TCR_Public/080816.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, August 16, 2008, Vol. 12, No. 195

                             Headlines

AMERICAN COLOR: Submits July 2008 Initial Monthly Operating Report
BHM TECHNOLOGIES: Brown Co. of Waverly Files Schedules
BHM TECHNOLOGIES: Brown Corp. of Greenville Files Schedules
BHM TECHNOLOGIES: Brown Realty Files Schedules of Assets & Debts
BLUE WATER: Reports $3,530,815 Net Loss in June 29, 2008

CATHOLIC CHURCH: Fairbanks Files Report for Month Ended June 30
DELTA FINANCIAL: Files June 2008 Monthly Operating Report
HOMEBANC CORP: Reports $4,822,000 Net Loss in May 31
HOMEBANC CORP: Reports $9,475,000 Net Loss in June 30
LINENS 'N THINGS: Files Operating Report for June 28, 2008

LINENS N THINGS: LNT Inc. Files Assets and Debts Schedules
LINENS N THINGS: LNT Services Files Assets and Debts Schedules
LINENS N THINGS: LNT West Files Assets and Debts Schedules
NEUMANN HOMES: Delivers June 30 Monthly Operating Report
QUEBECOR WORLD: 13 Affiliates File Schedules of Assets and Debts

SHARPER IMAGE: Posts $17,131,378 Net Loss in June 2008
VERTIS HOLDINGS: Files July 2008 Initial Monthly Operating Report

                             *********

AMERICAN COLOR: Submits July 2008 Initial Monthly Operating Report
------------------------------------------------------------------
ACG Holdings, Inc., and its debtor-affiliates filed, on July 30,
2008, an initial monthly operating report containing a 13-week
operating forecast.

Patrick W. Kellick, executive vice president, chief financial
officer and secretary of ACG Holdings, Inc., disclosed that ACG
expects its operating disbursements to total $96,915,000 by
October 2008.  The company also foresees incurring $6,800,000 in
restructuring costs for the period from July 16 to October 10,
2008.  

ACG expects its borrowings under its debtor-in-possession credit
facility amounts aggregating $122,833,000 within the 13-week
period ending on October 10, 2008.

ACG attached to its Initial Monthly Report copies of its active
insurance certificates.

For the period from September 14, 2007 to July 11, 2008, ACG paid
a total of $280,751 in retainer fees to its professionals,
according to a schedule of vendor retainer payments attached to
the Report.

A full-text copy of the ACG Initial Monthly Operating Report is
available for free at http://bankrupt.com/misc/ACG_InitialMOR.pdf

                  About American Color Graphics

American Color Graphics Inc. -- http://www.americancolor.com/--         
is one of North America's largest and most experienced full
service premedia and print companies, with eight print locations
across the continent, six regional premedia centers, photography
studios nationwide and a growing roster of customer managed
service sites.  The company provides solutions and services such
as asset management, photography, and digital workflow solutions
that improve the effectiveness of advertising and drive revenues
for their customers.

The company filed and its four affiliates filed for Chapter 11
protection on July 15, 2008 (Bank.D.Del. Case No. 08-11467).  
Pauline K. Morgan, Esq. and Sean T. Greecher ,Esq., at Young,
Conaway, Stargatt & Taylor represent the Debtors in their
restructuring efforts.  Lehman Brothers, Inc. serves as the
company's financial advisors.  When the Debtors filed for
protection from their creditors they listed estimated assets
$100 million to $500 million and estimated debts of $500 million
to $1 billion.

ACG Holdings, Inc. and American Color Graphics also filed
bankruptcy petition under the Companies' Creditors Arrangement Act
before the Ontario Superior Court of Justice (Commercial List) on
July 16, 2008.  Jay A. Carfagnini, Esq., David B. Bish, Esq., and
Jason Wadden, Esq. at Goodmans LLP are their solicitors.  
PricewaterhouseCoopers Inc. serves as their CCAA Information
Officer.


BHM TECHNOLOGIES: Brown Co. of Waverly Files Schedules
------------------------------------------------------
The Brown Co. of Waverly filed its Schedules of Assets and
Liabilities with the United States Bankruptcy Court for the
Western District of Michigan, disclosing:

A.     Real Property
         611 W. Second St., Waverly, OH               $2,189,999

B.     Personal Property
B.1    Cash on hand                                            0
B.2    Bank Accounts                               
         Controlled Disbursement - Acct. No. 52296        72,318
         Misc ckg - Acct. No. 813503                      18,355
         Payroll Checking - Account No. 121638            38,282
         Petty cash checking - Account No. 1273000         1,696
         Workers' Comp - Account No. 130315                6,844
         ZBA - Account No. 1398693                             0
B.3    Security Deposits
         Other Assets Misc Deposits                        1,810
B.13   Business Interests and stocks  
   http://bankrupt.com/misc/BHM_Subsidiaries.pdf
B.16   Accounts Receivable                         
         Brown Corporation de Saltillo                    24,172
         Brown Corporation of America                     21,675
         Other  AR - Waverly                             312,581
         Trade AR - Waverly                            6,845,510
B.18   Other Liquidated Debts                        
         Franchise Tax owed by State of Ohio              62,684
B.25   Vehicles                                          
         Vehicle < 50% business use                       18,136
         Vehicle > 50% business use                       13,325
B.28   Office equipment, furnishings and supplies
         Furniture & Fixtures                             30,523
         Tech-Communications                                 144
         Technical Other                                  47,370
         Technical Computers                               3,667
B.29   Machinery                                       8,535,240
   http://bankrupt.com/misc/BHM_waverlypersonalproperty.pdf
B.30   Inventory                                              
         Inventory Finished Goods                        465,561
         Inventory Raw Materials                       1,301,002
         Inventory WIP                                   935,853
B.35   Other Personal Property
         Other Assets Employee Advances                      962

       TOTAL SCHEDULED ASSETS                        $20,947,710
       =========================================================

C.     Property Claimed as Exempt                           None

D.     Secured Claim
         General Electric Capital Corporation, PA -
           UCC Lienholder                                      0
         General Electric Capital Corporation, NY -
           UCC Lienholder                                      0
         Lehman Commercial Paper, Inc. -
           First Lien Deed of Trust                  264,393,980
         Pyper Tool & Engineering Inc. -
           UCC Lienholder                                      0
         Tennessee Rand Inc. -
           UCC Lienholder                                      0
         The Lincoln Electric Company -
           UCC Lienholder                                      0

E.     Unsecured Priority Claims                    Undetermined
   http://bankrupt.com/misc/BHM_waverlyunsecuredclaims.pdf

F.     Unsecured Non-priority Claims
         SAC Domestic Investments, LP -
           Second Lien Deed of Trust                 $72,112,539
         Trade Claims                                  8,893,142
   http://bankrupt.com/misc/BHM_waverlyunsecuredpriorityclaims.pdf

       TOTAL SCHEDULED LIABILITIES                  $345,399,661
       =========================================================

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 facilites 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 US$100 million and US$500 million.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BHM TECHNOLOGIES: Brown Corp. of Greenville Files Schedules
-----------------------------------------------------------
The Brown Corp. of Greenville filed its Schedules of Assets and
Liabilities with the United States Bankruptcy Court for the
Western District of Michigan, disclosing:

A.     Real Property    
         1927 N Theobald, Greenville, MS                  $6,155

B.     Personal Property                             
B.1    Cash on hand                                            0
B.2    Bank Accounts                               
         Controlled Disbursement -
           Account No. 762886                             11,220
         Payroll Checking -
           Account No. 7006699714                          5,021
         Petty cash checking -
           Account No. 4700140608                          1,377
         ZBA - Account No. 363712864                           0
B.3    Security Deposits                               
        Utility deposit from 2003                         20,000
B.13   Business Interests and stocks  
   http://bankrupt.com/misc/BHM_Subsidiaries.pdf
B.16   Accounts Receivable                       
         Brown Company of Moberly                            280
         Brown Company of Waverly                         22,171
         Brown Corporation de Saltillo                       159
         Brown Corporation of America                     27,178
         Other A/R - Greenville                           37,958
         Trade A/R - Greenville                        2,688,484
B.18   Other Liquidated Debts           
         State Business Tax owed by State of Michigan     20,329
B.28   Office equipment, furnishings and supplies    
         Furniture & Fixtures                              2,610
         Tech-Communications                               5,286
         Technical Other                                  54,375
B.29   Machinery                                       3,034,918        
   http://bankrupt.com/misc/BHM_greenvillepersonalproperty.pdf
B.30   Inventory                                    
         Inventory Finished Goods                         43,483
         Inventory Raw Materials                         219,554
         Inventory WIP                                   190,036

B.35   Other Personal Property
         PPD Insurance - Comm Pkg                          1,534
         PPD Medical - Excess WC                           1,677

       TOTAL SCHEDULED ASSETS                         $6,393,805
       =========================================================

C.     Property Claimed as Exempt                           None

D.     Secured Claim                                          $0

E.     Unsecured Priority Claims  
         Potential Employee Claims                  Undetermined
   http://bankrupt.com/misc/BHM_greenvilleunsecuredclaims.pdf

F.     Unsecured Non-priority Claims
         SAC Domestic Investments, LP -
           Second Lien Deed of Trust                 $72,112,539
         Trade Claims                                  1,962,534
http://bankrupt.com/misc/BHM_greenvilleunsecuredpriorityclaims.pdf

       TOTAL SCHEDULED LIABILITIES                   $74,075,073
       =========================================================

The Brown Corporation of Greenville, Inc., disclosed in its
Schedules of Assets and Liabilities that total secured claims is
zero.  But an exhibit referring to Schedule D provides these
information:

           Claimants                                Claim Amount
           ---------                                ------------
           General Electric Capital Corp.                     $0
           General Electric Capital Corp.                      0
           General Electric Capital Corp.                      0
           Internal Revenue Service                            0
           JPMorgan Chase Bank, N.A. as Agent                  0
           Lehman Commercial Paper Inc.
             First Lien Deed of Trust               $264,393,980
           Pyper Tool & Engineering                            0
           The Lincoln Electric Company                        0
           Toyota Motors Corp.                                 0
     
See http://bankrupt.com/misc/BHM_greenvillesecuredclaims.pdf

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 facilites 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 US$100 million and US$500 million.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BHM TECHNOLOGIES: Brown Realty Files Schedules of Assets & Debts
----------------------------------------------------------------
The Brown Realty Co., LLC, filed its Schedules of Assets and
Liabilities with the United States Bankruptcy Court for the
Western District of Michigan, disclosing:

A.     Real Property  
         401 S. Steele St., Ionia, MI                 $1,770,500

B.     Personal Property
B.1    Cash on hand                                            0
B.2    Bank Accounts                               
        Misc ckg - Account No. 7506879                    14,916
B.13   Business Interests and stocks
   http://bankrupt.com/misc/BHM_Subsidiaries.pdf
  
       TOTAL SCHEDULED ASSETS                         $1,785,416
       =========================================================

C.     Property Claimed as Exempt                           None

D.     Secured Claim
         Hull Lift Truck Inc -
           UCC Lienholder                                     $0
         ING US Capital LLC -
           UCC Lienholder                                      0
         Lehman Commercial Paper, Inc. -
           First Lien Deed of Trust                  264,393,980
         Prolift Industrial Equipment Co LLC Toyota -
           UCC Lienholder                                      0
         The Lincoln Electric Company, OH -
           UCC Lienholder                                      0
         The Lincoln Electric Company, OH -
           UCC Lienholder                                      0

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
       =========================================================

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 facilites 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 US$100 million and US$500 million.

