/raid1/www/Hosts/bankrupt/TCR_Public/081108.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, November 8, 2008, Vol. 12, No. 267
Headlines
GREEKTOWN CASINO: Files Operating Report for September 2008
GREEKTOWN CASINO: Amends Operating Report for June 2008
MERVYN'S LLC: Holding Co. Files Schedules of Assets and Debts
TRICOM SA: Files Operating Report for Month Ended Sept. 30
TWEETER HOME: Files Operating Report for August 2008
TWEETER HOME: Files Operating Report for July 2008
WCI COMMUNITIES: Files Schedules of Assets and Liabilities
*********
GREEKTOWN CASINO: Files Operating Report for September 2008
-----------------------------------------------------------
Greektown Holdings, LLC
Balance Sheet
As of September 30, 2008
Assets
Cash $0
Inventory
Accounts receivable
Insider Receivables 2,892,586
Property and Equipment
Land and buildings 0
Furniture, fixtures and equipment 0
Other Assets
Financing Fees 0
Notes receivables from affiliates 383,718,255
Investments in affiliate 127,091,809
--------------
Total Assets $513,702,650
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $0
Rent and lease payable 0
Wages and salaries 0
Taxes payable 0
Other 800,000
--------------
Total postpetition liabilities 800,000
Secured liabilities subject to postpetition
collateral or financing order 69,752,491
All other secured liabilities 313,965,764
--------------
Total secured liabilities 383,718,255
Prepetition liabilities:
Taxes and other priority liabilities 0
Unsecured liabilities 213,592,973
Discount on bonds 0
--------------
Total prepetition liabilities 213,592,973
Kewadin equity (99,399,607)
Monroe equity (87,697,011)
Owner's capital 488,947
Retained earnings prepetition 116,601,907
Retained earnings postpetition (14,402,813)
--------------
Total stockholders' equity (84,408,578)
Total liabilities 598,111,228
--------------
Total Liabilities & Shareholders' Deficit $513,702,650
==============
Greektown Holdings, LLC
Income Statement
For the month ended September 30, 2008
Total revenue/sales $0
Cost of sales 0
--------------
Gross profit 0
Operating Expenses
Interest expense 1,657,292
Accounting fees - credit 0
--------------
Total expenses 1,657,292
Net operating profit/(loss)
Add: Non-operating income 0
Interest income 0
Other income 0
Less: Non-operating expenses 0
--------------
Net Income (Loss) ($1,657,292)
==============
Greektown Holdings, LLC
Cash Flow Statement
For the month ended September 30, 2008
Cash - beginning of month $0
Receipts 0
Balance available 0
--------------
Less disbursements 0
--------------
Cash - end of month $0
==============
Greektown Casino LLC
Balance Sheet
As of September 30, 2008
Assets
Cash $15,872,337
Inventory 399,337
Accounts receivable 5,389,567
Insider Receivables 0
Property and Equipment
Land and buildings 457,570,941
Furniture, fixtures and equipment 80,677,920
Accumulated depreciation (133,199,156)
Other 12,657,500
Other 145,291,948
--------------
Total Assets $584,660,393
==============
Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable $32,547,400
Rent and lease payable 0
Wages and salaries 2,708,506
Taxes payable 407,761
Other 87,836
--------------
Total postpetition liabilities 35,751,504
Secured liabilities subject to postpetition
collateral or financing order 69,752,491
All other secured liabilities 313,965,764
--------------
Total secured liabilities 383,718,255
Prepetition liabilities:
Taxes and other priority liabilities 3,219,818
Unsecured liabilities 31,883,852
Other 2,995,156
--------------
Total prepetition liabilities 38,098,826
Equity 47,646,499
Owner's capital 0
Retained earnings prepetition 82,744,007
Retained earnings postpetition (3,298,698)
--------------
Total stockholders' equity 127,091,808
Total liabilities 457,568,585
--------------
Total Liabilities & Shareholders' Deficit $584,660,393
==============
Greektown Casino LLC
Income Statement
For the month ended September 30, 2008
Total revenue/sales $25,008,229
Cost of sales 2,770,172
--------------
Gross profit 22,238,057
Operating Expenses
Officer compensation 82,374
Salary expenses, other employees 4,180,860
Employees benefits & pensions 1,936,937
Payroll taxes 495,942
Other taxes 513,396
Rent and lease expense 5,072
Interest expense 1,898,609
Insurance 131,054
Automobile & truck expense 0
Utilities 249,067
Depreciation 647,787
Travel and entertainment 1,032
Repairs and maintenance 35,563
Advertising 293,993
Supplies, office expense, etc. 26,921
Gaming taxes 6,621,237
G&A expenses 1,796,685
F&B expenses 532,019
MGCB Fee 818,866
Parking/other 32,077
Pre-opening expenses 278,314
--------------
Total expenses 20,577,807
Net operating profit/(loss) 1,660,251
Add: Non-operating income 0
Interest income 23,261
Other income 0
Less: Non-operating expenses 0
Professional fees 1,348,468
Other 1,368,676
--------------
Net Income/Loss ($1,033,632)
==============
Greektown Casino LLC
Cash Flow Statement
For the month ended September 30, 2008
Cash - beginning of month $4,386,823
Receipts 39,953,491
Balance available 44,340,314
--------------
Less disbursements 39,720,686
--------------
Cash - end of month $4,619,628
==============
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operates world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to
$500 million.
