TCR_Public/080719.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 19, 2008, Vol. 12, No. 171

                             Headlines

ACCEPTANCE INSURANCE: Posts $25,708 Net Loss in June 2008
AEGIS MORTGAGE: Incurs $73,243,732 Net Loss in May 2008
AMERICAN HOME: Earns $7,704,555 in Month Ended April 30, 2008
AMERICAN HOME: AHMAI Submits April 2008 Operating Report
AMAERICAN HOME: AHMSI Submits April 2008 Operating Report

AMPEX CORP: Earns $891,000 in Month Ended May 24, 2008
BHM TECHNOLOGIES: Posts $4,020,000 Net Loss Month Ended May 24
BHM TECHNOLOGIES: Files Schedules of Assets and Liabilities
BHM TECHNOLOGIES: BHM Technologies LLC Files Schedules
BHM TECHNOLOGIES: Brown Corp. Files Schedules of Assets and Debts

BHM TECHNOLOGIES: Heckethorn Files Schedules of Assets and Debts
FORTUNOFF: Reports $428,101 Profit in Month Ended May 31, 2008
FREMONT GENERAL: Incurs $1,082,865 Net Loss in June 19-30, 2008
SEA CONTAINERS: Posts $19,919,524 Loss After Tax in May 2008
SEA CONTAINERS: SeaCon Services Files May 2008 Operating Report

                             *********

ACCEPTANCE INSURANCE: Posts $25,708 Net Loss in June 2008
---------------------------------------------------------
Acceptance Insurance Companies Inc. reported total assets of
$22,560,120, total liabilities of $138,175,608, and stockholders'
deficit of $115,615,488 as of June 30, 2008.

For the month ended June 30, 2008, the Debtor generated total
revenue of $1,693 and incurred a net loss of $25,708.

A full-text copy of the Debtor's June 2008 monthly report is
available for free at http://ResearchArchives.com/t/s?2fa2

                     About Acceptance Insurance

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.


AEGIS MORTGAGE: Incurs $73,243,732 Net Loss in May 2008
-------------------------------------------------------

                Aegis Mortgage Corporation, et al.
                    Consolidated Balance Sheet
                        As of May 31, 2008


Unrestricted Cash & Equivalents                     $32,985,719
Restricted Cash and Equivalents                      20,570,908   
                                                 --------------
  Total Cash and Cash Equivalents                    53,556,627    
                                                               
Prime loans                                              (5,659)
Nonconforming Loans                                           -
Loan Premium (Discount), net                          2,204,485
Repurchased Loans                                             -
Loan Loss Reserve                                             -
                                                 --------------
  Mortgage Loans Held for Sale                        2,198,826    

ABS Nonconforming                                 3,073,807,986
ABS Loan Premium (Discount), net                    (18,061,646)
ABS Loan Loss Reserve                              (200,401,673)
                                                 --------------
  Mortgage Loans Held for Investment              2,855,344,668
                                                               
Accrued Interest - Loans Held for Sale                        -
Accrued Int. - Loans Held for Investment             20,269,859     
                                                 --------------
Accrued Interest Receivable                          20,269,859
                                                               
Mortgage Servicing Rights                                     -
Property and Equipment, net                             238,309
Deferred Income Taxes                                77,392,375
Goodwill                                                      -
Prepaid Rent and Deposits                               857,979
Derivative Assets                                   (11,786,575)
Receivable for Advances                              21,058,636
Servicer Related                                        298,752
Other Assets                                        639,049,776
Intercompany Receivable                                       0
                                                 --------------
TOTAL ASSETS                                     $3,658,479,232
                                                 ==============

                Liabilities & Shareholder's Equity

N/P Warehouse - Prime                               540,186,233
N/P Warehouse - Nonconforming                        25,222,476
N/P Warehouse - Other                                11,886,801
N/P Warehouse - Repurchased                          11,933,754
                                                 --------------
Warehouse and Repurchase Facilities                 589,229,263

Bonds Payable                                     3,017,397,111
NAS IO Bonds Payable                                  1,059,397
NIM Bonds Payable                                    52,989,614
Bond Premium (Discount), net                        (21,269,328)   
                                                 --------------
  Bond Financing on Mortgage                      3,050,176,795
  Loans Held for Investment                          
                                                               
  Subordinated Debt                                 177,156,872
  Accrued Interest Payable                            6,170,031
  Accounts Payable and
   Accrued Expenses                                  73,460,456
  Notes Payable-Other                                         -
                                                 --------------
Total Liabilities                                 3,896,193,417
                                                               
Common Stock                                             97,386
Preferred Stock                                         104,000
Other Comprehensive Income                                    -
Paid in Capital                                      56,850,415
NR Related to Common Stock                           (5,890,925)
Distributions                                             6,500      
Treasury Stock                                                -
Dividends                                               (45,500)
Retained Earnings                                  (215,592,329)
Current Net Income Prepetition                                -
Current Net Income                                  (73,243,732)
                                                 --------------
Total Equity                                       (237,714,185)
                                                 --------------
TOTAL LIABILITIES & EQUITY                       $3,658,479,232  
                                                 ==============

                 Aegis Mortgage Corporation, et al.
                   Consolidated Income Statement
                        May 1 to 31, 2008

Loans Held for Sale
  Interest Income                                      $263,603
  Interest Expense                                       (1,172)
  Servicing Expense                                      (9,589)     
                                                 --------------
  Net Interest Income                                   252,842

Loans Held for Investment
  Interest Income                                   112,560,339
  Interest Expense                                  (58,169,590)
  Servicing Expense                                  (6,963,997)
                                                 --------------
  Net Interest Income                                47,426,752
                                                               
Gains on Sale                                        (5,252,648)
Premiums Paid                                            33,087
Loan Points                                              35,216
Loan Origination Fees                                    21,610
Broker Fees Received                                          -
                                                 --------------
  Production Income                                  (5,162,735)
                                                               
Servicing and Prepayment Income                         399,297
Late Charges                                                  -
                                                 --------------
  Total Servicing Fees                                  399,297
                                                               
Other Income (Loss)                                  (6,026,563)
                                                 --------------
Total Revenue                                        36,889,593

Salaries                                              1,322,463
Bonuses                                                       -
Commissions                                                   -
Employee Benefits                                        59,831
Payroll Taxes                                           115,777
Meetings & Travel                                           161
Meals & Entertainment                                     2,501
                                                 --------------
  Total Personnel Expenses                            1,500,733
                                                               