The Debtors have until Sept. 16, 2008, to exclusively file their
bankruptcy plan.  (BHM Technologies Bankruptcy News, Issue
No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


BLUE WATER: Reports $3,530,815 Net Loss in June 29, 2008
------------------------------------------------------------------

               Blue Water Automotive Systems, Inc.
                     Unaudited Balance Sheet
                       As of June 29, 2008

ASSETS:
Cash                                               $1,505,039
Inventory                                           9,895,071
Accounts Receivable                                46,747,994
Insider Receivables                                         -
Land and Buildings
Furniture, Fixtures & Equipment                    38,305,492
Accumulated Depreciation                          (12,051,087)
Other: Current Assets                               8,801,103
Other: Long Term Assets                                61,251
                                                 ------------
TOTAL ASSETS                                      $93,264,863
                                                 ============
LIABILITIES:
Postpetition Liabilities:
Accounts Payable                                   $5,071,531
Rent and Lease Payable                                      -
Wages and Salaries                                    530,844
Taxes Payable                                       1,222,894
Other:                                                      -
                                                 ------------
     Total Postpetition Liabilities                 6,825,269

Secured Liabilities:
Subject to Postpetition Collateral or DIP Order             -
All Other Secured Liabilities                      50,932,861
                                                 ------------
     Total Secured Liabilities                     50,932,861

Prepetition Liabilities:
Taxes and Other Priority Liabilities                2,174,588
Unsecured Liabilities:                             48,368,180
Other:                                                      -
                                                 ------------
     Total Prepetition Liabilities                 50,542,768

EQUITY:
Owners Capital                                     20,827,488
Retained Earnings - Prepetition                   (24,221,702)
Retained Earnings - Postpetition                  (11,641,821)

    Total Equity:                                 (15,036,035)
                                                 ------------
TOTAL LIABILITIES AND EQUITY                      $93,264,863
                                                 ============


               Blue Water Automotive Systems, Inc.
                 Unaudited Operating Statement
                   Month Ended June 29, 2008

Total Revenue/Sales                               $27,946,359
Cost of Sales                                      25,732,043
                                                 ------------
    Gross Profit                                    2,214,316

Expenses:
Officer compensation                                   40,385
Salary Expenses other Employees                       729,474
Employee Benefits & Pensions                          159,521
Payroll Taxes                                          55,794
Other Taxes                                            87,194
Rent and Lease Expense                                134,615
Interest Expense                                      282,750
Insurance                                               7,842
Automobile and Truck Expense                           49,901
Utilities (gas, electric, phone)                        3,898
Depreciation                                           25,857
Travel and Entertainment                               49,299
Repairs and Maintenance                                35,852
Advertising                                                 -
Supplies, Office Expense, etc                         169,814
Other Specify: Legal                                   30,000
Other Specify: Misc                                   113,000
                                                 ------------
     Total Expenses                                 1,975,196
                                                 ------------
Net Operating Profit (Loss)                           239,120

Add: Non-Operating Income
        Interest Income                                     -
        Other Income                                        -

Less: Non Operating Expenses
         Professional Fees                                  -
         Other                                      3,769,935
                                                 ------------
NET INCOME/(LOSS)                                 ($3,530,815)
                                                 ============


            Blue Water Automotive Properties L.L.C
                 Unaudited Balance Sheet
                    As of June 29, 2008

ASSETS:
Cash                                                 $223,173
Inventory                                                   -
Accounts Receivable                                         -
Insider Receivables                                         -
Land and Buildings                                 27,459,896
Furniture, Fixtures & Equipment                             -
Accumulated Depreciation                           (3,244,755)
Other: Current Assets                                 464,250
Other: Long Term Assets                                     -
                                                 ------------
TOTAL ASSETS                                      $24,902,564
                                                 ============
LIABILITIES:
Postpetition Liabilities:
Accounts Payable                                            -
Rent and Lease Payable                                      -
Wages and Salaries                                          -
Taxes Payable                                               -
Other:                                                437,489
                                                 ------------
     Total Postpetition Liabilities                   437,489

Secured Liabilities:
Subject to Postpetition Collateral or DIP Order             -
All Other Secured Liabilities                      14,724,436
                                                 ------------
     Total Secured Liabilities                     14,724,436

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                     (527,179)

    Total Equity:                                  (2,205,286)
                                                 ------------
TOTAL LIABILITIES AND EQUITY                      $24,902,564
                                                 ============


               Blue Water Automotive Systems, Inc.
                  Unaudited Operating Statement
                    Month Ended June 29, 2008

Total Revenue/Sales                                        $0
Cost of Sales                                         104,695
                                                 ------------
    Gross Profit                                     (104,695)



Expenses:
Officer compensation                                        -
Salary Expenses other Employees                             -
Employee Benefits & Pensions                                -
Payroll Taxes                                               -
Other Taxes                                                 -
Rent and Lease Expense                                      -
Interest Expense                                      105,313
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                                   105,313
                                                 ------------
Net Operating Profit (Loss)                          (210,008)

Add: Non-Operating Income
        Interest Income                                     -
        Other Income                                  133,718

Less: Non Operating Expenses
         Professional Fees                                  -
         Other                                              -
                                                 ------------
NET INCOME/(LOSS)                                    ($76,290)
                                                 ============


                 Blue Water Plastics Mexico Ltd.
                    Unaudited Balance Sheet
                      As of June 29, 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:                                             11,945,925
                                                 ------------
     Total Prepetition Liabilities                 11,945,925

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 for the month ended June 29, 2008.

                 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, serve as the Debtors' bankruptcy counsel.
Administar Services Group LLC acts as the Debtors' claims,
notice, 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.  The Plan has been
confirmed by the Court.

(Blue Water Automotive Bankruptcy News, Issue No. 25, Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000)


CATHOLIC CHURCH: Fairbanks Files Report for Month Ended June 30
---------------------------------------------------------------

               Catholic Bishop of Northern Alaska
                 Statement of Financial Position
                       As of June 30, 2008

                                               CBNA     Held for
ASSETS                                        Total      Others
                                              -----     --------
Cash and cash equivalents                   179,474      $78,362
Investments:                                                             
   Valuables in safe                            168            -
   Trust account @ market                 1,657,333            -
   457 Plan assets @ market                       -      182,706
   Endowment Fund @ market                        -   14,793,319
   Endowment Fund-earnings @ market        (162,531)           -
   Stocks                                         -            -
   Limited partnerships                     261,324            -
Accounts receivable, net of
allowance:                                   
   Tuition, fees and others                 204,343            -
   For parishes and school                   55,952            -
   Other                                     12,882            -
Notes and other receivables                 348,500            -
Grants pledged                              125,000            -
Fixed assets, net at
cost:                                               
   Land and building                      7,780,155            -
   Aircraft                                 340,726            -
   Equipment                                      -            -
Other assets                                 95,970            -
                                         ----------   ----------
   Total Assets                         $10,899,302  $15,054,388
                                         ==========   ==========
                                                                         
LIABILITIES AND NET
ASSETS                                               
                                                                         
Liabilities:                                                             
Accounts payable/accrued liabilities       $620,080            -
Notes payable                               216,966            -
Benefits payable                             79,238            -
Deferred revenue                            233,764            -
Annuities payable                           215,684            -
Other liabilities                            20,000            -
Payroll-related
liabilities:                                             
   Payroll taxes                             68,440            -
   General vacation accrual account          16,339            -
   Accrued leave                            244,231            -
Insurance:                                                               
   Long term disability                         931            -
   Insurance deposits A/R                    56,949            -
   Insurance reserves expense                35,346            -
   Indemnity insurance reserves                 100            -
   Medical/Dental payroll deduction         235,810            -
Teacher scholarships                             -             -
CBNA building loan                               -             -
                                         ----------   ----------

   Total Liabilities                      2,043,882            -
                                         ----------   ----------
Total net assets                          8,855,420   15,054,388
                                         ----------   ----------
   Total Liabilities and Net Assets     $10,899,302  $15,054,388
                                         ==========   ==========

               Catholic Bishop of Northern Alaska
                     Statement of Activities
               For the month ending June 30, 2008

                                               CBNA     Held for
                                              Total      Others
Support and revenue:                          -----     --------
   Parish assessments                       $13,549            -
   Tuition, net of tuition assistance        23,245            -
   Curricular income                            211            -
   Donations                                523,330       $5,077
   Investment income                       (768,706)    (140,937)
   Other income                             124,025            -
                                         ----------   ----------
   Total support and revenue                (84,344)    (135,860)
                                                                         
Expenses:                                                                
   Operating expenses                        58,758            -
   Supplies                                  11,226            -
   Repair & Maintenance                      32,137            -
   Utilities                                 32,474            -
   Insurance                                  8,290            -
   Staff Expenses:
      Salaries & Wages                      227,969            -
      Payroll Taxes                          15,100            -
      Employee Benefits                      84,112            -
      Staff Development/Misc.                 1,892            -
   Curricular Expenses                        8,198            -
   Recruiting, advertising and PRs            5,000            -
   Travel Expenses                           17,595            -
   Student related expenses                   2,812            -
   Contributions                                  -            -
   Professional and technical fees           22,858            -
   Investment services                       82,220      $12,927
   Subsidies                                113,354            -
   Rental/Lease Expense                      65,480            -
   Assessments                                1,252            -
   Fund Raising Expense                         905            -
   Radio Programming Expense                 54,597            -
   Radio Technical Dept. Expenses             4,190            -
   Miscellaneous Expense                         74            -
                                         ----------   ----------
   Total General                            850,501       12,927

