and equity issuance costs                                0
                                                   ------------
Net cash provided (used) by financing activities     18,200,000  

Discontinued Operations:
Operating activities                                          0
Investing activities                                          0
Financing activities                                          0
                                                   ------------
Net cash provided (used) by discontinued
   operations                                                 0
                                                   ------------
Increase (decrease) in cash and cash
   equivalents                                      ($1,000,000)

Cash and cash equivalents, beginning                  1,300,000
                                                   ------------
Cash and cash equivalents, end                         $300,000
                                                   ============

According to Wellman, the $2,100,000  decrease in gross profit --
$4,000,000 in March to $1,900,000 in April -- was attributable to
decreases in the chemical-based segment ($1,900,000) as well as
the recycled-based segment ($200,000).  The decrease in gross
profit for the chemical-based segment was mainly attributable to
decreased raw material margins, which is the difference between
selling prices and raw material costs, as selling price increases
were lower than raw material cost increases.  Sales volume was
flat in PET resin and down approximately 3 million pounds in
polyester staple fiber in April.  Gross profit for the recycled-
based segment decreased, due primarily to lower raw material
margins as declines in selling prices were greater than decreases
in raw material costs.

Other income of $200,000 consisted of a gain on the sale of
non-operational assets in Johnsonville, South Carolina.  As a
result of the above items, we reported an operating loss of
$700,000 in April, compared to operating income of $1,300,000 in
March.  Interest expense remained flat at $900,000 in April.  
Interest expense was calculated only on the amount borrowed under
the company's DIP Credit Agreement.  Reorganization costs, which
consisted primarily of legal fees related to the Chapter 11
filing, were $3,100,000 in April, compared to $2,800,000 in
March.  As a result, the company's net loss was $4,700,000 for
April 2008.

The balance sheet at April 30, 2008, reflected $142,200,000 in
borrowings under the DIP Facility and $300,000 in cash and cash
equivalents.  The total borrowed, net of cash on hand, was
$19,300,000 higher than March.  Accounts receivable and
inventories increased by $14,600,000 and $8,000,000, respectively,
due to increased selling prices, higher raw material costs and
increased raw material inventory pounds in the chemical-based
segment.  Prepaid expenses and other current assets and accounts
payable decreased by $8,600,000 and $3,400,000, respectively.

The company borrowed an additional $18,200,000 in April to fund
operations and pay reorganization costs of $3,100,000.  The
additional funding for operations was primarily attributable to
increases in working capital.

                         About Wellman Inc.

Headquartered in Fort Mill, South Carolina, Wellman Inc. ([OTC]:
WMANQ.OB) -- http://www.wellmaninc.com/-- manufactures and    
markets packaging and engineering resins used in food and beverage
packaging, apparel, home furnishings and automobiles.  They
manufacture resins and polyester staple fiber a three major
production facilities.

The company and its debtor-affiliates filed for Chapter 11
protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595).   
Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York
City, represents the Debtors.

Wellman Inc., in its bankruptcy petition, listed total assets
of $124,277,177 and total liabilities of $600,084,885, as of
Dec. 31, 2007, on a stand-alone basis.  Debtor-affiliate ALG,
Inc., listed assets between $500 million and $1 billion on a
stand-alone basis at the time of the bankruptcy filing.  
Debtor-affiliates Fiber Industries Inc., Prince Inc., and
Wellman of Mississippi Inc., listed assets between $100 million
and $500 million at the time of their bankruptcy filings.

(Wellman Bankruptcy News; 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.,
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Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G.
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Copyright 2008.  All rights reserved.  ISSN: 1520-9474.

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                    *** End of Transmission ***