Rent                                                     59,393
Telephone                                                85,148
Office Supplies                                          (2,649)
Shipping & Postage                                       18,490
Equipment                                             1,882,345
                                                 --------------
  Total Office Expenses                               2,042,728     
                                                               

Professional Expense                                  4,237,475
Marketing                                                (7,500)
Loan Related Expenses                                   449,051
Banking                                                   3,737
Other Taxes/Licenses/Fees                                88,240
Other Expenses                                          511,478
                                                 --------------
  Total Other Expenses                                5,282,480  
                                                               
  Direct Operating Expense                            8,825,941
  Direct Operating Income                            28,063,652
                                                               
Loan Loss Provision                                 100,958,321
Deferred SFAS 91 Expenses                                49,700
Sub Debt Expense                                              -      
Depreciation Expense                                    199,050
Amortization                                                  -
Direct Allocation to Subs                                     -
Allocation Between Subs                                       -
                                                 --------------
  Indirect Operating Expense                        101,207,071     
                                                 --------------

Total Expenses                                      110,033,012
                                                     
Income (Loss) Before Taxes                          (73,143,419)
                                                               
Federal and State Income Taxes                          100,313
                                                 --------------
Net Income (Loss)                                   (73,243,732)
                                                 ==============

                Aegis Mortgage Corporation, et al.
                    Receipts and Disbursements
                        May 1 to 31, 2008

Balance at Beginning of Period                      $26,543,649

RECEIPTS:
Cash Sales                                                    0
Accounts Receivable                                   7,368,913
Loans and Advances                                            0
Sale of Assets                                          126,536    
Other--Interest on Cash Account                          39,128
Transfers (from DIP Accounts)                                 0
Reclass cash to restricted                                    0
                                                 --------------
   Total Receipts                                     7,534,578

DISBURSEMENTS:
Net Payroll                                            (451,084)
Payroll Taxes                                           (95,600)
Sales, Use & Other Taxes                                   (117)
Inventory Purchases                                           0
Secured/Rental/Leases                                   (21,790)     
Insurance--Health Benefits                                 (439)    
Administrative                                          (73,007)
Selling                                                       0
Other NSF's                                                   0
Owner Draw                                                    0
Transfers to DIP Accounts                                     0      

Professional Fees                                      (451,644)
U.S. Trustee Quarterly Fees                                (325)   

Court Costs                                                   0
                                                 --------------
Total Disbursements                                  (1,094,008)     
                                                 --------------
Net Cash Flow                                         6,440,569      
                                                 --------------
Cash-End of Month                                   $32,984,219
                                                 ==============

Cash per balance sheet totaled $32,985,719.  However, deducted by
cash in "ABS" of $1,500, total cash would be $32,984,219.

                       About Aegis Mortgage

Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan           
products to brokers through its subsidiaries.  The company
together with 10 affiliates filed for chapter 11 protection on
Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119).  Curtis A. Hehn,
Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy
P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P.,
serve as counsel to the Debtors.  The Official Committee of
Unsecured Creditors is represented by Landis Rath & Cobb LLP. In
schedules filed with the Court, Aegis disclosed total assets of
$138,265,342 and total debts of $4,125,470.  

The Debtors exclusive period to file a plan expires on Aug. 7,
2008.  (Aegis Bankruptcy News, Issue No. 23; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: Earns $7,704,555 in Month Ended April 30, 2008
-------------------------------------------------------------

             American Home Mortgage Investment Corp.
                Statement of Financial Condition
                      As of April 30, 2008
Assets:
   Cash and cash equivalents                         $14,394,910
   Restricted cash                                   150,799,967
   Accounts receivable                                 3,700,171
   Intercompany receivable                         1,321,030,876
   Securities                                      1,194,861,508
   Derivative assets                                           5
   Investment in subsidiaries                       (905,191,790)
   Other assets                                            2,969
                                                   -------------
      Total Assets                                $1,779,598,616
                                                   =============

Liabilities and Stockholders' Equity

   Liabilities:
      Reverse repurchase agreements                   $4,749,270
      Junior subordinated note                       180,416,000
      Derivative liabilities                          53,817,031
      Accrued expenses & other liabilities         1,288,100,561
      Intercompany payable                           583,082,628
                                                   -------------
         Total Liabilities                         2,110,165,490

   Stockholders' Equity
      Preferred stock - Series A                      50,856,875
      Preferred stock - Series B                      83,183,125
      Common Stock                                       543,074
      Additional paid-in capital                   1,057,864,155
      Retained earnings                           (1,523,014,103)
      Other comprehensive loss                                 -
                                                   -------------
         Total Stockholders' Equity                 (330,566,874)
                                                   -------------
Total Liabilities & Stockholders' Equity          $1,779,598,616
                                                   =============

             American Home Mortgage Investment Corp.
                       Statement of Income
                   Month Ended April 30, 2008

Net Interest Income:
   Interest income                                    $3,156,146
   Interest expense                                            -
                                                    ------------
      Net interest income                              3,156,146

   Provision for loan losses                                   -
                                                    ------------
      Net interest income after provision              3,156,146
        for loan losses

Non-Interest Income:
   Loss on mortgage loans                                     13
   Loss on securities and derivatives                    853,254
   Gain (loss) from subsidiaries                       3,709,149
   Other non-interest income                                   -
                                                    ------------
      Non-interest income                              4,562,416

Other
   Data processing and communications                        990
   Professional fees                                      13,017
   Other expenses                                              -
                                                    ------------
      Total expenses                                      14,007
Loss before income taxes                               7,704,555
Income taxes                                                   -
                                                    ------------
Net loss                                              $7,704,555
                                                    ============

             American Home Mortgage Investment Corp.
           Schedule of Cash Receipts and Disbursements
                   Month Ended April 30, 2008

Cash - Beginning of Month, 04/01/2008               $156,322,297

Receipts:
   Cash sales                                                  -
   Accounts receivable                                         -
   Sale of assets                                      1,725,644
   Loans and advances                                 15,000,000
   Administrative                                              -
   Net payroll                                                 -
   Other                                                 523,288
   Transfers (from DIP accounts)                               -
                                                    ------------
      Total Receipts                                  17,248,932

Disbursements:
   Net payroll                                         1,492,363
   Payroll taxes                                               -
   Sales, use & other taxes                                    -
   Loans and advances                                          -
   Inventory purchases                                         -
   Secured/rental/leases                                       -
   Insurance                                                   -
   Administrative                                      6,404,692
   Selling                                                     -
   Other                                                       -
   Transfers (from DIP accounts)                         479,296
   Professional fees                                           -
   U.S. Trustee quarterly fees                                 -
   Court costs                                                 -
                                                    ------------
      Total Disbursements                              8,376,351
                                                    ------------
      Net Cash Flow                                    8,872,581
                                                    ------------
Cash - End of Month - 04/30/08                      $165,194,878
                                                    ============

                       About American Home

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

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.

