TCR_Public/090711.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, July 11, 2009, Vol. 13, No. 190

                            Headlines



ASARCO LLC: Monthly Operating Report for May 31, 2009
ACCEPTANCE INSURANCE: Posts $60,385 Net Loss in June 2009
ASARCO LLC: Monthly Operating Report for May 31, 2009
AUTOBACS STRAUSS: Reports $1.17 Million Net Loss in May
BEARINGPOINT INC: Earns $92.1 Million in May 2009

CHRYSLER LLC: Operating Report for Month Ended May 31
LUMINENT MORTGAGE: Files Operating Report for May 2009
LUMINENT MORTGAGE: Files Operating Report for April 2009
LUMINENT MORTGAGE: Files Operating Report for March 2009
LUMINENT MORTGAGE: Files Operating Report for February 2009

LUMINENT MORTGAGE: Files Operating Report for January 2009
NORTEL NETWORKS: Operating Report for May 3 to 30, 2009
PFF BANCORP: Files Monthly Operating Report For May 2009
QUEBECOR WORLD: Operating Report for Month Ended May 30
REFCO LLC: Chapter 7 Trustee's Operating Report for May

SEMGROUP LP: Operating Report for Month Ended April 30
TOUSA INC: Operating Report for April 2009
TOUSA INC: Operating Report for May 2009
TROPICANA ENT: Operating Report for May 2009



                            *********

ASARCO LLC: Monthly Operating Report for May 31, 2009
-----------------------------------------------------

                      ASARCO LLC, et al.
                         Balance Sheet
                      As of May 31, 2009

ASSETS
  Current Assets:
  Cash                                           $1,277,232,000
  Restricted Cash                                    27,132,000
  Accounts receivable, net                          106,794,000
  Inventory                                         275,206,000
  Prepaid expenses                                    7,197,000
  Other current assets                               19,659,000
                                                ---------------
Total Current Assets                               1,713,221,000

Net property, plant and equipment                    525,461,000

Other Assets:
  Investments in subs & other investments            93,864,000
  Advances to affiliates                                603,000
  Prepaid pension & retirement plan                           -
  Other                                              21,248,000
                                                ---------------
Total assets                                      $2,354,397,000
                                                ===============

LIABILITIES
  Postpetition liabilities:
  Account payable - trade                           $82,943,000
  Accrued liabilities                             1,186,137,000
                                               ---------------
Total postpetition liabilities                     1,269,080,000

Prepetition liabilities:
Not subject to compromise - credit                     3,280,000
Not subject to compromise - other                    107,250,000
Advances from affiliates                              24,429,000
Subject to compromise                              2,816,729,000
                                                ---------------
Total prepetition liabilities                      2,951,688,000
                                                ---------------
Total liabilities                                  4,220,768,000
                                                ===============

MEMBER'S EQUITY (DEFICIT):
Common stock                                         508,324,000
Additional paid-in capital                           104,578,000
Other comprehensive loss                            (386,150,000)
Retained earnings: filing date                    (3,189,857,000)
                                                ---------------
Total prepetition member's equity                 (2,963,105,000)
Retained earnings: post-filing date                1,096,734,000
                                                ---------------
Total member's equity (net worth)                 (1,866,371,000)

Total liabilities and member's equity             $2,354,397,000
                                                ===============

                      ASARCO LLC, et al.
             Consolidated Statement of Operations
                   Month Ended May 31, 2009

Sales                                                $75,227,000
Cost of products and services                         67,649,000
                                                ---------------
Gross profit (loss)                                    7,578,000

Operating expenses:
Selling and general & admin. expenses                  2,302,000
Depreciation & amortization                            3,127,000
Accretion expense                                         98,000
                                                ---------------
Operating income (loss)                                2,050,000

Interest expense                                          37,000
Interest income                                         (491,000)
Reorganization expenses                                8,970,000
Other miscellaneous (income) expense                  (3,407,000)
                                                ---------------
Income (loss) before taxes                            (3,058,000)
Income taxes                                          (1,201,000)
                                                ---------------
Net income (loss)                                    ($1,857,000)
                                                ===============

                      ASARCO LLC, et al.
          Consolidated Cash Receipts & Disbursements
                   Month Ended May 31, 2009

Receipts
Disbursements:
Inventory material                                   $30,286,000
Operating disbursements                               43,193,000
Capital expenditures                                   9,222,000
                                                ---------------
Total operating disbursements                         82,701,000

Operating cash flow                                   (7,491,000)
Reorganization disbursements                           6,441,000
                                                ---------------
Net cash flow                                        (13,932,000)
Net (borrowings) payments to secured Lenders                   -
                                                ---------------
Net change in cash                                   (13,932,000)
Beginning cash balance                             1,318,296,000
                                                ---------------
Ending cash balances                              $1,304,364,000
                                                ===============

                      About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case.  On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006.  (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

ASARCO LLC filed a plan of reorganization on July 31, 2008,
premised on the sale of the Debtors' assets to Sterlite USA for
$2.6 billion.  By October 2008, ASARCO LLC informed the Court that
Sterlite refused to close the proposed sale and thus, the Original
Plan could not be confirmed.  The parties has since renewed their
purchase and sale agreement and ASARCO LLC has obtained Court
approval of a settlement and release contained in the new PSA for
the sale of the ASARCO assets for $1.1 billion in cash and a $600
million note.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted its own plan which allows it to keep its equity
interest in ASARCO LLC by offering full payment to ASARCO's
creditors.  AMC offered provide up to $2.7 billion in cash and a
$440 million guarantee to assure payment of all allowed creditor
claims, including payment of liabilities relating to asbestos and
environmental claims.  AMC's plan is premised on the estimation of
the approximate allowed amount of the claims against ASARCO.

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


ACCEPTANCE INSURANCE: Posts $60,385 Net Loss in June 2009
---------------------------------------------------------
Acceptance Insurance Companies Inc. filed with the U.S.
Bankruptcy Court for the District of Nebraska on July 7, 2009,
its monthly operating report for June 2009.

For the month ended June 30, 2009, Acceptance Insurance Companies
Inc. posted a net loss of $60,385 on net investment income of
$597.

The Debtor reported total assets of $23,426,132, total
liabilities of $138,182,972, and stockholders' deficit of
$114,756,840 as of June 30, 2009.

A full-text copy of the Debtor's June 2009 monthly report is
available at http://researcharchives.com/t/s?3ee0

                  About Acceptance Insurance

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

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


ASARCO LLC: Monthly Operating Report for May 31, 2009
-----------------------------------------------------

                      ASARCO LLC, et al.
                         Balance Sheet
                      As of May 31, 2009

ASSETS
  Current Assets:
  Cash                                           $1,277,232,000
  Restricted Cash                                    27,132,000
  Accounts receivable, net                          106,794,000
  Inventory                                         275,206,000
  Prepaid expenses                                    7,197,000
  Other current assets                               19,659,000
                                                ---------------
Total Current Assets                              1,713,221,000

Net property, plant and equipment                   525,461,000

Other Assets:
  Investments in subs & other investments            93,864,000
  Advances to affiliates                                603,000
  Prepaid pension & retirement plan                           -
  Other                                              21,248,000
                                                ---------------
Total assets                                     $2,354,397,000
                                                ===============

LIABILITIES
  Postpetition liabilities:
  Account payable - trade                           $82,943,000
  Accrued liabilities                             1,186,137,000
                                                ---------------
Total postpetition liabilities                    1,269,080,000

Prepetition liabilities:
Not subject to compromise - credit                    3,280,000
Not subject to compromise - other                   107,250,000
Advances from affiliates                             24,429,000
Subject to compromise                             2,816,729,000
                                                ---------------
Total prepetition liabilities                     2,951,688,000
                                                ---------------
Total liabilities                                 4,220,768,000
                                                ===============