   Funds released from restricted funds           -            -
   Net change in designated funds                 -            -
                                         ----------   ----------
   Total Expenses                           850,501       12,927
                                         ----------   ----------

Increase (decrease) in net assets          (934,846)    (148,788)
                                         ----------   ----------

Re-organizational costs                    (300,417)           -
                                         ----------   ----------
Increase (decrease) in net assets
after Re-org costs                       (1,235,264)    (148,788)

Net
assets:                                                              
   Beginning of month                    10,090,684   15,203,176
                                         ----------   ----------
   End of month                          $8,855,420  $15,054,388
                                         ==========   ==========

               Catholic Bishop of Northern Alaska
                 Cash Receipts and Disbursements
               For the month ending June 30, 2008

                                               CBNA     Held for
                                              Total      Others
                                              -----     --------
Beginning balance - February 2008          $485,237      $77,681

Total receipts - prior gen. acct. reps.   3,096,510      380,144
Less total disbursements                  3,199,447      328,278
                                         ----------   ----------
Beginning balance - May 31, 2008            382,300      129,547

Receipts during current
period:                                          
   Funds received by CSF from CBNA           30,216            -
   Funds collected from others               77,348       77,348
   Transfers between internal accounts       46,166            -
   Accounts receivable - post filing         68,097            -
   Transfers from investment accounts       190,000            -
   Custodial funds                           20,816       20,816
   Funds received by CBNA from KNOM          54,094            -
   Funds received from Catholic Schools      30,543            -
   Interest & dividends                         628            -
   Donations                                425,371            -
   Donations - Internet                         575            -
   Gains (Losses) security sales              2,215            -
   Grants                                     2,000            -
   Payment refund/return                        726            -
   Weather service income                       150            -
   Stock                                        764            -
   Restricted funds                         118,909            -
   Other income/fees                          5,724            -
   Co-curricular income                          69            -
   Curricular income                            172            -
   Parish assessments                        13,549            -
   Earnest payment aircraft sale             10,000            -
                                         ----------   ----------
   Total receipts this period             1,098,141       98,165
                                         ----------   ----------
Balance                                   1,480,442      227,712

Less total
disbursements:                                                
   Transfers to Catholic Schools             30,216            -
   Transfers from KNOM to CBNA               54,094            -
   Transfers between internal accounts       47,310            -
   Transfers to CBNA from CSF                30,543            -
   Custodial funds                           87,958       87,958
   Administrative                             2,533            -
   Co-curricular expense                      1,174            -
   Curricular expense                         8,262            -
   Funds disbursed for others               136,047      136,047
   Bank fees and charges                      2,249            -
   Interest expense                             697            -
   Programming - News service                55,290            -
   Wages & salaries                         297,265            -
   Employee benefits                        100,028            -
   Fundraising                                6,382            -
   Mission & program support                 14,353            -
   Equipment & supplies                      27,820            -
   Telephone/Internet                         1,588            -
   Staff development                            580            -
   Utilities                                 56,021            -
   List rental and copy leases               53,802            -
   Services & insurance                      32,414            -
   Dues/fees                                    553            -
   Education expenses                           600            -
   Maintenance/repairs                       18,982            -
   Building supplies and expenses            97,456            -
   Annuities                                  1,201            -
   School supplies                              813            -
   Travel                                    16,999            -
   NSF's                                      2,000            -
   Postage                                   35,884            -
   Printing and copying                       2,223            -
   Restricted                                   137            -
   Miscellaneous                                714            -
                                         ----------   ----------
   Total disbursements this period        1,224,204      224,006
                                         ----------   ----------
Ending balance - June 30, 2008              256,237       $3,706

Plus: Petty Cash                              1,600            -
                                         ----------   ----------
Ending balance - June 30, 2008             $257,837       $3,706
                                         ==========   ==========

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


DELTA FINANCIAL: Files June 2008 Monthly Operating Report
---------------------------------------------------------

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

Assets

Cash and cash equivalents                            $6,732,712
Mortgage loans held for sale, net                             0
Mortgage loans held for investment, net of
   discount and deferred fees                                 0
Less: allowance for loan losses                               0
                                                     ----------  
Mortgage loans held for investment, net                       0

Trustee receivable                                            0     
Accrued interest receivable                                   0       
Excess cash flow certificates                                 0        
Equipment, net                                                0        
Accounts receivable                                  10,587,157
Prepaid and other assets                              5,732,230
Deferred tax asset                                         
                                                    -----------
Total Assets                                        $23,052,098
                                                    ===========

Liabilities and Stockholder's Equity

Liabilities:

Bank payable                                                 $0
Warehouse financing                                           0
Financing on mortgage loans
   held for investment, net                                   0
Other borrowings                                              0
Accrued interest payable                                      0
Accounts payable and other liabilities               11,550,371
Long term liabilities                                 5,274,031
Deferred tax liability                                        
                                                    -----------
Total Liabilities                                    16,824,402

Stockholders' Equity:

Preferred stock - REIT                                     
Common stock                                            254,792
Additional paid-in capital                          158,301,751
Retained earnings (accumulated deficit)            (151,010,693)
Accumulated other comprehensive income (loss)              
Treasury stock, at cost                              (1,318,154)
                                                    -----------  
Total stockholders' equity                            6,227,696
                                                    -----------  
Total liabilities and stockholders' equity          $23,052,098
                                                    ===========  

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


Interest income                                        $146,249
Interest expense                                     (1,246,870)
                                                    -----------
Net interest income                                  (1,100,621)
Provision for loan loss                                       0
                                                    -----------
Net interest income after provision for loan loss    (1,100,621)

Non-interest income

Net gain on sale of mortgage loans                     (190,829)
Other income                                         42,882,369
                                                    -----------
Total non-interest income                            42,691,540

Non-interest expense

Payroll and related costs                             1,984,893
General and administrative                            5,419,824
(Gain) loss on derivative instruments                         0  
                                                    -----------
Total non-interest expense                            7,404,718

Income (loss) before income tax expense (benefit)    34,186,202
Provision for income tax expense (benefit)                    0   
                                                    -----------
Net income (loss)                                   $34,186,202
                                                    ===========

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

   Professional           Role                    Fees  Expenses
   ------------           ----                    ----  --------
   AlixPartners, LLP      Claims Agent         $110,098  $42,075
                          to Debtors

   Morrison & Foerster    General Bankruptcy    662,922   19,853
                          Counsel to Debtors

   FTI Consulting         Financial Advisors    163,886    1,645
                          to Debtors

   Pepper Hamilton LLP    Delaware Counsel       87,795   14,668  
                          to Debtors

   Weiser LLP             Financial Advisor      52,548       40
                          to Committee

   Landis Rath & Cobb LLP Delaware Counsel       22,906    1,771
                          to Committee

   Epiq Systems           Claims Agent              102        8        

   Crowell & Moring       O.C. Professional         195        0  

   CT Corporation         O.C. Professional      10,368        0        

   Pentalpha Group LLC    O.C. Professional      36,869    1,132

   Goldstein Jones LLP    O.C. Professional       1,725      121

   Jenner & Block LLP     O.C. Professional      94,497    5,158

   EmphaSys Tech., Inc.   O.C. Professional      15,500        0
                                             ---------- --------
   Total                                     $1,259,410  $86,470

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

The company filed a chapter 11 petition on December 17, 2007
(Bankr. D. Del. Lead Case No. 07-11880).  On the same day, three
affiliates filed separate chapter 11 petitions -- Delta Funding
Corp., Renaissance Mortgage Acceptance Corp., and Renaissance
R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to
07-11883).  The Debtors' petition listed D.B. Structured Products
Inc. as their largest unsecured creditor holding a $19,500,000
claim.

The Debtors selected Morrison & Foerster LLP as their general
bankruptcy counsel and David B. Stratton, Esq. and James C.
Carignan, Esq. at Pepper Hamilton LLP as their counsel.  The
Debtors hired AlixPartners LLP as their claims agent.  The
Official Committee of Unsecured Creditors retained Landis Rath &
Cobb LLP as its Delaware counsel.

The Debtors have asked for further extension to their exclusive
plan filing period through July 25, 2008, and solicit and obtain
acceptances of that plan, through Sept. 26, 2008.  (Delta
Financial Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000).


HOMEBANC CORP: Reports $4,822,000 Net Loss in May 31
----------------------------------------------------

          HomeBanc Mortgage Corporation and Subsidiaries
               Unaudited Consolidated Balance Sheet
                       As of May 31, 2008

                             ASSETS

Cash                                                 $6,028,000
Restricted cash                                               0
Mortgage loans held for sale, net                     3,294,000
Mortgage loans held for investment, net                       0
Mortgage servicing rights                                     0
Receivable from custodian                                     0
Trading securities                                      500,000
Securities available for sale                                 0
Securities held to maturity                                   0
Accrued interest receivable                                   0
Premises and equipment, net                                   0
Goodwill, net                                                 0
Deferred tax asset, net                                       0
Accounts receivable from affiliates                           0
Investment in subsidiaries                                    0
Other Assets                                         11,961,000
                                                ---------------
TOTAL ASSETS                                        $21,783,000
                                                ===============

                       LIABILITIES & EQUITY

Warehouse lines of credit                                    $0
Repurchase agreements                                         0
Loan funding payable                                  1,478,000
Accrued interest payable                                      0
Accrued expenses                                      5,545,000
Other accounts payable                                        0
Accounts payable to affiliates                                0
Collaterized debt obligations                                 0
Junior subordinated debentures representing         175,260,000
  obligations for trust preferred securities
                                                ---------------
Total liabilities                                   182,283,000

Minority interest                                        64,000

Shareholders Equity:
  Preferred stock                                    47,992,000
  Common stock                                          571,000
  Additional paid-in capital                        278,865,000
  Accumulated deficit                              (470,088,000)
  Treasury stock                                    (17,904,000)
  Accumulated other comprehensive (loss) income               0
                                                ---------------
Total shareholder's equity                         (160,564,000)
                                                ---------------
TOTAL LIABILITIES & EQUITY                          $21,783,000
                                                ===============


          HomeBanc Mortgage Corporation and Subsidiaries
          Unaudited Consolidated Statement of Operations
                 For 5 Months Ended May 31, 2008

REVENUES
MBS interest income                                    $710,000
Other miscellaneous income                              384,000
                                                ---------------
Total revenues                                        1,094,000

