/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/081206.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, December 6, 2008, Vol. 12, No. 291 Headlines AMERICAN HOME: AHM Corp.'s Operating Report for August 2008 AMERICAN HOME: AHMAI's Operating Report for August 2008 AMERICAN HOME: AHMHI's Operating Report for August 2008 AMERICAN HOME: AHMIC's Operating Report for August 2008 ASARCO LLC: Posts $10,670,000 Net Loss in Month Ended October 31 BUFFETS HOLDINGS: Posts $9,440,097 Net Loss in Month Ended Oct. 22 KUSHNER-LOCKE: Reports Net Loss of $89,710 in June 2008 KUSHNER-LOCKE: Posts $40,536 Net Loss in July 2008 KUSHNER-LOCKE: Posts $79,829 Net Loss in August 2008 KUSHNER-LOCKE: Posts $70,337 Net Loss in September 2008 LEVITT & SONS: Files Monthly Operating Report for October 2008 LINENS 'N THINGS: Earns $85,616,865 in Month Ended Oct. 25, 2008 LINENS 'N THINGS: Posts $176,645,964 Loss in Month Ended Sept. 27 MERVYN'S LLC: Posts $30,718,000 Net Loss for Month Ended Oct. 4 NEUMANN HOMES: Files Monthly Operating Report for October 2008 PROPEX INC: Posts $700,000 Net Loss in Month Ended September 28 SEMGROUP LP: Files Amended Monthly Operating Report for July 2008 SEMGROUP LP: Files Monthly Operating Report for September 2008 SEMGROUP LP: Amends Monthly Operating Report for August 2008 TROPICANA ENTERTAINMENT: Posts $18,354,000 Net Loss in October WELLMAN INC: Posts $28,200,000 Net Loss in September 2008 ********* AMERICAN HOME: AHM Corp.'s Operating Report for August 2008 ----------------------------------------------------------- American Home Mortgage Corp. Statement of Financial Condition As of August 31, 2008 Assets: Cash and cash equivalents $35,099,473 Restricted cash 2,653,069 Securities purchased under agreements - Accounts receivable 29,523,842 Intercompany receivable 698,893,623 Mortgage loans 49,829,676 Derivative assets 743,601 Mortgage servicing rights - Other real estate, net 31,756,694 Premises and equipment, net 19,821,619 Investment in subsidiaries 74,268,633 Other assets 3,097,387 ------------ Total Assets $945,687,617 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $117,455,202 Derivative liabilities 10,481,560 Accrued expenses & other liabilities 91,844,708 Intercompany payable 1,538,419,614 Notes payable 882,951 Income taxes payable 1,875,199 ------------- Total Liabilities 1,760,959,234 Stockholders' Equity Additional paid-in capital 153,195,272 Retained earnings (968,466,889) Other comprehensive loss - ------------- Total Stockholders' Equity (815,271,617) ------------- Total Liabilities & Stockholders' Equity $945,687,617 ============= American Home Mortgage Corp. Statement of Income Month Ended August 31, 2008 Net Interest Income: Interest income $3,697,758 Interest expense (5,445) ------------ Net interest income 3,692,313 Provision for loan losses - ------------ Net interest income after provision 3,692,313 for loan losses Non-Interest Income: Gain (loss) on mortgage loans (59,084,783) Loss (gain) on securities & derivatives - Loan servicing fees (12,484) Changes in fair value of MSR - Income (loss) from subsidiaries 530,838 Other non-interest (loss) income 4,676 ------------ Non-interest income (58,561,753) Expenses Salaries, commissions & benefits, net 3,450,480 Occupancy and equipment 437,733 Data processing and communications 19,312 Office supplies and expenses 47,075 Marketing and promotion 14,334 Travel and entertainment 109 Professional fees 2,690,480 Other real estate operating expense 38,879 Other (177,792) ------------ Total expenses 6,520,610 Income (Loss) before income taxes (61,390,050) Income taxes - ------------ Net loss ($61,390,050) ============ American Home Mortgage Corp. Schedule of Cash Receipts and Disbursements Month Ended August 31, 2008 Cash - Beginning of Month, 08/01/2008 $37,581,935 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances - Administrative - Net payroll - Other - Transfers (from DIP accounts) 1,875,828 ------------ Total Receipts 1,875,828 Disbursements: Net payroll 3,378 Payroll taxes - Sales, use & other taxes - Loans and advances 1,394,829 Inventory purchases - Secured/rental/leases - Insurance - Administrative 307,012 Selling - Other - Transfers (to DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 1,705,219 ------------ Net Cash Flow 170,609 ------------ Cash - End of Month - 08/31/08 $37,752,544 ============ 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. 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 filed a de-consolidated plan of liquidation on Aug. 15, 2008. (American Home Bankruptcy News, Issue No. 49; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMAI's Operating Report for August 2008 ------------------------------------------------------- American Home Mortgage Acceptance, Inc. Statement of Financial Condition As of August 31, 2008 Assets: Cash and cash equivalents $288,048 Restricted cash - Accounts receivable 904,381 Intercompany receivable 517,059,825 Mortgage loans 4,226,784 Mortgage servicing rights - Other real estate, net 3,815,207 Investment in subsidiaries (25,677,508) Other assets - ------------ Total Assets $500,616,737 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $24,787,505 Accrued expenses & other liabilities 1,092,479 Intercompany payable 671,936,058 ------------ Total Liabilities 697,816,042 Stockholders' Equity Additional paid-in capital 40,298,920 Retained earnings (237,498,225) Other comprehensive loss - ------------ Total Stockholders' Equity (197,199,305) ------------ Total Liabilities & Stockholders' Equity $500,616,737 ============ American Home Mortgage Acceptance, Inc. Statement of Income Month Ended August 31, 2008 Net Interest Income: Interest income $538,611 Interest expense - ------------ Net interest income 538,611 Provision for loan losses - ------------ Net interest income after provision 538,611 for loan losses Non-Interest Income: Gain (Loss) on mortgage loans (15,390,164) Gain on securities & derivatives - Loan servicing fees - Changes in fair value of MSR - Income from subsidiaries 962 ------------ Non-interest income (15,389,202) Expenses Salaries, commissions & benefits, net 57,120 Office supplies and expenses - Marketing and promotion - Professional fees - Other real estate operating (income) expense - Other - ------------ Total expenses 57,120 (Loss) Income before income taxes (14,907,711) Income taxes - ------------ Net income [Loss] ($14,907,711) ============ American Home Mortgage Acceptance, Inc. Schedule of Cash Receipts and Disbursements Month Ended August 31, 2008 Cash - Beginning of Month, 08/01/2008 $468,566 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances - Administrative - Net payroll - Other - Transfers (from DIP accounts) - ------------ Total Receipts - Disbursements: Net payroll - Payroll taxes - Sales, use & other taxes - Loans and advances 180,517 Inventory purchases - Secured/rental/leases - Insurance - Administrative - Selling - Other - Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 180,517 ------------ Net Cash Flow (180,517) ------------ Cash - End of Month - 08/31/08 $288,048 ============ 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. 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 filed a de-consolidated plan of liquidation on Aug. 15, 2008. (American Home Bankruptcy News, Issue No. 49; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMHI's Operating Report for August 2008 ------------------------------------------------------- American Home Mortgage Holdings, Inc. Statement of Financial Condition As of August 31, 2008 Assets: Cash and cash equivalents $1,000 Accounts receivable 134,546 Intercompany receivable 133,113,340 Investment in subsidiaries (644,134,095) Other assets - ------------ Total Assets ($510,885,209) ============ Liabilities and Stockholders' Equity Liabilities: Junior subordinated note $304,214,000 Accrued expenses & other liabilities 4,733,870 ------------ Total Liabilities 308,947,870 Stockholders' Equity Additional paid-in capital 94,597,810 Retained earnings (914,430,889) Other comprehensive loss - ------------ Total Stockholders' Equity (819,833,079) ------------ Total Liabilities & Stockholders' Equity ($510,885,209) ============ American Home Mortgage Holdings, Inc. Statement of Income Month Ended August 31, 2008 Income (loss) from subsidiaries ($61,646,988) Other non-interest income: - ------------ Non-interest income (61,646,988) ------------ Professional fees - Other - ------------ Total Expenses - ------------ Income (Loss) before income taxes (61,646,988) Income taxes - ------------ Net loss ($61,646,988) ============ American Home Mortgage Holdings, Inc., also discloses that its cash as of Aug. 1, 2008, was $1,000. Since there was no cash receipts and disbursements for August, 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. 