MEMBER'S EQUITY (DEFICIT):
Common stock                                        508,324,000
Additional paid-in capital                          104,578,000
Other comprehensive loss                           (386,150,000)
Retained earnings: filing date                   (3,189,857,000)
                                                ---------------
Total prepetition member's equity                (2,963,105,000)
Retained earnings: post-filing date               1,096,734,000
                                                ---------------
Total member's equity (net worth)                (1,866,371,000)

Total liabilities and member's equity            $2,354,397,000
                                                ===============

                      ASARCO LLC, et al.
             Consolidated Statement of Operations
                   Month Ended May 31, 2009

Sales                                               $75,227,000
Cost of products and services                        67,649,000
                                                ---------------
Gross profit (loss)                                   7,578,000

Operating expenses:
Selling and general & admin. expenses                 2,302,000
Depreciation & amortization                           3,127,000
Accretion expense                                        98,000
                                                ---------------
Operating income (loss)                               2,050,000

Interest expense                                         37,000
Interest income                                        (491,000)
Reorganization expenses                               8,970,000
Other miscellaneous (income) expense                 (3,407,000)
                                                ---------------
Income (loss) before taxes                           (3,058,000)
Income taxes                                         (1,201,000)
                                                ---------------
Net income (loss)                                   ($1,857,000)
                                                ===============

                      ASARCO LLC, et al.
          Consolidated Cash Receipts & Disbursements
                   Month Ended May 31, 2009

Receipts
Disbursements:
Inventory material                                  $30,286,000
Operating disbursements                              43,193,000
Capital expenditures                                  9,222,000
                                                ---------------
Total operating disbursements                        82,701,000

Operating cash flow                                  (7,491,000)
Reorganization disbursements                          6,441,000
                                                ---------------
Net cash flow                                       (13,932,000)
Net (borrowings) payments to secured Lenders                  -
                                                ---------------
Net change in cash                                  (13,932,000)
Beginning cash balance                            1,318,296,000
                                                ---------------
Ending cash balances                             $1,304,364,000
                                                ===============

                      About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case.  On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006.  (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

ASARCO LLC filed a plan of reorganization on July 31, 2008,
premised on the sale of the Debtors' assets to Sterlite USA for
$2.6 billion.  By October 2008, ASARCO LLC informed the Court that
Sterlite refused to close the proposed sale and thus, the Original
Plan could not be confirmed.  The parties has since renewed their
purchase and sale agreement and ASARCO LLC has obtained Court
approval of a settlement and release contained in the new PSA for
the sale of the ASARCO assets for $1.1 billion in cash and a
$600 million note.

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted its own plan which allows it to keep its equity
interest in ASARCO LLC by offering full payment to ASARCO's
creditors.  AMC offered provide up to $2.7 billion in cash and a
$440 million guarantee to assure payment of all allowed creditor
claims, including payment of liabilities relating to asbestos and
environmental claims.  AMC's plan is premised on the estimation of
the approximate allowed amount of the claims against ASARCO.

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


AUTOBACS STRAUSS: Reports $1.17 Million Net Loss in May
-------------------------------------------------------
Autobacs Strauss Inc., doing business as Strauss Discount Auto,
incurred a $1.17 million net loss in May on $13 million in sales.
The loss before interest, taxes, depreciation and amortization was
almost $200,000. The store contribution was $1 million.

Headquartered in South River, New Jersey, Autobacs Strauss Inc. --
http://www.straussauto.com/-- sells after-market automotive parts
and accessories, and operate automotive service centers located in
New York, New Jersey, and Philadelphia and Bethlehem in
Pennsylvania.  The Company operates 86 retail store locations and
has about 1,450 employees.  The Company filed for Chapter 11
protection on February 4, 2009 (Bankr. D. Del. Case No. 09-10358).
Edward J. Kosmowski, Esq., at Young Conaway Stargatt & Taylor,
LLP, represents the Debtor in its restructuring efforts.  As of
January 3, 2009, the Debtor had total assets of $75,000,000 and
total debts of $72,000,000.

The Chapter 11 filing is Strauss's third.  The preceding Chapter
11 case ended with confirmation of a Chapter 11 plan in April
2007.  The Company was then named R&S Parts & Service Inc.


BEARINGPOINT INC: Earns $92.1 Million in May 2009
-------------------------------------------------
On June 30, 2009, BearingPoint, Inc., and certain of its domestic
U.S. subsidiaries filed their unaudited monthly operating report
for the month ended May 31, 2009, with the United States
Bankruptcy Court for the Southern District of New York.

For the month ended May 31, 2009, BearingPoint reported net income
before affiliate earnings (loss) of $92.1 million on revenue of
$74.1 million.  Results for the month included income from
discontinued operations, net of $146.1 million.   For the period,
the Company reported operating income of $3.9 million.  As of
May 31, 2009, the Company had $115.4 million in cash and cash
equivalents.  Cash and cash equivalents were $81.8 million
at April 30, 2007.   

At May 31 2009, BearingPoint had $1.06 billion in total assets
and $2.03 billion in total liabilities.

A full-text copy of the Debtors' monthly operating report for
May 2009 is available at  http://researcharchives.com/t/s?3ee1

                      About BearingPoint Inc.

BearingPoint, Inc. -- http://www.BearingPoint.com/-- is currently
one of the world's largest providers of management and technology
consulting services to Global 2000 companies and government
organizations in more than 60 countries worldwide.  Based in
McLean, Va., BearingPoint -- a former consulting arm of KPMG LLP -
- has approximately 15,000 employees focusing on the Public
Services, Commercial Services and Financial Services industries.
BearingPoint professionals have built a reputation for knowing
what it takes to help clients achieve their goals, and working
closely with them to get the job done.  The Company's service
offerings are designed to help clients generate revenue, increase
cost-effectiveness, manage regulatory compliance, integrate
information and transition to "next-generation" technology.

BearingPoint, Inc., fka KPMG Consulting, Inc., together with its
units, filed for Chapter 11 protection on February 18, 2009
(Bankr. S.D. N.Y., Case No. 09-10691).  Alfredo R. Perez, Esq., at
Weil Gotshal & Manges LLP, has been tapped as counsel.  Greenhill
& Co., LLC, and AP Services LLC, have also been tapped as
advisors.  Davis Polk & Wardell is special corporate counsel.
BearingPoint disclosed total assets of $1,762,689,000, and debts
of $2,231,839,000 as of September 30, 2008.

Contemporaneous with their bankruptcy petitions, the Debtors filed
a pre-packaged Joint Plan of Reorganization under Chapter 11 to
implement the terms of their agreement with the secured lenders.
BearingPoint intended a traditional reorganization by proposing to
issue new stock to unsecured creditors and holders of $690 million
in subordinated notes, pursuant to a Chapter 11 plan.  The
Debtors, however, changed their course and sold off certain units.

The Debtors sold their public services group to Deloitte LLP for
$350 million.


