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/raid1/www/Hosts/bankrupt/TCR_Public/090314.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, March 14, 2009, Vol. 13, No. 72 Headlines BALLY TOTAL: BALLY II's Monthly Operating Report for January 2009 CDX GAS: Incurs $7.24 Million Net Loss in Month Ended December 31 DBSI INC: Earns $3,272,741 in November 1 to December 31 Period HAWAIIAN TELCOM: Files Monthly Operating Report for January 2009 LEGENDS GAMING: Posts $1,230,731 Net Loss in January 2009 LEHMAN BROTHERS: Files Initial Monthly Operating Report LEHMAN BROTHERS: Files Monthly Operating Report for January 2009 MIDWAY GAMES: Files Initial Monthly Operating Report MIRABILIS VENTURES: Posts $19,121 Net Income in January 2009 PILGRIM'S PRIDE: Files Monthly Operating Report for January 2009 TOUSA INC: Files Monthly Operating Report for January 2009 WASHINGTON MUTUAL: Files Monthly Operating Report for January 2009 WCI COMMUNITIES: Posts $24.0 Million Net Loss in November 2008 ********* BALLY TOTAL: BALLY II's Monthly Operating Report for January 2009 ----------------------------------------------------------------- Bally Total Fitness Holding Corporation, et al. Condensed Combined Balance Sheet As of January 31, 2009 ASSETS Current assets Cash and cash equivalents $53,659,000 Deferred income taxes 29,318,000 Prepaid expenses 16,164,000 Other current assets 22,006,000 -------------- Total current assets 121,148,000 Long-term assets Property and equipment, less accumulated depreciation and amortization $121,672 320,311,000 Member relationship asset, net 168,627,000 Other intangible assets, net 219,402,000 Trademarks 125,000,000 Goodwill 351,174,000 Deferred financing costs, net - Other assets 38,606,000 -------------- Total long-term assets 1,223,119,000 -------------- Total assets $1,344,267,000 ============== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities not subject to compromise Accounts payable $16,116,000 Income taxes payable 2,264,000 Accrued liabilities 46,934,000 Current maturities of long-term debt 1,733,000 Deferred revenues 123,088,000 -------------- Total current liabilities not subject to compromise 190,135,000 Long-term liabilities not subject to compromise Deferred rent liability 19,010,000 Deferred income taxes 76,320,000 Other liabilities 25,970,000 Deferred revenues 377,509,000 Long-term debt, less current maturities 13,000 Liabilities subject to compromise 924,642,000 -------------- Total liabilities 1,613,599,000 -------------- Stockholders' deficit (269,333,000) -------------- Total liabilities and stockholders' deficit $1,344,267,000 ============== Bally Total Fitness Holding Corporation, et al. Condensed Combined Statement of Operations Month Ended January 31, 2009 Net revenues Membership services $47,105,000 Retail products 2,004,000 Miscellaneous 1,494,000 -------------- 50,603,000 Operating costs and expenses: Membership services 43,179,000 Retail products 1,651,000 Marketing and advertising 3,662,000 General and administrative 4,263,000 Asset impairment charges - Depreciation and amortization 6,255,000 Gain on sales of land and buildings - -------------- 59,010,000 -------------- Operating loss (8,407,000) Interest expense (396,000) Other, net 15,000 -------------- (381,000) -------------- Loss reorganization items and income taxes (8,788,000) Reorganization items, net (2,680,000) Income tax expense (111,000) -------------- Net loss ($11,579,000) ============== Bally Total Fitness Holding Corporation, et al. Cash Receipts and Disbursements January 1 through January 31, 2009 Cash, beginning of month $42,784,544 Receipts Cash sales 58,712,587 Accounts receivable - Prepetition - Accounts receivable - Postpetition - Loans and advances - Sales of assets - Others 2,841,677 Transfers (from DIP accounts) 13,954,347 -------------- Total receipts 75,508,611 -------------- Disbursements Net payroll 10,054,177 Payroll taxes 3,910,289 Sales, use, and other taxes 1,235,313 Inventory purchases 1,273,295 Secured rental/leases 13,497,951 Insurance 2,401,725 Administrative 5,173,202 Selling & Marketing 4,037,438 Others 3,847,392 Owner draw - Transfers (to DIP accounts) 18,804,383 Professional fees 398,770 U.S. Trustee quarterly fees - Court costs - -------------- Total disbursements 64,633,935 -------------- Net cash flow 10,874,674 -------------- Cash, end of month $53,569,218 ============== About Bally Total Fitness Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/-- operates fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, China and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally Total and its affiliates filed for Chapter 11 protection 7on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite number of votes in favor of their pre- packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents the Debtors in their restructuring efforts. As of June 30, 2007, the Debtors had US$408,546,205 in total assets and US$1,825,941,54627 in total liabilities. The Debtors filed their Joint Prepackaged Plan & Disclosure Statement on July 31, 2007. The Court confirmed the Plan in Sept. 2007. The Plan was declared effective Oct. 1, 2007. Bally Total Fitness Holding Corp. and its debtor-affiliates and subsidiaries again filed voluntary petitions under Chapter 11 on Dec. 3, 2008 (Bankr. S. D. N. Y., Lead Case No. 08-14818). Their counsel is Kenneth H. Eckstein, Esq. at Kramer Levin Naftalis & Frankel LLP, in New York. As of September 30, 2008, the Company (including non-debtor affiliates) had consolidated assets totaling approximately $1.376 billion and recorded consolidated liabilities totaling approximately $1.538 billion. Bankruptcy Creditors' Service, Inc., publishes Bally Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the chapter 11 proceedings of Bally Total Fitness Holding Corp. and its debtor-affiliates (http://bankrupt.com/newsstand/or 215/945-7000) CDX GAS: Incurs $7.24 Million Net Loss in Month Ended December 31 ----------------------------------------------------------------- CDX Gas LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a monthly operating report for the month ended December 31, 2008. For the month, the Debtor reported a net loss of $7.24 million on revenues of $4.36 million. At December 31, 2008, the Debtor had $1.01 billion in total assets, $860.19 million in total liabilities, and $154.19 million in total owners' equity. A full-text copy of the Debtor's monthly operating report for the month ended December 31, 2008, is available at: http://bankrupt.com/misc/CDXGas.DecemberMOR.pdf