/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/090110.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, January 10, 2009, Vol. 13, No. 9 Headlines AMERICAN HOME: AHM Corp.'s Operating Report -- September 2008 AMERICAN HOME: AHMAI's Monthly Operating Report -- September 2008 AMERICAN HOME: AHMHI's Monthly Operating Report -- September 2008 AMERICAN HOME: AHMIC's Monthly Operating Report -- September 2008 AMERICAN HOME: AHMSI's Monthly Operating Report -- September 2008 AMERICAN HOME: AHMV's Monthly Operating Report -- September 2008 AMERICAN HOME: Great Oak's Operating Report -- September 2008 AMERICAN HOME: Homegate Monthly Operating Report -- September 2008 CLUB AT WATERFORD: Files Operating Report for Month Ended Nov. 30 EOS AIRLINES: Earns $5,584,696 in Month Ended November 30 INTERSTATE BAKERIES: Monthly Operating Report -- Ended November 15 MOTOR COACH: Files Monthly Operating Report for October 2008 PAPER INTERNATIONAL: Posts $481,806 Net Loss from Oct. 6 - Oct. 31 PAPER INTERNATIONAL: Posts $292,079 Net Loss in November 2008 SEMGROUP LP: Debtors' Monthly Operating Report -- October 2008 SHARPER IMAGE: Files Monthly Operating Report for November 2008 TOUSA INC: Files Monthly Operating Report for November 2008 TRIBUNE CO: Files Initial Monthly Operating Report VERASUN ENERGY: Files Monthly Operating Report for November 2008 ********* AMERICAN HOME: AHM Corp.'s Operating Report -- September 2008 ------------------------------------------------------------- American Home Mortgage Corp. Statement of Financial Condition As of September 30, 2008 Assets: Cash and cash equivalents $31,253,163 Restricted cash 5,630,518 Accounts receivable 29,523,842 Intercompany receivable 698,471,913 Mortgage loans 31,237,235 Derivative assets 743,601 Mortgage servicing rights - Other real estate, net 31,756,694 Premises and equipment, net 19,860,119 Investment in subsidiaries 74,067,218 Other assets 3,097,387 ------------ Total Assets $925,641,690 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $101,081,032 Derivative liabilities 10,481,560 Accrued expenses & other liabilities 87,470,238 Intercompany payable 1,545,561,445 Notes payable 879,041 Income taxes payable 1,930,542 ------------ Total Liabilities 1,747,403,858 Stockholders' Equity Additional paid-in capital 153,195,272 Retained earnings (974,957,440) Other comprehensive loss - ------------ Total Stockholders' Equity (821,762,168) ------------ Total Liabilities & Stockholders' Equity $925,641,690 ============ American Home Mortgage Corp. Statement of Income Month Ended September 30, 2008 Net Interest Income: Interest income $1,851,643 Interest expense (5,293) ------------ Net interest income 1,846,350 Provision for loan losses - ------------ Net interest income after provision 1,846,350 for loan losses Non-Interest Income: Gain (loss) on mortgage loans (3,267,096) Loss (gain) on securities & derivatives - Loan servicing fees 33,448 Changes in fair value of MSR - Income (loss) from subsidiaries (201,413) Other non-interest (loss) income 2,450 ------------ Non-interest income (3,432,611) Expenses Salaries, commissions & benefits, net 891,821 Occupancy and equipment 734,218 Data processing and communications 72,385 Office supplies and expenses 4,111 Marketing and promotion - Travel and entertainment 341 Professional fees 3,330,690 Other real estate operating expense (75,000) Other (54,275) ------------ Total expenses 4,904,291 Income (Loss) before income taxes (6,490,552) Income taxes - ------------ Net loss ($6,490,552) ============ American Home Mortgage Corp. Schedule of Cash Receipts and Disbursements Month Ended September 30, 2008 Cash - Beginning of Month, 09/01/2008 $37,752,544 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances 5,639,487 Administrative - Net payroll - Other - Transfers (from DIP accounts) ------------ Total Receipts 5,639,487 Disbursements: Net payroll 5,991 Payroll taxes - Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative 923,893 Selling - Other - Transfers (to DIP accounts) 5,578,464 Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 6,508,348 ------------ Net Cash Flow (868,860) ------------ Cash - End of Month - 09/30/08 $36,883,684 ============ 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; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMAI's Monthly Operating Report -- September 2008 ----------------------------------------------------------------- American Home Mortgage Acceptance, Inc. Statement of Financial Condition As of September 30, 2008 Assets: Cash and cash equivalents $350,190 Restricted cash - Accounts receivable 1,037,352 Intercompany receivable 517,059,825 Mortgage loans 3,754,079 Mortgage servicing rights - Other real estate, net 3,815,207 Investment in subsidiaries (25,687,128) Other assets - ------------ Total Assets $500,329,525 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $24,787,505 Accrued expenses & other liabilities 1,092,787 Intercompany payable 671,516,002 ------------ Total Liabilities 697,396,294 Stockholders' Equity Additional paid-in capital 40,298,920 Retained earnings (237,365,689) Other comprehensive loss - ------------ Total Stockholders' Equity (197,066,769) ------------ Total Liabilities & Stockholders' Equity $500,329,525 ============ American Home Mortgage Acceptance, Inc. Statement of Income Month Ended September 30, 2008 Net Interest Income: Interest income $208,617 Interest expense - ------------ Net interest income 208,617 Provision for loan losses - ------------ Net interest income after provision 208,617 for loan losses Non-Interest Income: Gain (Loss) on mortgage loans (9,342) Gain on securities & derivatives - Loan servicing fees - Changes in fair value of MSR - Income [loss] from subsidiaries (9,620) Other non-interest income - ------------ Non-interest income [loss] (18,962) Expenses Salaries, commissions & benefits, net 57,119 Office supplies and expenses - Marketing and promotion - Professional fees - Other real estate operating (income) expense - Other - ------------ Total expenses 57,119 (Loss) Income before income taxes 132,536 Income taxes - ------------ Net income [Loss] $132,536 ============ AHM Acceptance also discloses that its cash as of September 1, 2008, was $288,048. Since it received $62,141 from loans and advances, AHM Acceptance's cash at the end of September increased to $350,189. 