CHRYSLER LLC: Operating Report for Month Ended May 31
-----------------------------------------------------

            Old Carco LLC (fka Chrysler LLC) et al.
               Condensed Combined Balance Sheet
                      As of May 31, 2009

CURRENT ASSETS:
  Cash and cash equivalents                      $1,063,000,000
  Restricted cash                                    13,000,000
  Trade receivables, net                            703,000,000
  Inventories                                     1,797,000,000
  Prepaid expenses and other current assets       2,118,000,000
  Intercompany receivables from non-debtors         309,000,000
  Deferred taxes                                     18,000,000
                                                 --------------
     TOTAL CURRENT ASSETS                         6,021,000,000

OTHER ASSETS:
  Property, plant and equipment, net             11,243,000,000
  Advances to related parties and others          1,200,000,000
  Investments, notes and advances                 1,384,000,000
  Restricted cash                                 1,115,000,000
  Intangible assets, net                          3,345,000,000
  Original issue discount on DIP Financing          159,000,000
  Deferred taxes                                      5,000,000
  Other assets                                      632,000,000
                                                 --------------
     TOTAL OTHER ASSETS                          19,083,000,000
                                                 --------------
TOTAL ASSETS                                     $25,104,000,000
                                                 ==============

CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
  Accrued expenses & other current liabilities   $1,709,000,000
  Debtor-in-possession financing                  3,042,000,000
  Deferred income                                   607,000,000
  Deferred taxes                                      4,000,000
                                                 --------------
     TOTAL CURRENT LIABILITIES                    5,362,000,000

LONG-TERM LIABILITIES NOT SUBJECT TO COMPROMISE:
  Accrued expenses and other liabilities          2,612,000,000
  Deferred income                                   658,000,000
  Deferred taxes                                     78,000,000
                                                 --------------
     TOTAL LONG-TERM LIABILITIES                  3,348,000,000
  Liabilities subject to compromise              31,668,000,000
                                                 --------------
     TOTAL LIABILITIES                           40,378,000,000

MEMBER'S DEFICIT:
  Capital stock                                     316,000,000
  Contributed capital                             7,035,000,000
  Accumulated losses                            (20,869,000,000)
  Accumulated other comprehensive loss           (1,756,000,000)
                                                 --------------
     Total MEMBER'S DEFICIT                     (15,274,000,000)
                                                 --------------
TOTAL LIABILITIES & MEMBER'S DEFICIT             $25,104,000,000
                                                 ==============

            Old Carco LLC (fka Chrysler LLC) et al.
          Condensed Combined Statement of Operations
                   Month Ended May 31, 2009

  Revenues                                         $589,000,000
  Cost of sales                                   1,963,000,000
                                                 --------------
     GROSS MARGIN                                (1,374,000,000)

  Selling, administrative & other expenses          174,000,000
  Research and development                           58,000,000
  Other income, net                                  (8,000,000)
  Restructuring income                             (364,000,000)
                                                 --------------
  LOSS BEFORE FINANCIAL EXPENSE,                 (1,234,000,000)
  REORGANIZATION ITEMS AND INCOME TAXES

  Financial expense, net                           (179,000,000)
                                                 --------------
  LOSS BEFORE REORG. ITEMS & INCOME TAXES        (1,413,000,000)

  Reorganization items                               25,000,000
  Provision for income taxes                         44,000,000
                                                 --------------
  NET LOSS                                      ($1,482,000,000)
                                                 ==============

            Old Carco LLC (fka Chrysler LLC) et al.
          Condensed Combined Statement of Cash Flows
               For the month ending May 31, 2009

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                         ($1,482,000,000)
Adjustments to reconcile net loss to
net cash used in operating activities:
  Depreciation and amortization                     259,000,000
  Changes in deferred taxes                          (9,000,000)
  Amortization of original issue
     discount on DIP Financing                      171,000,000
  Net loss on disposal of fixed assets                4,000,000
  Other non-cash income and expense                (432,000,000)
  Changes in accrued expenses and others         (1,057,000,000)
  Changes in other operating assets
     & liabilities:
     * inventories                                  571,000,000
     * trade receivables                             28,000,000
     * trade liabilities                           (832,000,000)
     * payments for reorganization items                      -
     * other assets and liabilities                 284,000,000
                                                 --------------
NET CASH USED IN OPERATING ACTIVITIES             (2,495,000,000)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of property, plant &                    (76,000,000)
     equipment, equipment on operating
     leases & intangible assets
  Proceeds from disposals of property, plant         26,000,000
     and equipment, equipment on operating
     leases and intangible assets
  Proceeds from disposals of equipment on            34,000,000
     operating leases
Net change in restricted cash                        (51,000,000)
                                                 --------------
NET CASH USED IN INVESTING ACTIVITIES                (67,000,000)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from DIP Financing                     3,042,000,000
  Net repayments of financial liabilities            (4,000,000)
      - third party
  Original issue discount on DIP Financing         (330,000,000)
                                                 --------------
NET CASH PROVIDED BY FINANCING ACTIVITIES          2,708,000,000
                                                 --------------
  Net increase in cash and cash equivalents         146,000,000
                                                 --------------
  Cash & cash equiv. at beginning of period         917,000,000
                                                 --------------
  Cash and cash equivalents at end of period     $1,063,000,000
                                                 ==============

                        About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- manufactures Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.  The Company has dealers
worldwide, including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan, and Australia.  In
2007, Cerberus Capital Management LP acquired an 80.1% stake in
Chrysler for $7.2 billion.  Daimler AG kept a 19.9% stake.

On April 30, Chrysler LLC and 24 affiliates sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory Group
LLC, and Greenhill & Co. LLC, for financial advisory services; and
Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler has
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of December 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363
of the Bankruptcy Code that would effect an alliance between
Chrysler and Italian automobile manufacturer Fiat. Under the terms
approved by the Bankruptcy Court, the company formerly known as
Chrysler LLC on June 10, 2009, formally sold substantially all of
its assets, without certain debts and liabilities, to a new
company that will operate as Chrysler Group LLC.  Fiat has a 20
percent equity interest in Chrysler Group.

Bankruptcy Creditors' Service, Inc., publishes Chrysler Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of
Chrysler LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LUMINENT MORTGAGE: Files Operating Report for May 2009
------------------------------------------------------
Luminent Mortgage Capital, Inc. and certain of its subsidiaries
have filed with the Office of the United States Trustee -
Baltimore Division, a monthly operating report for May 2009.

For the period May 1, 2009, to May 31, 2009, Luminent Mortgage's
cash receipts and disbursements statement showed:

         Beginning Cash Balance              $37,711
                                            --------
         Cash receipts
          Operations                         $12,285
          Sale of assets                           -
          Loans/advances                     300,250
          Other                                    -
                                            --------
         Total Cash Receipts                $312,535
                                            --------

     Cash Disbursements
      Operations                            $320,126
      Debt Service/Secured loan payment            -
      Professional Fees/U.S. Trustee Fees      1,725
      Other                                    4,656
                                            --------
     Total Cash Disbursements               $326,507
                                            --------
     Net Cash Flow                          ($13,972)
                                            --------

     Ending Cash balance                     $23,739

A full-text copy of the Debtors' monthly operating report for May
2009, is available at http://researcharchives.com/t/s?3edb

                      About Luminent Mortgage

Luminent Mortgage Capital, Inc. (OTCBB: LUMCE), is a real estate
investment trust, or REIT, which, together with its subsidiaries,
has historically invested in two core mortgage investment
strategies.  Under its Residential Mortgage Credit strategy, the
company invests in mortgage loans purchased from selected high-
quality providers within certain established criteria as well as
subordinated mortgage-backed securities and other asset-backed
securities that have credit ratings below AAA.  Under its Spread
strategy, the company invests primarily in U.S. agency and other
highly-rated single-family, adjustable-rate and hybrid adjustable-
rate mortgage-backed securities.

Luminent and nine subsidiaries filed on September 5, 2008, for
relief under Chapter 11 of the U.S Bankruptcy Code in the United
States Bankruptcy Court for the District of Maryland, Baltimore
Division (Lead Case No. 08-21389).  Immediately prior to the
filing, the Debtor executed a Plan Support and Forbearance
Agreement with secured creditor Arco Capital Corp., Ltd., WAMU
Capital Corp. and convertible noteholders representing 100% of the
outstanding principal amount of its convertible notes.

Joel I. Sher, Esq., at Shapiro Sher Guinot & Sandler, represents
the Debtors as counsel.  The U.S. Trustee for Region 4 appointed
creditors to serve on an Official Committee of Unsecured
Creditors.  Jeffrey Neil Rothleder, Esq., at Arent Fox LLP,
represents the Creditors Committee as counsel.

In its operating report for the month of September 2008, Luminent
Mortgage Capital, Inc., reported $1,960,516 in total assets and
$374,868,632 in total liabilities, resulting in a $372,908,116
stockholders' deficit.


LUMINENT MORTGAGE: Files Operating Report for April 2009
--------------------------------------------------------
Luminent Mortgage Capital, Inc., and certain of its subsidiaries
have filed with the Office of the United States Trustee -
Baltimore Division, a monthly operating report for April 2009.