(Greektown Casino Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
GREEKTOWN CASINO: Amends Operating Report for June 2008
-------------------------------------------------------
Greektown Casino LLC
Clifford J. Vallier, the Debtors' chief financial officer, says
that the Monthly Operating Report of Greektown Casino LLC for the
period ended June 30, 2008, has been amended to reflect certain
audit adjustments, which were recorded after the preparation of
that statement. Specifically, these adjustments were recorded,
which caused net income for the period to increase by $1,751,199:
(1) As a result of the bankruptcy, Casino's interest rates
increased retroactively to December 31, 2007. When the
auditors recalculated Casino's capitalized interest with
the default rate it was determined that Casino was
undercapitalized by $1,516,200. The result was a decrease
in interest expense and an increase in construction in
progress on the balance sheet.
(2) Casino had over-accrued $235,000 of professional fees for
June 2008 related to the financial advisors to the
prepetition and DIP lenders. Accordingly, and Casino
recorded an adjusting entry to decrease the accrual by the
$235,000. The result was a decrease in restructuring
costs and a decrease in current liabilities.
Casino has also reclassified certain expense items from one line
item to another. The net effect is zero. The expense line items
affected by the reclassifications are: rent & lease expense,
repairs & maintenance, and G&A Expenses.
The Amended Items are:
Previous Amended
Expenses Amount Amount Variance
-------- ---------- --------- ----------
Rent & Lease $0 $5,072 ($5,072)
Interest Expense 4,744,444 3,228,244 1,516,200
Repairs & Maintenance 1,463,847 62,941 1,400,906
G&A Expenses 1,411,820 2,807,654 (1,395,834)
----------
Total $1,516,200
Professional Fees $2,059,045 1,824,045 235,000
----------
Amended Income $1,751,199
==========
Greektown Holdings LLC
Mr. Vallier, in addition, says that the Monthly Operating Report
of Greektown Holdings LLC for the period ended June 30, 2008, has
been amended to reflect the flow through of the amendments made
at the Casino level. Two balance sheet line items have been
affected. Specifically, the Investment in affiliate account has
been increased by $1,751,200, and the Retained Earnings Post
Petition account has been increased by $1,751,200.
About Greektown Casino
Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operates world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market.
Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties. In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market. Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.
The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts. Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel. The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent.
When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to
$500 million.
(Greektown Casino Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
MERVYN'S LLC: Holding Co. Files Schedules of Assets and Debts
-------------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts 0
B.3 Security Deposits 0
B.4 Household goods 0
B.5 Collectibles 0
B.6 Wearing apparel 0
B.7 Furs and Jewelry 0
B.8 Firearms and other equipment 0
B.9 Interests in Insurance Policies 0
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in IRA, ERISA or other Pension Plans 0
B.13 Business Interests and stocks 0
Mervyn's LLC $55,000,000
B.14 Interests in partnerships 0
B.15 Government and Corporate Bonds 0
B.16 Accounts Receivable 0
B.17 Alimony 0
B.18 Other Liquidated Debts 0
B.19 Equitable or Future Interests 0
B.20 Interests in estate of a debt benefit plan 0
B.21 Other Contingent & Unliquidated claims 0
Mervyns Holdings, LLC et. al. v.
