/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/090228.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 28, 2009, Vol. 13, No. 58 Headlines ACCENTIA BIOPHARMA: Files Operating Report for January 2009 ACCENTIA BIOPHARMA: Biovest Int'l Files January Operating Report AMERICAN HOME: AHMSI's Monthly Operating Report for October 2008 AMERICAN HOME: AHMV's Monthly Operating Report for October 2008 AMERICAN HOME: Great Oak's Monthly Operating Report for October AMERICAN HOME: Homegate's Monthly Operating Report for October AMERICAN HOME: AHMIC's Monthly Operating Report for November 2008 AMERICAN HOME: AHM Corp.'s Monthly Operating Report -- November 30 AMERICAN HOME: AHMAI's Monthly Operating Report for November 2008 AMERICAN HOME: AHMSI's Monthly Operating Report for November 2008 AMERICAN HOME: Great Oak's Monthly Operating Report for November AMERICAN HOME: AHMV'S Monthly Operating Report for November 2008 AMERICAN HOME: Homegate's Monthly Operating Report for November AMERICAN HOME: AHMHI's Monthly Operating Report for November 2008 BUFFETS HOLDINGS: Monthly Operating Report -- Ended Jan. 14, 2009 INTERMET CORP: Files Monthly Operating Report for December 2008 KUSHNER LOCKE: Posts $112,891 Net Loss in November 2008 KUSHNER LOCKE: Posts $82,217 Net Loss in December 2008 LEVITT & SONS: Files Monthly Operating Report for January 2009 SEMGROUP LP: Debtors' Monthly Operating Report for December 2008 TVIA INC: Posts $70,074 Net Loss in Month Ended January 31, 2009 ********* ACCENTIA BIOPHARMA: Files Operating Report for January 2009 ----------------------------------------------------------- Accentia Biopharmaceuticals, Inc., and certain of its debtor- affiliates filed with the U.S. Bankruptcy Court for the Middle District of Florida on Feb. 20, 2009, their unaudited combined monthly operating report for the period Jan. 1, 2009, through Jan. 31, 2009. Their schedule of receipts and disbursements for January 2009, showed: Funds at Jan. 1, 2009 $299,808.08 Total Receipts $356,530.78 Total Funds Available for Operations $656,338.86 Total Disbursements $333,917.14 Funds at Jan. 31, 2009 $322,421.72 A full-text copy of the Debtors' monthly operating report for January 2009 is available for free at: http://researcharchives.com/t/s?39e9 Headquartered in Tampa, Florida, Accentia BioPharmaceuticals Inc. (Nasdaq: ABPI) -- http://www.accentia.net/-- is a vertically integrated biopharmaceutical company focused on the development and commercialization of drug candidates that are in late-stage clinical development and typically are based on active pharmaceutical ingredients that have been previously approved by the FDA for other indications. The company's lead product candidate is SinuNase(TM), a novel application and formulation of a known therapeutic to treat chronic rhinosinusitis. Additionally, the company has acquired the majority ownership interest in Biovest International Inc. and a royalty interest in Biovest's lead drug candidate, BiovaxID(TM) and any other biologic products developed by Biovest. The company also has a specialty pharmaceutical business, which markets products focused on respiratory disease and an analytical consulting business that serves customers in the biopharmaceutical industry. Accentia Biopharmaceuticals and nine affiliates filed for Chapter 11 protection on November 10, 2008 (Bankr. M. D. Florida, Lead Case No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida, represent the Debtors as counsel. The Official Committee of Unsecured Creditors selected Paul J. Battista, Esq., at Genovese Joblove & Battista, P.A. as its counsel. Based in Tampa, Florida, Biovest International Inc. (OTC BB: BVTI) -- http://www.biovest.com/-- is a pioneer in the development of advanced individualized immunotherapies for life-threatening cancers of the blood system. Biovest is a majority-owned subsidiary of Accentia Biopharmaceuticals Inc., with its remaining shares publicly traded. Biovest International Inc.'s consolidated balance sheet at June 30, 2008, showed $5.9 million in total assets, $36.8 million in total liabilities, and $4.6 million in non-controlling interests in variable interest entities, resulting in a $35.5 million total stockholders' deficit. ACCENTIA BIOPHARMA: Biovest Int'l Files January Operating Report ---------------------------------------------------------------- Biovest International Inc. and certain of its debtor-affiliates filed with the U.S. Bankruptcy Court for the Middle District of Florida on Feb. 20, 2009, their unaudited combined monthly operating report for the period January 1, 2009, through January 31, 2009. Their schedule of receipts and disbursements for January 2009, showed: Funds at January 1, 2009 $388,488.25 Total Receipts $570,573.30 Total Funds Available for Operations $959,061.55 Total Disbursements $537,748.29 Funds at Jan. 31, 2009 $421,313.26 A full-text copy of Biovest International Inc. and its debtor- affiliates' monthly operating report for January 2009 is available for free at: http://researcharchives.com/t/s?39eb Headquartered in Tampa, Florida, Accentia BioPharmaceuticals Inc. (Nasdaq: ABPI) -- http://www.accentia.net/-- is a vertically integrated biopharmaceutical company focused on the development and commercialization of drug candidates that are in late-stage clinical development and typically are based on active pharmaceutical ingredients that have been previously approved by the FDA for other indications. The company's lead product candidate is SinuNase(TM), a novel application and formulation of a known therapeutic to treat chronic rhinosinusitis. Additionally, the company has acquired the majority ownership interest in Biovest International Inc. and a royalty interest in Biovest's lead drug candidate, BiovaxID(TM) and any other biologic products developed by Biovest. The company also has a specialty pharmaceutical business, which markets products focused on respiratory disease and an analytical consulting business that serves customers in the biopharmaceutical industry. Accentia Biopharmaceuticals and nine affiliates filed for Chapter 11 protection on November 10, 2008 (Bankr. M. D. Florida, Lead Case No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida, represent the Debtors as counsel. The Official Committee of Unsecured Creditors selected Paul J. Battista, Esq., at Genovese