TCR_Public/090418.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, April 18, 2009, Vol. 13, No. 106

                            Headlines



GENERAL GROWTH: Balance Sheet as of December 31, 2008
LEHMAN BROTHERS: Files Monthly Operating Report
NORTEL NETWORKS: Posts $103MM Net Loss From Jan. 14 to Feb. 28
PFF BANCORP: Files Operating Report for February 2009
POWERMATE CORP: Feb. 28 Balance Sheet Upside-Down by $67.9 Million

POWERMATE CORP: Holding Posts $310,764 Net Loss in February 2009
POWERMATE CORP: International Files February Operating Report
TARRAGON CORP: Posts $2,645,539 Net Loss in February 2009



                            *********

GENERAL GROWTH: Balance Sheet as of December 31, 2008
-----------------------------------------------------

               General Growth Properties, Inc.
                 Consolidated Balance Sheets
                   As of December 31, 2008

                           Assets

Investment in real estate:
  Land                                           $3,354,480,000
  Buildings and equipment                        23,609,132,000
  Less accumulated depreciation                  (4,240,222,000)
  Developments in progress                        1,076,675,000
                                                ---------------
     Net property and equipment                  23,800,065,000

Investment in and loans to/from
  Unconsolidated Real Estate Affiliates           1,869,929,000
Investment land and land held
  for development and sale                        1,823,362,000
                                                ---------------
     Net investment in real estate               27,493,356,000

Cash and cash equivalents                           168,993,000
Accounts and notes receivable, net                  385,334,000
Goodwill                                            340,291,000
Deferred expenses, net                              333,901,000
Prepaid expenses and other assets                   835,455,000
                                                ---------------
     Total assets                               $29,557,330,000
                                                ===============

              Liabilities and Stockholders' Equity

Mortgages, notes and loans payable              $24,853,313,000
Investment in and loans to/from
  Unconsolidated Real Estate Affiliates              32,294,000
Deferred tax liabilities                            868,978,000
Accounts payable, accrued expenses
  and other liabilities                           1,539,149,000
                                                ---------------
     Total liabilities                           27,293,734,000

Minority interests:
Preferred                                          121,232,000
Common                                             387,616,000
                                                ---------------
     Total minority interests                       508,848,000

Commitments and Contingencies
Preferred Stock                                               -
Stockholders' Equity:
  Common stock                                        2,704,000
  Additional paid-in capital                      3,337,657,000
  Retained earnings (accumulated deficit)        (1,452,733,000)
  Accumulated other comprehensive (loss) income     (56,128,000)
  Less common stock in treasury                     (76,752,000)
                                                ---------------
Total stockholders' equity                        1,754,748,000

Total liabilities and stockholders' equity      $29,557,330,000
                                                ===============

General Growth Properties, Inc., has been in the shopping center
business since 1954.  One of the United States' largest real
estate investment trust or REIT, General Growth owns, develops,
operates and manages shopping malls in 44 states as well as
Master Planned Communities in three states, including Summerlin
in Nevada, The Woodlands and Bridgeland in Texas, and Columbia in
Maryland.  As of January 2008, General Growth had ownership
interests in and management responsibility for more than 200
regional shopping malls totaling 200 million square feet of
retail space.

Headquartered in Chicago, Illinois, General Growth has 3,700
employees in the United States.  General Growth's malls feature
more than 24,000 retail stores and anchor department stores as
well as theaters, sit-down restaurants, ice skating rinks and
others.  General Growth also holds assets through its
international Unconsolidated Real Estate Affiliates in Brazil,
Turkey and Costa Rica.

General Growth has two business segments which are managed
separately.  All material operations are within the United States
and no customer or tenant comprises more than 10% of consolidated
revenues.  Retail and Other segment includes the operation,
development and management of retail and other rental property,
primarily shopping centers.  Master Planned Communities Segment
includes the development and sale of land, primarily in large-
scale, long-term community development projects in Columbia,
Maryland; Summerlin, Nevada; and Houston, Texas; and one
residential condominium project in Natick, Massachusetts.

General Growth Properties, Inc. (Case No. 09-11977) and 358 of its
debtor-affiliates filed for bankruptcy protecion under Chapter 11
of the Bankruptcy Code on April 16, 2009 with the U.S. Bankruptcy
Court for the Southern District of New York.

Certain subsidiaries, including GGP's third party management
business and GGP's joint ventures, have not filed for protection.
A complete list of subsidiaries that have filed voluntary
petitions can be found at http://www.ggp.com/

GGP said that the decision to pursue reorganization under
Chapter 11 came after extensive efforts to refinance or extend
maturing debt outside of Chapter 11.

