TCR_Public/090221.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, February 21, 2009, Vol. 13, No. 51

                            Headlines



ACCEPTANCE INSURANCE: Posts $25,379 Net Loss in January 2009
AMERICAN HOME: AHMIC's Monthly Operating Report for October 2008
AMERICAN HOME: AHM Corp.'s Operating Report for October 2008
AMERICAN HOME: AHMHI's Monthly Operating Report for October 2008
AMERICAN HOME: AHMAI's Monthly Operating Report for October 2008

ATHEROGENICS INC: Posts $1,702,630 in Month Ended Dec. 31, 2008
CIRCUIT CITY: Files Monthly Operating Report for December 2008
FEDERAL-MOGUL: Files Monthly Operating Report for December 2008
GREEKTOWN HOLDINGS: Files Operating Report for December 2008
KEY PLASTICS: Posts $767,000 Net Loss in Dec. 16 - Dec. 31 Period

LANDSOURCE COMMUNITIES: Files Operating Report for November 2008
LANDSOURCE COMMUNITIES: Files Operating Report for December 2008
PROPEX INC: Files Monthly Operating Report for December 2008
SHARPER IMAGE: Files Monthly Operating Report for December 2008
TRIBUNE CO: Files Monthly Operating Report for December 2008



                            *********

ACCEPTANCE INSURANCE: Posts $25,379 Net Loss in January 2009
------------------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S. Bankruptcy
Court for the District of Nebraska on Feb. 10, 2009, its monthly
operating report for January 2009.

For the month ended January 31, 2009, Acceptance Insurance
Companies posted a net loss of $25,379 on net investment income of
$523.

The Debtor reported total assets of $22,743,936, total liabilities
of $138,180,388, and stockholders' deficit of $115,436,452 as of
Jan. 31, 2009.

A full-text copy of the Debtor's January 2009 monthly report is
available at: http://researcharchives.com/t/s?39ba

                  About Acceptance Insurance

Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.

The company filed for Chapter 11 protection on January 7, 2005
(Bankr. D. Nebr. Case No. 05-80059).  The Debtor's affiliates --
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed Chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on January 7, 2005.  John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts.  Lawyers at McGrath North Mullin & Kratz PC, LLO
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case.


AMERICAN HOME: AHMIC's Monthly Operating Report for October 2008
----------------------------------------------------------------

            American Home Mortgage Investment Corp.
               Statement of Financial Condition
                    As of October 31, 2008

Assets:

  Cash and cash equivalents                          $8,993,595
  Restricted cash                                   150,799,967
  Accounts receivable                                 3,700,171
  Intercompany receivable                         1,330,546,170
  Securities                                      1,136,724,960
  Derivative assets                                           -
  Investment in subsidiaries                     (1,035,507,555)
  Other assets                                                -
                                                 --------------
     Total Assets                                $1,595,257,308
                                                 ==============

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                           (1,639,355,324)
     Other comprehensive loss                                 -
                                                 --------------
        Total Stockholders' Equity                 (446,908,095)
                                                 --------------
Total Liabilities & Stockholders' Equity         $1,595,257,308
                                                 ==============

            American Home Mortgage Investment Corp.
                      Statement of Income
                 Month Ended October 31, 2008

Net Interest Income:

  Interest income                                       $26,919
  Interest expense                                            -
                                                 --------------
     Net interest income                                 26,919

  Provision for loan losses                                   -
                                                 --------------
     Net interest income after provision                 26,919
       for loan losses

Non-Interest Income:
  Loss on mortgage loans                                      -
  Loss on securities and derivatives                          -
  Gain (loss) from subsidiaries                      (4,459,397)
  Other non-interest income                                   -
                                                 --------------
     Non-interest income                             (4,459,397)

Other:
  Data processing and communications                          -
  Office supplies and expenses                                -
  Professional fees                                      20,017
  Other expenses                                          5,100
                                                 --------------
     Total expenses                                      25,117

Loss before income taxes                             (4,457,595)
Income taxes                                                  -
                                                 --------------
Net loss                                            ($4,457,595)
                                                 ==============

            American Home Mortgage Investment Corp.
          Schedule of Cash Receipts and Disbursements
                 Month Ended October 31, 2008

Cash - Beginning of Month, 10/01/2008              $162,556,229

Receipts:
  Cash sales                                                  -
  Accounts receivable                                         -
  Sale of assets                                         67,617
  Loans and advances                                    482,832
  Administrative                                              -
  Net payroll                                                 -
  Other                                                  18,935
  Transfers (from DIP accounts)                               -
                                                 --------------
     Total Receipts                                     569,384


Disbursements:
  Net payroll                                           735,286
  Payroll taxes                                               -
  Sales, use & other taxes                                    -
  Loans and advances                                          -
  Inventory purchases                                         -
  Secured/rental/leases                                       -
  Insurance                                                   -
  Administrative                                      2,370,729
  Selling                                                     -
  Other                                                       -
  Transfers (to DIP accounts)                           226,037
  Professional fees                                           -
  U.S. Trustee quarterly fees                                 -
  Court costs                                                 -
                                                 --------------
     Total Disbursements                              3,332,052
                                                 --------------
     Net Cash Flow                                   (2,762,668)
                                                 --------------
Cash - End of Month - 10/31/08                     $159,793,561
                                                 ==============

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: AHM Corp.'s Operating Report for October 2008
------------------------------------------------------------

                 American Home Mortgage Corp.
               Statement of Financial Condition
                    As of October 31, 2008

Assets:
  Cash and cash equivalents                         $36,598,879
  Restricted cash                                     6,733,712
  Accounts receivable                                29,523,722
  Intercompany receivable                           698,262,486
  Mortgage loans                                     18,552,459
  Derivative assets                                     743,601
  Mortgage servicing rights                                   -
  Other real estate, net                             31,319,730
  Premises and equipment, net                        19,860,119
  Investment in subsidiaries                         73,864,370
  Other assets                                        8,020,741
                                                   ------------
     Total Assets                                  $923,479,819
                                                   ============

Liabilities and Stockholders' Equity

  Liabilities:
     Warehouse lines of credit                      $94,766,934
     Derivative liabilities                          10,481,560
     Accrued expenses & other liabilities            92,151,200
     Intercompany payable                         1,548,375,320
     Notes payable                                      875,192
     Income taxes payable                             1,930,718
                                                   ------------
        Total Liabilities                         1,748,580,924

  Stockholders' Equity
     Additional paid-in capital                     153,195,272
     Retained earnings                             (978,296,377)
     Other comprehensive loss                                 -
                                                   ------------
        Total Stockholders' Equity                 (825,101,105)
                                                   ------------
Total Liabilities & Stockholders' Equity           $923,479,819
                                                   ============

                 American Home Mortgage Corp.
                      Statement of Income
                 Month Ended October 31, 2008

Net Interest Income:
  Interest income                                      $599,308
  Interest expense                                       (5,353)
                                                   ------------
     Net interest income                                593,955

  Provision for loan losses                                   -
                                                   ------------
     Net interest income after provision                593,955
       for loan losses

Non-Interest Income:
  Gain (loss) on mortgage loans                        (175,770)
  Loss (gain) on securities & derivatives                     -
  Loan servicing fees                                    (5,396)
  Changes in fair value of MSR                                -
  Income (loss) from subsidiaries                      (202,846)
  Other non-interest (loss) income                            2
                                                   ------------
     Non-interest income [loss]                        (384,010)

Expenses
  Salaries, commissions & benefits, net                 756,900
  Occupancy and equipment                               206,745
  Data processing and communications                     23,476
  Office supplies and expenses                              505
  Marketing and promotion                                     -
  Travel and entertainment                                  240
  Professional fees                                   2,538,227
  Other real estate operating expense                         -
  Other                                                  32,790
                                                   ------------
     Total expenses                                   3,558,883

Income (Loss) before income taxes                    (3,348,938)
Income taxes                                                  -
                                                   ------------
Net loss                                            ($3,348,938)
                                                   ============

                 American Home Mortgage Corp.
          Schedule of Cash Receipts and Disbursements
                 Month Ended October 31, 2008

Cash - Beginning of Month, 10/01/2008               $36,883,684

Receipts:
  Cash sales                                                  -
  Accounts receivable                                         -
  Sale of assets                                              -
  Loans and advances                                  5,232,485
  Administrative                                              -
  Net payroll                                                 -
  Other                                                       -
  Transfers (from DIP accounts)                       2,464,027
                                                   ------------
     Total Receipts                                   7,696,512