(American Home Bankruptcy News, Issue No. 41; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMERICAN HOME: AHMAI Submits April 2008 Operating Report
--------------------------------------------------------

             American Home Mortgage Acceptance, Inc.
                Statement of Financial Condition
                      As of April 30, 2008

Assets:
   Cash and cash equivalents                          $1,328,045
   Restricted cash                                             -
   Accounts receivable                                 1,524,914

   Intercompany receivable                           517,059,825
   Mortgage loans                                    121,345,570
   Mortgage servicing rights                              (8,999)
   Other real estate, net                              4,349,126
   Investment in subsidiaries                        (25,673,301)
   Other assets                                                -
                                                    ------------
      Total Assets                                  $619,925,180
                                                    ============

Liabilities and Stockholders' Equity

   Liabilities:
      Warehouse lines of credit                     $140,005,153
      Accrued expenses & other liabilities             1,191,146
      Intercompany payable                           661,888,417
                                                    ------------
         Total Liabilities                           803,084,716

   Stockholders' Equity
      Additional paid-in capital                      40,298,920
      Retained earnings                             (223,458,456)
                                                    ------------
         Total Stockholders' Equity                 (183,159,536)
                                                    ------------
Total Liabilities & Stockholders' Equity            $619,925,180
                                                    ============

             American Home Mortgage Acceptance, Inc.
                       Statement of Income
                   Month Ended April 30, 2008

Net Interest Income:
   Interest income                                      $648,415
   Interest expense                                            -

      Net interest income                                648,415
   Provision for loan losses                                   -
                                                    ------------
      Net interest income after provision                648,415
        for loan losses

Non-Interest Income:
   Gain (Loss) on mortgage loans                         346,548
   Gain on securities & derivatives                            -
   Loan servicing fees                                         -
   Changes in fair value of MSR                                -
   Income (Loss) from subsidiaries                        (4,405)
                                                    ------------
      Non-interest income                                342,143

Expenses
   Salaries, commissions & benefits, net                 249,714
   Office supplies and expenses                                -
   Marketing and promotion                                     -
   Professional fees                                       4,875
   Other real estate operating (income) expense              441
   Other                                                 154,770
                                                    ------------
      Total expenses                                     409,800

(Loss) Income before income taxes                        580,758
Income taxes                                                   -
                                                    ------------
Net income                                              $580,758
                                                    ============

AHM Acceptance also reported that its cash at the start of April
was $209,411.  Since it received $1,118,634 from DIP Accounts and
others, its cash increased to $1,328,045 as of April 30, 2008.

                       About American Home

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

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.

(American Home Bankruptcy News, Issue No. 41; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMAERICAN HOME: AHMSI Submits April 2008 Operating Report
---------------------------------------------------------

               American Home Mortgage Servicing, Inc.
                  Statement of Financial Condition
                    As of April 30, 2008

Assets:
   Cash and cash equivalents                          $2,415,739
   Restricted cash                                         1,570
   Securities purchased under agreements                       -
   Accounts receivable & servicing advances            3,780,377
   Intercompany receivable                           232,500,758
   Premises and equipment, net                                 -
   Investment in subsidiaries                          9,727,945
   Other assets                                          750,799
                                                    ------------
      Total Assets                                  $249,177,188
                                                    ============

Liabilities and Stockholders' Equity

   Liabilities:
      Warehouse lines of credit                                -
      Accrued expenses & other liabilities           $15,943,938
      Intercompany payable                           131,138,684
      Income taxes payable                             1,787,818
                                                    ------------
         Total Liabilities                           148,870,440

   Stockholders' Equity
      Additional paid-in capital                      37,000,200
      Retained earnings                               63,306,548
                                                    ------------
         Total Stockholders' Equity                  100,306,748
                                                    ------------
Total Liabilities & Stockholders' Equity            $249,177,188
                                                    ============

               American Home Mortgage Servicing, Inc.
                       Statement of Income
                 Month Ended April 30, 2008

Net interest income:
   Interest income                                             -
   Interest expense                                            -
   Provision for loan losses                                   -
                                                    ------------
   Net interest income after losses                            0

Non-Interest Income:
   (Loss) Gain on mortgage loans                          (2,716)
   Loan servicing fees                                         -
   Gain on sale of servicing platform                 (5,876,605)
   Other non-interest income (loss)                      166,404
                                                    ------------
      Non-interest income [loss]                      (5,712,917)

Expenses
   Salaries, commissions & benefits, net                 791,634
   Occupancy and equipment                                (2,725)
   Data processing and communications                     15,536
   Office supplies and expenses                          (12,993)

   Marketing and promotion                                     -
   Travel and entertainment                                 (147)
   Professional fees                                           -
   Other real estate operating expense                         -
   Other                                                (131,487)
                                                    ------------
      Total expenses                                     659,818
Income (Loss) before income taxes                     (6,372,735)
Income taxes                                                   -
                                                    ------------
Net income [loss]                                    ($6,372,735)
                                                    ============

             American Home Mortgage Servicing, Inc.
           Schedule of Cash Receipts and Disbursements
                   Month Ended April 30, 2008

Cash - Beginning of Month, 04/01/2008                $95,961,014

Receipts:
   Cash sales                                                  -
   Accounts receivable                                         -
   Sale of assets                                              -
   Loans and advances                                          -
   Administrative                                        512,567
   Net payroll                                                 -
   Other                                                       -
   Transfers (from DIP accounts)                               -
                                                    ------------
      Total Receipts                                     512,567

Disbursements:
   Net payroll                                                 -
   Payroll taxes                                         923,243
   Sales, use & other taxes                                    -
   Loans and advances                                 90,593,724
   Inventory purchases                                         -
   Secured/rental/leases                                       -
   Insurance                                                   -
   Administrative                                              -
   Selling                                                     -
   Other                                                       -
   Transfers (from DIP accounts)                       2,539,305
   Professional fees                                           -
   U.S. Trustee quarterly fees                                 -
   Court costs                                                 -
                                                    ------------
      Total Disbursements                             94,056,272
                                                    ------------
      Net Cash Flow                                  (93,543,706)
                                                    ------------
Cash - End of Month - 04/30/08                        $2,417,308
                                                    ============

                       About American Home

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

American Home Mortgage and seven affiliates filed for chapter 11
protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047
through 07-11054).  James L. Patton, Jr., Esq., Joel A. Waite,
Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt &
Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC
acts as the Debtors' claims and noticing agent. The Official
Committee of Unsecured Creditors selected Hahn & Hessen LLP as
its counsel.