Lubert-Adler and Klaff Partners,
LP et. al. Unliquidated
B.22 Patents and other intellectual property 0
B.23 Licenses, franchises, and 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, furnishings and supplies 0
B.29 Machinery 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming Equipments and implements 0
B.34 Farm supplies, chemicals, and feed 0
B.35 Other Personal Property 0
TOTAL SCHEDULED ASSETS $55,000,000
========================================================
C. Property Claimed as Exempt 0
D. Secured Claim 0
E. Unsecured Priority Claims 0
F. Unsecured Non-priority Claims 0
TOTAL SCHEDULED LIABILITIES 0
========================================================
About Mervyn's LLC
Headquartered in the San Francisco Bay Area, Mervyn's LLC --
http://www.mervyns.com/-- provides a mix of top national brands
and exclusive private labels. Mervyn's has 176 locations in seven
states. Mervyn's stores have an average of 80,000 retail square
feet, smaller than most other mid-tier retailers and easier to
shop, and are located primarily in regional malls, community
shopping centers, and freestanding sites.
The company and its affiliates filed for Chapter 11 protection on
July 29, 2008, (Bankr. D. Del. Lead Case No.: 08-11586). Howard
S. Beltzer, Esq., and Wendy S. Walker, Esq., at Morgan Lewis &
Bockius LLP, and Mark D. Collins, Esq., Daniel J. DeFranceschi,
Esq., Christopher M. Samis, Esq. and L. Katherine Good, Esq., at
Richards Layton & Finger P.A., represent the Debtors in their
restructuring efforts. Kurtzman Carson Consultants LLC is the
Debtors' claims agent. The Debtors' financial advisor is Miller
Buckfire & Co. LLC. Mervyn's LLC's balance sheet at Aug. 30,
2008, showed $665,493,000 in total assets and $717,160,000 in
total liabilities resulting in a $51,667,000 total stockholders'
deficit.
(Mervyn's Bankruptcy News; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
TRICOM SA: Files Operating Report for Month Ended Sept. 30
----------------------------------------------------------
Tricom S.A., et al.
Consolidated Balance Sheet
(Unaudited)
As of September 30, 2008
ASSETS
Current Assets:
Cash and Cash Equivalents $12,717,662
Accounts Receivable 26,121,634
Inventories, Net 3,251,836
Prepaid Expenses 7,888,855
Deferred Income Taxes 133,141
--------------
Total current assets 50,113,128
Property and equipment, net 246,465,073
Pledged Securities 142,965
Intangible Assets 2,664,641
Other assets 4,466,004
--------------
TOTAL ASSETS $303,851,811
==============
LIABILITIES & SHAREHOLDERS' EQUITY
Liabilities Subject to Compromise (Prepetition)
Short term obligations (Bank Overdraft) $121,070
Accounts Payable -
Long Term Debt 441,454,822
Other Liabilities 1,740,579
Interest Payable 278,314,686
Accrued Expenses 4,710,760
--------------
726,341,917
Liabilities not Subject to Compromise (Post-petition)
Short term obligations (Bank Overdraft) 50
Accounts payable 21,791,688
Restructuring Related Items 4,911,633
Interest Payable 131,904
Accrued expenses 10,605,824
Other liabilities 379,604
Deferred Revenues 2,311,569
--------------
40,132,272
--------------
Total current liabilities 766,474,189
Reserve for severance indemnities 236,053
Deferred income tax 133,141
--------------
Total liabilities 766,843,383
Shareholder's equity:
Common stock - Class A 24,951,270
Common stock - Class B 12,595,095
Additional Paid in capital 275,496,988
Legal reserve 2,189,281
Retained earnings (Losses) (24,840,570)
Retained earning (Loss) Prior years (751,359,874)
Equity adjustment from foreign
currency translation (2,023,762)
--------------
SHAREHOLDER'S EQUITY, NET (462,991,572)
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $303,851,811
==============
Tricom S.A., et al.
Consolidated Statements of Operations
(Unaudited)
For the Month Ended September 30, 2008
Operating revenues $17,810,452
Operating costs and administrative expenses (18,833,393)
Restructuring Related Items (957,000)
--------------
Operating income (1,979,941)
Interest expenses (466,480)
Interest income 23,774
Foreign currency exchange 42,385
Other 127,292
--------------
Total other income (expenses) (273,029)
Net earnings (Loss) Pre-Tax (2,252,970)
--------------
Net earnings (Loss) ($2,252,970)
==============
Tricom S.A., et al.