EXPENSES
Professionals                                         3,193,000
Insurance                                               575,000
Contract personnel                                      200,000
Data facility                                                 0
Compensation and benefits                               312,000
Financial systems                                       122,000
Record storage                                           56,000
Medical insurance run-off payments                      196,000
Loan sales expense                                      117,000
U.S. trustee fees                                        47,000
Office rental                                            31,000
Other misc. operating expenses                        1,067,000
                                                ---------------
Total expenses                                        5,916,000
                                                ---------------
Income tax expense                                            0
                                                ---------------
Net Income (Loss)                                   ($4,822,000)
                                                ===============



          HomeBanc Mortgage Corporation and Subsidiaries
               Consolidated Statement of Cash Flows
               For the 5 Months Ended May 31, 2008

OPERATING ACTIVITIES
Net loss                                            ($4,822,000)

Adjustments to reconcile net loss to net cash
  (used in) provided by operating activities:
  (Increase) decrease in mortgage loans held for      2,117,000
    sale, net
  Decrease (interest) in other assets                 1,399,000
  Decrease in other liabilities                         (55,000)
                                                ---------------
Net cash (used in) provided by operating             (1,361,000)
  activities

INVESTING ACTIVITIES
Net cash provided by (used in) investing                      0
  activities

FINANCING ACTIVITIES
Net cash (used in) provided by financing                      0
  activities
                                                ---------------
Net increase (decrease) in cash                      (1,361,000)
Cash and cash equivalents at beginning of period      7,389,000
                                                ---------------
Cash and cash equivalents at end of period           $6,028,000
                                                ===============

                       About HomeBanc

Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation
-- http://www.homebanc.com/-- is a mortgage banking company
focused  on originating primarily prime purchase money residential
mortgage loans in the Southeast United States.

HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084).  Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them in
these cases.  The Official Committee of Unsecured Creditors
selected the firm Otterbourg, Steindler, Houston and Rosen, P.C.
as its counsel.  The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000.  The Debtors' exclusive period to file a plan
ends on April 7, 2008.

(HomeBanc Bankruptcy News, Issue No. 28; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).  

HOMEBANC CORP: Reports $9,475,000 Net Loss in June 30
-----------------------------------------------------

          HomeBanc Mortgage Corporation and Subsidiaries
               Unaudited Consolidated Balance Sheet
                       As of June 30, 2008

                              ASSETS

Cash                                                 $3,108,000
Restricted cash                                               0
Mortgage loans held for sale, net                     1,560,000
Mortgage loans held for investment, net                       0
Mortgage servicing rights                                     0
Receivable from custodian                                     0
Trading securities                                      500,000
Securities available for sale                                 0
Securities held to maturity                                   0
Accrued interest receivable                                   0
Premises and equipment, net                                   0
Goodwill, net                                                 0
Deferred tax asset, net                                       0
Accounts receivable from affiliates                           0
Investment in subsidiaries                                    0
Other Assets                                         11,962,000
                                                ---------------
TOTAL ASSETS                                        $17,130,000
                                                ===============

                       LIABILITIES & EQUITY

Warehouse lines of credit                                    $0
Repurchase agreements                                         0
Loan funding payable                                  1,478,000
Accrued interest payable                                      0
Accrued expenses                                      5,545,000
Other accounts payable                                        0
Accounts payable to affiliates                                0
Collaterized debt obligations                                 0
Junior subordinated debentures representing         175,260,000
  obligations for trust preferred securities
                                                ---------------
Total liabilities                                   182,283,000

Minority interest                                        64,000

Shareholders Equity:
  Preferred stock                                    47,992,000
  Common stock                                          571,000
  Additional paid-in capital                        278,865,000
  Accumulated deficit                              (474,741,000)
  Treasury stock                                    (17,904,000)
  Accumulated other comprehensive (loss) income               0
                                                ---------------
Total shareholder's equity                         (165,217,000)
                                                ---------------
TOTAL LIABILITIES & EQUITY                          $17,130,000
                                                ===============

  
          HomeBanc Mortgage Corporation and Subsidiaries
          Unaudited Consolidated Statement of Operations
                For 6 Months Ended June 30, 2008

REVENUES
MBS interest income                                    $805,000
Other miscellaneous income                              390,000
                                                ---------------
Total revenues                                        1,195,000

EXPENSES
Professionals                                         3,458,000
Insurance                                               575,000
Contract personnel                                      263,000
Data facility                                                 0
Compensation and benefits                               312,000
Financial systems                                       122,000
Record storage                                           59,000
Medical insurance run-off payments                      202,000
Loan sales expense                                      146,000
U.S. trustee fees                                        47,000
Office rental                                            47,000
Other misc. operating expenses                        5,441,000
                                                ---------------
Total expenses                                       10,670,000
                                                ---------------
Income tax expense                                            0
                                                ---------------
Net Income (Loss)                                   ($9,475,000)
                                                ===============


          HomeBanc Mortgage Corporation and Subsidiaries
               Consolidated Statement of Cash Flows
               For the 6 Months Ended June 30, 2008

OPERATING ACTIVITIES
Net loss                                            ($9,475,000)

Adjustments to reconcile net loss to net cash
  (used in) provided by operating activities:
  (Increase) decrease in mortgage loans held for      3,851,000
    sale, net
  Decrease (interest) in other assets                 1,398,000
  Decrease in other liabilities                         (55,000)
                                                ---------------
Net cash (used in) provided by operating             (4,281,000)
  activities

INVESTING ACTIVITIES
Net cash provided by (used in) investing                      0
  activities

FINANCING ACTIVITIES
Net cash (used in) provided by financing                      0
  activities
                                                ---------------
Net increase (decrease) in cash                      (4,281,000)
Cash and cash equivalents at beginning of period      7,389,000
                                                ---------------
Cash and cash equivalents at end of period           $3,108,000
                                                ===============

                       About HomeBanc

Headquartered in Atlanta, Georgia, HomeBanc Mortgage Corporation
-- http://www.homebanc.com/-- is a mortgage banking company
focused  on originating primarily prime purchase money residential
mortgage loans in the Southeast United States.

HomeBanc Mortgage together with five affiliates filed for chapter
11 protection on Aug. 9, 2007 (Bankr. D. Del. Case Nos. 07-11079
through 07-11084).  Joel A. Waite, Esq., at Young, Conaway,
Stargatt & Taylor was selected by the Debtors to represent them in
these cases.  The Official Committee of Unsecured Creditors
selected the firm Otterbourg, Steindler, Houston and Rosen, P.C.
as its counsel.  The Debtors' financial condition as of June 30,
2007, showed total assets of $5,100,000,000 and total liabilities
of $4,900,000,000.  The Debtors' exclusive period to file a plan
ends on April 7, 2008.

(HomeBanc Bankruptcy News, Issue No. 28; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000).  


LINENS 'N THINGS: Files Operating Report for June 28, 2008
----------------------------------------------------------
Linens 'N Things and its debtor-affiliates submitted to the
United States Bankruptcy Court for the District of Delaware its
their operating report for the month ended June 28, 2008:

                    Linens Holding Co., et al.
                          Balance Sheet
                       As of June 28, 2008

Assets

Current Assets
   Cash                                              $29,234,466
   Accounts receivable, net                           38,019,033
   Inventory                                         547,974,178
   Prepaid expenses                                   39,502,100
                                                   -------------
Total Current Assets                                 654,729,777

Property & Equipment
   Building                                            5,010,000
   Furniture & fixtures                              272,972,004
   Hardware                                           13,611,010
   Leasehold improvements                            179,132,427
   Land                                                1,030,400
   Software                                            8,689,658
   Less: accumulated depreciation                   (205,858,028)
                                                   -------------
Total Property & Equipment                           274,587,471

Other Assets
   Identifiable intangible                           135,179,986
   Goodwill                                          253,159,671
   Other non-current assets                           38,828,054
                                                   -------------
   Total other assets                                427,167,711
                                                   -------------
Total Assets                                      $1,356,484,959
                                                   =============

Liabilities and Shareholders' Equity

Liabilities not subject to compromise
   Current liabilities
      Merchandise accounts payable                    $8,577,561
      Merchandise accruals, refunds & allowances      57,213,512
      Due to customers                                 1,551,592
      Salaries and wages                               7,417,659
      Taxes, non-franchise and income tax             13,217,958
      Workers compensation                               136,651
      Current retirement plans                            72,350
      Rent                                                     -
      General liability claims                           133,217
      Accrued auto claims & uninsured losses              17,694
      Other accrued liabilities                       61,831,341
                                                   -------------
   Total Current Liabilities                         150,169,535

   Long Term Liabilities
      Long-term borrowings                           175,410,355
      Non-current deferred income                              -
      Other liabilities                                  984,578
                                                   -------------
   Total long term liabilities                       176,394,933
                                                   -------------
   Total liabilities not subject to compromise       326,564,468

Liabilities subject to compromise
   L/T senior secured note                           668,914,007
   Unsecured claims                                  352,512,084
   Priority claims                                    27,604,901
   Other accruals and reserves                                 -
                                                   -------------
     Total Liabilities Subject to Compromise       1,049,030,992
                                                   -------------
     Total Liabilities                             1,375,595,460

Shareholders' Equity
   Common stock                                          130,130
   Additional paid-in capital                        600,966,833
   Retained earnings - prepetition                  (536,191,697)
   Retained earnings - postpetition                  (87,101,951)
   Currency gain/loss                                  3,086,184
                                                   -------------
   Net shareholders' equity                          (19,110,501)
                                                   -------------
   Total Liabilities and Shareholders' Equity     $1,356,484,959
                                                   =============

                    Linens Holding Co., et al
                        Income Statement
               For the month ending June 28, 2008

Gross revenues                                      $138,221,282
Rebates and returns                                    2,304,652
Cost of goods sold                                   (68,158,032)
                                                   -------------
Initial Mark On (IMO)                                 72,367,902

Markdowns                                             14,495,056
Gross allowances                                      (1,646,405)
Deferred allowances                                   (8,036,175)
                                                   -------------
Total markdowns - net                                  4,812,476
                                                   -------------
Merchant margin                                       67,555,426

Supply chain expenses                                 (6,517,004)
Buying, product development, shrink                   (4,136,017)
                                                   -------------
Gross profit                                          56,902,405

Store payroll expense                                (18,703,759)
Other store selling expenses                          (5,315,622)
                                                   -------------
Total selling expense                                (24,019,381)
                                                   -------------
Margin after selling expenses                         32,883,024

