/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/080712.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, July 12, 2008, Vol. 12, No. 165 Headlines ASARCO LLC: Incurs $40,719,000 Net Loss in May 2008 BLUE WATER: Posts $1,014,269 Net Loss in Month Ended May 25 BLUE WATER: BWASP Files Operating Report for Month Ended May 25 BLUE WATER: BWPM Files Operating Report for Month Ended May 25 CATHOLIC CHURCH: Submits Monthly Operating Report for May 2008 GREEKTOWN CASINO: Files Schedules of Assets and Liabilities GREEKTOWN CASINO: GC LLC Files Schedules of Assets and Debts GREEKTOWN CASINO: Kewadin Files Schedules of Assets and Debts GREEKTOWN CASINO: Monroe Files Schedules of Assets and Debts KIMBALL HILL: 14 Affiliates File Schedules of Assets and Debts KITTY HAWK: Incurs $1,277,044 Net Loss in May 2008 KITTY HAWK: KH Ground Files May 2008 Operating Report KITTY HAWK: Kitty Haw AirCargo Files May 2008 Operating Report KITTY HAWK: Kitty Hawk Cargo Files May 2008 Operating Report KITTY HAWK: Kitty Hawk Ground Files May 2008 Operating Report PROPEX INC: Incurs $21,900,000 Net Loss in June 2008 QUEBECOR WORLD: Posts $6,400,000 Net Loss in Month Ended Feb. 2 QUEBECOR WORLD: Posts $8,500,000 Net Loss in Month Ended March 1 PACIFIC LUMBER: Scotia Dev't Files May 2008 Operating Report PACIFIC LUMBER: Scotia Pacific Files May 2008 Operating Report TARPON INDUSTRIES: Incurs $284,473 Net Loss in May 2008 TARPON INDUSTRIES: Eugene Welding Submits May 2008 Report ********* ASARCO LLC: Incurs $40,719,000 Net Loss in May 2008 --------------------------------------------------- ASARCO LLC, et al. Balance Sheet As of May 31, 2008 ASSETS Current Assets: Cash $1,062,874,000 Restricted Cash 25,584,000 Accounts receivable, net 187,978,000 Inventory 300,199,000 Prepaid expenses 4,751,000 Other current assets 22,212,000 -------------- Total Current Assets 1,603,598,000 Net property, plant and equipment 508,314,000 Other Assets Investments in subs 104,714,000 Advances to affiliates 592,000 Prepaid pension & retirement plan 0 Non-current deferred tax asset 40,951,000 Other 67,915,000 -------------- Total assets $2,326,084,000 ============== LIABILITIES Postpetition liabilities: Accounts payable $83,690,000 Accrued liabilities 638,087,000 Debtor-in-possession financing 0 -------------- Total postpetition liabilities 721,777,000 Prepetition liabilities: Not subject to compromise - credit 3,542,000 Not subject to compromise - other 70,007,000 Advances from affiliates 24,686,000 Subject to compromise 1,722,470,000 -------------- Total prepetition liabilities 1,820,705,000 -------------- Total liabilities $2,542,480,000 ============== OWNERS' EQUITY (DEFICIT) Common stock 508,324,000 Additional paid-in capital 104,578,000 Other comprehensive income (208,883,000) Retained earnings: filing date (1,663,410,000) -------------- Total prepetition owners' equity (1,259,391,000) Retained earnings: post-filing date 1,042,996,000 -------------- Total owners' equity (net worth) (216,395,000) Total liabilities and owners' equity $2,326,084,000 ============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ended May 31, 2008 Sales $156,617,000 Cost of products and services 85,831,000 -------------- Gross profit 70,786,000 Operating expenses: Selling and general & admin expenses 2,670,000 Depreciation & amortization 3,116,000 Provision accretion expense of asset retirement obligation 103,000 -------------- Operating income 64,897,000 Interest expense 2,000 Interest income (3,642,000) Reorganization expenses 8,923,000 Other miscellaneous (income) expenses (7,413,000) -------------- Income (loss) before taxes 67,027,000 Income taxes 26,308,000 -------------- Net income (loss) $40,719,000 ============== ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ended May 31, 2008 Receipts $170,301,000 Disbursements: Inventory material 5,190,000 Operating disbursements 58,467,000 Capital expenditures 6,854,000 -------------- Total disbursements 70,511,,000 Operating cash flow 99,791,000 Reorganization disbursements 4,507,000 -------------- Net cash flow 95,284,000 Net payments to secured Lenders 0 -------------- Net change in cash 95,284,000 Beginning cash balance 993,174,000 -------------- Ending cash balances $1,088,458,000 ============== About ASARCO LLC 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. 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 have until Aug. 1, 2008 to file a plan of reorganization. (ASARCO Bankruptcy News, Issue No. 76; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). BLUE WATER: Posts $1,014,269 Net Loss in Month Ended May 25 ----------------------------------------------------------- Blue Water Automotive Systems, Inc. Unaudited Balance Sheet As of May 25, 2008 ASSETS: Cash $2,771,341 Inventory 10,482,551 Accounts Receivable 46,241,518 Insider Receivables - Land and Buildings - Furniture, Fixtures & Equipment 38,422,666 Accumulated Depreciation (11,559,869) Other: Current Assets 10,442,196 Other: Long Term Assets 61,251 ------------ TOTAL ASSETS $96,861,654 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable $4,152,386 Rent and Lease Payable - Wages and Salaries 941,516 Taxes Payable 1,235,874 Other: - ------------ Total Postpetition Liabilities 6,329,776 Secured Liabilities: Subject to Postpetition Collateral or DIP Order All Other Secured Liabilities 50,505,409 ------------ Total Secured Liabilities 50,505,409 Prepetition Liabilities: Taxes and Other Priority Liabilities 2,174,588 Unsecured Liabilities: 49,357,101 Other: - ------------ Total Prepetition Liabilities 51,531,689 EQUITY: Owners Capital 20,827,488 Retained Earnings - Prepetition (24,221,702) Retained Earnings - Postpetition (8,111,006) Total Equity: (11,505,220) ------------ TOTAL LIABILITIES AND EQUITY $96,861,654 ============ Blue Water Automotive Systems, Inc. Unaudited Operating Statement Month Ended May 25, 2008 Total Revenue/Sales $8,625,654 Cost of Sales 5,939,717 ------------ Gross Profit 2,685,937 Expenses: Officer compensation 32,308 Salary Expenses other Employees 559,231 Employee Benefits & Pensions 119,219 Payroll Taxes 44,542 Other Taxes 87,387 Rent and Lease Expense 135,341 Interest Expense 263,014 Insurance 7,842 Automobile and Truck Expense 46,003 Utilities (gas, electric, phone) 32,817 Depreciation 25,857 Travel and Entertainment 47,183 Repairs and Maintenance 6,695 Advertising - Supplies, Office Expense, etc 97,613 Other Specify: Legal 31,138 Other Specify: Misc (113,441) ------------ Total Expenses 1,422,749 ------------ Net Operating Profit (Loss) 1,263,188 Add: Non-Operating Income Interest Income - Other Income - Less: Non Operating Expenses Professional Fees 2,277,457 Other - ------------ NET INCOME/(LOSS) ($1,014,269) ============ About Blue Water Automotive Blue Water Automotive Systems, Inc. designs and manufactures engineered thermoplastic components and assemblies for the automotive industry. The company's product categories include airflow management, full interior trim/sub-systems, functional plastic components, and value-added assemblies. They are supported by full-service design, program management, manufacturing and tooling capabilities. With more than 1,400 employees, Blue Water operates eight manufacturing and product development facilities and has annual revenues of approximately US$200 million. The company's headquarters and technology center is located in Marysville, Mich. The company has operations in Mexico. In 2005, KPS Special Situations Fund II, L.P., and KPS Special Situations Fund II(A), L.P., acquired Blue Water Automotive through a stock purchase transaction. In 2006, the company acquired the automotive assets and operations of Injectronics, Inc., a manufacturer of thermoplastic injection molded components and assemblies. KPS then set about reorganizing the company. The company implemented a program to improve operating performance and address its liquidity issues. During 2007, the company replaced senior management, closed two facilities, and reduced overhead spending by one third. Blue Water Automotive and four affiliates filed for chapter 11 bankruptcy protection Feb. 12, 2008, before the United States Bankruptcy Court Eastern District of Michigan (Detroit) (Case No. 08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley & Lardner, LLP, serves as the Debtors' bankruptcy counsel. Administar Services Group LLC acts as the Debtors' claims, noticing, and balloting agent. Blue Water's bankruptcy petition lists assets and liabilities each in the range of $100 million to $500 million. The Debtors filed their Liquidation Plan on May 9, 2008. The Plan contemplates a sale of substantially all of the Debtors' assets and equity interests, except for a piece of real property located at Yankee Road, in St. Clair, Michigan, on or before June 30, 2008. The Court will hold a hearing June 16, 2008, to consider confirmation of the Plan. (Blue Water Automotive Bankruptcy News, Issue No. 22, Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) BLUE WATER: BWASP Files Operating Report for Month Ended May 25 --------------------------------------------------------------- Blue Water Automotive Systems Properties L.L.C. Unaudited Balance Sheet As of May 25, 2008 ASSETS: Cash $223,173 Inventory - Accounts Receivable - Insider Receivables - Land and Buildings 27,459,896 Furniture, Fixtures & Equipment - Accumulated Depreciation (3,140,059) Other: Current Assets 464,250 Other: Long Term Assets - ------------ TOTAL ASSETS $25,007,260 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable - Rent and Lease Payable - Wages and Salaries - Taxes Payable - Other: 413,541 ------------ Total Postpetition Liabilities 413,541 Secured Liabilities: Subject to Postpetition Collateral or DIP Order All Other Secured Liabilities 14,776,790 ------------ Total Secured Liabilities 14,776,790 Prepetition Liabilities: Taxes and Other Priority Liabilities - Unsecured Liabilities: - Other: 11,945,925 ------------ Total Prepetition Liabilities 11,945,925 EQUITY: Owners Capital - Retained Earnings - Prepetition (1,678,107) Retained Earnings - Postpetition (450,889) Total Equity: (2,128,996) ------------ TOTAL LIABILITIES AND EQUITY $25,007,260 ============ Blue Water Automotive Systems Properties L.L.C. Unaudited Operating Statement Month Ended May 25, 2008 Total Revenue/Sales $0 Cost of Sales 104,696 ------------ Gross Profit (104,696) Expenses: - Officer compensation - Salary Expenses other Employees - Employee Benefits & Pensions - Payroll Taxes - Other Taxes - Rent and Lease Expense - Interest Expense 109,004 Insurance - Automobile and Truck Expense - Utilities (gas, electric, phone) - Depreciation - Travel and Entertainment - Repairs and Maintenance - Advertising - Supplies, Office Expense, etc. - Other Specify: Legal - Other Specify: Misc - ------------ Total Expenses 109,0004 ------------ Net Operating Profit (Loss) (213,700) Add: Non-Operating Income Interest Income - Other Income 133,719 Less: Non Operating Expenses Professional Fees - Other - ------------ NET INCOME/(LOSS) ($79,981) ============ About Blue Water Automotive Blue Water Automotive Systems, Inc. designs and manufactures engineered thermoplastic components and assemblies for the automotive industry. The company's product categories include airflow management, full interior trim/sub-systems, functional plastic components, and value-added assemblies. They are supported by full-service design, program management, manufacturing and tooling capabilities. With more than 1,400 employees, Blue Water operates eight manufacturing and product development facilities and has annual revenues of approximately US$200 million. The company's headquarters and technology center is located in Marysville, Mich. The company has operations in Mexico. In 2005, KPS Special Situations Fund II, L.P., and KPS Special Situations Fund II(A), L.P., acquired Blue Water Automotive through a stock purchase transaction. In 2006, the company acquired the automotive assets and operations of Injectronics, Inc., a manufacturer of thermoplastic injection molded components and assemblies. KPS then set about reorganizing the company. The company implemented a program to improve operating performance and address its liquidity issues. During 2007, the company replaced senior management, closed two facilities, and reduced overhead spending by one third. Blue Water Automotive and four affiliates filed for chapter 11 bankruptcy protection Feb. 12, 2008, before the United States Bankruptcy Court Eastern District of Michigan (Detroit) (Case No. 08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley & Lardner, LLP, serves as the Debtors' bankruptcy counsel. Administar Services Group LLC acts as the Debtors' claims, noticing, and balloting agent. Blue Water's bankruptcy petition lists assets and liabilities each in the range of $100 million to $500 million. The Debtors filed their Liquidation Plan on May 9, 2008. The Plan contemplates a sale of substantially all of the Debtors' assets and equity interests, except for a piece of real property located at Yankee Road, in St. Clair, Michigan, on or before June 30, 2008. The Court will hold a hearing June 16, 2008, to consider confirmation of the Plan. (Blue Water Automotive Bankruptcy News, Issue No. 22, Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) BLUE WATER: BWPM Files Operating Report for Month Ended May 25 -------------------------------------------------------------- Blue Water Plastics Mexico Ltd. Unaudited Balance Sheet As of May 25, 2008 ASSETS: Cash - Inventory - Accounts Receivable ($25) Insider Receivables - Land and Buildings - Furniture, Fixtures & Equipment - Accumulated Depreciation - Other: Current Assets 1,640,857 Other: Long Term Assets - ------------ TOTAL ASSETS $1,640,832 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable - Rent and Lease Payable - Wages and Salaries - Taxes Payable - Other: - ------------ Total Postpetition Liabilities - Secured Liabilities: Subject to Postpetition Collateral or DIP Order - All Other Secured Liabilities - ------------ Total Secured Liabilities - Prepetition Liabilities: Taxes and Other Priority Liabilities - Unsecured Liabilities: - Other: - ------------ Total Prepetition Liabilities - EQUITY: Owners Capital 2,110,000 Retained Earnings - Prepetition (469,168) Retained Earnings - Postpetition - Total Equity: 1,640,832 ------------ TOTAL LIABILITIES AND EQUITY $1,640,832 ============ Blue Water Plastics Mexico, Ltd., B.W.A.S. Mexico, L.L.C. and B.W.A.S.Holdings, Inc., all posted $0 in revenues, assets and liabilities. About Blue Water Automotive Blue Water Automotive Systems, Inc. designs and manufactures engineered thermoplastic components and assemblies for the automotive industry. The company's product categories include airflow management, full interior trim/sub-systems, functional plastic components, and value-added assemblies. They are supported by full-service design, program management, manufacturing and tooling capabilities. With more than 1,400 employees, Blue Water operates eight manufacturing and product development facilities and has annual revenues of approximately US$200 million. The company's headquarters and technology center is located in Marysville, Mich. The company has operations in Mexico. In 2005, KPS Special Situations Fund II, L.P., and KPS Special Situations Fund II(A), L.P., acquired Blue Water Automotive through a stock purchase transaction. In 2006, the company acquired the automotive assets and operations of Injectronics, Inc., a manufacturer of thermoplastic injection molded components and assemblies. KPS then set about reorganizing the company. The company implemented a program to improve operating performance and address its liquidity issues. During 2007, the company replaced senior management, closed two facilities, and reduced overhead spending by one third. Blue Water Automotive and four affiliates filed for chapter 11 bankruptcy protection Feb. 12, 2008, before the United States Bankruptcy Court Eastern District of Michigan (Detroit) (Case No. 08-43196). Judy O'Neill, Esq., and Frank DiCastri, Esq., at Foley & Lardner, LLP, serves as the Debtors' bankruptcy counsel. Administar Services Group LLC acts as the Debtors' claims, noticing, and balloting agent. Blue Water's bankruptcy petition lists assets and liabilities each in the range of $100 million to $500 million. The Debtors filed their