Disbursements:
  Net payroll                                             1,043
  Payroll taxes                                               -
  Sales, use & other taxes                                    -
  Loans and advances                                          -
  Inventory purchases                                         -
  Secured/rental/leases                                       -
  Insurance                                                   -
  Administrative                                      1,240,521
  Selling                                                     -
  Other                                                   6,040
  Transfers (to DIP accounts)                                 -
  Professional fees                                           -
  U.S. Trustee quarterly fees                                 -
  Court costs                                                 -
                                                   ------------
     Total Disbursements                              1,247,603
                                                   ------------
     Net Cash Flow                                    6,448,909
                                                   ------------
Cash - End of Month - 10/31/08                      $43,332,593
                                                   ============

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 for October 2008
----------------------------------------------------------------

            American Home Mortgage Holdings, Inc.
               Statement of Financial Condition
                    As of October 31, 2008

Assets:
  Cash and cash equivalents                              $1,000
  Accounts receivable                                   134,546
  Intercompany receivable                           133,113,015
  Investment in subsidiaries                       (654,489,268)
                                                   ------------
     Total Assets                                 ($521,240,707)
                                                   ============

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                             (924,786,387)
     Other comprehensive loss                                 -
                                                   ------------
        Total Stockholders' Equity                 (830,188,577)
                                                   ------------
Total Liabilities & Stockholders' Equity          ($521,240,707)
                                                   ============

             American Home Mortgage Holdings, Inc.
                      Statement of Income
                 Month Ended October 31, 2008

Income (loss) from subsidiaries                     ($4,468,224)
Other non-interest income:                                    -
                                                   ------------
     Non-interest income                             (4,468,224)
                                                   ------------

Professional fees                                           325
Other                                                         -
                                                   ------------
     Total Expenses                                         325
                                                   ------------
Income (Loss) before income taxes                    (4,468,549)
Income taxes                                                  -
                                                   ------------
Net loss                                            ($4,468,549)
                                                   ============

American Home Mortgage Holdings, Inc., also discloses that its
cash as of October 1, 2008, was $1,000.  Since there was no cash
receipts and disbursements for October, 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: AHMAI's Monthly Operating Report for October 2008
----------------------------------------------------------------

            American Home Mortgage Acceptance, Inc.
               Statement of Financial Condition
                    As of October 31, 2008

Assets:
  Cash and cash equivalents                            $348,595
  Restricted cash                                             -
  Accounts receivable & servicing advances            1,037,352
  Intercompany receivable                           517,059,825
  Mortgage loans                                      3,748,021
  Mortgage servicing rights                                   -
  Other real estate, net                              3,815,207
  Investment in subsidiaries                        (25,691,881)
  Other assets                                                -
                                                   ------------
     Total Assets                                  $500,317,119
                                                   ============

Liabilities and Stockholders' Equity

  Liabilities:
     Warehouse lines of credit                      $24,787,505
     Accrued expenses & other liabilities             1,093,092
     Intercompany payable                           671,494,139
     Income taxes payable                                     -
                                                   ------------
        Total Liabilities                           697,374,736

  Stockholders' Equity
     Additional paid-in capital                      40,298,920
     Retained earnings                             (237,356,537)
     Other comprehensive loss                                 -
                                                   ------------
        Total Stockholders' Equity                 (197,057,617)
                                                   ------------
Total Liabilities & Stockholders' Equity           $500,317,119
                                                   ============

            American Home Mortgage Acceptance, Inc.
                      Statement of Income
                 Month Ended October 31, 2008

Net Interest Income:
  Interest income                                       $21,597
  Interest expense                                            -
                                                   ------------
     Net interest income                                 21,597

  Provision for loan losses                                   -
                                                   ------------
     Net interest income after provision                 21,597
       for loan losses

Non-Interest Income:
  Gain (Loss) on mortgage loans                          (2,435)
  Gain on securities & derivatives                            -
  Loan servicing fees                                         -
  Changes in fair value of MSR                                -
  Income [loss] from subsidiaries                        (4,753)
  Other non-interest income                                   -
                                                   ------------
     Non-interest income [loss]                          (7,188)

Expenses
  Salaries, commissions & benefits, net                     303
  Office supplies and expenses                              414
  Marketing and promotion                                     -
  Professional fees                                       2,275
  Other real estate operating (income) expense                -
  Other                                                   2,265
                                                   ------------
     Total expenses                                       5,257

(Loss) Income before income taxes                         9,152
Income taxes                                                  -
                                                   ------------
Net income                                               $9,152
                                                   ============

AHM Acceptance also discloses that its cash as of October 1,
2008, was $350,189.  Since it received $172,368 from loans and
advances and paid $173,963 to DIP accounts, AHM Acceptance's cash
at the end of October decreased to $348,595.

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).


ATHEROGENICS INC: Posts $1,702,630 in Month Ended Dec. 31, 2008
---------------------------------------------------------------
Atherogenics, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Georgia on Jan 30, 2009, its monthly
operating report for the month ended December 31, 2008.

Atherogenics incurred a net loss of $1,702,630 on zero revenues
for the month of December 2008.

At December 31, 2008, the Debtor had total assets of $51,659,219,
total liabilities of $307,171,466, and a stockholders' deficit of
$255,512,247.

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

               http://researcharchives.com/t/s?39b9

Headquartered in Alpharetta, Georgia, AtheroGenics, Inc. --
http://www.atherogenics.com/-- is a research-based pharmaceutical
company focused on the discovery, development and
commercialization of drugs for the treatment of chronic
inflammatory diseases, including diabetes and coronary heart
disease.  It has one late stage clinical drug development program.

On September 15, 2008, five creditors holding claims totaling
$20,413,000 pursuant to the company's 4.5% Convertible Notes Due
2008 filed an involuntary Chapter 7 petition against the Debtor
(Bankr. N.D. Georgia Case No. 08-78200).  The petitioning
noteholders were:

  -- AQR Absolute Return Master Account, L.P.;
  -- CNH CA Master Account, L.P.;
  -- Tamalpais Global Partner Master Fund, LTD;
  -- Tang Capital Partners, LP; and
  -- Zazove High Yield Convertible Securities Fund, L.P.

On October 6, the Debtor filed its consent to entry for order for
relief and motion to convert its Chapter 7 case to one under
Chapter 11 (Bankr. N.D. Ga. Case No. 08-78200).


CIRCUIT CITY: Files Monthly Operating Report for December 2008
--------------------------------------------------------------

               Circuit City Stores, Inc., et al.
                         Balance Sheet
                    As of December 31, 2008

ASSETS

CURRENT ASSETS
  Cash and cash equivalents                         $30,023,000
  Short-term investments                                908,000
  Accounts receivable, net                          388,334,000
  Merchandise inventory                           1,138,039,000
  Deferred income taxes, net                         24,311,000
  Income tax receivable                              86,807,000
  Prepaid expenses & other current assets           210,884,000
  Intercompany receivables and
     investments in subsidiaries                    522,273,000
                                                  -------------
TOTAL CURRENT ASSETS                              2,401,579,000

  Property and equipment                          2,274,135,000
  Accumulated depreciation                       (1,703,168,000)
                                                  -------------
  Net property and equipment                        570,967,000

  Other intangible assets, net                          181,000
  Other assets                                      141,909,000
                                                  -------------
TOTAL ASSETS                                     $3,114,636,000
                                                 ==============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Merchandise payable                               $67,883,000
  Expenses payable                                  163,577,000
  Accrued expenses and other
     current liabilities                            206,170,000
  Accrued compensation                               37,318,000
  Intercompany payables                              10,634,000
  Accrued income taxes                                1,993,000
  Short-term debt                                   375,324,000
                                                  -------------
TOTAL CURRENT LIABILITIES                           862,899,000

  Accrued straight-line rent                        150,218,000
  Deferred rent credits                             160,555,000
  Deferred income taxes, net                         23,252,000
  Other liabilities                                  33,391,000
                                                  -------------
LIABILITIES NOT SUBJECT TO COMPROMISE             1,230,315,000
LIABILITIES SUBJECT TO COMPROMISE                 1,209,751,000
                                                  -------------
TOTAL LIABILITIES                                 2,440,066,000