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; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMHI's Monthly Operating Report -- September 2008 ----------------------------------------------------------------- American Home Mortgage Holdings, Inc. Statement of Financial Condition As of September 30, 2008 Assets: Cash and cash equivalents $1,000 Accounts receivable 134,546 Intercompany receivable 133,113,340 Investment in subsidiaries (650,011,557) Other assets - ------------ Total Assets ($516,762,671) ============ 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 (920,308,351) Other comprehensive loss - ------------ Total Stockholders' Equity (825,710,541) ------------ Total Liabilities & Stockholders' Equity ($516,762,671) ============ American Home Mortgage Holdings, Inc. Statement of Income Month Ended September 30, 2008 Income (loss) from subsidiaries ($6,270,940) Other non-interest income: - ------------ Non-interest income (6,270,940) ------------ Professional fees - Other - ------------ Total Expenses - ------------ Income (Loss) before income taxes (6,270,940) Income taxes - ------------ Net loss ($6,270,940) ============ American Home Mortgage Holdings, Inc., also discloses that its cash as of September 1, 2008, was $1,000. Since there was no cash receipts and disbursements for September, AHM Holdings' cash at the end of the month is still $1,000. 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; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMIC's Monthly Operating Report -- September 2008 ----------------------------------------------------------------- American Home Mortgage Investment Corp. Statement of Financial Condition As of September 30, 2008 Assets: Cash and cash equivalents $11,756,263 Restricted cash 150,799,967 Accounts receivable 3,700,171 Intercompany receivable 1,327,781,683 Securities 1,136,724,960 Derivative assets - Investment in subsidiaries (1,031,058,156) Other assets - ------------ Total Assets $1,599,704,888 ============ 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 (1,634,907,744) Other comprehensive loss - ------------ Total Stockholders' Equity (442,460,515) ------------ Total Liabilities & Stockholders' Equity $1,599,704,888 ============ American Home Mortgage Investment Corp. Statement of Income Month Ended September 30, 2008 Net Interest Income: Interest income $23,220 Interest expense - ------------ Net interest income 23,220 Provision for loan losses - ------------ Net interest income after provision 23,220 for loan losses Non-Interest Income: Loss on mortgage loans 13 Loss on securities and derivatives - Gain (loss) from subsidiaries (6,138,404) Other non-interest income - ------------ Non-interest income (6,138,391) Other Data processing and communications 9,550 Office supplies and expenses 14,275 Professional fees 527 Other expenses 5,590 ------------ Total expenses 29,942 Loss before income taxes (6,145,113) Income taxes - ------------ Net loss ($6,145,113) ============ American Home Mortgage Investment Corp. Schedule of Cash Receipts and Disbursements Month Ended September 30, 2008 Cash - Beginning of Month, 09/01/2008 $169,626,911 Receipts: Cash sales - Accounts receivable - Sale of assets 1,503,513 Loans and advances 49,088 Administrative - Net payroll - Other 15,495 Transfers (from DIP accounts) - ------------ Total Receipts 1,568,096 Disbursements: Net payroll 670,427 Payroll taxes - Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative 3,588,360 Selling - Other - Transfers (to DIP accounts) 4,379,992 Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 8,638,778 ------------ Net Cash Flow (7,070,682) ------------ Cash - End of Month - 09/30/08 $162,556,229 ============ 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; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMSI's Monthly Operating Report -- September 2008 ----------------------------------------------------------------- AHM SV, Inc., fka American Home Mortgage Servicing, Inc. Statement of Financial Condition As of September 30, 2008 Assets: Cash and cash equivalents $3,074,225 Restricted cash 1,570 Accounts receivable & servicing advances 9,386,503 Intercompany receivable 213,092,540 Premises and equipment, net - Investment in subsidiaries 9,727,945 Other assets 750,799 ------------ Total Assets $236,033,582 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit - Accrued expenses & other liabilities $5,988,864 Intercompany payable 131,146,603 Income taxes payable 1,786,325 ------------ Total Liabilities 138,921,792 Stockholders' Equity Additional paid-in capital 37,000,200 Retained earnings 60,111,590 Other comprehensive loss - ------------ Total Stockholders' Equity 97,111,790 ------------ Total Liabilities & Stockholders' Equity $236,033,582 ============ AHM SV, Inc., fka American Home Mortgage Servicing, Inc. Statement of Income Month Ended September 30, 2008 Net interest income: Interest income $0 Interest expense - Provision for loan losses - ------------ Net interest income after losses - Non-Interest Income: (Loss) Gain on mortgage loans - Loan servicing fees - Gain on sale of servicing platform - Other non-interest income (loss) - ------------ Non-interest income - Expenses Salaries, commissions & benefits, net (2,104) Occupancy and equipment (3,864) Data processing and communications - Office supplies and expenses - Marketing and promotion - Travel and entertainment - Professional fees 2,674 Other real estate operating expense - Other (105,549) ------------ Total expenses (108,843) Income (Loss) before income taxes 108,843 Income taxes - ------------ Net income $108,843 ============ AHM SV also discloses that its cash as of September 1, 2008, was $2,965,045. Since it received $110,748 from administration, AHM SV's cash at the end of September increased to $3,075,793. 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; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMV's Monthly Operating Report -- September 2008 ---------------------------------------------------------------- American Home Mortgage Ventures, LLC Statement of Financial Condition As of September 30, 2008 Assets: Cash and cash equivalents $613,049 Intercompany receivable - Premises and equipment, net 2,200 Other assets 568 ------------ Total Assets $615,817 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities - Intercompany payable 157,632 ------------ Total Liabilities 157,632 Stockholders' Equity Additional paid-in capital 395,500 Retained earnings 62,685 Other comprehensive loss - ------------ Total Stockholders' Equity 458,185 ------------ Total Liabilities & Stockholders' Equity $615,817 ============ American Home Mortgage Ventures, LLC, discloses that its cash as of September 1, 2008, was $613,049. Since there was no cash receipts and disbursements for September, AHM Ventures' cash at the end of the month is still $613,049. 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; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Great Oak's Operating Report -- September 2008 ------------------------------------------------------------- Great Oak Abstract Corp. Statement of Financial Condition As of September 30, 2008 Assets: Cash and cash equivalents $380,941 Accounts receivable 36,615 Intercompany receivable 693,132 Premises and equipment, net 5,339 Other assets 104,800 ------------ Total Assets $1,220,827 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities $76,743 ------------ Total Liabilities 76,743 Stockholders' Equity Additional paid-in capital 95,520 Retained earnings 1,048,564 Other comprehensive loss - ------------ Total Stockholders' Equity 1,144,084 ------------ Total Liabilities & Stockholders' Equity $1,220,827 ============ Great Oak Abstract Corp. reports that its cash at the start of September was $287,809. Since there was no transaction for the whole month, its cash is still $287,809 as of September 30, 2008. 