TCR_Public/081227.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 27, 2008, Vol. 12, No. 307

                            Headlines



AMERICAN FIBERS: AFY Holding Posts $553,000 Net Loss in Nov. 2008
AVADO BRANDS: Posts $731,300 Net Loss in November 2008
FREMONT GENERAL: Posts $3,543,227 Net Loss in November 2008
FREMONT GENERAL: Posts $9,526,193 Net Loss in October 2008
HINES HORTICULTURE: Files Operating Report for November 2008

HOOP HOLDINGS: Files Operating Report for Month Ended November 1
HYDROGEN LLC: Posts $106,439 Net Loss in Oct. 22 - Nov. 30 Period
KIMBALL HILL: Monthly Operating Report - Ended November 30, 2008
LANSOURCE COMMUNITIES: Monthly Operating Report for October 2008
NEUMANN HOMES: Files Monthly Operating Report for November 2008

REFCO INC: REFCO LLC's Monthly Operating Report -- October 2008
REUNION INDUSTRIES: Posts $161,000 Net Loss in October 2008
TVIA INC: Reports $196,907 Net Loss in Month of November



                            *********

AMERICAN FIBERS: AFY Holding Posts $553,000 Net Loss in Nov. 2008
-----------------------------------------------------------------
AFY Holding Company Fibers filed with the U.S. Bankruptcy Court
for the District of Delaware its monthly operating report for the
month ended Nov. 30, 2008.

The company reported a consolidated net loss of $553,000 on net
revenue of $386,000 in November 2008.

At Nov. 30, 2008, the company's consolidated balance sheet showed
$38,472,307 in total assets, $3,161,449 in total liabilities, and
$35,310,858 in total stockholders' equity.

A full-text copy of AFY Holding Company's monthly operating report
for November 2008 is available for free at:

     http://bankrupt.com/misc/AFYHolding_November2008MOR.pdf

                       About American Fibers

Headquartered in Chapel Hill, North Carolina, American Fibers and
Yarns Company -- http://www.afyarns.com/-- manufactures solution-
dyed Polypropylene yarns in its Bainbridge, Georgia and Afton,
Virginia production facilities for distribution throughout the
United States.  American Fibers is 100% owned by AFY Holding
Company.

On Sept. 22, 2008, AFY Holding and American Fibers and Yarns filed
voluntary petitions seeking Chapter 11 relief (Bankr. D. Del. Lead
Case No. 08-12175).  Edward J. Kosmowski, Esq., Michael R. Nestor,
Esq., Robert F. Poppiti, Jr., Esq., and Nathan D. Grow, Esq. at
Young, Conaway, Stargatt & Taylor, LLP, represent the Debtors as
counsel.  RAS Management Advisors, LLC serves as the Debtors'
restructuring advoisors.  Epiq Bankruptcy Solutions, LLC serves as
the Debtors' claims, noticing and balloting agent.

The U.S. Trustee for Region 3 appointed creditors to serve on an
Official Committee of Unsecured Creditors.  Kenneth A. Rosen,
Esq., Sharon L. Levine, Esq., Eric H. Horn, Esq., and Sean E.
Quigley, Esq., at Lowenstein Sandler PC, represents the Debtors as
counsel.  William P. Bowden, Esq., Don A. Beskrone, Esq, and
Amanda M. Winfree, Esq., at Ashby & Geddes, P.A., represent the
Committee as Delaware counsel.  When the Debtors sought bankruptcy
protection from their creditors, they listed assets and debts of
between $10 million and $50 million each.


AVADO BRANDS: Posts $731,300 Net Loss in November 2008
------------------------------------------------------
Avado Brands, Inc., et al., filed with the U.S. Bankruptcy Court
for the District of Delaware a monthly operating report for the
month of November 2008.

The company reported a consolidated net loss of $731,300 for the
month of November 2008.  The company generated zero revenue for
the period.

At Nov. 30, 2008, the company's consolidated balance sheet showed
$7,469,500 in total assets and $81,619,100 in total liabilities,
resulting in a $74,149,600 stockholders' deficit.