STOCKHOLDERS' EQUITY
  Common stock                                      435,612,000
  Additional paid-in capital                        304,885,000
  Retained deficit                                  (95,636,000)
  Accumulated other comprehensive income             29,709,000
                                                  -------------
TOTAL STOCKHOLDERS' EQUITY                          674,570,000
                                                  -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       $3,114,636,000
                                                 ==============

               Circuit City Stores, Inc., et al.
                       Income Statement
            For the month ending December 31, 2008

Net sales                                        $1,076,610,000
Cost of sales, buying and warehousing               882,807,000
                                                  -------------
Gross profit                                        193,803,000

Selling, general and admin. expenses                205,284,000
Asset impairment charges                              7,982,000
                                                  -------------
Operating loss                                      (19,463,000)

Interest income                                          59,000
Interest expense                                      4,714,000
                                                  -------------
Loss before reorg. items & income taxes             (24,118,000)
Reorganization items, net                             3,074,000
Income tax benefit                                      (99,000)
                                                  -------------
Net loss                                           ($20,945,000)
                                                  =============

               Circuit City Stores, Inc., et al.
                Cash Receipts and Disbursements
            For the month ending December 31, 2008

Operating Activities:
  Net loss                                         ($20,945,000)

Adjustments to reconcile net loss to
net cash provided by operating activities:
  Net gain from reorganization items                 (3,074,000)
  Depreciation expense                                9,177,000
  Amortization expense                                    2,000
  Asset impairment charges                            7,982,000
  Stock-based compensation expense                      472,000
  Gain on dispositions of property & equipment       (3,346,000)
  Provision for deferred income taxes                         -
  Other                                                 (34,000)
                                                  -------------
                                                     11,179,000
Changes in operating assets and liabilities:
  Accounts receivable, net                          204,000,000
  Merchandise inventory                             191,257,000
  Prepaid inventory                                  50,102,000
  Prepaid expenses & other current assets           (16,835,000)
  Other assets                                       (4,242,000)
  Merchandise payable                               (32,928,000)
  Expenses payable                                   14,266,000
  Accrued expenses, liabilities & income taxes      (22,214,000)
  Intercompany receivables                            2,646,000
  Other long-term liabilities (42,919)                3,097,000
                                                  -------------
                                                    389,149,000
                                                  -------------
Net cash provided by operating activities           379,383,000
before reorganization items

Cash effect of reorg. Items, professional fees         (339,000)
                                                  -------------
  Net cash provided by operating activities         379,044,000
                                                  -------------

Investing Activities:
  Purchases of property and equipment                  (572,000)
  Proceeds from sales of property & equipment         3,369,000
                                                  -------------
  Net cash provided by investing activities           2,797,000

Financing Activities:
  Proceeds from DIP borrowings                    1,360,322,000
  Principal payments on DIP borrowings           (1,811,489,000)
  Principal payments on other short-term
     borrowings                                               -
  Proceeds from long-term debt                                -
  Principal payments on long-term debt                 (326,000)
  Change in overdraft balances                       30,335,000
                                                  -------------
  Net cash used in financing activities            (421,158,000)
                                                  -------------
Decrease in cash and cash equivalents               (39,317,000)
Cash and cash equivalents at beginning of period     69,340,000
                                                  -------------
Cash and cash equivalents at end of period          $30,023,000
                                                  =============

                        About Circuit City

Headquartered in Richmond, Virginia, Circuit City Stores Inc.
(NYSE: CC) -- http://www.circuitcity.com/-- is a specialty
retailer of consumer electronics, home office products,
entertainment software and related services.  The company has two
segments -- domestic and international.

Circuit City Stores, Inc. (NYSE: CC) together with 17 affiliates
filed a voluntary petition for reorganization relief under Chapter
11 of the Bankruptcy Code on November 10 (E.D. Virg. Lead Case
No.: 08-35653).  InterTAN Canada, Ltd., which runs Circuit City's
Canadian operations, also sought protection under the Companies'
Creditors Arrangement Act in Canada.

Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, are the Debtors' general
restructuring counsel.  Dion W. Hayes, Esq., and Douglas M. Foley,
Esq., at McGuireWoods LLP, are the Debtors' local counsel.  The
Debtors also tapped Kirkland & Ellis LLP as special financing
counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special
securities counsel; and FTI Consulting, Inc., and Rotschild Inc.
as financial advisors.  The Debtors' Canadian general
restructuring counsel is Osler, Hoskin & Harcourt LLP.  Kurtzman
Carson Consultants LLC is the Debtors' claims and voting agent.

The Debtors disclosed total assets of $3,400,080,000 and debts of
$2,323,328,000 as of Aug. 31, 2008.

Bankruptcy Creditors' Service, Inc., publishes Circuit City
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Circuit City Stores Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


FEDERAL-MOGUL: Files Monthly Operating Report for December 2008
---------------------------------------------------------------

              Federal-Mogul Global, Inc., et al.
                    Unaudited Balance Sheet
                    As of December 31, 2008
                         (In millions)

                            Assets

Cash and equivalents                                      $634.5
Accounts receivable                                        512.5
Inventories                                                399.8
Deferred taxes                                             199.4
Prepaid expenses and other current assets                   40.0
                                                       --------
Total current assets                                     1,786.2

Summary of Unpaid Postpetition Debits                       37.9
I/C Loans Receivable (Payable)                             329.5
                                                       --------
Intercompany Balances                                      367.4

Property, plant and equipment                              673.4
Goodwill                                                       -
Other intangible assets                                        -
Insurance recoverable                                          -
Other non-current assets                                   285.4
                                                        --------
Total Assets                                            $3,112.3
                                                        ========

             Liabilities and Shareholders' Equity

Short-term debt                                            $29.6
Accounts payable                                           289.5
Accrued compensation                                        50.0
Restructuring and rationalization reserves                  25.9
Current portion of asbestos liability                          -
Interest payable                                            14.5
Other accrued liabilities                                  293.9
                                                       --------
Total current liabilities                                  703.4

Long-term debt                                           2,760.0
Post-employment benefits                                   893.6
Other accrued liabilities                                  741.5
Liabilities subject to compromise                              -

Shareholders' equity:
  Preferred stock                                        1,023.2
  Common stock                                              91.0
  Treasury shares                                          (16.7)
  Additional paid-in capital                             7,915.5
  Accumulated deficit                                  (10,624.0)
  Accumulated other comprehensive income                  (375.2)
  Other                                                        -
                                                        --------
Total Shareholders' Equity                              (1,986.2)
                                                        --------
Total Liabilities and Shareholders' Equity              $3,112.3
                                                        ========

              Federal-Mogul Global, Inc., et al.
               Unaudited Statement of Operations
             For the Month Ended December 31, 2008
                         (In millions)

Net sales                                                 $181.6
Cost of products sold                                      156.7
                                                        --------
Gross margin                                                24.9

Selling, general & administrative expenses                 (33.6)
Amortization                                                   -
Reorganization items                                        (0.4)
Fresh Start Accounting expense                             (29.9)
Interest income (expense), net                             (12.3)
Other income (expense), net                                (49.0)
                                                        --------
Earnings before Income Taxes                              (100.3)

Income Tax (Expense) Benefit                               (22.3)
                                                        --------
Earnings before cumulative effect of change
  in accounting principle                                 (122.6)

Cumulative effect of change in acctg. principle                -
                                                        --------
Net Earnings (Loss)                                      ($122.6)
                                                        ========

              Federal-Mogul Global, Inc., et al.
               Unaudited Statement of Cash Flows
             For the Month Ended December 31, 2008
                         (In millions)

Cash Provided From (Used By) Operating Activities:
  Net earnings (loss)                                    ($122.6)

  Adjustments to reconcile net earnings (loss) to net cash:
  Depreciation and amortization                              9.9
  Adjustment of assets held for sale and
     other long-lived assets to fair value                   0.9
  Asbestos charge                                              -
  Summary of unpaid postpetition debits                        -
  Cumulative effect of change in acctg. principle              -
  Change in post-employment benefits                       335.8
  Decrease (increase) in accounts receivable                48.7
  Decrease (increase) in inventories                        19.4
  Increase (decrease) in accounts payable                   20.7
  Change in other assets & other liabilities              (221.0)
  Change in restructuring charge                            16.0
  Refunds (payments) against asbestos liability             16.8
                                                        --------
Net Cash Provided From Operating Activities                124.5

Cash Provided From (Used By) Investing Activities:
  Expenditures for property, plant & equipment              (7.0)
  Proceeds from sale of property, plant & equipment            -
  Proceeds from sale of businesses                             -
  Business acquisitions, net of cash acquired                  -
  Other                                                        -
                                                        --------
Net Cash Provided From (Used By) Investing Activities       (7.0)

Cash Provided From (Used By) Financing Activities:
  Increase / (decrease) in debt                             (5.5)
  Sale (repurchase) of accounts receivable
     under securitization                                      -
  Dividends                                                    -
  Other                                                        -
                                                        --------
Net Cash Provided From Financing Activities                 (5.5)

Increase (Decrease) in Cash and Equivalents                112.0

Cash and equivalents at beginning of period                522.4
                                                        --------
Cash and equivalents at end of period                     $634.5
                                                        ========

                About Federal-Mogul Corporation

Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket.  Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries.  Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F.
Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford.  Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan.  On July 28, 2004, the
District Court approved the Disclosure Statement.  The estimation
hearing began on June 14, 2005.  The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007.  The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
Nov. 14.  Federal-Mogul emerged from chapter 11 on Dec. 27,
2007.