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; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Homegate Monthly Operating Report -- September 2008 ------------------------------------------------------------------ Homegate Settlement Services, Inc. Statement of Financial Condition As of September 30, 2008 Assets: Cash and cash equivalents $209,659 Restricted cash - Intercompany receivable - Premises and equipment, net 233,715 Other assets - ------------ Total Assets $443,374 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities $2,552,889 Intercompany payable 9,032,332 Income taxes payable - ------------ Total Liabilities 11,585,221 Stockholders' Equity Additional paid-in capital 250,000 Retained earnings (11,391,847) Other comprehensive loss - ------------ Total Stockholders' Equity (11,141,847) ------------ Total Liabilities & Stockholders' Equity $443,374 ============ Homegate Settlement also discloses that its cash as of September 1, 2008, was $209,659. Since there was no transaction for the whole month, Homegate Settlement's cash at the end of September is still $209,659. 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; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). CLUB AT WATERFORD: Files Operating Report for Month Ended Nov. 30 ----------------------------------------------------------------- The Club at Waterford, LP, filed with the Western District of Texas its monthly operating report for the month ended Nov. 30, 2008. The company reported $23,191 in revenues and $23,191 in expenses for the period. At Nov. 30, 2008, the company reported $51,507,543 in total assets and $35,024,755 in total liabilities. A full-text copy of the Debtor's monthly operating report for the month ended Nov. 30, 2008, is available for free at: http://bankrupt.com/misc/ClubAtWaterfordNovemberMOR.pdf Based in Marble Falls, Texas, The Club at Waterford, LP, is a single real estate debtor. The company filed for bankruptcy protection on Oct. 6, 2008 (Bankr. W.D. Tex. Case No. 08-11925). Joseph D. Martinec, Esq., at Martinec, Winn, Vickers & McElroy, P.C., represents the Debtor as counsel. When the Debtor filed for protection from its creditors, it listed assets of between $50 million and $100 million, and debts of between $10 million and $50 million. EOS AIRLINES: Earns $5,584,696 in Month Ended November 30 --------------------------------------------------------- EOS Airlines, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating report for the month ended Nov. 30, 2008. EOS Airlines, Inc. reported net income of $5,584,696 for the month ended Nov. 30, 2008. Net revenue for the period was ($9,713). At Nov. 30, 2008, the company had $20,309,897 in total assets, $9,468,571 in total postpetition liabilities, $18,432,636 in total prepetition liabilities, and $7,591,311 in stockholders' deficit. A full-text copy of EOS Airlines' monthly operating report for November 2008 is available for free at: http://bankrupt.com/misc/EOSAirlinesNovemberMOR.pdf About EOS Airlines Based in Purchase, New York, EOS Airlines, Inc. -- http://www.eosairlines.com/-- is a transatlantic airline. The company filed for Chapter 11 relief on April 26, 2008 (Bankr. S.D.N.Y. Case No.08-22581). Tim J. Robinson, Esq., and Nicholas J. Brannick, Esq., at Squire, Sanders & Dempsey L.L.P., in Columbus, Ohio; and Christine M. Pierpont, Esq., at Squire, Sanders & Dempsey L.L.P, in Cleveland, Ohio, represent the Debtor as counsel. Kurztman Carson Consultants LLC acts as the Official Claims Agent for the maintenance and recordation of claims. The U.S. Trustee for Region 2 appointed creditors to serve on an Official Committee of Unsecured Creditors. Joseph M. Vann, Esq., and Robert A. Boghosian, Esq., at Cohen Tauber Spievack & Wagner P.C., in New York, represent the Creditors Committee as counsel. Alvarez & Marsal in New York is the Financial Advisor for the Debtor. Menzies Corporate Restructuring has been appointed as joint administrators in the U.K. In its schedules, EOS Airlines, Inc. listed total assets of $57,707,999 and total debts of $16,409,993. INTERSTATE BAKERIES: Monthly Operating Report -- Ended November 15 ------------------------------------------------------------------ Interstate Bakeries Corporation Senior Vice President, Chief Financial Officer and Treasurer of J. Randall Vance disclosed in a filing with the Securities and Exchange Commission that as of November 15, 2008, the Company had borrowed $113.2 million under its $309.0 million debtor-in-possession credit facility, which is subject to a borrowing base formula based on its level of eligible accounts receivable, inventory, certain real property and reserves. The Credit Facility was also utilized to support the issuance of letters of credit primarily in support of IBC's insurance programs, Mr. Vance added. As of November 15, 2008, there were $141.0 million of letters of credit outstanding under the DIP Credit Facility, which were partially collateralized by $21.1 million of restricted cash. The amount of the credit facility available for borrowing was $54.8 million as of November 15, 2008, he says. A full-text copy of IBC's Monthly Operating Report as of November 15, 2008, is available at no charge at: http://idea.sec.gov/Archives/edgar/data/829499/000134100408003191/ ex99-1.htm Interstate Bakeries Corporation and Subsidiaries Unaudited Consolidated Monthly Operating Report Four Weeks Ended November 15, 2008 REVENUE Gross Income $211,621,699 Less Cost of Goods Sold Ingredients, Packaging & Outside Purchasing 61,094,423 Direct & Indirect Labor 33,757,863 Overhead & Production Administration 11,157,628 ------------- Total Cost of Goods Sold 106,009,914 ------------- Gross Profit 105,611,785 ------------- OPERATING EXPENSES Owner-Draws/Salaries 0 Selling & Delivery Employee Salaries 48,182,738 Advertising and Marketing 667,953 Insurance (Property, Casualty, & Medical) 10,785,961 Payroll Taxes 4,018,804 Lease and Rent 2,947,030 Telephone and Utilities 1,017,291 Corporate Expense (Including Salaries) 5,321,112 Other Expenses 18,972,387 ------------- Total Operating Expenses 91,913,276 ------------- EBITDA 13,698,509 Restructuring & Reorganization Charges 27,133,791 Depreciation and Amortization 4,643,907 Abandonment 843,390 Property & Equipment Impairment 0 Other(Income)/Expense 103,416 Gain/Loss Sale of Property 0 Interest Expense 4,978,059 ------------- Operating Income (Loss) (24,004,054) Income Tax Expense (Benefit) (3,066,604) ------------- NET Income (Loss) ($20,937,450) ============= CURRENT ASSETS Accounts Receivable at end of period $134,607,001 Increase (Dec.) in Accounts