A full-text copy of Avado Brands, Inc.'s monthly operating report
for November 2008 is available for free at:

     http://bankrupt.com/misc/AvadoBrands_November2008MOR.pdf

                         About Avado Brands

Madison, Georgia-based Avado Brands Inc., aka Applesouth, --
http://www.avado.com/-- operates about 120 casual dining
restaurants under the banners Don Pablo's Mexican Kitchen and Hops
Grillhouse & Brewery.  The restaurants are located in 22 states in
the U.S.  As of Sept. 5, 2007, the Debtors employed about 9,970
people.  For the year ended July 31, 2007, the Debtors generated
about $227.8 million in revenues and a negative EBITDA of
$7.8 million.

The Debtor filed for chapter 11 protection on Feb. 4, 2004 (Bankr.
N.D. Tex. Case No. 04-1555).  On April 26, 2005, Judge Steven
Felsenthal confirmed Avado's Modified Plan of Reorganization and
that Plan became effective on May 19, 2005.

On Sept. 5, 2007, Avado filed a voluntary chapter 22 petition
(Bankr. D. Del. Case No. 07-11276) to complete an orderly sale of
its assets, via Section 363 of the Bankruptcy Code.  About 10 of
Avado's affiliates also filed for bankruptcy protection on the
same date (Bankr. D. Del. Case Nos. 07-11277 through 07-11286).

Michael Tuchin, Esq., and Stacia A. Neeley, Esq., at Klee, Tuchin,
Bogdanoff & Stern LLP, represent the Debtors.  Donald J.
Detweiler, Esq., at Greenberg Traurig, LLP, is the Debtors' local
counsel.  Kurtzman Carson Consultants LLC acts as the Debtors
claims and noticing agent.  Scott L. Hazan, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C., and David B. Stratton, Esq., at
Pepper Hamilton LLP, represent the Commitee of Unsecured Creditors
as counsel.  In their second filing, the Debtors disclosed
estimated assets and debts between $1 million to $100 million.


FREMONT GENERAL: Posts $3,543,227 Net Loss in November 2008
-----------------------------------------------------------
Fremont General Corp. filed on Dec. 15, 2008, its monthly
operating report for the month ended Nov. 30, 2008, with the
United States Trustee for the Central District of California,
Santa Ana Division.

Fremont General reported a net loss of $3,543,227 for the month
ended Nov. 30, 2008.  The company did not generate any sales
during the period.

At Nov. 30, 2008, the company's balance sheet showed total assets
of $460,503,955, total liabilities of $360,934,714, and total
stockholders' equity of $99,569,241.

A full-text copy of Fremont General's monthly operating report for
November 2008 is available for free at:

               http://researcharchives.com/t/s?36b8

                    About Fremont General

Based in Santa Monica, Calif., Fremont General Corp. (OTC: FMNTQ)
-- http://www.fremontgeneral.com/-- was a financial services
holding company with $8.8 billion in total assets at Sept. 30,
2007.  Fremont General ceased being a financial services holding
company on July 25, 2008, when its wholly owned bank subsidiary,
Fremont Reorganizing Corporation (f/k/a Fremont Investment & Loan)
completed the sale of its assets, including all of its 22
branches, and 100% of its $5.2 billion of deposits to
CapitalSource Bank.

Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421).   Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore
Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq. at
Stutman Treister & Glatt, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC is the Debtor's Noticing
Agent/Claims Processor.  Lee R. Bogdanoff, Esq., Jonathan S.
Shenson, Esq., and Jonathan D. Petrus, Esq., at Klee, Tuchin,
Bogdanoff & Stern LLP, represent the Official Committee of
Unsecured Creditors as counsel.  The Debtor filed with the Court
an amended schedule of its assets and liabilities on Oct. 30,
2008, disclosing $330,036,435 in total assets and $326,560,878 in
total debts.


FREMONT GENERAL: Posts $9,526,193 Net Loss in October 2008
----------------------------------------------------------
Fremont General Corp. filed on Nov. 17, 2008, its monthly
operating report for the month ended Oct. 31, 2008, with the
United States Trustee for the Central District of California,
Santa Ana Division.

Fremont General reported a net loss of $9,526,193 for the month
ended Oct. 31, 2008.  The company did not generate any sales
during the period.