(Federal-Mogul Bankruptcy News, No. 178; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                            *    *    *

As reported by the Troubled Company Reporter on Jan. 14, 2008,
Standard & Poor's Ratings Services affirmed the ratings on
Federal-Mogul Corp., including the 'BB-' corporate credit rating,
and removed them from CreditWatch, where they had been placed with
negative implications on Nov. 13, 2008.  The outlook is negative.
The ratings reflect Federal-Mogul's weak business risk profile, as
a major participant in the highly competitive global auto industry
and its aggressive financial risk profile.  The company
manufactures powertrain components, sealing products, bearings,
brake friction materials, and vehicle safety products for the
global automotive market.  Its customers are original equipment
manufacturers and aftermarket participants operating in
automotive, heavy-duty, and industrial markets.


GREEKTOWN HOLDINGS: Files Operating Report for December 2008
------------------------------------------------------------

                    Greektown Holdings, LLC
                         Balance Sheet
                    As of December 31, 2008

Assets
Cash                                                       $0
Inventory
Accounts receivable
Insider Receivables                                 3,442,586

Property and Equipment
Land and buildings                                          0
  Furniture, fixtures and equipment                          0

Other Assets
Financing Fees                                              0
Notes receivables from affiliates                 444,100,008
Investments in affiliate                          119,882,829
                                                --------------
Total Assets                                      $567,425,423
                                                ==============

Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable                                           $0
Rent and lease payable                                      0
Wages and salaries                                          0
Taxes payable                                               0
Other                                               1,350,000
                                                --------------
Total postpetition liabilities                      1,350,000

Secured liabilities subject to postpetition
collateral or financing order                     130,134,244
All other secured liabilities                      313,965,764
                                                --------------
Total secured liabilities                         444,100,008

Prepetition liabilities:
Taxes and other priority liabilities                        0
Unsecured liabilities                             218,564,848
Discount on bonds                                           0
                                                --------------
Total prepetition liabilities                     218,564,848

Kewadin equity                                     (99,399,607)
Monroe equity                                      (87,697,011)
Owner's capital                                        488,947
Retained earnings prepetition                      116,601,907
Retained earnings postpetition                     (26,583,669)
                                                --------------
Total stockholders' equity                        (96,589,433)
Total liabilities                                 664,014,856
                                                --------------
Total Liabilities & Shareholders' Deficit         $567,425,423
                                                ==============

                    Greektown Holdings, LLC
                        Income Statement
             For the month ended December 31, 2008

Total revenue/sales                                         $0
Cost of sales                                                0
                                                --------------
Gross profit                                                 0

Operating Expenses
Interest expense                                    1,657,292
Accounting fees - credit                                    0
                                                --------------
Total expenses                                      1,657,292

Net operating profit/(loss)
Add: Non-operating income                                    0
   Interest income                                           0
   Other income                                              0

Less: Non-operating expenses                                 0
                                                --------------
Net Income (Loss)                                  ($1,657,292)
                                                ==============

                    Greektown Holdings, LLC
                      Cash Flow Statement
              For the month ended December 31, 2008

Cash - beginning of month                                   $0

Receipts                                                    0
Balance available                                           0
                                                --------------
Less disbursements                                          0
                                                --------------
Cash - end of month                                         $0
                                                ==============

                      Greektown Casino LLC
                         Balance Sheet
                     As of December 31, 2008

Assets
Cash                                              $24,031,632
Inventory                                             600,766
Accounts receivable                                 4,467,280
Insider Receivables                                         0

Property and Equipment
Land and buildings                                496,139,983
Furniture, fixtures and equipment                  87,980,062
Accumulated depreciation                         (135,534,036)
Other                                              21,786,802
Other                                             143,611,418
                                                --------------
Total Assets                                      $643,083,907
                                                ==============

Liabilities and Stockholder's Equity
Postpetition liabilities:
Accounts payable                                  $25,298,837
Rent and lease payable                                      0
Wages and salaries                                  1,855,314
Taxes payable                                         399,123
Other                                                 152,318
                                                --------------
Total postpetition liabilities                     27,705,592

Secured liabilities subject to postpetition
collateral or financing order                     130,134,244
All other secured liabilities                      313,965,764
                                                --------------
Total secured liabilities                         444,100,008

Prepetition liabilities:
Taxes and other priority liabilities                2,604,107
Unsecured liabilities                              44,880,559
Other                                               3,910,814
                                                --------------
Total prepetition liabilities                      51,395,480

Equity                                             47,646,499
Owner's capital                                             0
Retained earnings prepetition                      82,744,007
Retained earnings postpetition                    (10,507,679)
                                                --------------
Total stockholders' equity                        119,882,827
Total liabilities                                 523,201,080
                                                --------------
Total Liabilities & Shareholders' Deficit         $643,083,907
                                                ==============

                      Greektown Casino LLC
                        Income Statement
              For the month ended December 31, 2008

Total revenue/sales                                $23,381,905
Cost of sales                                        2,112,995
                                                --------------
Gross profit                                        21,268,910
Operating Expenses
Officer compensation                                   32,789
Salary expenses, other employees                    4,515,140
Employees benefits & pensions                       2,025,925
Payroll taxes                                         526,305
Other taxes                                           513,396
Rent and lease expense                                  5,072
Interest expense                                    1,834,608
Insurance                                             134,517
Automobile & truck expense                                  0
Utilities                                             206,556
Depreciation                                        1,187,766
Travel and entertainment                                7,114
Repairs and maintenance                                31,688
Advertising                                           335,523
Supplies, office expense, etc.                         24,104
Gaming taxes                                        6,304,006
G&A expenses                                        3,690,631
F&B expenses                                          787,796
MGCB Fee                                              836,162
Parking/other                                          22,695
Pre-opening expenses                                  188,713
                                               --------------
Total expenses                                     23,210,506

Net operating profit/(loss)                        (1,941,596)
Add: Non-operating income:
     Interest income                                    13,513
     Other income                                            0

Less: Non-operating expenses                                0
      Professional fees                              1,601,714
      Other                                            515,658
                                                --------------
Net Income/Loss                                    ($4,045,454)
                                                ==============

                      Greektown Casino LLC
                       Cash Flow Statement
              For the month ended December 31, 2008

Cash - beginning of month                           $7,847,200

Receipts                                           50,207,539
Balance available                                  58,054,739
                                                --------------
Less disbursements                                 48,123,810
                                                --------------
Cash - end of month                                 $9,930,929
                                                ==============

                     About Greektown Casino

Based in Detroit, Michigan, Greektown Holdings, LLC and its
affiliates -- http://www.greektowncasino.com/-- operates world-
class casino gaming facilities located in Detroit's historic
Greektown district featuring more than 75,000 square feet of
casino gaming space with more than 2,400 slot machines, over 70
tables games, a 12,500-square foot salon dedicated to high limit
gaming and the largest live poker room in the metropolitan Detroit
gaming market.

Greektown Casino employs approximately 1,971 employees, and
estimates that it attracts over 15,800 patrons each day, many of
whom make regular visits to its casino complex and related
properties.  In 2007, Greektown Casino achieved a 25.6% market
share of the metropolitan Detroit gaming market.  Greektown Casino
has also been rated as the "Best Casino in Michigan" and "Best
Casino in Detroit" numerous times in annual readers' polls in
Detroit's two largest newspapers.