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 filed a de-consolidated plan of liquidation on Aug. 15, 2008. (American Home Bankruptcy News, Issue No. 49; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMIC's Operating Report for August 2008 ------------------------------------------------------- American Home Mortgage Investment Corp. Statement of Financial Condition As of August 31, 2008 Assets: Cash and cash equivalents $18,826,945 Restricted cash 150,799,967 Accounts receivable 3,700,171 Intercompany receivable 1,320,717,706 Securities 1,136,724,960 Derivative assets - Investment in subsidiaries (1,024,919,749) Other assets - -------------- Total Assets $1,605,850,000 ============== Liabilities and Stockholders' Equity Liabilities: Reverse repurchase agreements - Junior subordinated note $180,416,000 Derivative liabilities 53,817,031 Accrued expenses & other liabilities 1,221,721,834 Intercompany payable 586,210,538 ------------- Total Liabilities 2,042,165,403 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 (1,628,762,632) Other comprehensive loss - -------------- Total Stockholders' Equity (436,315,403) -------------- Total Liabilities & Stockholders' Equity $1,605,850,000 ============== American Home Mortgage Investment Corp. Statement of Income Month Ended August 31, 2008 Net Interest Income: Interest income $349,875 Interest expense - ------------ Net interest income 349,875 Provision for loan losses - ------------ Net interest income after provision 349,875 for loan losses Non-Interest Income: Loss on mortgage loans 13 Loss on securities and derivatives 523,567 Gain (loss) from subsidiaries (76,554,699) Other non-interest income - ------------ Non-interest income (76,031,119) Other Data processing and communications - Professional fees 17 Other expenses - ----------- Total expenses 17 Loss before income taxes (75,681,261) Income taxes - ----------- Net loss ($75,681,261) =========== American Home Mortgage Investment Corp. Schedule of Cash Receipts and Disbursements Month Ended August 31, 2008 Cash - Beginning of Month, 08/01/2008 $167,703,283 Receipts: Cash sales - Accounts receivable - Sale of assets 22,076,340 Loans and advances 935,352 Administrative - Net payroll - Other 832,632 Transfers (from DIP accounts) - ------------ Total Receipts 23,844,325 Disbursements: Net payroll 776,701 Payroll taxes - Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative 7,354,870 Selling - Other - Transfers (to DIP accounts) 13,789,125 Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 21,920,697 ------------ Net Cash Flow 1,923,628 ------------ Cash - End of Month - 08/31/08 $169,626,911 ============ 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. 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 filed a de-consolidated plan of liquidation on Aug. 15, 2008. (American Home Bankruptcy News, Issue No. 49; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ASARCO LLC: Posts $10,670,000 Net Loss in Month Ended October 31 ---------------------------------------------------------------- ASARCO LLC, et al. Balance Sheet As of October 31, 2008 ASSETS Current Assets: Cash $1,298,443,000 Restricted Cash 24,937,000 Accounts receivable, net 155,187,000 Inventory 244,032,000 Prepaid expenses 4,039,000 Other current assets 24,717,000 --------------- Total Current Assets 1,751,355,000 Net property, plant and equipment 508,012,000 Other Assets: Investments in subs 80,796,000 Advances to affiliates 486,000 Prepaid pension & retirement plan - Non-current deferred tax asset - Other 50,918,000 -------------- Total assets $2,391,568,000 ============== LIABILITIES Postpetition liabilities: 76,570,000 Accounts payable - trade - Accrued liabilities 719,548,000 --------------- Total postpetition liabilities 796,118,000 Prepetition liabilities: Not subject to compromise - credit 3,045,000 Not subject to compromise - other 107,720,000 Advances from affiliates 24,899,000 Subject to compromise 3,191,321,000 --------------- Total prepetition liabilities 3,326,985,000 --------------- Total liabilities 4,123,103,000 =============== OWNERS' EQUITY (DEFICIT) Common stock 508,324,000 Additional paid-in capital 104,578,000 Other comprehensive loss (234,375,000) Retained earnings: post filing date (3,274,045,000) --------------- Total prepetition owners' equity (2,895,519,000) Retained earnings: post-filing date 1,163,983,000 --------------- Total owners' equity (net worth) (1,731,536,000) Total liabilities and owners' equity $2,391,568,000 =============== ASARCO LLC, et al. Consolidated Statement of Operations Month Ended October 31, 2008 Sales $106,706,000 Cost of products and services 121,259,000 --------------- Gross profit [loss] (14,553,000) Operating expenses: Selling and general & admin. expenses 2,989,000 Depreciation & amortization 3,457,000 Accretion expense 362,000 --------------- Operating income [loss] (21,361,000) Interest expense 59,000 Interest income (2,310,000) Reorganization expenses 9,371,000 Other miscellaneous (income) expenses (13,076,000) --------------- Income (loss) before taxes (15,405,000) Income taxes (4,735,000) --------------- Net income [loss] ($10,670,000) =============== ASARCO LLC, et al. Consolidated Cash Receipts & Disbursements Month Ended October 31, 2008 Receipts Disbursements: Inventory material $16,310,000 Operating disbursements 110,336,000 Capital expenditures 8,214,000 --------------- Total disbursements 134,861,000 Operating cash flow 27,184,000 Reorganization disbursements 5,593,000 --------------- Net cash flow 21,591,000 Net payments to secured Lenders - --------------- Net change in cash 21,591,000 Beginning cash balance 1,301,789,000 --------------- Ending cash balances $1,323,380,000 =============== 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 US$600 million in total assets and US$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. Sander L. Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in Dallas, Texas, represents the Official Committee of Unsecured Creditors for the Asbestos Debtors. Former judge Robert C. Pate has been appointed as the future claims representative. 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). Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining & Development Co., Ltd., Peru Mining Exploration & Development Co., and Green Hill Cleveland Mining Co. filed for Chapter 11 protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197 to 08-20202). The Debtors submitted to the Court a joint plan of reorganization and disclosure statement on July 31, 2008. The plan incorporates the sale of substantially all of the Debtors' assets to Sterlite Industries, Ltd., for US$2,600,000,000. Americas Mining Corporation, an affiliate of Grupo Mexico SAB de CV, submitted a reorganization plan to retain its equity interest in ASARCO LLC, by offering full payment to ASARCO's creditors in connection with ASARCO's Chapter 11 case. AMC would provide up to US$2.7 billion in cash as well as a US$440 million guarantee to assure payment of all allowed creditor claims, including payment of liabilities relating to asbestos and environmental claims. AMC's plan is premised on the estimation of the approximate allowed amount of the claims against ASARCO. Asarco Inc. and AMC are represented by Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. (ASARCO Bankruptcy News Issue No. 93; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) BUFFETS HOLDINGS: Posts $9,440,097 Net Loss in Month Ended Oct. 22 ------------------------------------------------------------------ Buffets Holdings, Inc. Balance Sheet As of October 22, 2008 ASSETS Current Assets: Cash on Hand - drawer $1,360,040 Total depository account 4,433,548 Temporary investments 33,000,000 Cash 5,269,059 -------------- Total cash & cash equivalents 44,062,646 Receivables-landlord 37,638 Credit card receivables 1,444,902 Intercompany - Total rebates receivable 5,558,518 Accounts receivable 3,393,025 Due to/From affiliate 0 -------------- Total Receivables 10,434,082 Inventory 34,888,086 -------------- Total Inventories 34,888,086 Restricted cash 2,598,922 Employee advances 24,197 Escrow deposits - short term 866,919 Deposits - prefunded LC - current 15,611,860 Prepaid car leases 30,397 Prepaid Insurance 662,040 Prepaid rent 2,463,330 Prepaid other 2,035,201 Prepaid advertising 9,713,547 Prepaid rent escrow 227,057 Notes receivable - short term 15,120 -------------- Total prepaid expenses & other assets 31,649,669 Deferred income taxes - current 13,651,000 Deferred tax valuation allowance - current (13,651,000) -------------- Total current assets 123,633,406 Cabinet division inventory 4,475,303 Corporate inventory 583,408 Proceeds of sale clearing account (1,200) CIP - non system 647,265 Land 9,298,836 Building 5,586,674 Accumulated depreciation - building (859,930) Leasehold improvement 157,361,557 Accumulated amortization (94,232,363) Equipment 220,813,236 Accumulated depreciation - equipment (137,517,065) Automobile 315,330 Accumulated depreciation - auto (124,213) Assets to be sold - PP&E 16,364,294 Accumulated depreciation - assets to be sold (72,825) -------------- Total property, plant & equipment, net 182,638,319 Goodwill 116,639,959 Intellectual property 0 Acquisition costs 18,133,818 -------------- Total goodwill 134,773,776 Deferred income taxes - non-current 95,451,879 Deferred