For the period Apri1 1, 2009, to April 30, 2009, Luminent
Mortgage's cash receipts and disbursements statement showed:

         Beginning Cash Balance             $114,338
                                            --------
         Cash receipts
          Operations                         $51,059
          Sale of assets                           -
          Loans/advances                           -
          Other                                    -
                                            --------
         Total Cash Receipts                 $51,059
                                            --------

     Cash Disbursements
      Operations                            $127,686
      Debt Service/Secured loan payment            -
      Professional Fees/U.S. Trustee Fees          -
      Other                                        -
                                            --------
     Total Cash Disbursements               $127,686
                                            --------
     Net Cash Flow                          ($76,627)
                                            --------

     Ending Cash balance                     $37,711

A full-text copy of the Debtors' monthly operating report for
April 2009, is available at http://researcharchives.com/t/s?3edc

                  About Luminent Mortgage

Luminent Mortgage Capital, Inc. (OTCBB: LUMCE), is a real estate
investment trust, or REIT, which, together with its subsidiaries,
has historically invested in two core mortgage investment
strategies.  Under its Residential Mortgage Credit strategy, the
company invests in mortgage loans purchased from selected high-
quality providers within certain established criteria as well as
subordinated mortgage-backed securities and other asset-backed
securities that have credit ratings below AAA.  Under its Spread
strategy, the company invests primarily in U.S. agency and other
highly-rated single-family, adjustable-rate and hybrid adjustable-
rate mortgage-backed securities.

Luminent and nine subsidiaries filed on September 5, 2008, for
relief under Chapter 11 of the U.S Bankruptcy Code in the United
States Bankruptcy Court for the District of Maryland, Baltimore
Division (Lead Case No. 08-21389).  Immediately prior to the
filing, the Debtor executed a Plan Support and Forbearance
Agreement with secured creditor Arco Capital Corp., Ltd., WAMU
Capital Corp. and convertible noteholders representing 100% of the
outstanding principal amount of its convertible notes.

Joel I. Sher, Esq., at Shapiro Sher Guinot & Sandler, represents
the Debtors as counsel.  The U.S. Trustee for Region 4 appointed
creditors to serve on an Official Committee of Unsecured
Creditors.  Jeffrey Neil Rothleder, Esq., at Arent Fox LLP,
represents the Creditors Committee as counsel.

In its operating report for the month of September 2008, Luminent
Mortgage Capital, Inc., reported $1,960,516 in total assets and
$374,868,632 in total liabilities, resulting in a $372,908,116
stockholders' deficit.


LUMINENT MORTGAGE: Files Operating Report for March 2009
--------------------------------------------------------
Luminent Mortgage Capital, Inc., and certain of its subsidiaries
have filed with the Office of the United States Trustee -
Baltimore Division, a monthly operating report for March 2009.

For the period March 1, 2009, to March 31, 2009, Luminent
Mortgage's cash receipts and disbursements statement showed:

         Beginning Cash Balance             $150,444
                                            --------
         Cash receipts
          Operations                         $27,066
          Sale of assets                           -
          Loans/advances                     180,000
          Other                                    -
                                            --------
         Total Cash Receipts                $207,066
                                            --------

     Cash Disbursements
      Operations                            $199,160
      Debt Service/Secured loan payment            -
      Professional Fees/U.S. Trustee Fees     30,182
      Other                                   13,829
                                            --------
     Total Cash Disbursements               $326,507
                                            --------
     Net Cash Flow                          ($36,106)
                                            --------

     Ending Cash balance                    $114,338

A full-text copy of the Debtors' monthly operating report for
March 2009, is available at http://researcharchives.com/t/s?3edd

                      About Luminent Mortgage

Luminent Mortgage Capital, Inc. (OTCBB: LUMCE), is a real estate
investment trust, or REIT, which, together with its subsidiaries,
has historically invested in two core mortgage investment
strategies.  Under its Residential Mortgage Credit strategy, the
company invests in mortgage loans purchased from selected high-
quality providers within certain established criteria as well as
subordinated mortgage-backed securities and other asset-backed
securities that have credit ratings below AAA.  Under its Spread
strategy, the company invests primarily in U.S. agency and other
highly-rated single-family, adjustable-rate and hybrid adjustable-
rate mortgage-backed securities.

Luminent and nine subsidiaries filed on September 5, 2008, for
relief under Chapter 11 of the U.S Bankruptcy Code in the United
States Bankruptcy Court for the District of Maryland, Baltimore
Division (Lead Case No. 08-21389).  Immediately prior to the
filing, the Debtor executed a Plan Support and Forbearance
Agreement with secured creditor Arco Capital Corp., Ltd., WAMU
Capital Corp. and convertible noteholders representing 100% of the
outstanding principal amount of its convertible notes.

Joel I. Sher, Esq., at Shapiro Sher Guinot & Sandler, represents
the Debtors as counsel.  The U.S. Trustee for Region 4 appointed
creditors to serve on an Official Committee of Unsecured
Creditors.  Jeffrey Neil Rothleder, Esq., at Arent Fox LLP,
represents the Creditors Committee as counsel.

In its operating report for the month of September 2008, Luminent
Mortgage Capital, Inc., reported $1,960,516 in total assets and
$374,868,632 in total liabilities, resulting in a $372,908,116
stockholders' deficit.


LUMINENT MORTGAGE: Files Operating Report for February 2009
-----------------------------------------------------------
Luminent Mortgage Capital, Inc. and certain of its subsidiaries
have filed with the Office of the United States Trustee -
Baltimore Division, a monthly operating report for February 2009.

For the period February 1, 2009, to February 28, 2009, Luminent
Mortgage's cash receipts and disbursements statement showed:

         Beginning Cash Balance             $134,799
                                            --------
         Cash receipts
          Operations                         $16,974
          Sale of assets                           -
          Loans/advances                     390,000
          Other                               50,000
                                            --------
         Total Cash Receipts                $456,974
                                            --------

     Cash Disbursements
      Operations                            $281,155
      Debt Service/Secured loan payment            -
      Professional Fees/U.S. Trustee Fees    122,755
      Other                                   37,419
                                            --------
     Total Cash Disbursements               $326,507
                                            --------
     Net Cash Flow                            15,645
                                            --------

     Ending Cash balance                    $150,444

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

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

                      About Luminent Mortgage

Luminent Mortgage Capital, Inc. (OTCBB: LUMCE), is a real estate
investment trust, or REIT, which, together with its subsidiaries,
has historically invested in two core mortgage investment
strategies.  Under its Residential Mortgage Credit strategy, the
company invests in mortgage loans purchased from selected high-
quality providers within certain established criteria as well as
subordinated mortgage-backed securities and other asset-backed
securities that have credit ratings below AAA.  Under its Spread
strategy, the company invests primarily in U.S. agency and other
highly-rated single-family, adjustable-rate and hybrid adjustable-
rate mortgage-backed securities.

Luminent and nine subsidiaries filed on September 5, 2008, for
relief under Chapter 11 of the U.S Bankruptcy Code in the United
States Bankruptcy Court for the District of Maryland, Baltimore
Division (Lead Case No. 08-21389).  Immediately prior to the
filing, the Debtor executed a Plan Support and Forbearance
Agreement with secured creditor Arco Capital Corp., Ltd., WAMU
Capital Corp. and convertible noteholders representing 100% of the
outstanding principal amount of its convertible notes.

Joel I. Sher, Esq., at Shapiro Sher Guinot & Sandler, represents
the Debtors as counsel.  The U.S. Trustee for Region 4 appointed
creditors to serve on an Official Committee of Unsecured
Creditors.  Jeffrey Neil Rothleder, Esq., at Arent Fox LLP,
represents the Creditors Committee as counsel.

In its operating report for the month of September 2008, Luminent
Mortgage Capital, Inc., reported $1,960,516 in total assets and
$374,868,632 in total liabilities, resulting in a $372,908,116
stockholders' deficit.