The company and seven of its affiliates filed for Chapter 11
protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No.
08-53104).  Daniel J. Weiner, Esq., Michael E. Baum, Esq., and
Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the
Debtors in their restructuring efforts.  Judy B. Calton, Esq., at
Honigman Miller Schwartz and Cohn LLP, represents the Debtors as
their special counsel.  The Debtors chose Conway MacKenzie &
Dunleavy as their financial advisor, and Kurtzman Carson
Consultants LLC as claims, noticing, and balloting agent.

When the Debtor filed for protection from its creditors, it listed
consolidated estimated assets and debts of $100 million to
$500 million.

(Greektown Casino Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


KEY PLASTICS: Posts $767,000 Net Loss in Dec. 16 - Dec. 31 Period
-----------------------------------------------------------------
Key Plastics LLC filed with the U.S. Bankruptcy Court for the
District of Delaware on Feb. 9, 2009, its monthly operating report
for the period December 16, 2008, through December 31, 2008.

For the period, Key Plastics LLC reported a net cash outflow of
$2,286,000:

     Beginning Cash Balance          $5,386,000

     Receipts                        $3,969,000
     Disbursements                    6,255,000
                                     ----------
     Net cash flow                  ($2,286,000)

     Ending Cash Balance             $3,100,000

For the period, Key Plastics LLC reported a net loss of $767,000
on net revenues of $1,982,000.

At Dec. 31, 2008, Key Plastics LLC had $135,895,000 in total
assets, $153,279,000 in total liabilities, resulting in a
$17,385,000 stockholders' deficit.

A full-text copy of Key Plastic LLC's monthly operating report for
the period December 16, 2008, through December 31, 2008, is
available at:

       http://bankrupt.com/misc/KeyPlasticsDec16-31MOR.pdf

                        About Key Plastics

Headquartered in Northville, Michigan, Key Plastics LLC --
http://www.keyplastics.com/-- supplies plastic components to the
automotive industry.  The company has 24 manufacturing facilities
located in the United States, Canada, Mexico, Germany, Portugal,
Spain, the Czech Republic, France, Slovakia, Italy and China.
According to Bloomberg News, the company filed for bankruptcy in
March 23, 2000, in Detroit and emerged a year later under the
ownership of private-equity firm Carlyle.

The company and Key Plastics Finance Corp. filed separate
petitions for Chapter 11 relief on Dec. 15, 2008 (Bankr. D. Del.
Case Lead Case No. 08-13324).  Mark D. Collins, Esq., at Richards
Layton & Finger PA; and Stephen A. Youngman, Esq., and Martin A.
Sosland, Esq., at Weil, Gotschall & Manges LLP, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed assets and debts
between $100 million and $500 million each.

As reported in the Troubled Company Reporter on Feb 10, 2009, the
Court confirmed on Jan. 29, 2009, the Debtors' prepackaged plan,
concluding the Key Plastics' second trek through Chapter 11.


LANDSOURCE COMMUNITIES: Files Operating Report for November 2008
----------------------------------------------------------------

           LandSource Communities Development, LLC
                 Consolidated Balance Sheet
                   As of November 30, 2008

Assets

  Cash                                             $13,861,667
  Receivables                                       23,687,377
  Inventories                                    1,385,170,071
  Operating Properties, net                         85,855,430
  Investment in unconsolidated entities             21,345,348
  Other assets                                      45,856,518
                                                --------------
     Total Assets                               $1,575,776,411
                                                ==============
Liabilities and Members' Capital

Liabilities

Prepetition
  Debt- Principal                                  246,414,305
  Debt - Accrued interest                           17,836,566
  Accounts payable                                  29,958,054
  Golf Course/Other Deposits                         7,697,637
  Payables to affiliates                            58,818,822
  Refundable Deposits owed affiliate                26,469,916
  Tenant deposits                                      463,797
  Other                                              4,036,574
                                                   -----------
     Sub-total                                     391,695,671

Postpetition
  Accounts payable                                   4,539,018
  Property tax accrual                               3,780,821
  Other                                                856,265
  Payable to affiliates                              1,283,438
                                                  ------------
     Sub-total                                      10,459,542

Others
  Debt- DIP Revolver                                52,070,333
  Debt - DIP Term Roll-Up                        1,055,056,610
  Development accruals                              30,107,083
  Accrued Employee Related Benefits                  8,109,443
  Non-qualified Pension Plan Accruals                5,098,371
  Reserves - school fees                            13,570,689
  Reserves - energy remediation                      2,064,763
  Non-refundable deposits                           29,840,447
  Deferred Revenue                                  61,256,265
  Other                                              7,935,701
                                                 -------------
     Sub-total                                   1,265,109,705
                                                 -------------
  Members' Capital                                 (91,488,508)
                                                --------------
  Total Liabilities and Members' Capita         $1,575,776,410
                                                ==============

           LandSource Communities Development, LLC
            Consolidated Statements of Operations
                Month Ended November 30, 2008

Statistical Information
  Homesites sold to related parties                          0
  Homesites sold to third parties                            0
  Acreage sold to related parties                            0
  Acreage sold to third parties                              0
  Homes sold to third parties                                0
                                                     ---------
Land Sale Operations
  Sales related parties                             $6,310,022
  Sales to third parties                             1,390,707
                                                     ---------
     Total Land Sale Revenue                         7,700,729
                                                     ---------
  Cost of sales to related parties                   5,508,740
  Cost of sales to third parties                       234,491
                                                     ---------
     Total Cost of Land Sales                        5,743,231
                                                     ---------
Gross Margin on Land Sales Operations                1,957,498
                                                     ---------
Home Sale Operations
  Sales                                                      0
  Cost of sales                                              0
                                                     ---------
Gross Margin on Home Sale Operations                         0
                                                     ---------
Operating Cost and Expenses
  Field, selling, general & administration           5,537,824
  Management fees to related parties                   466,667
                                                     ---------
     Total Operating Costs and Expenses              6,004,491
                                                     ---------
Other Operations, net
  Equity in earnings of unconsolidated                (236,244)
  Rental operations                                    312,838
  Valencia Water Company                                     0
  Club operations                                      (82,800)
  Interest income                                        2,477
  Interest expense                                  (6,453,933)
  Loss on debt restructuring                                 0
  Loss on interest rate swap termination                     0
  Miscellaneous                                        838,697
                                                    ----------
     Total Other Operations, net                    (5,618,965)
                                                    ----------
Net Earnings (Loss)                                ($9,665,958)
                                                    ==========

            LandSource Communities Development, LLC
   Consolidated Schedule of Cash Receipts and Disbursements
                 Month Ended November 30, 2008

Net Operating Cash Flow
  Housing revenue                                           $0
  Commercial Revenue                                 2,274,437
  Other                                                      0
  Option deposits                                            0
  Less: Closing Costs                                        0
                                                     ---------
     Total Operating Inflows                         2,274,437
                                                     ---------
Operating Cash Outflows
  Master improvements & CFDs                        (7,119,125)
  Property tax                                      (3,108,645)
  General & Administrative                          (2,318,534)
  Other                                               (451,772)
  Management fees                                     (466,667)
                                                    ----------
     Total Operating Outflows                      (13,464,743)
                                                    ----------
     Total Net Operating Cash Flow                 (11,190,306)

Bankruptcy Disbursements
  Bankruptcy Payments
  Utility Deposits                                           0
  Mechanic's liens/Other                                     0
                                                    ----------
     Total Bankruptcy Payments                               0
                                                    ----------
DIP Interest and Fees
  DIP Facility interest                               (300,670)
  Undrawn fee                                          (44,506)
  DIP Facility fees                                          0
                                                     ---------
     Total DIP Interest and Fees                      (345,176)

  Restructuring professionals                       (2,395,271)

     Total Bankruptcy Disbursements                 (3,280,447)
                                                    ----------
     Total Net Cash Flow                          ($14,470,754)
                                                   ===========

