/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/080830.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 23, 2008, Vol. 12, No. 207 Headlines ACCEPTANCE INSURANCE: Earns $1,309,162 in July 2008 AEGIS MORTGAGE: Files Operating Report for June 2008 AMERICAN HOME: AHM Corp. Files June 2008 Operating Report AMERICAN HOME: AHMIC Files June 2008 Operating Report AMERICAN HOME: AHMHI Files May 2008 Operating Report AMERICAN HOME: AHMHI Files June 2008 Operating Report AMERICAN HOME: AHMSI Files June 2008 Operating Report AMERICAN HOME: AHMV Files May 2008 Operating Report AMERICAN HOME: Great Oak Files May 2008 Operating Report AMERICAN HOME: Homegate Files May 2008 Operating Report ASARCO LLC: Files July 2008 Monthly Operating Report BLUE WATER: Reports $3,666,416 Net Loss in July 2008 BOMBAY COMPANY: Submits April 2008 Monthly Operating Report BOMBAY COMPANY: Submits May 2008 Monthly Operating Report BOMBAY COMPANY: Submits June 2008 Monthly Operating Report BOSCOV'S INC: Files Initial Monthly Operating Report DURA AUTOMOTIVE: Files June 2008 Operating Report FRONTIER AIRLINES: Files Schedules of Assets and Liabilities FRONTIER AIRLINES: Parent Co. Files Schedules of Assets and Debts HOMEBANC CORP: Reports $9,997,000 Net Loss in July 2008 LANDSOURCE COMMUNITIES: Files June 2008 Monthly Operating Report LINENS N THINGS: LNT Merchandising Files Assets, Debts Schedules NETBANK INC: Delivers June 2008 Monthly Operating Report NETBANK INC: Delivers July 2008 Monthly Operating Report NEW CENTURY: Reports $2,675,781 Net Loss in Month Ended June 20 NEWPOWER HOLDINGS: Files Operating Report for Month Ended June 30 PLASTECH ENGINEERED: Files February 2008 Monthly Operating Report PLASTECH ENGINEERED: Decorating Systems Files February 2008 MOR PLASTECH ENGINEERED: Exterior Files Feb. 2008 Operating Report PLASTECH ENGINEERED: Frenchtown Files Feb. 2008 Operating Report PLASTECH ENGINEERED: LDM Files Feb. 2008 Monthly Operating Report PLASTECH ENGINEERED: LDM Mexico & Canada File February 2008 MOR PLASTECH ENGINEERED: MBS Polymet Files Feb. 2008 Operating Report PROGRESSIVE MOLDED: Unit Files Schedules of Assets & Liabilities PROGRESSIVE MOLDED: THL-PMPL Files Schedules of Assets and Debts PROPEX INC: Submits June 2008 Monthly Operating Report REUNION INDUSTRIES: Earns $36,000 in Month Ended May 31, 2008 S & A RESTAURANT: Files Schedules of Assets and Debts WELLMAN INC: Submits June 2008 Operating Report WELLMAN INC: Submits July 2008 Operating Report ********* ACCEPTANCE INSURANCE: Earns $1,309,162 in July 2008 --------------------------------------------------- Acceptance Insurance Companies, Inc. posted $23,882,515 in total assets, $138,188,841 in total liabilities, and $114,306,326 stockholders' deficit as of July 31, 2008. The Debtor generated $1,628 in revenue and earned $1,309,162, including $1,385,704 equity in operating earnings in AIC. A full-text copy of the Debtor's July 2008 monthly operating report is available for free at: http://ResearchArchives.com/t/s?3179 About Acceptance Insurance Headquartered in Council Bluffs, Iowa, Acceptance Insurance Companies, Inc. -- http://www.aicins.com/-- owns, either directly or indirectly, several companies, one of which is an insurance company that accounts for substantially all of the business operations and assets of the corporate groups. The company filed for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates -- Acceptance Insurance Services, Inc. and American Agrisurance, Inc. -- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock LLP, represents the Debtor in its restructuring efforts. Lawyers at McGrath North Mullin & Kratz PC LLO. represent the the Official Committee of Unsecured Creditors in Acceptance Insurance's case. AEGIS MORTGAGE: Files Operating Report for June 2008 ---------------------------------------------------- Aegis Mortgage Corporation, et al. Consolidated Balance Sheet As of June 30, 2008 Unrestricted Cash & Equivalents $32,018,806 Restricted Cash and Equivalents 209,62,287 -------------- Total Cash and Cash Equivalents 52,981,093 Prime loans (5,659) Nonconforming Loans - Loan Premium (Discount), net 2,204,485 Repurchased Loans - Loan Loss Reserve - -------------- Mortgage Loans Held for Sale 2,198,826 ABS Nonconforming 3,009,913,667 ABS Loan Premium (Discount), net (17,625,956) ABS Loan Loss Reserve (197,567,842) -------------- Mortgage Loans Held for Investment 2,794,719,870 Accrued Interest - Loans Held for Sale - Accrued Int. - Loans Held for Investment 19,572,705 -------------- Accrued Interest Receivable 19,572,705 Mortgage Servicing Rights - Property and Equipment, net 238,309 Deferred Income Taxes 77,310,076 Goodwill - Prepaid Rent and Deposits 813,299 Derivative Assets (10,047,506) Receivable for Advances 23,189,839 Servicer Related 298,752 Other Assets 638,645,913 Intercompany Receivable 0 -------------- TOTAL ASSETS $3,599,921,175 ============== Liabilities & Shareholder's Equity N/P Warehouse - Prime 540,186,233 N/P Warehouse - Nonconforming 25,222,476 N/P Warehouse - Other 11,886,801 N/P Warehouse - Repurchased 11,933,754 -------------- Warehouse and Repurchase Facilities 589,229,263 Bonds Payable 2,971,762,314 NAS IO Bonds Payable 1,070,667 NIM Bonds Payable 52,989,614 Bond Premium (Discount), net (21,021,627) -------------- Bond Financing on Mortgage 3,004,800,968 Loans Held for Investment Subordinated Debt 177,156,872 Accrued Interest Payable 11,344,485 Accounts Payable and Accrued Expenses 75,192,456 Notes Payable-Other - -------------- Total Liabilities 3,857,724,044 Common Stock 97,386 Preferred Stock 104,000 Other Comprehensive Income - Paid in Capital 56,850,415 NR Related to Common Stock 5,890,925 Distributions 6,500 Treasury Stock - Dividends (52,000) Retained Earnings (61,414,176) Current Net Income Prepetition (154,178,153) Current Net Income (93,325,915) -------------- Total Equity (257,802,868) -------------- TOTAL LIABILITIES & EQUITY $3,599,921,175 ============== Aegis Mortgage Corporation, et al. Consolidated Income Statement June 1 to 30, 2008 Loans Held for Sale Interest Income $81,278 Interest Expense - Servicing Expense (961) -------------- Net Interest Income 80,317 Loans Held for Investment Interest Income 22,227,740 Interest Expense (15,917,968) Servicing Expense (1,312,218) -------------- Net Interest Income 4,997,554 Gains on Sale 2,553 Premiums Paid - Loan Points - Loan Origination Fees - Broker Fees Received - -------------- Production Income 2,553 Servicing and Prepayment Income 47,813 Late Charges - -------------- Total Servicing Fees 47,813 Other Income (Loss) 1,842,940 -------------- Total Revenue 6,971,176 Salaries 351,436 Bonuses - Commissions - Employee Benefits 1,644 Payroll Taxes 16,991 Meetings & Travel (1,606) Meals & Entertainment 459 -------------- Total Personnel Expenses 368,924 Rent 45,806 Telephone 4,418 Office Supplies (361) Shipping & Postage (1,403) Equipment 24,169 -------------- Total Office Expenses 72,628 Professional Expense (112,518) Marketing (1,140) Loan Related Expenses 5,868 Banking - Other Taxes/Licenses/Fees 10,378 Other Expenses 129,050 -------------- Total Other Expenses 31,638 Direct Operating Expense 473,190 Direct Operating Income (Loss) 6,497,986 Loan Loss Provision 26,500,053 Deferred SFAS 91 Expenses - Sub Debt Expense - Depreciation Expense - Amortization - Direct Allocation to Subs - Allocation Between Subs - -------------- Indirect Operating Expense 26,500,053 -------------- Total Expenses 26,973,243 Income (Loss) Before Taxes (20,002,066) Federal and State Income Taxes 80,117 -------------- Net Income (Loss) ($20,082,183) ============== Aegis Mortgage Corporation, et al. Receipts and Disbursements June 1 to 30, 2008 Cash Beginning of Month 32,984,218 RECEIPTS: Cash Sales 0 Accounts Receivable 16,588 Loans and Advances 0 Sale of Assets 0 Other--Interest on Cash Account 47,492 Transfers (from DIP Accounts) 0 Reclass cash to restricted 0 -------------- Total Receipts 64,081 DISBURSEMENTS: Net Payroll (252,975) Payroll Taxes (115,608) Sales, Use & Other Taxes (4,603) Inventory Purchases 0 Secured/Rental/Leases (21,790) Insurance--Health Benefits (8,392) Administrative (460,801) Selling 0 Other NSF's 0 Owner Draw 0 Transfers to DIP Accounts 0 Professional Fees (166,821) U.S. Trustee Quarterly Fees 0 Court Costs 0 -------------- Total Disbursements (1,030,993) -------------- Net Cash Flow (966,912) -------------- Cash-End of Month $32,017,306 ============== The cash entry in the balance sheet is $32,018,806. However, deducted by cash in "ABS" of $1,500, total cash would be $32,017,306. About Aegis Mortgage Headquartered in Houston, Texas, Aegis Mortgage Corporation -- http://www.aegismtg.com/-- offers a variety of mortgage loan products to brokers through its subsidiaries. The company together with 10 affiliates filed for chapter 11 protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119). Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P., serve as counsel to the Debtors. The Official Committee of Unsecured Creditors is represented by Landis Rath & Cobb LLP. In schedules filed with the Court, Aegis disclosed total assets of $138,265,342 and total debts of $4,125,470. The Debtors exclusive period to file a plan expired on Aug. 7, 2008. (Aegis Bankruptcy News, Issue No. 24; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHM Corp. Files June 2008 Operating Report --------------------------------------------------------- American Home Mortgage Corp. Statement of Financial Condition As of June 30, 2008 Assets: Cash and cash equivalents $40,184,314 Restricted cash 5,473,518 Securities purchased under agreements - Accounts receivable 29,523,842 Intercompany receivable 687,287,293 Mortgage loans 516,306,700 Derivative assets 743,601 Mortgage servicing rights 11,312,465 Other real estate, net 33,194,323 Premises and equipment, net 20,280,721 Investment in subsidiaries 73,951,871 Other assets 3,097,387 ------------ Total Assets $1,421,356,035 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $490,255,800 Derivative liabilities 10,481,560 Accrued expenses & other liabilities 109,007,554 Intercompany payable 1,546,366,871 Notes payable 890,619 Income taxes payable 1,876,522 ------------ Total Liabilities 2,158,878,926 Stockholders' Equity Additional paid-in capital 153,195,272 Retained earnings (890,718,163) Other comprehensive loss - ------------ Total Stockholders' Equity (737,522,891) ------------ Total Liabilities & Stockholders' Equity $1,421,356,035 ============ American Home Mortgage Corp. Statement of Income Month Ended June 30, 2008 Net Interest Income: Interest income $3,465,195 Interest expense (5,583) ------------ Net interest income 3,459,612 Provision for loan losses - ------------ Net interest income after provision 3,459,612 for loan losses Non-Interest Income: Gain (loss) on mortgage loans (715,101) Loss (gain) on securities & derivatives - Loan servicing fees 117,461 Changes in fair value of MSR - Income (loss) from subsidiaries (194,665) Other non-interest (loss) income 9,473 ------------ Non-interest income (782,832) Expenses Salaries, commissions & benefits, net 557,736 Occupancy and equipment 429,295 Data processing and communications 21,445 Office supplies and expenses 26,019 Marketing and promotion 10,194 Travel and entertainment (18,362) Professional fees 3,406,283 Other real estate operating expense 9,845,189 Other (105,776) ------------ Total expenses 14,172,023 Income (Loss) before income taxes (11,495,243) Income taxes - ------------ Net loss ($11,495,243) ============ American Home Mortgage Corp. Schedule of Cash Receipts and Disbursements Month Ended June 30, 2008 Cash - Beginning of Month, 06/01/2008 $34,326,310 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances 13,471,291 Administrative - Net payroll - Other - Transfers (from DIP accounts) - ------------ Total Receipts 13,471,291 Disbursements: Net payroll 1,132 Payroll taxes - Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative 1,079,339 Selling - Other - Transfers (from DIP accounts) 1,059,297 Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 2,139,769 ------------ Net Cash Flow 11,331,522 ------------ Cash - End of Month - 06/30/08 $45,657,832 ============ About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. The Creditors Committee also retained Hennigan, Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc to March 3, 2008. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. (American Home Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMIC Files June 2008 Operating Report ----------------------------------------------------- American Home Mortgage Investment Corp. Statement of Financial Condition As of June 30, 2008 Assets: Cash and cash equivalents $8,876,300 Restricted cash 150,799,967 Accounts receivable 3,700,171 Intercompany receivable 1,329,275,035 Securities 1,151,147,752 Derivative assets 5 Investment in subsidiaries (932,436,665) Other assets - ------------ Total Assets $1,711,362,565 ============ Liabilities and Stockholders' Equity Liabilities: Reverse repurchase agreements $4,749,270 Junior subordinated note 180,416,000 Derivative liabilities 53,817,031 Accrued expenses & other liabilities 1,237,404,359 Intercompany payable 585,275,186 ------------ Total Liabilities 2,061,661,846 Stockholders' Equity Preferred stock - Series A 50,856,875 Preferred stock - Series B 83,183,125 Common Stock 543,074 Additional paid-in capital 1,057,864,155 Retained earnings (1,542,746,510) Other comprehensive loss - ------------ Total Stockholders' Equity (350,299,281) ------------ Total Liabilities & Stockholders' Equity $1,711,362,565 ============ American Home Mortgage Investment Corp. Statement of Income Month Ended June 30, 2008 Net Interest Income: Interest income $3,059,215 Interest expense - ------------ Net interest income 3,059,215 Provision for loan losses - ------------ Net interest income after provision 3,059,215 for loan losses Non-Interest Income: Loss on mortgage loans 13 Loss on securities and derivatives 723,013 Gain (loss) from subsidiaries (11,568,430) Other non-interest income - ------------ Non-interest income (10,845,404) Other Data processing and communications - Professional fees 17 Other expenses - ------------ Total expenses 17 Loss before income taxes (7,786,206) Income taxes - ------------ Net loss ($7,786,206) ============ American Home Mortgage Investment Corp. Schedule of Cash Receipts and Disbursements Month Ended June 30, 2008 Cash - Beginning of Month, 06/01/2008 $163,243,035 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances - Administrative - Net payroll - Other 340,032 Transfers (from DIP accounts) 986,089 ------------ Total Receipts 1,326,122 Disbursements: Net payroll 1,911,684 Payroll taxes - Sales, use & other taxes - Loans and advances 288,838 Inventory purchases - Secured/rental/leases - Insurance - Administrative 2,692,368 Selling - Other - Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 4,892,890 ------------ Net Cash Flow (3,566,768) ------------ Cash - End of Month - 06/30/08 $159,676,267 ============ About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. The Creditors Committee also retained Hennigan, Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc to March 3, 2008. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. (American Home Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMHI Files May 2008 Operating Report ---------------------------------------------------- American Home Mortgage Holdings, Inc. Statement of Financial Condition As of May 31, 2008 Assets: Cash and cash equivalents $1,000 Accounts receivable 134,546 Intercompany receivable 133,113,519 Investment in subsidiaries (553,083,393) Other assets - ------------ Total Assets ($419,834,328) ============ Liabilities and Stockholders' Equity Liabilities: Junior subordinated note $304,214,000 Accrued expenses & other liabilities 4,733,868 Intercompany payable 2 ------------ Total Liabilities 308,947,870 Stockholders' Equity Additional paid-in capital 94,597,810 Retained earnings (823,380,008) Other comprehensive loss - ------------ Total Stockholders' Equity (728,782,198) ------------ Total Liabilities & Stockholders' Equity ($419,834,328) ============ American Home Mortgage Holdings, Inc. Statement of Income Month Ended May 31, 2008 Non-interest income: Income (loss) from subsidiaries ($15,854,433) Other non-interest income: - ------------ Non-interest income [loss] (15,854,433) ------------ Professional fees - ------------ Total Expenses 0 ------------ Income (Loss) before income taxes (15,854,433) Income taxes - ------------ Net loss ($15,854,433) ============ American Home Mortgage Holdings, Inc., also discloses that its cash as of May 1, 2008, was $1,000. Since there was no cash receipts and disbursements for May, AHM Holdings' cash at the end of the month is still $1,000. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. The Creditors Committee also retained Hennigan, Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc to March 3, 2008. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. (American Home Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMHI Files June 2008 Operating Report ----------------------------------------------------- American Home Mortgage Holdings, Inc. Statement of Financial Condition As of June 30, 2008 Assets: Cash and cash equivalents $1,000 Accounts receivable 134,546 Intercompany receivable 133,113,341 Investment in subsidiaries (565,102,981) Other assets - ------------ Total Assets ($431,854,094) ============ Liabilities and Stockholders' Equity Liabilities: Junior subordinated note $304,214,000 Accrued expenses & other liabilities 4,733,870 Intercompany payable - ------------ Total Liabilities 308,947,870 Stockholders' Equity Additional paid-in capital 94,597,810 Retained earnings (835,399,774) Other comprehensive loss - ------------ Total Stockholders' Equity (740,801,964) ------------ Total Liabilities & Stockholders' Equity ($431,854,094) ============ American Home Mortgage Holdings, Inc. Statement of Income Month Ended June 30, 2008 Non-interest income: Income (loss) from subsidiaries ($12,000,258) Other non-interest income: - ------------ Non-interest income (12,000,258) ------------ Professional fees - Other 178 ------------ Total Expenses 178 ------------ Income (Loss) before income taxes (12,000,436) Income taxes - ------------ Net loss ($12,000,436) ============ American Home Mortgage Holdings, Inc., also discloses that its cash as of June 1, 2008, was $1,000. Since there was no cash receipts and disbursements for June, AHM Holdings' cash at the end of the month is still $1,000. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. The Creditors Committee also retained Hennigan, Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc to March 3, 2008. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. (American Home Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMSI Files June 2008 Operating Report ----------------------------------------------------- American Home Mortgage Servicing, Inc. Statement of Financial Condition As of June 30, 2008 Assets: Cash and cash equivalents $2,958,123 Restricted cash 1,570 Securities purchased under agreements - Accounts receivable & servicing advances 10,420,390 Intercompany receivable 212,172,286 Mortgage loans - Premises and equipment, net - Investment in subsidiaries 9,727,945 Other assets 750,799 ------------ Total Assets $236,031,113 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit - Accrued expenses & other liabilities $6,103,393 Intercompany payable 131,142,134 Income taxes payable 1,787,818 ------------ Total Liabilities 139,033,345 Stockholders' Equity Additional paid-in capital 37,000,200 Retained earnings 59,997,568 ------------ Total Stockholders' Equity 96,997,768 ------------ Total Liabilities & Stockholders' Equity $236,031,113 ============ American Home Mortgage Servicing, Inc. Statement of Income Month Ended June 30, 2008 Net interest income: Interest income - Interest expense - Provision for loan losses - ------------ Net interest income after losses 0 Non-Interest Income: (Loss) Gain on mortgage loans - Loan servicing fees - Gain on sale of servicing platform $8,998 Other non-interest income (loss) - ------------ Non-interest income 8,998 Expenses Salaries, commissions & benefits, net - Occupancy and equipment (2,469) Data processing and communications - Office supplies and expenses - Marketing and promotion - Travel and entertainment - Professional fees 179,972 Other real estate operating expense - Other 59,661 ------------ Total expenses 237,164 Income (Loss) before income taxes (228,166) Income taxes - ------------ Net income [loss] ($228,166) ============ American Home Mortgage Servicing, Inc., also discloses that its cash as of June 1, 2008, was $2,956,955. Since it received $2,738 from administration, AHM Servicing's cash at the end of June increased to $2,959,693. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. The Creditors Committee also retained Hennigan, Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc to March 3, 2008. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. (American Home Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMV Files May 2008 Operating Report --------------------------------------------------- American Home Mortgage Ventures, LLC Statement of Financial Condition As of May 31, 2008 Assets: Cash and cash equivalents $613,049 Intercompany receivable - Premises and equipment, net 2,200 Other assets - ------------ Total Assets $615,249 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities ($568) Intercompany payable 157,332 ------------ Total Liabilities 156,764 Stockholders' Equity Additional paid-in capital 395,500 Retained earnings 62,985 Other comprehensive loss - ------------ Total Stockholders' Equity 458,485 ------------ Total Liabilities & Stockholders' Equity $615,249 ============ American Home Mortgage Ventures, LLC, also discloses that its cash as of May 1, 2008, was $613,049. Since there was no cash receipts and disbursements for May, AHM Ventures' cash at the end of the month is still $613,049. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. The Creditors Committee also retained Hennigan, Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc to March 3, 2008. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. (American Home Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Great Oak Files May 2008 Operating Report -------------------------------------------------------- Great Oak Abstract Corp. Statement of Financial Condition As of May 31, 2008 Assets: Cash and cash equivalents $380,941 Accounts receivable 36,615 Intercompany receivable 693,132 Premises and equipment, net 5,339 Other assets 104,800 ------------ Total Assets $1,220,827 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities $76,743 ------------ Total Liabilities 76,743 Stockholders' Equity Additional paid-in capital 95,520 Retained earnings 1,048,564 Other comprehensive loss - ------------ Total Stockholders' Equity 1,144,084 ------------ Total Liabilities & Stockholders' Equity $1,220,827 ============ Great Oak Abstract Corp. reports that its cash at the start of May was $287,809. Since there was no transaction for the whole month, its cash is still $287,809 as of May 31, 2008. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. The Creditors Committee also retained Hennigan, Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc to March 3, 2008. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. (American Home Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Homegate Files May 2008 Operating Report ------------------------------------------------------- Homegate Settlement Services, Inc. Statement of Financial Condition As of May 31, 2008 Assets: Cash and cash equivalents $209,659 Restricted cash - Intercompany receivable - Premises and equipment, net 233,715 Other assets - ------------ Total Assets $443,374 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities $2,552,889 Intercompany payable 9,031,007 Income taxes payable 100 ------------ Total Liabilities 11,583,996 Stockholders' Equity Additional paid-in capital 250,000 Retained earnings (11,390,622) Other comprehensive loss - ------------ Total Stockholders' Equity (11,140,622) ------------ Total Liabilities & Stockholders' Equity $443,374 ============ Homegate Settlement Services, Inc., also discloses that its cash as of May 1, 2008, was $209,659. Since there was no transaction for the whole month, Homegate Settlement's cash at the end of May is still $209,659. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. The Creditors Committee also retained Hennigan, Bennett & Dorman LLP, as special conflicts counsel, nunc pro tunc to March 3, 2008. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. (American Home Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ASARCO LLC: Files July 2008 Monthly Operating Report ---------------------------------------------------- ASARCO LLC, et al. Balance Sheet As of July 31, 2008 ASSETS Current Assets: Cash $1,158,227,000 Restricted Cash 25,822,000 Accounts receivable, net 203,726,000 Inventory 298,524,000 Prepaid expenses 4,523,000 Other current assets 14,406,000 -------------- Total Current Assets 1,705,228,000 Net property, plant and equipment 507,611,000 Other Assets Investments in subs 101,384,000 Advances to affiliates 675,000 Prepaid pension & retirement plan 0 Non-current deferred tax asset 40,949,000 Other 70,083,000 -------------- Total assets $2,425,930,000 ============== LIABILITIES Postpetition liabilities: Accounts payable $81,095,000 Accrued liabilities 689,049,000 Debtor-in-possession financing 0 -------------- Total postpetition liabilities 770,144,000 Prepetition liabilities: Not subject to compromise - credit 3,277,000 Not subject to compromise - other 86,483,000 Advances from affiliates 24,663,000 Subject to compromise 1,780,387,000 -------------- Total prepetition liabilities 1,894,809,000 -------------- Total liabilities $2,664,954,000 ============== OWNERS' EQUITY (DEFICIT) Common stock 508,324,000 Additional paid-in capital 104,578,000 Other comprehensive income (219,691,000) Retained earnings: filing date (1,746,895,000) -------------- Total prepetition owners' equity (1,353,684,000) Retained earnings: post-filing date 1,114,661,000 -------------- Total owners' equity (net worth) (239,024,000) Total liabilities and owners' equity $2,425,930,000 ============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ended July 31, 2008 Sales $164,418,000 Cost of products and services 101,193,000 -------------- Gross profit 63,225,000 Operating expenses: Selling and general & admin expenses 3,280,000 Depreciation & amortization 2,933,000 Accretion expense 103,000 -------------- Operating income 56,908,000 Interest expense 67,000 Interest income (1,363,000) Reorganization expenses 10,810,000 Other miscellaneous (income) expenses (8,365,000) -------------- Income (loss) before taxes 55,759,000 Income taxes 21,886,000 -------------- Net income (loss) $33,873,000 ============== ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ended July 31, 2008 Receipts $169,523,000 Disbursements: Inventory material 30,777,000 Operating disbursements 102,351,000 Capital expenditures 5,266,000 -------------- Total disbursements 138,394,000 Operating cash flow 31,129,000 Reorganization disbursements 2,725,000 -------------- Net cash flow 28,404,000 Net payments to secured Lenders 0 -------------- Net change in cash 28,404,000 Beginning cash balance 1,155,645,000 -------------- Ending cash balances $1,184,049,000 ============== About ASARCO LLC Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Lehman Brothers Inc. provides the ASARCO with financial advisory services And investment banking services. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When the Debtor filed for protection from its creditors, it listed $600 million in total assets and $1 billion in total debts. The Debtor has five affiliates that filed for chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about their asbestos-driven chapter 11 filings have appeared in the Troubled Company Reporter since April 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05- 21346) also filed for chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for Chapter 11 protection on Dec. 12, 2006. (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). The Debtors submitted to the Court a joint plan of reorganization and disclosure statement on July 31, 2008. (ASARCO Bankruptcy News, Issue No. 80; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). BLUE WATER: Reports $3,666,416 Net Loss in July 2008 ---------------------------------------------------- Blue Water Automotive Systems, Inc. Unaudited Balance Sheet As of July 27, 2008 ASSETS: Cash $1,278,559 Inventory 10,187,840 Accounts Receivable 48,549,875 Insider Receivables - Land and Buildings - Furniture, Fixtures & Equipment 37,967,799 Accumulated Depreciation (12,402,494) Other: Current Assets 4,236,538 Other: Long Term Assets 61,251 ------------ TOTAL ASSETS $89,879,368 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable $5,369,782 Rent and Lease Payable - Wages and Salaries 498,193 Taxes Payable 1,406,310 Other: - ------------ Total Postpetition Liabilities 7,274,285 Secured Liabilities: Subject to Postpetition Collateral or DIP Order - All Other Secured Liabilities 53,955,321 ------------ Total Secured Liabilities 53,955,321 Prepetition Liabilities: Taxes and Other Priority Liabilities 2,174,588 Unsecured Liabilities: 45,177,625 Other: - ------------ Total Prepetition Liabilities 47,352,213 EQUITY: Owners Capital 20,827,488 Retained Earnings - Prepetition (24,221,702) Retained Earnings - Postpetition (15,308,237) Total Equity: (18,702,451) ------------ TOTAL LIABILITIES AND EQUITY $89,879,368 ============ Blue Water Automotive Systems, Inc. Unaudited Operating Statement Month Ended July 27, 2008 Total Revenue/Sales $18,479,861 Cost of Sales 17,597,063 ------------ Gross Profit 882,798 Expenses: Officer compensation 27,715 Salary Expenses other Employees 576,645 Employee Benefits & Pensions 119,061 Payroll Taxes 43,416 Other Taxes 87,580 Rent and Lease Expense 135,178 Interest Expense 301,237 Insurance 7,842 Automobile and Truck Expense 41,782 Utilities (gas, electric, phone) (24,217) Depreciation 25,857 Travel and Entertainment (4,428) Repairs and Maintenance 6,346 Advertising - Supplies, Office Expense, etc 79,550 Other Specify: Legal 33,928 Other Specify: Misc 350,469 ------------ Total Expenses 1,807,961 ------------ Net Operating Profit (Loss) (925,163) Add: Non-Operating Income Interest Income - Other Income (10,759) Less: Non Operating Expenses Professional Fees - Other 2,730,494 ------------ NET INCOME/(LOSS) ($3,666,416) ============ Blue Water Automotive Properties L.L.C. Unaudited Balance Sheet As of July 27, 2008 ASSETS: Cash $223,173 Inventory - Accounts Receivable - Insider Receivables - Land and Buildings - Furniture, Fixtures & Equipment 27,459,897 Accumulated Depreciation none Other: Current Assets (3,349,450) Other: Long Term Assets 464,250 ------------ TOTAL ASSETS $24,979,870 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable - Rent and Lease Payable - Wages and Salaries - Taxes Payable - Other: 322,927 ------------ Total Postpetition Liabilities 322,927 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: 12,169,098 ------------ Total Prepetition Liabilities 12,169,098 EQUITY: Owners Capital - Retained Earnings - Prepetition (1,678,107) Retained Earnings - Postpetition (740,484) Total Equity: (2,418,591) ------------ TOTAL LIABILITIES AND EQUITY $24,797,870 ============ Blue Water Automotive Properties L.L.C. Unaudited Operating Statement Month Ended July 27, 2008 Total Revenue/Sales $0 Cost of Sales 104,696 ------------ Gross Profit (104,696) Expenses: Officer compensation - Salary Expenses other Employees - Employee Benefits & Pensions - Payroll Taxes - Other Taxes - Rent and Lease Expense - Interest Expense 6,058 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 6,058 ------------ Net Operating Profit (Loss) (110,754) Add: Non-Operating Income Interest Income - Other Income (102,553) Less: Non Operating Expenses Professional Fees - Other - ------------ NET INCOME/(LOSS) ($213,307) ============ Blue Water Plastics Mexico Ltd. Unaudited Balance Sheet As of July 27, 2008 ASSETS: Cash - Inventory - Accounts Receivable ($25) Insider Receivables - Land and Buildings - Furniture, Fixtures & Equipment - Accumulated Depreciation - Other: Current Assets 1,640,857 Other: Long Term Assets - ------------ TOTAL ASSETS $1,640,832 ============ LIABILITIES: Postpetition Liabilities: Accounts Payable - Rent and Lease Payable - Wages and Salaries - Taxes Payable - Other: - ------------ Total Postpetition Liabilities - Secured Liabilities: Subject to Postpetition Collateral or DIP Order - All Other Secured Liabilities - ------------ Total Secured Liabilities - Prepetition Liabilities: Taxes and Other Priority Liabilities - Unsecured Liabilities: - Other: - ------------ Total Prepetition Liabilities - EQUITY: Owners Capital 2,100,000 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 July 27, 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. 28, Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) BOMBAY COMPANY: Submits April 2008 Monthly Operating Report ----------------------------------------------------------- The Bombay Company Inc. reported total assets of $34,100,177, total liabilities of $32,250,006, and total equity of $1,850,171 as of April 2008. The Debtor generated zero revenues and posted $234,532 net loss for April 2008. A full-text copy of the Debtor's April 2008 monthly operating report is available for free at: http://ResearchArchives.com/t/s?3178 About Bombay Company Based in Fort Worth, Texas, The Bombay Company Inc., (OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs, sources and markets a unique line of home accessories, wall decor and furniture through 384 retail outlets and the Internet in the U.S. and internationally, including Cayman Islands. The company and five of its debtor-affiliates filed for Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No. 07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP, represent the Debtors. The Bombay Furniture Company of Canada Inc. - La Compagnie de Mobilier Bombay Du Canada Inc., sough protection from its creditors from the Ontario Superior Court of Justice on Sept. 20, 2007. The U.S. Trustee for Region 6 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. Attorneys at Cooley, Godward, Kronish LLP act as counsel to the Unsecured Creditors Committee. The Court confirmed the Debtor's amended chapter 11 plan on Aug. 20, 2008. BOMBAY COMPANY: Submits May 2008 Monthly Operating Report --------------------------------------------------------- The Bombay Company Inc. reported total assets of $33,014,790, total liabilities of $31,571,855, and total equity of $31,571,855 as of May 2008. The Debtor generated zero revenues and incurred $407,236 net loss for the month of May 2008. A full-text copy of the Debtor's April 2008 monthly operating report is available for free at: http://ResearchArchives.com/t/s?3178 About Bombay Company Based in Fort Worth, Texas, The Bombay Company Inc., (OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs, sources and markets a unique line of home accessories, wall decor and furniture through 384 retail outlets and the Internet in the U.S. and internationally, including Cayman Islands. The company and five of its debtor-affiliates filed for Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No. 07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP, represent the Debtors. The Bombay Furniture Company of Canada Inc. - La Compagnie de Mobilier Bombay Du Canada Inc., sough protection from its creditors from the Ontario Superior Court of Justice on Sept. 20, 2007. The U.S. Trustee for Region 6 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. Attorneys at Cooley, Godward, Kronish LLP act as counsel to the Unsecured Creditors Committee. The Court confirmed the Debtor's amended chapter 11 plan on Aug. 20, 2008. BOMBAY COMPANY: Submits June 2008 Monthly Operating Report ---------------------------------------------------------- The Bombay Company Inc. reported total assets of $31,313,266, total liabilities of $29,766,291, and total equity of $1,546,975 as of June 2008. The Debtor generated zero revenues and earned $104,040 for the June 2008. A full-text copy of the Debtor's April 2008 monthly operating report is available for free at: http://ResearchArchives.com/t/s?3178 About Bombay Company Based in Fort Worth, Texas, The Bombay Company Inc., (OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/-- designs, sources and markets a unique line of home accessories, wall decor and furniture through 384 retail outlets and the Internet in the U.S. and internationally, including Cayman Islands. The company and five of its debtor-affiliates filed for Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No. 07-44084). Robert D. Albergotti, Esq., John D. Penn, Esq., Ian T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone, LLP, represent the Debtors. The Bombay Furniture Company of Canada Inc. - La Compagnie de Mobilier Bombay Du Canada Inc., sough protection from its creditors from the Ontario Superior Court of Justice on Sept. 20, 2007. The U.S. Trustee for Region 6 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. Attorneys at Cooley, Godward, Kronish LLP act as counsel to the Unsecured Creditors Committee. The Court confirmed the Debtor's amended chapter 11 plan on Aug. 20, 2008. BOSCOV'S INC: Files Initial Monthly Operating Report ---------------------------------------------------- Boscov's Inc., and its seven debtor affiliates file with the U.S. Bankruptcy Court for the District of Delaware a 12-Month projected cash flows commencing August 2008 and ending July 2009: Boscov's, Inc. Projected Statement of Cash Flows For the Months August to December 2008 (Amounts in $000's) August September October November ------ --------- ------- -------- Cash flows from Operations: Net income (loss) ($15,624) ($5,501) $3,130 $244 Deprn. and amortization 2,141 2,148 2,157 2,162 Changes deferred taxes 0 0 0 0 Changes in assets & debts: Bankruptcy deposits (500) 0 0 0 Accounts receivable (250) 629 (1,493) (3,390) Inventory 24,891 (18,379)(38,731) 5,135 Prepaid and other current assets 2,129 3,145 (3,126) 14,007 Accounts payable 65,626 3,454 4,553 2,396 Unpaid prepetition rents 4,604 500 500 0 Accrued expenses and other current liabilities (70,713) (2,891) 2,430 (93) ------ --------- ------- -------- Cash provided by (used in) operating activities 12,305 (16,895)(30,580) 20,461 ------ --------- ------- -------- Cash Flows from Investing: Capital expenditures (1,413) (645) (785) (386) Change in investments and other assets 71 71 71 71 ------ --------- ------- -------- Cash provided by (used in) investing activities (1,342) (574) (714) (315) ------ --------- ------- -------- Cash Flows from Financing: Borrowing (repayment) on DIP Loan 111,298 18,014 31,639 (21,633) Borrowing (repayment) on revolver (121,916) 0 0 0 Borrowing (repayment) on Back Bay/Bear Stern 0 0 0 0 Borrowing (repayment) on term loans (19) (19) (19) (19) Changes in other long-term liabilities (326) (526) (326) 6 Capital activity 0 0 0 0 ------ --------- ------- -------- Cash provided by (used in) financing activities (10,963) 17,469 31,294 (21,646) Net cash provided (used) 0 0 0 (1,500) Cash, beginning 8,000 8,000 8,000 8,000 ------ --------- ------- -------- Cash, ending $8,000 $8,000 $8,000 $6,500 ====== ========= ======= ======== Boscov's, Inc. Projected Statement of Cash Flows For the Months Ended December 2008 to March 2009 (Amounts in $000's) December January February March -------- ------- -------- ----- Cash flows from Operations: Net income (loss) $13,090 ($5,767) ($9,652) $1,668 Deprn. and amortization 2,165 2,170 2,285 2,297 Changes deferred taxes 0 0 0 0 Changes in assets and liabilities: Bankruptcy deposits 0 0 0 0 Accounts receivable 7,260 108 (2,872) (72) Inventory 83,491 (6,314) (3,445) (3,977) Prepaid and other current assets (4,293) 766 2,638 (1,045) Accounts payable 6,716 (2,706) (1,852) (6,477) Unpaid prepetition rents 0 0 0 0 Accrued expenses and other current liabilities 13,554 (1,854) (10,232) 175 -------- ------- -------- ----- Cash provided by (used in) operating activities 121,983 (13,597) (23,131) (7,431) -------- ------- -------- ----- Cash Flows from Investing: Capital expenditures (217) (776) (921) (1,265) Change in investments and other assets 71 71 71 71 -------- ------- -------- ----- Cash provided by (used in) investing activities (146) (705) (850) (1,194) -------- ------- -------- ----- Cash Flows from Financing: Borrowing (repayment) on DIP Loan (121,964) 15,933 24,601 9,017 Borrowing (repayment) on revolver 0 0 0 0 Borrowing (repayment) on Back Bay/Bear Stern 0 0 0 0 Borrowing (repayment) on term loans (19) (19) (19) (19) Changes in other long-term liabilities 146 (1,612) (601) (372) Capital activity 0 0 0 0 -------- ------- -------- ----- Cash provided by (used in) financing activities (121,837) 14,302 23,981 8,625 Net cash provided (used) 0 0 0 0 Cash, beginning 6,500 6,500 6,500 6,500 -------- ------- -------- ----- Ending Cash Balance $6,500 $6,500 $6,500 $6,500 ======== ======= ======== ====== Boscov's, Inc. Projected Statement of Cash Flows For the Months Ended April to July 2009 (Amounts in $000's) April May June July ----- ------ ------ ------ Cash flows from Operations: Net income (loss) $3,221 ($3,319) ($3,040) $146 Deprn. and amortization 2,212 2,233 2,245 2,261 Changes deferred taxes 0 0 0 0 Changes in assets and liabilities: Bankruptcy deposits 0 0 0 0 Accounts receivable (222) (92) (601) 1,409 Inventory (7,757) 8,379 (1,415) (21,966) Prepaid and other current assets (1,356) 1,737 (1,379) (3,067) Accounts payable 2,231 (502) 291 (652) Unpaid prepetition rents 0 0 0 0 Accrued expenses and other current liabilities 2,177 (2,034) (2,065) (1,279) -------- -------- -------- ------- Cash provided by (used in) operating activities 506 6,402 (5,963) (23,148) -------- -------- -------- ------- Cash Flows from Investing: Capital expenditures (1,515) (2,118) (1,441) (6,001) Change in investments and other assets 71 71 71 71 -------- -------- -------- ------- Cash provided by (used in) investing activities (1,444) (2,047) (1,370) (5,930) -------- -------- -------- ------- Cash Flows from Financing: Borrowing (repayment) on DIP Loan (719) (1,258) 7,097 30,202 Borrowing (repayment) on revolver 0 0 0 0 Borrowing (repayment) on Back Bay/Bear Stern 0 0 0 0 Borrowing (repayment) on term loans (19) (19) (19) (19) Changes in other long-term liabilities 1,676 (3,078) 254 (1,105) Capital activity 0 0 0 0 -------- -------- -------- ------- Cash provided by (used in) financing activities 938 (4,355) 7,333 29,078 Net cash provided (used) 0 0 0 0 Cash, beginning 6,500 6,500 6,500 6,500 -------- -------- -------- ------- Cash, ending $6,500 $6,500 $6,500 $6,500 ======== ======== ======== ======= The Debtors also disclosed that they paid an aggregate of $2,248,000 for retainers from July to August 1, 2008: Professional Amount Date Paid ------------ -------- --------- Bank of America $100,000 08/01/08 Cooley, Godward, Kronish LLP 25,000 07/25/08 Jones Day 500,000 07/16/08 Jones Day 750,000 07/30/08 Klehr, Harrison, Harvey 103,000 07/30/08 KPMG LLP 100,000 07/30/08 Kurtzman, Carson Consultants 75,000 07/16/08 Lehman Brothers 250,000 07/16/08 MWW 50,000 07/31/08 Richards, Layton, Finger 75,000 07/22/08 Richards, Layton, Finger 120,000 07/30/08 Versa Capital Fund II LP Equity Acct 100,000 08/01/08 The Debtors also filed Certificates of Insurance, copies of which are available for free at: http://bankrupt.com/misc/InsuranceCertificates_Boscovs.pdf About Boscov's Inc. Headquartered in Reading, Pennsylvania, Boscov's Inc. -- http://www.boscovs.com-- is America's largest family-owned independent department store, with 49 stores in Pennsylvania, New York, New Jersey, Maryland, Delaware and Virginia. Boscov's Inc. and its debtor-affiliates filed for Chapter 11 protection on Aug. 4, 2008 (Bankr. D. Del. Case No.: 08-11637) Daniel J. DeFranceschi, Esq. at Richards Layton & Finger and L. Katherine Good, Esq. at Richards, Layton & Finger, P.A. represent the Debtors in their restructuring efforts. The Debtors' financial advisor is Capstone Advisory Group and their investment banker is Lehman Brothers Inc. The Debtors disclosed estimated assets of $500 million to $1 billion and estimated debts of $100 million to $500 million. (Boscov's Bankruptcy News, Issue No. 5; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DURA AUTOMOTIVE: Files June 2008 Operating Report ------------------------------------------------- DURA Automotive Systems, Inc., and Subsidiaries Condensed Combined Debtors-in-Possession Balance Sheet As of June 29, 2008 (In thousands of dollars) ASSETS Current assets: Cash and cash equivalents $7,057 Accounts receivable, net Trade 96,098 Other 9,893 Non-Debtor subsidiaries 30,093 Inventories 46,779 Other current assets 37,851 ---------- Total current assets 227,771 ---------- Property, plant and equipment, net 97,759 Notes receivable from Non-Debtors subsidiaries 86,040 Investment in Non-Debtors subsidiaries 790,647 Other noncurrent assets 9,165 ---------- Total Assets $1,211,382 ========== LIABILITIES AND STOCKHOLDERS' INVESTMENT Current Liabilities not Subject to Compromise: Debtors-in-possession financing - Accounts payable $35,364 Accounts payable to non-debtors subsidiaries 10,296 Accrued liabilities 73,710 ---------- Total Current Liabilities Not Subject 119,370 to compromise ---------- Long-term Liabilities: Long-term Debt 90,525 Notes Payable to Non-Debtors subsidiaries 29,813 Other noncurrent liabilities 43,775 Liabilities Subject to Compromise 1,309,417 ---------- Total Liabilities 1,592,900 Stockholders' Investment (381,518) ---------- Total Liabilities and Stockholders' Investment $1,211,382 ========== DURA Automotive Systems, Inc., and Subsidiaries Condensed Combined Debtors-in-Possession Statement of Operations For the Five Weeks Ended June 29, 2008 Unaudited (In thousands of dollars) Total sales $67,475 Cost of sales 60,312 ---------- Gross (loss) profit 7,163 Selling, general and administrative expenses 5,997 Facility consolidation, asset impairment and other charges 2,093 Amortization expense - ---------- Operating (loss) income (927) Interest expense, net 4,606 ---------- Income (loss) before reorganization items and (5,533) income taxes Reorganization items 9,528 ---------- Loss before income taxes (15,061) Provision for income taxes 797 Loss from continuing operations (15,858) Loss from discontinued operations (13) ---------- Net Income (Loss) ($15,845) ========== DURA Automotive Systems, Inc., and Subsidiaries Condensed Combined Debtors-in-Possession Statements of Cash Flows For the Five Weeks Ended June 29, 2008 (Unaudited) (In thousands of dollars) Operating Activities: Net Income (loss) ($15,845) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization & asset impairment 1,220 Amortization of deferred financing fees 1,007 Facility consolidation and other charges(credits) 2,093 (Gain)/Loss on sale of assets 237 Reorganization items 9,528 Changes in other operating items: Accounts receivable (7,078) Inventories 6,189 Other current assets (12,658) Noncurrent assets 199 Accounts payable 3,062 Accrued liabilities (15,904) Noncurrent liabilities (1,138) Current intercompany transactions 145,161 ---------- Net cash provided by operating activities 116,073 Investing Activities: Purchases of property, plant & equipment (320) Proceeds from sales of assets 2,082 ---------- Net cash (used in) provided by investing activities 1,762 Financing Activities: DIP Revolver net repayments (52,936) DIP term repayments (147,592) Exit Financing - Revolver Credit Facility, net 23,525 Exit Financing - Second Lien Credit Facility borrowings 67,000 Debt issuance costs (5,139) ---------- Net cash provided by (used in)financing activities (115,142) Net change in cash & cash equivalents from 2,693 continuing operations Cash Flows from discontinued operations - Cash & Cash Equivalents, beginning balance 4,364 ---------- Cash & Cash Equivalents, ending balance $7,057 ========== About DURA Rochester Hills, Michigan-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006, (Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C., Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., at Kirkland & Ellis LLP are lead counsels for the Debtors' bankruptcy proceedings. Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., at Richards Layton & Finger, P.A. Attorneys are the Debtors' co-counsels. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of Jan. 31, 2008, the Debtor had $1,503,682,000 in total assets and $1,623,632,000 in total liabilities. On April 3, 2008, the Court approved the Debtors' revised Disclosure Statement explaining their revised Chapter 11 plan of reorganization. On June 27, 2008, the Debtors emerged from Chapter 11 bankruptcy protection. (Dura Automotive Bankruptcy News, Issue No. 61; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FRONTIER AIRLINES: Files Schedules of Assets and Liabilities ------------------------------------------------------------ Frontier Airlines Inc. submitted to the U.S. Bankruptcy Court for the Southern District of New York its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.1 Cash on hand Petty cash - Administration Office 11,500 Petty cash - Reservations Center 275 Cash at Registers - Airport Ticket Offices 13,698 Cash at Registers - Foreign Airport Offices 300 B.2 Bank Accounts American Express 18,440,610 Bank of America, N.A. 130,358 Bear Sterns 52,152,071 CIBC 231,635 Colorado Business Bank 48,488,263 Guaranty Bank 59,774 RBC Dain 8,500,743 Santander 51,782 Sovereign 56,785,339 US Bank 48,310 Wells Fargo 64,474 Wings Financial 34,708 Others 142,556 B.3 Security Deposits Pre-delivery Payments - AVSA 13,985,293 Aircraft Security Deposit - GECAS 13,349,600 Aircraft Security Deposit - GECAS 195,333 Aircraft Security Deposit - ILFC 2,250,000 Aircraft Security Deposit - MacQuarie 633,587 Aircraft Security Deposit - RBS 113,670 Aircraft Security Deposit - RBS 1,377,203 Aircraft Security Deposit - SALE 594,510 Building Security Deposit - Continental 112,500 Fuel Security Deposit - Aircraft Service 194,737 Fuel Security Deposit - Allied Fueling 156,443 Fuel Security Deposit - ASIG 113,058 Pre-delivery Payments - Live TV 424,274 Others 671,585 B.4 Household goods 0 B.5 Book, artwork and collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and other equipment 0 B.9 Insurance Policies 0 B.10 Annuities 0 B.11 Interests in Education IRA 0 B.12 Interests in IRA, ERISA, Keogh, et al. 0 B.13 Stock and Interests 0 B.14 Interests in partnerships & joint venture 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable AP Debit Balances 479,048 Maintenance Reserve Receivable 1,787,161 Net Trade Receivables 55,370,631 B.17 Alimony 0 B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests 0 B.20 Contingent and non-contingent interests 0 B.21 Other Contingent and Unliquidated Claims 0 B.22 Patents Unknown B.23 Licenses, franchises & other intangibles 0 B.24 Customer lists or other compilations 0 B.25 Vehicles Ground Service Equipment 11,965,776 Motorized Vehicles & Equipment 1,504,312 B.26 Boats, motors and accessories 0 B.27 Aircraft and accessories Owned Operating Airframes 678,776,372 Owned Operating Engines 2,369,685 Leasehold Improvements on Airframes 9,468,308 Rotables 33,475,904 Other 8,724,165 Construction In Progress 7,299,141 B.28 Office Equipment Communication Equipment 600,492 Furniture, Fixtures & Office Equipment 912,495 Computer Equipment 11,152,636 B.29 Machinery, equipment and supplies in business Maintenance Tools & Equipment 825,855 Station and Other Equipment 555,352 Building Leasehold Improvements 1,871,263 B.30 Inventory Aircraft Inventory 5,867,403 Merchandise 254,558 Fuel 7,201,589 Station Uniforms 902,683 Headsets 312,127 Catering 115,730 Assets Held for Sale 1,262,905 Supplies 334,406 B.31 Animals B.32 Crops B.33 Farming equipment and implements B.34 Farm supplies, chemicals and feed B.35 Other Personal Property Other Prepaid Expenses 24,200,180 Retainer Fee - Davis, Polk & Wardwell 510,741 Retainer Fee - Kekst And Company 165,000 Retainer Fee - Watson Wyatt 60,000 Retainer Fee - Faegre & Benson LLP 314,568 Prepaid Fuel - various 6,306,034 Other Unknown TOTAL SCHEDULED ASSETS $1,094,274,709 ========================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims Airport Revenue Fund 3,366,625 WestLB AG 1,553,580 Colorado Business Bank-DTC 2,845,000 WestLB AG 4,500,000 WestLB AG 3,000,000 WestLB AG 3,000,000 Colorado Business Bank-DTC 1,235,990 WestLB Capital Markets 3,000,000 Airbus Financial Services 3,379,087 Avion Capital Limited 3,020,323 Avion Capital Limited 4,483,899 Calyon 17,939,420 Calyon 17,606,991 DVB Bank AG 13,471,170 DVB Bank AG 21,822,968 DVB Bank AG 32,000,000 Erste Bank Der 15,784,634 Hamburgische Landesbank-Girozentrale 18,296,384 Hamburgische Landesbank-Girozentrale 19,522,523 Helaba Irish Bank 21,516,757 Helaba Irish Bank 13,591,457 PK Airfinance SA 15,488,750 PK Airfinance SA 15,841,915 Prudential Capital Group 18,551,427 Q Aviation LLC, as manager 19,989,427 Q Aviation LLC, as manager 21,200,242 Q Aviation LLC, as manager 21,268,380 Q Aviation LLC, as manager 21,498,167 The Royal Bank of Scotland PLC 24,486,642 Valentine Finance Limited 17,193,964 Valentine Finance Limited 18,551,427 WestLB Capital Markets 32,000,000 Others 3,839,593 E. Creditors Holding Unsecured Priority Claims Bernalillo County Treasurer 66,094 Metropolitan Trustee 164,955 Nevada Department of Taxation 33,242 OMA Omaha Airport Authority 54,210 Spokane County Treasurer 26,736 Treasurer City & County of Denver 2,408,887 Others 3,915 F. Creditors Holding Unsecured Non-priority Claims Airport Terminal Services Inc. 152,203 B E Aerospace Inc. 2,357,511 BT Ins Inc. 119,035 Civil Aviation Training Solutions 186,609 Clear Channel 122,500 Curtis 1000, Inc. 291,194 Dell Marketing LP 117,864 Deloitte Consulting LLP 108,748 DFW Dallas-Fort Worth International Airport 344,409 Empire Aero Center 286,703 Fedex Express 123,475 Fineline Signs Graphics Print 113,908 First Coast Aerospace Inc. 105,698 First Coast Aerospace Inc. 261,406 G and K Services Lug LLC 148,443 Galileo International 1,180,110 GE Engine Services Inc. 1,105,483 Ghafari Associates LLC 102,012 Goodrich Aerospace 544,870 Google Inc. 185,223 Honeywell - Chicago 153,026 Interturbine Logistic GMBH 126,869 King County Treasury 243,256 Liebherr 397,245 Marathon Petroleum Company LLC 173,991 McKinley Air Inc. 116,766 MCO Orlando International Airport 147,221 MDW Midway Airport 136,752 Michael Lewis Co. 137,680 Michelin North America Inc. 176,267 Microsoft Licensing GP 334,663 Million Air Salt Lake City 288,789 NCR Self Service LLC 124,731 PDX Portland International Airport 100,995 Pepsi Center 400,000 PHL Philadelphia International Airport 106,107 Primeflight Aviation Services 123,211 QWest 384,441 Republic Airline Inc. 291,012 SABRE Inc. 697,558 SEA Seattle Tacoma International Airport 139,367 Servisair USA Inc. 1,514,878 Skytanking USA Inc. 214,330 Thales Avionics Inc. 422,711 TLD America 128,728 Total Petrochemicals Inc. 3,083,757 Trax USA Corporation 345,346 TUG Technologies Corp. 121,027 Vedder Price PC 151,500 Willis Global Aviation 188,518 World Fuel Services Inc. 3,766,365 Frontier Airlines Holdings, Inc. 49,784,710 Lynx Aviation Inc. 1,364,753 Fidelity and Deposit Company of Maryland 100,000 Fidelity and Deposit Company of Maryland 143,697 Fidelity and Deposit Company of Maryland 128,707 Fidelity and Deposit Company of Maryland 100,000 Fidelity and Deposit Company of Maryland 325,946 Fidelity and Deposit Company of Maryland 528,000 Fidelity and Deposit Company of Maryland 105,501 Fidelity and Deposit Company of Maryland 132,000 Travelers Casualty and Surety Company 500,000 Others 12,986,695 TOTAL SCHEDULED LIABILITIES $546,499,301 ========================================================= About Frontier Airlines Inc. Headquartered in Denver, Colorado, Frontier Airlines Inc. -- http://www.frontierairlines.com/-- provide air transportation for passengers and freight. They operate jet service carriers linking their Denver, Colorado hub to 46 cities coast-to-coast, 8 cities in Mexico, and 1 city in Canada, well as provide service from other non-hub cities, including service from 10 non-hub cities to Mexico. As of May 18, 2007 they operated 59 jets, including 49 Airbus A319s and 10 Airbus A318s. The Debtor and its debtor-affiliates filed for Chapter 11 protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08- 11297 thru 08-11299.) Hugh R. McCullough, Esq., at Davis Polk & Wardwell, represents the Debtors in their restructuring efforts. Togul, Segal & Segal LLP is the Debtors' Conflicts Counsel, Faegre & Benson LLP is the Debtors' Special Counsel, and Kekst and Company is the Debtors' Communications Advisors. At Dec. 31, 2007, Frontier Airlines Holdings Inc. and its subsidiaries' total assets was $1,126,748,000 and total debts was $933,176,000. (Frontier Airlines Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) FRONTIER AIRLINES: Parent Co. Files Schedules of Assets and Debts ----------------------------------------------------------------- Frontier Airlines Holdings Inc. and its subsidiaries submitted to the U.S. Bankruptcy Court for the Southern District of New York its schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts Bear Sterns, New York 8,432,067 B.3 Security Deposit 0 B.4 Household goods 0 B.5 Book, artwork and collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and other equipment 0 B.9 Insurance Policies 0 Life Insurance Policies Unknown HR Related Insurance Policies Unknown Other Unknown B.10 Annuities 0 B.11 Interests in Education IRA 0 B.12 Interests in IRA, ERISA, Keogh, et al. 0 B.13 Stock and Interests 0 B.14 Interests in partnerships & joint venture 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable Net, other receivables -- Interest receivable 25,631 Net, intercompany receivables Lynx Aviation Receivable 39,674,762 Net, intercompany receivables Frontier Airlines, Inc. 49,784,710 B.17 Alimony 0 B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests 0 B.20 Contingent and non-contingent interests 0 B.21 Other Contingent and Unliquidated Claims 0 B.22 Patents 0 B.23 Licenses, franchises & other intangibles 0 B.24 Customer lists or other compilations 0 B.25 Vehicles 0 B.26 Boats, motors and accessories 0 B.27 Aircraft and accessories 0 B.28 Office Equipment 0 B.29 Machinery, equipment and supplies in business 0 B.30 Inventory 0 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals and feed 0 B.35 Other Personal Property 0 TOTAL SCHEDULED ASSETS $97,917,170 ========================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims 0 E. Creditors Holding Unsecured Priority Claims Alaska Department of Revenue Unknown Arizona Department of Revenue Unknown Colorado Department of Revenue Unknown Comptroller of Public Accounts Unknown Department of the Treasury, Odgen, Utah Unknown Franchise Tax Board Unknown Idaho State Tax Commission Unknown Kansas Corporate Tax, Kansas Dept. of Revenue Unknown Missouri Dept. of Revenue Unknown Montana Dept. of Revenue Unknown F. Creditors Holding Unsecured Non-priority Claims US Bank National Association 92,000,000 TOTAL SCHEDULED LIABILITIES $92,000,000 ========================================================== About Frontier Airlines Inc. Headquartered in Denver, Colorado, Frontier Airlines Inc. -- http://www.frontierairlines.com/-- provide air transportation for passengers and freight. They operate jet service carriers linking their Denver, Colorado hub to 46 cities coast-to-coast, 8 cities in Mexico, and 1 city in Canada, well as provide service from other non-hub cities, including service from 10 non-hub cities to Mexico. As of May 18, 2007 they operated 59 jets, including 49 Airbus A319s and 10 Airbus A318s. The Debtor and its debtor-affiliates filed for Chapter 11 protection on April 10, 2008, (Bankr. S.D. N.Y. Case No.: 08- 11297 thru 08-11299.) Hugh R. McCullough, Esq., at Davis Polk & Wardwell, represents the Debtors in their restructuring efforts. Togul, Segal & Segal LLP is the Debtors' Conflicts Counsel, Faegre & Benson LLP is the Debtors' Special Counsel, and Kekst and Company is the Debtors' Communications Advisors. At Dec. 31, 2007, Frontier Airlines Holdings Inc. and its subsidiaries' total assets was $1,126,748,000 and total debts was $933,176,000. (Frontier Airlines Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) HOMEBANC CORP: Reports $9,997,000 Net Loss in July 2008 ------------------------------------------------------- HomeBanc Mortgage Corporation and Subsidiaries Unaudited Consolidated Balance Sheet As of July 31, 2008 ASSETS Cash $2,840,000 Restricted cash 0 Mortgage loans held for sale, net 1,548,000 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 $16,850,000 =============== LIABILITIES & EQUITY Warehouse lines of credit $0 Repurchase agreements 0 Loan funding payable 1,478,000 Accrued interest payable 0 Accrued expenses 5,787,000 Other accounts payable 0 Accounts payable to affiliates 0 Collaterized debt obligations 0 Junior subordinated debentures representing obligations for trust preferred securities 175,260,000 --------------- Total liabilities 182,525,000 Minority interest 64,000 Shareholders Equity: Preferred stock 47,992,000 Common stock 571,000 Additional paid-in capital 278,865,000 Accumulated deficit (475,263,000) Treasury stock (17,904,000) Accumulated other comprehensive (loss) income 0 --------------- Total shareholder's equity (165,739,000) --------------- TOTAL LIABILITIES & EQUITY $16,850,000 =============== HomeBanc Mortgage Corporation and Subsidiaries Unaudited Consolidated Statement of Operations For 7 Months Ended July 31, 2008 REVENUES MBS interest income $994,000 Other miscellaneous income 729,000 --------------- Total revenues 1,723,000 EXPENSES Professionals 4,388,000 Insurance 575,000 Contract personnel 308,000 Data facility 0 Compensation and benefits 312,000 Financial systems 122,000 Record storage 62,000 Medical insurance run-off payments 202,000 Loan sales expense 174,000 U.S. trustee fees 54,000 Office rental 47,000 Other misc. operating expenses 5,475,000 --------------- Total expenses 11,719,000 --------------- Income tax expense 0 --------------- Net loss ($9,997,000) =============== HomeBanc Mortgage Corporation and Subsidiaries Consolidated Statement of Cash Flows For the 7 Months Ended July 31, 2008 OPERATING ACTIVITIES Net loss ($9,997,000) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: (Increase) decrease in mortgage loans held for sale, net 3,863,000 Decrease (interest) in other assets 1,398,000 Increase in other liabilities 187,000 --------------- Net cash (used in) provided by operating (4,549,000) activities INVESTING ACTIVITIES Net cash provided by (used in) investing activities 0 FINANCING ACTIVITIES Net cash (used in) provided by financing activities 0 --------------- Net increase (decrease) in cash (4,549,000) Cash and cash equivalents at beginning of period 7,389,000 --------------- Cash and cash equivalents at end of period $2,840,000 =============== 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. 30; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). LANDSOURCE COMMUNITIES: Files June 2008 Monthly Operating Report ---------------------------------------------------------------- LandSource Communities Development, LLC Consolidated Balance Sheet As of June 30, 2008 Assets Cash $8,078,655 Receivables 42,059,588 Inventories 1,347,341,184 Operating Properties, net 86,434,339 Investment in unconsolidated entities 2254590 Other assets 47805606 -------------- Total Assets $1,533,973,962 ============== Liabilities and Members' Capital Liabilities: Prepetition Debt - principal 1,215,523,955 Debt - Accrued interest 28,674,406 Interest rate swap termination payment due 28,230,000 Accounts Payable 32,410,898 Payables to affiliates 61,373,880 Refundable deposits owed affiliate 26,469,916 Tenant deposits 463,797 Other 3,614,459 -------------- Sub-total 1,396,761,311 Postpetition Accounts Payable 250,006 Property tax accrual 1,332,288 Payables to affiliates 11,305,413 -------------- Sub-total 12,887,707 Other Development accruals 35,477,936 Accrued Employee Related Benefits 7,465,073 Non-qualified Pension Plan Accruals 5,954,648 Reserves - school fees, energy remediation 15,115,558 Non-refundable deposits 30,900,799 Deferred Revenue 93,226,228 Golf Course/other deposits 7,974,544 Other 3,421,701 -------------- Sub-total 199,536,488 -------------- Total Liabilities 1,609,185,506 -------------- Members' Capital (55,211,544) -------------- Total Liabilities and Members' Capital $1,553,973,962 ============== LandSource Communities Development, LLC Consolidated Statements of Operations Month Ended June 30, 2008 Statistical Information Homesites sold to related parties $0 Homesites sold to third parties 0 Acreage sold to related parties 0 Acreage sold to third parties 0 Homes sold to third parties 0 Land Sale Operations Sales related parties (9,309) Sales to third parties 13,036 -------------- Total Land Sale Revenue 3,727 -------------- Cost of sales to related parties 86,872 Cost of sales to third parties 0 -------------- Total Cost of Land Sales 86,872 -------------- Gross Margin on Land Sales Operations (83,145) Home Sale Operations Sales 0 Cost of sales 0 -------------- Gross Margin on Home Sale Operations 0 -------------- Operating Cost and Expenses Field, selling, general & administrative 5,929,934 Management fees to related parties 1,598,311 -------------- Total Operating Costs and Expenses 7,528,245 -------------- Other Operations, net Equity in earnings of unconsolidated entities (22,371) Rental operations 494,159 Valencia Water Company 0 Club operations (92,466) Interest income 162,881 Interest expense (9,320,301) Loss on debt restructuring 0 Loss on interest rate swap termination (25,392,563) Miscellaneous 205,350 -------------- Total Other Operations, net (33,965,311) -------------- Net Earnings (Loss) ($41,576,701) ============== LandSource Communities Development, LLC Consolidated Schedule of Cash Receipts and Disbursements Month Ended June 30, 2008 Net Operating Cash Flow Operating Cash Flows Housing revenue $0 Commercial Revenue 1,168,027 Other 29,573 Option deposits 27,708 Less: Closing Costs 0 -------------- Total Operating Inflows 1,225,308 Operating Cash Outflows Master improvements & CFDs (3,188,490) Property tax 0 General & Administrative (490,762) Other (24,137) Management fees 0 -------------- Total Operating Outflows (3,703,389) -------------- Total Net Operating Cash Flow (2,478,081) Net Cash Flow Bankruptcy Disbursements Bankruptcy Payments 0 Utility Deposits 0 Mechanic's liens/Other 0 -------------- Total Bankruptcy Payments 0 DIP Interest and Fees DIP Facility interest 0 Undrawn fee 0 DIP Facility fees (856,150) -------------- Total DIP Interest and Fees (856,150) Restructuring professionals (754,782) Total Bankruptcy Disbursements (1,610,932) Total Net Cash Flow (4,089,013) Cash Balance Beginning Cash Balance at June 9, 2008 (Bank) 12,396,734 Net cash flow (4,089,014) Change in outstanding checks 3,213,359 -------------- Cash balance before change in DIP Facility 11,521,079 DIP borrowings/ Repayments 0 -------------- Ending Cash Balance (Bank) 11,521,079 Memo: Outstanding Checks Beginning Balance 0 Checks issued 3,492,471 Checks (voided) or reissued 0 Checks cleared (279,111) -------------- Ending Outstanding Checks Balance 3,213,360 Calculated Ending Cash Balance (Book) 8,307,719 Outstanding checks to liabilities (book overdraft) (229,065) -------------- Ending Cash Balance (Book) $8,078,654 ============== Disbursements Per Debtor The Newhall Land and Farming Company $3,427,297 Lennar Mare Island, LLC 40,930 Stevenson Ranch Venture, LLC 98 LandSource Holding Company, LLC 1,627,437 LandSource Communities Development, LLC 18,333 LNR-Lennar Washington Square, LLC 200,226 -------------- Total Disbursement $5,314,321 ============== Schedule of Professional Fees and Expenses Paid Professional Amount Received ------------- --------------- Cadwalader, Wickersham & Taft, LLP $434,913 FTI Consulting, Inc. 161,311 Sidley Austin LLP 85,621 Winston & Strawn, LLP 42,530 Young Conaway Stargatt & Taylor, LLP 30,407 --------- $754,782 ========= About LandSource Communities LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, is involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. With the exception of one development project in Marina del Rey, California, LandSource does not build homes or commercial properties. LandSource and 20 of its affiliates filed for chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors are represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. acts as the Debtors' financial advisors, and Kurtzmann Carson Consultants serves as the Debtors' notice and claims agent. According to the Troubled Company Reporter on May 22, 2008, LandSource sought help from its lender consortium to restructure $1.24 billion of its debt. LandSource engaged a 100-bank lender group led by Barclays Capital Inc., which syndicates LandSource's debt. LandSource had received a default notice on that debt from the lender group after it was not able to timely meet its payments during mid-April. However, LandSource failed to reach an agreement with its lenders on a plan to modify and restructure its debt, forcing it to seek protection from creditors. The Debtors' exclusive plan filing period expires on Oct. 6, 2008. (LandSource Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). LINENS N THINGS: LNT Merchandising Files Assets, Debts Schedules ---------------------------------------------------------------- LNT