(American Home Bankruptcy News, Issue No. 41; Bankruptcy
Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


AMPEX CORP: Earns $891,000 in Month Ended May 24, 2008
------------------------------------------------------
Ampex Corp. and its debtor-affiliates submitted to the U.S.
Bankruptcy Court for the Southern District of New York their
monthly operating report for the period ended May 24, 2008.

For the month, the Debtors generated total revenue of $3,124,000
and earned $891,000.

As of May 24, 2008, the Debtors held $19,751,000 in total assets,
$129,564,000 in total liabilities, and $109,813,000 in
stockholders' deficit.  Consolidated balance sheet as of May 24,
2008 -- including non-debtor affiliates -- showed $22,957,000 in
total assets, $133,104,000 in total liabilities, and $110,147,000
in stockholders' deficit.

A full-text copy of the Debtors' May 24, 2008 monthly report is
available for free at http://ResearchArchives.com/t/s?2fa1

                         About Ampex Corp.

Headquartered in Redwood City, California, Ampex Corp. --  
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual           
information technology.  The company has two business segments:
Recorders segment and Licensing segment.  The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products.  The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.

On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100).  Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represent the Debtors in their restructuring efforts.  The
Debtors have also retained Conway Mackenzie & Dunleavy as their  
financial advisors.  In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
$9,770,089 and total debts of $82,488,054.

The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.  
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity.  As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.

The Debtors and certain creditors have asked the Court to set
Aug. 15, 2008, as deadline to hold the confirmation hearing on
the Debtor's chapter 11 plan.


BHM TECHNOLOGIES: Posts $4,020,000 Net Loss Month Ended May 24
--------------------------------------------------------------
                                   
                         BHM TECHNOLOGIES
                     Unaudited Balance Sheet
                           May 24, 2008

                              ASSETS

Cash & Equivalents                                   $21,708,000
Accounts Receivable                                   56,666,000
Tooling Accounts Receivable & Inventory               16,848,000
Inventory                                             22,247,000
Other Current Assets                                  10,314,000
                                                     -----------
Total Current Assets                                 127,783,000

Plant, Property & Equipment                          126,799,000
Less Accumulated Depreciation                        (32,101,000)
                                                     -----------
Net Plant, Property & Equipment                       94,698,000

Other Assets                                         213,488,000
Less Accumulated Amortization                        (15,791,000)
                                                     -----------
Other Assets, Net                                    197,697,000
                                                     -----------
Total Assets                                        $420,179,000
                                                     ===========

                LIABILITIES & SHAREHOLDERS' EQUITY

Trade Accounts Payable excluding Tooling             $52,457,000
Tooling Accounts Payable                              21,944,000
Accrued Liabilities                                   11,831,000
Bank Revolver                                         24,700,000
Current Portion - Long Term Debt                       2,093,000
                                                     -----------
Total Current Liabilities                            113,024,000

Long Term Debt                                       299,835,000
Other Long Term Liabilities                           55,219,000
                                                     -----------
Total Long Term Liabilities                          355,054,000
Shareholders' Equity                                 (47,900,000)
                                                     -----------
Total Liabilities & Shareholders' Equity            $420,179,000
                                                     ===========

                         BHM TECHNOLOGIES
                  Unaudited Statement of Income
                    Period Ending May 24, 2008

Sales                                                $30,930,000
  Material                                            16,834,000
                                                     -----------
  Material margin                                     14,096,000

Hourly Labor                                           6,493,000
Overhead and Other                                     5,021,000
Depreciation                                           1,395,000
                                                     -----------
Total COS                                            (29,744,000)
                                                     -----------
Gross Profit                                           1,186,000
                                                     -----------

S, G & A Expenses                                      1,744,000
Amortization/Other                                     3,507,000
Other (Inc) Exp                                           40,000
Interest                                               2,095,000
Taxes                                                 (2,180,000)
                                                     -----------
Net Income                                           ($4,020,000)
                                                     ===========
Other                                                     60,000
                                                     -----------
EBITDA                                                  $857,000
                                                     ===========

                         BHM TECHNOLOGIES
                      Cash Activity Analysis
                    Period Ending May 24, 2008

A. Beginning Balance                                  17,680,724
B. Receipts                                            7,696,021
C. Balance Available (A+B)                            25,376,745
                                                      ==========
D. Less Disbursements                                  6,140,725
                                                      ==========
E. Ending Balance                                     19,236,020
                                                      ==========

             Disbursements Per Debtor During Period

BHM Technologies Holdings, LLC                                 -
BHM Technologies, LLC                                          -
The Brown Company International, LLC                           -
The Brown Corporation of America                      $1,380,977
The Brown Company of Waverly, LLC                        210,741
The Brown Company of Ionia, LLC                          174,524
The Brown Corporation of Greenville, Inc.                 26,291
The Brown Company of Moberly, LLC                         84,906
The Brown Realty Company, LLC                                  -
Heckethorn Holdings, Inc.                                      -
Heckethorn Manufacturing Co., Inc.                       662,657
Midwest Stamping & Manufacturing Co.                      55,523
Midwest Stamping, Inc.                                   205,038
Morton Welding Holdings, Inc.                                  -
Morton Welding Co., Inc.                               3,340,068
                                                     -----------
     TOTAL                                            $6,140,725
                                                     ===========

                      About BHM Technologies

Headquartered in Ionia, Michigan, BHM Technologies Holdings Inc.
-- http://www.browncorp.com/-- manufactures and sells automobile  
parts including air bags and electrical systems.  It has
manufacturing facilities in Mexico and operates under Brown
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413).  Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq., of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between $100 million and $500 million.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BHM TECHNOLOGIES: Files Schedules of Assets and Liabilities
-----------------------------------------------------------
BHM Technologies Holdings Inc. delivered to the U.S. Bankruptcy
Court for the Western District of Michigan its schedule of assets
and liabilities disclosing:

A.     Real Property                                        None   
B.     Personal Property
B.1    Cash on hand                                         None
B.2    Bank Accounts                                        None
B.3    Security Deposits                                    None
B.4    Household goods                                      None
B.5    Collectibles                                         None
B.6    Wearing apparel                                      None
B.7    Furs and jewelry                                     None
B.8    Firearms and other hobby equipment                   None
B.9    Interests in Insurance Policies                      None
B.10   Annuities                                            None
B.11   Interests in an education IRA                        None
B.12   Interests in IRA, ERISA or other Pension Plans       None
B.13   Business Interests and stocks                Undetermined
         http://bankrupt.com/misc/BHM_Subsidiaries.pdf
B.14   Interests in partnerships                            None
B.15   Government and Corporate Bonds                       None
B.16   Accounts Receivable                                  None  
B.17   Alimony, maintenance, support                        None
B.18   Other Liquidated Debts                               None
B.19   Equitable or future interests                        None
B.20   Interests in estate of a decedent                    None
B.21   Other Contingent & Unliquidated Claims                   
         BHM Technologies Holdings, Inc.,                       
         v. TC Brown Holdings L.L.C.;
         TC H.A.B. Holding, L.L.C.; RGIP L.L.C.;
         Thayer Equity Investors V., L.P., et. al.  Undetermined
B.22   Patents                                              None
B.23   Licenses, franchises and other intangibles           None
B.24   Customer lists or other compilations                 None
B.25   Vehicles                                             None
B.26   Boats, motors and accessories                        None
B.27   Aircraft and accessories                             None
B.28   Office equipment, furnishings and supplies           None
B.29   Machinery                                            None
B.30   Inventory                                            None
B.31   Animals                                              None
B.32   Crops                                                None
B.33   Farming equipment and implements                     None
B.34   Farm supplies, chemicals and feed                    None
B.35   Other Personal Property                              None

       TOTAL SCHEDULED ASSETS                                 $0
       =========================================================

C.     Property Claimed as Exempt                           None

D.     Secured Claim
       Lehman Commercial Paper, Inc.
         First Lien Deed of Trust                   $264,393,980
E.     Unsecured Priority Claims
         Internal Revenue Service
           Federal Income Tax                       Undetermined
F.     Unsecured Non-priority Claims
         SAC Domestic Investments, LP
         Second Lien Deed of Trust                    72,112,539

       TOTAL SCHEDULED LIABILITIES                  $336,506,519
       =========================================================

                      About BHM Technologies

Headquartered in Ionia, Michigan, BHM Technologies Holdings Inc.
-- http://www.browncorp.com/-- manufactures and sells automobile  
parts including air bags and electrical systems.  It has
manufacturing facilities in Mexico and operates under Brown
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413).  Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq., of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between $100 million and $500 million.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BHM TECHNOLOGIES: BHM Technologies LLC Files Schedules
------------------------------------------------------
BHM Technologies LLC, debtor-affiliate of BHM Technologies
Holdings Inc., did not disclose income from its own business
operations in its statement of financial affairs.  BHM
Technologies LLC delivered its schedules of assets and liabilities
disclosing:

A.     Real Property                                        None

B.     Personal Property
B.13   Business Interests and stocks                Undetermined  
         http://bankrupt.com/misc/BHM_Subsidiaries.pdf

       TOTAL SCHEDULED ASSETS                                 $0
       =========================================================

C.     Property Claimed as Exempt

D.     Secured Claim
         Lehman Commercial Paper, Inc.
           First Lien Deed of Trust                 $264,393,980

E.     Unsecured Priority Claims
         Internal Revenue Service -
           Federal Income Tax                       Undetermined

F.     Unsecured Non-priority Claims
         SAC Domestic Investments,LP
           Second Lien Deed of Trust                  72,112,539

       TOTAL SCHEDULED LIABILITIES                  $336,506,519
       =========================================================

BHM Technologies, LLC, along with BHM Technologies Holdings,
Inc., The Brown Company International, and The Brown Realty
Company, is a holding company and is not involved in day-to-day
business operations.  The Debtors' operations are performed
through four lines of business: (a) the Brown Division; (b) the
Heckethorn Division;(c) Morton Division ; and (d) Midwest
Division.

BHM Technologies, LLC, is a wholly owned subsidiary of BHM
Technologies Holdings.

                      About BHM Technologies

Headquartered in Ionia, Michigan, BHM Technologies Holdings Inc.
-- http://www.browncorp.com/-- manufactures and sells automobile  
parts including air bags and electrical systems.  It has
manufacturing facilities in Mexico and operates under Brown
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413).  Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq., of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between $100 million and $500 million.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BHM TECHNOLOGIES: Brown Corp. Files Schedules of Assets and Debts
-----------------------------------------------------------------
The Brown Corp. of America, debtor-affiliate of BHM Technologies
Holdings Inc. delivered to the U.S. Bankruptcy Court for the
Western District of Michigan its schedule of assets and liabilities
disclosing:

A.     Real Property                                        None

B.     Personal Property
B.1    Cash on hand                               Less than $500  
B.2    Bank Accounts
         401k ZBA - Account No. 362935304                      0
         Account No. - 1188633                        16,733,024
         Controlled Disbursement - Account No. 466126      3,498
         FSA Account - Account No. 983678073               6,454
         Money Market - Account No. 548121                     0
         Petty Cash Checking - Account No. 7500273           880
B.3    Security Deposits            
         Crown Office Village, LLC                         6,435
B.13   Business Interests and stocks
         LTV Stock                                         2,541
B.16   Accounts Receivable                      
         AR Other                                         73,334
         Brown Corporation de Saltillo                    74,362
         Tooling AR                                   25,416,206
B.18   Other Liquidated Debts                             40,832
B.21   Other Contingent & Unliquidated Claims          
         Arbitration with customers                 Undetermined
B.23   Licenses, franchises and others
         Domain: http://www.browncorp.com          Undetermined
B.25   Automobiles, trucks, and other vehicles
         Vehicle < 50% business use                      104,977
         Vehicle < 50% business use                        4,888
B.28   Office equipment, furnishings and supplies    
         Furniture & Fixtures                             46,486
         Tech-Communications                                 956
         Technical Other                                   4,606
         Technical-Computers                               2,763  
         Technical-Software                              186,768
B.29   Machinery                                   
         Equipment-Maintenance                             9,539
         Leasehold Improvements                           17,596
B.30   Inventory                                    
         Tooling Inventory                             1,827,210
B.35   Other Personal Property                         1,383,488