Marcia L. Goldstein, Esq., Gary T. Holtzer, Esq., Adam P.
Strochak, Esq., Stephen A. Youngman, Esq., at Weil, Gotshal &
Manges LLP, in New York, represents the Debtors as counsel.  James
H.M. Sprayregen, P.C., Anup Sathy, P.C., at Kirkland & Ellis LLP,
in Chicago, are the Debtor's co-counsel.  AlixPartners LLP is the
Debtors' financial advisor.  Miller Buckfire Co. LLC is the
Debtors' investment banker.  Kurtzman Carson Consultants LLC is
the Debtors' notice and claims agent.


LEHMAN BROTHERS: Files Monthly Operating Report
-----------------------------------------------
On April 13, 2009, Lehman Brothers Holdings Inc. and certain of
its subsidiaries filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly operating report.

The following Debtors submitted balance sheets as of October 4,
2008:

  1.  Lehman Brothers Financial Products Inc.
  2.  Lehman Brothers Derivative Products Inc.
  3.  CES Aviation LLC, CES Aviation V LLC, CES Aviation IX LLC,
      East Dover Limited, Lehman Scottish Finance L.P.

Lehman Brothers Holdings Inc. and debtor subsidiaries also
submitted a Schedule of Cash Receipts and Disbursements for the
month ended February 28, 2009.

Lehman Brothers Holdings Inc. also submitted a schedule of
professional disbursements for the month ended February 28, 2009.

                        Balance Sheet Data

At October 4, 2008, Lehman Brothers Financial Products Inc. had
$553.5 million in total assets, $249.8 million in total
liabilities, and $303.7 million in stockholders' equity.

At October 4, 2008, Lehman Brothers Derivative Products Inc. had
$413.6 million in total assets, $198.7 million in total
liabilities, and $214.9 million in stockholders' equity.

At October 4, 2008, the balance sheet of CES Aviation Llc, CES
Aviation V LLC, CES Aviation IX LLC, East Dover Limited & Lehman
Scottish Finance, LP, showed:

                                                 Stockholders'
                      Assets      Liabilities   Equity (deficit)
                    -----------   -----------   ----------------
CES Aviation LLC   $21,807,000   $22,563,000         ($756,000)
CES Aviation V      $2,908,000    $8,016,000       ($5,108,000)
CES Aviation IX     $5,932,000    $9,284,000       ($3,352,000)
East Dover        $106,141,000            $0      $106,141,000
Lehman Scottish    $62,187,000            $0       $62,187,000

                   LBHI and Debtor Subsidiaries
            Schedule of Cash Receipts and Disbursements
               February 1, 2009 - February 28, 2009

       Unaudited ($ in thousands)

       Cash Beginning               $6,766,000
       Receipts                     $1,376,000
       Transfers                      $183,000
       Disbursements                 ($752,000)
       FX Fluctuation                 ($22,000)
       Ending Cash                  $7,550,000

            Schedule of Professional Fee Disbursements

For the month of February ended February 28, 2009, LBHI disbursed
$38,659,000 in total professional fees and US Trustee fees.
Cumulative professional fees and US Trustee fees as of
February 28, 2009, totaled $82,182,000.

Of the cumulative total of $82,182,000 as of February 28, 2009,
$46,965,000 was paid to Alvarez & Marsal LLC, and $16,330,000 was
paid to Weil, Gotshal & Manges LLP, lead counsel for the Debtors.
Milbank Tweed Hadley & McCloy LLP, the other lead counsel,
received $6,094,000.

A full-text copy of LBHI's monthly operating report is available
for free at http://researcharchives.com/t/s?3b8e

                     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)


NORTEL NETWORKS: Posts $103MM Net Loss From Jan. 14 to Feb. 28
--------------------------------------------------------------
On April 13, 2009, Nortel Networks Inc., and certain of its U.S.
affiliates, filed their monthly operating report for the period
from January 14, 2009, to February 28, 2009, with the United
States Bankruptcy Court for the District of Delaware.

For the period, the Nortel Networks Inc. reported a net loss of
$103 million on total revenues of $318 million.

At February 28, 2009, Nortel Networks Inc. reported $2.90 billion
in total assets, $3.10 billion in total liabilities, and
$202.0 million in shareholders' deficit.

A full-text copy of the Debtors' monthly operating report for the
period from January 14, 2009, to February 28, 2009, is available
for free at http://researcharchives.com/t/s?3b91

                       About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and enterprise
networks, support multimedia and business-critical applications.
Nortel's technologies are designed to help eliminate today's
barriers to efficiency, speed and performance by simplifying
networks and connecting people to the information they need, when
they need it.  Nortel does business in more than 150 countries
around the world.  Nortel Networks Limited is the principal direct
operating subsidiary of Nortel Networks Corporation.