Based in Houston, Texas, CDX Gas LLC -- http://www.cdxgas.com/-- is an independent gas company that explores, develops, and produces onshore North American unconventional natural gas resources located in coal, shale, and tight gas sandstone formations. The Company and 19 of its affiliates filed for Chapter 11 protection on Dec. 12, 2008 (Bankr. S.D. Tex. Lead Case No. 08-37922). Harry Allen Perrin, Esq., John E. Mitchell, Esq., and Michaela Christine Crocker, Esq., at Vinson Elkins LLP, represent the Debtors in their restructuring efforts. In their schedules, the Debtors listed total assets of $996,308,606 and total debts of $831,259,526. DBSI INC: Earns $3,272,741 in November 1 to December 31 Period -------------------------------------------------------------- DBSI Inc., et al., filed with the U.S. Bankruptcy Court for the District of Delaware on March 5, 2009, a monthly operating report for the period November 1, 2008, through December 31, 2008. For the November 1, 2008 to December 1, 2008 period, the Debtors reported net profit before reorganization items of $7,219,268, and net profit of $3,272,741, on net revenue of $49,731,500. Professional fees for the period amounted to $3,965,094. At December 31, 2008, the Debtors reported $383,573,444 in total assets, $221,391,973 in total liabilities, and $162,181,470 in net owner equity. A full-text copy of the Debtors' monthly operating report for the period from November 1, 2008, through December 31, 2008, is available at: http://bankrupt.com/misc/DBSI.Nov.1-Dec.31MOR.pdf About DBSI Inc. Headquartered in Meridian, Idaho, DBSI Inc. -- http://www.dbsi.com -- operates a real estate company. On November 10, 2008, and other subsequent dates, DBSI and 167 of its affiliates filed for Chapter 11 protection (Bankr. D. Del. Lead Case No. 08-12687). Lawyers at Young Conaway Stargatt & Taylor LLP represent the Debtors as counsel. The Official Committee of Unsecured Creditors tapped Greenberg Traurig, LLP as its bankruptcy counsel. Kurtzman Carson Consultants LLC is the Debtors' notice claims and balloting agent. When the Debtors filed for protection from their creditors, they listed assets and debts of between $100 million and $500 million each. General Information: On November 10, 2008, and other subsequent dates, each of the Debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"). The 168 Debtors cases were assigned case numbers listed here (collectively, the "Bankruptcy Cases") and are jointly administered under case no. 08-12687. The Bankruptcy Cases are pending before the Honorable Peter J. Walsh in the United States Bankruptcy Court for the District of Delaware. HAWAIIAN TELCOM: Files Monthly Operating Report for January 2009 ---------------------------------------------------------------- Hawaiian TelCom Communications, Inc. Balance Sheet As of January 31, 2009 Cash and cash equivalents $86,232,472 Accounts receivable - Materials and supplies - Prepaid expenses 41,667 Other current assets 4,744,851 Property and equipment - Investment in subsidiaries 1,007,317,526 Deferred charges and other assets - Intangible assets - --------------- Total assets $1,098,336,516 =============== Current portion of long-term debt 1,074,500,000 Accounts payable - Payroll and related benefits payable - Accrued other taxes 1 Accrued interest 32,221,997 Advance billings - Other current liabilities 15,334,812 Long-term debt - Employee benefit obligations - Other liabilities - --------------- 1,122,056,810 --------------- Equity (354,844,972) Intercompany receivable (102,072,089) Intercompany payable 433,196,767 --------------- Net owner interest (23,720,294) --------------- Total liabilities and partners' capital $1,098,336,516 =============== Hawaiian TelCom Communications, Inc. Income Statement For the Month Ended January 31, 2009 Operating revenues - Operating expenses: Cost of goods sold - Salaries and wages $6,626 Pension and other benefits - Employee related expenses - Contracted services 8,333 Restructuring expenses - Rents - Materials - Advertising - Gross receipts and other taxes - Uncollectibles - All other 950 Depreciation and amortization - --------------- Total operating expenses 15,909 --------------- Operating income (loss) (15,909) --------------- Other income (expense): Interest expense 2,351,791 Loss on early extinguishment of debt - Gain (loss) on interest rate swap - Other income and expense, net - --------------- Total other (income) expenses 2,351,791 --------------- Income (loss) from continuing operations before reorganization items and provision for income taxes (2,367,700) Reorganization items 9,388 --------------- Income (loss) from continuing operations before provision for income taxes (2,377,088) Provision (benefit) for income taxes - --------------- Net income (loss) ($2,377,088) =============== Hawaiian TelCom Communications, Inc. Cash Receipts and Disbursements For the Month Ended January 31, 2009 December 2008 ending book balance $76,224,306 Prepetition checks outstanding reclass 0 --------------- January 2009 beginning book balance 76,224,306 Receipts Receipts from operations 3,937 Net change in deposits in transit 0 Other 0 --------------- Total receipts 3,937 --------------- Disbursements AP & Payroll disbursements Check (13,325) EFT 0 Wire (49,335) --------------- Total AP & Payroll disbursements (62,660) --------------- Bank debts Bank fees 100 Other 0 --------------- Total bank debts 100 --------------- Total disbursements (62,760) --------------- Other transfers 10,000,000 --------------- ZBA credits 49,435 ZBA debits 0 --------------- Total ZBAs 49,435 --------------- Adjustments 0 --------------- January 2009 ending book balance 86,214,919 Cash on hand and other adjustments 17,552 --------------- Cash per balance sheet $86,232,471 =============== Other Hawaiian Telcom Affiliates Seven affiliates of Hawaiian Telcom Communications also delivered separate individual monthly operating reports to the Court. The Hawaiian Telcom affiliates reported these assets and liabilities as of January 31, 2009: Debtor Affiliate Total Assets Total Debts ---------------- -------------- ------------ Hawaiian Telcom, Inc. $1,179,705,758 $1,179,705,758 Hawaiian Telcom Services Company, Inc. $69,025,917 $69,025,917 Hawaiian Telcom Holdco, Inc. ($23,720,294) ($23,720,294) Hawaiian Telcom IP Service Delivery Research, LLC ($3,094) ($3,094) Hawaiian Telcom IP Video Research, LLC ($691) ($691) Hawaiian Telcom IP Service Delivery Investment, LLC $0 $0 Hawaiian Telcom IP