LUMINENT MORTGAGE: Files Operating Report for January 2009
----------------------------------------------------------
Luminent Mortgage Capital, Inc., and certain of its subsidiaries
have filed with the Office of the United States Trustee -
Baltimore Division, a monthly operating report for January 2009.

For the period January 1, 2009, to January 31, 2009, Luminent
Mortgage's cash receipts and disbursements statement showed:

         Beginning Cash Balance             $198,095
                                            --------
         Cash receipts
          Operations                         $93,757
          Sale of assets                           -
          Loans/advances                     235,000
          Other                                    -
                                            --------
         Total Cash Receipts                $328,757
                                            --------

     Cash Disbursements
      Operations                            $263,493
      Debt Service/Secured loan payment            -
      Professional Fees/U.S. Trustee Fees    128,560
      Other                                        -
                                            --------
     Total Cash Disbursements               $392,053
                                            --------
     Net Cash Flow                          ($63,296)
                                            --------

     Ending Cash balance                    $134,799

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

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

                      About Luminent Mortgage

Luminent Mortgage Capital, Inc. (OTCBB: LUMCE), is a real estate
investment trust, or REIT, which, together with its subsidiaries,
has historically invested in two core mortgage investment
strategies.  Under its Residential Mortgage Credit strategy, the
company invests in mortgage loans purchased from selected high-
quality providers within certain established criteria as well as
subordinated mortgage-backed securities and other asset-backed
securities that have credit ratings below AAA.  Under its Spread
strategy, the company invests primarily in U.S. agency and other
highly-rated single-family, adjustable-rate and hybrid adjustable-
rate mortgage-backed securities.

Luminent and nine subsidiaries filed on September 5, 2008, for
relief under Chapter 11 of the U.S Bankruptcy Code in the United
States Bankruptcy Court for the District of Maryland, Baltimore
Division (Lead Case No. 08-21389).  Immediately prior to the
filing, the Debtor executed a Plan Support and Forbearance
Agreement with secured creditor Arco Capital Corp., Ltd., WAMU
Capital Corp. and convertible noteholders representing 100% of the
outstanding principal amount of its convertible notes.

Joel I. Sher, Esq., at Shapiro Sher Guinot & Sandler, represents
the Debtors as counsel.  The U.S. Trustee for Region 4 appointed
creditors to serve on an Official Committee of Unsecured
Creditors.  Jeffrey Neil Rothleder, Esq., at Arent Fox LLP,
represents the Creditors Committee as counsel.

In its operating report for the month of September 2008, Luminent
Mortgage Capital, Inc., reported $1,960,516 in total assets and
$374,868,632 in total liabilities, resulting in a $372,908,116
stockholders' deficit.


NORTEL NETWORKS: Operating Report for May 3 to 30, 2009
-------------------------------------------------------

                Nortel Networks Inc., et al.
              Condensed Combined Balance Sheet
                     As of May 30, 2009
                         (Unaudited)
                (In millions of U.S. dollars)

                                      NNI   AltSystems  Other
                                     -----  ----------  -----
ASSETS
Current Assets
Cash and cash equivalents             $783           -      -
Short-term investments                  6           -      -
Restricted cash and cash equivalents    9           1      -
Accounts receivable - net             395           -      -
Inter-company accounts receivable     669          39     (6)
Inventories - net                     380           -      -
Other current assets                  136           -      -
                                     -----      ------  -----
Total current assets                2,378          40     (6)

Investments in non-Debtor subsidiaries 81           1     (1)
Investments - other                    41           -      -
Plant and equipment- net              319           1      -
Intangible assets - net                23           -      -
Other assets                           53           -      -
                                     -----      ------  -----
Total assets                       $2,895         $42    $(7)

LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities not subject to compromise
Trade and other accounts payable      $63           -      -
Inter-company accounts payable         78           5     (6)
Payroll & benefit-related liabilities 169           1      -
Contractual liabilities                27           -      -
Restructuring liabilities               7           -      -
Other accrued liabilities             808           -      -
Income taxes                            -           -      -
                                     -----      ------  -----
Total current liabilities not
subject to compromise               1,152           6     (6)

Restructuring                          65           -      -
Deferred income and other credits      21           -      -
Deferred revenue                       33           -      -
Post-employment benefits               74           -      -
                                     -----      ------  -----
Total liabilities not subject       1,345           6     (6)
to compromise

Liabilities subject to compromise   5,867          54    126
                                     -----      ------  -----
Total liabilities                   7,212          60    120

SHAREHOLDERS' DEFICIT
Common shares                           -         719     32
Preferred shares                        -          16     47
Additional paid-in capital         17,736       7,330  5,252
Accumulated deficit               (21,890)     (8,083)(5,457)
Accumulated other comprehensive
income (loss)                       (163)          -     (l)
                                    -----      ------  -----
Total U.S. Debtors shareholders'
deficit                            (4,317)        (18)  (127)

Non-controlling interests               -           -      -
                                     -----      ------  -----
Total shareholders' deficit        (4,317)        (18)  (127)

TOTAL LIABILITIES & SHAREHOLDERS'
DEFICIT                            $2,895          42     (7)
                                    ======      ======  =====

                Nortel Networks Inc., et al.
         Condensed Combined Statement of Operations
                For the Period May 3 to 30, 2009
                         (Unaudited)
               (In millions of U.S. dollars)

                                      NNI   AltSystems  Other
                                     -----  ----------  -----
Total revenues                        $280           -      -
Total cost of revenues                 146           -      -
                                     -----      ------  -----
Gross profit                           134           -      -

Selling, general and admin expense      49           -      -
Research and development expense        29           1      -
Amortization of intangible assets        1           -      -
Other operating expense (income)-net    (3)          -      -
                                     -----      ------  -----
Operating earnings (loss)               58          (1)     -

Other income (expense) - net           (25)          -      -
Interest expense                        (1)          -      -
                                     -----      ------  -----
Earnings (loss) from operations before
reorganization items, income taxes
and equity in net earnings (loss) of
associated companies                   32          (1)     -
Reorganization items - net              (5)          -      -
                                     -----      ------  -----
Earnings (loss) from operations before
income taxes & equity in net earnings
(loss) of associated companies         27          (1)     -
Income tax benefit (expense)             -           -      -
                                     -----      ------  -----
Earnings (loss) from operations before
equity in net earnings (loss) of
associated companies                   27          (1)     -
Equity in net earnings (loss) from
associated companies - net of tax      (6)          -      -
Equity in net earnings (loss) from
non-Debtor subsidiaries - net of tax    -           -      -
                                     -----      ------  -----
Net earnings (loss)                     21          (1)     -
Income attributable to non-controlling
interests                               -           -      -
                                     -----      ------  -----
Net earnings (loss) attributable
to U.S. Debtors                       $21          (1)     -
                                    ======      ======  =====

                  Nortel Networks Inc., et al.
           Condensed Combined Statement of Cash Flows
                For the Period May 3 to 30, 2009
                           (Unaudited)
                 (In millions of U.S. dollars)

                                       NNI   AltSystems  Other
                                     -----   ----------  -----
Cash flows from (used in) operating
activities:
Net earnings (loss) attributable
to U.S. Debtors                       $21           (1)     -

Adjustments to reconcile net earnings
(loss) from continuing operations to
net cash from (used in) operating
activities, net of effects from
acquisitions and divestitures of
businesses:
Amortization and depreciation           9            -      -
Equity in net loss (earnings) of
   associated companies                  6            -      -
Pension and other accruals              3            -      -
Reorganization items - noncash          2            -      -
Other - net                            (2)           -      -
Change in operating assets
   and liabilities                     (34)           1      -
                                     -----       ------  -----
Net cash from (used in)
operating activities                    5            -      -

Cash flows from (used in) investing activities:
Expenditures for plant and equipment   (1)           -      -
Change in restricted cash and
  cash equivalents                      (1)           -      -
                                     -----       ------  -----
Net cash from (used in) investing
activities                             (2)           -      -

Cash flows from (used in} financing activities:
Decrease in capital leases obligations (1)           -      -
                                     -----       ------  -----
Net cash from (used in) financing
  activities                            (1)           -      -
                                     -----       ------  -----
Net increase (decrease) in cash
and cash equivalents                    2            -      -
Cash and cash equivalents, beginning   781            -      -
                                     -----       ------  -----
Cash and cash equivalents, end        $783            -      -
                                    ======       ======  =====

                      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 Monthly Operating Report For May 2009
--------------------------------------------------------
On June 26, 2009, PFF Bancorp, Inc. and Glencrest Investment
Advisors, Inc., Glencrest Insurance Services, Inc., Diversified
Builder Services, Inc., and PFF Real Estate Services, Inc., filed
their monthly operating reports for the period May 1, 2009, to
May 31, 2009, with the United States Bankruptcy Court for the
District of Delaware.