At Oct. 31, 2008, the company's balance sheet showed total assets
of $465,624,064, total liabilities of $362,509,180, and total
stockholders' equity of $103,114,884.

A full-text copy of Fremont General's monthly operating report for
October 2008 is available for free at:

               http://researcharchives.com/t/s?36b9

                    About Fremont General

Based in Santa Monica, Calif., Fremont General Corp. (OTC: FMNTQ)
-- http://www.fremontgeneral.com/-- was a financial services
holding company with $8.8 billion in total assets at Sept. 30,
2007.  Fremont General ceased being a financial services holding
company on July 25, 2008, when its wholly owned bank subsidiary,
Fremont Reorganizing Corporation (f/k/a Fremont Investment & Loan)
completed the sale of its assets, including all of its 22
branches, and 100% of its $5.2 billion of deposits to
CapitalSource Bank.

Fremont General filed for Chapter 11 protection on June 18, 2008,
(Bankr. C.D. Calif. Case No. 08-13421).   Robert W. Jones, Esq.,
and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore
Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq. at
Stutman Treister & Glatt, represent the Debtor as counsel.
Kurtzman Carson Consultants LLC is the Debtor's Noticing
Agent/Claims Processor.  Lee R. Bogdanoff, Esq., Jonathan S.
Shenson, Esq., and Jonathan D. Petrus, Esq., at Klee, Tuchin,
Bogdanoff & Stern LLP, represent the Official Committee of
Unsecured Creditors as counsel.  The Debtor filed with the Court
an amended schedule of its assets and liabilities on Oct. 30,
2008, disclosing $330,036,435 in total assets and $326,560,878 in
total debts.


HINES HORTICULTURE: Files Operating Report for November 2008
------------------------------------------------------------
Hines Nurseries, Inc., filed with the U.S. Bankruptcy Court for
the District of Delaware its monthly operating report for the
period from Nov. 3, 2008, to Nov. 30, 2008.

The company reported a net loss of $1,657,000 on net sales of
$4,222,000 for the period.

At Nov. 30, 2008, the company had total assets of $255,001,000,
total liabilities of $280,477,000, and a stockholders' deficit of
$25,476,000.

A full-text copy of Hines Nurseries, Inc.'s November 2008 monthly
operating report is available for free at:

   http://bankrupt.com/misc/HinesNurseries_November2008MOR.pdf

Headquartered in Irvine, California, Hines Horticulture, Inc. --
http://www.hineshorticulture.com/-- operates nursery facilities
located in Arizona, California, Oregon and Texas.  Through its
affiliate, the company produces and distributes horticultural
products.  The company and its affiliate, Hines Nurseries, Inc.,
filed for Chapter 11 protection on Aug. 20, 2008 (Bankr. D. Del.
Lead Case No.08-11922).  Anup Sathy, Esq., Ray C.Schrock, Esq.,
and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructure efforts.  Robert S. Brady, Esq.,
and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & Taylor,
serve as the Debtors' co-counsel.  The Debtors selected Epiq
Bankruptcy Solutions LLC as their voting and claims agent, and
Financial Balloting Group LLC as their securities voting agent.
The U.S. Trustee for Region 3 appointed creditors to serve on an
Official Committee of Unsecured Creditors in the Debtors' case.
In its schedules, Hines Horticulture, Inc. listed total assets of
$30,068 and total debts of $218,052,380.  In its schedules, Hines
Nurseries, Inc. listed total assets of $229,231,003 and total
debts of $228,698,592.


HOOP HOLDINGS: Files Operating Report for Month Ended November 1
----------------------------------------------------------------
Hoop Holdings, LLC, and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware their monthly
operating report for the fiscal month ended Nov. 1, 2008.

Hoop Retail Stores, LLC reported a net loss of $5,775,279 for the
fiscal month ended Nov. 1, 2008.  The company generated no sales
for the period.

At Nov. 1, 2008, the combined balance sheet of Hoop Holdings, LLC,
et al., showed $73,382,535 in total assets, $107,552,022 in total
liabilities, and $34,169,486 in stockholders' deficit.