Disbursement Per Debtor

  LandSource Communities Development, LLC           $1,618,893
  California Land Company                                    0
  Friendswood Development Company, LLC                  74,012
  Lennar Land Partners II                                    0
  Kings Wood Development Company, L.C.                       0
  LSC Associates, LLC                                        0
  Lennar Mare Island, LLC                              756,995
  LandSource Communities Development Su                      0
  Lennar Moorpark, LLC                                      63
  Lennar Stevenson Holdings, LLC                             0
  The Newhall Land and Farming Company                       0
  LandSource Holding Company, LLC                    6,543,358
  LNR-Lennar Washington Square, LLC                  2,341,571
  Lennar Bressi Ranch Venture, LLC                           0
  The Newhall Land and Farming Company
  (a California Limited Partnership)                 5,080,966
  NWI-IL GP, LLC                                             0
  Tournament Players Club at Valencia,                 300,705
  Southwest Communities Development, LL                 10,105
  Valencia Corporation                                       0
  Stevenson Ranch Venture, LLC                          18,524
  Valencia Realty Company                                    0
                                                   -----------
     Total Disbursement                            $16,745,192
                                                   ===========

Schedule of Professional Fees and Expenses Paid:

                                                   Total Fees
Professional                                       and Expenses
------------                                       ------------
Bilzin, Sumberg, Baena, Price & Axelrod, LLP           $64,554
Gatzke, Dillon & Balance, LLP                          165,870
Mitchell Silberberg & Knupp LLP                        287,375
Pachulski Stang Ziehl & Jones LLP                      463,894
Paul, Hastings, Janofsky & Walker LLP                   44,688
Richards, Layton & Finger, P.A.                        166,136
Sitric and Company, Inc.                                38,338
Weil, Gotshal & Manges LLP                           2,024,755
Xroads Solutions Group, LLC                            210,628
                                                    ----------
                                                    $3,466,238
                                                    ==========

                   About LandSource Communities

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

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

According to the Troubled Company Reporter on May 22, 2008,
LandSource sought help from its lender consortium to restructure
$1.24 billion of its debt.  LandSource engaged a 100-bank lender
group led by Barclays Capital Inc., which syndicates LandSource's
debt.  LandSource had received a default notice on that debt from
the lender group after it was not able to timely meet its payments
during mid-April.  However, LandSource failed to reach an
agreement with its lenders on a plan to modify and restructure its
debt, forcing it to seek protection from creditors.  (LandSource
Bankruptcy News, Issue No. 19; http://bankrupt.com/newsstand/or
215/945-7000).


LANDSOURCE COMMUNITIES: Files Operating Report for December 2008
----------------------------------------------------------------

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

Assets

  Cash                                             $10,206,898
  Receivables                                       23,124,268
  Inventories                                    1,372,799,270
  Operating Properties, net                         85,779,683
  Investment in unconsolidated entities             21,058,574
  Other assets                                      46,391,665
                                               ---------------
     Total Assets                               $1,559,360,358
                                               ===============
Liabilities and Members' Capital

Liabilities

Prepetition
  Debt- Principal                                  244,000,000
  Debt - Accrued interest                           19,719,900
  Accounts payable                                  30,507,497
  Golf Course/Other Deposits                         7,618,397
  Payables to affiliates                            59,182,661
  Refundable Deposits owed affiliate                26,469,916
  Tenant deposits                                      463,797
  Other                                              4,002,817
                                               ---------------
     Sub-total                                     391,964,985

Others
  Accounts Payable                                   7,737,589
  Property Tax Accrual                               1,149,514
  Payables To Affiliates                             1,291,516
  Debt- DIP Revolver                                70,672,711
  Debt - DIP Term Roll-Up                        1,063,035,475
  DIP - Principal (Florida CDD Series B)             2,414,305
  Development accruals                              25,696,621
  Professional Fee Accruals                          8,740,236
  Accrued Employee Related Benefits                  6,383,700
  Non-qualified Pension Plan Accruals                4,967,183
  Reserves - school fees                             5,409,011
  Reserves - energy remediation                      2,094,512
  Non-refundable deposits                           29,840,447
  Deferred Revenue                                  59,761,747
  Other                                              4,380,833
                                               ---------------
     Sub-total                                   1,293,575,400
                                               ---------------
  Members' Capital                                (126,180,027)
                                               ---------------
  Total Liabilities and Members' Capital        $1,559,360,358
                                               ===============

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

Statistical Information
  Homesites sold to related parties                          7
  Homesites sold to third parties                            1
  Acreage sold to related parties                            0
  Acreage sold to third parties                              0
  Homes sold to third parties                                0

Land Sale Operations
  Sales related parties                             $1,335,285
  Sales to third parties                             1,037,961
                                               ---------------
     Total Land Sale Revenue                         2,373,246

  Cost of sales to related parties                   1,423,513
  Cost of sales to third parties                    (4,663,408)
  Lost on Impaired Real Estate Investors            14,191,324
                                               ---------------
     Total Cost of Land Sales                       10,951,429
                                               ---------------
Gross Margin on Land Sales Operations               (8,578,183)

Home Sale Operations
  Sales                                                      0
  Cost of sales                                              0
                                               ---------------
Gross Margin on Home Sale Operations                         0

Operating Cost and Expenses
  Field, selling, general & administration         (11,426,463)
  Management fees to related parties                   466,667
                                               ---------------
     Total Operating Costs and Expenses            (10,959,796)

Other Operations, net
  Equity in earnings of unconsolidated entities        (48,740)
  Rental operations                                    315,158
  Valencia Water Company                                     0
  Club operations                                     (589,668)
  Interest income                                       12,910
  Interest expense                                 (10,936,364)
  Loss on debt restructuring                                 0
  Loss on interest rate swap termination                     0
  Miscellaneous                                        387,729
                                               ---------------
     Total Other Operations, net                   (10,858,975)
                                               ---------------
  Earnings (Loss) Before Reorganization             (8,477,363)
  Reorganization Expenses                           26,214,157
                                               ---------------
Net Earnings (Loss)                                $34,691,520
                                               ===============

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

Net Operating Cash Flow
  Housing revenue                                     $328,945
  Commercial Revenue                                 3,470,966
  Other                                                      0
  Option deposits                                            0
  Less: Closing Costs                                        0
                                               ---------------
     Total Operating Inflows                         3,799,911

Operating Cash Outflows
  Master improvements & CFDs                       (11,373,709)
  Property tax                                      (4,538,838)
  General & Administrative                          (1,685,293)
  Other                                                (98,693)
  Management fees                                     (466,667)
                                               ---------------
     Total Operating Outflows                      (18,163,200)

Net Operating Cash Flow
     Total Net Operating Cash Flow                 (14,363,289)

Bankruptcy Disbursements
  Bankruptcy Payments
  Utility Deposits                                           0
  Mechanic's liens/Other                                     0
                                               ---------------
     Total Bankruptcy Payments                               0

DIP Interest and Fees
  DIP Facility interest                               (533,152)
  Undrawn fee                                          (36,141)
  DIP Facility fees                                   (100,000)
                                               ---------------
     Total DIP Interest and Fees                      (669,293)

  Restructuring professionals                       (4,847,828)
                                               ---------------
     Total Bankruptcy Disbursements                 (5,517,122)
                                               ---------------
     Total Net Cash Flow                          ($19,880,411)
                                               ===============

Disbursement Per Debtor
  LandSource Communities Development, LLC           $3,128,319
  California Land Company                                    0
  Friendswood Development Company, LLC                  55,284
  Lennar Land Partners II                              278,587
  Kings Wood Development Company, L.C.                       0
  LSC Associates, LLC                                        0
  Lennar Mare Island, LLC                            1,036,542
  LandSource Communities Development Sub                     0
  Lennar Moorpark, LLC                                       0
  Lennar Stevenson Holdings, LLC                             0
  The Newhall Land and Farming Company                       0
  LandSource Holding Company, LLC                    4,065,135
  LNR-Lennar Washington Square, LLC                  2,671,132
  Lennar Bressi Ranch Venture, LLC                           0
  The Newhall Land and Farming Company              11,735,438
  (a California Limited Partnership)
  NWI-IL GP, LLC                                             0
  Tournament Players Club at Valencia, LLC             765,735
  Southwest Communities Development, LLC               136,731
  Valencia Corporation                                       0
  Stevenson Ranch Venture, LLC                         105,042
  Valencia Realty Company                                    0
                                               ---------------
     Total Disbursement                            $23,977,945
                                               ===============

                   About LandSource Communities

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

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

According to the Troubled Company Reporter on May 22, 2008,
LandSource sought help from its lender consortium to restructure
$1.24 billion of its debt.  LandSource engaged a 100-bank lender
group led by Barclays Capital Inc., which syndicates LandSource's
debt.  LandSource had received a default notice on that debt from
the lender group after it was not able to timely meet its payments
during mid-April.  However, LandSource failed to reach an
agreement with its lenders on a plan to modify and restructure its
debt, forcing it to seek protection from creditors.  (LandSource
Bankruptcy News, Issue No. 19; http://bankrupt.com/newsstand/or
215/945-7000).