Occupancy                                            (33,499,276)
Sales promotions                                      (1,344,202)
Other store expenses                                  (1,792,384)
Store closing expense                                          -
Supervisory/Other                                     (1,152,177)
                                                   -------------
Total store expenses                                 (37,788,039)
                                                   -------------
Store contribution                                    (4,905,015)

Administrative salaries                               (2,641,587)
Other administrative expenses                         (4,908,162)
Other income/(expense)                               (10,955,725)
Interest                                              (2,242,945)
Taxes                                                   (676,051)
                                                   -------------
Total General & Administrative                       (21,424,470)
                                                   -------------
Net Earnings [Loss]                                  (26,329,485)
                                                   -------------
Reorganization Items                                 (29,719,957)
                                                   -------------
Net Earnings [Loss] after reorg. items              ($56,049,442)
                                                   =============

                    Linens Holding Co., et al.
           Schedule of Cash Receipts and Disbursements
               For the month ending June 28, 2008

Cash Receipts:
   Sales receipts                                   $170,895,000
   Other receipts, i.e. tenant allow.                  2,059,000
   Store closure proceeds                            110,546,000
                                                   -------------
   Total receipts                                    283,500,000

Cash Disbursements:
   Trade payments:
      A/P - Merchandise                               67,288,000
      Rollover A/P - Prepaid                                   -
      A/P - LC's & Trade Card                          8,768,000
      A/P - LAPP                                               -
                                                   -------------
   Total trade payments                               76,056,000

   Operating Expenses:
      Payroll, payroll taxes & benefits               31,957,000
      Rent checks and wires                           20,549,000
      Marketing                                        3,004,000
      Capital expenditures                                     -
      Freight                                          6,928,000
      Sales tax payable                               10,673,000
      Other (Import duties, misc. CC fees)            15,862,000
      Administrative & selling expenses                        -
                                                   -------------
   Total operating expenses                           88,973,000

    Non-Operating Expenses:
     DIP & revolver interest & fees                            -
     Other Interest Expense / (Income)                     4,000
                                                   -------------
     Total non-pperating expenses                          4,000
                                                   -------------
Net operating cash flow                              118,466,000

   Bankruptcy Expenses:
      DIP fees & expenses                                      -
      Deposits for utilities                           1,485,000
      Professional fees                                1,289,000
                                                   -------------
   Total Bankruptcy Expenses                           2,774,000
                                                   -------------
Net Cash Flows                                       115,692,000
                                                   -------------
Draw / (Paydown) of DIP Facility                    (126,004,000)
                                                   -------------
Net Change in Cash                                  ($10,312,000)
                                                   =============

Clifton, New Jersey-based Linens 'n Things, Inc. --
http://www.lnt.com/-- is the second largest specialty retailer    
of home textiles, housewares and home accessories in North America
operating 589 stores in 47 U.S. states and seven Canadian
provinces as of Dec. 29, 2007.  The company is a destination
retailer, offering one of the broadest and deepest selections of
high quality brand-name as well as private label home furnishings
merchandise in the industry.  Linens 'n Things has some 585
superstores (33,000 sq. ft. and larger), emphasizing low-priced,
brand-name merchandise, in more than 45 states and about seven
Canadian provinces.  Brands include Braun, Krups, Calphalon,
Laura Ashley, Croscill, Waverly, and the company's own label.  
Linens 'n Things was acquired by private equity firm Apollo
Management in 2006.

On May 2, 2008, these Linens entities filed chapter 11 petition
(Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things,
Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834),
Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC (08-
10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838), LNT
Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT
Virginia LLC (08-10841), LNT Merchandising Company LLC (08-10842),
LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844).  
Judge Christopher S. Sontchi presides over the case.

The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John
H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A.  The Debtor's special
corporate counsels are Holland N. O'Neil, Esq., Ronald M.
Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq.,
and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and
Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan,
Lewis & Bockius LLP.  The Debtors' restructuring management
services provider is Conway, Del Genio, Gries & Co., LLC.  The
Debtors' CRO/Interim CEO is  Michael F. Gries, co-founder of
Conway Del Genio Gries & Co., LLC.  The Debtors' claims agent is
Kurtzman Carson Consultants LLC.  The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protiviti, Inc.  Their
investment bankers are Financo, Inc. and Genuity Capital Markets.

The Official Committee of Unsecured Creditors is represented by
Cole, Schotz, Meisel, Forman & Leonard, P.A.  Carl Marks Advisory
Group LLC serves as financial advisor to the Creditors' Committee.  
A Noteholder Committee has been formed and is represented by
Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl
& Jones.

(Bankruptcy News About Linens 'n Things, Issue No. 14; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000)


LINENS N THINGS: LNT Inc. Files Assets and Debts Schedules
----------------------------------------------------------
LNT, Inc. filed its Schedules of Assets and Liabilities with the
United States Bankruptcy Court for the District of Delaware:

A - Real Property
       Building in Secaucus, New Jersey               $5,880,975
       Land in Greensboro, North Carolina                400,400

B - Personal Property
B.1   Cash on Hand                                       526,690
B.2   Bank Accounts
         Wachovia - store depository                   1,745,552
         Bank of America - corporate account             770,972
         National City Bank, IL                          429,128
         Others                                          730,249
B.3   Security Deposits
         Withlacooche River Electric                      12,000
         Northbrook                                       10,158
         OUC                                               7,150
         Con Edison                                        8,960
         Stroudsburg                                       2,735
         City of East Point                                2,014
         Daytona Beach                                     1,888
         Others                                           11,017
B.4   Household goods                                       None
B.5   Book, artwork and collectibles                        None
B.6   Wearing apparel                                       None
B.7   Furs and jewelry                                      None
B.8   Firearms and other equipment                          None
B.9   Insurance Policies                                    None
B.10  Annuities                                             None
B.11  Interests in an education IRA                         None
B.12  Interests in pension plans 401(k) Plan                None
B.13  Stock and Interests
         100% interest in LNT Services, Inc.             Unknown
         100% interest in LNT Leasing II, LLC            Unknown
         100% interest in LNT West, Inc.                 Unknown
         100% interest in LNT Virginia LLC               Unknown
B.14  Interests in partnerships/joint ventures              None
B.15  Government and corporate bonds                        None
B.16  Accounts Receivable
         VISA/Master Card                              2,588,977
         American Express                                953,803
         Discover Card                                   559,894
         Landlords                                       312,577
         Others                                          894,868
B.17  Alimony                                               None
B.18  Other Liquidated Debts Owing Debtor
         Prepaid supplies                              1,137,305
         Prepaid sales & use tax                         212,000
         Franchise tax refunds - Connecticut             187,000
         Franchise tax refunds - Alabama                   4,556
         Franchise tax refunds - Pennsylvania              2,115
B.19  Equitable or future interests                         None
B.20  Interests in estate death benefit plan                None
B.21  Other Contingent and Unliquidated Claims              None
B.22  Patents, copyrights, and others                       None
B.23  Licenses, franchises & other intangibles
         Gift card customer relationships                Unknown
         Favorable lease - Burbank                     8,089,630
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 & supplies
         Hardware                                      3,205,610
         Software                                        698,172
B.29  Equipment and Supplies for Business
         Leasehold improvements                       69,273,707
         Furnishings and fixtures                     43,310,643
B.30  Inventory
         Sheets                                       27,664,990
         Cookware                                     26,533,146
         Fashion bedding                              25,582,765
         Kitchen electrics                            22,329,534
         Towels                                       20,101,684
         Window                                       18,252,830
         Electrics                                    18,179,326
         Pillows and pads                             13,263,038
         Cooking accessories                          12,352,388
         Decorative bath                              11,150,839
         Furniture                                    10,459,541
         Candles/Home fragrance                        9,650,766
         Storage and organization                      9,393,046
         Duvets                                        9,226,369
         Functional bath                               9,020,214
         Alt bedding                                   8,931,892
         Tablelinens and placemats                     8,684,758
         Window - hardware                             7,658,135
         Throws, toss & furniture covers               7,272,306
         Others                                       60,624,426
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                         478,302,738
      ==========================================================

C - Property Claimed                                        None

D - Creditors Holding Secured Claims                        None

E - Creditors Holding Unsecured Priority Claims
         Severance pay                                    40,417
         Various employees - wages and salaries        2,941,158
         Various employees - accrued vacation            810,340
         Contribution to employee benefit plans           65,027
         Taxes/Debts owed to Governmental units       10,959,309

F - Creditors Holding Unsecured Nonpriority Claims
         Linens 'N Things Canada                      47,786,196
         Newspaper Services of America - Chicago       2,153,202
         Newspaper Services of America - Downers       1,223,515
         WIS International                               552,128
         Inland US Management LLC                        506,677
         Developers Diversified Realty Corp.             478,018
         Nassau Mall Plaza Associates                    390,850
         McCaffrey Interests                             287,229
         Elmwood North I, LLC                            253,320
         Biscayne Retail Partners, Ltd.                  250,907
         Manhasset Venture, LLC                          242,386
         GGP-Maine Mall, LLC                             226,726
         Southside Retail, LLC                           222,453
         Rossford Development, LLC                       209,838
         Horizon National Contract Services, LLC         196,162
         Others                                       31,973,503

      TOTAL SCHEDULED LIABILITIES                   $101,769,361
      ==========================================================

Clifton, New Jersey-based Linens 'n Things, Inc. --
http://www.lnt.com/-- is the second largest specialty retailer    
of home textiles, housewares and home accessories in North America
operating 589 stores in 47 U.S. states and seven Canadian
provinces as of Dec. 29, 2007.  The company is a destination
retailer, offering one of the broadest and deepest selections of
high quality brand-name as well as private label home furnishings
merchandise in the industry.  Linens 'n Things has some 585
superstores (33,000 sq. ft. and larger), emphasizing low-priced,
brand-name merchandise, in more than 45 states and about seven
Canadian provinces.  Brands include Braun, Krups, Calphalon,
Laura Ashley, Croscill, Waverly, and the company's own label.  
Linens 'n Things was acquired by private equity firm Apollo
Management in 2006.

On May 2, 2008, these Linens entities filed chapter 11 petition
(Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things,
Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834),
Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC (08-
10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838), LNT
Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT
Virginia LLC (08-10841), LNT Merchandising Company LLC (08-10842),
LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844).  
Judge Christopher S. Sontchi presides over the case.