       TOTAL SCHEDULED ASSETS                        $45,946,845
       =========================================================

C.     Property Claimed as Exempt                           None

D.     Secured Claims
         Centerline (Windsor) Ltd                   Undetermined
         Chase Equipment Leasing                    Undetermined
         Competition Engineering Inc                Undetermined
         Deutsche Financial Services Corp           Undetermined
         Digital Tool & Die Inc                     Undetermined
         Eclipse Tool & Die Inc                     Undetermined
         Enterprise Tool & Die Inc                  Undetermined
         Ervin Leasing Co                           Undetermined
         General Electric Credit Corporation        Undetermined
         Greenville Tool & Die                      Undetermined
         IBM Credit Corporation                     Undetermined
         Lehman Commercial Paper Inc                Undetermined
         Miller Wlding Supply                       Undetermined
         National City Leasing Corp                 Undetermined
         Pyper Tool & Engineering Inc               Undetermined
         Pyper Tool & Engineering Inc               Undetermined
         Tennesse Rand Inc                          Undetermined
         Tennesse Rand Inc                          Undetermined
         The Lincoln Electric Company               Undetermined
         US Engineering Corporation                 Undetermined
         Walker Tool & Die Inc                      Undetermined

E.    Unsecured Priority Claims              $0 or  Undetermined
        http://bankrupt.com/misc/BrownCorp_Sked_E.pdf

F.    Unsecured Non-priority Claims
        SAC Domestic Investments, LP
          Second Lien Deed of Trust                   72,112,539
        Trade Claims                                  20,135,162
          http://bankrupt.com/misc/Brown_TradeClaims.pdf

       TOTAL SCHEDULED LIABILITIES                   $92,247,701
       =========================================================

                      About BHM Technologies

Headquartered in Ionia, Michigan, BHM Technologies Holdings Inc.
-- http://www.browncorp.com/-- manufactures and sells automobile  
parts including air bags and electrical systems.  It has
manufacturing facilities in Mexico and operates under Brown
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413).  Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq., of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between $100 million and $500 million.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BHM TECHNOLOGIES: Heckethorn Files Schedules of Assets and Debts
----------------------------------------------------------------
Heckethorn Manufacturing Co., Inc., debtor-affiliate of BHM
Technologies Holdings Inc. delivered to the U.S. Bankruptcy Court
for the Western District of Michigan its schedule of assets and
liabilities disclosing:

A.     Real Property                                        None

B.     Personal Property
B.1    Cash on hand                                         $500
B.2    Bank Accounts
         First Citizens National Bank                    855,290
B.3    Security Deposits                          
         Real Estate Lease Deposit                        29,355
B.13   Business Interests and stocks                Undetermined
         http://bankrupt.com/misc/BHM_Subsidiaries.pdf
B.16   Accounts Receivable                         
         AR Trade & Other                              5,441,879
         Brown Corp of Iowa                              119,708
         Brown Corporation de Coahulia                    20,400
         Brown Corporation de Saltillo                    19,989
         Midwest Stamping Edgerton                        25,290
B.18   Other Liquidated Debts                             17,141
B.22   Patents
         HECO - Patent/Trademark No. 1,199,482      Undetermined
B.23   Licenses and other general intangibles
         Domain: http://www/heckethorn.net         Undetermined
         Domain: http://www.hecomfg.com            Undetermined
B.25   Automobiles                                        22,687
B.28   Office equipment
         Computers/equipment                              44,284
         Furniture                                       210,573
B.29   Machinery                                       2,561,704
B.30   Inventory                                    
         Inventory Finished Goods                      1,393,914
         Inventory Raw Materials                         816,279
         Inventory WIP                                   879,778
B.35   Other Personal Property
         Tooling-in-Process                              471,319

       TOTAL SCHEDULED ASSETS                        $12,930,090
       =========================================================

D.     Secured Claim
         Amplicon Inc. - UCC Lienholder             Undetermined
         LaSalle Bank National Association
           as Agent - UCC Lienholder                Undetermined
         Lehman Commercial Paper, Inc.
           First Lien Deed of Trust                  264,393,980
         Toyota Motor Credit Corporation            Undetermined

E.     Unsecured Priority Claims           
         Potential Employee Claims            $0 or Undetermined

F.     Unsecured Non-priority Claims
         SAC Domestic Investments, LP
           Second Lien Deed of Trust                  72,112,539
         Trade Claims                                  4,799,007

       TOTAL SCHEDULED LIABILITIES                  $341,305,526
       =========================================================

                      About BHM Technologies

Headquartered in Ionia, Michigan, BHM Technologies Holdings Inc.
-- http://www.browncorp.com/-- manufactures and sells automobile  
parts including air bags and electrical systems.  It has
manufacturing facilities in Mexico and operates under Brown
Corp.

BHM Technologies Holdings, Inc. and 14 affiliates filed separate
voluntary petitions under Chapter 11 on May 19, 2008 (Bankr.
W.D. Mich. Lead Case No. 08-04413).  Hannah Mufson McCollum,
Esq., Kay Standridge Kress, Esq., Robert S. Hertzberg, Esq., and
Leon R. Barson, Esq., of Pepper Hamilton LLP, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for bankruptcy, it listed estimated assets and debts to be both
between $100 million and $500 million.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FORTUNOFF: Reports $428,101 Profit in Month Ended May 31, 2008
--------------------------------------------------------------

                 Source Financing Corp./Fortunoff
                          Balance Sheet
                                                                                  
                                         As of
                                        May 31,   Petition Date
                                         2008      or Scheduled
                                    ------------- -------------
                             ASSETS                              

Current assets:
   Unrestricted cash & equivalents     $3,583,964    $1,384,000
   Restricted Cash & Cash equivalents     990,867             -
   Accounts receivable                  1,009,615     3,111,000
   Inventories                                  -    95,568,000
   Prepaid expenses                             -     3,612,000
   Profesional Retainers                  255,267             -
   Other current assets                         -     6,332,000
                                     ------------  ------------
Total current assets                    5,839,713   110,007,000

Property & Equipment:
   Real property & improvements                 -             0
   Machinery & equipment                        -     5,915,000
   Furniture, fixtures, & office equip.         -    20,582,000
   Leashehold improvements                      -    28,251,000
   Vehicles                                     -             0
   Less:  Accumulated depreciation              -   (18,292,000)
                                     ------------  ------------
Total Property & Equipment                           36,456,000