A full-text copy of the Debtors' monthly operating report for the
fiscal month ended Nov. 1, 2008, is available for free at:

        http://bankrupt.com/misc/HoopHoldings_Nov.1MOR.pdf

                       About Hoop Holdings

Headquartered in Secausus, New Jersey, Hoop Holdings LLC owns and
operates gift, novelty, and souvenir shops.  The company and two
of its affiliates (Hoop Retail Stores, LLC and Hoop Canada
Holdings, Inc.) filed for Chapter 11 protection on March 27, 2008
(Bankr. D. Del. Lead Case No. 08-10544).  Daniel J. DeFranceschi,
Esq., at Richards, Layton & Finger, represents the Debtors in
their restructuring efforts.  Gibson Dunn & Crutcher LLP serves as
the Debtors' as special counsel.  Traxi LLC provides crisis
management services to the Debtors.  The U.S. Trustee for Region 3
has appointed seven members to the official committee of unsecured
creditors.  Pepper Hamilton LLP serves as the Committee's Delaware
counsel.  When the Debtors' filed for protection against their
creditors, they listed assets and debts between $100 million to
$500 million.


HYDROGEN LLC: Posts $106,439 Net Loss in Oct. 22 - Nov. 30 Period
-----------------------------------------------------------------
HydroGen, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of New York on Dec. 15, 2008, its monthly
operating report for the period Oct. 22, 2008, through Nov. 30,
2008.

For the period, HydroGen, LLC, reported a net loss of $106,439 on
demonstration grant revenue of $57,614.

At Nov. 30, 2008, HydroGen, LLC had $1,626,114 in total assets,
$4,879,361 in total liabilities, and $3,253,247 in stockholders'
deficit.

Headquartered in New York City, HydroGen, L.L.C. --
http://www.hydrogenllc.net/-- manufactures fuel cell systems
and air-cooled phosphoric acid fuel cell technology.  HydroGen
Corporation owns 100% of the membership interest of the Debtor.
The Debtor filed for Chapter 11 protection on Oct. 22, 2008,
(Bankr. S.D. N.Y. Case No. 08-14139) Law Offices of David C.
McGrail represents the Debtor in its restructuring efforts.  When
it filed for protection from its creditors, it has estimated
assets of $1 million to $10 million and estimated debts of
$1 million to $10 million.  The Debtor did not file a list of
20 largest unsecured creditors.


KIMBALL HILL: Monthly Operating Report - Ended November 30, 2008
----------------------------------------------------------------

                    Kimball Hill, Inc.
      Summary of Cash Receipts and Disbursements
      For the Period from November 1 to 30, 2008

Beginning Cash Balance                               $82,526,571

Receipts from operations
Accounts receivable receipts                         19,125,641
Notes receivable receipts                               264,756
Accts. Receivable collection for non-debtors          1,476,537

Other receipts
Interest income                                          15,023
Proceeds from sale of fixed assets                            0
Oil exploration revenue                                 124,915
Proceeds from MUD reimbursables                               0
Customer deposits                                       300,487
Customer deposits for non-debtors                        18,461
Miscellaneous receipts                                  459,823
                                                     -----------
Total Receipts                                        21,785,641
                                                     -----------
Disbursements
Payroll
Officers                                                500,171
Others                                                1,665,575
Total Payroll                                       -----------
                                                       2,165,747
Taxes
Federal income tax                                      421,592
FICA withholdings                                       152,017
Employee's withholdings                                       0
Employer's FICA                                         152,907
Federal unemployment taxes                                  235
State income tax                                         33,961
State employee withholdings                                   0
All other state taxes                                     1,027
State unemployment taxes                                  1,379
                                                      ----------
Total Taxes                                             763,118

Necessary expenses
Homebuilding costs                                   18,344,175
Debt and interest payments                            1,287,575
General and administrative costs                      2,323,137
Permits                                                 642,667
Land and land Development                             1,911,095
Medical health claims                                    78,547
Customer deposit refunds                                 89,060
401K funding                                            123,292
Texas sales taxes                                       178,858
Professional fees                                     1,148,641
Warranty costs                                          180,770
Flex spending reimbursements                              8,764
Disbursements to joint venture partners                 946,212
                                                     -----------
Total Necessary Expenses                             27,262,793