Receivable (1,202,760) Inventory at end of period 60,140,533 Increase (Decrease) in Inventory for period (3,597,863) Cash at end of period 24,663,935 Increase (Decrease) in Cash for period 565,306 Restricted Cash 21,116,740 Increase (Dec.) in Restricted Cash for period 13,084 LIABILITIES Increase (Decrease) in Liabilities Not Subject to Compromise (56,985,387) Increase (Decrease) in Liabilities Subject to Compromise 77,348,845 Taxes payable: Federal Payroll Taxes 3,887,897 State/Local Payroll Taxes 3,809,252 State Sales Taxes 712,596 Real Estate and Personal Property Taxes 7,691,783 Other 2,538,254 ------------- Total Taxes Payable $18,639,782 ============= About Interstate Bakeries Headquartered in Kansas City, Missouri, Interstate Bakeries Corporation is a wholesale baker and distributor of fresh-baked bread and sweet goods, under various national brand names, including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and Drake's(R). Currently, IBC employs more than 25,000 people and operates 45 bakeries, as well as approximately 800 distribution centers and approximately 800 bakery outlets throughout the country. The company and eight of its subsidiaries and affiliates filed for chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No. 04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $1,626,425,000 in total assets and $1,321,713,000 (excluding the $100,000,000 issue of 6% senior subordinated convertible notes due Aug. 15, 2014) in total debts. The Debtors first filed their Chapter 11 Plan and Disclosure Statement on Nov. 5, 2007. On Jan. 30, 2008, the Debtors received court approval of the disclosure statement explaining their first amended plan. IBC did not receive any qualifying alternative proposals for funding its plan in accordance with the court- approved alternative proposal procedures. The Debtors, on Oct. 4, 2008, filed another Plan, which contemplates IBC's emergence from Chapter 11 as a stand-alone company. The filing of the Plan was made in connection with the plan funding commitments, on Sept. 12, 2008, from an affiliate of Ripplewood Holdings L.L.C. and from Silver Point Finance, LLC, and Monarch Master Funding Ltd. On December 5, 2008, the Bankruptcy Court confirmed IBC's Amended New Joint Plan of Reorganization. The plan was filed October 31, 2008. The exit financings that form the basis for the Plan are reflected in corresponding debt and equity commitments. As reported by the Troubled Company Reporter on December 30, 2008, Interstate Bakeries' Chief Executive Officer Craig D. Jung and Chief Financial Officer J. Randall Vance said IBC is still focusing on negotiating and finalizing all documentation for the Exit Financings and satisfying the remaining conditions precedent to closing of the various transactions contemplated under the Plan. Although progress has been made, significant issues remain to be resolved, the IBC Officers said. (Interstate Bakeries Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) MOTOR COACH: Files Monthly Operating Report for October 2008 ------------------------------------------------------------ Motor Coach Industries International, Inc., et al., filed with the U.S. Bankruptcy Court for the District of Delaware their monthly operating report for the month ended Oct. 31, 2008. Motor Coach Industries International, Inc. reported a net income of $35,699,000 on sales of $23,069,000 for the month ended Oct. 31, 2008. At Oct. 31, 2008, Motor Coach Industries International, Inc. had $203,332,000 in total assets, ($59,663,000) in total liabilities, and $262,994,000 in total shareholders' equity. A full text copy of Motor Coach Industries International, Inc., et al.'s monthly operating report for the month ended Oct. 31, 2008, is available for free at: http://bankrupt.com/misc/MotorCoachOctoberMOR.pdf About Motor Coach Wilmington, Delaware-based Motor Coach Industries International, Inc. -- http://www.mcicoach.com/-- and its subsidiaries manufacture intercity coaches for the tour, charter, line-haul, scheduled service, and commuter transit sectors in the U.S. and Canada. They also operate seven sales centers and nine service centers in the U.S. and Canada and is the industry's supplier of aftermarket parts for most makes and models. The Company and its debtor-affiliates filed for separate Chapter bankruptcy protection with the United States Bankruptcy Court for the District of Delaware on September 15, 2008 (Lead Case No. 08-12136), to implement a pre-negotiated restructuring plan to be funded by Franklin Mutual Advisors, LLC and certain of its affiliates. The company's Canadian operations are not included in the filing. Kenneth S. Ziman, Esq., and Elisha D. Graff, Esq., at Simpson Thacher & Bartlett LLP, in New York; and Jason M. Madron, Esq., and Lee E. Kaufman, Esq., at Richards Layton & Finger, P.A., in Wilmington, Delaware, represent the Debtors in their restructuring efforts. Kurtzman Carson Consultants LLC serves as claims and notice agent. Rothschild Inc. and AlixPartners LLP also provide restructuring advice. At the time of filing, the Debtors listed assets of between $500,000,000 and $1,000,000,000 and liabilities of between $100,000,000 and $500,000,000. PAPER INTERNATIONAL: Posts $481,806 Net Loss from Oct. 6 - Oct. 31 ------------------------------------------------------------------ Paper International, Inc., and Fiber Management of Texas, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for the period from Oct. 6, 2008, to Oct. 31, 2008. The Debtors reported a net loss of $481,806 on $0 revenues for the period. At Oct. 31, 2008, the Debtors had $125,376,441 in total assets, $552,748,544 in total liabilities, and $427,372,102 in stockholders' deficit. A full-text copy of the Debtors' monthly operating report for the period from Oct. 6, 2008, to Oct. 31, 2008, is available for free at http://bankrupt.com/misc/PaperIntlOctoberMOR.pdf About Paper International Headquartered in Prewitt, New Mexico, Paper International, Inc. -- http://www.internationalpaper.com/-- is the wholly-owned direct subsidiary of Corporacion Durango, S.A.B. de C.V., a corporation organized under the laws of Mexico, which maintains its principal place of business in Durango, Mexico. The Debtor currently owns 100% of the equity shares in Fiber Management of Texas, Inc., a corporation organized under the laws of Texas, as well as 100% of the equity shares in non-debtor Durango McKinley Paper Company, a New Mexico company. Paper International is a holding company which has no employees, no operations, and whose primary assets are its ownership interests in Durango McKinley and Fiber Management. Before August 2008, Fiber Management's primary business was the procurement of paper materials to manufacture recycled paper products for use by Durango McKinley and other paper manufacturing affiliates of Corporacion Durango located in Mexico. In August 2008, Fiber Management ceased procuring fiber and began winding up all of its