Video Investment, LLC $0 $0 The Debtor affiliates listed their net income or loss for the period from January 1 to 31, 2009: Company Net Income(Loss) ------------- --------------- Hawaiian Telcom, Inc. ($5,819,019) Hawaiian Telcom Services Company, Inc. ($1,229,654) Hawaiian Telcom Holdco, Inc. $0 Hawaiian Telcom IP Service Delivery Research, LLC ($87,936) Hawaiian Telcom IP Video Research, LLC ($19,041) Hawaiian Telcom IP Service Delivery Investment, LLC $0 Hawaiian Telcom IP Video Investment, LLC $0 The Debtor affiliates also reported their cash receipts and disbursements for the period from January 1 to 31, 2009: Company Receipts Disbursements Cash Flow ------------- ----------- ------------- --------- Hawaiian Telcom, Inc. $36,460,530 $29,242,485 $6,038,232 Hawaiian Telcom Services Company, Inc. $356,568 ($4,563,272) $301,155 Hawaiian Telcom Holdco, Inc. $0 $0 $0 Hawaiian Telcom IP Service Delivery Research, LLC $0 ($3,223) ($3,093) Hawaiian Telcom IP Video Research, LLC $0 ($821) ($591) Hawaiian Telcom IP Service Delivery Investment, LLC $0 $0 $0 Hawaiian Telcom IP Video Investment, LLC $0 $0 $0 About Hawaiian Telcom Based in Honolulu, Hawaii, Hawaiian Telcom Communications, Inc. -- http://www.hawaiiantel.com/-- operates a telecommunications company, which offers an array of telecommunications products and services including local and long distance service, high-speed Internet, wireless services, and print directory and Internet directory services. The company and seven of its affiliates filed for Chapter 11 protection on Dec. 1, 2008 (Bankr. D. Del. Lead Case No. 08- 13086). As reported by the Troubled Company Reporter on December 30, 2008, Judge Peter Walsh of the U.S. Bankruptcy Court for the District of Delaware approved the transfer of the Chapter 11 cases to the U.S. Bankruptcy Court for the District of Hawaii before Judge Lloyd King (Bankr. D. Hawaii Lead Case No. 08-02005). Richard M. Cieri, Esq., Paul M. Basta, Esq., and Christopher J. Marcus, Esq., at Kirkland & Ellis LLP, represent the Debtors in their restructuring efforts. The Debtors proposed Lazard Freres & Co. LLC as investment banker; Zolfo Cooper Management LLC as business advisor; Deloitte & Touche LLP as independent auditors; and Kurztman Carson Consultants LLC as notice and claims agent. An official committee of unsecured creditors has been appointed in the case. The committee is represented by Christopher J. Muzzi, Esq., at Moseley Biehl Tsugawa Lau & Muzzi LLC, in Honolulu, Hawaii. When the Debtors filed for protection from their creditors, they listed total assets of $1,352,000,000 and total debts of $1,269,000,000 as of Sept. 30, 2008. Bankruptcy Creditors' Service, Inc., publishes Hawaiian Telcom Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Hawaiian Telcom Communications, Inc. and seven of its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LEGENDS GAMING: Posts $1,230,731 Net Loss in January 2009 --------------------------------------------------------- Louisiana Riverboat Gaming Partnership, et al., filed with the U.S. Bankruptcy Court for the Western District of Louisiana on March 2, 2009, a monthly operating report for the month ended January 31, 2009. The Debtors reported a consolidated net loss of $1,230,731 on net operating revenues of $11,741,518 for the period. At January 31, 2009, the Debtors had total assets of $254,193,223, total liabilities of $254,289,418, and stockholders' deficit of $96,195. A full-text copy of the Debtors' monthly operating report for the month ended January 31, 2009, is available at: http://bankrupt.com/misc/LegendsGaming.Jan.2009MOR.pdf About Louisiana Riverboat Headquartered in Bossier City, Louisiana, Louisiana Riverboat Gaming Partnership, which does business as Diamond Jacks Casino & Resort, and its debtor-affiliates -- http://www.islecorp.com/-- operate casinos and hotels. The company and five of its affiliates filed for Chapter 11 protection on March 11, 2008 (Bankr. W.D. La. Lead Case No. 08-10824). William H. Patrick III, Esq., and Tristan E. Manthey, Esq., at Heller, Draper, Hayden Patrick & Horn, represent the Debtors as counsel. The Debtors selected Kurtzman Carson Consultants LLC as their claims agent. The U.S. Trustee for Region 5 has not appointed creditors to serve on an Official Committee of Unsecured Creditors. As reported in the Troubled Company Reporter on May 20, 2008, the Debtors' summary of schedules showed total assets of $250,357,475 and total debts of $220,551,127. LEHMAN BROTHERS: Files Initial Monthly Operating Report ------------------------------------------------------- Lehman Brothers Holdings Inc., et al. filed with the U.S. Bankruptcy Court for the Southern District of New York on January 30, 2009, a monthly operating report. At September 14, 2008, Lehman Brothers Holdings Inc. and other debtor subsidiaries and LBHI controlled entities had $384.9 billion in total assets, $360.1 billion in total liabilities, and $24.8 billion in stockholders' equity. Lehman Brothers and other debtor subsidiaries also reported a schedule of cash receipts and disbursements for the months of October, November and December 2008 ($ in millions): October November December Beginning Cash $2,724 $3,619 $4,349 Receipts $1,983 $1,227 $2,759 Disbursements $1,088 $498 $1,921 Ending Cash $3,619 $4,349 $5,187 A full-text copy of Lehman Brothers Holdings Inc. and other debtor subsidiaries' monthly operating report filed January 30, 2009, is available at: http://researcharchives.com/t/s?3a43 Lehman Brothers' Collapse Founded in 1850, Lehman Brothers Holdings Inc. -- http://www.lehman.com-- was the fourth largest investment bank in the United States, offering a full array of financial services in equity and fixed income sales, trading and research, investment banking, asset management, private investment management and private equity. Its worldwide headquarters in New York and regional headquarters in London and Tokyo are complemented by a network of offices in North America, Europe, the Middle East, Latin America and the Asia Pacific region. Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555) after Barclays PLC and Bank of America Corp. backed out of a deal to acquire the company, and the U.S. Treasury refused to provide financial support that would have eased out a sale. Lehman's bankruptcy petition listed $639 billion in assets and $613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. History. Several affiliates filed bankruptcy petitions thereafter. On Sept. 19, 2008, Lehman Brothers, Inc., was placed in liquidation pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119). James W. Giddens was appointed trustee for the SIPA liquidation of the business of LBI. Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed a petition under Chapter 15 of the U.S. Bankruptcy Code on February 10, 2009. Lehman Brothers Finance, a subsidiary of Lehman Brothers Inc., estimated both its assets and liabilities at more than $1 billion. LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, has been placed into administration, together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to wind down the business of LBI (Europe) on Sept. 15, 2008. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on Sept. 16. The two units have combined liabilities of JPY4 trillion -- US$38 billion. Akio Katsuragi, a former Morgan Stanley executive, runs Lehman's Japan units. Lehman Brothers Asia Limited, Lehman Brothers Securities Asia Limited and Lehman Brothers Futures Asia Limited suspended operations upon the bankruptcy filing of their U.S. counterparts. Asset Sales Barclays Bank Plc has acquired Lehman's North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, on Sept. 22 reached an agreement to purchased Lehman Brothers Holdings, Inc.'s operations in Europe and the Middle East less than 24 hours after it reached a deal to buy Lehman's operations in the Asia Pacific for US$225 million. Nomura paid only US$2 dollars for Lehman's investment banking and equities businesses in Europe, but agreed to retain most of Lehman's employees. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LEHMAN BROTHERS: Files Monthly Operating Report for January 2009 ---------------------------------------------------------------- Lehman Brothers Holdings Inc., et al. filed with the U.S. Bankruptcy Court for the Southern District of New York on March 10, 2009, a monthly operating report for the month ended January 31, 2009. Lehman Brothers and other debtor subsidiaries' schedule of cash receipts and disbursements for the month ended January 31, 2009, showed: ($ in millions) Beginning Cash $5,176 Receipts $1,792 Transfers $596 Disbursements ($787) FX Fluctuation ($12) Ending Cash $6,765 A full-text copy of Lehman Brothers Holdings Inc. and other debtor subsidiaries' monthly operating report filed January 30, 2009, is available at: http://researcharchives.com/t/s?3a45 Lehman Brothers' Collapse Founded in 1850, Lehman Brothers Holdings Inc. -- http://www.lehman.com-- was the fourth largest investment bank in the United States, offering a full array of financial services in equity and fixed income sales, trading and research, investment banking, asset management, private investment management and private equity. Its worldwide headquarters in New York and regional headquarters in London and Tokyo are complemented by a network of offices in North America, Europe, the Middle East, Latin America and the Asia Pacific region. Lehman filed for chapter 11 on Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555) after Barclays PLC and Bank of America Corp. backed out of a deal to acquire the company, and the U.S. Treasury refused to provide financial support that would have eased out a sale. Lehman's bankruptcy petition listed $639 billion in assets and $613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several affiliates filed bankruptcy petitions thereafter. On Sept. 19, 2008, Lehman Brothers, Inc., was placed in liquidation pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119). James W. Giddens was appointed trustee for the SIPA liquidation of the business of LBI. Lehman Brothers Finance AG, aka Lehman Brothers Finance SA, filed a petition under Chapter 15 of the U.S. Bankruptcy Code on February 10, 2009. Lehman Brothers Finance, a subsidiary of Lehman Brothers Inc., estimated both its assets and liabilities at more than $1 billion. LBHI's U.S. bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, has been placed into administration, together with Lehman Brothers Ltd., LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to wind down the business of LBI (Europe) on Sept. 15, 2008. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on Sept. 16. The two units have combined liabilities of JPY4 trillion -- US$38 billion. Akio Katsuragi, a former Morgan Stanley executive, runs Lehman's Japan units. Lehman Brothers Asia Limited, Lehman Brothers Securities Asia Limited and Lehman Brothers Futures Asia Limited suspended operations upon the bankruptcy filing of their U.S. counterparts. Asset Sales Barclays Bank Plc has acquired Lehman's North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, on Sept. 22 reached an agreement to purchased Lehman Brothers Holdings, Inc.'s operations in Europe and the Middle East less than 24 hours after it reached a deal to buy Lehman's operations in the Asia Pacific for US$225 million. Nomura paid only US$2 dollars for Lehman's investment banking and equities businesses in Europe, but agreed to retain most of Lehman's employees. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MIDWAY GAMES: Files Initial Monthly Operating Report ---------------------------------------------------- Midway Games Inc., et al., filed with the U.S. Bankruptcy Court for the District of Delaware on March 3, 2009, a monthly operating report, which includes the Debtors' initial 13 week cash flow forecast/budget. A full-text copy of the Debtors' initial monthly operating report filed March 3, 2009, is avaiiable at: http://bankrupt.com/misc/MidwayGames.InitialMOR.pdf Headquartered in Chicago, Illinois, Midway Games Inc. -- http://www.midway.com-- develops video games and sell them primarily in North America, Europe, Asia and Australia. The company and nine of its affiliates filed for Chapter 11 protection on Feb. 12, 2009 (Bankr. D. Del. Lead Case No. 09-10465). David W. Carickhoff, Jr., Esq., Michael David Debaecke, Esq., and Victoria A. Guilfoyle, Esq., at Blank Rome LLP, represent the Debtors in their restructuring efforts. The Debtors proposed Lazard as their investment banker, Dewey & LeBoeuf LLP as special counsel, and Epiq Bankruptcy Solutions LLC as claims agent. The Debtors' financial condition as of Sept. 30, 2008, showed $167,523,000 in total assets and $281,033,000 in total debts. MIRABILIS VENTURES: Posts $19,121 Net Income in January 2009 ------------------------------------------------------------ Mirabilis Ventures Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a monthly operating report for the month ended January 31, 2009. The