Total Disbursements                                   30,191,658
                                                     -----------
Net receipts (disbursements)
for the period                                        (8,406,017)
                                                     -----------
Ending Cash Balance                                  $74,120,554
                                                     ===========

                        About Kimball Hill

Headquartered in Rolling Meadow, Illinois, Kimball Hill Inc. --
http://www.kimballhillhomes.com/-- is one of the largest
privately-owned homebuilders and one of the 30 largest
homebuilders in the United States, as measured by home deliveries
and revenues.  The company designs, builds and markets single-
family detached, single-family attached and multi-family homes.
The company currently operate within 12 markets, including, among
others, Chicago, Dallas, Fort Worth, Houston, Las Vegas,
Sacramento and Tampa, in five regions: Florida, the Midwest,
Nevada, the Pacific Coast and Texas.

Kimball Hill, Inc., and 29 of its affiliates filed for Chapter 11
protection on April 23, 2008 (Bankr. N.D. Ill. Lead Case No. 08-
10095).  Ray C. Schrock, Esq., at Kirkland & Ellis LLP, represents
the Debtors in their restructuring efforts.  The Debtors'
consolidated financial condition as of Dec. 31, 2007, reflected
total assets of $795,473,000 and total debts $631,867,000.

The Debtors have until Jan. 16, 2009, to exclusively file a
bankruptcy plan.

(Kimball Hill Bankruptcy News, Issue No. 16; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LANSOURCE COMMUNITIES: Monthly Operating Report for October 2008
----------------------------------------------------------------

            LandSource Communities Development, LLC
                  Consolidated Balance Sheet
                    As of October 31, 2008
Assets

  Cash                                           $9,590,231
  Receivables                                    24,665,617
  Inventories                                 1,378,067,105
  Operating Properties, net                      85,971,347
  Investment in unconsolidated entities          21,581,593
  Other assets                                   46,478,846
                                             --------------
     Total Assets                            $1,566,354,739
                                             ==============
Liabilities and Members' Capital

Liabilities

Prepetition
  Debt- Principal                              $246,414,305
  Debt - Accrued interest                        15,936,566
  Accounts payable                               28,996,525
  Golf Course/Other Deposits                      7,737,414
  Payables to affiliates                         58,759,840
  Refundable Deposits owed affiliate             26,469,916
  Tenant deposits                                   463,797
  Other                                           4,036,574
                                               ------------
     Sub-total                                  388,814,937

Postpetition
  Accounts payable                                5,953,228
  Property tax accrual                            3,690,584
  Other                                             705,613
  Payable to affiliates                           1,774,354
                                               ------------
     Sub-total                                   12,123,779

Others
  Debt- DIP Revolver                             35,370,333
  Debt - DIP Term Roll-Up                     1,048,328,079
  Development accruals                           30,484,380
  Accrued Employee Related Benefits               8,051,994
  Non-qualified Pension Plan Accruals             5,456,368
  Reserves - school fees                         13,570,689
  Reserves - energy remediation                   2,064,763
  Non-refundable deposits                        29,840,447
  Deferred Revenue                               70,861,973
  Other                                           3,209,545
                                              -------------
     Sub-total                                1,247,238,571
                                              -------------
  Members' Capital                              (81,822,549)
                                             --------------
  Total Liabilities and Members' Capita      $1,566,354,738
                                             ==============

            LandSource Communities Development, LLC
             Consolidated Statements of Operations
                 Month Ended October 31, 2008

Statistical Information
  Homesites sold to related parties                      $0
  Homesites sold to third parties                         0
  Acreage sold to related parties                         0
  Acreage sold to third parties                           0
  Homes sold to third parties                             0
                                                     ------
Land Sale Operations
  Sales related parties                              38,922
  Sales to third parties                             14,292
                                                     ------
     Total Land Sale Revenue                         53,214
                                                     ------
  Cost of sales to related parties                   61,063
  Cost of sales to third parties                     15,023
                                                     ------
     Total Cost of Land Sales                        76,086
                                                     ------
Gross Margin on Land Sales Operations               (22,872)
                                                     ------
Home Sale Operations
  Sales                                                   0
  Cost of sales                                           0
                                                     ------
Gross Margin on Home Sale Operations                      0
                                                     ------
Operating Cost and Expenses
  Field, selling, general & administration        7,121,622
  Management fees to related parties                377,970
                                                  ---------
     Total Operating Costs and Expenses           7,499,592
                                                  ---------
Other Operations, net
  Equity in earnings of unconsolidated             (203,523)
  Rental operations                                  73,674
  Valencia Water Company                                  0
  Club operations                                  (323,776)
  Interest income                                     2,545
  Interest expense                               (7,152,676)
  Loss on debt restructuring                              0
  Loss on interest rate swap termination                  0
  Miscellaneous                                     572,584
                                                  ---------
     Total Other Operations, net                 (7,031,172)
                                                -----------
Net Earnings (Loss)                            ($14,553,636)
                                                ===========