Statement of Cash Flows
(Unaudited)
For the Month Ended September 30, 2008
Cash Flows provided by operating activities:
Net loss from continuing operations ($2,252,970)
Adjustments to reconcile net earnings
(Loss) and net cash provided by (used in)
operating activities:
Depreciation 3,585,699
Allowance for doubtful accounts 504,004
Amortizations issue cost 18,077
Increase (Decrease) In:
Accounts Receivable (887,567)
Inventories 755,485
Prepaid Expenses (116,425)
Other Assets (44,890)
Accounts payable 2,645,218
Interest Payable 24,699
Restructuring Related Payable (415,704)
Accrued expenses (508,738)
Other liabilities 76,686
Capex Adjustment 140,766
--------------
TOTAL ADJUSTMENT 5,777,310
Net cash used in operating activities 3,524,340
Cash flows from investing activities:
Acquisition of property and equipment (4,841,721)
Pledged Securities (497)
--------------
Net cash used in investing activities (4,842,218)
Cash Flows from financing activities:
Bank Overdraft (257,095)
Borrowed funds (paid to) from banks (11,720)
--------------
Net cash provided (used) by financing activities (268,815)
Increase (Decrease) of cash and cash equivalents (1,586,693)
Cash and cash equivalents, beginning 14,304,355
--------------
Cash and cash equivalents, end $12,717,662
==============
For the month ended Sept. 30, 2008, the Debtors made total
disbursements of $23,353,352:
Tricom, S.A. $17,734,463
Tricom USA, Inc. 2,089,355
TCN Dominicana, S.A. 3,529,532
About Tricom S.A.
Tricom, S.A., was incorporated in the Dominican Republic on
Jan. 25, 1988, as a Sociedad Anonima. Tricom is one of the
pre-eminent full service communications services providers in
the Dominican Republic. Headquartered in Santo Domingo, Tricom
offers local, long distance, and mobile telephone services,
cable television and broadband data transmission and Internet
services, which are provided to more than 729,000 customers.
Tricom's wireless network covers about 90% of the Dominican
Republic's population. Tricom's local service network is 100%
digital. The company also owns interests in undersea fiber-
optic cable networks that connect and transmit telecommunications
signals between Central America, the Caribbean, the United States
and Europe.
Tricom USA, Inc., a wholly owned subsidiary of Tricom, was
incorporated in Delaware in 1992, and at that time was known as
Domtel Communications. A name change was effected in 1997 and
Domtel Communications formally became Tricom USA, Inc.
Tricom USA originates, transports and terminates international
long-distance traffic using switching stations and other
telecommunications equipment located in New York and Florida.
Tricom S.A. and its U.S. affiliates filed for Chapter 11
protection on Feb. 29, 2008 (Bankr. S.D. N.Y. Case No. 08-
10720). Larren M. Nashelsky, Esq., at Morrison & Foerster LLP,
in New York City, represent the Debtors. When the Debtors'
filed for protection from their creditors, they listed total
assets of $327,600,000 and total debts of $764,600,000.
As of June 30, 2008, Tricom had $316,325,466 in assets and
$771,970,349 in liabilities.
(Tricom Bankruptcy News, Issue No. 15; Bankruptcy Creditors'
Services Inc.; http://bankrupt.com/newsstand/or 215/945-7000)
TWEETER HOME: Files Operating Report for August 2008
----------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al
Consolidated Balance Sheet
As of August 31, 2008
Assets
Current Assets:
Cash and Cash Equivalents $3,745,036
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 381,425
------------
Total Current Assets 4,126,460
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
------------
Total Assets $4,126,460
============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition)
Current Portion of Long-Term Debt $0
Escrow 539,505
Total Accounts Payable 2,765,175
------------
Total Postpetition Liabilities 3,304,680
Liabilities Subject to Compromise (Prepetition):
Deferred Consideration 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,234
-------------
Total Prepetition Liabilities 32,536,234
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
-------------
Total Other Long-Term Liabilities 951,185
-------------
Total Liabilities 36,792,099
-------------
Total Stockholder's Equity (32,665,639)
-------------
Total Liabilities and Stockholder's Equity $4,126,460
=============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended August 31, 2008
Revenue $0
Cost of Goods Sold 0