company reported net income of $19,121 on zero reveues for the month of January, 2009. Total expense was $107,472 and total other income was $126,593. At January 31, 2009, the Debtor reported total assets of $45,382,418, total liabilities of $58,545,706, and stockholders; deficit of $13,163,288. A full-text copy of the Debtor's monthly operating report for the month ended January 31, 2009, is available at: http://bankrupt.com/misc/MirabilisVentures.JanuaryMOR.pdf PILGRIM'S PRIDE: Files Monthly Operating Report for January 2009 ---------------------------------------------------------------- Pilgrim's Pride Corporation Balance Sheet As of January 24, 2009 ASSETS Current Assets: Cash Unrestricted $18,960,232 Restricted 6,666,828 Accounts receivable - net 306,466,982 Intercompany accounts receivable 226,673,354 Inventory 749,674,355 Notes receivable 0 Prepaid expenses 41,285,086 -------------- Total current assets 1,349,726,837 Property, plant and equipment 1,314,385,274 Other assets 1,258,979,070 Less: Accumulated depreciation 713,480,619 -------------- Net Property, Plant & Equipment 600,904,655 Other assets - net 1,343,233,829 -------------- Total assets $3,293,865,321 ============== LIABILITIES Postpetition Liabilities: Accrued expenses - Taxes payable $10,895,221 Notes payable (DIP Financing) 123,191,797 Professional fees (accrued est) 11,200,000 Secured debt (accrued int) 6,056,573 other 150,929,660 -------------- Total postpetition liabilities $302,273,250 Prepetition liabilities: Secured debt 1,437,193,843 Prepetition Liabilities: Secured debt 1,437,193,843 Priority debt 6,463,410 Unsecured debt 841,880,546 Other 646,915,057 -------------- Total prepetition liabilities 2,932,452,856 -------------- Total liabilities $3,234,726,107 ============== Equity: Prepetition owners' equity 531,687,077 Postpetition cumulative profit (loss) (76,605,557) Direct charges to equity (395,942,306) -------------- Total Equity 59,139,214 -------------- Total Liabilities & Owners' Equity $3,293,865,321 ============== Pilgrim's Pride Corporation Income Statement For the Month Ended January 24, 2009 Revenues: Gross Revenue $480,179,395 Less: Returns and discounts 13,119,096 -------------- Net Revenue 467,060,298 Cost of Goods Sold: Cost of goods sold 465,359,688 -------------- Total cost of goods sold 465,359,688 -------------- Gross profit 1,700,610 Operating Expenses: Officer/insider compensation 683,227 General & administrative 20,474,474 Other 1,291,830 -------------- Total operating expenses $22,449,531 Income before non-operating income & expense (20,748,921) Other Income & Expenses: Financing expenses 8,052,841 Reorganization Expenses: Professional fees 5,307,394 U.S. Trustee fees 0 ------------- Total reorganization expenses 5,307,394 Income tax 16,730 ------------- Net Profit (Loss) ($34,125,886) ============= Pilgrim's Pride Corporation Cash Receipts & Disbursements For the Month Ended January 24, 2009 Cash - Beginning of month $28,167,105 Cash sales 0 Collection of Accounts Receivable: Total operating receipts 469,910,076 Non-Operating Receipts: Loans & advances 22,000,000 Others (PPC Mexico reimbursements) 1,184,369 --------------- Total Non-operating receipts 23,184,369 Total receipts 493,094,445 Total Cash Available $521,261,550 Operating Disbursement: Customer programs 7,776,863 Growing and feeding 218,496,452 Contractors, repair and maintenance 7,928,274 Fleet and freight 26,601,760 General insurance 10,311,052 Leases/rentals 559,138 Meat/food 12,538,320 Packaging/ingredients 35,276,998 Gross payroll 102,259,284 Utilities 18,489,079 Other 26,586,340 Capital expenditure 6,018,663 --------------- Total Operating Disbursements 472,892,222 Reorganization Expenses: Professional fees 22,940 U.S. Trustee fees 0 Other reorganization 31,440,115 -------------- Total reorganization expenses 31,463,055 Total disbursement 504,355,277 Securitization line pay-down 0 -------------- Net cash flow (11,260,832) Changes in management obligations 36,621,046 Cash - End of Month $53,527,318 ============== About Pilgrim's Pride Corp. Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation (NYSE: PPC) -- http://www.pilgrimspride.com/-- produces, distributes and markets poultry processed products through retailers, foodservice distributors and restaurants in the U.S., Mexico and in Puerto Rico. In addition, the company owns 34 processing plants in the United States and 3 processing plants n Mexico. The processing plants are supported by 42 hatcheries, 31 feed mills and 12 rendering plants in the United States and 7 hatcheries, 4 feed mills and 2 rendering plants in Mexico. Moreover, the company owns 12 prepared food production facilities in the United States. The company employs about 40,000 people and has major operations in Texas, Alabama, Arkansas, Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee, Virginia, West Virginia, Mexico, and Puerto Rico, with other facilities in Arizona, Florida, Iowa, Mississippi and Utah. Pilgrim's Pride Corp. and six other affiliates filed Chapter 11 petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No. 08-45664). The Debtors' operations in Mexico and certain operations in the United States were not included in the filing and continue to operate as usual outside of the Chapter 11 process. Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A. Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges LLP, as bankruptcy counsel. The Debtors have also tapped Baker & McKenzie LLP as special counsel. Lazard Freres & Co., LLC is the company's investment bankers and William K. Snyder of CRG Partners Group LLC as chief restructuring officer. The company's claims and noticing agent is Kurtzman Carson Consulting LLC. A nine-member committee of unsecured creditors has been appointed in the case. As of December 27, 2008, the Company had $3,215,103,000 in total assets, $612,682,000 in total current liabilities, $225,991,000 in total long-term debt and other liabilities, and $2,253,391,000 in liabilities subject to compromise. Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride Bankruptcy News. The newsletter tracks the chapter 11 proceeding of Pilgrim's Pride Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TOUSA INC: Files Monthly Operating Report for January 2009 ---------------------------------------------------------- TOUSA, INC., and Subsidiaries Consolidated Balance Sheet As of January 31, 2009 ASSETS Cash and Cash Equivalents: Cash in bank $259,658,206 Cash equivalents (due from title company 12,332,032 from closings) Inventory: Deposits 36,676,019 Land 427,285,764 Residences completed and under construction 317,952,353 Inventory not owned 10,261,300 --------------- 792,175,436 Property and equipment, net 11,984,163 Investments in unconsolidated joint ventures 8,813,229 Receivables from unconsolidated joint ventures - Accounts receivable 17,611,898 Other assets 39,243,861 Goodwill 11,152,000 --------------- 1,152,970,825 Net Assets of Financial Services 21,942,097 --------------- Total Assets $1,174,912,922 =============== LIABILITIES & STOCKHOLDERS' EQUITY Accounts payable and other liabilities $314,576,143 Customer deposits 11,639,426 Obligations for inventory not owned 16,678,247 Notes payable 1,595,520,626 Bank borrowings 223,128,135 -------------- Total Liabilities 2,161,542,577 Stockholders' Equity: Preferred stock 15,084,998 Common stock 596,042 Additional paid in capital 563,101,416 Retained earnings (1,565,412,111) --------------- Total Stockholders' Equity (986,629,655) --------------- Total liabilities and Stockholders' Equity $1,174,912,922 =============== TOUSA, INC., and Subsidiaries Consolidated Statement of Operations For the Period January 1 to 31, 2009 Revenues: Home sales $42,497,913 Land sales 1,550,000 --------------- 44,047,913 Cost of Sales: Home sales 39,765,191 Land sales 2,525,598 --------------- 42,290,789 --------------- Gross Profit 1,757,124 Total selling, general and admin expenses 21,877,200 Income (loss) from joint ventures, net (10,000) Interest expense, net 5,713,684 Other (income) expense, net (115,354) --------------- Homebuilding pretax income (loss) 25,728,406 Financial services pretax income (loss) (191,704) Income (loss) before income taxes (25,920,110) Provision (benefit) for income taxes - --------------- Net Income (loss) ($25,920,110) =============== TOUSA, INC. and Subsidiaries Consolidated Schedule of Receipts and Disbursements For the Period January 1 to 31, 2009 Funds at beginning of period $277,063,939 RECEIPTS Cash sales 47,932,648 Accounts receivable 18,063 Other receipts 4,781,101 --------------- Total receipts 52,731,812 --------------- Total funds available for operations 329,795,751 DISBURSEMENTS Advertising 718,367 Bank charges 44,916 Contract labor 218,743 Fixed asset payments 151,816 Insurance 2,924,062 Inventory payments 27,433,564 Leases 391,286 Manufacturing supplies - Office supplies 95,417 Payroll - net 9,324,091 Professional fees (accounting and legal) 9,126,622 Rent 282,843 Repairs & maintenance 297,106 Secured creditor payments 14,448,204 Taxes paid - payroll 113,727 Taxes paid - sales & use 642,175 Taxes paid - other 1,839,200 Telephone 171,265 Travel & entertainment 79,275 U.S. Trustee quarterly fees 145,250 Utilities 120,513 Vehicle expenses 23,681 Other operating expenses 1,545,422 --------------- Total disbursements 70,137,545 --------------- Ending Balance $259,658,206 =============== About TOUSA Inc. Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets: TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and markets high-quality detached single-family residences, town homes, and condominiums to a diverse group of homebuyers, such as "first-time" homebuyers, "move-up" homebuyers, homebuyers who are relocating to a new city or state, buyers of second or vacation homes, active-adult homebuyers, and homebuyers with grown children who want a smaller home. It also provides financial services to its homebuyers and to others through its subsidiaries, Preferred Home Mortgage Company and Universal Land Title Inc. The Debtor and its debtor-affiliates filed for separate Chapter 11 protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case No. 08- 10928). The Debtors have selected M. Natasha Labovitz, Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M. Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger Singerman, to represent them in their restructuring efforts. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' independent auditor and tax services provider. Kurtzman Carson Consultants LLC acts as the Debtors' Notice, Claims & Balloting Agent. TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba Eagle Homes, filed for Chapter 11 Protection on July 30, 2008, (Bankr. S.D. Fla. Case No.: 08-20746). It listed assets between $1 million and $10 million, and debts between $1 million and $10 million. The Official Committee of Unsecured Creditors hired Patricia A. Redmond, Esq., and the law firm Stearns Weaver Weissler Alhadeff & Sitterson, P.A., as its local counsel. TOUSA Inc.'s balance sheet at June 30, 2008, showed total assets of $1,734,422,756 and total liabilities of $2,300,053,979. Bankruptcy Creditors' Service, Inc., publishes TOUSA Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by TOUSA Inc. and its affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) WASHINGTON MUTUAL: Files Monthly Operating Report for January 2009 ------------------------------------------------------------------ WASHINGTON MUTUAL, INC. Unaudited Balance Sheet As of January 31, 2009 ASSETS Unrestricted cash and cash equivalents $4,539,784,215 Restricted cash and cash equivalents 140,733,082 Investment Securities 65,593,034 Accrued interest receivable 593,746 Accounts receivable 0 Income tax receivable 482,827,029 Prepaid expenses 9,355,096 Cash surrender value of BOLI/COLI 86,775,702 Funded Pension 39,173,922 Other investments 18,549,600 Investment in subsidiaries 1,542,646,969 Notes receivable, intercompany 14,761,582 Other assets 24,932,236 ---------------- Total Assets $6,965,726,213 ================ LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $9,103,942 Taxes payable 0 Wages payable 120,000 Other accrued liabilities 9,914,020 Rent and equipment lease payable 242,444 Deferred tax liability (asset) 0 Other liabilities - intercompany 0 Other postpetition liabilities 0 Minority interest 2,000,000 ---------------- Total Postpetition Liabilities 21,380,406 LIABILITIES NOT SUBJECT TO COMPROMISE Senior debt 4,108,911,139 Subordinated debt 1,613,991,512 Junior subordinated debt 742,476,453 Accrued interest payable 75,907,764 Notes payable - intercompany 684,092,246 Accrued interest payable - intercompany 3,012 Accounts payable 0 Accounts payable - intercompany 0 Taxes payable/deferreds 551,549,764 Payroll and benefit accruals 407,236,707 Other accrued liabilities 91,229,349 Other prepetition liabilities 223 ---------------- Total Prepetition Liabilities 8,275,398,169 ---------------- Total Liabilities 8,296,778,575 SHAREHOLDERS' EQUITY Preferred stock 3,392,341,954 