tax valuation allowance - non-current (95,451,879) Liquor licenses 343,681 Leasehold interest 1,474,683 Recipes 2,088,773 Trademark 56,600,000 -------------- Total other intangible assets 60,507,138 Prepaid rent deposits 1,747,457 Deposits 3,599,129 Deposits - other long term 42,865 Insurance loss deposits 353,520 Investments in subsidiaries 31,045 Interest rate swap 0 Total debt issuance costs 39,272,249 Total accum. amortization debt issuance costs (15,280,852) Notes receivable from subsidiaries 0 Total notes receivable - long term 8,399 Split Dollar Life Ins. Receivable 2,169,580 Entries to be reclassified (89) -------------- Total other noncurrent assets 31,943,303 Total assets $533,495,942 ============== LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Accounts payable - prepetition $24,411,919 Accounts payable - postpetition 43,077,115 COD Clearing (13,884) Misc. accruals - restaurant level 8,180,679 Misc accruals - WIS 0 Misc. accruals - corp level 4,975,110 -------------- Total accounts payable 80,631,029 Accrued 401(k) 1,126,,837 Accrued payroll 12,359,306 Accrued bonus 827,456 Accrued payroll taxes 3,921,173 Accrued vacation 7,035,018 -------------- Total accrued compensation 25,269,789 Accrued insurance - auto 20,906 Accrued insurance - general liability 15,140,197 Accrued insurance - other 3,205,978 -------------- Total accrued insurance 18,367,081 Accrued percentage rent 1,488,815 Accrued interest - short term 25,623,204 Accrued property taxes 10,007,264 Accrued postage 31,431 Accrued advertising 1,530,356 Accrued liabilities - other 16,899,355 Deferred income - current 175,639 -------------- Total other accrued liabilities 55,756,064 Gift certificates/gift cards 4,103,791 Cash receipts suspense 142,500 Workers compensation payable 21,978,419 Lease rejection claims reserve 50,237,330 Sales/Use tax payable 7,900,539 Accrued restaurant closing costs 1,992,609 -------------- Total accrued liabilities 185,748,122 Income taxes payable (3,889,419) Estimated income taxes 489,419 -------------- Total income taxes payable (3,400,000) Current maturities of long-term debt 5,300,000 Short term borrowings 56,300,000 Short term borrowings - DIP 79,950,000 Short term borrowings - vendor LC draws 6,258,450 -------------- Total current liabilities 410,787,602 Note: 410,787,601 in the spreadsheet Notes payable to parent Senior debt - bank 518,728,000 Senior debt - public 300,000,000 -------------- Total long-term debt 818,728,000 Accrued rent 45,991,055 Deferred Income tax 22,793,000 Income tax payable - non-current 21,774,000 Long term sublease deposits 33,905 Post retirement benefits payable 19,327 Total deferred income 5,886,607 -------------- Total other long-term liabilities 5,939,839 -------------- Total non-current liabilities 915,225,894 -------------- Total liabilities 1,326,013,496 -------------- Shareholders' Equity: Capital Stock 63,358 Additional paid in capital 835,631 Contributed capital 0 Interco contributions (distributions) 0 Dividends paid (interco) 0 Dividends received (interco) 0 Accum other comprehensive income 0 Dividends paid to shareholders (101,164,801) Retained earnings (630,165,639) Level 8 profit/loss (62,086,103,,) (62,086,103) -------------- Retained earnings (793,416,543) Total shareholders' equity (792,517,555) -------------- Total liabilities & Stockholders' equity $533,495,942 ============== Buffets Holdings, Inc. Income Statement For the month ended October 22, 2008 Total sales $104,861,375 Total food cost 37,661,420 Total labor 31,445,151 Operating costs 14,523,523 Occupancy costs 12,706,517 -------------- Total DIR & O/C 27,230,040 -------------- Total restaurant costs 96,336,612 -------------- Restaurant profit (level 4) 8,524,764 Total SG&A Expense 8,767,660 Closed restaurant costs 53,081 Impairment Cost - Merger/integration costs - -------------- Earnings from operations (295,978) Other income (expense) Franchise income 68,676 Interest income 144 Interest expense (6,716,945) Other income (expense) 7,077 Loss related to refinancing (802,250) Reorganization Costs (1,619,475) Net Worth Tax (24,345) Intercompany 0 -------------- Total other income (expense) (9,087,119) -------------- Earnings before tax (9,383,097) Net worth tax Income Taxes (57,000) -------------- Net earnings (loss) ($9,440,097) ============== Buffets Holdings, Inc. Schedule of Cash Receipts & Disbursements For the month ended October 22, 2008 Cash Receipts (inc. Sales tax): Cash receipts $67,037,000 Credit card 43,298,000 -------------- 110,335 Receipts (Gift card usage) 0 Rebates, other 1,833,000 --------------- Total cash receipts 112,168,000 Operating Disbursements: A/P Check 7,685,000 EFT 57,058,000 Change in trade terms (6,137,000) Payroll 31,501,000 Rent (Cash occupancy) 7,625,000 Sales tax 5,029,000 Other operating 0 -------------- Total operating disbursements 102,761,000 -------------- Net operating cash flows 9,407,000 Non-operating Disbursements (Receipts): Income tax 0 Total CapEx 4,052,000 Professional fees, inc. holdbacks 1,437,000 Closed restaurant costs 0 Deposits (Utility) 0 Other (20,000) Cash (Proceeds) from asset sales (329,000) -------------- Total non-operating disbursements 5,140,000 Financing Payments: Interest expense 6,810,000 Interest (income) (91,000) DIP Fees/other 602,000 Principal payments 350,000 --------------- Total financing disbursements 7,671,000 -------------- Total net disbursements 115,572,000 Net cash receipts (disbursements) ($3,404,000) ============== About Buffets Holdings Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc. employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC and Pachulski Stang Ziehl Young &Jones as counsels. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on February 22, 2008, final approval of the Debtors' debtor-in-possession credit facility, consisting of $85 million of new funding and $200 million carried over from the company's prepetition credit facility. (Buffets Holdings Bankruptcy News, Issue No. 25; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). KUSHNER-LOCKE: Reports Net Loss of $89,710 in June 2008 ------------------------------------------------------- The Kushner-Locke Company delivered its monthly operating report for the period June 1, 2008, through June 30, 2008. For the period, the Debtor generated zero revenue and incurred a net loss of $89,710. A full-text copy of the Debtor's monthly operating report is available for free at http://researcharchives.com/t/s?356c Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The company, along with its debtor-affiliates filed for Chapter 11 protection on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L. Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M. McDonough, Esq., at Riemer & Braunstein, LLP, represent the Debtors in their restructuring efforts. Jager Smith, Esq., and Michael J. Fencer, Esq., at One Financial Center, represent the Official Committee of Unsecured Creditors. KUSHNER-LOCKE: Posts $40,536 Net Loss in July 2008 -------------------------------------------------- The Kushner-Locke Company delivered its monthly operating report for the period July 1, 2008, through July 31, 2008. For the period, the Debtor generated zero revenue and incurred a net loss of $40,536. A full-text copy of the Debtor's monthly operating report is available for free at http://researcharchives.com/t/s?356d Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The company, along with its debtor-affiliates filed for Chapter 11 protection on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L. Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M. McDonough, Esq., at Riemer & Braunstein, LLP, represent the Debtors in their restructuring efforts. Jager Smith, Esq., and Michael J. Fencer, Esq., at One Financial Center, represent the Official Committee of Unsecured Creditors. KUSHNER-LOCKE: Posts $79,829 Net Loss in August 2008 ---------------------------------------------------- The Kushner-Locke Company delivered its monthly operating report for the period Aug. 1, 2008, through Aug. 31, 2008. For the period, the Debtor generated zero revenue and incurred a net loss of $79,829. A full-text copy of the Debtor's monthly operating report is available for free at http://researcharchives.com/t/s?356e Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The company, along with its debtor-affiliates filed for Chapter 11 protection on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L. Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M. McDonough, Esq., at Riemer & Braunstein, LLP, represent the Debtors in their restructuring efforts. Jager Smith, Esq., and Michael J. Fencer, Esq., at One Financial Center, represent the Official Committee of Unsecured Creditors. KUSHNER-LOCKE: Posts $70,337 Net Loss in September 2008 ------------------------------------------------------- The Kushner-Locke Company delivered its monthly operating report for the period Sept. 1, 2008, through Sept. 30, 2008. For the period, the Debtor generated zero revenue and incurred a net loss of $70,337. A full-text copy of the Debtor's monthly operating report is available for free at http://researcharchives.com/t/s?356f Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The company, along with its debtor-affiliates filed for Chapter 11 protection on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L. Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M. McDonough, Esq., at Riemer & Braunstein, LLP, represent the Debtors in their restructuring efforts. Jager Smith, Esq., and Michael J. Fencer, Esq., at One Financial Center, represent the Official Committee of Unsecured Creditors. LEVITT & SONS: Files Monthly Operating Report for October 2008 -------------------------------------------------------------- Levitt & Sons, LLC Monthly Financial Report for Business For the Period October 1 - 31, 2008 Cash, beginning of period $592,995 Receipts: Cash sales 0 Collection on postpetition A/R 0 Collection on prepetition A/R 0 Other receipts 549,050 -------------- Total receipts 549,050 Total cash available for operations 1,142,045 Disbursements: U.S. Trustee quarterly fees 0 Net payroll 1,874 Payroll taxes paid 0 Sales and use taxes 0 Other taxes 0 Rent 0 Other leases 0 Telephone 0 Utilities 664 Travel & entertainment 0 Vehicle expenses 0 Office supplies 0 Advertising 0 Insurance 0 Purchases of fixed assets 0 Purchases of inventory 0 Manufacturing supplies 0 Repairs & maintenance 0 Payments to secured creditors 0 Other operating expenses 578,062 -------------- Total cash disbursements 580,601 -------------- Ending Cash Balance $561,444 ============== About Levitt and Sons Headquartered in Fort Lauderdale, Florida, Levitt and Sons LLC -- http://www.levittandsons.com/-- is the homebuilding subsidiary of Levitt Corporation (NYSE:LEV). Levitt Corp. -- http://www.levittcorporation.com/-- together with its subsidiaries, operates as a homebuilding and real estate development company in the southeastern United States. The company operates in two divisions, homebuilding and land. The homebuilding division primarily develops single and multi-family homes for adults and families in Florida, Georgia, Tennessee, and South Carolina. The land division engages in the development of master-planned communities in Florida and South Carolina. Levitt and Sons LLC and 38 of its homebuilding affiliates filed for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at Berger Singerman, P.A., represent the Debtors in their restructuring efforts. The Debtors chose AP Services, LLC as their crisis managers, and Kurtzman Carson Consultants, LLC as their claims and noticing agent. Levitt Corp., the parent company, is not included in the bankruptcy filing. The Debtors, together with the Official Committee of Unsecured Creditors, delivered to the Bankruptcy Court their First Amended Joint Liquidating Chapter 11 Plan and Disclosure Statement dated Oct. 31, 2008. (Levitt and Sons Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/ or 215/945-7000). LINENS 'N THINGS: Earns $85,616,865 in Month Ended Oct. 25, 2008 ---------------------------------------------------------------- Linens Holding Co., et al. Balance Sheet As of October 25, 2008 Assets Current Assets Cash $60,123,384 Accounts receivable, net 75,816,398 Inventory - Inventory - liquidation sales 450,406,451 Prepaid expenses 13,467,183 ------------- Total Current Assets 599,813,416 Property & Equipment Building 5,010,000 Furniture & fixtures 109,982,620 Hardware 5,748,729 Leasehold improvements 9,842,241 Land 1,030,400 Software 7,176,757 Less: accumulated depreciation (59,647,943) ------------- Total Property & Equipment 79,142,804 Other Assets Identifiable intangible 123,785,452 Goodwill 253,159,671 Other non-current assets 3,518,429 ------------- Total other assets 380,463,552 ------------- Total Assets $1,059,419,772 ============== Liabilities and Shareholders' Equity Liabilities not subject to compromise Current liabilities Merchandise accounts payable - accruals, refunds & allowances $75,086,095 Due to customers 5,911,497 Salaries and wages 6,888,039 Taxes, non-franchise and income tax 15,070,971 Workers compensation 2,645,554 Current retirement plans - Rent - General liability claims 815,020 Accrued auto claims & uninsured losses 22,305 Other accrued liabilities 242,710,531 ------------- Total Current Liabilities 349,150,013 Long Term Liabilities Long-term borrowings (31,276,478) Non-current deferred income - Other liabilities 4,238,786 ------------- Total long term liabilities (27,037,692) ------------- Total liabilities not subject to compromise 322,112,321 Liabilities subject to compromise L/T senior secured note 650,000,000 Unsecured claims 239,474,957 Priority claims 26,391,683 ------------- Total Liabilities Subject to Compromise 915,866,640 ------------- Total Liabilities 1,237,978,961 Shareholders' Equity Common stock 130,130 Additional paid-in capital 593,666,009 Retained earnings - prepetition (536,191,697) Retained earnings - postpetition (233,765,117) Currency gain/loss (2,398,514) ------------- Net shareholders' equity (178,559,189) ------------- Total Liabilities and Shareholders' Equity $1,059,419,772 ============== Linens Holding Co., et al. Income Statement For the month ending October 25, 2008 Gross revenues $54,468,143 Rebates and returns (489,363) Cost of goods sold (23,821,805) ------------- Initial Mark On (IMO) 30,156,975 Markdowns (4,866,841) Gross allowances (5,050,508) Deferred allowances - ------------- Total markdowns - net (9,917,349) ------------- Merchant margin 40,074,324 Supply chain expenses (1,509,784) Buying, product development, shrink 5,946,794 ------------- Gross profit 44,511,334 Store payroll expense (7,491,105) Other store selling expenses (2,493,946) ------------- Total selling expense (9,985,051) ------------- Margin after selling expenses 34,526,283 Occupancy (13,264,440) Sales promotions (2,805,153) Other store expenses (1,983,973) Supervisory/Other (500,790) ------------- Total store expenses (18,554,356) ------------- Store contribution 15,971,927 Administrative salaries (1,832,312) Other administrative expenses 4,036,589 Other income/(expense) 239,720 Interest (566,666) Taxes (259,115) ------------- Total General & Administrative 1,618,216 ------------- Net Earnings 17,590,143 ------------- Reorganization Items 68,026,722 ------------- Net Earnings After Reorg. Items $85,616,865 ============= Linens Holding Co., et al. Schedule of Cash Receipts and Disbursements For the month ending October 25, 2008 Cash Receipts: Sales receipts $141,381,000 Other receipts, i.e. tenant allow. 18,538,000 Store closure proceeds 200,000,000 ------------- Total receipts 359,919,000 Cash Disbursements: Trade payments: A/P - Merchandise 36,719,000 Rollover A/P - Prepaid - A/P - LC's & Trade Card 22,813,000 A/P - LAPP - ------------- Total trade payments 59,532,000 Operating Expenses: Payroll, payroll taxes & benefits 24,013,000 Rent checks and wires 17,220,000 Marketing 3,113,000 Capital expenditures - Freight 10,896,000 Sales tax payable 8,314,000 SCS Expense/Savings (690,000) Other (Import duties, misc. CC fees) 15,679,000 Administrative & selling expenses - ------------- Total operating expenses 78,545,000 Non-Operating Expenses: DIP & revolver interest & fees - Other Interest Expense/(Income) - ------------- Total non-operating expenses - ------------- Net operating cash flow 221,842,000 Bankruptcy Expenses: DIP fees & expenses - Deposits for utilities - Professional & US Trustee fees 3,559,000 ------------- Total Bankruptcy Expenses 3,559,000 ------------- Net Cash Flows 218,283,000 ------------- Draw / (Paydown) of DIP Facility (180,304,000) ------------- Net Change in Cash $37,979,000 ============= About Linens 'n Things, Inc. Headquartered in Clifton, New Jersey, Linens 'n Things, Inc. -- http://www.lnt.com/-- is the second largest specialty retailer of home textiles, housewares and home accessories in North America. As of Sept. 30, 2008, Linens 'n Things operated 411 stores in 47 states and seven provinces across the United States and Canada. 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. 