PFF Bancorp reported a net loss of $314,705 on TOTAL INOME OF
$10,000 for the month of May 2009.  Net Loss for the period from
December 5, 2008, to May 31, 2009, was $731,816 on total income
of $20,563.

At May 31, 2009, PFF Bancorp had total assets of $159.3 million,
total liabilities of $117.4 million, and total equity of
$41.9 million.

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

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

PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California.  Bancorp is the direct
parent of each of the remaining Debtors.

Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.

PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to
08-13131).  Chun I. Jang, Esq., and Paul N. Heath, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors in their
restructuring efforts.  Kurtzman Carson Consultants LLC serves as
the Debtors' claims agent.  Jason W. Salib, Esq., at Blank Rome
LLP, represents the official committee of unsecured creditors as
counsel.


QUEBECOR WORLD: Operating Report for Month Ended May 30
-------------------------------------------------------

               Quebecor World (USA), Inc., et al.
                     Combined Balance Sheet
                       As of May 30, 2009

ASSETS

Current Assets:
  Cash and Cash equivalents                    $260,400,000
     Accounts receivables                       463,700,000
  Inventories                                   108,100,000
  Future income taxes and tax receivable         32,200,000
  Prepaid Expenses                               37,700,000
                                            ---------------
Total current expenses                           902,100,000
                                            ---------------
Property, plant and equipment                    917,000,000
Restricted cash                                   32,500,000
Future income taxes                                  300,000
Other assets                                     353,600,000
                                            ---------------
TOTAL ASSETS                                  $2,205,500,000
                                            ===============
LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

  Bank indebtedness                             $3,100,000
  Trade payables and accrued liabilities       211,100,000
  Income and other taxes payable                11,700,000
  Current portion long-term debt               500,500,000
  Liabilities subject to compromise          3,032,800,000
                                           ---------------
Total current liabilities                     3,759,200,000
                                           ---------------
Other liabilities not subject to compromise:
  Long-term debt                                51,500,000
  Other liabilities                            150,900,000
  Future income taxes                           13,400,000

Shareholders equity:
Capital stock                                 1,031,300,000
Contributed surplus                             472,000,000
Deficit                                      (3,272,800,000)
                                           ---------------
Total Equity                                 (1,769,500,000)
                                           ---------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $2,205,500,000
                                           ===============


              Quebecor World (USA), Inc., et al.
               Combined Statement of Operations
               For the month ended May 30, 2009

OPERATING REVENUES                             $157,200,000
Operating expenses:
Cost of sales                                   132,000,000
Selling, general and administrative              12,300,000
Depreciation and amortization                    10,300,000
                                           ---------------
Total operating expenses                        154,600,000
                                           ---------------
Operating income                                  2,600,000
                                           ---------------
Financial expenses                               19,100,000
Reorganization items                              4,000,000
Income taxes                                     (4,300,000)
                                           ---------------
                                                18,800,000
                                           ---------------
Net loss and comprehensive loss                ($16,200,000)
                                           ===============


               Quebecor World (USA), Inc., et al.
                Combined Statement of Cash Flows
                 For Month Ended May 30, 2009

Cash flows from operating activities:
Net loss                                       ($16,200,000)
Adjustments for:
Depreciation of property, plant and equipment    10,300,000
Future income taxes                              (4,500,000)
Amortization of other assets                      1,000,000
Other                                               300,000
                                           ---------------
                                                (9,100,000)
                                           ---------------
Net changes in non-cash balances to
operations:
Accounts receivable                                (600,000)
Inventories                                        6,700,000
Trade payables and accrued liabilities            21,200,000
Other current assets and liabilities               2,000,000
Other non-current assets and liabilities          (1,100,000)
                                            ---------------
                                                 28,200,000
                                            ---------------
Cash flows provided by (used in)
operating activities                             19,100,000
                                            ---------------
Cash flows from financing activities:
Net change in bank indebtedness                   (9,700,000)
Net change in long-term debt                         600,000
                                            ---------------
Cash flows provided by (used in)
financing activities                             (9,100,000)

Cash flows from investing activities:
Additions to property, plant and equipment        (3,300,000)
Restricted cash related to insolvency proceedings          0
                                            ---------------
Cash flows provided by (used in)
investing activities                             (3,300,000)

Net changes in cash and cash equivalents           6,700,000
Cash and cash equivalents, beginning of period   253,700,000
                                            ---------------
Cash and cash equivalents, end of period        $260,400,000
                                            ===============

                       About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (CA:IQW) --
http://www.quebecorworldinc.com/-- provides market solutions,
including marketing and advertising activities, well as print
solutions to retailers, branded goods companies, catalogers and to
publishers of magazines, books and other printed media.  It has
127 printing and related facilities located in North America,
Europe, Latin America and Asia.  In the United States, it has 82
facilities in 30 states, and is engaged in the printing of books,
magazines, directories, retail inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina, and the British Virgin Islands.

Ernst & Young, Inc., the monitor of Quebecor World Inc., and its
affiliates' reorganization proceedings under the Canadian
Companies' Creditors Arrangement Act, filed a petition under
Chapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Court
for the Southern District of New York on September 30, 2008, on
behalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814).  The Chapter 15
case is before Judge James M. Peck.  Kenneth P. Coleman, Esq., at
Allen & Overy LLP, in New York, serves as counsel to the Chapter
15 petitioner.

QWI and certain of its subsidiaries commenced the CCAA proceedings
before the Quebec Superior Court (Commercial Division) on
January 20, 2008.  The following day, 53 of QWI's U.S.
subsidiaries, including Quebecor World (USA), Inc., filed
petitions under Chapter 11 of the U.S. Bankruptcy Code.

The Honorable Justice Robert Mongeon oversees the CCAA case.
Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the
Company in the CCAA case.  Ernst & Young Inc. was appointed as
Monitor.

Quebecor World (USA) Inc., its U.S. subsidiary, along with other
U.S. affiliates, filed for Chapter 11 bankruptcy before the U.S.
Bankruptcy Court for the Southern District of New York (Lead Case
No. 08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter
LLP, represents the Debtors in their restructuring efforts.  The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The Company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective January 28, 2008.

QWI is the only entity involved in the CCAA proceedings that is
not a Debtor in the Chapter 11 Cases.

As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000 total
liabilities of US$4,326,500,000 preferred shares of US$62,000,000
and total shareholders' deficit of US$976,400,000.

Bankruptcy Creditors' Service, Inc., publishes Quebecor World
Bankruptcy News.  The newsletter tracks the parallel proceedings
undertaken by QWI and its affiliates under United States and
Canadian bankruptcy laws.  (http://bankrupt.com/newsstand/or
215/945-7000)


REFCO LLC: Chapter 7 Trustee's Operating Report for May
-------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the Court a monthly statement of
cash receipts and disbursements for the period from May 1 to 30,
2009.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
in its Money Market account with JPMorgan Chase Bank, N.A.,
totaled $49,301,000 as of May 1.