business operations. The company and Fiber Management filed for Chapter 11 protection on Oct. 6, 2008 (Bankr. S.D. N.Y. Lead Case No.08-13917). Larren M. Nashelsky, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP, represent the Debtors as counsel. APS Services, LLC serves as the Debtors' crisis managers. The Debtors designated Meade Monger, a managing director of AlixPartners, LLP, an affiliate of AP Services, as its chief restructuring officer. The Court appointed Kurtzman Carson Consultants, LLC as claims agent in the Debtors' bankruptcy case. Corporacion Durango filed a voluntary petition for Chapter 15 on Oct. 6, 2008 (Bankr. S.D. N.Y. case no. 08-13911) in connection with its reorganization case in Mexico under Mexico's Ley de Concurson Mercantiles in the District Court for Civil Matters for the District of Durango. PAPER INTERNATIONAL: Posts $292,079 Net Loss in November 2008 ------------------------------------------------------------- Paper International, Inc., and Fiber Management of Texas, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for the month ended Nov. 30, 2008. The Debtors reported a net loss of $292,079 on $0 revenues for the month ended Dec. Nov. 30, 2008. At Nov. 30, 2008, the Debtors had $125,439,719 in total assets, $553,073,066 in total liabilities, and $427,633,347 in stockholders' deficit. A full-text copy of the Debtors' monthly operating report for the month ended Nov. 30, 2008, is available for free at: http://bankrupt.com/misc/PaperIntlNovemberMOR.pdf About Paper International Headquartered in Prewitt, New Mexico, Paper International, Inc. -- http://www.internationalpaper.com/-- is the wholly-owned direct subsidiary of Corporacion Durango, S.A.B. de C.V., a corporation organized under the laws of Mexico, which maintains its principal place of business in Durango, Mexico. The Debtor currently owns 100% of the equity shares in Fiber Management of Texas, Inc., a corporation organized under the laws of Texas, as well as 100% of the equity shares in non-debtor Durango McKinley Paper Company, a New Mexico company. Paper International is a holding company which has no employees, no operations, and whose primary assets are its ownership interests in Durango McKinley and Fiber Management. Before August 2008, Fiber Management's primary business was the procurement of paper materials to manufacture recycled paper products for use by Durango McKinley and other paper manufacturing affiliates of Corporacion Durango located in Mexico. In August 2008, Fiber Management ceased procuring fiber and began winding up all of its business operations. The company and Fiber Management filed for Chapter 11 protection on Oct. 6, 2008 (Bankr. S.D. N.Y. Lead Case No.08-13917). Larren M. Nashelsky, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster LLP, represent the Debtors as counsel. APS Services, LLC serves as the Debtors' crisis managers. The Debtors designated Meade Monger, a managing director of AlixPartners, LLP, an affiliate of AP Services, as its chief restructuring officer. The Court appointed Kurtzman Carson Consultants, LLC as claims agent in the Debtors' bankruptcy case. Corporacion Durango filed a voluntary petition for Chapter 15 on Oct. 6, 2008 (Bankr. S.D. N.Y. case no. 08-13911) in connection with its reorganization case in Mexico under Mexico's Ley de Concurson Mercantiles in the District Court for Civil Matters for the District of Durango. SEMGROUP LP: Debtors' Monthly Operating Report -- October 2008 -------------------------------------------------------------- SemCrude, L.P., et al. Consolidated Balance Sheet As of October 31, 2008 (In thousands) Cash $554,881 Accounts receivable 890,476 Inventories 247,480 Derivative asset 34,966 Margin deposits 1,000 Income taxes receivable - Deferred tax asset - Receivable from affiliate 99,514 Other current assets 53,732 Intercompany - -------------- Total current assets 1,882,049 -------------- Property, plant and equipment 595,983 Accumulated depreciation (120,246) Pipeline linefill 33,683 -------------- Net property, plant and equipment 509,420 -------------- Investment in subsidiaries 347,339 Long-term derivative assets - Goodwill 55,773 Investment in affiliates 121,394 Deferred tax asset 1,062 214,644 Other assets, net 96,734 -------------- Total Assets $3,228,415 ============== Subject to Compromise: Accounts payable $911,954 Book overdrafts - Accrued liabilities 1,101,367 Income taxes payable - Deferred revenue - Deferred income taxes - Derivative liabilities - Current portion of long-term debt 150,000 -------------- Current liabilities subject to compromise 2,163,321 -------------- Revolver facility 665,000 Working capital facility 1,606,472 Term B notes 141,274 Senior notes 600,000 Pension obligations 13,668 -------------- Liabilities Not Subject to Compromise: Accounts payable 60,283 Book overdrafts - Accrued liabilities 47,436 Income taxes payable - Deferred revenue 1,154 Deferred income taxes - Derivative liabilities 22,151 Current portion of long-term debt 120,748 -------------- Total current liabilities 251,772 -------------- Revolver facility - Working capital facility - Term B notes - Capital lease obligations 1,300 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 (24,926) Partners' capital (2,785,046) -------------- Total partners' capital (2,809,972) -------------- Total liabilities and partners' capital $3,228,415 ============== SemCrude, L.P., et al. Consolidated Statement of Operations Month Ended October 31, 2008 (In thousands) Sales Operating Outside Sales Product Sales $165,864 Services 1,458 Other Operating Revenue 1,761 -------------- Total Outside Operating Sales 169,083 Trading Activity 244 -------------- Total Outside Operating Revenue 169,327 Operating Revenue Intercompany 16,585 -------------- Total Operating Revenue 185,912 Unrealized G/L on Derivatives (4,903) -------------- Total Revenue 181,009 Cost of Goods Sold Products 179,573 Transportation & Fuel 2,825 Other 149 -------------- Total Outside Cost of Goods Sold 182,547 Cost of Goods Sold Intercompany 19,778 -------------- Total Cost of Sales 202,325 -------------- Gross Profit (21,316) Operating Expenses Wages & Benefits 3,027 Field Expenses 965 Maintenance & Repairs 723 Outside Services 769 Property & Equipment Leases & Rents 5,883 Insurance Permits Licenses Taxes 841 Office 139 Travel Lodging Meetings 105 Other (494) -------------- Total Operating Expenses 11,958 General & Administrative Expenses Wages & Benefits 4,694 Miscellaneous 1 Maintenance & Repairs 97 Outside Services 1,254 Property & Equipment Leases & Rents 425 Insurance Permits Licenses Taxes 478 Office 130 Travel Lodging Meetings (2) Other (556) -------------- Total General & Administrative Expenses 6,521 -------------- Earnings before Interest Taxes Depr. Amort. (39,795) -------------- Other (Income) Expenses Interest Income (59) Other Income (1,475) Foreign Currency Transaction (Income) Loss 1,020 Interest Expense 729 