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, Issue No. 21; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) LINENS 'N THINGS: Posts $176,645,964 Loss in Month Ended Sept. 27 ----------------------------------------------------------------- Linens Holding Co., et al. Balance Sheet As of September 27, 2008 Assets Current Assets Cash $24,418,801 Accounts receivable, net 35,978,422 Inventory 527,839,928 Inventory - liquidation sales 36,374,783 Prepaid expenses 13,955,291 ------------- Total Current Assets 638,567,225 Property & Equipment Building 5,010,000 Furniture & fixtures 239,539,697 Hardware 13,521,566 Leasehold improvements 178,685,563 Land 1,030,400 Software 8,674,743 Less: accumulated depreciation (209,374,479) ------------- Total Property & Equipment 237,087,490 Other Assets Identifiable intangible 134,433,355 Goodwill 253,159,671 Other non-current assets 33,078,182 ------------- Total other assets 420,671,208 ------------- Total Assets $1,296,325,923 ============== Liabilities and Shareholders' Equity Liabilities not subject to compromise Current liabilities Merchandise accounts payable - accruals, refunds & allowances $96,632,588 Due to customers 11,070,940 Salaries and wages 10,142,302 Taxes, non-franchise and income tax 10,554,063 Workers compensation 526,465 Current retirement plans 86,400 Rent - General liability claims 406,221 Accrued auto claims & uninsured losses 22,306 Other accrued liabilities 101,349,392 ------------- Total Current Liabilities 230,790,677 Long Term Liabilities Long-term borrowings 149,027,596 Non-current deferred income - Other liabilities 2,927,396 ------------- Total long term liabilities 151,954,992 ------------- Total liabilities not subject to compromise 382,745,669 Liabilities subject to compromise L/T senior secured note 650,000,000 Unsecured claims 491,260,004 Priority claims 26,643,128 ------------- Total Liabilities Subject to Compromise 1,167,903,132 ------------- Total Liabilities 1,550,648,801 Shareholders' Equity Common stock 130,130 Additional paid-in capital 598,597,745 Retained earnings - prepetition (536,191,697) Retained earnings - postpetition (319,381,980) Currency gain/loss 2,522,924 ------------- Net shareholders' equity (254,322,878) ------------- Total Liabilities and Shareholders' Equity $1,296,325,923 ============== Linens Holding Co., et al. Income Statement For the month ending September 27, 2008 Gross revenues $111,926,474 Rebates and returns 652,423 Cost of goods sold (52,922,572) ------------- Initial Mark On (IMO) 59,656,325 Markdowns 12,347,995 Gross allowances (5,589,693) Deferred allowances (1,642,747) ------------- Total markdowns - net 5,115,555 ------------- Merchant margin 54,540,770 Supply chain expenses (3,476,379) Buying, product development, shrink (2,730,490) ------------- Gross profit 48,333,901 Store payroll expense (15,118,491) Other store selling expenses (4,259,515) ------------- Total selling expense (19,378,006) ------------- Margin after selling expenses 28,955,895 Occupancy (26,879,583) Sales promotions (5,383,959) Other store expenses (1,153,888) Supervisory/Other (843,295) ------------- Total store expenses (34,260,725) ------------- Store contribution (5,304,830) Administrative salaries (2,394,478) Other administrative expenses 1,195,384 Other income/(expense) 299,422 Interest (1,791,901) Taxes (286,918) ------------- Total General & Administrative (2,978,491) ------------- Net Earnings [Loss] (8,283,321) ------------- Reorganization Items (168,362,643) ------------- Net Earnings [Loss] After Reorg. Items ($176,645,964) ============= Linens Holding Co., et al. Schedule of Cash Receipts and Disbursements For the month ending September 27, 2008 Cash Receipts: Sales receipts $144,058,000 Other receipts, i.e. tenant allow. 1,988,000 Store closure proceeds 25,319,000 ------------- Total receipts 171,365,000 Cash Disbursements: Trade payments: A/P - Merchandise 46,429,000 Rollover A/P - Prepaid 8,801,000 A/P - LC's & Trade Card 12,823,000 A/P - LAPP - ------------- Total trade payments 68,053,000 Operating Expenses: Payroll, payroll taxes & benefits 29,114,000 Rent checks and wires 15,663,000 Marketing 4,726,000 Capital expenditures - Freight 9,951,000 Sales tax payable 12,966,000 SCS Expense/Savings (1,205,000) Other (Import duties, misc. CC fees) 18,743,000 Administrative & selling expenses - ------------- Total operating expenses 89,958,000 Non-Operating Expenses: DIP & revolver interest & fees - Other Interest Expense/(Income) (2,000) ------------- Total non-operating expenses (2,000) ------------- Net operating cash flow 13,356,000 Bankruptcy Expenses: DIP fees & expenses - Deposits for utilities - Professional & US Trustee fees 5,102,000 ------------- Total Bankruptcy Expenses 5,102,000 ------------- Net Cash Flows 8,254,000 ------------- Draw / (Paydown) of DIP Facility (1,898,000) ------------- Net Change in Cash $6,356,000 ============= About Linens 'n Things, Inc. Headquartered in Clifton, New Jersey, Linens 'n Things, Inc. -- http://www.lnt.com/-- is the second largest specialty retailer of home textiles, housewares and home accessories in North America. As of Sept. 30, 2008, Linens 'n Things operated 411 stores in 47 states and seven provinces across the United States and Canada. 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. 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, Issue No. 21; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) MERVYN'S LLC: Posts $30,718,000 Net Loss for Month Ended Oct. 4 --------------------------------------------------------------- Mervyn's LLC Balance Sheet As of October 4, 2008 ASSETS Current assets Cash $14,870,000 Accounts receivable, net 14,868,000 Merchandise inventory 334,745,000 Prepaid and other current assets 29,226,000 ------------ Total current assets 393,709,000 Long term assets Property & Equipment Property, plant and equipment 361,015,000 Less: Accumulated depreciation (135,903,000) ------------ Total Property & Equipment 225,111,000 Other assets 55,363,000 ------------ Total long term assets 280,474,000 Total assets $674,183,000 ============ Liabilities and Member's Equity Liabilities not subject to compromise Current liabilities Trade accounts payable 70,797,000 Other accounts payable 7,774,000 Current portion of LT debt 10,096,000 Accrued expenses and other current liabilities 135,478,000 Revolving line of credit 167,013,000 ------------ Total current liabilities 391,159,000 Long term liabilities Workers comp/general liability reserve 41,794,000 Deferred rent 3,733,000 Capital lease debt 17,774,000 Long term note payable 34,347,000 Other long term liabilities 462,000 ------------ Total long-term liabilities 98,110,000 Total liabilities not subject to compromise 489,268,000 Liabilities subject to compromise 265,613,000 ------------ Total liabilities 754,881,000 Member's Equity (80,698,000) ------------ Total liabilities and member's equity $674,183,000 ============ Mervyn's LLC Statement of Operations For Month Ended October 4, 2008 Sales $154,285,000 Cost of goods sold 94,439,000 ------------ Gross margin 59,846,000 Expenses: Store expenses 19,566,000 Distribution expenses 2,122,000 Variable selling expenses 1,232,000 ------------ Subtotal 22,920,000 Marketing expenses 8,607,000 IT expenses 2,206,000 Store building services 4,277,000 Rents and leases 14,557,000 CAM and property taxes 3,911,000 Workers comp, GL and Insurance 2,088,000 Benefits costs 1,163,000 General management 549,000 Merchandising 1,872,000 Merchandise planning 840,000 Headquarters services 248,000 Finance G&A 890,000 Employee expenses and other 2,397,000 Loss prevention 1,110,000 Human resources 899,000 Bonuses/LTIP 0 Legal 65,000 Visual merchandising 527,000 ------------ Total all other G&A 9,397,000 Start Up expenses (2,000) Other(income) & Expense 7,422,000 ------------ Total expenses(excl. interest/D&A) 76,546,000 Credit(income) (3,174,000) Restructuring expenses 4,218,000 Depreciation and amortization 10,411,000 Interest(Income)expense 2,563,000 ------------ Total expenses 90,564,000 Net loss ($30,718,000) ============ Mervyn's LLC Schedule of Cash Receipts and Disbursements For Month Ended October 4, 2008 Beginning Balance-Wachovia $1,348,000 Receipts Bank total 70,950,000 Credit Card total 102,476,000 Non-sales Total 32,237,000 Interest - ------------ Total receipts 205,663,000 Disbursements Imports(Imports plus BA's paid) 28,493,000 Trade A/P 100,760,000 Expense payable 24,360,000 Total payroll 27,235,000 Marketing-wire 8,284,000 Sales tax 12,409,000 Tax & Member Distribution/Management Fees - Insurance premiums 342,000 Property Related(Rent,Tax, CAM) 2,051,000 Store Building Services 1,636,000 Interest Expenses 2,788,000 Other expense 38,227,000 ------------ Total disbursements 246,583,000 Net Cash flow (40,920,000) ------------ Ending Balance-Wachovia 353,000 Reconciliation to Cash per GL: Store cash vault 2,902,000 Bank of America Depository 8,683,000 JP Morgan Depository - US Bank Depository 1,738,000 Evergreen - Bank of America Coins & Currency 109,000 Wachovia Utility Deposit 1,081,000 Other 4,000 ------------ Total Cash per GL $14,870,000 ============ 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) NEUMANN HOMES: Files Monthly Operating Report for October 2008 -------------------------------------------------------------- Neumann Homes, Inc., et al. Receipts and Disbursements Month Ended October 31, 2008 Beginning Balance in All Accounts: Neumann Citibank Operating Account $94,999 Neumann Bank of America - old accounts (various) - Neumann Citibank - Customer Earnest Money Account 15 Neumann Citibank - Funding/Dip Account 52,530 Neumann Petty Cash Account 778 Neumann Citibank - Dip Funding - Professional Account - Restricted - Neumann Citibank - Glen at Lakemoor EM Account 1,227 Restricted - Neumann Citibank - Clublands - Antioch Clubhouse 157,300 Restricted - IndyMac Escrow Acct - NeuVillage 125,609 Restricted - Chicago Title Escrow Account - Closed Homes 224,436 Restricted - Chicago Title Escrow Account - Lender Funded 1,377,147 Restricted - Citibank - Worker Comp Escrow 8,234 Restricted - NHI KERP