Merchandising 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.16 Accounts Receivable Damage Markout Receivable $16,251,529 B.18 Other Liquidated Debts Owing Debtor Vendor debit balances 12,942,208 Prepayments to merchandise vendors 11,987,376 Credits due for vendor returns 286,346 B.21 Other Contingent and Unliquidated Claims Vendor chargebacks 1,145,330 B.22 Patents, copyrights, and others Trademarks Unknown B.23 Licenses, franchises & other intangibles Credit card customer relationships Unknown TOTAL SCHEDULED ASSETS $42,612,789 ========================================================== C - Property Claimed None D - Creditors Holding Secured Claims None E - Creditors Holding Unsecured Priority Claims None F - Creditors Holding Unsecured Nonpriority Claims Linens 'N Things Canada $47,786,196 Yankee Candle Company 4,314,186 Aeolus Down L/C 4,181,433 AMCOR, Inc. 3,667,051 Brentwood Originals 3,234,278 Regal Home Collections, Inc. 3,160,665 Oxo International, Ltd. 2,635,212 Groupe SEB USA 2,632,886 N.I. Teijin Shoji (USA), Inc. 2,026,427 Kitchen Aid Portable Appliances 1,773,498 Wallace International 1,979,981 M. Block & Sons, Inc. 1,963,059 Meyer Corp. U.S. 1,910,735 Maples Industries Inc. 1,782,618 Wythe-Will Distribution LLC 1,696,055 Croscill Inc. 1,660,756 Ontel Products Corporation 1,633,372 Pacific Coast Feather Company 1,498,859 Loftex USA LLC - Import 1,434,581 American Fiber Ind. 1,369,796 MSA Products, Inc. - Import 1,359,500 Royal Linens 1,326,926 Nassau Candy Distributors, Inc. 1,296,582 India Ink 1,282,836 United Parcel Service, Inc. 1,251,120 The Weston Gallery L/C 1,232,100 Divatex Home Fashions Inc./Import 1,209,209 Suncast Corporation 1,172,941 Richloom Home Fashions - Import 1,147,243 Homestead International Group 1,131,015 CHF Industries, Inc., Import 1,122,836 Welspun USA Inc. - Import 1,110,094 Interdesign, Inc. 1,100,369 S Lichtenberg & Co., Inc. 1,085,172 Liz Claiborne Div. of American Pacific 1,052,772 BEME International LLC 1,013,221 Bissell, Inc. 1,006,237 Others 72,788,888 TOTAL SCHEDULED LIABILITIES $185,030,705 ========================================================== 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., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., provide Linens 'n Things with bankruptcy counsel. The Debtors' special corporate counsel are Holland N. O'Neil, Esq., Ronald M. Gaswirth, Esq., Stephen A. McCaretin, Esq., Randall G. Ray, Esq., and Michael S. Haynes, Esq., at Morgan, Lewis & Bockius, LLP. The Debtors' restructuring management services provider is Conway Del Genio Gries & Co., LLC. The Debtors' CRO and Interim CEO is Michael F. Gries, co-founder of Conways Del Genio Gries & Co., LLC. The Debtors' claims agent is Kurtzman Carson Consultants, LLC. The Debtors' consultants are Asset Disposition Advisors, LLC, and Protivit, Inc. The Debtors' investment bankers are Financo, Inc., and Genuity Capital Markets. (Bankruptcy News About Linens 'n Things; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) NETBANK INC: Delivers June 2008 Monthly Operating Report -------------------------------------------------------- NetBank, Inc. filed its operating report for the period June 1, 2008, through June 30, 2008. Funds at the beginning of the period were $6,996,194 and funds at the end of the period were $6,785,245. A full-text copy of the Debtor's June 2008 monthly operating report is available for free at: http://ResearchArchives.com/t/s?3080 About NetBank Headquartered in Jacksonville, Florida, NetBank, Inc. -- http://www.netbank.com/-- is a financial holding company of Netbank, the United States' oldest Internet bank serving retail and business customers in all 50 states. NetBank, Inc. does retail banking, mortgage banking, business finance, and provides ATM and merchant processing services. The company filed for chapter 11 protection on Sept. 28, 2007 (Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at Holland & Knight LLP, represents the Debtor. The U.S. Trustee for Region 21 appointed six creditors to serve on an Official Committee of Unsecured Creditors of the Debtor's case. Rogers Towers, Esq. at Kilpatrick Stockton LLP, represents the Committee in this case. Rogers Towers P.A. serves as co-counsel to the Committee. NETBANK INC: Delivers July 2008 Monthly Operating Report -------------------------------------------------------- NetBank, Inc. filed its operating report for the period July 1, 2008, through July 31, 2008. Funds at the beginning of the period were $6,785,245 and cash at the end of the period were $6,758,700. A full-text copy of the Debtor's July 2008 monthly operating report is available for free at: http://ResearchArchives.com/t/s?317b About NetBank Headquartered in Jacksonville, Florida, NetBank, Inc. -- http://www.netbank.com/-- is a financial holding company of Netbank, the United States' oldest Internet bank serving retail and business customers in all 50 states. NetBank, Inc. does retail banking, mortgage banking, business finance, and provides ATM and merchant processing services. The company filed for chapter 11 protection on Sept. 28, 2007 (Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at Holland & Knight LLP, represents the Debtor. The U.S. Trustee for Region 21 appointed six creditors to serve on an Official Committee of Unsecured Creditors of the Debtor's case. Rogers Towers, Esq. at Kilpatrick Stockton LLP, represents the Committee in this case. Rogers Towers P.A. serves as co-counsel to the Committee. NEW CENTURY: Reports $2,675,781 Net Loss in Month Ended June 20 --------------------------------------------------------------- New Century Financial Corp. and Affiliates Consolidated Balance Sheet As of June 30, 2008 Assets Current Assets: Unrestricted Cash and Equivalents $88,086,260 Restricted Cash and Equivalents 10,285,477 Accounts Receivable, Net 0 Notes Receivable 0 Inventories 0 Prepaid Expenses 238,221 Professional Retainers 0 Other Current Assets 2,196,076 -------------- Total Current Assets 100,806,034 -------------- Property and Equipment 2,023,885 Other Assets 148,394,022 -------------- Total Assets $251,223,941 ============== Liabilities and Owners' Equity Liabilities Not Subject to Compromise (Postpetition): Accounts Payable $0 Professional Fees 1,522,830 -------------- Total Postpetition Liabilities 1,522,830 Liabilities Subject to Compromise (Prepetition): Secured Debt 402,427 Priority Debt 11,323,226 Unsecured Debt 1,120,969,730 -------------- Total Prepetition Liabilities 1,132,695,383 -------------- Total Liabilities 1,134,218,213 -------------- Owner Equity: Capital Stock 4,530,047 Additional Paid-in Capital 2,170,845,310 Partners' Capital Account 0 Owners' Equity Account 0 Retained Earnings – Prepetition (1,083,442,468) Retained Earnings – Postpetition (1,974,927,160) Adjustments to Owner Equity 0 Postpetition Contributions 0 -------------- Net Owner Equity (882,994,271) -------------- Total Liabilities and Owners' Equity $251,223,942 ============== New Century Financial Corp. and Affiliates Consolidated Statement of Operations Month Ended June 30, 2008 Revenues $17,322 Cost of Goods Sold 0 Operating Expenses: Employee Benefits Programs 11,559 Insurance 225,000 Office Expense 48,251 Rent and Lease Expense 37,685 Salaries, Commissions, & Fees 258,163 Travel and Entertainment 1,669 Other 594,826 Depreciation, Depletion & Amortization 100,088 -------------- Net Profit (Loss) before Other Income & Expenses (1,259,919) -------------- Reorganization Items Professional Fees 1,522,830 Interest Earned for Accumulated Cash (106,968) Income Taxes 0 -------------- Net Profit (Loss) ($2,675,781) ============== New Century Financial Corp. and Affiliates Consolidated Statement of Operations Month Ended June 30, 2008 Cash, Beginning of month $101,506,261 Total Receipts 3,363,899 Total Disbursements (6,498,424) -------------- Net Cash Flow (3,134,525) -------------- Cash, End of month $98,371,736 ============== About New Century Financial Founded in 1995, Irvine, Calif.-based New Century Financial Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real estate investment trust, providing mortgage products to borrowers nationwide through its operating subsidiaries, New Century Mortgage Corporation and Home123 Corporation. The company offers a broad range of mortgage products designed to meet the needs of all borrowers. The company and its debtor-affiliates filed for Chapter 11 protection on April 2, 2007 (Bankr. D. Del. Lead Case No. 07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins, Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., represent the Debtors. The Official Committee of Unsecured Creditors selected Hahn & Hessen as its bankruptcy counsel and Blank Rome LLP as its co-counsel. When the Debtors filed for bankruptcy, they listed total assets of $36,276,815 and total debts of $102,503,950. The Court confirmed the Debtors' second amended joint chapter 11 plan on July 15, 2008. (New Century Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). NEWPOWER HOLDINGS: Files Operating Report for Month Ended June 30 ----------------------------------------------------------------- NewPower Holdings, Inc. submitted its monthly operating report for the period May 31, 2008 to June 30, 2008. The Debtor had opening cash balance of $1,162 and ending cash balance of $1,144. A full-text copy of the Debtor's June 2008 monthly operating report is available for free at: http://ResearchArchives.com/t/s?3176 NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor- affiliates filed for chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King & Spalding and William M. Goldman, Esq., at Sidley Austin Brown & Wood LLP, represent the Debtors. When the Debtors filed for chapter 11 protection, they reported $231,837,000 in assets and $87,936,000 in debts. On Aug. 15, 2003, the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, confirmed the Second Amended Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC Holdings, Inc., a wholly owned subsidiary. That Plan became effective on Oct. 9, 2003, with respect to the company and TNPC. On Feb. 28, 2003, the Bankruptcy Court confirmed The New Power Company's Plan, and that Plan has been effective as of March 11, 2003, with respect to New Power. The New Power Company is a wholly owned subsidiary of the company. PLASTECH ENGINEERED: Files February 2008 Monthly Operating Report ----------------------------------------------------------------- Plastech Engineered Products, Inc. Balance Sheet As of February 29, 2008 ASSETS Cash $16,098,365 Inventory 11,021,498 Accounts receivable (50,076,730) Insider receivables 10,917,500 Land & buildings 29,918,635 Furniture, fixtures & equipment 75,379,973 Accumulated depreciation (82,055,680) Unbilled tooling (net) 7,807,452 Prepaid expenses 1,717,341 Investment in Trimquest 4,635,203 Transaction costs 0 Goodwill 0 Intangible assets (net) 0 Deposits & other assets 24,500,621 ------------- Total Assets $49,864,178 ============= LIABILITIES AND EQUITY Postpetition Liabilities: Accounts payable - trade $6,514,595 Accounts payable - tooling 691,039 Wages & salaries 8,564,318 Taxes payable 499,180 Accrued interest 2,829,913 Accrued liabilities 5,057,977 Intercompany liabilities 11,234,011 ------------- Total postpetition liabilities 35,391,033 ------------- Secured liabilities: Subject to postpetition collateral or DIP Revolver 23,619,876 All other secured liabilities 0 ------------- Total secured liabilities 23,619,876 ------------- Prepetition liabilities: Unsecured liabilities - trade 35,964,673 Unsecured liabilities - tooling 21,408,925 Priority liabilities - wages & salaries 0 Priority liabilities - taxes (4,156,827) Priority liabilities - debt 431,173,120 Priority liabilities - interest 279,126 Unsecured liabilities - accrued 16,896,752 Intercompany liabilities (295,256,063) ------------- Total prepetition liabilities 206,309,706 ------------- Total Liabilities $265,320,615 ------------- Equity: Owner's capital 1,396,030 Other comprehensive income (loss) (3,083,108) Retained earnings (deficit) - prepetition (206,202,344) Retained earnings (deficit) - postpetition (7,567,015) ------------- Total Equity (215,456,437) ------------- Total Liabilities & Equity $49,864,178 ============= Plastech Engineered Products, Inc. Statement of Operations For the Month Ended February 2008 Total sales $6,065,713 Cost of sales 6,765,690 ------------ Gross profit (699,977) ------------- Expenses: Officers Compensation 591,893 Salary expenses - other employees 3,648,290 Employee benefits & pensions 144,316 Payroll taxes 388,444 Other taxes 499,767 Rent and lease expense 462,752 Interest expense 3,176,923 Insurance 15,174 Automobile & truck expense 61,469 Utilities 172,732 Depreciation 191,127 Travel & entertainment 175,187 Repairs & maintenance 168,647 Advertising 0 Supplies, office expenses 24,051 Director fees 0 Contributions 0 Outside services (725,204) Design recoveries (329,228) Commissions 29,217 Tooling (220,122) ------------- Total expenses 8,475,435 ------------- Net operating profit (loss) (9,175,412) ------------- Non-operating Income: Interest income 58,808 Other income 1,982,657 Other income (Trimquest) 621,795 Non-operating Expenses: Professional fees 1,054,864 Other expenses 0 Other (translation) 0 ------------- Net income (loss) ($7,567,016) ============= Plastech's Cash Statement as of Feb. 24, 2008 is available for free: http://researcharchives.com/t/s?314a The company reports approximately $174,000,000 in accounts receivable, and some $6,500,000 in accounts payable as of February 29, 2008, a copy of which is available for free at: http://researcharchives.com/t/s?314c The company disclosed postpetition taxes payable of $1,299,748 as of February 29, 2008, details of which is available for free: http://researcharchives.com/t/s?314d Plastech reported $881,108 in consolidated insider compensation and payments for the month, details of which can be accessed for free at: http://researcharchives.com/t/s?314e About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is a full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. Joel D. Applebaum, Esq., at Clark Hill PLC, represents the Official Committee of Unsecured Creditors. As of Dec. 31, 2006, the company's books and records reflected assets totaling $729,000,000 and total liabilities of $695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Aug. 11, 2008, the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan of reorganization. PLASTECH ENGINEERED: Decorating Systems Files February 2008 MOR --------------------------------------------------------------- Plastech Decorating Systems, Inc. Balance Sheet As of February 29, 2008 ASSETS Cash $1,000 Inventory 2,440,219 Accounts receivable 6,815,331 Insider receivables 0 Land & buildings 5,885,408 Furniture, fixtures & equipment 19,050,489 Accumulated depreciation (14,222,050) Unbilled tooling (net) 0 Prepaid expenses 0 Investment in Trimquest 0 Transaction costs 0 Goodwill 0 Intangible assets (net) 0 Deposits & other assets 1,749,484 ------------- Total Assets $21,719,881 ============= LIABILITIES AND EQUITY Postpetition Liabilities: Accounts payable - trade $0 Accounts payable - tooling 0 Wages & salaries 46,734 Taxes payable 27,525 Accrued interest 0 Accrued liabilities 619,430 Intercompany liabilities 799,482 ------------- Total postpetition liabilities 1,493,171 ------------- Secured liabilities: Subject to postpetition collateral or DIP Revolver 0 All other secured liabilities 0 ------------- Total secured liabilities 0 ------------- Prepetition liabilities: Unsecured liabilities - trade 0 Unsecured liabilities - tooling 0 Priority liabilities - wages & salaries 0 Priority liabilities - taxes 368,027 Priority liabilities - debt 0 Priority liabilities - interest 0 Unsecured liabilities - accrued 760,528 Intercompany liabilities 18,998,621 ------------- Total prepetition liabilities 20,127,176 ------------- Total Liabilities 21,620,347 ============= Equity Owner's capital 0 Other comprehensive income 0 Retained earnings (deficit) - prepetition (201,848) Retained earnings (deficit) - postpetition 301,382 ------------- Total Equity 99,534 ------------- Total Liabilities & Equity $21,719,881 ============= Plastech Decorating Systems, Inc. Statement of Operations For the Month Ended February 2008 Total sales $2,784,515 Cost of sales 2,483,133 ------------- Gross profit 301,382 ------------- Expenses Officers Compensation 0 Salary expenses -- other employees 0 Employee benefits & pensions 0 Payroll taxes 0 Other taxes 0 Rent and lease expense 0 Interest expense 0 Insurance 0 Automobile & truck expense 0 Utilities 0 Depreciation 0 Travel & entertainment 0 Repairs & maintenance 0 Advertising 0 Supplies, office expenses 0 Director fees 0 Contributions 0 Outside services 0 Design recoveries 0 Commissions 0 Tooling 0 ------------- Total expenses 0 Net operating profit 301,382 ------------- Non-operating Income: Interest income 0 Other income 0 Other income (Trimquest) 0 Non-operating Expenses: Professional fees 0 Other expenses 0 Other (translation) 0 ------------- Net income $301,382 ============= About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is a full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. Joel D. Applebaum, Esq., at Clark Hill PLC, represents the Official Committee of Unsecured Creditors. As of Dec. 31, 2006, the company's books and records reflected assets totaling $729,000,000 and total liabilities of $695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Aug. 