Common stock 12,988,753,556 Other comprehensive income (2,108,156,326) Retained earnings - prepetition (15,365,140,845) Retained earnings - postpetition (238,850,701) ---------------- Total Shareholders' Equity (1,331,052,362) ---------------- Total Liabilities and Shareholders' Equity $6,965,726,213 ================ WASHINGTON MUTUAL, INC. Unaudited Statement of Operations For the period Jan. 1 to Jan. 30, 2009 REVENUES Interest income: Cash equivalents $627,982 Securities 287,040 Notes receivable - intercompany 29,725 Other 0 ---------------- Total Interest Income 944,747 Earnings from subsidiaries and other equity investments (17,367,188) Gains (losses) from securities (2,882) Other income 33,603 ---------------- Total Revenues (16,391,720) OPERATING EXPENSES Compensation and benefits 231,278 Occupancy and equipment 67,521 Professional fees 468,089 Postage, express mail and courier 0 Other outside services 0 Loss (Income) from BOLI/COLI policies (253,146) Management fees/transition services (2,044,880) Insurance 1,684,475 Other 122,468 ---------------- Total Operating Expenses 275,805 Net profit (loss) before other income and expenses (16,667,524) OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany 0 Borrowings 0 ---------------- Total Interest Expense 0 Other expense (income) 0 ---------------- Net profit (loss) before reorganization items (16,667,524) REORGANIZATION ITEMS Professional fees 5,574,164 U.S. Trustee quarterly fees 13,000 Gains (losses) from sale of assets 0 Other reorganization expenses 1,948,907 ---------------- Total Reorganization Items 7,536,071 ---------------- Net profit (loss) before income taxes (24,203,595) Income taxes 0 ---------------- NET PROFIT (LOSS) ($24,203,595) ================ WASHINGTON MUTUAL, INC. Unaudited Schedule of Cash Receipts and Disbursements For the period Jan. 1 to Jan. 31, 2009 Opening Balance 12/31/08 $4,221,150,576 RECEIPTS Interest & investment returns 2,333,641 Tax refunds 638,597 Reimbursements from WMB 0 Reimbursements/distributions from subs 0 Sales of assets/securities 0 Miscellaneous receipts 791 ---------------- Total Receipts 2,973,029 TRANSFERS General to Disbursement 0 Loan to subsidiary 0 Sweep to Money Market account 0 General to Payroll 0 To new bank account 0 ---------------- Total Transfers 0 DISBURSEMENTS Insurance 1,196,812 Travel and other expenses 15,803 Retainer 6,634 Professional fees 4,492,939 Bank fees 21,402 U.S. trustee quarterly fees 149,531 Directors fees 0 Miscellaneous adjustments 52,500 ---------------- Total Disbursements 5,935,621 ================ Net Cash Flow (2,962,592) ---------------- Cash - End of Month 4,218,187,984 GL Balance 4,218,190,983 Net value -- short-term securities 321,593,531 ---------------- Total Cash and Cash Equivalents $4,539,784,514 ================ WMI INVESTMENT CORP. Unaudited Balance Sheet As of January 31, 2009 ASSETS Unrestricted cash and cash equivalents $273,635,478 Restricted cash and cash equivalents 0 Investment Securities 0 Accrued interest receivable 50,321 Accounts receivable 0 Income tax receivable 22,187,560 Prepaid expenses 0 Cash surrender value of BOLI/COLI 0 Funded Pension 0 Other investments 48,650,458 Investment in subsidiaries 0 Notes receivable, intercompany 565,844,197 Other assets 0 ---------------- Total Assets $910,368,014 ================ LIABILITIES NOT SUBJECT TO COMPROMISE Accounts payable $0 Taxes payable 0 Wages payable 0 Other accrued liabilities 9,750 Rent and equipment lease payable 0 Deferred tax liability (asset) 0 Other liabilities - intercompany 0 Other postpetition liabilities 0 Minority interest 0 ---------------- Total Postpetition Liabilities 9,750 LIABILITIES NOT SUBJECT TO COMPROMISE Senior debt 0 Subordinated debt 0 Junior subordinated debt 0 Accrued interest payable 0 Notes payable - intercompany 0 Accrued interest payable - intercompany 0 Accounts payable 0 Accounts payable - intercompany 0 Taxes payable 0 Payroll and benefit accruals 0 Other accrued liabilities 0 Other prepetition liabilities 0 ---------------- Total Prepetition Liabilities 0 ---------------- Total Liabilities 9,750 SHAREHOLDERS' EQUITY Preferred stock 0 Common stock 1,000,000,000 Other comprehensive income 22,187,560 Retained earnings - prepetition 14,133,260 Retained earnings - postpetition (125,962,556) ---------------- Total Shareholders' Equity 910,358,264 ---------------- Total Liabilities and Shareholders' Equity $910,368,014 ================ WMI INVESTMENT CORP. Unaudited Statement of Operations For the period Jan. 1 to Jan. 30, 2009 REVENUES Interest income: Cash equivalents $81,219 Securities 1,724 Notes receivable - intercompany 0 Other 0 ---------------- Total Interest Income 82,943 Earnings from subsidiaries and other equity investments 0 Gains (losses) from securities 0 Other income 0 ---------------- Total Revenues 82,943 OPERATING EXPENSES Compensation and benefits 0 Occupancy and equipment 0 Professional fees 0 Postage, express mail and courier 0 Other outside services 0 Loss (Income) from BOLI/COLI policies 0 Management fees/transition services 0 Insurance 0 Other 0 ---------------- Total Operating Expenses 0 Net profit (loss) before other income and expenses 82,943 OTHER INCOME AND EXPENSES Interest expense: Notes payable - intercompany 0 Borrowings 0 ---------------- Total Interest Expense 0 Other expense (income) 0 ---------------- Net profit (loss) before reorganization items 82,943 REORGANIZATION ITEMS Professional fees 0 U.S. Trustee quarterly fees 4,875 Gains (losses) from sale of assets 0 Other reorganization expenses 0 ---------------- Total Reorganization Items 4,875 ---------------- Net profit (loss) before income taxes 78,068 Income taxes 0 ---------------- NET PROFIT (LOSS) $78,068 ================ WMI INVESTMENT CORP. Unaudited Schedule of Cash Receipts and Disbursements For the period Jan. 1 to Jan. 31, 2009 Opening Balance 12/31/08 $56,321,885 RECEIPTS Interest & investment returns 262,852 Tax refunds 0 Reimbursements from WMB 0 Reimbursements/distributions from subs 0 Sales of assets/securities 0 Miscellaneous receipts 0 ---------------- Total Receipts 262,852 TRANSFERS General to Disbursement 0 Loan to subsidiary 0 Sweep to Money Market account 0 General to Payroll 0 To new bank account 0 ---------------- Total Transfers 0 DISBURSEMENTS Insurance 0 Travel and other expenses 0 Retainer 0 Professional fees 0 Bank fees 0 U.S. trustee quarterly fees 0 Directors fees 0 Miscellaneous adjustments 0 ---------------- Total Disbursements 0 ================ Net Cash