Joblove & Battista, P.A. as its counsel. Based in Tampa, Florida, Biovest International Inc. (OTC BB: BVTI) -- http://www.biovest.com/-- is a pioneer in the development of advanced individualized immunotherapies for life-threatening cancers of the blood system. Biovest is a majority-owned subsidiary of Accentia Biopharmaceuticals Inc., with its remaining shares publicly traded. Biovest International Inc.'s consolidated balance sheet at June 30, 2008, showed $5.9 million in total assets, $36.8 million in total liabilities, and $4.6 million in non-controlling interests in variable interest entities, resulting in a $35.5 million total stockholders' deficit. AMERICAN HOME: AHMSI's Monthly Operating Report for October 2008 ---------------------------------------------------------------- AHM SV, Inc., fka American Home Mortgage Servicing, Inc. Statement of Financial Condition As of October 31, 2008 Assets: Cash and cash equivalents $3,076,348 Restricted cash 1,570 Accounts receivable & servicing advances 9,301,464 Intercompany receivable 213,142,254 Premises and equipment, net - Investment in subsidiaries 9,727,945 Other assets 750,799 ------------ Total Assets $236,000,380 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit - Accrued expenses & other liabilities $6,004,781 Intercompany payable 131,146,603 Income taxes payable 1,786,225 ------------ Total Liabilities 138,937,609 Stockholders' Equity Additional paid-in capital 37,000,200 Retained earnings 60,062,571 Other comprehensive loss - ------------ Total Stockholders' Equity 97,062,771 ------------ Total Liabilities & Stockholders' Equity $236,000,380 ============ AHM SV, Inc., fka American Home Mortgage Servicing, Inc. Statement of Income Month Ended October 31, 2008 Net interest income: Interest income $0 Interest expense - Provision for loan losses - ------------ Net interest income after losses - Non-Interest Income: (Loss) Gain on mortgage loans - Loan servicing fees - Gain on sale of servicing platform - Other non-interest income (loss) - ------------ Non-interest income - Expenses Salaries, commissions & benefits, net (4) Occupancy and equipment (2,121) Data processing and communications - Office supplies and expenses - Marketing and promotion - Travel and entertainment - Professional fees 41,865 Other real estate operating expense - Other 9,279 ------------ Total expenses 49,019 Income (Loss) before income taxes (49,019) Income taxes - ------------ Net income (loss) ($49,019) ============ AHM SV also discloses that its cash as of October 1, 2008, was $3,075,793. Since it received $2,125 from administration, AHM SV's cash at the end of October increased to $3,077,918. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. American Home filed a de-consolidated plan of liquidation on Aug. 15, 2008. (American Home Bankruptcy News; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMV's Monthly Operating Report for October 2008 --------------------------------------------------------------- American Home Mortgage Ventures, LLC Statement of Financial Condition As of October 31, 2008 Assets: Cash and cash equivalents $623,049 Intercompany receivable - Premises and equipment, net 2,200 Other assets 568 ------------ Total Assets $625,817 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities - Intercompany payable 168,282 ------------ Total Liabilities 168,282 Stockholders' Equity Additional paid-in capital 395,500 Retained earnings 62,035 Other comprehensive loss - ------------ Total Stockholders' Equity 457,535 ------------ Total Liabilities & Stockholders' Equity $625,817 ============ American Home Mortgage Ventures, LLC Statement of Income Month Ended October 31, 2008 Non-Interest Income: Fee income $0 ------------ Non-interest income - Expenses Salaries, commissions & benefits, net - Occupancy and equipment - Data processing and communications - Marketing and promotion - Travel and entertainment - Professional fees 650 Other - ------------ Total expenses 650 Loss before income taxes (650) Income taxes - ------------ Net loss ($650) ============ AHM Ventures also discloses that its cash as of October 1, 2008, was $613,049. Since AHM Ventures received $10,000 from administration, its cash at the end of the month increased to $623,049. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 15, 2008. (American Home Bankruptcy News; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Great Oak's Monthly Operating Report for October --------------------------------------------------------------- Great Oak Abstract Corp. Statement of Financial Condition As of October 31, 2008 Assets: Cash and cash equivalents $380,941 Accounts receivable 36,615 Intercompany receivable 693,132 Premises and equipment, net 5,339 Other assets 104,800 ------------ Total Assets $1,220,827 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities $76,743 ------------ Total Liabilities 76,743 Stockholders' Equity Additional paid-in capital 95,520 Retained earnings 1,048,564 Other comprehensive loss - ------------ Total Stockholders' Equity 1,144,084 ------------ Total Liabilities & Stockholders' Equity $1,220,827 ============ Great Oak also reports that its cash at the start of October was $308,941. Since there was no transaction for the whole month, its cash is still $308,941 as of October 31, 2008. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 15, 2008. (American Home Bankruptcy News; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 15, 2008. (American Home Bankruptcy News; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Homegate's Monthly Operating Report for October -------------------------------------------------------------- Homegate Settlement Services, Inc. Statement of Financial Condition As of October 31, 2008 Assets: Cash and cash equivalents $209,659 Restricted cash - Intercompany receivable - Premises and equipment, net 233,715 Other assets - ------------ Total Assets $443,374 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities $2,552,889 Intercompany payable 9,032,737 Income taxes payable - ------------ Total Liabilities 11,585,626 Stockholders' Equity Additional paid-in capital 250,000 Retained earnings (11,392,252) Other comprehensive loss - ------------ Total Stockholders' Equity (11,142,252) ------------ Total Liabilities & Stockholders' Equity $443,374 ============ Homegate Settlement Services, Inc. Statement of Income Month Ended October 31, 2008 Non-Interest Income: Tax service income (fees) $0 ------------ Non-interest income - Expenses Salaries, commissions & benefits, net - Marketing and promotion - Professional fees 325 Other 80 ------------ Total expenses 405 Income (Loss) before income taxes (405) Income taxes - ------------ Net loss ($405) ============ Homegate Settlement also discloses that its cash as of October 1, 2008, was $209,659. Since there was no transaction for the whole month, Homegate Settlement's cash at the end of October is still $209,659. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 15, 2008. (American Home Bankruptcy News; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMIC's Monthly Operating Report for November 2008 ----------------------------------------------------------------- American Home Mortgage Investment Corp. Statement of Financial Condition As of November 30, 2008 Assets: Cash and cash equivalents $14,858,374 Restricted cash 150,799,967 Accounts receivable 3,700,171 Intercompany receivable 1,326,590,524 Securities 1,136,724,960 Derivative assets - Investment in subsidiaries (991,366,370) Other assets - -------------- Total Assets $1,641,307,626 ============== Liabilities and Stockholders' Equity Liabilities: Reverse repurchase agreements - Junior subordinated note $180,416,000 Derivative liabilities 53,817,031 Accrued expenses & other liabilities 1,223,585,620 Intercompany payable 586,211,538 ------------- Total Liabilities 2,044,030,189 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 (1,595,169,792) Other comprehensive loss - ------------- Total Stockholders' Equity (402,722,563) -------------- Total Liabilities & Stockholders' Equity $1,641,307,626 ============== American Home Mortgage Investment Corp. Statement of Income Month Ended November 30, 2008 Net Interest Income: Interest income $44,174 Interest expense - ------------ Net interest income 44,174 Provision for loan losses - ------------ Net interest income after provision 44,174 for loan losses Non-Interest Income: Loss on mortgage loans - Loss on securities and derivatives - Gain (loss) from subsidiaries 44,141,189 Other non-interest income - ------------ Non-interest income 44,141,189 Other Data processing and communications - Office supplies and expenses (173) Professional fees 17 Other expenses - ------------ Total expenses (156) Income before income taxes 44,185,519 Income taxes - ------------ Net income $44,185,519 ============= American Home Mortgage Investment Corp. Schedule of Cash Receipts and Disbursements Month Ended November 30, 2008 Cash - Beginning of Month, 11/01/2008 $159,793,561 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances 118,873 Administrative 4,076,317 Net payroll - Other 1,881,254 Transfers (from DIP accounts) 444,466 ------------ Total Receipts 6,520,910 Disbursements: Net payroll 656,131 Payroll taxes - Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative - Selling - Other - Transfers (to DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 656,131 ------------ Net Cash Flow 5,864,779 ------------ Cash - End of Month - 11/30/08 $165,658,340 ============ About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 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 Monthly Operating Report -- November 30 ------------------------------------------------------------------ American Home Mortgage Corp. Statement of Financial Condition As of November 30, 2008 Assets: Cash and cash equivalents $28,094,225 Restricted cash 1,097,987 Accounts receivable 29,469,161 Intercompany receivable 697,707,642 Mortgage loans 35,673,463 Derivative assets 743,601 Mortgage servicing rights - Other real estate, net 31,319,730 Premises and equipment, net 19,835,756 Investment in subsidiaries 73,760,205 Other assets 8,194,809 ------------ Total Assets $925,896,579 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $54,739,553 Derivative liabilities 10,481,560 Accrued expenses & other liabilities 94,607,450 Intercompany payable 1,544,861,339 Notes payable 871,363 Income taxes payable 1,930,722 ------------- Total Liabilities 1,707,491,987 Stockholders' Equity Additional paid-in capital 153,195,272 Retained earnings (934,788,680) Other comprehensive loss - ------------ Total Stockholders' Equity (781,593,408) ------------ Total Liabilities & Stockholders' Equity $925,898,579 ============ American Home Mortgage Corp. Statement of Income Month Ended November 30, 2008 Net Interest Income: Interest income $309,293 Interest expense (5,373) ------------ Net interest income 303,920 Provision for loan losses - ------------ Net interest income after provision 303,920 for loan losses Non-Interest Income: Gain (loss) on mortgage loans 46,546,588 Loss (gain) on securities & derivatives - Loan servicing fees (7,587) Changes in fair value of MSR - Income (loss) from subsidiaries (104,163) Other non-interest (loss) income 1,000 ------------ Non-interest income 46,435,838 Expenses Salaries, commissions & benefits, net 931,307 Occupancy and equipment 103,493 Data processing and communications 16,038 Office supplies and expenses 19,034 Marketing and promotion (873) Travel and entertainment - Professional fees 2,458,606 Other real estate operating expense - Other (295,543) ------------ Total expenses 3,232,062 Income (Loss) before income taxes 43,507,696 Income taxes - ------------ Net income $43,507,696 ============ American Home Mortgage Corp. Schedule of Cash Receipts and Disbursements Month Ended November 30, 2008 Cash - Beginning of Month, 11/01/2008 $43,332,593 Receipts: Cash sales - Accounts receivable - Sale of assets 24,364 Loans and advances - Administrative - Net payroll - Other - Transfers (from DIP accounts) - ------------ Total Receipts 24,364 Disbursements: Net payroll 666 Payroll taxes - Sales, use & other taxes - Loans and advances 8,538,945 Inventory purchases - Secured/rental/leases - Insurance - Administrative 3,869,281 Selling - Other - Transfers (to DIP accounts) 1,755,850 Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 14,164,742 ------------ Net Cash Flow (14,140,378) ------------ Cash - End of Month - 11/30/08 $29,192,215 ============ About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 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 November 