11, 2008, the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan of reorganization. PLASTECH ENGINEERED: Exterior Files Feb. 2008 Operating Report -------------------------------------------------------------- Plastech Exterior Systems, Inc. Balance Sheet As of February 29, 2008 ASSETS Cash $12,405 Inventory 16,484,083 Accounts receivable 32,866,265 Insider receivables 0 Land & buildings 19,166,823 Furniture, fixtures & equipment 95,828,868 Accumulated depreciation (85,725,411) Unbilled tooling (net) 0 Prepaid expenses 0 Investment in Trimquest 0 Transaction costs 0 Goodwill 0 Intangible assets (net) 0 Deposits & other assets 2,761,966 ------------- Total Assets $81,394,998 ============ LIABILITIES AND EQUITY Postpetition Liabilities: Accounts payable - trade 3,214 Accounts payable - tooling 0 Wages & salaries 235,989 Taxes payable 92,781 Accrued interest 0 Accrued liabilities 4,552,256 Intercompany liabilities 1,807,063 ------------ Total postpetition liabilities 6,691,303 ------------- Secured liabilities: Subject to postpetition collateral or 0 DIP Revolver 0 All other secured liabilities 0 ------------- Total secured liabilities 0 ------------- Prepetition liabilities: Unsecured liabilities - trade 18,636 Unsecured liabilities - tooling 0 Priority liabilities - wages & salaries 0 Priority liabilities - taxes 598,328 Priority liabilities - debt 0 Priority liabilities - interest 0 Unsecured liabilities - accrued 8,206,221 Intercompany liabilities 66,238,383 ------------- Total prepetition liabilities 75,061,568 ------------- Total Liabilities 81,752,871 ============= Equity: Owner's capital 0 Other comprehensive income 0 Retained earnings (deficit) - prepetition (1,399,828) Retained earnings (deficit) - postpetition 1,041,955 ------------- Total Equity (357,873) ------------- Total Liabilities & Equity $81,394,998 ============ Plastech Exterior Systems, Inc. Statement of Operations For the Month Ended February 2008 Total sales $12,710,622 Cost of sales 11,668,862 ------------ Gross profit 1,041,760 ------------- Expenses: Officers Compensation 0 Salary expenses - other employees 0 Employee benefits & pensions 0 Payroll taxes 0 Other taxes 0 Rent and lease expense 0 Interest expense 0 Insurance 0 Automobile & truck expense 0 Utilities 0 Depreciation 0 Travel & entertainment 0 Repairs & maintenance 0 Advertising 0 Supplies, office expenses 0 Director fees 0 Contributions 0 Outside services 0 Design recoveries 0 Commissions 0 Tooling 0 ------------- Total expenses 0 Net operating profit 1,041,760 ------------- Non-operating Income: Interest income 0 Other income 195 Other income (Trimquest) 0 Non-operating Expenses: Professional fees 0 Other expenses 0 Other (translation) 0 ------------- Net income $1,041,955 ============= About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is a full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. Joel D. Applebaum, Esq., at Clark Hill PLC, represents the Official Committee of Unsecured Creditors. As of Dec. 31, 2006, the company's books and records reflected assets totaling $729,000,000 and total liabilities of $695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Aug. 11, 2008, the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan of reorganization. PLASTECH ENGINEERED: Frenchtown Files Feb. 2008 Operating Report ---------------------------------------------------------------- Plastech Frenchtown, Inc. Balance Sheet As of February 29, 2008 ASSETS Cash $2,000 Inventory 4,731,774 Accounts receivable 20,029,881 Insider receivables 0 Land & buildings 905,657 Furniture, fixtures & equipment 17,400,984 Accumulated depreciation (7,297,433) Unbilled tooling (net) 0 Prepaid expenses 8,955 Investment in Trimquest 0 Transaction costs 0 Goodwill 0 Intangible assets (net) 0 Deposits & other assets 1,229,719 ------------- Total Assets $37,011,537 ============= LIABILITIES AND EQUITY Postpetition Liabilities: Accounts payable - trade $0 Accounts payable - tooling 0 Wages & salaries 98,919 Taxes payable 0 Accrued interest 0 Accrued liabilities 2,740,663 Intercompany liabilities 1,700,047 ------------- Total postpetition liabilities 4,539,629 ------------- Secured liabilities: Subject to postpetition collateral or 0 DIP Revolver 0 All other secured liabilities 0 ------------- Total secured liabilities 0 ------------- Prepetition liabilities: Unsecured liabilities - trade 0 Unsecured liabilities - tooling 0 Priority liabilities - wages & salaries 0 Priority liabilities - taxes 0 Priority liabilities - debt 0 Priority liabilities - interest 0 Unsecured liabilities - accrued 4,581,569 Intercompany liabilities 25,932,119 ------------- Total prepetition liabilities 30,513,688 ------------- Total Liabilities 35,053,317 ------------- Equity: Owner's capital 0 Other comprehensive income 0 Retained earnings - prepetition 1,142,518 Retained earnings - postpetition 815,702 ------------- Total Equity 1,958,220 ------------- Total Liabilities & Equity $37,011,537 ============= Plastech Frenchtown, Inc. Statement of Operations For the Month Ended February 2008 Total sales $8,187,679 Cost of sales 7,371,977 ------------- Gross profit 815,702 ------------- Expenses: Officers Compensation 0 Salary expenses -- other employees 0 Employee benefits & pensions 0 Payroll taxes 0 Other taxes 0 Rent and lease expense 0 Interest expense 0 Insurance 0 Automobile & truck expense 0 Utilities 0 Depreciation 0 Travel & entertainment 0 Repairs & maintenance 0 Advertising 0 Supplies, office expenses 0 Director fees 0 Contributions 0 Outside services 0 Design recoveries 0 Commissions 0 Tooling 0 ------------- Total expenses 0 Net operating profit 815,702 ------------- Non-operating Income: Interest income 0 Other income 0 Other income (Trimquest) 0 Non-operating Expenses: Professional fees 0 Other expenses 0 Other (translation) 0 ------------- Net income $815,702 ============= About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is a full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. Joel D. Applebaum, Esq., at Clark Hill PLC, represents the Official Committee of Unsecured Creditors. As of Dec. 31, 2006, the company's books and records reflected assets totaling $729,000,000 and total liabilities of $695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Aug. 11, 2008, the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan of reorganization. PLASTECH ENGINEERED: LDM Files Feb. 2008 Monthly Operating Report ----------------------------------------------------------------- LDM Technologies, Inc. Balance Sheet As of February 29, 2008 ASSETS Cash $19,000 Inventory 18,769,758 Accounts receivable 67,461,943 Insider receivables 730 Land & buildings 36,508,020 Furniture, fixtures & equipment 133,808,684 Accumulated depreciation (117,884,373) Unbilled tooling (net) 0 Prepaid expenses 245,084 Investment in Trimquest 0 Transaction costs 0 Goodwill 0 Intangible assets (net) 0 Deposits & other assets 4,348,519 ------------- Total Assets $143,277,365 ============= LIABILITIES AND EQUITY Postpetition Liabilities: Accounts payable - trade 0 Accounts payable - tooling 0 Wages & salaries 334,042 Taxes payable 45,143 Accrued interest 0 Accrued liabilities 9,797,313 Intercompany liabilities 505,921 ------------- Total postpetition liabilities 10,682,419 ------------- Secured liabilities: Subject to postpetition collateral or 0 DIP Revolver 0 All other secured liabilities 0 ------------- Total secured liabilities 0 ------------- Prepetition liabilities: Unsecured liabilities - trade 0 Unsecured liabilities - tooling 0 Priority liabilities - wages & salaries 0 Priority liabilities - taxes 472,412 Priority liabilities - debt 0 Priority liabilities - interest 0 Unsecured liabilities - accrued 10,712,666 Intercompany liabilities 113,913,587 ------------- Total prepetition liabilities 125,098,665 ------------- Total Liabilities 135,781,084 ============= Equity: Owner's capital 0 Other comprehensive income 0 Retained earnings - prepetition 4,039,301 Retained earnings - postpetition 3,456,980 ------------- Total Equity 7,496,281 ------------- Total Liabilities & Equity $143,277,365 ============= LDM Technologies, Inc. Statement of Operations For the Month Ended February 2008 Total sales $24,117,909 Cost of sales 20,660,928 ------------- Gross profit 3,456,981 ------------- Expenses: Officers Compensation 0 Salary expenses - other employees 0 Employee benefits & pensions 0 Payroll taxes 0 Other taxes 0 Rent and lease expense 0 Interest expense 0 Insurance 0 Automobile & truck expense 0 Utilities 0 Depreciation 0 Travel & entertainment 0 Repairs & maintenance 0 Advertising 0 Supplies, office expenses 0 Director fees 0 Contributions 0 Outside services 0 Design recoveries 0 Commissions 0 Tooling 0 ------------- Total expenses 0 Net operating profit 3,456,981 ------------- Non-operating Income: Interest income 0 Other income 0 Other income (Trimquest) 0 Non-operating Expenses: Professional fees 0 Other expenses 0 Other (translation) 0 ------------ Net income $3,456,981 ============ About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is a full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. Joel D. Applebaum, Esq., at Clark Hill PLC, represents the Official Committee of Unsecured Creditors. As of Dec. 31, 2006, the company's books and records reflected assets totaling $729,000,000 and total liabilities of $695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Aug. 11, 2008, the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan of reorganization. PLASTECH ENGINEERED: LDM Mexico & Canada File February 2008 MOR --------------------------------------------------------------- LDM Holding Mexico, Inc., and LDM Holding Canada, affiliates of Plastech Engineered products Inc., declared they have no assets and liabilities in their Feb. 24, 2008 operating report. They also disclosed that they had no revenues during the month ended February 24. In their monthly cash statements, LDM Mexico and Canada said the Debtors made made total disbursements totaling $108,899,063 from various accounts. They made payments totaling $881,108 to insiders, including compensation totaling $815,811. About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is a full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. Joel D. Applebaum, Esq., at Clark Hill PLC, represents the Official Committee of Unsecured Creditors. As of Dec. 31, 2006, the company's books and records reflected assets totaling $729,000,000 and total liabilities of $695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Aug. 11, 2008, the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan of reorganization. PLASTECH ENGINEERED: MBS Polymet Files Feb. 2008 Operating Report ----------------------------------------------------------------- MBS Polymet, Inc. Balance Sheet As of February 29, 2008 ASSETS Cash $1,000 Inventory 957,531 Accounts receivable 2,581,005 Insider receivables 0 Land & buildings 1,205,694 Furniture, fixtures & equipment 9,142,036 Accumulated depreciation (7,544,620) Unbilled tooling (net) 0 Prepaid expenses 0 Investment in Trimquest 0 Transaction costs 0 Goodwill 0 Intangible assets (net) 0 Deposits & other assets 5,875 ------------- Total Assets $6,348,521 ------------- LIABILITIES AND EQUITY Postpetition Liabilities: Accounts payable - trade 0 Accounts payable - tooling 0 Wages & salaries 22,893 Taxes payable 9,150 Accrued interest 0 Accrued liabilities 129,223 Intercompany liabilities (208,231) ------------- Total postpetition liabilities (46,965) -------------- Secured liabilities: Subject to postpetition collateral or DIP Revolver 0 All other secured liabilities 0 ------------- Total secured liabilities 0 ------------- Prepetition liabilities: Unsecured liabilities - trade 0 Unsecured liabilities - tooling 0 Priority liabilities - wages & salaries 0 Priority liabilities - taxes 63,141 Priority liabilities - debt 0 Priority liabilities - interest 0 Unsecured liabilities - accrued 758,968 Intercompany liabilities 5,231,629 ------------- Total prepetition liabilities 6,053,738 ------------- Total Liabilities 6,006,773 ============= Equity Owner's capital 0 Other comprehensive income 0 Retained earnings - prepetition 34,092 Retained earnings - postpetition 307,656 ------------- Total Equity 341,748 ------------- Total Liabilities & Equity $6,348,521 ============= MBS Polymet, Inc. Statement of Operations For the Month Ended February 29, 2008 Total sales $1,351,457 Cost of sales 1,043,800 ------------ Gross profit 307,657 ------------- Expenses: Officers Compensation 0 Salary expenses -- other employees 0 Employee benefits & pensions 0 Payroll taxes 0 Other taxes 0 Rent and lease expense 0 Interest expense 0 Insurance 0 Automobile & truck expense 0 Utilities 0 Depreciation 0 Travel & entertainment 0 Repairs & maintenance 0 Advertising 0 Supplies, office expenses 0 Director fees 0 Contributions 0 Outside services 0 Design recoveries 0 Commissions 0 Tooling 0 ------------- Total expenses 0 Net operating profit 307,657 ------------- Non-operating Income: Interest income 0 Other income 0 Other income (Trimquest) 0 Non-operating Expenses: 0 Professional fees 0 Other expenses 0 Other (translation) 0 ------------- Net income $307,657 ============== About Plastech Engineered Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is a full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. Joel D. Applebaum, Esq., at Clark Hill PLC, represents the Official Committee of Unsecured Creditors. As of Dec. 31, 2006, the company's books and records reflected assets totaling $729,000,000 and total liabilities of $695,000,000. (Plastech Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Aug. 11, 2008, the Debtors have until Sept. 28, 2008, to file a Chapter 11 plan of reorganization. PROGRESSIVE MOLDED: Unit Files Schedules of Assets & Liabilities ---------------------------------------------------------------- Progressive Moulded Products, Ltd. delivered its schedules of assets and liabilities, disclosing: A. Real Property None B. Personal Property B.1 Cash on hand Petty Cash CAD Non Division Specific $10,529 Petty Cash USD Non Division Specific 993 B.2 Bank Accounts Canadian Imperial Bank of Commerce USD Business Account 2,605,044 CAD Business Account (1,947,853) B.3 Security Deposits None B.4 Household goods None B.5 Collectibles None B.6 Wearing apparel None B.7 Furs and Jewelry None B.8 Firearms and other equipment None B.9 Interests in Insurance Policies None B.10 Annuities None B.11 Interests in an education IRA None B.12 Interests in IRA, ERISA or other Pension Plans None B.13 Business Interests and stocks None B.14 Interests in partnerships None B.15 Government and Corporate Bonds None B.16 Accounts Receivable Android Industries 2,223,676 Chrysler Canada Ltd. 10,990,821 Chrysler Corporation 2,634,591 Chrysler Corporation 4,586,711 Ford Motor Company 1,974,708 Ford Motor Company 2,689,638 Ford Motor Company 14,916,975 Ford of Canada 1,224,323 General Motors Corporation 6,611,045 General Motors Corporation 9,400,441 General Motors of Canada 2,398,859 Inteva Products, LLC 3,279,793 Trimquest 1,836,535 Others 7,392,839 B.17 Alimony None B.18 Other Liquidated Debts None B.19 Equitable or Future Interests None B.20 Interests in estate of a debt benefit plan None B.21 Other Contingent & Unliquidated claims None B.22 Patents and other intellectual property 280,000 B.23 Licenses, franchises, and other intangibles None B.24 Customer lists or other compilations None B.25 Vehicles 21,760 B.26 Boats, motors, and accessories None B.27 Aircraft and accessories None B.28 Office equipment, furnishings and supplies Computer Equipment-20VV 109,911 Computer Equipment-21GR 76,244 Computer Equipment-AE-SS 563,207 Computer Equipment-CORP 1,258,550 Office Equipment-125VB 109,311 Others 874,882 B.29 Machinery Plant & Equipment-125VB 2,729,909 Plant & Equipment-20VV 5,850,526 Plant & Equipment-21GR 6,633,223 Plant & Equipment-61RG 5,783,197 Plant & Equipment-9010B 1,836,835 Plant & Equipment-9024A 7,283,775 Plant & Equipment-9040A 5,238,237 Others 6,236,860 B.30 Inventory Raw Material - 125VB 1,754,930 Raw Material - 20VV 1,224,749 Raw Material - 21GR 2,124,369 Raw Material - 9020B 1,058,309 Raw Material - 9024A 2,027,002 Raw Material - 9030A 1,221,081 Raw Material - 61RG 725,618 Raw Material - 9040B 491,670 Raw Material - 9040A 3,114,832 Others 5,376,200 B.31 Animals None B.32 Crops None B.33 Farming Equipments and implements None B.34 Farm supplies, chemicals, and feed None B.35 Other Personal Property None TOTAL SCHEDULED ASSETS $136,834,855 ========================================================== C. Property Claimed as Exempt None D. Secured Claim CIT Financial Ltd $1,540,030 HSBC 716,036 JPMorgan ChaseBank, Agent 24,900,000 JPMorgan ChaseBank, Agent 20,400,000 JPMorgan ChaseBank, Agent 11,951,712 JPMorgan ChaseBank, Agent 219,686,952 Relational Capital Lease 5,988,829 Wells Fargo Bank, Agent 31,571,083 E. Unsecured Priority Claims Employee Vacation Pay 2,677,993 Employee Wages 1,614,030 GST Payable 615,539 Statutory Payroll Taxes 138,324 F. Unsecured Non-priority Claims GS Mezzanine Partners III Offshore Fund,L.P. 38,655,637 JPMorgan Chase Bank 35,200,000 MG Stratum Fund III, L.P. 20,052,455 GS Mezzanine Partners III Onshore Fund,L.P. 115,737,726 Others 58,021,906 TOTAL SCHEDULED LIABILITIES $589,468,250 ========================================================== About Progressive Molded Ontario, Canada-based Progressive Molded Products Inc. -- designs and manufactures component parts for