Other Assets:
   Amounts due from insiders                                  0
   Other assets -- utility deposit                   86,179,000
                                                   ------------
Total other assets                                   86,179,000
                                     ------------  ------------
Total Assets                           $5,839,713  $232,642,000
                                     ============  ============

                   LIABILITIES & OWNER EQUITY

Liabilities Subject to Compromise
   (Postpetition):
   Accounts Payable                       $84,351             -
   Taxes Payable                                -             -
   Wages Payable                                -             -
   Notes Payable                                -             -
   Rent/Leases - Building Equipment        67,765             -
   Secured Debt                                 -             -
   Professional Fees                      891,335             -
   Amounts Due to Insider                       -             -
   Other Postpetition Liabilities         488,743             -
                                     ------------  ------------
Total Postpetition Liabilities          1,532,194             -

Liabilities Subject to Compromise
   (Prepetition):
   Secured debt (Term D Loan)          19,708,000   $88,565,000
   Priority debt (20-day claims)        9,023,482     9,023,482
   Unsecured debt                      98,171,687   183,346,518
                                     ------------  ------------
Total Prepetition Liabilities         126,903,169   280,935,000
                                     ------------  ------------
Total Liabilities                    $128,435,363   280,935,000

Owners' Equity:
   Capital stock                                     77,412,000
   Retained earnings, prepetition               -  (125,705,000)
   Retained earnings, postpetition              -             -
                                     ------------  ------------
Net Owners' Equity                              -   (48,293,000)
                                     ------------  ------------
Total Liabilities & Owners Equity               -  $232,642,000
                                     ============  ============

                 Source Financing Corp./Fortunoff
                     Statement of Operations
                 For the month ended May 31, 2008

Revenues:
   Gross Revenues, net                                        -

Cost of Goods Sold:
   Beginning inventory                                        -
   Purchases                                                  -
   Less:  Ending inventory                                    -
                                                   ------------
Cost of goods sold                                            -
                                                   ------------
Gross profit                                                  -

Operating Expenses:
   Advertising                                                -
   Bad debts                                                  -
   Employee benefits programs                         ($275,252)
   Officer/insider compensation                               -
   Insurance                                                  -
   Office expense                                       (24,318)
   Repairs & maintenance                                (25,000)
   Rent & lease expense                                       -
   Salaries/commissions/fees                                  -
   Supplies                                            (168,176)
   Taxes - payroll                                            -
   Taxes - real estate                                        -
   Taxes - other                                              -
   Travel & entertainment                               (23,493)
   Others                                               128,984
                                                   ------------
Total operating expenses before depreciation           (387,255)
Depreciation/depletion/amortization                           -
                                                   ------------
Net profit before other income & expenses               387,255

Other Income & Expenses:
   Other income                                          92,073
   Interest expense                                           -
                                                   ------------
Net profit before reorganization items                  479,328

Reorganization Items:
   Professional fees                                     51,227
   U.S. Trustee quarterly fees                                -
                                                   ------------
Total reorganization expenses                            51,227
                                                   ------------
Net profit (loss)                                      $428,101
                                                   ============

                 Source Financing Corp./Fortunoff
              Schedule of Cash Receipts & Disbursement
                 For the month ended May 31, 2008

Cash - beginning of month                            $3,306,860

Receipts:
   Cash sales                                                 -
   Accounts Receivable, prepetition                         144
   Accounts Receivable, postpetition                    190,444
   Loans & advances                                           -
   Others                                                92,073
                                                   ------------
Total receipts                                          282,661

Disbursements:
   Net payroll                                                -
   Payroll taxes & 401k contributions                         -
   Sales, use, & other taxes                                  -
   Inventory purchases                                        -
   Insurance                                                  -
   Others                                                 5,557
   Professional fees                                          -
                                                   ------------
Total disbursements                                       5,557
                                                   ------------
Net cash flow                                           277,104
                                                   ------------
Cash - end of month                                  $3,583,964
                                                   ============

Fortunoff Fine Jewelry and Silverware, L.L.C., and its
affiliates, sold substantially all of their assets on March 7,
2008, to NRDC Equity Partners LLC's H Acquisition LLC, now known
as Fortunoff Holdings LLC.

                         About Fortunoff

New York-based Fortunoff Fine Jewelry and Silverware LLC --
http://www.fortunoff.com/-- is a family owned business since         
1922 founded by by Max and Clara Fortunoff.  Fortunoff offers
customers fine jewelry and watches, antique jewelry and silver,
everything for the table, fine gifts, home furnishings including
bedroom and bath, fireplace furnishings, housewares, and seasonal
shops including outdoor furniture shop in summer and enchanting
Christmas Store in the winter.  It opened some 20 satellite
stores in the New Jersey, Long Island, Connecticut and
Pennsylvania markets featuring outdoor furniture and grills
during the Spring/Summer season and indoor furniture (and in some
locations Christmas trees and decor) in the Fall/Winter season.

Fortunoff and two affiliates, M. Fortunoff of Westbury LLC and
Source Financing Corp., filed for chapter 11 petition on Feb. 4,
2008 (Bankr. S.D.N.Y. Case Nos. 08-10353 through 08-10355) in
order to effectuate a sale to NRDC Equity Partners LLC, --
http://www.nrdcequity.com/-- a private equity firm that
bought Lord & Taylor from Federated Department Stores.   

Due to the U.S. Trustee's objection, Fortunoff is backing out of
its request to employ Skadden Arps Meagher & Flom LLC, as
bankruptcy counsel.  Fortunoff is hiring Togut Segal & Segal LLP,
as their general bankruptcy counsel, but Skadden Arps will
continue to serve the Debtors as special counsel in connection
with the sale the Debtors' assets.  Logan & Company, Inc., serves
as the Debtors' claims, noticing, and balloting agent.  FTI
Consulting Inc. are the Debtors' proposed crisis manager.

An Official Committee of Unsecured Creditors has been appointed in
this case.  Effective March 6, 2008, Morrison & Foerster LLP is
counsel to the Creditors Committee in substitution of Otterbourg  
Steidler Houston & Rosen PC.  Mahoney Cohen & Company, CPA, P.C.,
serves as financial advisor to the Creditors' Committee.