             LandSource Communities Development, LLC
      Consolidated Schedule of Cash Receipts and Disbursements
                  Month Ended October 31, 2008

Net Operating Cash Flow
  Housing revenue                                        $0
  Commercial Revenue                              2,655,397
  Other                                                   0
  Option deposits                                  (147,959)
  Less: Closing Costs                                     0
                                                  ---------
     Total Operating Inflows                      2,507,438
                                                  ---------
Operating Cash Outflows
  Master improvements & CFDs                    (10,926,020)
  Property tax                                     (499,389)
  General & Administrative                       (1,807,362)
  Other                                            (412,861)
  Management fees                                  (466,667)
                                                 ----------
     Total Operating Outflows                   (14,112,299)
                                                 ----------
     Total Net Operating Cash Flow              (11,604,861)
                                                 ----------
Bankruptcy Disbursements
  Bankruptcy Payments
  Utility Deposits                                        0
  Mechanic's liens/Other                                  0
                                                 ----------
     Total Bankruptcy Payments                            0

DIP Interest and Fees
  DIP Facility interest                            (223,469)
  Undrawn fee                                       (68,979)
  DIP Facility fees                                       0
                                                 ----------
     Total DIP Interest and Fees                   (292,448)

  Restructuring professionals                    (3,772,047)

     Total Bankruptcy Disbursements              (4,064,494)
                                                 ----------
     Total Net Cash Flow                       ($15,669,356)
                                                ===========
Disbursement Per Debtor

  LandSource Communities Development, L          $4,015,185
  California Land Company                               325
  Friendswood Development Company, LLC                2,901
  Lennar Land Partners II                           287,701
  Kings Wood Development Company, L.C.                  325
  LSC Associates, LLC                                   325
  Lennar Mare Island, LLC                           646,732
  LandSource Communities Development Su                 325
  Lennar Moorpark, LLC                                4,472
  Lennar Stevenson Holdings, LLC                        325
  The Newhall Land and Farming Company                  325
  LandSource Holding Company, LLC                 1,369,554
  LNR-Lennar Washington Square, LLC               2,099,975
  Lennar Bressi Ranch Venture, LLC                      325
  The Newhall Land and Farming Company            9,044,272
  (a California Limited Partnership)
  NWI-IL GP, LLC                                        325
  Tournament Players Club at Valencia,              533,680
  Southwest Communities Development, LL             136,744
  Valencia Corporation                                  325
  Stevenson Ranch Venture, LLC                       32,327
  Valencia Realty Company                               325

     Total Disbursement                          18,176,793

Schedule of Professional Fees and Expenses Paid

  Professional
  Bilzin, Sumberg, Baena, Price & Axelr             $62,322
  Gatzke, Dillon & Balance, LLP                     165,869
  Mitchell Silberberg & Knupp LLP                   287,375
  Pachulski Stang Ziehl & Jones LLP                 463,894
  Richards, Layton & Finger, P.A.                   132,796
  Sitric and Company, Inc.                           38,338
  Weil, Gotshal & Manges LLP                      2,024,755
  Xroads Solutions Group, LLC                       149,953
                                                 ----------
                                                 $3,325,302
                                                 ==========

LandSource Communities Development LLC, which operates in Arizona,
California, Florida, New Jersey, Nevada and Texas, is involved in
the planning and development of master planned communities and
transforming undeveloped land into ready-to-build home sites and
commercial properties.  With the exception of one development
project in Marina del Rey, California, LandSource does not build
homes or commercial properties.