General Motors Corp., Ford Motor Company and Chrysler, LLC. Its interior automotive subsystems are used for the "Big Three" automakers' top-selling platforms, including lightweight trucks, SUVs, mini-vans, cross- over vehicles, and passenger cars. The company and three of its affiliates filed for creditor protection under Chapter 11 of the U.S. Bankruptcy Code before the United States Bankruptcy Court for the District of Delaware on June 20, 2008 (Lead Case No. 08-11253). Kelley A. Cornish, Esq. and Brian S. Hermann, Esq. at Paul, Weiss, Rifkind Wharton & Garrison LLP and Pauline K. Morgan, Esq., Joseph M. Barry, Esq., and Donald J. Bowman, Jr., Esq. at Young, Conaway, Stargatt & Taylor represent the Debtors in their restructuring efforts. The Progressive Molded Products entities also commenced parallel restructuring proceedings under the Companies' Creditors Arrangement Act before the Ontario Superior Court of Justice (Commercial List) on June 20. Sheryl E. Seigel, Esq. and Alex A. Ilchenko, Esq. at Lang Michener LLP are their solicitors. Alex F. Morrison at Ernst & Young, Inc., has been appointed CCAA monitor and Kevin J. Zych, Esq. at Bennett Jones LLP serves as his solicitor. PROGRESSIVE MOLDED: THL-PMPL Files Schedules of Assets and Debts ---------------------------------------------------------------- THL-PMPL Holding Corp. delivered to the Court its schedules of assets and liabilities, disclosing: A. Real Property None B. Personal Property B.1 Cash on Hand None B.2 Bank Accounts None B.3 Security deposits None B.4 Households goods None B.5 Collectibles None B.6 Wearing apparel None B.7 Furs and jewelry None B.8 Firearms and other equipment None B.9 Interests in insurance policies None B.10 Annuities None B.11 Interests in an education IRA None B.12 Interests in other pension plans None B.13 Business interests and stocks 100% Ownership of Progressive Moulded Products, Limited $332,541,344 B.14 Interests in partnerships/joint ventures None B.15 Government and corporate bonds None B.16 Accounts Receivable None B.17 Alimony None B.18 Other liquidated debts owed to Debtor None B.19 Equitable or future interests None B.20 Interests in estate debt benefit plan None B.21 Other contingent and unliquidated claims None B.22 Patents, copyrights, and others None B.23 Licenses, franchises, and other intangibles None B.24 Customer lists or other compilations None B.25 Vehicles None B.26 Boats, motors, and accessories None B.27 Aircraft and accessories None B.28 Office equipment, furnishings, and supplies None B.29 Machinery, fixtures, and equipment None B.30 Inventory None B.31 Animals None B.32 Crops None B.33 Farming equipment and implements None B.34 Farm supplies, chemicals, and feed None B.35 Other personal property None TOTAL SCHEDULED ASSETS $332,541,344 ========================================================== C. Priority Claimed as Exempt None D. Secured Claims None E. Unsecured Priority Claims None F. Unsecured Non-priority claims Progressive Moulded Products re 2004 - 2006 legal fees $63,186 TOTAL SCHEDULED LIABILITIES $63,186 ========================================================== About Progressive Molded Ontario, Canada-based Progressive Molded Products Inc. -- designs and manufactures component parts for General Motors Corp., Ford Motor Company and Chrysler, LLC. Its interior automotive subsystems are used for the "Big Three" automakers' top-selling platforms, including lightweight trucks, SUVs, mini-vans, cross- over vehicles, and passenger cars. The company and three of its affiliates filed for creditor protection under Chapter 11 of the U.S. Bankruptcy Code before the United States Bankruptcy Court for the District of Delaware on June 20, 2008 (Lead Case No. 08-11253). Kelley A. Cornish, Esq. and Brian S. Hermann, Esq. at Paul, Weiss, Rifkind Wharton & Garrison LLP and Pauline K. Morgan, Esq., Joseph M. Barry, Esq., and Donald J. Bowman, Jr., Esq. at Young, Conaway, Stargatt & Taylor represent the Debtors in their restructuring efforts. The Progressive Molded Products entities also commenced parallel restructuring proceedings under the Companies' Creditors Arrangement Act before the Ontario Superior Court of Justice (Commercial List) on June 20. Sheryl E. Seigel, Esq. and Alex A. Ilchenko, Esq. at Lang Michener LLP are their solicitors. Alex F. Morrison at Ernst & Young, Inc., has been appointed CCAA monitor and Kevin J. Zych, Esq. at Bennett Jones LLP serves as his solicitor. PROPEX INC: Submits June 2008 Monthly Operating Report ------------------------------------------------------ Propex Inc. Unaudited Condensed Consolidated Balance Sheet As of June 29, 2008 ASSETS Current Assets: Cash and cash equivalents $31,900,000 Restricted Cash 700,000 Accounts receivable, net 106,900,000 Accounts receivable claims – prepetition - Inventories, net 131,800,000 Deferred income taxes 8,700,000 Prepaid expenses and other current assets 27,500,000 Assets held for sale 7,400,000 ----------- Total current assets 314,900,000 Other assets: Goodwill - Intangible assets, net 17,100,000 Deferred income taxes - Investment in subsidiaries - Intercompany notes receivable - Other assets 7,100,000 ----------- Property, plant and equipment, net 223,600,000 ----------- Total assets $562,700,000 =========== LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Prepetition Accounts payable $8,100,000 Accrued liabilities 1,300,000 Current portion of debt and accrued interest 382,200,000 Accrued pension obligations - Restructuring and other similar costs 700,000 Other current liabilities 200,000 Postpetition Accounts payable 32,700,000 Accrued liabilities 22,900,000 Current portion of debt and accrued interest 35,600,000 Accrued pension obligations - Restructuring and other similar costs 500,000 Other current liabilities 1,700,000 ----------- Total current liabilities 485,900,000 Non-current liabilities: Prepetition Accrued pension and other postretirement benefit liabilities 24,700,000 Other non-current liabilities - Postpetition Intercompany notes payable - Debt, less current portion - Deferred income taxes 11,300,000 Accrued pension and other postretirement benefit liabilities 28,400,000 Other non-current liabilities 1,400,000 ---------- Total non-current liabilities 65,800,000 Total stockholder's equity: Common stock - Paid In capital 96,300,000 Accumulated other comprehensive income 27,400,000 Retained earnings - prior year (88,300,000) Retained earnings - current year (24,400,000) ----------- Total stockholder's equity 11,000,000 ----------- Total liabilities and stockholder's equity $562,700,000 =========== Propex Inc. Unaudited Condensed Consolidated Statements of Operations For Month Ended June 29, 2008 Net revenue $56,700,000 Cost of sales 51,200,000 ----------- Gross profit 5,500,000 Operating expenses: Selling, general and administrative 5,400,000 Other expense, net 200,000 Add Back Depreciation and amortization 2,200,000 EBITDA 2,100,000 Depreciation & Amortization 2,200,000 Interest expense 1,100,000 Restructuring and similar costs 500,000 Non-cash pension and other expense 100,000 Other non-operating expense(income) Impairment of other intangibles - Impairment of property, plant and equipment - Pension curtailment(gain), net of settlement loss - Debt forgiveness - Other - Equity(income) loss from sub-earnings - Income (loss) before income taxes (1,800,000) Income tax provision 700,000 ------------ Net income (loss) ($2,500,000) ============ Propex Inc. Unaudited Condensed Consolidated Statement of Cash Flows For Month Ended June 29, 2008 Cash Flows from Operating Activities: Net income(loss) ($2,500,000) Adjustments to reconcile, net income to net cash provided by used in operating activities: Depreciation and amortization 2,200,000 Non-cash interest on debt (700,000) Amortization of bank fees - Net gain on dispositions of property and equipment - Stock-based compensation - Impairment of property, plant and equipment - Impairment of goodwill - Impairment of intangibles - Pension and post-retirement benefit cost 200,000 Deferred income taxes - Changes in operating assets and liabilities Decrease(increase) in assets-prepetition (100,000) Decrease(increase) in assets-postpetition 1,700,000 (Decrease)increase in liabilities-prepetition (400,000) (Decrease)increase in liabilities postpetition 4,400,000 ----------- Net cash provided by operating activities 4,800,000 Cash flows from investing activities Capital expenditures (1,500,000) Proceeds from sale of property and equipment - Acquisition of business - ----------- Net cash used in investing activities (1,500,000) Cash flows from financing activities Payments of long-term debt principal - Proceeds from issuance of debt 300,000 Debt issuance costs - Dividends - Net receipts from unconsolidated parent company - Net payments of affiliate debt - ----------- Net cash provided by financing activities 300,000 Effect of changes in foreign exchange rates on cash and cash equivalents 200,000 ----------- Change in cash and cash equivalent 3,800,000 Cash and cash equivalents - beginning period 28,100,000 ----------- Cash and cash equivalents - end period $31,900,000 =========== About Propex Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It also produces primary and secondary carpet backing. Propex operates in North America, Europe, and Brazil. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08- 10249). The Debtors have selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. The Official Committee of Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel. As of Sept. 30, 2007, the Debtors' balance sheet showed total assets of $585,700,000, and total debts of $527,400,000. The Debtors' exclusive period to file a plan of reorganization will expire on Aug. 21, 2008. (Propex Bankruptcy News, Issue No. 14; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) REUNION INDUSTRIES: Earns $36,000 in Month Ended May 31, 2008 ------------------------------------------------------------- Reunion Industries, Inc. earned $36,000 and generated $1,719,000 in net sales for the month of May 2008. As of May 31, 2008, the Debtor had $34,069,000 in total assets, $18,911,000 in total liabilities, and $15,158,000 in stockholders' equity. A full-text copy of the Debtor's May 2008 monthly operating report is available for free at http://ResearchArchives.com/t/s?3177 About Reunion Industries Headquartered in Pittsburgh, Pennsylvania, Reunion Industries, Inc. owns and operates industrial manufacturing operations that design and manufacture engineered, high quality products for specific customer requirements. These products include large diameter seamless pressure vessels, manufactured by its CP Industries division, and hydraulic and pneumatic cylinders, manufactured by its Hanna Cylinders division. In addition, the Debtor has a 65% interest in Shanghai Klemp Metal Products Co., Ltd., a Chinese company located in Shanghai, China. Shanghai Klemp manufactures metal bar grating. Reunion Industries filed for chapter 11 protection on Nov. 26, 2007 (Bankr. D. Conn. Case No. 07-50727). Two Reunion Industries stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier Poole Family, L.P., filed separate chapter 11 petitions on the same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol A. Felicetta, Esq. at Reid and Riege, P.C.s represents the Debtors in their restructuring efforts. S & A RESTAURANT: Files Schedules of Assets and Debts ----------------------------------------------------- S & A Restaurant Corp. and its debtor-affiliates filed with the U.S. Bankruptcy Court for the Eastern District of Texas, its schedules of assets and liabilities, disclosing: A. Real Property None B. Personal Property B.1 Cash on hand None B.2 Bank Accounts JP Morgan Chase Bank 656525235 1,455,188 JP Morgan Chase Bank 656525227 251,672 JP Morgan Chase Bank 649664208 200,125 Others 176,099 B.3 Security Deposits Utility Deposit Atmos Energy/781008 6,655 AEP/24421 Public Service Co. of OK 6,116 Tri-County Electric Cooperative/TX 3,200 City of Tulsa, OK 2,500 City of Wichita Falls, TX 2,200 TECO: People's Gas 2,050 Public Works Comm. City of Fayetteville 1,200 City of Petersburg, FL 1,165 Regional Water Authority, CT 300 City of Southlake, TX 50 B.4 Household goods None B.5 Collectibles None B.6 Wearing apparel None B.7 Furs and jewelry None B.8 Firearms and sports equipment None B.9 Interests in Insurance Policies ACE American Insurance Co. - Workers' Compensation WLRC44471553 Unknown ACE American Insurance Co. - Workers' Compensation WCUC44471589 Unknown ACE American Insurance Co. - Workers' Compensation SCFC44471577 Unknown ACE American Insurance Co. - Automobile Unknown ACE American Insurance Co. - Gen. Liability Unknown ACE American Insurance Co. - Liquor Liability Unknown American Home Assurance Co. - Kidnap & Ransom Unknown Brickstreet Insurance - Workers' Compensation Unknown BWC (Ohio) - Workers' Compensation Unknown Illinois Union Ins. Co - Employers Excess Indemnity - Texas Unknown National Union Fire of PA - Crime Unknown B.10 Annuities None B.11 Interests in an education IRA as defined in 26 U.S.C. Section 530(b)(1) None B.12 Interests in IRA, ERISA, Keogh, or other Pension or profit-sharing plans None B.13 Business Interests and stocks None B.14 Interests in partnerships Undetermined B.15 Government and Corporate Bonds None B.16 Accounts Receivable None B.17 Alimony, maintenance, support, and property settlements debtor is entitled to None B.18 Other Liquidated Debts None B.19 Equitable or future interests, life estates, and rights or powers exercisable for the debtor's benefit None B.20 Contingent and noncontingent interests in estate of a decedent, death benefits plan, life insurance policy, or trust None B.21 Other contingent and unliquidated claims Olaf Kolzig, et al., Undetermined B.22 Patents, copyrights, and other intellectual property Undetermined B.23 Licenses, franchises, and other general intangibles None B.24 Customer lists or other compilations None B.25 Vehicles None B.26 Boats, motors and accessories None B.27 Aircraft and accessories None B.28 Office equipment, furnishings and supplies POS-Great 31,944 Patronix Gift 14,040 P-8722 37 21,802 Furniture 71,916 HP Color Laserjet 3,068 Office Furniture 1,786 Laptop for Kim 1,704 Laptops-F.Malsch 1,603 Additional 1,388 Laptop DON 1,059 Laptop Doris 1,049 Laptop Sheryl 1,039 Laptop for Keith 1,036 Laptop-Barbara 1,032 Laptop Joe 1,029 Others 38,042 B.29 Machinery None B.30 Inventory None B.31 Animals None B.32 Crops - growing or harvested 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 $2,302,057 ========================================================== C. Property Claimed as Exempt None D. Secured Claims Secured Debt Fortress $11,110,490 MBM (Contingent & Unliquidated) 2,500,000 MMCo 4,400,000 MMCO 3,602,000 Letters of Credit JPMorgan Chase - New York Unliquidated Mechanics Liens (Contingent, Unliqu. and Disputed) Materna's Maintenance, Inc. 71,541 A to Z Heating & Cooling, Inc. 12,887 Dolan Mechanical - STK 4721 6,465 One Hour Heating and Air - Pondo 3962 6,250 REB Air Conditioning - Bennigan's 1055 5,903 REB Air Conditioning - Bennigan's 1063 5,800 Roto Rooter 1,604 E. Unsecured Priority Claims Priority Tax Claims - All Tax Liabilities Undetermined Priority Claims - Customer Gift Cards Undetermined F. Unsecured Non-priority Claims Accounts Payable MBM Corporation 3,414,939 Dallas Value Inc. 256,253 Blanks Printing & Imaging 214,363 Myspace.com 192,380 Time Warner Cable Media Sales 176,161 Prakticus Texas Inc. 171,531 Comcast of Florida/Illinois/Michigan, Inc. 168,929 Comcast Spotlight Inc. 144,998 REPCO Graphics 144,992 Nies Artcraft Inc. 127,723 Air International Business 119,181 AICCO Inc. 111,473 Spot Runner Inc. 101,641 Morven Industries Inc. 92,444 F.I.R.S.T. Service Corp. 88,509 National Glass & Gate Service 84,015 Sights on Service Inc. 83,408 CB Richard Ellis Inc. 78,000 NCL Graphic Specialities Inc. 76,341 McGladrey & Pullen LLP 75,000 Box Holdings, LLC 68,902 Donnelley Receivables Inc. 66,050 Granite Telecommunications LLC 65,688 Others 7,458,192 <http://bankrupt.com/misc/S&A_AccountsPayable.pdf> Litigation Claims and Disputes Michael S. Kaufman, former employee, seeking $966,000 under MRG Equity Growth Plan Undetermined Nina Ashley, seeking P.I. Claim Undetermined Patricia Upson, seeking P.I. Claim Undetermined Prakticus, Texas, Inc., for claims for unpaid clothing and promotional items Undetermined RHEC Associates, Ltd. Undetermined RHEC Associates, Ltd. Undetermined RUTH Moten Undetermined Shelly Turner Undetermined Other Unsecured Debt Metromedia Company and Trust dated as of May 30, 1984 76,956,455 Affliated Computer Services 1,905,750 Guarantors for real estate S&A Fee Properties SPE 1, L.L.C. (Contingent and Unliquidated) Miami/Kendall 2,277,802 Tallahassee Apalachee Bend 1,532,324 Chicago Calumet River Oak 1,464,802 Brandon Bennigan's 1,394,715 Bethlehem 1,373,690 Beaumont Calder 1,267,114 S&A Fee Properties SPE 2, L.L.C. Chicago Ridgeland Bennigan's 1,745,145 Austin Lampasas 1,485,827 Fort Worth Arlington 1,475,314 Albuquerque 1,369,878 Springfield Baltimore Pike 1,317,620 Normal/Bloomington 1,254,542 Tyler Troup 1,117,872 Intercompany payable S&A Fee Properties SPE 1, L.L.C. 1,139,154 Others 26,445,350 <http://bankrupt.com/misc/S&A_OtherSecuredDebts.pdf> TOTAL SCHEDULED LIABILITIES $159,432,691 ========================================================== Motion to Extend Deadline to File Schedules Certain of debtors in the bankruptcy cases of S & A Restaurant Corp. and