Liquidation Plan on May 9, 2008. The Plan contemplates a sale of substantially all of the Debtors' assets and equity interests, except for a piece of real property located at Yankee Road, in St. Clair, Michigan, on or before June 30, 2008. The Court will hold a hearing June 16, 2008, to consider confirmation of the Plan. (Blue Water Automotive Bankruptcy News, Issue No. 22, Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) CATHOLIC CHURCH: Submits Monthly Operating Report for May 2008 -------------------------------------------------------------- Catholic Bishop of Northern Alaska Statement of Financial Position As of May 31, 2008 CBNA Held for ASSETS Total Others ----- -------- Cash and cash equivalents $254,353 $129,547 Investments: Valuables in safe 168 - Trust account @ market 1,869,474 - 457 Plan assets @ market - 197,828 Endowment Fund @ market - 4,927,020 Endowment Fund-earnings @ market 591,318 - Stocks 508 - Limited partnerships 261,324 - Accounts receivable, net of allowance: Tuition, fees and others 111,779 - For parishes and school 47,092 - Other 3,718 - Notes and other receivables 71,608 - Grants pledged 125,000 - Fixed assets, net at cost: Land and building 8,057,814 - Aircraft 340,726 - Equipment - - Other assets 86,936 - ---------- ---------- Total Assets $11,821,823 $15,254,396 LIABILITIES AND NET ASSETS Liabilities: Accounts payable/accrued liabilities $354,897 $0 Notes payable 216,966 - Benefits payable 102,695 - Deferred revenue 105,925 - Annuities payable 201,169 - Other liabilities 20,000 - Payroll-related liabilities: Payroll taxes 53,782 - General vacation accrual account 16,339 - Accrued leave 266,323 - Insurance: Long term disability 384 - Insurance deposits A/R 126,846 - Insurance reserves expense 36,767 - Indemnity insurance reserves 101 - Medical/Dental payroll deduction 228,939 - Teacher scholarships - - CBNA building loan - - ---------- ---------- Total Liabilities 1,731,139 - ---------- ---------- Total net assets 10,090,684 15,254,396 ---------- ---------- Total Liabilities and Net Assets $11,821,823 $15,254,396 ========== ========== Catholic Bishop of Northern Alaska Statement of Activities For the month ending May 31, 2008 CBNA Held for Total Others Support and revenue: ----- -------- Parish assessments $13,549 - Tuition, net of tuition assistance 160,045 - Curricular income 1,413 - Donations 355,491 $9,284 Investment income 246,789 38,267 Other income 18,778 - ---------- ---------- Total support and revenue 796,068 47,551 Expenses: Operating expenses 79,019 - Supplies 18,391 - Repair & Maintenance 4,230 - Utilities 30,209 - Insurance 9,878 - Staff Expenses: Salaries & Wages 371,313 - Payroll Taxes 25,192 - Employee Benefits 93,015 - Staff Development/Misc. 5,813 - Curricular Expenses 4,171 - Recruiting, advertising and PRs 2,533 - Travel Expenses 19,583 - Student related expenses 2,496 - Contributions - - Professional and technical fees 7,320 - Investment services 9,232 - Subsidies 101,166 - Rental/Lease Expense 39,329 - Assessments 1,252 - Fund Raising Expense 287 - Radio Programming Expense 1,485 - Radio Technical Dept. Expenses 6,302 - Miscellaneous Expense 2,690 - ---------- ---------- Total General 834,916 - Funds released from restricted funds - - Net change in designated funds - - ---------- ---------- Total Expenses 834,916 - ---------- ---------- Increase (decrease) in net assets (38,848) 47,551 ---------- ---------- Re-organizational costs (170,526) - ---------- ---------- Increase (decrease) in net assets (209,375) - after Re-org costs Net assets: Beginning of month 10,300,059 15,206,844 ---------- ---------- End of month $10,090,684 $15,254,396 ========== ========== Catholic Bishop of Northern Alaska Cash Receipts and Disbursements For the month ending May 31, 2008 CBNA Held for Total Others ----- -------- Beginning balance - February 2008 $409,155 $77,681 Total receipts - prior gen. account reports 1,768,766 297,179 Less total disbursements 1,862,763 222,387 ---------- ---------- Beginning balance - April 30, 2008 315,158 152,473 Receipts during current period: Transfers from KNOM-WF checking - - Transfer from CBNA to CSF-donations 21,882 - Funds collected from others - 18,008 Transfers between internal accounts 73,077 - Accounts receivable - pre-filing 1,186 - Accounts receivable - post filing 250,888 - Transfers from investments to CBNA 110,000 - Custodial funds - 64,956 Funds received by CBNA from KNOM 57,982 - Funds received from Catholic Schools 35,107 - Annual Catholic Schools Appeal 1,393 - Interest & dividends 438 - Donations 315,871 - Payment refund/return 10,000 - Weather service income 150 - Restricted funds 45,082 - Other income/fees 2,492 - Co-curricular income 3,008 - Curricular income 488 - Parish assessments 13,549 - Miscellaneous 4,999 - ---------- ---------- Total receipts this period 947,599 82,964 ---------- ---------- Balance 1,262,758 235,438 Less total disbursements: Transfers from KNOM to CBNA 57,982 - Transfers to Catholic Schools 21,882 - Transfers to CBNA from CSF 35,107 - Transfers between internal accounts 73,077 - Custodial funds - 6,978 Co-curricular expense 561 - Curricular expense 3,418 - Funds disbursed for others - 98,913 Bank fees and charges 2,568 - Wages & salaries 391,456 - Employee benefits 87,883 - Mission & program support 102,418 - Equipment & supplies 22,934 - Telephone/Internet 1,706 - Staff development 150 - Utilities 25,181 - Advertising/Recruiting 6,816 - Services & insurance 84,388 - Dues/fees 502 - Volunteer expense 1,346 - Maintenance/repairs 17,269 - Office & other supplies 2,645 - Miscellaneous 10,289 - Scholarships-donations-financial aid - - Travel 16,955 - NSF's 497 - Postage 38,375 - Professional fees 296 - News service 1,479 - Taxes - - U.S. Trustee fees 1,214 - ---------- ---------- Total disbursements this period 1,008,405 105,891 ---------- ---------- Ending balance - May 31, 2008 $254,353 $129,547 ========== ========== 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 -- http://www.cbna.info/-- 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 plans to file its bankruptcy plan and disclosure statement on July 15, 2008. Its exclusive plan filing period expires on Jan. 15, 2009. (Catholic Church Bankruptcy News, Issue No. 128; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). GREEKTOWN CASINO: Files Schedules of Assets and Liabilities ----------------------------------------------------------- Greektown Holdings LLC submitted its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.13 Stock & Interests Investments in Greektown Casino, LLC, and Greektown Holdings II, LLC 130,031,835 B.16 Accounts Receivable Greektown Casino, LLC, proceeds of Merrill Lynch loan 264,572,021 Greektown Casino, LLC, advance related to the SWAPS Agreement 2,092,586 B.23 Licenses & franchises Capitalized financing fees 3,171,808 TOTAL SCHEDULED ASSETS $399,868,250 ========================================================= C. Property Claimed as Exempt None D. Creditors Holding Secured Claims Merrill Lynch Capital Corporation As Agent for Prepetition Secured Parties (All Assets) 264,572,021 Merrill Lynch Capital Corporation As Agent for Prepetition Secured Parties (Interest) 2,108,079 E. Creditors Holding Unsecured Priority Claims None F. Creditors Holding Unsecured Non-priority Claims Bowne 104,025 Deutsche Bank Trust Company 194,943,750 Ernst & Young 360,471 Honigman Miller Schwartz and Cohn, LLP 592,793 KPMG 29,599 Wachovia - SWAP Agreements 9,270,000 Wells Fargo - SWAP Agreements 2,750,057 TOTAL SCHEDULED LIABILITIES $474,730,794 ========================================================= About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC and its affiliates -- http://www.greektowncasino.com/-- operate world- class casino gaming facilities located in Detroit's historic Greektown district featuring over 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. Greektown Casino employs approximately 1,971 employees, and estimates that it attracts over 15,800 patrons each day, many of whom make regular visits to its casino complex and related properties. In 2007, Greektown Casino achieved a 25.6% market share of the metropolitan Detroit gaming market. Greektown Casino has also been rated as the "Best Casino in Michigan" and "Best Casino in Detroit" numerous times in annual readers' polls in Detroit's two largest newspapers. The company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC serves as the Debtors' claims, noticing, and balloting agent. When the Debtor filed for protection from its creditors, it listed consolidated estimated assets and debts of $100 million to $500 million. (Greektown Casino Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). GREEKTOWN CASINO: GC LLC Files Schedules of Assets and Debts ------------------------------------------------------------ Greektown Casino LLC, debtor-affiliate of Greektown Holdings LLC, submitted its schedules of assets and liabilities, disclosing: A. Real Property Monroe Ave. Parking Land $2,075,559 Park Lot 756,550 Land-Corrado Prop (Gap Building) 2,730,000 Land-Firehouse (Casino Property) 3,055,950 Land-Demolition 110,444 Land-Beaubien 486,947 Gratiot Lot 36,411,705 419 E. Fort Joseph (Valet Garage Land) 1,830,250 439 E. Fort Joseph (Valet Garage Land) 2,597,258 455 E. Fort Rice/Hart (Valet Garage Land) 5,281,146 Impt.