PROPEX INC: Files Monthly Operating Report for December 2008
------------------------------------------------------------

                          Propex Inc.
         Unaudited Condensed Consolidated Balance Sheet
                    As of December 28, 2008

ASSETS:
Current Assets:
   Cash and cash equivalents                       $58,300,000
   Restricted Cash                                     600,000
   Accounts Receivable, net                         54,900,000
   Accounts Receivable claims - prepetition                  0
   Inventories, net                                 79,700,000
   Deferred income taxes                             8,700,000
   Prepaid expenses and other current assets        18,200,000
   Assets held for sale                              6,200,000
                                                  ------------
Total current assets                               226,600,000

Other assets:
   Goodwill                                                  0
   Intangible assets, net                           16,000,000
   Deferred income taxes                                     0
   Investment in subsidiaries                                0
   Intercompany notes receivable                             0
   Other assets                                      7,000,000
                                                  ------------
Property, plant and equipment, net                 190,700,000
                                                  ------------
Total assets                                      $440,300,000
                                                  ============

LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Prepetition
   Accounts payable                                  8,000,000
   Accrued liabilities                               1,000,000
   Current portion of debt and accrued interest    382,200,000
   Accrued pension obligations                               0
   Restructuring and other similar costs               700,000
   Other current liabilities                           300,000
Postpetition
   Accounts payable                                 12,700,000
   Accrued liabilities                              15,300,000
   Current portion of debt and accrued interest     37,600,000
   Accrued pension obligations                               0
   Restructuring and other similar costs               800,000
   Other current liabilities                           900,000
                                                  ------------
Total current liabilities                          459,500,000

Non-current liabilities:
Prepetition
   Accrued pension and other postretirement
   benefit liabilities                              16,500,000
   Other  non-current liabilities                            0
Postpetition
   Intercompany notes payable                                0
   Debt, less current portion                                0
   Deferred income taxes                            11,300,000
   Accrued pension and other postretirement
   benefit liabilities                              26,600,000
   Other non-current liabilities                     2,100,000
                                                  ------------
  Total non-current liabilities                     56,500,000

  Total stockholder's equity
   Common stock                                              0
   Paid-in capital                                  96,400,000
   Accumulated other comprehensive income           (5,100,000)
   Retained earnings - prior year                  (84,800,000)
   Retained earnings - current year                (82,200,000)
                                                  ------------
  Total stockholder's equity                       (75,700,000)
                                                  ------------
Total Liabilities and stockholder's equity       $440,300,000
                                                  ============

                          Propex Inc.
   Unaudited Condensed Consolidated Statements of Operations
               For Month Ended December 28, 2008

Net revenue                                        $20,100,000
Cost of sales                                       26,000,000
                                                  ------------
   Gross profit                                     (5,900,000)
Operating expenses:
   Selling, general and administrative               4,000,000
   Other(income) expense, net                                0
   Add Back depreciation and amortization            1,000,000

EBITDA                                             (8,900,000)
   Depreciation & Amortization                       1,000,000
   Interest expense                                  1,800,000
   Restructuring and similar costs                   1,000,000
   Non-cash pension and other expense                        0
   Other non-operating expense(income)
     Impairment of property, plant and equipment             0
     Pension curtailment(gain), net of settlement loss       0
     Debt forgiveness                                        0
     Other                                                   0
   Equity(income) loss from sub-earnings                     0
                                                  ------------
  Income(loss) before income taxes                 (12,700,000)
     Income tax provision (benefit)                   (600,000)
                                                  ------------
Net income (loss)                                ($12,100,000)
                                                  ============

                          Propex Inc.
                    Statement of Cash Flows
               For Month Ended December 28, 2008

Cash flows from operating activities
  Net income(loss)                                ($12,100,000)
  Adjustments to reconcile, net income to net cash
  provided by (used) in operating activities:
   Depreciation and amortization                     1,100,000
   Non-cash interest on debt                                 0
   Amortization of bank fees                                 0
   Net gain on dispositions of property and
   and equipment                                       500,000
   Stock-based compensation                                  0
   Impairment of property, plant and equipment               0
   Impairment of goodwill                                    0
   Impairment of intangibles                                 0
   Pension and post-retirement benefit cost            200,000
   Deferred income taxes                                     0
  Changes in operating assets and liabilities
   Decrease(increase) in assets-prepetition                  0
   Decrease(increase) in assets-postpetition        28,100,000
   (Decrease) increase in liabilities-prepetition            0
   (Decrease)increase in liabilities-postpetition   (8,300,000)
                                                  ------------

Net cash provided (used) by operating activities    9,500,000
Cash flows from investing activities
   Capital expenditures                               (600,000)
   Proceeds from sale of property and equipment              0
   Acquisition of business(net of cash acquired)             0
                                                  ------------
     Net cash used in investing activities            (600,000)
Cash flows from financing activities
   Payments of long-term debt principal                      0
   Proceeds from issuance of debt                            0
   Debt issuance costs                                       0
   Dividends                                                 0
   Net receipts from unconsolidated parent company           0
   Activity with Affiliates                           (400,000)
                                                  ------------
Net cash provided by (used in) financing activities  (400,000)
   Effect of changes in foreign exchange rates on
    cash and cash equivalents                         (200,000)
                                                  ------------
Change in cash and cash equivalents                 8,300,000
                                                  ------------
  Cash and cash equivalents-beginning period        50,000,000
                                                  ------------
  Cash and cash equivalents- end period            $58,300,000
                                                  ============

                       About Propex Inc.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex operates in North
America, Europe, and Brazil.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249).  The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

Propex Inc., and its affiliates delivered to the Court a Joint
Plan of Reorganization and Disclosure Statement on October 29,
2008.  Propex's exclusive period to solicit acceptances of the
Plan expires Dec. 29, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

The Debtors have filed their Disclosure Statement and Plan of
Reorganization on October 29, 2008.

Bankruptcy Creditors' Service, Inc., publishes Propex Bankruptcy
News.  The newsletter tracks the chapter 11 proceedings
undertaken by Propex Inc. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


SHARPER IMAGE: Files Monthly Operating Report for December 2008
---------------------------------------------------------------

                      Sharper Image Corp.
                         Balance Sheet
                    As of December 31, 2008

ASSETS
Current assets:
  Unrestricted Cash and Equivalents                 $5,569,904
  Restricted Cash and Equivalents                            -
  Trade Accounts Receivable, net                       240,315
  Other Accounts Receivable (Credit cards etc.)        130,946
  Other Accounts Receivable (Subject to set-off
     against AP and accrued liabilities              2,871,583
  Notes Receivable                                           -
  Inventories                                                -
  Prepaid Expenses                                   1,815,921
  Professional Retainers                                     -
  Deferred Income Taxes/Prepaid Income Taxes        17,027,307
  Debit balances in AP                               1,112,632
                                                  ------------
Total current assets                                28,768,608

Property and Equipment:
  Real Property and Improvements                             -
  Machinery and Equipment                                    -
  Furniture, Fixtures and Office Equipment                   -
  Leasehold Improvements                                     -
  Vehicles                                                   -
  Work In Progress                                           -
  Less: Accumulated Depreciation                             -
                                                  ------------
Total Property and Equipment                                 -

Other assets:
  Loans to Insiders                                          -
  Other Assets                                       5,757,110
                                                  ------------
Total Assets                                       $34,525,718
                                                  ============

LIABILITIES AND OWNER'S EQUITY
Liabilities not subject to Compromise (Post)
  Accounts Payable                                 ($7,113,254)
  Taxes Payable                                       (718,337)
  Wages Payable                                              -
  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                (525,000)
  Licensing advances received postpetition          (1,012,500)
  Other Postpetition Liabilities                             -
                                                  ------------
Total Postpetition Liabilities                     (20,452,441)

Liabilities not subject to Compromise (Pre)
  Secured Debt - Line of credit                              -
  Secured Debt - Other                                       -
  Priority Debt                                              -
  Unsecured Debt (Accounts Payable)                (47,183,993)
  Expense Accruals and Other Liabilities            (4,284,453)
  Short Term Liabilities                            (3,554,215)
  Deferred (GAAP) rent/landlord allowances etc        (526,174)
  Deferred Tax (Liability)/Asset                    91,920,506
  Deferred Revenue (Gift cards and Royalties)      (33,789,666)
  Other Reserves and allowances                     (2,694,423)
                                                  ------------
Total Prepetition Liabilities                         (112,419)
                                                  ------------
Total Liabilities                                  (20,564,860)