its debtor-affiliates, filed their schedules and statements August 21. The Debtors sought extensions to August 18, then to August 21, of the deadline. J. Michael Sutherland, Esq., at Carrington, Coleman, Soleman & Blumenthal, L.L.P., said that although every effort has been made to complete the Schedules and Statements by the original deadline AlixPartners LLP has had great difficulty accessing information required to complete the Schedules and Statements. AlixPartners was finalizing some or all of the Schedules and Statements while the Debtors' officers are reviewing and approving them. The first meeting of creditors of the Debtors is set August 29, 2008. About S & A Restaurant Based in Plano, Tex., S & A Restaurant Corp. -- http://www.metrogroup.com,http://www.steakandale.com, http://www.steakandalerestaurants.com,http://www.bennigans.com/ -- and other affiliated entities operate the Bennigan's Grill & Tavern, and the Steak & Ale restaurant chains under the Metromedia Restaurant Group. Bennigan's Grill & Tavern is a chain of more than 310 pub-themed restaurants offering sandwiches and burgers, as well as ribs, steaks, and seafood. The Steak & Ale chain offers a broader menu set in the atmosphere of an 18th century English country inn. The Metromedia Restaurant Group, a unit of closely held conglomerate Metromedia Company, is one of the world's leading multi-concept table-service restaurant groups, with more than 800 Bennigan's(R), Bennigan's SPORT(TM), Steak and Ale(R), Ponderosa Steakhouse(R) and Bonanza(TM) Steakhouse restaurants in the United States and abroad. MRG's annual U.S. sales are estimated at $1,000,000,000. S & A Restaurant and 38 of its affiliates filed Chapter 7 petition under the U.S. Bankruptcy Code on July 29, 2008 (Bankr. E.D. Tex. Case No. 08-41898). J. Michael Sutherland, Esq. at Carrington Coleman Sloman & Blumenthal, is the Debtors counsel. Michelle H. Chow was appointed Chapter 7 bankruptcy trustee in the case. (Bennigan's and Steak & Ale Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). WELLMAN INC: Submits June 2008 Operating Report ----------------------------------------------- Wellman, Inc. Condensed Consolidated Balance Sheet (Unaudited) As of June 30, 2008 Current assets: Cash and cash equivalents $2,600,000 Accounts receivable 151,000,000 Inventories 81,500,000 Prepaid expenses and other current assets 28,800,000 Current assets held for sale - ------------ Total current assets 263,900,000 Property, plant and equipment: Land, buildings and improvements 90,400,000 Machinery and equipment 339,700,000 CIP 4,700,000 ------------ 434,800,000 Less accumulated depreciation 197,800,000 ------------ Net property, plant and equipment 237,000,000 Other assets 11,500,000 Noncurrent assets held for sale - ------------ Total Assets $512,400,000 ============ LIABILITIES & STOCKHOLDERS' DEFICIT Liabilities Not Subject to Compromise Current Liabilities: Accounts payable - trade 1,200,000 Accrued liabilities 21,500,000 Debtor-in-possession credit agreement 138,600,000 Other debt - Current liabilities associated with assets held for sale - ------------ Total current liabilities 161,300,000 Liabilities subject to compromise 531,500,000 Long-term debt - Deferred income taxes and other noncurrent liabilities 37,700,000 Noncurrent liabilities associated w/ assets held for sale - ------------ Total Liabilities 730,500,000 Stockholders' Deficit: Common stock - Preferred stock 185,700,000 Paid-in capital 248,300,000 Common stock warrants 4,900,000 Accumulated other comprehensive loss - Accumulated deficit (607,500,000) Less common stock in treasury (49,500,000) ------------ Total Stockholders Deficit (218,100,000) ------------ $512,400,000 ============ Wellman, Inc. Consolidated Statements of Operations (Unaudited) For the Month Ended June 30, 2008 Net Sales $101,500,000 Cost of Sales 101,000,000 ------------ Gross Profit (Loss) 500,000 Selling, General and Administrative Expenses 2,200,000 Other (Income) Loss 0 ------------ Operating Income (Loss) (1,700,000) Interest Expense, Net 1,000,000 ------------ Earnings (loss) from continuing operations before reorganization items and income taxes (2,700,000) Reorganization Items, Net 2,400,000 ------------ Earnings (loss) from continuing operations before income taxes (5,100,000) Income tax expense (benefit) 0 ------------ Earnings (loss) from continuing operations (5,100,000) Earnings (loss) from discontinued operations, net of tax 0 ------------ Net Earnings (Loss) ($5,100,000) ============ Wellman, Inc. Simplified Statement of Cash Flows (Unaudited) For the Month Ended June 30, 2008 Cash flow from operating activities: Net earnings (loss) ($5,100,000) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: Loss from discontinued operations, net of tax 0 Depreciation 1,100,000 Amortization 1,400,000 Amortization in interest expense 400,000 Deferred taxes on income 0 Reorganization Items 2,400,000 Payment of reorganization items (2,700,000) Gain on sale of assets 0 Changes in assets and liabilities: Accounts receivable 6,000,000 Inventories 21,100,000 Prepaid expenses and other current assets 6,200,000 Other assets (400,000) Accounts payable and accrued liabilities (5,000,000) Other liabilities 600,000 Other 0 ------------ Net cash provided (used) by operating activities $26,000,000 Cash flows from investing activities: Additions to property, plant and equipment (net) (300,000) Proceeds from sale of assets 0 ------------ Net cash used by investing activities (300,000) Cash flows from financing activities: Borrowings (repayments) of long-term debt (35,500,000) Dividends paid on common stock 0 Debt and equity issuance costs (600,000) ------------ Net cash provided (used) by financing activities (36,100,000) Discontinued Operations: Operating activities 0 Investing activities 0 Financing activities 0 ------------ Net cash provided (used) by discontinued operations 0 ------------ Increase (decrease) in cash and cash (10,400,000) Cash and cash equivalents, beginning 13,000,000 ------------ Cash and cash equivalents, end $2,600,000 ============ According to Wellman, the $4,100,000 decrease in gross profit -- from $4,600,000 in May to $500,000 in June -- was attributable to a decrease in the chemical-based segment. Current Raw Material Margin decreased by about $1,900,000 because raw material costs increased more than the current selling prices. This decrease was more than offset by the FIFO method of accounting for inventory, which resulted in $3,600,000 of lower raw material costs from prior months being charged against current month's selling prices. In June, chemical sales volumes increase by about 3,800,000 pounds. Additionally, May's gross profit was favorably impacted by $6,000,000 due to developments associated with pending litigation and favorable plant costs which did not impact June's results. SG&A costs remained unchanged (about $2,200,000 in May and June). Other income decreased by $100,000 because anti-dumping proceeds received in May were not recurring in June. As a result, Wellman reported an operating loss of $1,700,000 in June compared to operating income of $2,500,000 in May. Interest expense was $1,000,000 in May and June. Interest expense was calculated only on the amount borrowed under the Debtor-in- Possession Credit Agreement. Reorganization costs, which consisted primarily of legal fees related to the Chapter 11 filing, were $2,400,000 in June compared to $2,600,000 in May. As a result, Wellman's net loss was $5,100,000 in June compared to $1,100,000 for May 2008. The balance sheet at June 30, 2008, reflected $138,600,000 in borrowings under the DIP Credit Agreement and $2,600,000 in cash and cash equivalents. The total borrowed at June 30, net of cash on hand, was $25,100,000 lower than in May. Due to liquidity constraints, accounts receivable, inventories and prepaid expenses decreased by $6,000,000, $21,100,000, and $5,800,000, respectively. In addition, accounts payable and accrued liabilities decreased by $4,300,000. About Wellman Headquartered in Fort Mill, South Carolina, Wellman Inc. ([OTC]: WMANQ.OB) -- http://www.wellmaninc.com/-- manufactures and markets packaging and engineering resins used in food and beverage packaging, apparel, home furnishings and automobiles. They manufacture resins and polyester staple fiber a three major production facilities. The company and its debtor-affiliates filed for Chapter 11 protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York City, represents the Debtors. Lazard Freres & Co., LLC, acts as the Debtors' financial advisors and investment bankers. Conway, Del Genio, Gries & Co., LLC, was also retained as the Debtors' chief restructuring advisor. The United States Trustee for Region 2 has appointed seven members to the Official Committee of Unsecured Creditors. Mark R. Somerstein, Esq., at Ropes & Gray LLP, serves as the Committee's bankruptcy counsel. FTI Consulting, Inc., acts as the panel's financial advisors. Wellman Inc., in its bankruptcy petition, listed total assets of $124,277,177 and total liabilities of $600,084,885, as of Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed assets between $500 million and $1 billion on a stand-alone basis at the time of the bankruptcy filing. Debtor-affiliates Fiber Industries Inc., Prince Inc., and Wellman of Mississippi Inc., listed assets between $100 million and $500 million at the time of their bankruptcy filings. On a consolidated basis, Wellman Inc., and its debtor-affiliates listed $512,400,000 in total assets and $730,500,000 in liabilities as of June 30, 2008. Wellman filed a restructuring plan before the Bankruptcy Court on June 25, 2008. (Wellman Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). WELLMAN INC: Submits July 2008 Operating Report ----------------------------------------------- Wellman, Inc. Condensed Consolidated Balance Sheet (Unaudited) As of July 31, 2008 Current assets: Cash and cash equivalents $1,400,000 Accounts receivable 130,100,000 Inventories 73,700,000 Prepaid expenses and other current assets 27,400,000 Current assets held for sale - ------------ Total current assets 232,600,000 Property, plant and equipment: Land, buildings and improvements 90,400,000 Machinery and equipment 339,900,000 CIP 4,600,000 ------------ 434,900,000 Less accumulated depreciation 198,600,000 ------------ Net property, plant and equipment 236,300,000 Other assets 11,600,000 Noncurrent assets held for sale - ------------ Total Assets $480,500,000 ============ LIABILITIES & STOCKHOLDERS' DEFICIT Liabilities Not Subject to Compromise Current Liabilities: Accounts payable — trade $500,000 Accrued liabilities 23,800,000 Debtor in possession credit agreement 116,900,000 Other debt - Current liabilities associated with assets held for sale - ------------ Total current liabilities 141,200,000 Liabilities subject to compromise 531,900,000 Long-term debt - Deferred income taxes and other noncurrent liabilities 37,800,000 Noncurrent liabilities associated with assets held for sale - ------------ Total Liabilities 710,900,000 Stockholders' Deficit: Common stock — Preferred stock 185,700,000 Paid-in capital 248,500,000 Common stock warrants 4,900,000 Accumulated other comprehensive loss — Accumulated deficit (620,000,000) Less common stock in treasury (49,500,000) ------------ Total Stockholders Deficit (230,400,000) ------------ $480,500,000 ============ Wellman, Inc. Consolidated Statements of Operations (Unaudited) For the Month Ended July 31, 2008 Net Sales $86,200,000 Cost of Sales 91,200,000 ------------ Gross Profit (Loss) (5,000,000) Selling, General and Administrative Expenses 2,400,000 Other (Income) Loss 0 ------------ Operating Income (Loss) (7,400,000) Interest Expense, Net 1,200,000 ------------ Earnings (Loss) from continuing operations before reorganization items and income taxes (8,600,000) Reorganization Items, Net 3,900,000 ------------ Earnings (loss) from continuing operations before income taxes (12,500,000) Income tax expense (benefit) 0 ------------ Earnings (loss) from continuing operations (12,500,000) Earnings (loss) from discontinued operations, net of tax 0 ------------ Net Earnings (Loss) ($12,500,000) ============ Wellman, Inc. Simplified Statement of Cash Flows (Unaudited) For the Month Ended July 31, 2008 Cash flow from operating activities: Net earnings (loss) ($12,500,000) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: Loss from discontinued operations, net of tax 0 Depreciation 1,000,000 Amortization 1,400,000 Amortization in interest expense 600,000 Deferred taxes on income 0 Reorganization Items 3,900,000 Payment of reorganization items (2,000,000) Gain on sale of assets 0 Changes in assets and liabilities: Accounts receivable 20,900,000 Inventories 7,800,000 Prepaid expenses and other current assets (500,000) Other assets (100,000) Accounts payable and accrued liabilities 200,000 Other liabilities (0) Other 0 ------------ Net cash provided (used) by operating activities 20,700,000 Cash flows from investing activities: Additions to property, plant and equipment (net) (200,000) Proceeds from sale of assets 0 ------------ Net cash used by investing activities (200,000) Cash flows from financing activities: Borrowings (Repayments) of long-term debt (21,700,000) Dividends paid on common stock 0 Debt and equity issuance costs 0 ------------ Net cash provided (used) by financing activities (21,700,000) Discontinued Operations: Operating activities 0 Investing activities 0 Financing activities 0 ------------ Net cash provided (used) by discontinued operations 0 Increase (decrease) in cash and cash (1,200,000) Cash and cash equivalents, beginning 2,600,000 ------------ Cash and cash equivalents, end $1,400,000 ============ According to Wellman, the $5,500,000 decrease in gross profit -- from a profit of $500,000 in June to a loss of $5,000,000 in July -- was primarily attributable to a decrease in the gross profit of the chemical-based segment. In July, the chemical-based segment's sales volumes decreased by about 24,000,000 pounds due primarily to liquidity constraints. Wellman recorded a lower of cost or market reserve of about $3,000,000 in July due to raw material costs reaching the highest levels of the year and then declining in early August. The remaining decrease in gross profit in July is principally due to unabsorbed costs resulting from lower production, including the shutdowns of certain fiber lines. As a result, Wellman reported an operating loss of $7,400,000 in July, compared to a $1,700,000 operating loss in June. Interest expense was $1,200,000 in July and $1,000,000 in June. Interest expense was calculated only on the amount borrowed under Wellman's DIP Credit Agreement. Reorganization costs, which consisted primarily of legal fees related to the Chapter 11 filing, increased to $3,900,000 in July, compared to $2,400,000 in June. As a result, Wellman's net loss was $12,500,000 in July, compared to $5,100,000 for June 2008. Wellman's current assets decreased by about $31,000,000, primarily as a result of lower accounts receivable and inventory, all as a result of a plan to lower debt and maintain liquidity. The balance sheet at July 31, 2008, reflected $116,900,000 in borrowings under the DIP Facility. This is $21,700,000 lower than the comparable net amount in June. Net cash flows from operations were $20,700,000, which is lower than the $26,000,000 provided by operations in June, as a result of a higher net loss. This resulted in debt repayments of $21,700,000 in July and $57,200,000 for June and July. Wellman paid $2,000,000 and $2,700,000 in July and June, respectively, for reorganization items. About Wellman Headquartered in Fort Mill, South Carolina, Wellman Inc. ([OTC]: WMANQ.OB) -- http://www.wellmaninc.com/-- manufactures and markets packaging and engineering resins used in food and beverage packaging, apparel, home furnishings and automobiles. They manufacture resins and polyester staple fiber a three major production facilities. The company and its debtor-affiliates filed for Chapter 11 protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08-10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York City, represents the Debtors. Lazard Freres & Co., LLC, acts as the Debtors' financial advisors and investment bankers. Conway, Del Genio, Gries & Co., LLC, was also retained as the Debtors' chief restructuring advisor. The United States Trustee for Region 2 has appointed seven members to the Official Committee of Unsecured Creditors. Mark R. Somerstein, Esq., at Ropes & Gray LLP, serves as the Committee's bankruptcy counsel. FTI Consulting, Inc., acts as the panel's financial advisors. Wellman Inc., in its bankruptcy petition, listed total assets of $124,277,177 and total liabilities of $600,084,885, as of Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed assets between $500 million and $1 billion on a stand-alone basis at the time of the bankruptcy filing. Debtor-affiliates Fiber Industries Inc., Prince Inc., and Wellman of Mississippi Inc., listed assets between $100 million and $500 million at the time of their bankruptcy filings. On a consolidated basis, Wellman Inc., and its debtor-affiliates listed $512,400,000 in total assets and $730,500,000 in liabilities as of June 30, 2008. Wellman filed a restructuring plan before the Bankruptcy Court on June 25, 2008. (Wellman Bankruptcy News, Issue No. 21; 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. 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