-Trappers Alley 200,000 New Garage and Hotel at 1200 St. Antoine, Detroit, MI 48226 43,273,861 Parking Garage at 1001 Brush Structure 11,936,947 Parking Garage at 1200 St. Antoine New Garage 45,294,670 Fort Street Garage 10,751,669 Temporary Casino 82,313,062 Construction in Progress 149,549,646 B. Personal Property B.1 Cash on hand Casino cage 14,050,369 B.2 Financial Accounts National City – Dealer Tip Account 57,888 National City – Cage Account 3,053,925 National City – Global Cash Account 374,697 Fifth Third Bank – Money Market Savings 57,542 Zurich CD 509,452 Insurance Deposit for Permanent Casino 2,751,967 First Independence – Casino Surety Bond 500,000 Zurich North America – Workman's Group 48,000 B.3 Security Deposits 0 B.4 Household Goods and Furnishings 0 B.5 Books, pictures and other art objects 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms, sports and other hobby equipment 0 B.9 Interests in insurance policies 0 B.10 Annuities 0 B.11 Interests in education IRA 0 B.12 Interest in pension or profit sharing plans 0 B.13 Stock & Interests Realty Equity Company, Inc. Unknown Trappers GC Partner, LLC Unknown Contract Builders Corporation Unknown B.14 Interests in partnerships or joint ventures 0 B.15 Gov't. & corporate bonds, etc. 0 B.16 Accounts Receivable Credit/Marker 6,337,314 NSF 61,485 Credit Cards 15,279 ATM's 227,854 Tenant Rent 182,725 AR – Others 297,619 Monroe Partners, LLC 298,264 Jim Pappas 2,300,000 B.17 Alimony & property settlements 0 B.18 Liquidated debts owed to debtor 0 B.19 Other equitable interests 0 B.20 Contingent and noncontingent interests 0 B.21 Contingent and unliquidated claims Sales & Use Tax Refund 516,809 B.22 Intellectual property 0 Trademarks: Greektown Casino (3/21/00) Unknown Let the Part Begin at Greektown (9/30/08) Unknown Grapevine Cafe (9/30/05) Unknown The Alley Grill Steakhouse (9/30/05) Unknown The Olive Room (9/30/05) Unknown Greektown Casino & Design (9/30/05) Unknown Domain name: greektowncasino.com Unknown B.23 Licenses & franchises Casino Development Rights 128,808,424 Casino Gaming License Unknown Capitalized financing fees 14,246,224 B.24 Lists containing personally identifiable data 0 B.25 Vehicles & accessories 2001 Ford F250 27,382 2001 Ford F350 30,000 2005 Dodge Caravan 18,927 2005 Ford Escape 23,322 2008 Ford Ranger 15,662 B.26 Boats, motors & accessories 0 B.27 Aircraft & accessories 0 B.28 Office equipment, furnishings, supplies 0 B.29 Machinery, supplies, equipment, supplies Other Transportation 57,377 Furniture & Fixture 2,715,750 Slot Machines 16,929,074 Other Property 1,918,055 Casino Marketplace 1,392,368 AA Consulting 416,053 JD Edwards 215,980 AA Consulting-JDE 772,496 DSI-AS4000 Upgrade 477,675 Kronos Time & Attend 112,557 Network 583,215 Food Service Equipment 1,873,651 Genie Lifts 78,257 One ton Pickup van 79,570 Miscellaneous Engineering Equipment 53,256 Office Equipment, P.C. 272,374 Bar System 200,755 Beng Liquor Dispenser 66,297 Pealick Beer System 100,662 Cabling 1,209,316 Ameritech 90,426 Wardrobe Equipment 87,594 White Conveyor System 81,012 Infogenesis Software 358,438 Inventory Software 55,573 PBX Equipment 452,533 Paging System 205,556 BTV Sound System 338,442 Slot Club Equipment 86,609 Slot Machine Stands 5,717,701 Slot Systems-Bally's 3,135,229 Wiring 52,740 Stand Alone Signage 346,918 Tokens 836,822 Change, Carts, Cabinets 83,080 Roulette Tables 199,480 Blackjack Tables 72,761 Chips 390,343 Pit Stands 79,194 Tables Miscellaneous 264,451 Moslers (2), currency 272,437 Conveyors (2) 89,747 Wrappers 288,499 Carts 56,739 Wrappers (10) 113,155 Jet Sorts (2) 200,956 Miscellaneous 535,120 Surveillance Equipment 3,399,312 Arts & Accessories 277,872 Flooring 756,054 Furniture 3,536,157 Lighting 285,927 Office Systems 191,733 Wall Coverings 66,974 Tables - Miscellaneous 222,653 Tables - Poker Shufflers 63,466 Slots - Machines 5,678,011 Slots - Signage 54,683 Cage & Count Rooms 147,247 Entertainment - Equipment 144,877 Food & Beverage Equipment 199,760 EVS 117,527 MIS - PC 910,842 MIS -Server Replenish 278,334 MIS - E-Promo/E-Coupon 63,089 MIS - Kiosks 1,024,063 MIS - Software Upgrade 996,634 MIS - AS 400 upgrade 963,605 MIS - Wireless Initiative 1,141,808 MIS - Mariposa 97,880 Miscellaneous 2,299,612 Others 4,844,462 B.30 Inventory Food 48,204 Beverage 72,988 Clothing 301,232 Cleaning Supplies 24,271 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment & implements 0 B.34 Farm supplies, chemicals & feed 0 B.35 Other personal property Wraparound Mortgage dated April 30, 2001, executed by Trappers GC Partners, LLC, and assigned to Trappers Alley Ltd. Partnership Unknown TOTAL SCHEDULED ASSETS $646,694,365 ========================================================= C. Property Claimed as Exempt None D. Creditors Holding Secured Claims Hnedak Bobo Group 386,323 Jenkins/Skanska LLC 43,357,096 Merrill Lynch Capital Corporation 264,572,021 U.S. Bank Trustee for EDC Bondholders 49,972,000 E. Creditors Holding Unsecured Nonpriority Claims 0 F. Creditors Holding Unsecured Priority Claims Agilysys NV LLC 71,295 American Mailers 87,983 Bally Gaming 987,873 Bates Associates 2,201,000 The Berline Group 023,757 Bluewater Technologies 158,710 Certifi A Gift Co. 58,550 Cisco Systems, Inc. 504,343 Contract Builders 120,000 Dell Services Sales 87,264 Deloitte & Touche 54,031 Detroit Edison 250,509 DOI (Detroit Office Interiors) 51,702 Ernst & Young 80,000 Fairway Packing 284,856 Global Payments 183,906 Greektown Holdings, LLC 264,572,021 Greektown Holdings, LLC 2,092,586 Hnedak Bobo Group 174,315 Honigman Miller Schwartz & Cohn LLP 592,793 International Game Technology 2,911,845 KPMG 68,800 Lac Vieux Desert Band of Lake 23,000,000 M-Limousines 95,122 Miller Parking Company LLC 77,931 MLS Signs 51,408 NRT Technology Corporation 299,791 Oracle USA, Inc. 75,793 Otis Elevator Company 51,136 Place of Auburn Hills, The 58,184 Precision Food Distribution LLC 86,253 Premier Services Group, LLC 519,489 Purchasing Management International LP 2,285,467 Renaissance Man Food Service LLC 120,327 Sault Sainte Marie Tribe of Chippewa Ind 550,000 Sault Sainte Tribe MIS Department 128,797 Security by Design, Inc. 328,400 Tiffany's Building Services, Inc. 153,393 Unique Linen Service, Inc. 59,142 Wing Construction Inc. 58,752 WMS Gaming Inc. 179,847 Others 1,464,262 TOTAL SCHEDULED LIABILITIES $664,549,068 ========================================================= About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC and its affiliates -- http://www.greektowncasino.com/-- operate world- class casino gaming facilities located in Detroit's historic Greektown district featuring over 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. Greektown Casino employs approximately 1,971 employees, and estimates that it attracts over 15,800 patrons each day, many of whom make regular visits to its casino complex and related properties. In 2007, Greektown Casino achieved a 25.6% market share of the metropolitan Detroit gaming market. Greektown Casino has also been rated as the "Best Casino in Michigan" and "Best Casino