2008 ----------------------------------------------------------------- American Home Mortgage Acceptance, Inc. Statement of Financial Condition As of November 30, 2008 Assets: Cash and cash equivalents $312,772 Restricted cash - Accounts receivable & servicing advances 679,327 Intercompany receivable 517,059,825 Mortgage loans 3,652,867 Mortgage servicing rights - Other real estate, net 3,815,207 Investment in subsidiaries (25,699,498) Other assets - ------------ Total Assets $499,820,500 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $24,787,505 Accrued expenses & other liabilities 1,068,497 Intercompany payable 670,981,954 Income taxes payable - ------------ Total Liabilities 696,837,956 Stockholders' Equity Additional paid-in capital 40,298,920 Retained earnings (237,316,376) Other comprehensive loss - ------------ Total Stockholders' Equity (197,017,456) ------------ Total Liabilities & Stockholders' Equity $499,820,500 ============ American Home Mortgage Acceptance, Inc. Statement of Income Month Ended November 30, 2008 Net Interest Income: Interest income $23,157 Interest expense - ------------ Net interest income 23,157 Provision for loan losses - ------------ Net interest income after provision 23,157 for loan losses Non-Interest Income: Gain (Loss) on mortgage loans 27 Gain on securities & derivatives - Loan servicing fees - Changes in fair value of MSR - Income/Loss from subsidiaries (7,617) Other non-interest income - ------------ Non-interest income (loss) (7,590) Expenses Salaries, commissions & benefits, net (24,594) Office supplies and expenses - Marketing and promotion - Professional fees - Other real estate operating (income) expense - Other - ------------ Total expenses (24,594) Income before income taxes 40,161 Income taxes - ------------ Net income $40,161 ============ AHM Acceptance also discloses that its cash as of November 1, 2008, was $348,595. Since it paid $35,823 for loans and advances, AHM Acceptance's cash at the end of November decreased to $312,772. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. American Home filed a de-consolidated plan of liquidation on Aug. 15, 2008. (American Home Bankruptcy News; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMSI's Monthly Operating Report for November 2008 ----------------------------------------------------------------- AHM SV, Inc., fka American Home Mortgage Servicing, Inc. Statement of Financial Condition As of November 30, 2008 Assets: Cash and cash equivalents $2,801,640 Restricted cash 1,570 Accounts receivable & servicing advances 9,776,185 Intercompany receivable 212,949,986 Premises and equipment, net - Investment in subsidiaries 9,727,945 Other assets 750,799 ------------ Total Assets $236,008,125 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit - Accrued expenses & other liabilities $6,006,719 Intercompany payable 131,146,603 Income taxes payable 1,786,225 ------------ Total Liabilities 138,939,547 Stockholders' Equity Additional paid-in capital 37,000,200 Retained earnings 60,068,378 Other comprehensive loss - ------------ Total Stockholders' Equity 97,068,578 ------------ Total Liabilities & Stockholders' Equity $236,008,125 ============ AHM SV, Inc., fka American Home Mortgage Servicing, Inc. Statement of Income Month Ended November 30, 2008 Net interest income: Interest income $0 Interest expense - Provision for loan losses - ------------ Net interest income after losses - Non-Interest Income: (Loss) Gain on mortgage loans - Loan servicing fees - Gain on sale of servicing platform - Other non-interest income (loss) - ------------ Non-interest income - Expenses Salaries, commissions & benefits, net - Occupancy and equipment - Data processing and communications - Office supplies and expenses - Marketing and promotion - Travel and entertainment - Professional fees - Other real estate operating expense - Other (5,807) ------------ Total expenses (5,807) Income (Loss) before income taxes 5,807 Income taxes - ------------ Net income $5,807 ============ AHM SV also discloses that its cash as of November 1, 2008, was $3,077,918. Since it paid $274,710 to administration, AHM SV's cash at the end of November decreased to $2,803,208. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 15, 2008. (American Home Bankruptcy News; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Great Oak's Monthly Operating Report for November ---------------------------------------------------------------- Great Oak Abstract Corp. Statement of Financial Condition As of November 30, 2008 Assets: Cash and cash equivalents $380,941 Accounts receivable 36,615 Intercompany receivable 693,132 Premises and equipment, net 5,339 Other assets 104,800 ------------ Total Assets $1,220,827 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities $76,743 ------------ Total Liabilities 76,743 Stockholders' Equity Additional paid-in capital 95,520 Retained earnings 1,048,564 Other comprehensive loss - ------------ Total Stockholders' Equity 1,144,084 ------------ Total Liabilities & Stockholders' Equity $1,220,827 ============ Great Oak also reports that its cash at the start of November was $308,941. Since there was no transaction for the whole month, its cash is still $308,941 as of November 30, 2008. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 15, 2008. (American Home Bankruptcy News; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMV'S Monthly Operating Report for November 2008 ---------------------------------------------------------------- American Home Mortgage Ventures, LLC Statement of Financial Condition As of November 30, 2008 Assets: Cash and cash equivalents $623,049 Intercompany receivable - Premises and equipment, net 2,200 Other assets 568 ------------ Total Assets $625,817 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities - Intercompany payable 168,282 ------------ Total Liabilities 168,282 Stockholders' Equity Additional paid-in capital 395,500 Retained earnings 62,035 Other comprehensive loss - ------------ Total Stockholders' Equity 457,535 ------------ Total Liabilities & Stockholders' Equity $625,817 ============ AHM Ventures also discloses that its cash as of November 1, 2008, was $623,049. Since there was no transaction for the whole month, AHM Ventures' cash at the end of November was still $623,049. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 15, 2008. (American Home Bankruptcy News; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Homegate's Monthly Operating Report for November --------------------------------------------------------------- Homegate Settlement Services, Inc. Statement of Financial Condition As of November 30, 2008 Assets: Cash and cash equivalents $209,659 Restricted cash - Intercompany receivable - Premises and equipment, net 233,715 Other assets - ------------ Total Assets $443,374 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities $2,552,889 Intercompany payable 9,032,737 Income taxes payable - ------------ Total Liabilities 11,585,626 Stockholders' Equity Additional paid-in capital 250,000 Retained earnings (11,392,252) Other comprehensive loss - ------------ Total Stockholders' Equity (11,142,252) ------------ Total Liabilities & Stockholders' Equity $443,374 ============ Homegate Settlement also discloses that its cash as of November 1, 2008, was $209,659. Since there was no transaction for the whole month, Homegate Settlement's cash at the end of November is still $209,659. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 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 November 2008 ----------------------------------------------------------------- American Home Mortgage Holdings, Inc. Statement of Financial Condition As of November 30, 2008 Assets: Cash and cash equivalents - Accounts receivable $134,546 Intercompany receivable 133,114,015 Investment in subsidiaries (611,158,417) ------------ Total Assets ($477,909,856) ============ 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 (881,455,536) Other comprehensive loss - ------------ Total Stockholders' Equity (786,857,726) ------------ Total Liabilities & Stockholders' Equity ($477,909,856) ============ American Home Mortgage Holdings, Inc. Statement of Income Month Ended November 30, 2008 Income (loss) from subsidiaries $44,101,028 Other non-interest income: - ------------ Non-interest income 44,101,028 ------------ Professional fees - Other - ------------ Total Expenses - ------------ Income (Loss) before income taxes 44,101,028 Income taxes - ------------ Net income $44,101,028 ============ AHM Holdings also discloses that its cash as of November 1, 2008, was $1,000. Since AHM Holdings transferred $1,000 to DIP accounts, no more cash was left at the end of the month. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for Chapter 11 protection on August 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 August 15, 2008. (American Home Bankruptcy News; Bankruptcy Creditors' Service, Inc., Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). BUFFETS HOLDINGS: Monthly Operating Report -- Ended Jan. 14, 2009 ----------------------------------------------------------------- Buffets Holdings, Inc. Balance Sheet As of January 14, 2009 ASSETS Current Assets: Cash on Hand - drawer $1,346,207 Total depository account 3,757,918 Temporary investments - Cash 7,433,293 -------------- Total cash & cash equivalents 12,537,418 -------------- Receivables-landlord 98,507 Credit card receivables 1,172,840 Intercompany - Total rebates receivable 5,070,489 Accounts receivable 5,977,829 Due to/From affiliate 0 -------------- Total Receivables 12,319,665 Inventory 29,307,776 -------------- Total Inventories 29,307,776 Restricted cash 2,127,947 Employee advances 6,625 Escrow deposits - short term 573,174 Deposits - prefunded LC - current 22,607,642 Prepaid car leases 67,382 Prepaid Insurance 663,337 Prepaid rent 4,394,978 Prepaid other 2,183,628 Prepaid advertising 8,356,901 Prepaid rent escrow 430,712 Notes receivable - short term 14,252 -------------- Total prepaid expenses & other assets 39,308,207 Assets held for sale - Deferred income taxes - current 16,173,000 Deferred tax valuation allowance - current (16,173,000) -------------- Total current assets 95,601,013 ============== Cabinet division inventory 4,409,202 Corporate inventory 586,220 Proceeds of sale clearing account (1,200) CIP - non system 477,057 Land 9,298,836 Building 5,586,674 Accumulated depreciation - building (941,715) Leasehold improvement 160,049,301 Accumulated amortization (97,079,909) Equipment 222,604,802 Accumulated depreciation - equipment (141,624,351) Automobile 315,330 Accumulated depreciation - auto (139,377) Assets to be sold - PP&E 14,883,294 Accumulated depreciation - assets to be sold (104,036) -------------- Total property, plant & equipment, net 178,320,129 Goodwill 116,639,959 Intellectual property 0 Acquisition costs 18,133,818 -------------- Total goodwill 134,773,776 Deferred income taxes - non-current 109,754,000 Deferred tax valuation allowance - non-current (109,754,000) Liquor licenses 343,681 Leasehold interest 1,422,343 Recipes 2,035,426 Trademark 56,600,000 -------------- Total other intangible assets 60,401,451 Prepaid rent deposits 369,140 Deposits 3,569,486 Deposits - other long term 1,415,990 Insurance loss deposits 353,520 Investments in subsidiaries 31,045 Interest rate swap 0 Total debt issuance costs 39,272,249 Total accum. amortization debt issuance costs (18,007,776) Notes receivable from subsidiaries 0 Total notes receivable - long term 5,295 Split Dollar Life Ins. Receivable 2,169,580 Entries to be reclassified - -------------- Total other noncurrent assets 29,178,528 Total assets $498,274,897 ============== LIABILITIES & SHAREHOLDERS' EQUITY Current liabilities: Accounts payable - prepetition $24,472,250 Accounts payable - postpetition 35,818,906 COD Clearing - Misc. accruals - restaurant level 8,883,760 Misc accruals - WIS 6,496 Misc. accruals - corp level 5,088,791 -------------- Total accounts payable 74,270,203 Accrued 401(k) 831,263 Accrued payroll 11,198,217 Accrued bonus 865,729 Accrued payroll taxes 3,740,501 Accrued vacation 6,162,215 -------------- Total accrued compensation 22,797,925 Accrued insurance - auto 18,350 Worker's compensation payable 22,870,394 Accrued insurance - general liability 16,147,629 Accrued health_dental_life 3,114,107 Accrued insurance - other 216,867 -------------- Total accrued insurance 42,367,347 Accrued percentage rent 1,760,767 Accrued interest - short term 23,400,106 Accrued property taxes 8,847,609 Accrued litigation reserve 9,722,724 Accrued advertising 3,736,000 Accrued liabilities - other 10,214,128 Deferred