LandSource and 20 of its affiliates filed for chapter 11
bankruptcy protection before the U.S. Bankruptcy Court for the
District of Delaware on June 8, 2008 (Lead Case No. 08-11111).
The Debtors are represented by Marcia Goldstein, Esq., at Weil
Gotshal & Manges in New York, and Mark D. Collins, Esq., at
Richards Layton & Finger in Wilmington, Delaware.  Lazard Freres &
Co. acts as the Debtors' financial advisors, and Kurtzmann Carson
Consultants serves as the Debtors' notice and claims agent.

According to the Troubled Company Reporter on May 22, 2008,
LandSource sought help from its lender consortium to restructure
$1.24 billion of its debt.  LandSource engaged a 100-bank lender
group led by Barclays Capital Inc., which syndicates LandSource's
debt.  LandSource had received a default notice on that debt from
the lender group after it was not able to timely meet its payments
during mid-April.  However, LandSource failed to reach an
agreement with its lenders on a plan to modify and restructure its
debt, forcing it to seek protection from creditors.  (LandSource
Bankruptcy News, Issue No. 18; http://bankrupt.com/newsstand/or
215/945-7000).


NEUMANN HOMES: Files Monthly Operating Report for November 2008
---------------------------------------------------------------

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

Beginning Balance in All Accounts

Neumann Citibank Operating Account                      $341,266
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                                                1,228
Restricted - Neumann Citibank - Clublands -
Antioch Clubhouse                                       157,530
Restricted - IndyMac Escrow Acct - Neuvillage            125,609
Restricted - Chicago Title Escrow Account -
Closed Homes                                            224,435
Restricted - Chicago Title Escrow Account -
Lender Funded                                         1,377,147
Restricted - Citibank - Worker Comp Escrow                 8,234
Restricted - NHI KERP Account                             34,826
Restricted - Land Title Guarantee Escrow                       -
                                                  --------------
                                                      $2,323,601

Receipts:
Operating Account                                       $146,035
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                          223
DIP Funding - Professional Account                             -
Restricted Escrow held by CTT - Lender Funding                 -
IndyMac Escrow for L/C - Leona's Neu Village                   -
Restricted Escrow held by CTT (Closings)                       -
NHI Worker Comp Escrow                                         -
NHI KERP Account                                               -
Other Receipts                                             1,236
                                                  --------------
                                                         147,495

Disbursements:
Net Payroll:
Officers                                                      0
Others                                                  (21,248)
                                                  --------------
                                                         (21,248)
Taxes:
Federal Income Tax Withholding                           (3,438)
FICA/Medicare Withholdings EE                            (1,224)
Employer's FICA/Medicare ER                              (1,224)
Federal Unemployment Taxes ER                                 -
State Income Tax Withholding                               (722)
State Unemployment Taxes ER                                   -
                                                  --------------
                                                          (6,609)

Necessary Expenses:
Rent or mortgage payment(s)                                   -
Utilities and phones                                          -
Insurance                                               (18,555)
Merchandise/services bought for manufacture/sale              -
Other:
Payroll services                                           (468)
Benefit Related including flex spending                       -
Miscellaneous                                              (179)
Mileage                                                       -
Postage, shipping, copying                                    -
Worker Comp Claims                                            -
House Trades                                                  -
Other - Transfer                                              -
Supplies & Storage & Misc.                                    -
Temporary labor                                               -
Release of homeowner escrows                                  -
Consulting services                                     (25,433)
US Trustee fees                                               -
Legal - professional fees                              (129,467)
Professional tax service fees                                 -
Filing Fees, Extension Fees                                   -
Payroll tax adjustment                                        -
                                                  --------------
                                                        (174,105)
                                                  --------------

Total Disbursements:                                    (201,963)

Net Receipts (Disbursements) for the
Current Period                                          (54,467)
                                                  --------------
Ending Balance in All Accounts                        $2,269,134
                                                  ==============

                       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. 26; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: REFCO LLC's Monthly Operating Report -- October 2008
---------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the Court a monthly statement of
cash receipts and disbursements for the period from
October 1 to 31, 2008.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
in its Money Market account with JPMorgan Chase Bank, N.A.,
totaled $76,956,000 as of October 1.