In their schedules, Fortunoff Fine Jewelry listed $5,052,315 total
assets and $136,626,948 total liabilities; Source Financing Corp.
listed $154,680,100 total assets and $176,961,631 total
liabilities; and M. Fortunoff of Westbury LLC listed $6,300,955
total assets and $119,985,788 total liabilities.  The Debtors'
exclusive period to file a plan of reorganization ended June 3,
2008.  (Fortunoff Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or           
215/945-7000)


FREMONT GENERAL: Incurs $1,082,865 Net Loss in June 19-30, 2008
---------------------------------------------------------------
Fremont General Corporation reported its operating report for the
period June 19, 2008, through June 30, 2008.

For the period ended June 30, 2008, the Debtor did not generate
any revenue and incurred a net loss of $1,082,865.

As of June 30, 2008, the Debtor's balance sheet showed total
assets of $357,251,253, total liabilities of $389,535,015, and
deficit of $32,283,762.

A full-text copy of the Debtor's report for the period June 19,
2008, through June 30, 2008, is available for free at:

              http://ResearchArchives.com/t/s?2fa3

                       About Fremont General

Fremont General Corporation (OTC: FMNTQ) --
http://www.fremontgeneral.com/--  is a financial services holding  
company with $8.8 billion in total assets, at September 30, 2007.  
The company is engaged in deposit gathering through a retail
branch network located in the coastal and Central Valley regions
of Southern California through Fremont Investment & Loan.  Fremont
Investment & Loan funds its operations primarily through deposit
accounts sourced through its 22 retail banking branches which are
insured up to the maximum legal limit by the FDIC.

The Retail Banking Division of the Bank continues to offer a
variety of savings and money market products as well as
certificates of deposits across its 22 branch network.  Customer
deposits remain fully insured by the FDIC up to at least $100,000
and retirement accounts remain insured separately up to an
additional $250,000.

Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No.: 08-13421).  Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, represent the
Debtor in its restructuring efforts.  The Debtor selected
Kurtzman Carson Consultants LLC as its claims agent.

Peter C. Anderson, the U.S. Trustee for Region 16, has appointed
five creditors to serve on an Official Committee of Unsecured
Creditors in the case.

In its schedules, Fremont General reported $362,227,537 in total
assets and $326,529,372 in total debts.  When the Debtor filed for
protection from its creditors, it listed total assets of
$643,197,000 and total debts of $320,630,000.

Tiffany Kary of Bloomberg News reported that the Debtor's co-
counsel, Scott H. Yun, Esq., at Stutman Treister & Glat, said the
assets and debts in the initial court filing were for the period
Sept. 30, 2007.  The estimates exclude potential recoveries from
lawsuits, Ms. Kary said.


SEA CONTAINERS: Posts $19,919,524 Loss After Tax in May 2008
------------------------------------------------------------

                      Sea Containers, Ltd.
                     Unaudited Balance Sheet
                       As of May 31, 2008

                            Assets

Current Assets
   Cash and cash equivalents                         $19,135,642
   Trade receivables, less allowances
      for doubtful accounts                              184,573
   Due from related parties                              742,062
   Prepaid expenses and other current assets             591,121
                                                    ------------
      Total current assets                            20,653,398

Fixed assets, net                                              -

Long-term equipment sales receivable, net                      -
Investments in group companies                       124,973,856
Intercompany receivables                                       -
Investment in equity ownership interests             227,500,347
Other assets                                           2,952,361
                                                    ------------
Total assets                                        $376,079,962
                                                    ============

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                  $12,860,141
   Accrued expenses                                   83,125,813
   Current portion of long-term debt                 174,748,349
   Current portion of senior notes                   385,577,263
                                                    ------------
      Total current liabilities                      656,311,566

Total shareholders' equity                          (280,231,604)
                                                    ------------
Total liabilities and shareholders' equity          $376,079,962
                                                    ============

                      Sea Containers, Ltd.
                Unaudited Statement of Operations
                For the Month Ended May 31, 2008

Revenue                                              $10,500,834

Costs and expenses:
   Operating costs                                             -
   Selling, general and admin. expenses               (1,031,288)
   Professional fees                                     (83,305)
   Charges against intercompany accounts              (6,772,752)
   Impairment of investment in subsidy Co.           (18,585,000)
   Forgiveness of intercompany debt                            -
   Depreciation and amortization                               -
                                                    ------------
      Total costs and expenses                       (26,472,345)
                                                    ------------

Gain or (Loss) on sale of assets                               -
                                                    ------------
Operating profit/(loss)                              (15,971,511)

Other income (expense)
   Investment income                                      33,426
   Foreign exchange gains/(losses)                        19,921
   Interest expense, net                              (3,822,210)
                                                    ------------
Loss before taxes                                    (19,740,374)
Income tax expense                                      (179,150)
                                                    ------------
Loss after taxes                                    ($19,919,524)
                                                    ============

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 45;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: SeaCon Services Files May 2008 Operating Report
---------------------------------------------------------------

                  Sea Containers Services, Ltd.
                     Unaudited Balance Sheet
                       As of May 31, 2008

                            Assets

Current Assets

   Cash and cash equivalents                             $35,416
   Trade receivables                                       1,554
   Due from related parties                               51,062
   Prepaid expenses and other current assets           3,076,732
                                                    ------------
      Total current assets                             3,164,765

Fixed assets, net                                         15,428

Investments                                            2,663,916
Intercompany receivables                              26,218,645
Other assets                                                   -
                                                    ------------
Total assets                                         $32,062,754
                                                    ============

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                     $674,909
   Accrued expenses                                    3,086,634
   Current portion of long-term debt                   1,506,188
                                                    ------------
      Total current liabilities                        5,267,731

Total shareholders' equity                            26,795,023
                                                    ------------
Total liabilities and shareholders' equity           $32,062,754
                                                    ============

                  Sea Containers Services, Ltd.
                Unaudited Statement of Operations
                For the Month Ended May 31, 2008

Revenue                                                 $932,631

Costs and expenses:
   Selling, general and admin. expenses                 (643,007)
   Professional Fees                                  (4,964,901)
   Depreciation and amortization                          (2,416)
                                                    ------------
      Total costs and expenses                        (5,610,324)
                                                    ------------

Gains on sale of assets                                        -
                                                    ------------
Operating income (loss)                               (4,677,693)

Other income (expense)
   Interest income                                             -
   Foreign exchange gains (losses)                           (46)
   Interest expense, net                                 (14,365)
                                                    ------------
Income (Loss) before taxes                            (4,692,103)
Income tax credit                                              -
                                                    ------------
Net Loss                                             ($4,692,103)
                                                    ============

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 45;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                             *********

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

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

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

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                             *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr.,
Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya,
Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN: 1520-9474.

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