Account 108,921 Restricted - Land Title Guarantee Escrow - ---------- $2,151,197 ---------- Receipts: Operating Account 383,101 Customer Earnest Money Account-Ckg - Customer Earnest Money Account-MM - Funding/Dip Account - Neumann Petty Cash Account - Glen at Lakemoor EM Account 1 Clublands Antioch Clubhouse Account 231 Dip Funding-Professional Account - Restricted Escrow held by CTI - Lender Funding - IndyMac Escrow for L/C-Leona's NeuVillage - Restricted Escrow held by CTT(closings) - NHI Worker Comp Escrow - NHI KERP Account - Other Receipts - ---------- $383,332 Disbursements: Net Payroll: Officers - Others (71,559) ---------- (71,559) Taxes: Federal Income Tax Withholding (25,745) FICA/Medicare Withholdings EE (2,836) Employer's FICA/Medicare ER (2,836) Federal Unemployment Taxes ER - State Income Tax Withholding (2,985) State Unemployment Taxes ER - ---------- (34,401) Necessary expenses: Rent or mortgage payment(s) (3,547) Utilities & phones (158) Insurance (3,769) Merchandise/services bought for manufacture/sale Other: Payroll Services (750) Benefit Related including flex spending - Miscellaneous (400) Mileage (1,596) Postage, shipping, copying - Worker Comp Claims - House Trades - Other - Transfer (325) Supplies & Storage & Misc. - Temporary Labor - Release of homeowner escrows - Consulting services (27,565) US Trustee Fees (8,450) Legal - Professional Fees (35,795) Professional tax service fees (22,612) Filing Fees, Extension Fees - Payroll tax adjustment - ---------- (104,967) ---------- Total Disbursements: (210,927) ---------- Net Receipts (Disbursements) for the Current period (172,405) ---------- Ending Balance in All Accounts $2,323,602 ========== About Neumann Homes Headquartered in Warrenville, Illinois, Neumann Homes Inc. -- http://www.neumannhomes.com/-- develops and builds residential real estate throughout the Midwest and West US. The company is active in the Chicago area, southeastern Wisconsin, Colorado, and Michigan. The company has built more than 11,000 homes in some 150 residential communities. The company offers formal business training to employees through classes, seminars, and computer- based training. The company filed for Chapter 11 protection on Nov. 1, 2007 (Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors has selected Paul, Hastings, Janofsky & Walker LLP, as its counsel in these bankruptcy proceeding. When the Debtors filed for protection from its creditors, they listed assets and debts of more than $100 million. (Neumann Bankruptcy News, Issue No. 25; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) PROPEX INC: Posts $700,000 Net Loss in Month Ended September 28 --------------------------------------------------------------- Propex Inc. Unaudited Condensed Consolidated Balance Sheet As of September 28, 2008 ASSETS: Current Assets: Cash and cash equivalents $31,800,000 Restricted Cash 700,000 Accounts Receivable, net 99,500,000 Accounts Receivable claims ? prepetition 0 Inventories, net 122,300,000 Deferred income taxes 8,700,000 Prepaid expenses and other current assets 21,100,000 Assets held for sale 7,400,000 ------------ Total current assets 291,500,000 Other assets: Goodwill 0 Intangible assets, net 16,000,000 Deferred income taxes 0 Investment in subsidiaries 0 Intercompany notes receivable 0 Other assets 7,700,000 ------------ Property, plant and equipment, net 203,100,000 ------------ Total assets $518,300,000 ============ LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Prepetition Accounts payable 7,900,000 Accrued liabilities 1,200,000 Current portion of debt and accrued interest 382,200,000 Accrued pension obligations 0 Restructuring and other similar costs 700,000 Other current liabilities 300,000 Postpetition Accounts payable 26,500,000 Accrued liabilities 23,900,000 Current portion of debt and accrued interest 36,800,000 Accrued pension obligations 0 Restructuring and other similar costs 500,000 Other current liabilities 1,800,000 ------------ Total current liabilities 481,800,000 Non-current liabilities: Prepetition Accrued pension and other postretirement benefit liabilities 17,100,000 Other non-current liabilities 0 Postpetition Intercompany notes payable 0 Debt, less current portion 0 Deferred income taxes 11,300,000 Accrued pension and other postretirement benefit liabilities 27,500,000 Other non-current liabilities 1,200,000 ------------ Total non-current liabilities 57,100,000 Total stockholder's equity Common stock 0 Paid-in capital 96,400,000 Accumulated other comprehensive income 16,300,000 Retained earnings ? prior year (88,300,000) Retained earnings ? current year (45,000,000) ------------ Total stockholder's equity (20,600,000) ------------ Total Liabilities and stockholder's equity $518,300,000 ============ Propex Inc. Unaudited Condensed Consolidated Statements of Operations For Month Ended September 28, 2008 Net revenue $48,500,000 Cost of sales 45,000,000 ------------ Gross profit 3,500,000 Operating expenses: Selling, general and administrative 4,900,000 Other(income) expense, net 100,000 Add Back depreciation and amortization 2,100,000 EBITDA 600,000 Depreciation & Amortization 2,100,000 Interest expense 1,900,000 Restructuring and similar costs (3,000,000) Non-cash pension and other expense 0 Other non-operating expense(income) 0 Impairment of property, plant and equipment 0 Pension curtailment(gain), net of settlement loss 0 Debt forgiveness 0 Other 0 Equity(income) loss from sub-earnings 0 Income(loss) before income taxes (400,000) Income tax provision (benefit) 300,000 ------------ Net income (loss) ($700,000) ============ Propex Inc. Unaudited Condensed Statement of Cash Flows For Month Ended September 28, 2008 Cash flows from operating activities Net income(loss) ($700,000) Adjustments to reconcile, net income to net cash provided by (used) in operating activities: Depreciation and amortization 2,100,000 Non-cash interest on debt 0 Amortization of bank fees 0 Net gain on dispositions of property and and equipment 0 Stock-based compensation 0 Impairment of property, plant and equipment 0 Impairment of goodwill 0 Impairment of intangibles 0 Pension and post-retirement benefit cost (4,400,000) Deferred income taxes 0 Changes in operating assets and liabilities Decrease(increase) in assets?prepetition 0 Decrease(increase) in assets?post-petition 8,800,000 (Decrease) increase in liabilities?prepetition 0 (Decrease)increase in liabilities?post-petition (3,900,000) ------------ Net cash provided (used) by operating activities 1,900,000 Cash flows from investing activities Capital expenditures (600,000) Proceeds from sale of property and equipment 0 Acquisition of business(net of cash acquired) 0 ------------ Net cash used in investing activities (600,000) Cash flows from financing activities Payments of long-term debt principal 0 Proceeds from issuance of debt 0 Debt issuance costs 0 Dividends 0 Net receipts from unconsolidated parent company 0 Activity with Affiliates 600,000 ------------ Net cash provided by (used in) financing activities 600,000 Effect of changes in foreign exchange rates on cash and cash equivalents (400,000) ------------ Change in cash and cash equivalents 1,500,000 ------------ Cash and cash equivalents-beginning period 30,300,000 ------------ Cash and cash equivalents- end period $31,800,000 ============ About Propex Inc. 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. Propex Inc., and its affiliates delivered to the Court a Joint Plan of Reorganization and Disclosure Statement on October 29, 2008. Propex's exclusive period to solicit acceptances of the Plan expires Dec. 29, 2008. As of June 29, 2008, the Debtors' balance sheet showed total assets ofUS$562,700,000, and total debts ofUS$551,700,000. (Propex Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) SEMGROUP LP: Files Amended Monthly Operating Report for July 2008 ----------------------------------------------------------------- SemCrude, L.P., et al., delivered to the U.S. Bankruptcy Court for the District of Delaware an amendment to their consolidated income statement for the period July 22 through July 31, 2008. According to Terrence Ronan, acting president and chief executive officer of the Debtors, the amendment adds the entry for Eaglwing, L.P.'s cash receipts and disbursements. SemCrude, L.P., et al. Cash Receipts and Disbursements July 22, 2008 through July 31, 2008 Cash Receipts SemCrude, L.P. $15,929,532 SemCrude Pipeline, LLC 54,248,645 SemGas Gathering LLC 474,598 SemKan LLC 5,883,491 SemFuel 40,455,825 SemManagement LLC - SemMaterials LP 71,914,881 SemGas LP 6,320,942 SemGas-Davis Gathering - SemTrucking 14,649 SemStream 33,127,014 SemGroup LP 3,480,032 Eaglwing, L.P. 342,413 ------------ Total Cash Receipts 232,192,022 Cash Sweeps SemCrude, L.P. (17,642,535) SemCrude Pipeline, LLC - SemGas Gathering LLC (471,574) SemKan LLC (5,857,456) SemFuel (93,859,149) SemManagement LLC (129,739) SemMaterials LP (91,799,253) SemGas LP (6,251,879) SemGas-Davis Gathering 25,000 SemTrucking (42,410) SemStream 4,064,782 SemGroup LP 212,090,137 ------------ Total Cash Sweeps 125,923 Cash Disbursements SemCrude, L.P. (21,083,553) SemCrude Pipeline, LLC (4,942,506) SemGas Gathering LLC (204) SemKan LLC 14,741 SemFuel (19,446,797) SemManagement LLC (7,944,056) SemMaterials LP (611,122) SemGas LP 120,927 SemGas-Davis Gathering (22,616) SemTrucking - SemStream (68,262,248) SemGroup LP (81,556,907) Eaglwing, L.P. (156,671) ------------ Total Cash Disbursements (203,734,340) ------------ Net Cash Flow $28,583,604 ============ About SemGroup SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland and Vietnam. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08- 11525). These represent the Debtors' restructuring efforts: John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq. at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on Nov. 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. (SemGoup Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEMGROUP LP: Files Monthly Operating Report for September 2008 -------------------------------------------------------------- SemCrude, L.P., et al. Consolidated Balance Sheet As of September 30, 2008 (In thousands) ASSETS Cash $511,085 Accounts receivable 1,064,644 Inventories 347,042 Derivative asset 25,289 Margin deposits - Income taxes receivable - Deferred tax asset - Receivable from affiliate 122,223 Other current assets 74,114 Intercompany - ------------ Total current assets 2,144,397 ------------ Property, plant and equipment 570,678 Accumulated depreciation (115,695) Pipeline linefill 33,674 ------------ Net property, plant and equipment 488,657 ------------ Investment in subsidiaries 359,253 Long-term derivative assets - Goodwill 59,715 Investment in affiliates 121,394 Deferred tax asset 1,062 Receivable from affiliate 221,804 Other assets, net 98,330 ------------ Total Assets $3,494,612 ============ LIABILITIES AND PARTNERS' CAPITAL Subject to Compromise: Accounts payable $1,070,099 Book overdrafts - Accrued liabilities 1,106,064 Income taxes payable - Deferred revenue - Deferred income taxes - Derivative liabilities - Current portion of long-term debt 150,000 ------------ Current liabilities subject to compromise 2,326,163 ------------ Revolver facility 665,000 Working capital facility 1,606,472 Term B notes 141,274 Senior notes 600,000 Pension obligations 13,449 ------------ Liabilities Not Subject to Compromise: Accounts payable 99,115 Book overdrafts - Accrued liabilities 24,075 Income taxes payable - Deferred revenue 1,341 Deferred income taxes - Derivative liabilities 7,571 Current portion of long-term debt 120,909 ------------ Total current liabilities 253,011 ------------ Revolver facility - Working capital facility - Term B notes - Capital lease obligations 1,974 Other obligations - Note payable to parent - Senior notes - Deferred tax liability - Long-term derivative liabilities - Asset retirement obligation - Pension obligations 594,914 Other long-term liabilities 666 Minor interest - ------------ Accum. other comprehensive income 7,338 Partners' capital (2,715,649) ------------ Total partners' capital (2,708,311) ------------ Total liabilities and partners' capital $3,494,612 ============ SemCrude, L.P., et al. Consolidated Statement of Operations Month Ended September 30, 2008 (In thousands) Sales Operating Outside Sales Product Sales $162,321 Services 2,329 Other Operating Revenue 6,152 ------------ Total Outside Operating Sales 170,802 Trading Activity 2,411 ------------ Total Outside Operating Revenue 173,213 Operating Revenue Intercompany 35,579 ------------ Total Operating Revenue 208,792 Unrealized G/L on Derivatives (188) ------------ Total Revenue 208,604 Cost of Goods Sold Products 181,168 Transportation & Fuel 3,802 Other 201 ------------ Total Outside Cost of Goods Sold 185,171 Cost of Goods Sold Intercompany 34,543 ------------ Total Cost of Sales 219,714 ------------ Gross Profit (11,110) Operating Expenses Wages & Benefits 2,932 Field Expenses 3,202 Maintenance & Repairs 187 Outside Services 1,311 Property & Equipment Leases & Rents 7,839 Insurance Permits Licenses Taxes 566 Office 188 Travel Lodging Meetings 99 Other (272) ------------ Total Operating Expenses 16,052 General & Administrative Expenses Wages & Benefits 4,421 Miscellaneous 1 Maintenance & Repairs 127 Outside Services 1,288 Property & Equipment Leases & Rents 460 Insurance Permits Licenses Taxes 602 Office 720 Travel Lodging Meetings 553 Other (848) ------------ Total General & Administrative Expenses 7,327 ------------ Earnings before Interest Taxes Depr. Amort. (34,489) ------------ Other (Income) Expenses Interest Income (68) Other Income 2,082 Foreign Currency Transaction (Income) Loss (200) Interest Expense 1,020 Depreciation 4,263 Amortization 1,683 Reorganization 138,608 ------------ Net Profit (Loss) ($181,877) ============ SemCrude, L.P., et al. Cash Receipts and Disbursements September 1 through September 30, 2008 Cash Receipts SemCrude, L.P. $43,858,429 Eaglwing, L.P. - SemCrude Pipeline, LLC 24,642 SemGas Gathering LLC 792,358 SemKan LLC 21,637 SemFuel 68,771,962 SemManagement LLC - SemGas Storage LLC - SemMaterials LP 116,423,825 SemGas LP 10,372,207 SemGas-Davis Gathering - SemTrucking 4,462 SemStream 113,258,381 SemGroup LP 12,392,521 ------------ 365,920,425 Cash Sweeps SemCrude, L.P. (5,795,896) Eaglwing, L.P. 1,166,109 SemCrude Pipeline, LLC 9,048,029 SemGas Gathering LLC (823,116) SemKan LLC (4,049) SemFuel (46,156,474) SemManagement LLC 11,574,166 SemGas Storage LLC - SemMaterials LP (85,806,186) SemGas LP (92,090) SemGas-Davis Gathering 19,804 SemTrucking 28,976 SemStream (20,516,174) SemGroup LP 137,356,902 ------------ Total Cash Sweeps 0 Cash Disbursements SemCrude, L.P. (39,003,150) Eaglwing, L.P. (2,079,756) SemCrude Pipeline, LLC (20,769,215) SemGas Gathering LLC (104,650) SemKan LLC (134,198) SemFuel (33,370,362) SemManagement LLC - SemGas Storage LLC (3,633) SemMaterials LP (33,262,535) SemGas LP (11,900,966) SemGas-Davis Gathering (19,804) SemTrucking (44,936) SemStream (92,246,128) SemGroup LP (9,297,433) ------------ Total Cash Disbursements (242,236,766) ------------ Net Cash Flow $123,683,659 ============ About SemGroup SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland and Vietnam. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08- 11525). These represent the Debtors' restructuring efforts: John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq. at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on Nov. 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. (SemGoup Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEMGROUP LP: Amends Monthly Operating Report for August 2008 ------------------------------------------------------------ SemCrude, L.P., et al., delivered to the U.S, Bankruptcy Court for the District of Delaware an amendment to their consolidated income statement for the period Aug. 1 through Aug. 31, 2008, to include Eaglwing, L.P.'s cash receipts and disbursements for the period. SemCrude, L.P., et al. Cash Receipts and Disbursements August 1, 2008, through August 31, 2008 Cash Receipts SemCrude, L.P. $54,581,529 SemCrude Pipeline, LLC 5,488 SemGas Gathering LLC 948,704 SemKan LLC 749,833 SemFuel 96,695,096 SemManagement LLC - SemMaterials LP - SemGas LP 144,272,230 SemGas-Davis Gathering 13,504,749 SemTrucking 56,783 SemStream 113,344,662 SemGroup LP 805,430 Eaglwing, L.P. 910,963 ------------ Total Cash Receipts 425,875,467 Cash Sweeps SemCrude, L.P. 18,452,857 SemCrude Pipeline, LLC (120,527) SemGas Gathering LLC (947,185) SemKan LLC (718,440) SemFuel (47,565,427) SemManagement LLC 11,153,981 SemMaterials LP - SemGas LP (111,165,327) SemGas-Davis Gathering (10,710,833) SemTrucking (55,194) SemStream (25,076,888) SemGroup LP 191,705,979 Eaglwing, L.P. 24,952,349 ------------ Total Cash Sweeps 49,905,345 Cash Disbursements SemCrude, L.P. (76,331,017) SemCrude Pipeline, LLC (39,060,156) SemGas Gathering LLC (2,669) SemKan LLC (33,866) SemFuel (52,527,257) SemManagement LLC (11,405,042) SemMaterials LP 32 SemGas LP (85,373,149) SemGas-Davis Gathering (5,154,472) SemTrucking (2,207) SemStream (88,108,485) SemGroup LP (38,582,941) Eaglwing, L.P. 5,509,638 ------------ Total Cash Disbursements (391,071,591) ------------ Net Cash Flow $866,852,403 ============ About SemGroup SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland and Vietnam. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08- 11525). These represent the Debtors' restructuring efforts: John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq. at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A. Mayer, Esq. at Weil Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on Nov. 