During the Reporting Period, Refco LLC transferred $270,000 from
its Money Market Account to its Checking Account.  The Debtor
held $81,758,000 at the end of the period.

                          Refco, LLC
          Schedule of Cash Receipts and Disbursements
      Through JPMorgan Money Market and Checking Accounts
              October 1 through October 31, 2008

Beginning Balance, October 1, 2008                   $76,956,000

RECEIPTS
Interest Income                                           86,000
Man Financial - Return of Erroneous Funds Received             0
Man Financial - Excess Capital return                          0
Other Receivables                                      4,986,000
                                                     -----------
   TOTAL RECEIPTS                                      5,072,000

TRANSFERS
Money Market Account                                    (270,000)
Checking Account                                         270,000
                                                     -----------
   TOTAL TRANSFERS                                             0

DISBURSEMENTS
Payment on Account of Prepetition Claims                 260,000
Other Professional Fees                                   10,000
                                                     -----------
   TOTAL DISBURSEMENTS                                   270,000
                                                     -----------
Ending Balance, October 31, 2008                     $81,758,000
                                                     ===========

                         About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its Chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on Dec. 26,
2006.

Pursuant to the plan, RJM, LLC, was named plan administrator to
reorganized Refco, Inc. and its affiliates, and Marc S. Kirschner
as plan administrator to Refco Capital Markets, Ltd.  (Refco
Bankruptcy News, Issue No. 90; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REUNION INDUSTRIES: Posts $161,000 Net Loss in October 2008
-----------------------------------------------------------
Reunion Industries, Inc., posted a net loss of $161,000 on net
sales $1,540,000 for the month of October 2008.

As of Oct. 31, 2008, the Debtor had $24,300,000 in total assets,
$8,942,000 in total liabilities, and $15,358,000 in total
stockholders' equity.

A full-text copy of the Debtor's October 2008 monthly operating
report is available for free at:

               http://researcharchives.com/t/s?36b7

                     About Reunion Industries

Headquartered in Pittsburgh, Pennsylvania, Reunion Industries,
Inc. owns and operates industrial manufacturing operations that
design and manufacture engineered, high quality products for
specific customer requirements.  These products include large
diameter seamless pressure vessels, manufactured by its CP
Industries division, and hydraulic and pneumatic cylinders,
manufactured by its Hanna Cylinders division.  In addition,
the Debtor has a 65% interest in Shanghai Klemp Metal Products
Co., Ltd., a Chinese company located in Shanghai, China.
Shanghai Klemp manufactures metal bar grating.

Reunion Industries filed for chapter 11 protection on Nov. 26,
2007 (Bankr. D. Conn. Case No. 07-50727).  Two Reunion Industries
stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier
Poole Family, L.P., filed separate Chapter 11 petitions on the
same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726).  Carol
A. Felicetta, Esq. at Reid and Riege, P.C.S. represents the
Debtors in their restructuring efforts.


TVIA INC: Reports $196,907 Net Loss in Month of November
--------------------------------------------------------
Tvia, Inc., filed with the U.S. Bankruptcy Court for the Northern
District of California on Dec. 19, 2008, its monthly operating
report for the period from Nov. 1, 2008, to Nov. 30, 2008.

The company reported a net loss $196,907 on net sales of $238,740
for the period.

A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?36b6

Tvia, Inc. -- http://www.tvia.com/-- is fabless semiconductor
company based in Santa Clara, California.  The company designs and
produces display processors for the digital television market.
The company filed for Chapter 11 relief on Oct. 15, 2008 (Bankr.
N.D. Calif. Case No. 08-55860).  John Walshe Murray, Esq., at the
Law Offices of Murray and Murray, represents the Debtor as
counsel.  When the Debtor filed for protection from its creditors,
it listed total assets of $5,577,657 and total debtos of
$1,077,966.


                            *********

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

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like

the definitive compilation of stocks that are ideal to sell short.

Don't be fooled.  Assets, for example, reported at historical cost

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

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa,
Luke Caballos, Sheryl Joy P. Olano, Carlo Fernandez, Christopher
G. Patalinghug, and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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                    *** End of Transmission ***