The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John
H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A.  The Debtor's special
corporate counsels are Holland N. O'Neil, Esq., Ronald M.
Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq.,
and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and
Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan,
Lewis & Bockius LLP.  The Debtors' restructuring management
services provider is Conway, Del Genio, Gries & Co., LLC.  The
Debtors' CRO/Interim CEO is  Michael F. Gries, co-founder of
Conway Del Genio Gries & Co., LLC.  The Debtors' claims agent is
Kurtzman Carson Consultants LLC.  The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protiviti, Inc.  Their
investment bankers are Financo, Inc. and Genuity Capital Markets.

The Official Committee of Unsecured Creditors is represented by
Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler
Houston & Rosen P.C., as lead counsel.  Norman L. Pernick, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington, D
elaware, serves as local co-counsel.  Carl Marks Advisory Group
LLC serves as financial advisor to the Creditors' Committee.  A
Noteholder Committee has been formed and is represented by
Kasowitz,
Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl & Jones.

(Bankruptcy News About Linens 'n Things, Issue No. 14; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000)


LINENS N THINGS: LNT Services Files Assets and Debts Schedules
--------------------------------------------------------------
LNT Services, Inc. filed its Schedules of Assets and Liabilities
with the United States Bankruptcy Court for the District of
Delaware:

A - Real Property
       Dist. center in Greensboro, N. Carolina        $4,644,283

B - Personal Property
B.1   Cash on Hand
         Home Office                                         992
         Main - Logan                                      1,000
         Main - Greensboro                                 2,000
B.2   Bank Accounts
         Bank of New York - corporate account            735,599
         Evergreen Investments                           224,073
         JPMorgan Chase                                  126,977
         Wachovia                                        123,032
B.3   Security Deposits
         Lease deposit                                     5,000
B.13  Stock and Interests
         PIMCO Total Return Fund                         178,937
         Franklin Mutual Services Inc.                   176,694
         Dryden Short-Term Corporate Bond Fund           147,861
         Fidelity Advisor Diversified Int'l Fund         146,026
         Fidelity Equity-Income Fund                      88,368
         Meridian Growth Fund                             73,251
         Others                                          124,302
B.16  Accounts Receivable
         NJ Payroll rebates                            1,904,709
         Subtenant Interstate Drywall                     62,837
         Employees                                        26,075
         Customer purchase orders                          2,818

B.17  Alimony                                               None
B.18  Other Liquidated Debts Owing Debtor
         Prepaid advertising                           5,290,538
         Prepaid property insurance                    1,929,737
         Prepaid MIS maintenance                       1,282,553
         Insurance escrow - Liberty Mutual               627,853
         Others                                        1,753,129
B.24  Customer lists or other compilations               Unknown
B.25  Vehicles                                                 0
B.28  Office Equipment, furnishings & supplies
         Hardware                                      2,658,646
         Software                                      2,599,703
B.29  Equipment and Supplies for Business
         Leasehold improvements                        1,742,174
         Furnishings and fixtures                      9,917,138
B.30  Inventory
         Inventory in Transit - Imports               18,522,853
         Markdowns at store                           16,624,255
         Inventory in Transit - Domestic              15,559,928
         Cookware                                      4,540,030
         Towels                                        3,624,892
         Fashion bedding                               3,073,866
         Furniture                                     2,120,865
         Others                                       16,410,704

      TOTAL SCHEDULED ASSETS                        $117,073,699
      ==========================================================

C - Property Claimed                                        None

D - Creditors Holding Secured Claims                        None

E - Creditors Holding Unsecured Priority Claims
         Severance pay                                   $52,408
         Various employees - wages and salaries          993,506
         Various employees - accrued vacation             51,772
         Contribution to employee benefit plans           61,491
         Taxes/Debts owed to Governmental units        3,281,046

F - Creditors Holding Unsecured Nonpriority Claims
         Linens 'N Things Canada                      47,786,196
         Tradecard Inc.                               10,880,728
         Crawford & Company                            8,114,865
         Case Information Systems, Inc.                4,701,857
         United Healthcare Insurance Company           1,630,000
         Cramer Krasselt Co.                           1,514,503
         Florida Department of Revenue                 1,135,024
         Liberty Mutual                                3,984,780
         Gallagher Bassett Services, Inc.              3,365,951
         Q Net                                         1,800,773
         Inserts East Inc.                             1,089,226
         Others                                       21,615,501

      TOTAL SCHEDULED LIABILITIES                   $112,059,627
      ==========================================================

Clifton, New Jersey-based Linens 'n Things, Inc. --
http://www.lnt.com/-- is the second largest specialty retailer    
of home textiles, housewares and home accessories in North America
operating 589 stores in 47 U.S. states and seven Canadian
provinces as of Dec. 29, 2007.  The company is a destination
retailer, offering one of the broadest and deepest selections of
high quality brand-name as well as private label home furnishings
merchandise in the industry.  Linens 'n Things has some 585
superstores (33,000 sq. ft. and larger), emphasizing low-priced,
brand-name merchandise, in more than 45 states and about seven
Canadian provinces.  Brands include Braun, Krups, Calphalon,
Laura Ashley, Croscill, Waverly, and the company's own label.  
Linens 'n Things was acquired by private equity firm Apollo
Management in 2006.

On May 2, 2008, these Linens entities filed chapter 11 petition
(Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things,
Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834),
Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC (08-
10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838), LNT
Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT
Virginia LLC (08-10841), LNT Merchandising Company LLC (08-10842),
LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844).  
Judge Christopher S. Sontchi presides over the case.

The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John
H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A.  The Debtor's special
corporate counsels are Holland N. O'Neil, Esq., Ronald M.
Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq.,
and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and
Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan,
Lewis & Bockius LLP.  The Debtors' restructuring management
services provider is Conway, Del Genio, Gries & Co., LLC.  The
Debtors' CRO/Interim CEO is  Michael F. Gries, co-founder of
Conway Del Genio Gries & Co., LLC.  The Debtors' claims agent is
Kurtzman Carson Consultants LLC.  The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protiviti, Inc.  Their
investment bankers are Financo, Inc. and Genuity Capital Markets.

The Official Committee of Unsecured Creditors is represented by
Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler
Houston & Rosen P.C., as lead counsel.  Norman L. Pernick, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington,
Delaware, serves as local co-counsel.  Carl Marks Advisory Group
LLC serves as financial advisor to the Creditors' Committee.  A
Noteholder Committee has been formed and is represented by
Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang Ziehl
& Jones.

(Bankruptcy News About Linens 'n Things, Issue No. 14; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000)


LINENS N THINGS: LNT West Files Assets and Debts Schedules
----------------------------------------------------------
LNT West, Inc. filed its Schedules of Assets and Liabilities with
the United States Bankruptcy Court for the District of Delaware:

A - Real Property                                           None

B - Personal Property
B.1   Cash on Hand                                      $433,333
B.2   Bank Accounts
         Northwest Bank                                  756,959
         JPMorgan Chase                                  356,154
B.3   Security Deposits                                   19,105
B.13  Stock and Interests
         100% interest in LNT Merchandising Co.          Unknown
         100% interest in LNT Leasing III, LLC           Unknown
         100% interest in Citadel LNT, LLC               Unknown
B.16  Accounts Receivable
         Visa/Master Card                              2,092,065
         American Express                                558,028
         Discover Card                                   437,773
         Debit Card                                      413,796
         GSI Commerce Solutions, Inc.                    393,641
         Others                                          894,683
B.18  Other Liquidated Debts Owing Debtor
         Prepaid supplies                                852,699
         Prepaid sales&tax insurance - Illinois           97,500
         Prepaid sales&tax insurance - Oklahoma           31,094
B.21  Other Contingent and Unliquidated Claims
         GSI, reimbursement for Orion Settlement         250,000
B.23  Licenses, franchises & other intangibles
         Credit card customer relationships              Unknown
         Favorable leases                              4,250,341
B.24  Customer lists or other compilations               Unknown
B.28  Office Equipment, furnishings & supplies
         Hardware                                      2,543,299
         Software                                        491,744
B.29  Equipment and Supplies for Business
         Leasehold improvements                       44,057,133
         Furnishings and fixtures                     32,666,112
B.30  Inventory
         Fashion bedding                              28,386,412
         Sheets                                       26,443,636
         Cookware                                     22,617,731
         Kitchen electrics                            19,771,830
         Towels                                       17,158,481
         Window                                       16,517,202
         Electrics                                    15,216,822
         Pillows & pads                               11,730,785
         Cooking accessories                          10,635,118
         Decorative bath                              10,192,700
         Furniture                                     9,120,252
         Duvets                                        8,926,524
         Storage & Organization                        8,639,184
         Candles/Home Fragrance                        8,561,525
         Functional bath                               8,080,631
         Alt bedding                                   7,760,943
         Tablelinens & Placemats                       7,645,121
         Others                                       53,777,075

      TOTAL SCHEDULED ASSETS                        $382,777,431
      ==========================================================

C - Property Claimed                                        None

D - Creditors Holding Secured Claims                        None

E - Creditors Holding Unsecured Priority Claims
         Accrued employees severance pay                 $28,386
         Various employees - wages and salaries        2,925,429
         Various employees - accrued vacation            885,944
         Contribution to employee benefit plans           51,062
         Taxes/Debts owed to Governmental units       12,834,143

F - Creditors Holding Unsecured Nonpriority Claims
         Linens 'N Things Canada                      47,786,196
         Newspaper Services of America - Chicago       1,875,273
         Newspaper Services of America - Downers         940,780
         Columbia Retail Deer Grove Center, LLC          478,115
         WIS International                               381,632
         Leggett & Platt Charleston                      334,165
         ING Clarion Partners                            325,679
         Marc Realty, LLC                                314,380
         Simon Property Group, LP                        299,051
         RFTC 2 Corp.                                    294,991
         Newcastle Properties, LLC                       285,950
         Orix TMK Schaumburg Venture                     278,326
         Schwarz                                         269,057
         KDC Broomfield, LLC                             266,017
         Champion WLA, Ltd.                              238,696
         W2001 VHE Realty, LLC                           232,623
         Arapahoe Marketplace 03, LLC                    232,154
         Amreit MacArthur Park, LP                       213,915
         Others                                       29,064,095

      TOTAL SCHEDULED LIABILITIES                   $100,836,059
      ==========================================================

Clifton, New Jersey-based Linens 'n Things, Inc. --
http://www.lnt.com/-- is the second largest specialty retailer    
of home textiles, housewares and home accessories in North America
operating 589 stores in 47 U.S. states and seven Canadian
provinces as of Dec. 29, 2007.  The company is a destination
retailer, offering one of the broadest and deepest selections of
high quality brand-name as well as private label home furnishings
merchandise in the industry.  Linens 'n Things has some 585
superstores (33,000 sq. ft. and larger), emphasizing low-priced,
brand-name merchandise, in more than 45 states and about seven
Canadian provinces.  Brands include Braun, Krups, Calphalon,
Laura Ashley, Croscill, Waverly, and the company's own label.  
Linens 'n Things was acquired by private equity firm Apollo
Management in 2006.