in Detroit" numerous times in annual readers' polls in Detroit's two largest newspapers. The company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC serves as the Debtors' claims, noticing, and balloting agent. When the Debtor filed for protection from its creditors, it listed consolidated estimated assets and debts of $100 million to $500 million. (Greektown Casino Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). GREEKTOWN CASINO: Kewadin Files Schedules of Assets and Debts ------------------------------------------------------------- Kewadin Greektown Casino LLC, debtor-affiliate of Greektown Holdings LLC submitted its schedules of assets and liabilities, disclosing: A. Real Property None B. Personal Property B.2 Financial Accounts National City Bank $3,070 B.13 Stock & Interests 50% interest in Greektown Holdings, LLC Unknown 97.1875% interest in Monroe Partners, LLC 3,137,969 B.23 Licenses & franchises Goodwill 203,065,475 B.24 Lists containing personally identifiable information 0 TOTAL SCHEDULED ASSETS $206,206,514 ========================================================= C. Property Claimed as Exempt None D. Creditors Holding Secured Claims None E. Creditors Holding Unsecured Priority Claims None F. Creditors Holding Unsecured Non-priority Claims Art Blackwell 4,090,000 Art Blackwell (Accrued Interest) 606,520 Barden Gaming 380,000 Chris Jackson 1,275,000 Chris Jackson (Accrued Interest) 145,106 David Akins 529,545 David Akins 81,962 George Evans 529,545 George Evans 81,962 Harris and Associates 794,318 Harris and Associates 122,944 Jamaal Harris 132,386 Jamaal Harris (Accrued Interest) 20,491 JC Douglas 529,545 JC Douglas (Accrued Interest) 81,962 Marvin Beatty 935,000 Marvin Beatty (Accrued Interest) 135,491 Monroe Partners, LLC 1,550,312 Monroe Partners, LLC (Subscription Payable) 51,475,363 Robert Smith 1,059,091 Robert Smith (Accrued Interest) 163,925 Sault Sainte Marie Tribe of Chippewa Indians 191,591 Victoria Loomis 529,545 Victoria Loomis (Accrued Interest) 81,962 TOTAL SCHEDULED LIABILITIES $65,523,566 ========================================================= About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC and its affiliates -- http://www.greektowncasino.com/-- operate world- class casino gaming facilities located in Detroit's historic Greektown district featuring over 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. Greektown Casino employs approximately 1,971 employees, and estimates that it attracts over 15,800 patrons each day, many of whom make regular visits to its casino complex and related properties. In 2007, Greektown Casino achieved a 25.6% market share of the metropolitan Detroit gaming market. Greektown Casino has also been rated as the "Best Casino in Michigan" and "Best Casino in Detroit" numerous times in annual readers' polls in Detroit's two largest newspapers. The company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC serves as the Debtors' claims, noticing, and balloting agent. When the Debtor filed for protection from its creditors, it listed consolidated estimated assets and debts of $100 million to $500 million. (Greektown Casino Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). GREEKTOWN CASINO: Monroe Files Schedules of Assets and Debts ------------------------------------------------------------ Monroe Partners LLC, debtor-affiliate of Greektown Holdings LLC submitted its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.2 Financial Accounts National City 19,910 B.13 Stock & Interests 50% interest in Greektown Holdings, LLC Unknown B.16 Accounts Receivable Kewadin Greektown Casino, LLC 51,475,363 Kewadin Greektown Casino, LLC 1,550,312 Marvin Beatty 200,000 Art Blackwell 60,461 TOTAL SCHEDULED ASSETS $53,306,046 ========================================================= C. Property Claimed as Exempt None D. Creditors Holding Secured Claims Ted & Maria Gatzaros 58,473,726 E. Creditors Holding Unsecured Priority Claims Jim Pappas 5,278,558 Greektown Casino, LLC 296,264 Jim Pappas 116,226 TOTAL SCHEDULED LIABILITIES $64,166,774 ========================================================= About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC and its affiliates -- http://www.greektowncasino.com/-- operate world- class casino gaming facilities located in Detroit's historic Greektown district featuring over 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. Greektown Casino employs approximately 1,971 employees, and estimates that it attracts over 15,800 patrons each day, many of whom make regular visits to its casino complex and related properties. In 2007, Greektown Casino achieved a 25.6% market share of the metropolitan Detroit gaming market. Greektown Casino has also been rated as the "Best Casino in Michigan" and "Best Casino in Detroit" numerous times in annual readers' polls in Detroit's two largest newspapers. The company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC serves as the Debtors' claims, noticing, and balloting agent. When the Debtor filed for protection from its creditors, it listed consolidated estimated assets and debts of $100 million to $500 million. (Greektown Casino Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). KIMBALL HILL: 14 Affiliates File Schedules of Assets and Debts -------------------------------------------------------------- Some 14 debtor-affiliates of Kimball Hill, Inc., reported assets ranging between $2,000,000 to $25,000,000: Debtor Assets Debts ------ ------ ----- Kimball Hill Homes Dallas, L.P. $24,726,974 $580,613,039 Kimball Hill Homes Florida, Inc. 22,928,358 598,623,432 Kimball Hill Homes Austin, L.P. 19,902,058 548,207,554 KHH Texas Trading Company, L.P. 17,681,765 530,916,328 18th and Peoria, LLC 16,747,276 546,027,554 Kimball Hill Homes San Antonio, L.P. 14,870,148 545,382,682 Kimball Hill Homes Washington, Inc. 12,683,002 528,922,931 Kimball Hill Homes Texas, Inc. 10,286,129 578,013,585 National Credit and Guaranty Corp. 6,646,525 528,900,668 Kimball Hill Far East Detroit, LLC 2,905,521 531,368,823 Kimball Hill Urban Centers Chicago One L.L.C 2,757,510 531,016,736 The Hamilton Place Partnership 2,628,856 528,900,634 KH Ingham Park South, LLC 1,624,563 533,621,485 Kimball Hill Homes Oregon, Inc. 1,567,706 540,017,973 About Kimball Hill Based in Rolling Meadow, Illinois, Kimball Hill Inc. -- http://www.kimballhillhomes.com/-- is one of the largest privately-owned homebuilders and one of the 30 largest homebuilders in the United States, as measured by home deliveries and revenues. The company designs, builds and markets single- family detached, single-family attached and multi-family homes. The company currently operate within 12 markets, including, among others, Chicago, Dallas, Ft. Worth, Houston, Las Vegas, Sacramento and Tampa, in five regions: Florida, the Midwest, Nevada, the Pacific Coast and Texas. Kimball Hill, Inc. and 29 of its affiliates filed for Chapter 11 protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08- 10095). Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents the Debtors in their restructuring efforts. The Debtors' consolidated financial condition as of Dec. 31, 2007 reflected total assets of $795,473,000 and total debts $631,867,000. The Debtors have until Aug. 21, 2008, to exclusively file a bankruptcy plan. (Kimball Hill Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). KITTY HAWK: Incurs $1,277,044 Net Loss in May 2008 -------------------------------------------------- Kitty Hawk Inc. submitted its monthly operating report for the period ended May 31, 2008. The Debtor's March 31, 2008 balance sheet showed total assets of $40,992,841, total liabilities of $2,343,976, and total equity of $38,648,865. For the month ended May 31, 2008, the Debtor generated zero revenue and incurred a net loss of $1,277,044. A full-text copy of the Debtor's May 2008 operating report is available for free at http://ResearchArchives.com/t/s?2f68 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. As of Aug. 31, 2007, the Kitty Hawk's balance sheet showed total assets of $40 million and total liabilities of $31 million. The Court confirmed the Debtors' second amended chapter 11 plan of liquidation on June 23, 2008. KITTY HAWK: KH Ground Files May 2008 Operating Report ----------------------------------------------------- KH Ground Inc. submitted its monthly operating report for the period ended May 31, 2008. The Debtor's May 31, 2008 balance sheet showed total assets of $0, total liabilities of $575, and total stockholders' deficit of $575. For the month ended May 31, 2008, the Debtor generated zero revenue and zero profit. A full-text copy of the Debtor's May 2008 operating report is available for free at http://ResearchArchives.com/t/s?2f6c 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. As of Aug. 31, 2007, the Kitty Hawk's balance sheet showed total assets of $40 million and total liabilities of $31 million. The Court confirmed the Debtors' second amended chapter 11 plan of liquidation on June 23, 2008. KITTY HAWK: Kitty Haw AirCargo Files May 2008 Operating Report -------------------------------------------------------------- Kitty Hawk AirCargo Inc. submitted its monthly operating report for the period ended May 31, 2008. The Debtor's May 31, 2008 balance sheet showed total assets of $8,427,259, total liabilities of $6,190,698, and total stockholders' equity of $2,236,561. A full-text copy of the Debtor's May 2008 operating report is available for free at http://ResearchArchives.com/t/s?2f6b 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. As of Aug. 31, 2007, the Kitty Hawk's balance sheet showed total assets of $40 million and total liabilities of $31 million. The Court confirmed the Debtors' second amended chapter 11 plan of liquidation on June 23, 2008. KITTY HAWK: Kitty Hawk Cargo Files May 2008 Operating Report ------------------------------------------------------------ Kitty Hawk Cargo Inc. submitted its monthly operating report for the period ended May 31, 2008. The Debtor's May 31, 2008 balance sheet showed total assets of $49,750, total liabilities of $23,207,884, and total stockholders' deficit of $23,158,134. For the month ended May 31, 2008, the Debtor generated $2,792 negative revenue and had a net profit of $340,614. A full-text copy of the Debtor's May 2008 operating report is available for free at http://ResearchArchives.com/t/s?2f6a 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. As of Aug. 31, 2007, the Kitty Hawk's balance sheet showed total assets of $40 million and total liabilities of $31 million. The Court confirmed the Debtors' second amended chapter 11 plan of liquidation on June 23, 2008. KITTY HAWK: Kitty Hawk Ground Files May 2008 Operating Report ------------------------------------------------------------- Kitty Hawk Ground Inc. submitted its monthly operating report for the period ended May 31, 2008. The Debtor's May 31, 2008 balance sheet showed total assets of $1,928,527, total liabilities of $26,175,038, and total stockholders' deficit of $24,246,511. For the month ended May 31, 2008, the Debtor generated $644 negative revenue and had net profit of $72,669. A full-text copy of the Debtor's May 2008 operating report is available for free at http://ResearchArchives.com/t/s?2f69 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. As of Aug. 31, 2007, the Kitty Hawk's balance sheet showed total assets of $40 million and total liabilities of $31 million. The Court confirmed the Debtors' second amended chapter 11 plan of liquidation on June 23, 2008. PROPEX INC: Incurs $21,900,000 Net Loss in June 2008 ---------------------------------------------------- Propex Inc. Unaudited Condensed Consolidated Balance Sheet As of June 1, 2008 ASSETS: Current assets: Cash and cash equivalents $28,100,000 Restricted cash 700,000 Accounts receivable, net 105,400,000 Accounts receivable claims - prepetition (100,000) Inventories, net 134,600,000 Deferred income taxes 8,700,000 Prepaid expensed and other current assets 27,000,000 Assets held for sale 7,400,000 ------------ Total current assets 311,800,000 Other assets: Goodwill - Intangible assets, net 17,400,000 Deferred income taxes - Investment in subsidiaries - Intercompany notes receivable - Other assets 7,000,000 ------------ Property, plant and equipment, net 223,000,000 ------------ Total assets $559,200,000 ============ LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Prepetition Accounts payable 8,300,000 Accrued liabilities 1,300,000 Current portion of debt and accrued interest 382,600,000 Accrued pension obligations - Restructuring and other similar costs 700,000 Other current liabilities 300,000 Postpetition Accounts payable 28,800,000 Accrued liabilities 21,900,000 Current portion of debt and accrued interest 35,300,000 Accrued pension obligations - Restructuring and other similar costs 500,000 Other current liabilities 1,800,000 ------------ Total current liabilities 481,500,000 Non-current liabilities: Prepetition Accrued pension and other postretirement benefit liabilities 24,900,000 Other non-current liabilities - Accrued pension and other postretirement benefit liabilities 24,900,000 Postpetition Intercompany notes payable - Debt, less current portion - Deferred income taxes 11,200,000 Accrued pension and other postretirement benefit liabilities 28,500,000 Other non-current liabilities 1,400,000 ------------ Total non-current liabilities 66,000,000 Total stockholder's equity Common stock - Paid in capital 96,200,000 Other comprehensive income 25,700,000 Retained earnings - prior year (88,300,000) Retained earnings - current year (21,900,000) ------------ Total stockholder's equity 11,700,000 ------------ Total liabilities and stockholder's equity $559,200,000 ============ Propex Inc. Unaudited Condensed Consolidated Statement of Operations For Month Ended June 1, 2008 Net revenue $264,400,000 Cost of sales 233,100,000 ----------- Gross profit 31,300,000 Operating Expenses: Selling, general and administrative 30,400,000 Other (income) expense, net 200,000 Add back depreciation and amortization 12,000,000 EBITDA 12,700,000 Depreciation & Amortization 12,000,000 Interest expense 12,800,000 Restructuring and similar costs 8,800,000 Non-cash pension and other expense 200,000 Other Non Operating expense 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 (21,100,000) Income tax provision 800,000 ----------- Net income ($21,900,000) =========== Propex Inc. Unaudited Statement of Cash Flows For Month Ended June 1, 2008 Cash flows from operating activities: Net income(loss) (4,300,000) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 2,200,000 Non-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 - Pension and post retirement benefit cost 300,000 Deferred income taxes - Changes in operating assets and liabilities Increase in assets - Prepetition (3,600,000) Increase)in assets - Postpetition 9,800,000 Increase in liabilities - Prepetition 700,000 Increase in liabilities - Postpetition (4,100,000) ----------- Net cash provided by operating activities 1,000,000 Cash flows from investing activities Capital expenditures (700,000) Proceeds from sale of property and equipment - Acquisition of business (net of cash acquired) - ----------- Net cash used in investing activities (700,000) Cash flows from financing activities Payments of long-term debt principal - Proceeds from issuance of debt - Debt issuance costs - Dividends - Net Receipts from unconsolidated parent company - Net payments of affiliate debt - ----------- Net cash provide by(used in)financing activities - Effect of changes in foreign exchange rates on cash and cash equivalents 300,000 ----------- Change in cash and cash equivalents 600,000 Cash and cash equivalents - beginning of period 27,500,000 ----------- Cash and cash equivalents - end period $28,100,000 =========== About Propex Inc. 