-------------
Gross Profit 0
-------------
Total Operating Expenses
Operating Income 0
Other Income (Expense) (15,816)
Loss on Transaction 0
------------
Earnings Before Tax (15,816)
Taxes 0
------------
Net Income ($15,816)
============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursement
For the Month Ended August 31, 2008
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
------------
Net Cash Flow 0
------------
Cash, End of Month $0
============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represented the Debtors. Kurtzman Carson Consultants LLC acted as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represented the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors' exclusive period to
file a plan of reorganization expired on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 26, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Files Operating Report for July 2008
--------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of July 31, 2008
Assets
Current Assets:
Cash and Cash Equivalents $3,770,847
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 381,424
-----------
Total Current Assets 4,152,271
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
-----------
Total Assets $4,152,271
===========
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt $0
Escrow 549,500
Total Accounts Payable 2,765,175
-----------
Total Postpetition Liabilities 3,314,675
Liabilities Subject to Compromise (Prepetition):
Deferred Consideration 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,234
------------
Total Prepetition Liabilities 32,536,234
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
------------
Total Other Long-Term Liabilities 951,185
------------
Total Liabilities 36,802,094
------------
Total Stockholder's Equity (32,649,823)
------------
Total Liabilities and Stockholder's Equity $4,152,271
============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended July 31, 2008
Revenue $0
Cost of Goods Sold 0
------------
Gross Profit 0
------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) 117,499
Loss on Transaction 0
------------
Earnings Before Tax 117,499
Taxes 0
------------
Net Income $117,499
============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursement
For the Month Ended July 31, 2008
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
-------------
Net Cash Flow 0
-------------
Cash, End of Month $0
=============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represented the Debtors. Kurtzman Carson Consultants LLC acted as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represented the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors' exclusive period to
file a plan of reorganization expired on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 26, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
WCI COMMUNITIES: Files Schedules of Assets and Liabilities
----------------------------------------------------------
A. Real Property
Parkland GCC $166,502,766
Oceanside at Pompano 160,386,096
The Hills at Rivington 89,112,045
Pelican Landing 83,768,886
Westshore Yacht Club 78,946,920
Lost Key Golf and Beach Club 76,544,294
Heron Bay 72,830,373
Hammock Bay 62,477,541
Venetian Gold and River Club 41,421,641
Hammock Dunes 40,659,128
Tidewater Preserve 35,954,858
Others 231,027,888
See http://bankrupt.com/misc/WCI_ScheduleA.pdf
B. Personal Property
B.1 Cash on hand
Cash permit account 36,821
Cash drawers/banks 8,576
Petty cash 3,149
B.2 Bank Accounts
Bank of America Master Funding 37,264,562
Restricted Cash - Escrow Accounts 25,320,126
Bank of America Cash Collateral 13,031,210
Merrill Lynch Stock Option Account-7C24 2,644,491
Bank of America Manual Payroll 2,237,019
Bank of America Controlled Disbursement 1,749,189
Bank of America Depository 859,082
Cash Due on Closing 610,704
Fifth Third Bank Depository 154,540
Wachovia Bank, N.A. Concentration-5628 75,000
Merrill Lynch Stock Option Account-7C39 38,315
Sun Trust Disbursement-2893 19,354
Citigroup Global Markets, Inc. 16,251
Sun Trust Disbursement-2907 18,417
Sun Trust Bank Merchant (Club)-2120 15,015
Sun Trust Bank Disbursement-7632 2,696
Sun Trust Bank Concentration-6140 1,453
B.3 Security Deposits
Acquisition Deposits 2,157,503
Deposits 77,545
B.13 Business Interests and stocks unknown
B.14 Interests in partnerships
Walden Woods Business Center, Ltd. unknown
B.16 Accounts Receivable
Contracts Receivable 7,429,019