Depreciation 4,373 Amortization 1,682 Reorganization 26,145 -------------- Net Profit (Loss) ($72,210) ============== SemCrude, L.P., et al. Cash Receipts and Disbursements October 1 through October 30, 2008 Cash Receipts SemCrude, L.P. $14,817,724 Eaglwing, L.P. 1,232,467 Grayson Pipeline LLC - KC Asphalt - SemCrude Pipeline, LLC 46,216 SemGas Gathering LLC 364,323 SemKan LLC - SemFuel 50,965,358 SemManagement LLC - SemGas Storage LLC - SemMaterials LP 81,055,755 SemGas LP 9,879,692 SemGas-Davis Gathering - SemTrucking 68,547 SemStream 89,910,115 SemGroup LP 1,606,109 SemGroup Holdings LP 51,340 SemCap LLC 179,439 -------------- 250,177,085 Cash Sweeps SemCrude, L.P. (442,018) Eaglwing, L.P. 583,664 Grayson Pipeline LLC - KC Asphalt - SemCrude Pipeline, LLC 13,164,166 SemGas Gathering LLC (346,469) SemKan LLC 76,400 SemFuel (43,378,270) SemManagement LLC 9,061,977 SemGas Storage LLC 3,598 SemMaterials LP (56,841,709) SemGas LP (1,773,317) SemGas-Davis Gathering 29,230 SemTrucking (2,909) SemStream 26,834,997 SemGroup LP 53,030,659 SemGroup Holdings LP - SemCap LLC - -------------- Total Cash Sweeps (1) Cash Disbursements SemCrude, L.P. (15,061,015) Eaglwing, L.P. (1,758,196) Grayson Pipeline LLC (325) KC Asphalt (43) SemCrude Pipeline, LLC (13,099,731) SemGas Gathering LLC (58,520) SemKan LLC (124,730) SemFuel (9,365,701) SemManagement LLC - SemGas Storage LLC (2,183) SemMaterials LP (31,454,154) SemGas LP (8,247,345) SemGas-Davis Gathering (49,034) SemTrucking (54,784) SemStream (118,682,733) SemGroup LP (11,309,358) SemGroup Holdings LP (25,875) SemCap LLC (27,466) -------------- Total Cash Disbursements (209,321,193) -------------- Net Cash Flow $40,855,891 ============== 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, Issue No. 20; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SHARPER IMAGE: Files Monthly Operating Report for November 2008 --------------------------------------------------------------- Sharper Image Corp. Balance Sheet As of November 30, 2008 ASSETS Current assets: Unrestricted Cash and Equivalents $4,079,876 Restricted Cash and Equivalents - Trade Accounts Receivable, net 296,254 Other Accounts Receivable 3,139,934 Notes Receivable - Inventories 254,335 Prepaid Expenses 1,921,971 Professional Retainers - Deferred Income Taxes/Prepaid Income Taxes 17,042,518 Debit balances in AP 1,735,093 ------------ Total current assets 28,469,981 Property and Equipment: Real Property and Improvements 2,926,573 Machinery and Equipment - Furniture, Fixtures and Office Equipment - Leasehold Improvements - Vehicles - Work In Progress 451,799 Less: Accumulated Depreciation (1,019,253) ------------ Total Property and Equipment 2,359,118 Other assets: Loans to Insiders - Other Assets 12,611,010 ------------- Total Assets $43,440,109 ============= LIABILITIES AND OWNER'S EQUITY Liabilities not subject to Compromise (postpetition) Accounts Payable ($4,177,818) Taxes Payable (686,336) Wages Payable 3,776 Notes Payable - Rent/Leases - Building/Equipment - Secured Debt - Line of credit - Other Reserves - Liquidation (GOB Sales) Clearing Account (11,083,350) Amounts Due to Insiders - Accrual for Unpaid Professional Fees (2,398,230) Other Postpetition Liabilities - ------------- Total Postpetition Liabilities (18,341,958) Liabilities not subject to Compromise (prepetition): Secured Debt - Line of credit - Secured Debt - Other (6,728,048) Priority Debt - Unsecured Debt (Accounts Payable) (47,308,378) Expense Accruals and Other Liabilities (4,308,956) Short Term Liabilities (3,554,215) Deferred (GAAP) rent/landlord allowances etc (505,668) Deferred Tax (Liability)/Asset 91,920,506 Deferred Revenue (Gift cards and Royalties) (34,805,641) Other Reserves and allowances (2,694,423) ------------- Total Prepetition Liabilities (7,984,824) ------------- Total Liabilities (26,326,781) Owner's Equity: Capital Stock (152,132) Additional Paid-In Capital (116,716,579) Deferred Stock Compensation and Stock Repurchase 180,069 Retained Earnings - Prepetition 63,247,322 Retained Earnings - Postpetition 36,327,993 ------------- Net Owner's Equity (17,113,327) ------------- Total Liabilities and Owner's Equity ($43,440,109) ============= Sharper Image Corp. Statement of Operations For Month Ended November 30, 2008 Revenues: Gross Revenues - Less: Returns and Allowances - ------------- Net Revenue - Cost of Goods Sold: Beginning Inventory - Add: Purchases - Add: Cost of Labor - Add: Other Costs ($449) Less: Ending Inventory - Cost of Goods Sold (449) ------------- Gross Profit 449 Operating Expenses: Advertising - Auto and Truck Expense - Bad Debts 9,859 Contributions - Employee Benefit Programs - Insider Compensations - Insurance (295) Management Fees/Bonuses - Office Expense - Pension & Profit-Sharing Plans - Repairs and Maintenance 2,971 Rent and Lease Expense 27,673 Salaries/Commissions/Fees 51,008 Supplies - Taxes- Payroll - Taxes- Real Estate - Taxes- Other 80,236 Travel and Entertainment 1,328 Utilities 6,065 Other 110,291 ------------- Total Operating Expense Before Depr. 289,136 Depreciation/Depletion/Amortization 6,144 ------------- Net Profit (Loss) Before Other Income & Expenses (294,831) Other Income and Expenses: Licensing Income - Interest Expense 41,366 Other Expense - ------------- Net Profit (Loss) Before Reorganization Items (253,466) Reorganization Items: Professional Fees 286,630 US Trustee Quarterly Fees - Interest Earned on Accm Case - Gain (Loss) from sale of assets - Other Reorganization Expense - ------------- Total Reorganization Expenses 286,630 ------------- Net Profit (Loss) Before Income Taxes (Benefit) (540,096) Income Taxes (Benefit) 530 ------------- Net Profit (Loss) ($540,626) ============= Sharper Image Corp. Statement of Cash Flows For Month Ended November 30, 2008 Opening Balance $4,039,321 Receipts Cash Sales (from stores) - Credit Card Settlements - Other Settlements - Accounts Receivable 7,477 Sale of Assets - Interest/Dividend Income - Tax Refunds Received 5,534 Collections from vendors 111,237 Mail Order/License Deposits, Other Deposits 17,550 ------------- Total Receipts 141,797 Transfers Line of Credit Draw/Pay Down - Transfers from stores to deposit a/c - sweep - Transfers from concentration to refunds - Transfers from concentration to payroll - Other Inter-account transfers - Transfers from Concentration to Disbursement - ------------- Total Transfers - ------------- Total Receipts & Transfers 141,797 Disbursements Liquidator Reimbursements 1,747 Net Payroll 31,789 Payroll Taxes 17,767 401k - Employee Benefits (4,040) Sales, Use & Other Taxes 1,030 Inventory Purchases - Secured/Rental/Leases 4,449 Insurance 24,503 Administrative 18,722 Selling - Bank/Credit Card Fees/Sales audit adjs - Refund checks issued (net of stop payments) - Other - Customs/Duties/Freight - Interest and LC fees 1,375 Professional Fees 4,499 US Trustee Quarterly Fees - Court Costs - ------------- Total Disbursements 101,842 ------------- Net Cash Flow $39,955 ============= About Sharper Image Corp. Headquartered in San Francisco, California, Sharper Image Corp. -- http://www.sharperimage.com/-- is a multi-channel specialty retailer. It operates in three principal selling channels: the Sharper Image specialty stores throughout the U.S., the Sharper Image catalog and the Internet. The company has operations in Australia, Brazil and Mexico. In addition, through its Brand Licensing Division, it is also licensing the Sharper Image brand to select third parties to allow them to sell Sharper Image branded products in other channels of distribution. The company filed for Chapter 11 protection on Feb. 19, 2008 (Bankr. D.D., Case No. 08-10322). Judge Kevin Gross presides over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP, serve as the Debtor's lead counsel. Steven K. Kortanek, Esq., and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice, P.L.L.C., serve as the Debtor's local Delaware counsel. An Official Committee of Unsecured Creditors has been appointed in the case. Cooley Godward Kronish LLP is the Committee's lead bankruptcy counsel. Whiteford Taylor Preston LLC is the Committee's Delaware counsel. When the Debtor filed for bankruptcy, it listed total assets of $251,500,000 and total debts of $199,000,000. As of June 30, 2008, the Debtor listed $52,962,174 in total assets and $39,302,455 in total debts. The Court extended the exclusive period during which the Debtor may file a Plan through and including Sept. 16, 2008. Sharper Image sought and obtained the Court's approval to change its name to "TSIC, Inc." in relation to an an Asset Purchase Agreement by the Debtor with Gordon Brothers Retail Partners, LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer Capital, LLC. (Sharper Image Bankruptcy News, Issue No. 26; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) TOUSA INC: Files Monthly Operating Report for November 2008 ----------------------------------------------------------- TOUSA, Inc., and Subsidiaries Consolidated Balance Sheet As of November 30, 2008 ASSETS Cash and Cash Equivalents: Cash in bank $297,358,709 Cash equivalents (due from title company 1,979,271 from closings) Inventory: Deposits 44,004,490 Land 437,390,188 Residences completed and under construction 409,313,425 Inventory not owned 25,061,774 --------------- 915,769,877 Property and equipment, net 13,933,975 Investments in unconsolidated joint ventures 11,403,813 Receivables from unconsolidated joint ventures 4,174,894 Accounts receivable 26,360,896 Other assets 35,499,266 Goodwill 11,152,000 --------------- 1,317,632,701 Net Assets of Financial Services 21,752,307 --------------- Total Assets $1,339,385,008 =============== LIABILITIES & STOCKHOLDERS' EQUITY Accounts payable and other liabilities $343,752,736 Customer deposits 15,686,812 Obligations for inventory not owned 27,140,247 Notes payable 1,606,127,793 Bank borrowings 226,950,499 --------------- Total Liabilities 2,219,658,087 Stockholders' Equity: Preferred stock 13,282,725 Common stock 596,042 Additional paid in capital 564,630,260 Retained earnings (1,458,782,106) --------------- Total Stockholders' Equity (880,273,079) --------------- Total liabilities and Stockholders' Equity $1,339,385,008 =============== TOUSA, Inc., and Subsidiaries Consolidated Statement of Operations For the Period November 1 to 30, 2008 Revenues: Home sales $65,387,500 Land sales 4,034,083 --------------- 69,421,583 Cost of Sales: Home sales 55,924,685 Land sales 9,466,127 --------------- 65,390,812 --------------- Gross Profit 4,030,771 Total selling, general and admin expenses 18,613,711 Income (loss) from joint ventures, net - Interest expense, net 2,278,978 Other (income) expense, net (380,193) --------------- Homebuilding pretax income (loss) (16,481,725) Financial services pretax income (loss) (500,540) Income (loss) before income taxes (16,990,265) Provision (benefit) for income taxes 0 --------------- Net Income (loss) ($16,990,265) =============== TOUSA, Inc. and Subsidiaries Consolidated Schedule of Receipts and Disbursements For the Period November 1 to 30, 2008 Funds at beginning of period $278,302,267 RECEIPTS Cash sales 79,151,462 Accounts receivable 20,625 Other receipts 3,397,358 --------------- Total receipts 82,569,445 --------------- Total funds available for operations 360,871,712 DISBURSEMENTS Advertising 905,873 Bank charges 4,254 Contract labor 73,618 Fixed asset payments 247,354 Insurance 483,816 Inventory payments 39,520,190 Leases 432,297 Manufacturing supplies - Office supplies 158,992 Payroll - net 6,513,937 Professional fees (accounting and legal) 6,326,381 Rent 342,757 Repairs & maintenance 327,280 Secured creditor payments 5,857,498 Taxes paid - payroll 33,035 Taxes paid - sales & use 594,319 Taxes paid - other 169,013 Telephone 216,825 Travel & entertainment 67,459 U.S. Trustee quarterly fees - Utilities 96,980 Vehicle expenses 37,152 Other operating expenses 1,103,973 --------------- Total disbursements 63,513,003 --------------- Ending Balance $297,358,709 =============== About TOUSA Inc. Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets: TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and markets high-quality detached single-family residences, town homes, and condominiums to a diverse group of homebuyers, such as "first-time" homebuyers, "move-up" homebuyers, homebuyers who are relocating to a new city or state, buyers of second or vacation homes, active-adult homebuyers, and homebuyers with grown children who want a smaller home. It also provides financial services to its homebuyers and to others through its subsidiaries, Preferred Home Mortgage Company and Universal Land Title Inc. The Debtor and its debtor-affiliates filed for separate Chapter 11 protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08-10928). The Debtors have selected M. Natasha Labovitz, Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger Singerman, to represent them in their restructuring efforts. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' independent auditor and tax services provider. Kurtzman Carson Consultants LLC acts as the Debtors' Notice, Claims & Balloting Agent. TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba Eagle Homes, filed for Chapter 11 Protection on July 30, 2008, (Bankr. S.D. Fla. Case No.: 08-20746). It listed assets between $1 million and $10 million, and debts between $1 million and $10 million. The Official Committee of Unsecured Creditors hired Patricia A. Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff & Sitterson, P.A., as its local counsel. TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets of $1,734,422,756 and total liabilities of $2,300,053,979. TOUSA's Exclusive Plan Filing Period expires Oct. 25, 2008. (TOUSA Bankruptcy News, Issue No. 29; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TRIBUNE CO: Files Initial Monthly Operating Report -------------------------------------------------- Tribune Co. filed with the U.S. Bankruptcy Court for the District of Delaware an initial monthly operating report, which includes a 12-month projected cash flow for the months from January to December 2009 and a list of retainers paid to professionals before the Petition Date. Tribune Company Projected Statement of Cash Flows From January to April 2009 (In millions) Jan. Feb. March April ----- ----- ----- ----- Beginning cash $500 $596 $584 $559 Receipts: Operating Receipts 343 256 244 229 Other - - - - ----- ----- ----- ----- Total Receipts 343 256 244 229 Disbursements: Compensation & Benefits 113 136 93 94 General AP Disbursements 172 143 237 130 Capital Expenditures 9 7 7 6 Restructuring, interest & bank fees 11 11 11 19 ----- ----- ----- ----- Total Disbursements 304 297 348 249 Net cash flow from Debtors 39 (41) (104) (19) Net cash flow from non-Debtors 58 29 79 (2) Ending cash $596 $584 $559 $537 ===== ===== ===== ===== Tribune Company Projected Statement of Cash Flows From May to August 2009 (In millions) May June July Aug. ----- ----- ----- ----- Beginning cash $537 $527 $533 $523 Receipts: Operating Receipts 240 288 297 221 Other - - - - ----- ----- ----- ----- Total Receipts 240 288 297 221 Disbursements: Compensation & Benefits 86 96 109 84 General AP Disbursements 146 157 165 130 Capital Expenditures 6 8 10 8 Restructuring, interest & bank fees 11 11 11 19 ----- ----- ----- ----- Total Disbursements 249 271 295 241 Net cash flow from Debtors (9) 17 2 (20) Net cash flow from non-Debtors (2) (10) (12) (1) Ending cash $527 $533 $523 $502 ===== ===== ===== ===== Tribune Company Projected Statement of Cash Flows From September to December 2009 (In millions) Sep. Oct. Nov. Dec. ----- ----- ----- ----- Beginning cash $502 $525 $543 $509 Receipts: Operating Receipts 234 249 215 268 Other - - - - ----- ----- ----- ----- Total Receipts 234 249 215 268 Disbursements: Compensation & Benefits 77 80 80 113 General AP Disbursements 99 127 134 128 Capital Expenditures 8 9 9 12 Restructuring, interest & bank fees 11 11 11 19 ----- ----- ----- ----- Total Disbursements 196 227 234 271 Net cash flow from Debtors 38 21 (19) (4) Net cash flow from non-Debtors (15) (3) (15) 19 Ending cash $525 $543 $509 $524 ===== ===== ===== ===== Tribune Company Initial Operating Report Professional Retainers Professional Retainer ------------ ---------- Sidley Austin LLP $4,500,000 McDermott Will & Emery 500,000 Cole, Schotz, Meisel, Forman & Leonard, P.A. 415,000 Alvarez & Marsal North America LLC 350,000 Lazard Ltd. 200,000 Paul, Hastings, Janofsky & Walker LLP 160,000 Jenner & Block LLP 150,000 Daniel J. Edelman, Inc. 110,000 ---------- Total $6,385,000 ========== Headquartered in Chicago, Illinois, Tribune Company -- http://www.tribune.com/-- is a media company, operating businesses in publishing, interactive and broadcasting, including ten daily newspapers and commuter tabloids, 23 television stations, WGN America, WGN-AM and the Chicago Cubs baseball team. The company and 110 of its affiliates filed for Chapter 11 protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08-13141). The Debtors proposed Sidley Austion LLP as their counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel; Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets and $12,972,541,148 in total debts. (Tribune Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) VERASUN ENERGY: Files Monthly Operating Report for November 2008 ---------------------------------------------------------------- VeraSun Energy Corporation Balance Sheet As of November 30, 2008 (In thousands) Assets Current Assets: Cash and cash equivalents $13,622,000 Restricted cash 1,536,000 Receivables - Inventories - Prepaid expenses and other assets 6,180,000 Deferred income taxes 3,728,000 -------------- Total current assets 25,066,000 Other Assets: Debt issuance costs, net 6,934,000 Other Intangible Assets - Other Long-Term Assets 2,632,000 Investment in subsidiaries 1,450,373,000 -------------- Total other assets 1,459,939,000 Property and Equipment, net 8,000,000 -------------- Total Assets $1,493,005,000 ============== Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $1,489,000 Accrued expenses and other liabilities 21,791,000 DIP financing 25,658,000 Current maturities of long-term debt - Intercompany (receivable)/payable (13,397,000) -------------- Total current liabilities 35,541,000 Long-Term Liabilities: Long-term debt, less current maturities - Deferred income taxes 37,295,000 Other long-term liabilities 481,000 -------------- Total long-term liabilities 37,776,000 -------------- Total Liabilities Not Subject to Compromise 73,317,000 Liabilities Subject to Compromise 737,067,000 Intercompany (receivable) and payable subject to Compromise (781,156,000) -------------- Total Liabilities Subject to Compromise (44,089,000) -------------- Total liabilities 29,228,000 Minority Interest in consolidated subsidiary - Shareholders' Equity: Common Stock 1,586,000 Additional paid-in capital 1,397,796,000 Retained earnings 64,396,000 -------------- Total Shareholders' Equity 1,463,777,000 -------------- Total Liabilities & Shareholders' Equity $1,493,005,000 ============== VeraSun Energy Corporation Statement of Operations For the Month Ended November 30, 2008 Net Sales - Cost of goods sold - ----------- Gross profit (loss) - Selling, general & adm. expenses $521,000 Long-lived asset impairment - ----------- Operating income (loss) (521,000) Other income (expense): Interest expense (3,573,000) Interest income 11,000 Other income (expense) 0 Reorganization items, net (3,139,000) ----------- Total other income (expense) (6,701,000) Income (loss) before income taxes (7,221,000) Income tax expense (benefit) - ----------- Income (loss) before minority Interest (7,221,000) Minority interest in net (gain) loss of subsidiary - ----------- Net Income (Loss) ($7,221,000) =========== About VeraSun Energy Headquartered in Sioux Falls, South Dakota, VeraSun Energy Corp. -- http://www.verasun.comor http://www.VE85.com/-- produces and markets ethanol and distillers grains. Founded in 2001, the company has a fleet of 16 production facilities in eight states, with 14 in operation. The company and its debtor-affiliates filed for Chapter 11 protection on Oct. 31, 2008, (Bankr. D. Del. Case No. 08-12606) Mark S. Chehi, Esq. at Skadden Arps Slate Meagher & Flom LLP represents the Debtors in their restructuring efforts. AlixPartners LLP serves as their restructuring advisor. Rothschild Inc. is their investment banker and Sitrick & Company is their communication agent. The Debtors' claims noticing and balloting agent is Kurtzman Carson Consultants LLC. The Debtors' total assets as of June 30, 2008, was $3,452,985,000 and their total debts as of June 30, 2008, was $1,913,214,000. VeraSun Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. 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 2009. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***