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                  39,480,462
                                                  ------------
Net Owner's Equity                                 (13,960,858)
                                                  ------------
Total Liabilities and Owner's Equity              ($34,525,718)
                                                  ============

                      Sharper Image Corp.
                    Statement of Operations
              For Month Ended December 31, 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                                       5,770
  Less: Ending Inventory                                     -
  Cost of Goods Sold                                     5,770
                                                 -------------
  Gross Profit                                          (5,770)

Operating Expenses:
  Advertising                                                -
  Auto and Truck Expense                                     -
  Bad Debts                                             54,389
  Contributions                                              -
  Employee Benefit Programs                             (3,776)
  Insider Compensations                                      -
  Insurance                                             33,971
  Management Fees/Bonuses                                    -
  Office Expense                                             -
  Pension & Profit-Sharing Plans                             -
  Repairs and Maintenance                                   88
  Rent and Lease Expense                                 3,952
  Salaries/Commissions/Fees                             31,667
  Supplies                                                   -
  Taxes- Payroll                                         5,697
  Taxes- Real Estate                                         -
  Taxes- Other                                          81,608
  Travel and Entertainment                                   -
  Utilities                                             11,829
  Other                                                256,518
                                                  ------------
  Total Operating Expense Before Depr.                 475,942
  Depreciation/Depletion/Amortization                        -
                                                  ------------
Net Profit (Loss)
    Before Other Income & Expenses                    (481,711)

Other Income and Expenses:
  Licensing Income                                           -
  Interest Expense                                           -
  Deferred Comp balance                                (16,315)
  Other Expense                                              -
                                                  ------------
  Net Profit (Loss)                                   (498,027)
    Before Reorganization Items

Reorganization Items:
  Professional Fees                                    963,676
  US Trustee Quarterly Fees                                  -
  Interest Earned on Accm Case                               -
  Gain (Loss) from sale of assets                    1,012,793
  Other Reorganization Expense                         701,133
                                                  ------------
  Total Reorganization Expenses                      2,677,602
                                                  ------------
  Net Profit (Loss)
    Before Income Taxes (Benefit)                   (3,175,629)
  Income Taxes (Benefit)                               (23,160)
                                                  ------------
  Net Profit (Loss)                                ($3,152,469)
                                                  ============

                      Sharper Image Corp.
                    Statement of Cash Flows
               For Month Ended December 31, 2008

Opening Balance                                     $4,079,876

Receipts
  Cash Sales (from stores)                                   -
  Credit Card Settlements                              157,073
  Other Settlements                                         81
  Accounts Receivable                                    1,550
  Sale of Assets                                       949,638
  Interest/Dividend Income                                (201)
  Tax Refunds Received                                  38,371
  Collections from vendors                             522,989
  Mail Order/License Deposits, Other Deposits          (14,861)
                                                 -------------
  Total Receipts                                     1,654,639

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                         1,654,639

Disbursements
  Liquidator Reimbursements                                  -
  Net Payroll                                           21,203
  Payroll Taxes                                         11,336
  401k                                                       -
  Employee Benefits                                          -
  Sales, Use & Other Taxes                              15,871
  Inventory Purchases                                        -
  Secured/Rental/Leases                                  7,575
  Insurance                                                705
  Administrative                                        13,382
  Selling                                                    -
  Bank/Credit Card Fees/Sales audit adjs                24,505
  Refund checks issued (net of stop payments)                -
  Other                                                      -
  Customs/Duties/Freight                                     -
  Interest and LC fees                                       -
  Professional Fees                                     70,033
  US Trustee Quarterly Fees                                  -
  Court Costs                                                -
                                                 -------------
  Total Disbursements                                  164,611
                                                  ------------
Net Cash Flow                                       $1,490,028
                                                  ============

                       Terraillon Reacts

Michael J. Flaherty, corporate secretary of Terraillon
Corporation, complains that the Debtor's operating report for the
month ended December 31, 2008, misstated the amounts owed to his
firm.  According to Mr. Flaherty, the full amount owed to the
Company for postpetition sales is $27,000.

The operating report, Mr. Flaherty complains, incorrectly
indicates a reduction or credit associated with the sales for
$5,211.  Terraillon denies that any reduction or credit is due on
the sales and asked the full amount of debt to be correctly
stated in the filing.

Terraillon is a vendor of goods to the Debtor.

                   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. 27; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


TRIBUNE CO: Files Monthly Operating Report for December 2008
------------------------------------------------------------

                    Tribune Company, et al.
               Condensed Combined Balance Sheet
                   As of December 28, 2008

                            ASSETS

Current Assets:
  Cash and cash equivalents                        $561,711,000
  Accounts receivable, net                           87,494,000
  Inventories                                        34,311,000
  Broadcast rights                                  225,714,000
  Prepaid expenses and other                         80,398,000
                                                ---------------
Total current assets                                989,628,000

Property, plant and equipment, net                1,373,209,000

Other Assets:
  Broadcast rights                                  207,473,000
  Goodwill & other tangible assets                3,166,533,000
  Prepaid pension costs                                 851,000
  Investments in non-debtor subsidiaries          1,192,279,000
  Other investments                                  16,523,000
  Intercompany receivables from non-debtors       4,969,622,000
  Other                                              99,896,000
                                                ---------------
Total Assets                                    $12,016,014,000
                                                ===============

LIABILITIES & SHAREHOLDERS' EQUITY

Current Liabilities:
  Accounts payable, accrued expenses and other     $247,490,000
                                                ---------------
Total current liabilities                           247,490,000

Pension obligations                                 204,481,000
Other obligations                                   227,378,000
                                                ---------------
Total Liabilities                                   679,349,000

Liabilities Subject to Compromise:
  Intercompany payables to non-debtors            4,583,275,000
  Obligations to third parties                   13,964,520,000
                                                ---------------
Total Liabilities Subject to Compromise          18,547,795,000

Shareholders' Equity (Deficit)                   (7,211,130,000)

Total Liabilities & Shareholders' Equity        $12,016,014,000
                                                ===============

                       Tribune Company, et al.
             Condensed Combined Statement of Operations
                For the Period Dec. 8 through 28, 2008

Total Revenue                                      $212,974,000

Operating Expenses:
  Cost of sales                                     114,967,000
  Selling, general and administrative                84,233,000
  Depreciation                                       17,765,000
  Amortization of intangible assets                   1,397,000
                                                ---------------
Total operating assets                              218,362,000

Operating Loss                                       (5,388,000)

Net loss on equity investments                      (16,612,000)
Interest income, net                                 14,421,000
Management fee                                         (997,000)
Non-operating loss, net                              (7,179,000)
                                                ---------------
Loss before income taxes & reorganization costs     (15,755,000)

Reorganization costs                               (940,022,000)
                                                ---------------
Loss before income taxes                           (955,777,000)

Income taxes                                          8,640,000
                                                ---------------
Net loss                                          ($947,137,000)
                                                ===============

                      Tribune Company, et al.
              Combined Schedule of Operating Cash Flow
               For the Period Dec. 8 through 28, 2008

Beginning Cash Balance                             $324,749,000

Cash Receipts:
  Operating receipts                                185,741,000
  Other                                             149,805,000
                                                ---------------
Total Cash Receipts                                 335,546,000

Cash Disbursements
  Compensation and benefits                          61,662,000
  General disbursements                              50,105,000
  Reorganization, interest & fees                        52,000
                                                ---------------
Total Disbursements                                 111,819,000

Debtors' Net Cash Flow                              223,727,000

From/(To) Non-Debtors                                (3,876,000)
                                                ---------------
Net Cash Flow                                       219,851,000

Other                                                10,030,000

Ending Available Cash Balance                      $554,630,000
                                                ===============

                         About Tribune Co.

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.

Bankruptcy Creditors' Service, Inc., publishes Tribune
Bankruptcy News.  The newsletter tracks the chapter 11 proceeding
undertaken by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
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however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
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Each Tuesday edition of the TCR contains a list of companies with
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then-ending.

For copies of court documents filed in the District of Delaware,
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                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa,
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
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herein is obtained from sources believed to be reliable, but is
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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
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                   *** End of Transmission ***