Nortel Networks Corp., Nortel Networks Inc. and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of $11.6 billion and consolidated liabilities
of $11.8 billion.  The Nortel Companies' U.S. businesses are
primarily conducted through Nortel Networks Inc., which is the
parent of majority of the U.S. Nortel Companies.  As of
September 30, 2008, NNI had assets of about $9 billion and
liabilities of $3.2 billion, which do not include NNI's guarantee
of some or all of the Nortel Companies' about $4.2 billion of
unsecured public debt.

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


PFF BANCORP: Files Operating Report for February 2009
-----------------------------------------------------
On March 20, 2009, PFF Bancorp, Inc., and its debtor-affiliates
filed their monthly operating reports for the month ended
February 28, 2009, with the U.S. Bankruptcy Court for the
District of Delaware.

PFF Bancorp reported a net loss of $71,408 on zero revenue for
the month of February 2009.  Net Loss for the period from
December 5, 2008, to February 28, 2009, was $218,498 on zero
revenue.

At February 28, 2009, PFF Bancorp had total assets of
$159,857,902, total liabilities of $117,430,056, and total equity
of $42,427,846.

A full-text copy of the Debtors' monthly operating report for the
month of February 2009, is available at:

               http://researcharchives.com/t/s?3b8f

PFF Bancorp Inc. -- https://www.pffbank.com -- operates a
community bank provides an array of financial services.

PFF Bancorp, Inc., and its debtor-affiliates files for Chapter 11
protection on Dec. 5, 2008 (Bankr. D. Del. Case No. 08-13127 to
08-13131).  Paul Noble Heath, Esq., at Richards, Layton & Finger
PA represents the Debtor in their restructuring efforts.  Kurtzman
Carson Consultants LLC serves as the Debtors' Claims Agent.  When
they filed for protection from their creditors, the Debtors listed
total assets of $7,779,964 and estimated liabilities of
$131,730,000.


POWERMATE CORP: Feb. 28 Balance Sheet Upside-Down by $67.9 Million
------------------------------------------------------------------
Powermate Corporation posted a net loss of $310,764 on zero
revenue for the month ended February 28, 2009.  Cumulative filing
to date net loss is $24,184,539 on net revenue of $2,033,788.

At February 28, 2009, Powermate Corporation had $17,091,278 in
total assets, $85,036,606 in total liabilities, and $67,945,328 in
stockholders' deficit.

A full-text copy of Powermate Corporation's February 2009 monthly
operating report is available at:

        http://bankrupt.com/misc/Powermate.FebruaryMOR.pdf

                      About Powermate Corp.

Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, air tools, pressure washer
and accessories.  Products were distributed through mass
retailers, home centers, specialty store chains, industry buying
cooperatives, online e-Dealers, and independent hardware
retailers.  Prior to the Petition Date, the Debtors sold their air
compressor business and related assets.  Sun Capital Partners
bought 95% of Powermate in 2004.

Powermate Holding Corp. is the parent of Powermate Corp.  In turn
Powermate Corp. owns 100% of Powermate International Inc.

The three companies filed for Chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498).  Neil Herman, Esq.,
at Morgan, Lewis & Bokius, represents the Debtors as counsel.
Kenneth Enos, Esq., and Michael Nestor, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as local counsel.  Monika
J. Machen, Esq., at Sonnenschein Nath Rosenthal LLP, represents
the Official Committee of Unsecured Creditors as counsel.
Charlene D. Davis, Esq., Eric M. Sutty, Esq., and Daniel A.
O'Brien, Esq., at Bayard P.A., represent the Creditors Committee
as local counsel.

In schedules filed with the Court, the Debtors listed total assets
of and debts of over $69 million and $144 million, respectively.


POWERMATE CORP: Holding Posts $310,764 Net Loss in February 2009
----------------------------------------------------------------
Powermate Holding Corp. posted a net loss of $310,764 on zero
revenues for the month ended February 28, 2009.

At February 28, 2009, Powermate Holding had $12,199,980 in total
assets, $87,272,422 in total liabilities, and $75,072,443 in
stockholders' deficit.

A full-text copy of Powermate Holding Corp.'s February 2009
monthly operating report is available at:

    http://bankrupt.com/misc/PowermateHolding.FebruaryMOR.pdf

                      About Powermate Corp.

Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, air tools, pressure washer
and accessories.  Products were distributed through mass
retailers, home centers, specialty store chains, industry buying
cooperatives, online e-Dealers, and independent hardware
retailers.  Prior to the Petition Date, the Debtors sold their air
compressor business and related assets.  Sun Capital Partners
bought 95% of Powermate in 2004.