Accounts Receivable, net 4,572,675
Notes Receivable 2,920,446
Mortgages Receivable 275,000
B.21 Intellectual Property unknown
B.25 Vehicles 91,156
B.29 Machinery 3,133,787
B.30 Inventory 645,560
B.35 Other Personal Property
Capitalized Homebuilding Overhead 38,409,654
CDD Asset (Parkland and G&CC) 15,373,583
Prepaid Commission 7,039,476
Capitalized Amenity Overhead 6,077,581
CDD Asset (Heron Bay North) 4,681,286
Prepaid Expenses & other assets 2,750,034
Membership Inventory - Tiburon 985,850
CDD Asset (Tiburon) 677,045
CDD Asset (Venetian) 671,105
CDD Asset (PG&CC Area A) 645,073
CDD Asset (NSID Heron Bay) 160,972
CDD Asset (PL Bayside) 59,032
Land Sales Commissions 26,188
Prepaid Sales Tax 17,813
Net Operating Asset
Gulf Harbour Golf & CC, Inc. unknown
Parkland Golf Club, Inc. unknown
The Colony Golf & CC, Inc. unknown
TOTAL SCHEDULED ASSETS $1,322,615,796
======================================================
D. Secured Claim
Bank of America, N.A. $498,923,875
Wilmington Trust FSB 224,829,124
Wachovia Bank, N.A. 49,055,226
Key Bank, N.A. 10,574,574
North Springs Improvement District 6,186,000
Pelican Marsh Community 5,740,810
Venetian Community Development 1,360,000
Bayside Improvement Community 105,000
E. Unsecured Priority Claims 30,331,262
See http://bankrupt.com/misc/WCI_ScheduleE.pdf
F. Unsecured Non-priority Claims
The Bank of New York as Trustee 472,503,157
The Bank of New York Trust Company 205,079,166
Regent International Hotels, Inc. 1,016,847
Simpson Thacher & Bartlett LLP 403,354
Carpenter Contractors of America 370,647
Landmark Designer Homes, Inc. 310,000
Wanda Cross 283,333
Keith Hurland 237,980
Carlton Fields 164,022
Luxury Homes of Parkland LLC 130,000
Art McBride Carpentry Contract 129,755
Rite Flo Plumbing 114,962
Mastercraft Cabinets, Inc. 111,162
ABF Drywall, Inc. 107,456
Ajami Floorings & Granite, Inc. 74,738
Terra Bella & Associates, Inc. 74,058
Michael Fowler 73,077
Sun Sentinel 71,531
Spencer, Lisa 70,000
Lastner, Jeffrey A. 68,333
Sun State Landscaping of Brade 63,947
Advanced Commercial Contracting 59,601
Teco Electric 56,155
Lindstrom Air Conditioning, Inc. 53,425
Thompson's Electrical, Inc. 49,950
Stewart Turley 49,501
The Bear's Club Realty 45,000
Andrew Hjortaas 43,589
Superior Pools Spas & Waterfall 41,902
Barber, Richard W. 40,000
Abbey Carpet 37,039
Stevens, Robert W. 36,667
Jeffrey Gershen 34,326
Tierra 34,125
Timothy Byal 31,250
Supreme Drywall & Metal Framin 30,016
Triple R Paving, Inc. 28,892
Tiebout-Touron, Marcienne 21,552
Tampa Port Authority 20,535
Others 162,322,757
See http://bankrupt.com/misc/WCI_ScheduleF.pdf
TOTAL SCHEDULED LIABILITIES $1,671,599,678
======================================================
About WCI Communities
Headquartered in Bonita Springs, Florida, WCI Communities, Inc. --
http://www.wcicommunities.com/-- is a fully integrated
homebuilding and real estate services company. It has operations
in Florida, New York, New Jersey, Connecticut, Massachusetts,
Virginia and Maryland. The company directly employs roughly 1,800
people, as well as roughly 1,800 sales representatives as
independent contract employees.
The company and 126 of its affiliates filed for Chapter 11
protection on Aug. 4, 2008 (Bankr. D. Del. Lead Case No. 08-11643
through 08-11770). Thomas E. Lauria, Esq., Frank L. Eaton, Esq.,
Linda M. Leali, Esq., at White & Case LLP, in Miami, Florida.
Eric Michael Sutty, Esq., and Jeffrey M. Schlerf, Esq., at Bayard,
P.A, are the Debtors' local bankruptcy counsel. Lazard Freres &
Co. represents the Debtors as financial advisors. The Debtors
selected Epiq Bankruptcy Solutions LLC as their claims & notice
agent. The U.S. Trustee for Region 3 appointed five creditors to
serve on an Official Committee of Unsecured Creditors. Daniel H.
Golden, Esq., Lisa Beckerman, Esq., and Philip C. Dublin, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, and Laura Davis Jones,
Esq., Michael R. Seidl, Esq., and Timothy P. Cairns, Esq., at
Pachulski Stang Ziehl & Jones LLP, represent the Committee in
these cases. When the Debtors filed for protection from their
creditors, they listed total assets of $2,178,179,000 and total
debts of $1,915,034,000.
(WCI Communities Bankruptcy News, Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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USA. Luke Walter Ceballos, Sheryl Joy P. Olano, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***