During the Reporting Period, Refco LLC received $14,000 in
interest income.  No transfers were made, Mr. Togut reported.

The Debtor held $49,315,000 at the end of the period.

                        Refco, LLC
        Schedule of Cash Receipts and Disbursements
    Through JPMorgan Money Market and Checking Accounts
                  May 1 through 31, 2009

Beginning Balance, May 1, 2009                       $49,301,000

RECEIPTS
Interest Income                                           14,000
Sale of Assets                                                 0
Marshalling of Excess Capital                                  0
Man Financial - Excess Capital return                          0
Membership and Clearing Deposits                               0
Other Receivables                                              0
                                                  -------------
TOTAL RECEIPTS                                         $14,000

TRANSFERS
Money Market Account to checking account                       0
December 2008 cleared checks                                   0
                                                  -------------
TOTAL TRANSFERS                                              0

DISBURSEMENTS
Operating expenses & other disbursements                       0
Executory contract cure payments                               0
Pursuant to payment stipulation                                0
Purchase price escrow deposit                                  0
Expected account escrow fund                                   0
Membership & clearing deposits                                 0
Payment on account of prepetition claims                       0
Other disbursements                                            0

Reorganization Expenses
Attorney fees                                                 0
Trustee bond premium                                          0
Other professional fees                                       0
                                                  -------------
TOTAL DISBURSEMENTS                                          0
                                                  -------------
Ending Balance, May 31, 2009                         $49,315,000
                                                  =============

                         About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/
-- is a diversified financial services organization with
operations in 14 countries and an extensive global institutional
and retail client base.  Refco's worldwide subsidiaries are
members of principal U.S. and international exchanges, and are
among the most active members of futures exchanges in Chicago,
New York, London and Singapore.  In addition to its futures
brokerage activities, Refco is a major broker of cash market
products, including foreign exchange, foreign exchange options,
government securities, domestic and international equities,
emerging market debt, and OTC financial and commodity products.
Refco is one of the largest global clearing firms for
derivatives.  The company has operations in Bermuda.

The company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No. 05-
60006).  J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represented the Debtors in their restructuring
efforts.  Milbank, Tweed, Hadley & McCloy LLP, represented the
Official Committee of Unsecured Creditors.  Refco reported
US$16.5 billion in assets and US$16.8 billion in debts to the
Bankruptcy Court on the first day of its Chapter 11 cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006.  That Plan became effective on Dec. 26,
2006.  Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc. and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.

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


SEMGROUP LP: Operating Report for Month Ended April 30
------------------------------------------------------
                   SemCrude, L.P., et al.
                 Consolidated Balance Sheet
                    As of April 30, 2009

Cash                                               $567,913,000
Accounts Receivable                                  63,813,000
Receivable from affiliate                           140,358,000
Inventories                                         154,590,000
Derivative asset                                      1,609,000
Margin deposits                                       2,995,000
Other current assets                                 33,063,000
                                                --------------
Total current assets                                964,341,000

Property, plant and equipment                       376,290,000
Accumulated depreciation                            (85,637,000)
Pipeline linefine                                     8,781,000
                                                --------------
Net property, plant and equipment                   299,434,000

Investment in subsidiaries                          360,121,000
Goodwill                                              4,746,000
Investment in affiliates                            110,641,000
Accounts receivable long-term                       662,384,000
Note receivable - CAMS                              132,994,000
Other assets, net                                    37,353,000
                                                --------------
Total assets                                     $2,572,014,000
                                                ==============

Subject to Compromise
Accounts payable                                   $923,911,000
Accrued liabilities                               1,117,986,000
Current portion of long-term debt                   150,000,000
                                                --------------
Total current liabilities                         2,191,897,000

Revolver facility                                   665,000,000
Working capital facility                          1,632,417,000
Term B notes                                        141,274,000
Senior Notes                                        600,000,000
Pension obligations                                  13,888,000

Not Subject to Compromise
Accounts payable                                     40,174,000
Accrued liabilities                                  68,796,000
Deferred revenue                                        652,000
Derivative liabilities                                  108,000
Current portion of long-term debt                   124,609,000
                                                --------------
Total current liabilities                          234,339,000

Capital lease obligations                               258,000
Deferred tax liability                                   20,000
Investment in affiliates                            613,918,000
Other long-term liabilities                             224,000

Accum other comprehensive income                    (37,647,000)
Partners' capital                                (3,483,574,000)
                                                --------------
Total partners' capital                          (3,521,221,000)
                                                --------------
Total liabilities and partners' capital          $2,572,014,000
                                                ==============

                    SemCrude, L.P., et al.
            Consolidated Statement of Operations
                Month Ended April 30, 2009

Sales
Operating Outside Sales
Product Sales                                       $40,013,000
Services                                              3,171,000
Other Operating Revenue                                 823,000
                                                  ------------
Total Outside Operating Sales                        44,007,000

Trading activity                                        253,000
                                                  ------------
Total Outside Operating Revenue                      44,260,000

Operating Revenue Intercompany                       15,582,000
                                                  ------------
Total Operating Revenue                              59,842,000

Unrealized G/L on Derivatives                         2,999,000
                                                  ------------
Total Revenue                                        62,841,000

Cost of Goods Sold
COGS - Products                                      34,514,000
COGS - Transportation & Fuel                          2,302,000
COGS - Other                                              2,000
                                                  ------------
Total Outside Cost of Goods Sold                     36,818,000

COGS Intercompany                                    14,564,000
                                                  ------------
Total Cost of Sales                                  51,382,000

Gross Profit                                         11,459,000

Operating Expenses
Wages and benefits                                    2,503,000
Field Expenses                                          676,000
Maintenance & repairs                                   195,000
Outside Services                                        612,000
Property & Equipment Leases & Rents                   2,974,000
Insurance Permits licenses Taxes                        736,000
Office                                                  133,000
Travel Lodging Meetings                                  76,000
Other                                                   (52,000)
                                                  ------------
Total Operating Expenses                              7,853,000

General & Administrative Expenses
Wages & Benefits                                      2,667,000
Miscellaneous                                             2,000
Maintenance & Repairs                                    13,000
Outside Services                                      1,763,000
Property & Equipment Leases & Rents                     258,000
Insurance Permits licenses Taxes                        638,000
Office                                                  431,000
Travel Lodging Meetings                                  57,000
Other                                                  (160,000)
                                                  ------------
Total General &
Administrative Expenses                               5,669,000

Earnings before
interest Taxes Deprn Amort                           (2,063,000)

Other (Income) Expenses
Interest Income                                          (6,000)
Other Income                                            (39,000)
Foreign Currency Transaction (Income)                  (181,000)
Interest Expense                                        525,000
Depreciation                                          3,122,000
Amortization                                            399,000
Reorganization                                       14,018,000
                                                  ------------
Net Income                                          (19,901,000)
                                                  ============

From April 1 to 30, 2009, the Debtors disbursed a total of
$26,974,481.