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. (SemGoup Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TROPICANA ENTERTAINMENT: Posts $18,354,000 Net Loss in October -------------------------------------------------------------- Tropicana Entertainment, LLC Balance Sheet As of October 31, 2008 ASSETS Current Assets Accounts receivable - trade $0 Cash & temporary cash investments 49,268,000 Deposits 2,299,000 Inventories 0 Other receivables 0 Prepaid expenses 63,000 -------------- Total Current Assets 51,630,000 Property and Equipment Buildings 0 Construction in progress 98,000 Furniture & fixtures 114,000 Land 0 Riverboats, barges & ramps 0 Vehicles 0 -------------- Total Property and Equipment 212,000 Reserve for Depreciation Boats, barges & ramp reserve for depreciation 0 Building reserve for depreciation 0 Furn. & fixtures reserve for depreciation 0 Gaming entertainment reserve for depreciation 0 Vehicle reserve for depreciation 0 -------------- Total Reserve for Depreciation 0 Other Assets Investments 2,775,215,000 Other assets 31,600,000 -------------- Total Other Assets 2,806,814,000 -------------- TOTAL ASSETS $2,858,656,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Accounts payable $15,396,000 Accrued other expenses 1,158,000 Accrued payroll 385,000 Deferred income 0 Notes payable - Evansville 0 Payroll taxes payable 0 Sales tax payable 0 -------------- Total Current Liabilities 16,939,000 Long Term Debt Due Beyond One Year DIP financing 67,000,000 -------------- Total Long Term Debt Due Beyond One Year 67,000,000 Other Liabilities Deferred fed taxes 0 Deferred rent 0 Deferred state inc taxes 0 Intercompany 51,288,000 -------------- Total Other Liabilities 51,288,000 Total Liabilities not Subject to Compromise 135,227,000 Liabilities Subject to Compromise Non-intercompany 925,990,000 Intercompany 1,593,200,000 -------------- Total Liabilities Subject to Compromise 2,519,190,000 -------------- Total Liabilities 2,654,417,000 Total Stockholders' Equity 204,238,000 -------------- Total Liabilities & Shareholders' Deficit $2,858,656,000 ============== Tropicana Entertainment, LLC Income Statement For the Month Ended October 31, 2008 Operating Revenues Casino revenue $0 Rooms revenue 0 Food & beverage revenue 0 Other casino & hotel revenue - less int income 0 -------------- Opening Revenues 0 Less promotional allowances 0 -------------- Net Operating Revenues 0 Operating Expenses Casino operating expenses 0 Rooms operating expenses 0 Food and beverage operating expenses 0 Other casino and hotel operating expenses 0 Utilities 0 Marketing, advertising and casino promotions 7,000 Repairs and maintenance 27,000 Insurance 43,000 Property and local taxes 0 Gaming tax and licenses 0 Administrative and general 2,019,000 Leased land and facilities (8,000) Depreciation and amortization 0 Loss on disposition of assets 0 Bad debt expense - loans 0 Impairment charge 0 Restructuring cost 0 Chapter 11 reorg. & other prof. Fees 3,437,000 -------------- Total Operating Expense 5,525,000 Income from Operations (5,525,000) Other Income (Expense) Interest expense (12,840,000) Intercompany interest income / (expense) 11,000 Interest income 0 -------------- Total Other Income (Expense) (12,829,000) Federal Income Tax 0 Income Before Minority Interest (18,354,000) -------------- NET INCOME ($18,354,000) ============== About Tropicana Entertainment Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC -- http://www.tropicanacasinos.com/-- is an indirect subsidiary of Tropicana Casinos and Resorts. The company is one of the largest privately-held gaming entertainment providers in the United States. Tropicana Entertainment owns eleven casino properties in eight distinct gaming markets with premier properties in Las Vegas, Nevada and Atlantic City, New Jersey. Tropicana Entertainment LLC filed for Chapter 11 protection on May 5, 2008, (Bankr. D. Del. Case No. 08-10856). Its debtor- affiliates filed for separate Chapter 11 petitions but with no case numbers assigned yet. Kirkland & Ellis LLP and Mark D. Collins, Esq., at Richards Layton & Finger, represent the Debtors in their restructuring efforts. Their financial advisor is Lazard Ltd. Their notice, claims, and balloting agent is Kurtzman Carson Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors' Web site administration agent. AlixPartners LLP is the Debtors' restructuring advisor. Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell LLP represent the Official Committee of Unsecured Creditors in this case. Capstone Advisory Group LLC is financial advisor to the Creditors' Committee. The Court has extended the Debtors' exclusive period to file a plan through and including Jan. 12, 2009, and to solicit votes on the plan through and including March 13, 2009. (Tropicana Bankruptcy News, Issue No. 23; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) WELLMAN INC: Posts $28,200,000 Net Loss in September 2008 --------------------------------------------------------- Wellman, Inc. Condensed Consolidated Balance Sheet (Unaudited) As of September 30, 2008 ASSETS Current assets: Cash and cash equivalents $2,100,000 Accounts receivable 115,300,000 Inventories 45,300,000 Prepaid expenses and other current assets 27,100,000 Current assets held for sale - ------------ Total current assets 189,800,000 Property, plant and equipment: Land, buildings and improvements 90,400,000 Machinery and equipment 339,400,000 CIP 4,200,000 ------------ 434,000,000 Less accumulated depreciation 199,400,000 ------------ Net property, plant and equipment 234,600,000 Other assets 11,700,000 Noncurrent assets held for sale - ------------ Total Assets $436,100,000 ============ LIABILITIES & STOCKHOLDERS' DEFICIT Liabilities Not Subject to Compromise Current Liabilities: Accounts payable - trade $1,700,000 Accrued liabilities 24,500,000 Debtor in possession credit agreement 108,600,000 Other debt - Current liabilities associated with - assets held for sale ------------ Total current liabilities 134,800,000 Liabilities subject to compromise 532,000,000 Long-term debt - Deferred income taxes and other noncurrent liabilities 37,700,000 Noncurrent liabilities associated with - assets held for sale ------------ Total Liabilities 704,500,000 Stockholders' Deficit: Common stock - Preferred stock 185,800,000 Paid-in capital 248,500,000 Common stock warrants 4,900,000 Accumulated other comprehensive loss - Accumulated deficit (658,100,000) Less common stock in treasury (49,500,000) ------------ Total Stockholders Deficit (268,400,000) ------------ $436,100,000 ============ Wellman, Inc. Consolidated Statements of Operations (Unaudited) For the Month Ended September 30, 2008 Net Sales $70,100,000 Cost of Sales 82,400,000 ------------ Gross Profit (Loss) (12,300,000) Selling, General and Administrative Expenses 5,800,000 Other (Income) Loss 7,400,000 ------------ Operating Income (Loss) (25,500,000) Interest Expense, Net 1,000,000 ------------ Earnings (Loss) from continuing operations (26,500,000) before reorganization items and income taxes Reorganization Items, Net 1,700,000 ------------ Earnings (Loss) from continuing operations (28,200,000) before income taxes Income Tax Expense (Benefit) 0 ------------ Earnings (Loss) from continuing operations (28,200,000) Earnings (Loss) from discontinued operations, 0 net of tax ------------ Net Earnings (Loss) ($28,200,000) ============ Wellman, Inc. Simplified Statement of Cash Flows (Unaudited) For the Month Ended September 30, 2008 Cash flow from operating activities: Net earnings (loss) ($28,200,000) Adjustments to reconcile net earnings (loss) to net cash used in operating activities: Loss from discontinued operations, net of tax 0 Depreciation 900,000 Amortization 1,400,000 Amortization in interest expense 600,000 Deferred taxes on income 0 Reorganization Items 1,700,000 Payment of reorganization items (2,800,000) Gain on sale of assets 0 Changes in assets and liabilities: Accounts receivable 3,900,000 Inventories 27,200,000 Prepaid expenses and other current assets 1,400,000 Other assets 0 Accounts payable and accrued liabilities 1,200,000 Other liabilities 0 Other 0 ------------ Net cash provided (used) by operating activities 7,300,000 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 (6,100,000) Dividends paid on common stock 0 Debt and equity issuance costs 0 ------------ Net cash provided (used) by financing activities (6,100,000) 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 equivalents 1,000,000 Cash and cash equivalents, beginning 1,100,000 ------------ Cash and cash equivalents at end of period $2,100,000 ============ Keith R. Phillips, Wellman Inc.'s vice-president and chief financial officer, notes that the Monthly Operating Statements are limited in scope, cover a limited time period, and have been prepared solely for the purpose of complying with the monthly reporting requirements of the U.S. Bankruptcy Court. Mr. Phillips adds that the Monthly Operating Statements are unaudited and does not purport to show the financial statements of any of the Debtors in accordance with accounting principles generally accepted in the United States of America. "Therefore, the Monthly Operating Statements may exclude items required by GAAP, such as certain reclassifications, eliminations, accruals, valuations and disclosure items," Mr. Phillips says. About Wellman Inc. 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; 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. 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