On May 2, 2008, these Linens entities filed chapter 11 petition
(Bankr. D. Del.): Linens Holding Co. (08-10832), Linens 'n Things,
Inc. (08-10833), Linens 'n Things Center, Inc. (08-10834),
Bloomington, MN., L.T., Inc. (08-10835), Vendor Finance, LLC (08-
10836), LNT, Inc. (08-10837), LNT Services, Inc. (08-10838), LNT
Leasing II, LLC (08-10839), LNT West, Inc. (08-10840), LNT
Virginia LLC (08-10841), LNT Merchandising Company LLC (08-10842),
LNT Leasing III, LLC (08-10843), and Citadel LNT, LLC (08-10844).  
Judge Christopher S. Sontchi presides over the case.

The Debtors' bankruptcy counsels are Mark D. Collins, Esq., John
H. Knight, Esq., Michael J. Merchant, Esq., and Jason M. Madron,
Esq., at Richards, Layton & Finger, P.A.  The Debtor's special
corporate counsels are Holland N. O'Neil, Esq., Ronald M.
Gaswirth, Esq., Stephen A. McCartin, Esq., Randall G. Ray, Esq.,
and Michael S. Haynes, Esq., at Gardere Wynne Sewell LLP; and
Howard S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan,
Lewis & Bockius LLP.  The Debtors' restructuring management
services provider is Conway, Del Genio, Gries & Co., LLC.  The
Debtors' CRO/Interim CEO is  Michael F. Gries, co-founder of
Conway Del Genio Gries & Co., LLC.  The Debtors' claims agent is
Kurtzman Carson Consultants LLC.  The Debtors' consultants are
Asset Disposition Advisors, LLC, and Protiviti, Inc.  Their
investment bankers are Financo, Inc. and Genuity Capital Markets.

The Official Committee of Unsecured Creditors is represented by
Scott L. Hazan, Esq., and Glenn Rice, at Otterbourg Steindler
Houston & Rosen P.C., as lead counsel.  Norman L. Pernick, Esq.,
at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Wilmington,
Delaware, serves as local co-counsel.  Carl Marks Advisory Group
LLC serves as financial advisor to the Creditors' Committee.  A
Noteholder Committee has been formed and is represented by
Kasowitz, Benson, Torres & Friedman LLP, and Pachulski Stang
Ziehl & Jones.

(Bankruptcy News About Linens 'n Things, Issue No. 14; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000)


NEUMANN HOMES: Delivers June 30 Monthly Operating Report
--------------------------------------------------------

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

Beginning Balance in All Accounts:

Neumann Citibank Operating Account                    $228,253
Neumann Bank of America - old accounts (various)             -
Neumann Citibank - Customer Earnest
   Money Account                                            15
Neumann Citibank - Funding/Dip Account                 175,332
Neumann Citibank - Dip Funding -
   Professional Account                                      -
Restricted - Neumann Citibank - Glen at
   Lakemoor EM Account                                   1,223
Restricted - Neumann Citibank-Clublands
   Antioch Clubhouse                                   156,395
Restricted - IndyMac Escrow Acct - NeuVillage          125,609
Restricted - Chicago Title Escrow Account -
   Closed Homes                                        224,436
Restricted - Chicago Title Escrow Account -
   Lender Funded                                     1,377,147
Restricted - Citibank - Worker Comp Escrow               9,774
Restricted - NHI KERP Account                          108,921
Restricted - Land Title Guarantee Escrow               323,436
                                                    ----------
                                                    $2,730,541
                                                    ----------

Receipts:
Operations - Operating Account                         158,783
Operations - Customer Earnest Money Acct-Ckg                 -
Operations - Customer Earnest Money Acct-MM                  -
Funding/Dip Account                                          -
Glen at Lakemoor EM account                                  1
Clublands Antioch Clubhouse account                        222
Dip Funding - Professional account                           -
Restricted Escrow held by CTT-Lender Funding                 -
IndyMac Escrow for L/C-Leona's Neu Village                   -
Restricted Escrow held by CTT-(closings)                     -
NHI Worker Comp Escrow                                       -
NHI KERP Account                                             -
Other Receipts                                               -
                                                    ----------
                                                      $159,006
                                                    ----------

Disbursements:
Net Payroll:
   Officers                                             (3,778)
   Others                                              (44,063)
                                                    ----------
                                                       (47,841)

Taxes:
   Federal Income Tax Withholding                       (9,142)
   FICA/Medicare Withholdings EE                        (4,875)
   Employer's FICA/Medicare ER                          (4,875)
   Federal Unemployment Taxes ER                             -
   State Income Tax Withholding                         (1,795)
   Garnishments                                              -
   State Unemployment Taxes ER                            (231)
                                                    ----------
                                                       (20,918)

Necessary expenses:
   Rent or mortgage payment(s)                         (13,239)
   Utilities & phones                                   (1,054)
   Insurance                                            (7,800)
   Merchandise/services bought for manufacture or sale
   Other:
     Payroll Services                                     (676)
     Benefit Related including flex spending            (5,511)
     Miscellaneous                                           3
     Title Commitments & related charges                     -
     Postage, shipping, copying                             (6)
     Worker Comp Claims                                 (1,262)
     House Trades                                       (1,100)
     Other - Transfer                                   (2,180)
     Supplies & Storage & Misc.                           (451)
     Temporary Labor                                      (156)
     Transportation/travel/lodging                        (251)
     Consulting services                               (19,810)
     US Trustee Fees
     Legal - Professional Fees                        (115,800)
     Professional tax service fees                      (3,347)
     Filing Fees, Extension Fees
     Payroll tax adjustment                               (270)
                                                    ----------
                                                      (172,909)
                                                    ----------
Total Disbursements:                                  (241,668)   
                                                    ----------
Net Receipts (Disbursements) for the                   (82,662)
   Current period
                                                    ----------
Ending Balance in All Accounts                      $2,647,879
                                                    ==========

                        About Neumann Homes

Headquartered in Warrenville, Illinois, Neumann Homes Inc. --
http://www.neumannhomes.com/-- develops and builds residential
real estate throughout the Midwest and West US.  The company is
active in the Chicago area, southeastern Wisconsin, Colorado, and
Michigan.  The company have built more than 11,000 homes in some
150 residential communities.  The company offer formal business
training to employees through classes, seminars, and computer-
based training.

The company filed for Chapter 11 protection on Nov. 1, 2007
(Bankr. N.D. Ill. Case No. 07-20412).  George Panagakis, Esq., at
Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the
Debtors to represent them in these cases.  The Official Committee
of Unsecured Creditors has selected Paul, Hastings, Janofsky &
Walker LLP, as its counsel in these bankruptcy proceeding.  When
the Debtors filed for protection against its creditors, they
listed assets and debts of more than $100 million.

The Debtor's exclusive plan filing will expire on Dec. 31, 2008.  
(Neumann Bankruptcy News, Issue No. 21; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)  


QUEBECOR WORLD: 13 Affiliates File Schedules of Assets and Debts
----------------------------------------------------------------
Some 13 debtor-affiliates of Quebecor World, Inc., reported
assets ranging from $100,000,000 to $500,000,000:

   Debtor                            Assets       Liabilities
   ------                            ------       -----------
   QW Atglen, Inc.               $274,582,195   $1,064,260,068
   QW Book Services LLC           257,979,546      990,456,855
   QW Petty Printing, Inc.        211,102,359      988,251,574
   QW Pendell, Inc.               202,571,587    1,038,836,996
   QW Krueger Acquisition Corp.   187,895,000      877,580,000
   WCZ, LLC                       168,603,781       35,403,292
   QW Kri, Inc.                   166,797,454    1,198,568,432
   QW Loveland, Inc.              153,891,598      954,554,088
   QW San Jose, Inc.              153,087,480      937,606,745
   QW Rai, Inc.                   149,553,821    1,028,933,736
   QW Mt. Morris II LLC           149,428,249      938,761,540
   QW Hazleton Inc.               126,704,448      923,138,525
   QW Mid-South Press Corp.       104,880,352      940,513,451

Twenty-five debtor-affiliates of Quebecor World, Inc., reported
assets ranging from $100,000 to $96,000,000:

   Debtor                            Assets          Liabilities
   ------                            ------          -----------
   QW Nevada, Inc.                $95,635,506       $956,047,258
   QW Dubuque, Inc.                93,288,895        926,726,988
   QW Johnson & Hardin Co.         91,682,738        964,985,121
   QW Northeast Graphics, Inc.     89,672,364        960,115,141
   QW New York Corporation         79,988,072        930,573,197
   QW Lease GP                     72,017,000              1,000
   QW Century Graphics Corp.       68,803,632        915,355,140
   WCP-D, Inc.                     68,705,993        904,977,329
   QW Fairfield, Inc.              67,693,236        972,424,914
   QW Eusey Press, Inc.            52,017,454         27,337,468
   QW Olive Branch, Inc.           51,401,411        932,776,315
   QW Waukee , Inc.                49,586,795        907,892,054
   QW Dittler Brothers, Inc.       47,348,566        881,628,327
   QW Atlanta II LLC               39,472,356        945,903,340
   QW Magna Graphic, Inc.          25,234,612          1,137,938
   QW Great Western Pub, Inc.      19,483,869        980,285,273
   QW Dallas, L.P.                 17,234,145      1,027,321,027
   QW Up Graphics, Inc.            16,903,025        878,713,000
   QW Lincoln, Inc.                15,001,853        122,983,790
   QW Retail Printing Corp.        13,848,500        981,222,138
   QW Lease LLC                    11,079,000                  0
   QW Memphis LLC                   9,397,681              4,180
   QW Infiniti Graphics, Inc.       7,758,091         16,581,461
   QW Printing Aviation, Inc.       1,245,000          7,674,306
   QW Arcata Corporation              162,000        880,850,000

Six debtor-affiliates reported zero assets and these liabilities:

   Debtor                                  Liabilities
   ------                                  -----------
   QW Buffalo, Inc.                       $877,857,164
   QW Dallas II, Inc.                      877,583,620
   QW DB Acquisition Corp.                 877,580,000
   QW Taconic Holdings, Inc.               877,580,000
   QW Nevada II LLC                        877,580,000
   The Webb Company                        877,580,000