Powermate Holding Corp. is the parent of Powermate Corp.  In turn
Powermate Corp. owns 100% of Powermate International Inc.

The three companies filed for Chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498).  Neil Herman, Esq.,
at Morgan, Lewis & Bokius, represents the Debtors as counsel.
Kenneth Enos, Esq., and Michael Nestor, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as local counsel.  Monika
J. Machen, Esq., at Sonnenschein Nath Rosenthal LLP, represents
the Official Committee of Unsecured Creditors as counsel.
Charlene D. Davis, Esq., Eric M. Sutty, Esq., and Daniel A.
O'Brien, Esq., at Bayard P.A., represent the Creditors Committee
as local counsel.

In schedules filed with the Court, the Debtors listed total assets
of and debts of over $69 million and $144 million, respectively.


POWERMATE CORP: International Files February Operating Report
-------------------------------------------------------------
Powermate International Corp. had zero income on zero revenue for
the month ended February 28, 2009.

At February 28, 2009, Powermate International had $607,544 in
total assets, $110,420 in total liabilities, and $497,124 in net
stockholders' equity.

A full-text copy of Powermate International's February 2009
monthly operating report is available at:

     http://bankrupt.com/misc/PowermateInt'l.FebruaryMOR.pdf

                      About Powermate Corp.

Headquartered in Aurora, Illinois, Powermate Corp. --
http://www.powermate.com/-- manufactures portable and home
standby generators, air compressors, air tools, pressure washer
and accessories.  Products were distributed through mass
retailers, home centers, specialty store chains, industry buying
cooperatives, online e-Dealers, and independent hardware
retailers.  Prior to the Petition Date, the Debtors sold their air
compressor business and related assets.  Sun Capital Partners
bought 95% of Powermate in 2004.

Powermate Holding Corp. is the parent of Powermate Corp.  In turn
Powermate Corp. owns 100% of Powermate International Inc.

The three companies filed for Chapter 11 protection on March 17,
2008 (Bankr. D. Del. Lead Case No.08-10498).  Neil Herman, Esq.,
at Morgan, Lewis & Bokius, represents the Debtors as counsel.
Kenneth Enos, Esq., and Michael Nestor, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as local counsel.  Monika
J. Machen, Esq., at Sonnenschein Nath Rosenthal LLP, represents
the Official Committee of Unsecured Creditors as counsel.
Charlene D. Davis, Esq., Eric M. Sutty, Esq., and Daniel A.
O'Brien, Esq., at Bayard P.A., represent the Creditors Committee
as local counsel.

In schedules filed with the Court, the Debtors listed total assets
of and debts of over $69 million and $144 million, respectively.


TARRAGON CORP: Posts $2,645,539 Net Loss in February 2009
---------------------------------------------------------
On April 3, 2009, Tarragon Corporation filed its monthly operating
report for the month ended February 28, 2009, with the U.S.
Bankruptcy Court for the District of New Jersey.

At February 28, 2009, Tarragon Corporation's balance sheet showed
total assets of $377,082,883, total liabilities of $629,007,260,
and shareholders' deficit of $251,924,377.

The Debtor posted a net loss of $2,645,539 for the month of
February 2009.  Total revenue was $5,256.

A full-text copy of the Debtor's monthly operating report for the
month ended February 28, 2009, is available for free at:

        http://bankrupt.com/misc/Tarragon.FebruaryMOR.pdf

                    About Tarragon Corporation

Based in New York City, Tarragon Corporation (NasdaqGS:TARR) --
http://www.tarragoncorp.com/-- is a leading developer of
multifamily housing for rent and for sale.  Tarragon's operations
are concentrated in the Northeast, Florida, Texas, and Tennessee.

Tarragon and its affiliates filed for Chapter 11 protection on
January 12, 2009 (Bankr. D. N.J. Case No. 09-10555).  The Hon.
Donald H. Steckroth presides over the case.

Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R.
Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A.,
represent the Debtor as bankruptcy counsel.  Kurztman Carson
Consultants LLC serves as notice and claims agent.  Daniel A.
Lowenthal, Esq., at Patterson Belknap Webb & Tyler, LLP, in New
York, represents the Official Committee of Unsecured Creditors
appointed in the case.  Tarragon has said equity holders are out
of the money with regard to its bankruptcy case.  As of
September 30, 2008, the Debtors had $840,688,000 in total assets
and $1,035,582,000 in total debts.



                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Ma. Theresa Amor J. Tan Singco, 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.

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