Flow 262,852 ---------------- Cash - End of Month 56,584,736 GL Balance 56,584,737 Net value -- short-term securities 217,050,741 ---------------- Total Cash and Cash Equivalents $273,635,478 ================ WaMu's Preferred Funding John Maciel, WaMu's chief financial officer, related that based on some unresolved issues, the Debtors have yet to reflect any possible interests in certain securities and assets of Washington Mutual Preferred Funding LLC. Mr. Maciel explained that assuming that the Conditional Exchange on the Securities had been completed on a pro forma basis, WaMu's financial statements at January 31, 2009, would reflect: -- a credit to shareholders' equity of about $3.9 billion upon issuance of the New Classes of Preferred WaMu Stock; -- an investment in subsidiary, including Washington Mutual Bank, of approximately $3.9 billion upon contribution of the Preferred Securities by WaMu to WMB; and -- an immediate and corresponding write-down of the Investment. Professional and Vendor Fees Mr. Maciel reported that as of January 31, 2009, WaMu paid an aggregate of $6,811,080 to these vendors on account of services rendered in the Debtors' cases: Professional Fees Expenses ------------ ---- -------- Akin, Gump, Strauss, Hauer & Feld $778,859 $27,029 Alvarez & Marsal 1,249,039 71,814 Davis Wright Tremaine LLP - - FTI Consulting, Inc. 537,698 11,750 Gibson, Dunn & Crutcher LLP 23,012 2,269 Joele Frank 20,178 1,316 Kurtzman Carson Consultants LLC 269,108 - Milliman 20,188 - Pepper Hamilton - - Richards, Layton & Finger, P.A. - - Weil Gotshal & Manges, LLP 1,457,857 22,814 WaMu also paid 45 vendors an aggregate of $9,103,745, for certain postpetition accounts. A complete list of the Vendor Payments is available for free at: http://bankrupt.com/misc/WaMu_VendorPayments.pdf Tax-Related Items Mr. Maciel also related that for the period from January 1 to 31, 2009, the Debtors have made: -- no filings of tax returns with respect to property, sale and use taxes; -- nine payroll tax filings reflecting withholding summary of deposits, unemployment summaries, quarterly labor and industries, and annual employee hours tax; and -- a filing of a business and occupation tax return. A full-text copy of WaMu's January 2009 Operating Report is available for free at the U.S. Securities and Exchange Commission at: http://ResearchArchives.com/t/s?3a1f About Washington Mutual Based in Seattle, Washington, Washington Mutual Inc. -- http://www.wamu.com/-- is a holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries. The company operates in four segments: the Retail Banking Group, which operates a retail bank network of 2,257 stores in California, Florida, Texas, New York, Washington, Illinois, Oregon, New Jersey, Georgia, Arizona, Colorado, Nevada, Utah, Idaho and Connecticut; the Card Services Group, which operates a nationwide credit card lending business; the Commercial Group, which conducts a multi-family and commercial real estate lending business in selected markets, and the Home Loans Group, which engages in nationwide single-family residential real estate lending, servicing and capital markets activities. Washington Mutual Bank was taken over Sept. 25 by U.S. government regulators. The next day, WaMu and its debtor-affiliate, WMI Investment Corp., filed separate petitions for Chapter 11 relief (Bankr. D. Del. 08-12229 and 08-12228, respectively). Wamu owns 100% of the equity in WMI Investment. Weil Gotshal & Manges represents the Debtors as counsel. When WaMu filed for protection from its creditors, it listed assets of $32,896,605,516 and debts of $8,167,022,695. WMI Investment listed assets of $500,000,000 to $1,000,000,000 with zero debts. (Washington Mutual Bankruptcy News, Issue No. 19; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) WCI COMMUNITIES: Posts $24.0 Million Net Loss in November 2008 -------------------------------------------------------------- WCI Communities, Inc., and certain of its subsidiaries filed with the U.S. Bankurpty Court for the Southern District of New York their monthly operating report for the month ended November 30, 2008. WCI Communities, Inc., et al. reported a consolidated net loss of $24.0 million on revenue of $24.8 million for the month ended November 30, 2008. At November 30, 2008, the Debtors had total assets of $2.08 billion, total liabilities of $1.95 billion, minority interests of $23.9 million, and net worth of $109.9 million. The Debtors' consolidated schedule of receipts and disbursements for the month ended November 30, 2008, discloses: Total Cash Receipts $27,489,111 Total Cash Disbursement $35,860,383 Net Disbursements $8,371,272 A full-text copy of the Debtors' monthly operating report for the month ended November 30, 2008, is available at: http://researcharchives.com/t/s?3a44 About WCI Communities Headquartered in Bonita Springs, Florida, WCI Communities, Inc. -- http://www.wcicommunities.com/-- is a fully integrated homebuilding and real estate services company. It has operations in Florida, New York, New Jersey, Connecticut, Massachusetts, Virginia and Maryland. The company directly employs roughly 1,800 people, as well as roughly 1,800 sales representatives as independent contract employees. The company and 126 of its affiliates filed for Chapter 11 protection on Aug. 4, 2008 (Bankr. D. Del. Lead Case No. 08-11643 through 08-11770). Thomas E. Lauria, Esq., Frank L. Eaton, Esq., Linda M. Leali, Esq., at White & Case LLP, in Miami, Florida. Eric Michael Sutty, Esq., and Jeffrey M. Schlerf, Esq., at Bayard, P.A, are the Debtors' local bankruptcy counsel. Lazard Freres & Co. represents the Debtors as financial advisors. The Debtors selected Epiq Bankruptcy Solutions LLC as their claims & notice agent. The U.S. Trustee for Region 3 appointed five creditors to serve on an Official Committee of Unsecured Creditors. Daniel H. Golden, Esq., Lisa Beckerman, Esq., and Philip C. Dublin, Esq., at Akin Gump Strauss Hauer & Feld LLP, and Laura Davis Jones, Esq., Michael R. Seidl, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Committee in these cases. When the Debtors filed for protection from their creditors, they listed total assets of $2,178,179,000 and total debts of $1,915,034,000. ********* 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. 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All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Luke Caballos, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2009. 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