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 expired on Aug. 21, 2008. (Propex Bankruptcy News, Issue No. 13; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) QUEBECOR WORLD: Posts $6,400,000 Net Loss in Month Ended Feb. 2 --------------------------------------------------------------- Quebecor World (USA), Inc., et al. Combined Balance Sheet As of February 2, 2008 ASSETS Current Assets: Cash and Cash equivalents $115,800,000 Trade and receivables 604,600,000 Inventories 168,200,000 Prepaid Expenses 15,300,000 -------------- Total current expenses 903,900,000 Property, plant and equipment 1,221,300,000 Goodwill 338,000,000 Other assets 177,500,000 -------------- TOTAL ASSETS $2,640,700,000 ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities not subject to compromise: Bank indebtedness $22,200,000 Trade payables and accrued liabilities 148,700,000 Payables to related parties 3,100,000 Income and other taxes payable 14,200,000 -------------- Total current liabilities 188,200,000 -------------- Other liabilities not subject to compromise: Long-term debt 473,900,000 Other liabilities 137,900,000 Future income taxes 75,100,000 Liabilities subject compromise 2,768,200,000 Shareholders equity: Capital stock 1,099,500,000 Contributed surplus 310,000,000 Deficit (2,412,700,000) Accumulated other comprehensive loss 600,000 -------------- Total Equity 2,452,500,000 -------------- TOTAL LIABILITIES AND EQUITY $2,640,700,000 ============== Quebecor World (USA), Inc., et al. Combined Statement of Operations For the month ended February 2, 2008 Operating Revenues $109,500,000 Operating expenses: Cost of sales 90,800,000 Selling, general and administrative 10,700,000 Depreciation and amortization 7,100,000 ------------ Total operating expenses 108,600,000 ------------ Operating Income 900,000 Financial expenses 11,000,000 Reorganization items - Income taxes (3,700,000) ------------ Net loss and comprehensive loss ($6,400,000) ============ About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. The company has operations in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the British Virgin Islands. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of $5,554,900,000, total liabilities of $3,964,800,000, preferred shares of $175,900,000, and total shareholders' equity of $1,414,200,000. The Debtors have until Sept. 30, 2008, to file a plan of reorganization in the chapter 11 case. The Debtors' CCAA stay has been extended to July 25, 2008. (Quebecor World Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) QUEBECOR WORLD: Posts $8,500,000 Net Loss in Month Ended March 1 ---------------------------------------------------------------- Quebecor World (USA), Inc., et al. Combined Balance Sheet As of March 1, 2008 ASSETS Current Assets: Cash and Cash equivalents $177,900,000 Trade and receivables 606,600,000 Inventories 165,300,000 Prepaid Expenses 19,900,000 -------------- Total current expenses 969,700,000 Property, plant and equipment 1,209,400,000 Goodwill 338,000,000 Other assets 177,300,000 -------------- TOTAL ASSETS $2,694,400,000 ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities not subject to compromise: Bank indebtedness $27,200,000 Trade payables and accrued liabilities 192,000,000 Payables to related parties 3,200,000 Income and other taxes payable 13,200,000 -------------- Total current liabilities 235,600,000 -------------- Other liabilities not subject to compromise: Long-term debt 475,300,000 Other liabilities 138,200,000 Future income taxes 69,900,000 Liabilities subject compromise 2,786,600,000 Shareholders equity: Capital stock 1,099,500,000 Contributed surplus 310,000,000 Deficit (2,421,300,000) Accumulated other comprehensive loss 600,000 -------------- Total Equity 2,458,800,000 -------------- TOTAL LIABILITIES AND EQUITY $2,694,400,000 ============== Quebecor World (USA), Inc., et al. Combined Statement of Operations For the month ended March 1, 2008 Operating Revenues $246,600,000 Operating expenses: Cost of sales 203,100,000 Selling, general and administrative 19,300,000 Depreciation and amortization 15,500,000 ------------ Total operating expenses 237,900,000 ------------ Operating income 8,700,000 Financial expenses 22,100,000 Reorganization items - Income taxes (4,900,000) ------------ Net loss and comprehensive loss ($8,500,000) ============ About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. The company has operations in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the British Virgin Islands. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of $5,554,900,000, total liabilities of $3,964,800,000, preferred shares of $175,900,000, and total shareholders' equity of $1,414,200,000. The Debtors have until Sept. 30, 2008, to file a plan of reorganization in the chapter 11 case. The Debtors' CCAA stay has been extended to July 25, 2008. (Quebecor World Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) PACIFIC LUMBER: Scotia Dev't Files May 2008 Operating Report ------------------------------------------------------------ Scotia Development LLC, et al. Consolidated Balance Sheet As of May 31, 2008 ASSETS Current Assets Cash $2,250,789 Accounts receivable, net 4,856,363 Inventory: lower cost or market 8,169,595 Prepaid expenses 5,620,244 Prepaid Restructuring 100,000 Investments - Other 264,271 ------------ Total Current Assets 21,261,263 Property, Plant & Equipment 186,007,503 Less: Accumulated Depreciation (121,007,151) ------------ Net book value of property & plant 65,000,351 Other Assets Notes Receivable 577,592 Deferred Financing Costs 3,614,204 Long-term Investments 3,468,856 Restricted Cash 2,592,844 Restricted Cash -- L.C. Collateralization 10,862,851 Deferred Tax Assets 13,313,381 ------------ TOTAL ASSETS $120,691,342 ============ LIABILITIES & OWNERS EQUITY Postpetition Liabilities Trade accounts payable $915,695 Tax payable Federal payroll taxes 43,492 State payroll taxes 4,824 Ad valorem taxes 80,000 Other taxes 1,307,177 ------------ Total taxes payable 1,435,493 Secured debt postpetition 75,000,000 Accrued interest payable 5,317,982 Accrued professional fees 8,023,802 Other accrued liabilities Trade Accruals 3,293,139 Compensation and benefits 1,507,840 Other accrued 1,031,932 Due to (from) affiliate/parent 10,917,709 ------------ Total Postpetition Liabilities 107,443,592 Prepetition Liabilities Notes payable - Secured 84,277,251 Priority debt 3,485,656 Federal income tax (17,006) FICA/ Withholding - Unsecured debt 2,653,253 Other 27,786,382 Due to Affiliate/Parent 41,661,505 ------------ Total Prepetition Liabilities 159,847,041 ------------ Total Liabilities 267,290,633 Owner's Equity (Deficit) Equity in Affiliates 575,873,921 Common Stock 1,001 Additional Paid-in Capital 275,546,288 Retained Earnings: Filing Date 792,985,229 Retained Earnings: Post Filing Date (205,035,271) ------------ Total Owner's Equity (146,599,291) ------------ TOTAL LIABILITIES & OWNERS EQUITY $120,691,342 ============ Scotia Development LLC, et al. Statement of Income For the Period Ended May 31, 2008 Revenues $6,934,549 Total cost of revenues 8,612,959 ------------ Gross Profit (1,678,410) Operating Expenses Selling & Marketing 97,623 General & Administrative 670,484 Insiders Compensation 145,088 Idle Facilities 113,426 Environmental 25,419 ------------ Total Operating Expenses 1,052,041 ------------ Income before interest, depreciation, tax (2,730,450) Interest Expense 1,451,386 Depreciation 712,092 Other (Income) Expenses 55,322 Amortization of Deferred Financing Costs 387,997 Professional Fees 4,135,241 Other (22,550) Equity Loss (Earnings) in Subsidiary 5,131,922 Total Interest, Depreciation & Other Items 11,851,382 ------------ Net Income Before Taxes (14,581,834) Federal Income Tax - ------------ Net Income (Loss) $14,581,834 ============ Scotia Development LLC, et al. Cash Receipts and Disbursements For the Month Ended May 31, 2008 Receipts Cash Sales $11,141 Collection of Accounts Receivable 7,538,513 Loans & Advances - Sale of Assets 221,586 Other 3,040 ------------ Total Receipts 7,774,280 Disbursements Net payroll 932,790 Payroll taxes paid 343,308 Sales, use & other taxes paid 1,282 Secured/rentals/leases 168,778 Utilities & telephone 55,783 Insurance 1,157,580 Cost of goods sold 4,628,975 Vehicle expenses 24,990 Travel & entertainment 6,199 Repairs, maintenance & supplies 563,275 Administrative & selling 205,256 Other - ------------ Total Disbursements from operations 8,088,217 Professional fees 38,282 U.S. Trustee fees 22,275 Other reorganization expenses - ------------ Total Disbursements 8,148,775 ------------ Net Cash Flow (374,494) ------------ Cash, at the beginning of the month 2,625,283 ------------ Cash, at the end of the month $2,250,789 ============ 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. The Bank of New York has filed a rival bankruptcy plan. Marathon Structured Finance Fund L.P., Mendocino Redwood Company, LLC, and the Creditors' Committee have jointly filed a rival plan. Both rival plans were subsequently amended and modified. On July 8, 2008, the Court confirmed Marathon/MRC's modified first amended plan of reorganization. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 63; http://bankrupt.com/newsstand/ or 215/945-7000). PACIFIC LUMBER: Scotia Pacific Files May 2008 Operating Report -------------------------------------------------------------- Scotia Pacific Company LLC Consolidated Balance Sheet As of May 31, 2008 ASSETS Current Assets Cash $5,047,057 Accounts receivable, net 11,176,805 Inventory: lower cost or market 526,367 Prepaid expenses 6,497,243 Prepaid Restructuring 514,671 Investments 26,763,175 Other 702,093 ------------ Total Current Assets 51,227,412 Property, Plant & Equipment 603,097,101 Less: Accumulated Depreciation (362,433,356) ------------ Net book value of property & plant 240,663,745 Other Assets Capitalized Expenses 9,266,272 ------------ TOTAL ASSETS $301,157,429 ============ LIABILITIES & OWNERS EQUITY Postpetition Liabilities Trade accounts payable $17,992 Tax payable Federal payroll taxes 11,383 State payroll taxes 731 Ad valorem taxes 90,877 Other taxes 119,029 ------------ Total taxes payable 222,021 Secured debt postpetition - Accrued interest payable 73,484,686 Accrued professional fees 12,041,803 Other accrued liabilities Unsecured Debt 2,267,001 Payroll 677,270 Other 253,063 ------------ Total Postpetition Liabilities 88,963,836 Prepetition Liabilities Notes payable - Secured 767,436,742 Priority debt 79,064 Federal income tax - FICA/ Withholding - Unsecured debt 3,357,954 Other - ------------ Total Prepetition Liabilities 770,873,760 ------------ Total Liabilities 859,837,597 Owner's Equity (Deficit) Preferred Stock - Common Stock 20,384,905 Additional Paid-in Capital 179,838,186 Retained Earnings: Filing Date (662,058,832) Retained Earnings: Post Filing Date (96,844,426) ------------ Total Owner's Equity (558,680,168) ------------ TOTAL LIABILITIES & OWNERS EQUITY $301,157,429 ============ Scotia Pacific Company LLC Statement of Income For the Period Ended May 31, 2008 Revenues $4,068,760 Total cost of revenues 726,683 ------------ Gross Profit 3,342,077 Operating Expenses Selling & Marketing - General & Administrative 200,333 Insiders Compensation - Professional Fees - Idle Facilities - Environmental - ------------ Total Operating Expenses 200,333 ------------ Income before interest, depreciation, tax 3,141,744 Interest Expense 4,761,874 Depreciation 854,711 Other (Income) Expenses (6,683) Amortization of Deferred Financing Costs - Restructuring Professional Fees 2,315,543 Other 318,222 Total Interest, Depreciation & Other Items 8,273,667 Net Income Before Taxes (5,131,922) ------------ Federal Income Tax - ------------ Net Income (Loss) ($5,131,922) ============ Scotia Pacific Company LLC Cash Receipts and Disbursements For the Month Ended May 31, 2008 Receipts Cash Sales $- Collection of Accounts Receivable - Loans & Advances - Sale of Assets - Interest Income 8,053 Log Sales to Palco less Reimbursable 3,551,873 Other 263,927 ------------ Total Receipts 3,823,853 Disbursements Net payroll 273,466 Payroll taxes paid 80,997 Sales, use & other taxes paid 1,941 Secured/rentals/leases 22,259 Utilities & telephone 441 Insurance 186,266 Cost of goods sold 524,764 Vehicle expenses 2,389 Travel & entertainment - Repairs, maintenance & supplies - Administrative & selling 824,791 Decking, logging & hauling 568,145 Other - ------------ Total Disbursements from operations 2,485,459 Professional fees 2,239,638 U.S. Trustee fees 13,000 Interest 177,114 Other reorganization expenses - ------------ Total Disbursements 4,915,211 ------------ Net Cash Flow (1,091,359) Reclassification to investment (-) ------------ Cash, beginning of the month 6,138,415 ------------ Cash, at the end of the month $5,047,057 ============ 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. The Bank of New York has filed a rival bankruptcy plan. Marathon Structured Finance Fund L.P., Mendocino Redwood Company, LLC, and the Creditors' Committee have jointly filed a rival plan. Both rival plans were subsequently amended and modified. On July 8, 2008, the Court confirmed Marathon/MRC's modified first amended plan of reorganization. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 63; http://bankrupt.com/newsstand/ or 215/945-7000). TARPON INDUSTRIES: Incurs $284,473 Net Loss in May 2008 ------------------------------------------------------- Tarpon Industries Inc.'s May 31, 2008 balance sheet showed total assets of $3,559,684, total liabilities of $18,269,492, and total stockholders' deficit of $14,709,808 The Debtor generated zero revenue and incurred a net loss of $284,473 for the month ended May 31, 2008. A full-text copy of the Debtor's monthly operating report is available for free at http://ResearchArchives.com/t/s?2f6d About Tarpon Industries Based in Marysville, Michigan, Tarpon Industries Inc. -- http://www.tarponind.com/-- manufactures and sells engineered steel storage rack systems and a variety of steel tubing products in the United States and Canada through its subsidiary Eugene Welding Co. The company's products include structural and roll- formed steel selective racks, push-back racks, cantilevered racks, archival storage systems and order picking systems. The company markets its steel tubing products throughout the Unites States to OEM automotive, boating, industrial equipment, construction, agricultural, steel service centers, leisure and recreational vehicle markets. The company and its affiliate filed for Chapter 11 protection on April 29, 2008 (Bankr. E.D. Mich. Case Nos. 08-50367 and 08- 50381). Jeffrey S. Grasl, Esq., and Stephen M. Gross, Esq., at McDonald Hopkins LLC, represent the Debtors in their restructuring efforts. The U.S. Trustee for Region 9 appointed creditors to serve on an Official Committee of Unsecured Creditors. Jean R. Roberston, Esq., at Calfee, Halter & Griswold, LLP, represents the Committee. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of $10 million to $50 million. TARPON INDUSTRIES: Eugene Welding Submits May 2008 Report --------------------------------------------------------- Tarpon Industries Inc.'s debtor-affiliate, Eugene Welding Company, reported total assets of $13,219,109, total liabilities of $13,902,437, and total stockholders' deficit of $683,329 as of May 31, 2008. The Debtor generated $3,057,834 net revenue and earned $164,173 for the month ended May 31, 2008. A full-text copy of the Debtor's monthly operating report is available for free at http://ResearchArchives.com/t/s?2f6e About Tarpon Industries Based in Marysville, Michigan, Tarpon Industries Inc. -- http://www.tarponind.com/-- manufactures and sells engineered steel storage rack systems and a variety of steel tubing products in the United States and Canada through its subsidiary Eugene Welding Co. The company's products include structural and roll- formed steel selective racks, push-back racks, cantilevered racks, archival storage systems and order picking systems. The company markets its steel tubing products throughout the Unites States to OEM automotive, boating, industrial equipment, construction, agricultural, steel service centers, leisure and recreational vehicle markets. The company and its affiliate filed for Chapter 11 protection on April 29, 2008 (Bankr. E.D. Mich. Case Nos. 08-50367 and 08- 50381). Jeffrey S. Grasl, Esq., and Stephen M. Gross, Esq., at McDonald Hopkins LLC, represent the Debtors in their restructuring efforts. The U.S. Trustee for Region 9 appointed creditors to serve on an Official Committee of Unsecured Creditors. Jean R. Roberston, Esq., at Calfee, Halter & Griswold, LLP, represents the Committee. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of $10 million to $50 million. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. 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