income - current - Gift certificates / gift cards 6,267,684 Cash receipts suspense 167,500 Lease rejection claims reserve 54,943,300 Sales/use tax payable 8,991,272 Accrued restaurant closing costs 2,141,117 -------------- Total other accrued liabilities 195,357,478 -------------- Income taxes payable (3,331,067) Estimated income taxes 739,118 -------------- Total income taxes payable (2,591,949) Current maturities of long-term debt 5,300,000 Short term borrowings 56,300,000 Short term borrowings - DIP 72,851,177 Short term borrowings - vendor LC draws 6,258,450 -------------- Total current liabilities 418,285,341 Notes payable to parent: Senior debt - bank 518,728,000 Senior debt - public 300,000,000 -------------- Total long-term debt 818,728,000 Accrued rent 45,285,092 Deferred Income tax 22,793,000 Income tax payable - non-current 22,271,000 Long term sublease deposits 33,905 Post retirement benefits payable 17,710 Total deferred income 5,578,654 -------------- Total other long-term liabilities 5,630,269 -------------- Total non-current liabilities 914,707,361 -------------- Total liabilities 1,332,992,701 -------------- Shareholders' Equity: Capital Stock 63,358 Additional paid in capital 835,631 Contributed capital - Interco contributions (distributions) - Dividends paid (interco) - Dividends received (interco) - Accum other comprehensive income - Dividends paid to shareholders (101,164,801) Retained earnings (630,165,639) Level 8 profit/loss (104,286,352) -------------- Retained earnings (835,616,792) Total shareholders' equity (834,717,804) Total liabilities & Stockholders' equity $498,274,897 ============== Buffets Holdings, Inc. Income Statement For the month ended January 14, 2009 Total sales $89,335,048 Total food cost 31,215,443 Total labor 28,375,344 Operating costs 12,798,860 Occupancy costs 12,342,191 -------------- Total DIR & O/C 25,141,050 -------------- Total restaurant costs 84,731,837 -------------- Restaurant profit 4,603,211 Total SG&A Expense 5,445,572 Closed restaurant costs - Impairment Cost - Merger/integration costs - -------------- Earnings from operations (853,852) Other income (expense) Franchise income 44,323 Interest income 128 Interest expense (6,229,044) Other income (expense) 10,117 Loss related to refinancing - Reorganization Costs (3,087,432) Net Worth Tax (25,462) Intercompany - -------------- Total other income (expense) (9,287,371) Earnings before tax (10,141,381) Net worth tax Income taxes (63,057) -------------- Net earnings (loss) ($10,204,438) ============== Buffets Holdings, Inc. Schedule of Cash Receipts & Disbursements For the month ended January 14, 2009 (in thousands) Cash Receipts (inc. Sales tax): Cash receipts $56,520 Credit card 38,708 -------------- 95,228 Receipts (Gift card usage) 831 Rebates, other 481 --------------- Total cash receipts 96,540 Operating Disbursements: A/P Check 17,808 EFT 43,039 Change in trade terms (1,135) Payroll 29,055 Rent (Cash occupancy) 7,827 Sales tax 7,835 Other operating - -------------- Total operating disbursements 104,429 Net operating cash flows (7,889) Non-operating Disbursements (Receipts): Income tax 0 Total CapEx 1,464 Professional fees, inc. holdbacks 1,921 Closed restaurant costs 0 Deposits (Utility) 0 Other (28) Cash (Proceeds) from asset sales (1,009) -------------- Total non-operating disbursements 2,348 Financing Payments: Interest expense 1,324 Interest (income) (6) DIP Fees/other - Principal payments - --------------- Total financing disbursements 1,318 -------------- Total net disbursements 108,095 Net cash receipts (disbursements) ($11,555) ============== About Buffets Holdings Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc. employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., M. Blake Cleary, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC and Pachulski Stang Ziehl Young & Jones as counsels. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on February 22, 2008, final approval of the Debtors' debtor-in-possession credit facility, consisting of $85 million of new funding and $200 million carried over from the company's prepetition credit facility. Bankruptcy Creditors' Service, Inc., publishes Buffets Holdings Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Buffets Holdings Inc. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) INTERMET CORP: Files Monthly Operating Report for December 2008 --------------------------------------------------------------- Intermet Corp. and its debtor-affiliates filed with the U.S. Bankruptcy Court for the District of Delaware on Feb. 13, 2009, their monthly operating report for the month ended Dec. 31, 2008. At Dec. 31, 2008, Intermet had total assets of $671,428,609, total liabilities of $292,754,751, and total shareholders' equity of $378,673,859. A full-text copy of Intermet and its debtor-affiliates' monthly operating report for the month ended Dec. 31, 2008, is available for free at: http://bankrupt.com/misc/IntermetCorp.DecemberOperatingReport.pdf About Intermet Corp. Based in Fort Worth, Texas, Intermet Corp. designs and manufactures machine precision iron and aluminum castings for the automotive and industrial markets. The company and its debtor- affiliates filed for chapter 11 protection on Aug. 12, 2008 (D. Del. Case Nos. 08-11859 to 08-11866 and 08-11868 to 08-11878). Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and Michael E. Comerford, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as the Debtors' counsel. James E. O'Neill, Esq., Laura Davis Jones, Esq. and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors' co-counsel. Kurtzman Carson Consultants LLC serves as the Debtors' claims, notice and balloting agent. An Official Committee of Unsecured Creditors has been formed in this case. When the Debtors filed for protection from their creditors, they listed assets of between $50 million and $100 million and debts of between $100 million and $500 million. This is the Debtors' second bankruptcy filing. Intermet Corp., along with its debtor-affiliates, filed for Chapter 11 protection on September 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through 04-67614). Salvatore A. Barbatano, Esq., at Foley & Lardner LLP, represents the Debtors. In their previous bankruptcy filing, they listed $735,821,000 in total assets and $592,816,000 in total