                       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 Sept. 30, 2008.  (Quebecor World Bankruptcy
News, Issue No. 23; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SHARPER IMAGE: Posts $17,131,378 Net Loss in June 2008
------------------------------------------------------

                       Sharper Image Corp.
                          Balance Sheet
                       As of June 30, 2008

ASSETS

Current assets:
   Unrestricted Cash and Equivalents                  ($299,794)
   Restricted Cash and Equivalents                            -
   Trade Accounts Receivable, net                     1,199,753
   Other Accounts Receivable                          3,318,616
   Notes Receivable                                           -
   Inventories                                        7,679,710
   Prepaid Expenses                                   7,203,601
   Professional Retainers                                     -
   Deferred Income Taxes/Prepaid Income Taxes        17,304,554
                                                   ------------
Total current assets                                 36,406,439

Property and Equipment:
   Real Property and Improvements                     2,926,573
   Machinery and Equipment                                    -
   Furniture, Fixtures and Office Equipment                   -
   Leasehold Improvements                                     -
   Vehicles                                                   -
   Work In Progress                                     451,799
   Less: Accumulated Depreciation                      (988,544)
                                                   ------------
Total Property and Equipment                          2,389,828

Other assets:
   Loans to Insiders                                          -
   Other Assets                                      14,165,907
                                                   ------------
Total Assets                                        $52,962,174
                                                   ============

LIABILITIES AND OWNER'S EQUITY

Liabilities not subject to Compromise (Post)
   Accounts Payable                                 ($2,737,678)
   Taxes Payable                                     (1,490,861)
   Wages Payable                                     (2,733,866)
   Notes Payable                                              -
   Rent/Leases - Building/Equipment                    (453,392)
   Secured Debt - Line of credit                              -
   Other Reserves                                             -
   Liquidation (GOB Sales) Clearing Account         (15,949,943)
   Amounts Due to Insiders                                    -
   Other Postpetition Liabilities                             -
                                                   ------------
Total Postpetition Liabilities                      (23,365,741)

Liabilities not subject to Compromise (Pre)
   Secured Debt - Line of credit                              -
   Secured Debt - Other                              (6,767,606)
   Priority Debt                                              -
   Unsecured Debt (Accounts Payable)                (45,286,327)
   Expense Accruals and Other Liabilities            (7,369,776)
   Short Term Liabilities                            (3,554,215)
   Deferred (GAAP) rent/landlord allowances etc     (11,760,552)
   Deferred Tax (Liability)/Asset                    96,749,380
   Deferred Revenue (Gift cards and Royalties)      (35,696,181)
   Sales Returns/Chargebacks Reserves                (2,251,437)
                                                   ------------
Total Prepetition Liabilities                       (15,936,715)
                                                   ------------
Total Liabilities                                   (39,302,455)

Owner's Equity
   Capital Stock                                       (152,132)
   Additional Paid-In Capital                      (116,716,579)
   Deferred Stock Compensation
     and Stock Repurchase                               180,069
   Retained Earnings - Prepetition                   63,247,322
   Retained Earnings - Postpetition                  39,781,601
                                                   ------------
Net Owner's Equity                                  (13,659,719)
                                                   ------------
Total Liabilities and Owner's Equity               ($52,962,174)
                                                   ============

                       Sharper Image Corp.
                     Statement of Operations
                  For Month Ended June 30, 2008

Revenues:

   Gross Revenues                                      $219,704
   Less: Returns and Allowances                         (41,050)
                                                   ------------
   Net Revenue                                          260,754

Cost of Goods Sold:
   Beginning Inventory                                        -
   Add: Purchases                                             -
   Add: Cost of Labor                                         -
   Add: Other Costs (attach schedule)                         -
   Less: Ending Inventory                                     -
   Cost of Goods Sold                                   108,423
                                                   ------------
   Gross Profit                                         152,331

Operating Expenses:
   Advertising                                          138,294
   Auto and Truck Expense                                     -
   Bad Debts                                             42,165
   Contributions                                              -
   Employee Benefit Programs                           (199,744)
   Insider Compensations                                      -
   Insurance                                            239,956
   Management Fees/Bonuses                               11,480
   Office Expense                                             -
   Pension & Profit-Sharing Plans                             -
   Repairs and Maintenance                              (17,837)
   Rent and Lease Expense                               (57,191)
   Salaries/Commissions/Fees                          1,883,152
   Supplies                                            (100,184)
   Taxes - Payroll                                       96,764
   Taxes - Real Estate                                        -
   Taxes - Other                                        110,542
   Travel and Entertainment                              33,226
   Utilities                                            (75,336)
   Other                                                899,734
                                                   ------------
   Total Operating Expense Before Depr.               3,005,021

   Depreciation/Depletion/Amortization                  (38,747)
                                                   ------------
   Net Profit (Loss)
     Before Other Income & Expenses                  (2,813,943)

Other Income and Expenses:
   Licensing Income                                          15
   Interest Expense                                      (3,673)
   Other Expense                                              -
                                                   ------------
   Net Profit (Loss)
     Before Reorganization Items                     (2,817,601)

Reorganization Items:
   Professional Fees                                  1,302,179
   US Trustee Quarterly Fees                                  -
   Interest Earned on Accm Case                               -
   Gain (Loss) from sale of assets                   34,490,593
   Other Reorganization Expense                     (10,799,695)
                                                   ------------
   Total Reorganization Expenses                     24,993,078
                                                   ------------
   Net Profit (Loss)
     Before Income Taxes (Benefit)                  (27,810,679)
   Income Taxes (Benefit)                           (10,679,301)
                                                   ------------
   Net Profit (Loss)                               ($17,131,378)
                                                   ============

                       Sharper Image Corp.
                     Statement of Cash Flows
                  For Month Ended June 30, 2008

Opening Balance                                     $15,870,610

Receipts
   Cash Sales (from stores)                           2,727,857
   Credit Card Settlements                           11,171,918
   Other Settlements                                   (401,557)
   Accounts Receivable                                  688,215
   Sale of Assets                                    30,011,741
   Interest/Divided Income                                3,635
   Mail Order/License Deposits, Other Deposits          406,749
                                                   ------------
   Total Receipts                                    44,608,557

Transfers
   Line of Credit Draw/Pay Down                     (35,450,375)
   Transfers from stores to deposit a/c - sweep               -
   Transfers from concentration to refunds                    -
   Transfers from concentration to payroll                    -
   Other Inter-account transfers                              -
   Transfers from Concentration to Disbursement               -
                                                   ------------
   Total Transfers                                  (35,450,375)
                                                   ------------
   Total Receipts & Transfers                         9,158,183

Disbursements
   Liquidator Reimbursements                         10,627,102
   Net Payroll                                        2,211,108
   Payroll Taxes                                        896,711
   401k                                                  58,272
   Employee Benefits                                    342,926
   Sales, Use & Other Taxes                             976,689
   Inventory Purchases                                   68,950
   Secured/Rental/Leases                              5,040,166
   Insurance                                            124,872
   Administrative                                     1,097,474
   Selling                                                    -
   Bank/Credit Card Fees/Sales audit adjs                11,922
   Refund checks issued (net of stop payments)           52,784
   Other                                                 94,802
   Customs/Duties/Freight                               987,751
   Interest and LC fees                                       -
   Professional Fees                                  2,737,057
   US Trustee Quarterly Fees                                  -
   Court Costs                                                -
                                                   ------------
   Total Disbursements                               25,328,587
                                                   ------------
Net Cash Flow                                      ($16,170,404)
                                                   ============

                       About Sharper Image

Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer.  It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.  

The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322).  Steven K. Kortanek, Esq. at
Womble, Carlyle, Sandridge & Rice, P.L.L.C. represents the
Debtor in its restructuring efforts.  An Official Committee of
UnsecuredCreditors has been appointed in the case.  Whiteford
Taylor Preston LLC is the Committee's Delaware counsel
When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000.  

The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008.  Sharper
Image sought and obtained the Court's approval to change its name
to "TSIC, Inc." in relation to an an Asset Purchase Agreement by
the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands,
LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital,
LLC.

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


VERTIS HOLDINGS: Files July 2008 Initial Monthly Operating Report
-----------------------------------------------------------------
Vertis Holdings, Inc., and its debtor affiliates delivered to the
U.S. Bankruptcy Court for the District of Delaware an Initial
Monthly Operating Report on July 30, 2008.  Among others, the
Initial MOR included a copy of Vertis' 13-week cash projection, a
list of Vertis active bank accounts, and a list of paid retainers.

For Vertis' cash flow projection for the 13-week period ending on
October 10, 2008, the company expects, by the end of that period,
to:

  -- make bankruptcy payments aggregating $2,200,000;

  -- pay DIP facility interest and fees totaling $43,684,000;
     and

  -- generate a net cash flow of $69,399,000 in the aggregate.

A full-text copy of Vertis 13-week budget is available for free
at http://bankrupt.com/misc/VERTIS_CashCollBudget.pdf

Vertis reports that it maintains active bank accounts with Bank
of America, Fifth Third Bank, Wachovia, JP Morgan Chase, M&T Bank
and Benamex, SA - Mexico.

Vertis also disclosed that as of July 15, 2008, it has paid
retainers, totaling $852,981, to its professionals.  The company
also attached to its Initial Monthly Operating Report copies of
its certificates of insurance.

A full-text copy of the Vertis Initial Monthly Operating Report
is available at no charge at :

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

                     About Vertis Holdings Inc.

Headquartered in Baltimore, Maryland, Vertis Holdings, Inc. --
http://www.vertisinc.com/-- is a provider of targeted print  
advertising and direct marketing solutions to America's retail
and consumer services companies.

The company and its six affiliates filed for Chapter 11
protection on July 15, 2008 (Bank.D.Del. Case No. 08-11460).  
Gary T. Holtzer, Esq. and Stephen A. Youngman, Esq. at Weil,
Gotshal & Manges LLP represent as the Debtors lead counsels and
Mark D. Collins, Esq. and Michael Joseph Merchant, Esq. at
Richards Layton & Finger, P.A. represent as their Delaware local
counsels.  Lazard Freres & Co. LLC is the company's financial
advisors.  When the Debtors filed for protection from their
creditors they listed estimated assets between $500 million and
$1 billion and estimated debts of more than 1 billion.

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

                             *********

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

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

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts.  The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.

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

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

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

                             *********

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each.  For subscription information, contact Christopher Beard
at 240/629-3300.

                    *** End of Transmission ***