debts. Intermet Corporation emerged from this first bankruptcy filing in November 2005. KUSHNER LOCKE: Posts $112,891 Net Loss in November 2008 ------------------------------------------------------- The Kushner-Locke Company delivered its monthly operating report for the period November 1, 2008, through November 30, 2008. For the period, the Debtor generated zero revenue and incurred a net loss of $112,891. A full-text copy of the Debtor's monthly operating report for November 2008 is available for free at: http://researcharchives.com/t/s?39ec Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The company, along with its debtor-affiliates filed for chapter 11 protection on November 21, 2001 (Bankr. C.D. Calif. Lead Case No. 01-44828). Carol Chow, Esq., and Charles Axelrod, Esq., at Stutman, Treister & Glatt; Mara Mornet-Ritt, Esq., at Brandon & Morner-Ritt; and Martin Fineman, Esq., at Davis Wright Tremaine LLP, represent the Debtors in their restructuring efforts. Jeremy V. Richards, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Official Committee of Unsecured Creditors as counsel. KUSHNER LOCKE: Posts $82,217 Net Loss in December 2008 ------------------------------------------------------ The Kushner-Locke Company delivered its monthly operating report for the period December 1, 2008, through December 31, 2008. For the period, the Debtor generated zero revenue and incurred a net loss of $82,217. A full-text copy of the Debtor's monthly operating report for 2008 is available for free at: http://researcharchives.com/t/s?39ed Headquartered in Los Angeles, California, The Kushner-Locke Company is a low-budget movie production studio. The company, along with its debtor-affiliates filed for chapter 11 protection on November 21, 2001 (Bankr. C.D. Calif. Lead Case No. 01-44828). Carol Chow, Esq., and Charles Axelrod, Esq., at Stutman, Treister & Glatt; Mara Mornet-Ritt, Esq., at Brandon & Morner-Ritt; and Martin Fineman, Esq., at Davis Wright Tremaine LLP, represent the Debtors in their restructuring efforts. Jeremy V. Richards, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Official Committee of Unsecured Creditors as counsel. LEVITT & SONS: Files Monthly Operating Report for January 2009 -------------------------------------------------------------- Levitt & Sons, LLC Monthly Financial Report for Business For the Period January 1 - 31, 2009 Cash, beginning of period $518,227 Receipts: Cash sales 0 Collection on postpetition A/R 0 Collection on prepetition A/R 0 Other receipts 4,384 -------------- Total receipts 4,384 Total cash available for operations 522,611 Disbursements: U.S. Trustee quarterly fees 0 Net payroll 0 Payroll taxes paid 0 Sales and use taxes 0 Other taxes 0 Rent 0 Other leases 0 Telephone 0 Utilities 0 Travel & entertainment 0 Vehicle expenses 0 Office supplies 0 Advertising 0 Insurance 0 Purchases of fixed assets 0 Purchases of inventory 0 Manufacturing supplies 0 Repairs & maintenance 0 Payments to secured creditors 0 Other operating expenses 309,398 -------------- Total cash disbursements 309,398 -------------- Ending Cash Balance $213,213 ============== About Levitt and Sons Headquartered in Fort Lauderdale, Florida, Levitt and Sons LLC -- http://www.levittandsons.com/-- is the homebuilding subsidiary of Levitt Corporation (NYSE:LEV). Levitt Corp. -- http://www.levittcorporation.com/-- together with its subsidiaries, operates as a homebuilding and real estate development company in the southeastern United States. The company operates in two divisions, homebuilding and land. The homebuilding division primarily develops single and multi-family homes for adults and families in Florida, Georgia, Tennessee, and South Carolina. The land division engages in the development of master-planned communities in Florida and South Carolina. Levitt and Sons LLC and 38 of its homebuilding affiliates filed for Chapter 11 protection on November 9, 2007 (Bankr. S.D. Fla. Lead Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at Berger Singerman, P.A., represented the Debtors in their bankruptcy cases. The Debtors chose AP Services, LLC as their crisis managers, and Kurtzman Carson Consultants, LLC as their claims and noticing agent. Levitt Corp., the parent company, was not included in the bankruptcy filing. (Levitt and Sons Bankruptcy News; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000 ). SEMGROUP LP: Debtors' Monthly Operating Report for December 2008 ---------------------------------------------------------------- SemCrude, L.P., et al. Consolidated Balance Sheet As of December 31, 2008 Cash $590,440,000 Accounts receivable 824,073,000 Inventories 184,912,000 Derivative asset 24,536,000 Margin deposits 8,601,000 Income taxes receivable - Deferred tax asset - Receivable from affiliate 127,341,000 Other current assets 33,657,000 Intercompany - -------------- Total current assets 1,793,560,000 -------------- Property, plant and equipment 600,181,000 Accumulated depreciation (126,911,000) Pipeline linefill 19,606,000 -------------- Net property, plant and equipment 492,876,000 -------------- Investment in subsidiaries 342,364,000 Long-term derivative assets - Goodwill 54,277,000 Investment in affiliates 121,473,000 Deferred tax asset 1,062,000 Notes receivable 214,156,000 Other assets, net 93,318,000 -------------- Total Assets $3,113,086,000 ============== Subject to Compromise: Accounts payable $921,355,000 Book overdrafts - Accrued liabilities 1,103,525,000 Income taxes payable - Deferred revenue - Deferred income taxes - Derivative liabilities - Current portion of long-term debt 150,000,000 -------------- Current liabilities subject to compromise 2,174,880,000 -------------- Revolver facility 665,000,000 Working capital facility 1,627,939,000 Term B notes 141,274,000 Senior notes 600,000,000 Pension obligations 13,888,000 -------------- Liabilities Not Subject to Compromise: Accounts payable 39,275,000 Book overdrafts - Accrued liabilities 48,808,000 Income taxes payable - Deferred revenue 810,000 Deferred income taxes - Derivative liabilities 18,245,000 Current portion of long-term debt 130,525,000 -------------- Total current liabilities 237,663,000 -------------- Revolver facility - Working capital facility - Term B notes - Capital lease obligations 1,133,000 Other obligations - Note payable to parent - Senior notes - Deferred tax liability - Long-term derivative liabilities - Asset retirement obligation - Pension obligations - Investment in affiliates 595,039,000 Other long-term liabilities 630,000 Minor interest - -------------- Accum. other comprehensive income (40,046,000) Partners' capital (2,904,314,000) -------------- Total partners' capital (2,944,360,000) -------------- Total liabilities and partners' capital $3,113,086,000 ============== SemCrude, L.P., et al. Consolidated Statement of Operations Month Ended December 31, 2008 Sales Operating Outside Sales Product Sales $110,644,000 Services 3,548,000 Other Operating Revenue 543,000 -------------- Total Outside Operating Sales 114,735,000 Trading Activity 48,000 -------------- Total Outside Operating Revenue 114,783,000 Operating Revenue Intercompany 13,702,000 -------------- Total Operating Revenue 128,485,000 Unrealized G/L on Derivatives (8,222,000) -------------- Total Revenue 120,263,000 Cost of Goods Sold Products 118,945,000 Transportation & Fuel 3,284,000 Other 4,631,000 -------------- Total Outside Cost of Goods Sold 126,860,000 Cost of Goods Sold Intercompany 11,817,000 -------------- Total Cost of Sales 138,677,000 -------------- Gross Profit (18,414,000) Operating Expenses Wages & Benefits 2,671,000 Field Expenses 992,000 Maintenance & Repairs 195,000 Outside Services 584,000 Property & Equipment Leases & Rents 5,717,000 Insurance Permits Licenses Taxes 1,101,000 Office 172,000 Travel Lodging Meetings 119,000 Other (337,000) -------------- Total Operating Expenses 11,214,000 General & Administrative Expenses Wages & Benefits 4,115,000 Miscellaneous - Maintenance & Repairs 104,000 Outside Services 742,000 Property & Equipment Leases & Rents 372,000 Insurance Permits Licenses Taxes 644,000 Office 336,000 Travel Lodging Meetings 198,000 Other (783,000) -------------- Total General & Administrative Expenses 5,728,000 -------------- Earnings before Interest Taxes Depr. Amort. (35,356,000) -------------- Other (Income) Expenses Interest Income (18,000) Other Income 2,295,000 Foreign Currency Transaction (Income) Loss (57,000) Interest Expense 877,000 Depreciation 4,337,000 Amortization 1,529,000 Reorganization 17,497,000 -------------- Net Profit (Loss) ($61,816,000) ============== SemCrude, L.P., et al. Cash Receipts and Disbursements December 1 through December 31, 2008 Cash Receipts SemCrude, L.P. $20,358,654 Eaglwing Trading LLC 437,885 Grayson Pipeline LLC - SemCrude Pipeline, LLC 4,206 SemGas Gathering LLC 31,743 SemKan LLC 43,862 SemFuel 10,848,261 SemManagement LLC - SemGas Storage LLC - SemMaterials LP 19,662,249 SemGas LP 7,157,767 SemGas-Davis Gathering - SemTrucking - SemStream 92,442,610 SemGroup LP 1,836,922 SemGroup Holdings LP 15,342 -------------- 152,839,501 Cash Sweeps SemCrude, L.P. (10,975,940) Eaglwing Trading LLC (432,869) Grayson Pipeline LLC SemCrude Pipeline, LLC 9,329,056 SemGas Gathering LLC 96,545 SemKan LLC 51,167 SemFuel (1,865,207) SemManagement LLC 10,764,263 SemGas Storage LLC 5,641 SemMaterials LP (2,703,885) SemGas LP 405,378 SemGas-Davis Gathering - SemTrucking 22,321 SemStream (15,995,474) SemGroup LP 11,299,003 SemGroup Holdings LP - -------------- Total Cash Sweeps (1) Cash Disbursements SemCrude, L.P. (7,310,779) Eaglwing Trading LLC (667) Grayson Pipeline LLC (5) SemCrude Pipeline, LLC (9,414,667) SemGas Gathering LLC (163,186) SemKan LLC (145,023) SemFuel (9,459,666) SemManagement LLC - SemGas Storage LLC (813) SemMaterials LP (17,775,857) SemGas LP (6,177,851) SemGas-Davis Gathering (24,763) SemTrucking (44,728) SemStream (75,539,593) SemGroup LP (20,741,853) SemGroup Holdings LP - -------------- Total Cash Disbursements (146,799,451) -------------- Net Cash Flow $60,040,058 ============== About SemGroup LP SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream service company providing the energy industry means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminaling and storing energy. SemGroup serves customers in the United States, Canada, Mexico, Wales, Switzerland and Vietnam. SemGroup L.P. and its debtor-affiliates filed for Chapter 11 protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08- 11525). These represent the Debtors' restructuring efforts: John H. Knight, Esq., L. Katherine Good, Esq. and Mark D. Collins, Esq., at Richards Layton & Finger; Harvey R. Miller, Esq., Michael P. Kessler, Esq., and Sherri L. Toub, Esq., at Weil, Gotshal & Manges LLP; and Martin A. Sosland, Esq., and Sylvia A. Mayer, Esq., at Weil Gotshal & Manges LLP. Kurtzman Carson Consultants L.L.C. is the Debtors' claims agent. The Debtors' financial advisors are The Blackstone Group L.P. and A.P. Services LLC. Margot B. Schonholtz, Esq., and Scott D. Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon LLP, represent the Debtors' prepetition lenders. SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude Company, sought protection under the Companies' Creditors Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc., is the appointed monitor of SemCanada Crude Company and its affiliates' reorganization proceedings before the Canadian Companies' Creditors Arrangement Act. The CCAA stay expires on November 21, 2008. SemGroup L.P.'s consolidated, unaudited financial conditions as of June 30, 2007, showed $5,429,038,000 in total assets and $5,033,214,000 in total debts. In their petition, they showed more than $1,000,000,000 in estimated total assets and more than $1,000,000,000 in total debts. Bankruptcy Creditors' Service, Inc., publishes SemGroup Bankruptcy News. The newsletter tracks the chapter 11 proceedings undertaken by SemGroup L.P. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-700) TVIA INC: Posts $70,074 Net Loss in Month Ended January 31, 2009 ---------------------------------------------------------------- Tvia, Inc. filed with the U.S. Bankruptcy Court for the Northern District of California on Feb. 20, 2009, its monthly operating report for the period from January 1, 2009, to Jan. 31, 2009. The company reported a net loss $70,074 on net sales of $375,582 for the period from January 1, 2009, to January 31, 2009. A full-text copy of the monthly operating report is available for free at: http://researcharchives.com/t/s?39e8 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2009. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***