                         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).  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, represent the Debtors
in their restructuring efforts.  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)


TOUSA INC: Operating Report for April 2009
------------------------------------------

                  TOUSA, INC., and Subsidiaries
                   Consolidated Balance Sheet
                      As of April 30, 2009

                             ASSETS
Cash and Cash Equivalents:
  Cash in bank                                   $248,860,500
  Cash equivalents (due from title company          5,845,078
     from closings)
Inventory:
  Deposits                                         12,147,891
  Land                                            112,300,408
  Residences completed and under construction     258,468,417
  Inventory not owned                               6,286,449
                                              ---------------
                                                  389,203,165

Property and equipment, net                         9,645,796
Investments in unconsolidated joint ventures        2,769,462
Receivables from unconsolidated joint ventures              -
Accounts receivable                                18,183,271
Other assets                                       48,553,297
Goodwill                                                    -
                                              ---------------
                                                  723,060,569
Net Assets of Financial Services                   22,077,538
                                              ---------------
Total Assets                                     $745,138,107
                                              ===============

               LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable and other liabilities           $310,208,636
Customer deposits                                   9,326,031
Obligations for inventory not owned                 8,346,605
Notes payable                                   1,600,925,397
Bank borrowings                                   211,748,143
                                               --------------
Total Liabilities                               2,140,554,812

Stockholders' Equity:
  Preferred stock                                  17,715,869
  Common stock                                        596,042
  Additional paid in capital                      560,325,692
  Retained earnings                            (1,974,054,308)
                                              ---------------
Total Stockholders' Equity                     (1,395,416,705)
                                              ---------------
Total liabilities and Stockholders' Equity       $745,138,107
                                              ===============

                  TOUSA, INC., and Subsidiaries
              Consolidated Statement of Operations
               For the Period April 1 to 30, 2009

Revenues:
  Home sales                                      $44,001,097
  Land sales                                        1,544,856
                                              ---------------
                                                   45,545,953

Cost of Sales:
  Home sales                                       38,242,073
  Land sales                                        1,785,437
                                              ---------------
                                                   40,027,510
                                              ---------------
Gross Profit                                        5,518,443

Total selling, general and admin expenses          18,087,326
Income (loss) from joint ventures, net                      -
Interest expense, net                               5,378,288
Other (income) expense, net                           177,952
                                              ---------------

Homebuilding pretax income (loss)                 (18,125,123)

Financial services pretax income (loss)              (201,416)

Income (loss) before income taxes                 (18,326,539)
Provision (benefit) for income taxes                        -
                                              ---------------
Net Income (loss)                                ($18,326,539)
                                              ===============

                  TOUSA, INC. and Subsidiaries
       Consolidated Schedule of Receipts and Disbursements
               For the Period April 1 to 30, 2009

Funds at beginning of period                     $250,138,687

RECEIPTS
  Cash sales                                       46,092,585
  Accounts receivable                                  16,250
  Other receipts                                    4,757,961
                                              ---------------
Total receipts                                     50,866,796
                                              ---------------
Total funds available for operations              301,005,483

DISBURSEMENTS
  Advertising                                         412,073
  Bank charges                                          2,737
  Contract labor                                       25,387
  Fixed asset payments                                 99,530

  Insurance                                         9,948,104
  Inventory payments                               20,758,474
  Leases                                              326,355
  Manufacturing supplies                                    -
  Office supplies                                     106,701
  Payroll - net                                     5,154,411
  Professional fees (accounting and legal)          5,727,807
  Rent                                                384,393
  Repairs & maintenance                               340,147
  Secured creditor payments                         4,547,676
  Taxes paid - payroll                                 32,863
  Taxes paid - sales & use                            427,969
  Taxes paid - other                                1,311,879
  Telephone                                           182,433
  Travel & entertainment                               59,235
  U.S. Trustee quarterly fees                         144,600
  Utilities                                           104,585
  Vehicle expenses                                     19,133
  Other operating expenses                          2,028,491
                                              ---------------
Total disbursements                                52,144,983
                                              ---------------
Ending Balance                                   $248,860,500
                                              ===============

                         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 January 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 between
$1 million and $10 million each in assets and debts.

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)


TOUSA INC: Operating Report for May 2009
----------------------------------------

                  TOUSA, INC., and Subsidiaries
                   Consolidated Balance Sheet
                      As of May 31, 2009

                             ASSETS
Cash and Cash Equivalents:
  Cash in bank                                    $250,202,651
  Cash equivalents (due from title company
     from closings)                                 12,598,487
Inventory:
  Deposits                                          11,911,369
  Land                                             134,429,186
  Residences completed and under construction      228,626,091
  Inventory not owned                                6,286,449
                                               ---------------
                                                   381,253,095
Property and equipment, net                          8,340,851
Investments in unconsolidated joint ventures         2,769,462
Receivables from unconsolidated joint ventures               -
Accounts receivable                                 20,548,295
Other assets                                        47,065,246
Goodwill                                                     -
                                               ---------------
                                                   722,778,087

Net Assets of Financial Services                    22,267,516
                                               ---------------
Total Assets                                      $745,045,603
                                               ===============

               LIABILITIES & STOCKHOLDERS' EQUITY

Accounts payable and other liabilities            $315,852,955
Customer deposits                                    8,502,577
Obligations for inventory not owned                  8,346,605
Notes payable                                    1,605,091,558
Bank borrowings                                    208,697,657
                                               ---------------
Total Liabilities                                2,146,491,352

Stockholders' Equity:
  Preferred stock                                   18,592,828
  Common stock                                         596,042
  Additional paid in capital                       559,448,732
  Retained earnings                             (1,980,083,351)
                                               ---------------
Total Stockholders' Equity                      (1,401,445,749)
                                               ---------------
Total liabilities and Stockholders' Equity        $745,045,603
                                               ===============

                  TOUSA, INC., and Subsidiaries
              Consolidated Statement of Operations
               For the Period May 1 to 31, 2009

Revenues:
  Home sales                                       $42,046,181
  Land sales                                         6,340,000
                                               ---------------
                                                    48,386,181

Cost of Sales:
  Home sales                                        37,424,560
  Land sales                                         6,432,437
                                               ---------------
                                                    43,856,997
                                               ---------------
Gross Profit                                         4,529,184

Total selling, general and admin expenses           17,099,105
Income (loss) from joint ventures, net                       -
Interest expense, net                                5,455,641
Other (income) expense, net                            (72,796)
                                               ---------------
Homebuilding pretax income (loss)                  (17,952,766)

Financial services pretax income (loss)                 (2,685)

Income (loss) before income taxes                  (17,955,451)
Provision (benefit) for income taxes                         -
                                               ---------------
Net Income (loss)                                 ($17,955,451)
                                               ===============

                  TOUSA, INC. and Subsidiaries
       Consolidated Schedule of Receipts and Disbursements
               For the Period May 1 to 31, 2009

Funds at beginning of period                      $248,860,500

RECEIPTS
  Cash sales                                        36,919,624
  Accounts receivable                                  205,119
  Other receipts                                     3,090,696
                                               ---------------
Total receipts                                      40,215,439
                                               ---------------
Total funds available for operations               289,075,939

DISBURSEMENTS
  Advertising                                          288,398
  Bank charges                                          13,985
  Contract labor                                        25,042
  Fixed asset payments                                      75
  Insurance                                            598,779
  Inventory payments                                12,665,849
  Leases                                               276,018
  Manufacturing supplies                                     -
  Office supplies                                       64,139
  Payroll - net                                      5,933,756
  Professional fees (accounting and legal)          11,513,032
  Rent                                                 340,695
  Repairs & maintenance                                270,167
  Secured creditor payments                          5,168,433
  Taxes paid - payroll                                  45,021
  Taxes paid - sales & use                             442,092
  Taxes paid - other                                   178,083
  Telephone                                            202,112
  Travel & entertainment                                39,108
  U.S. Trustee quarterly fees                                -
  Utilities                                             80,651
  Vehicle expenses                                      18,511
  Other operating expenses                             709,342
                                               ---------------
Total disbursements                                 38,873,288
                                               ---------------
Ending Balance                                    $250,202,651
                                               ===============

                         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 January 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 between
$1 million and $10 million each in assets and debts.

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)


TROPICANA ENT: Operating Report for May 2009
--------------------------------------------

                  Tropicana Entertainment, LLC
                         Balance Sheet
                       As of May 31, 2009

                             ASSETS

Current Assets
Accounts receivable - trade                          $177,000
Cash & temporary cash investments                   8,702,000
Restricted cash                                     2,200,000
Deposits                                           11,773,000
Inventories                                                 0
Other receivables                                           0
Prepaid expenses                                      440,000
                                                --------------
Total Current Assets                                 23,292,000

Property and Equipment
Buildings                                                   0
Construction in progress                                8,000
Furniture & fixtures                                2,173,000
Land                                                        0
Riverboats, barges & ramps                                  0
Vehicles                                                    0
                                                --------------
Total Property and Equipment                          2,181,000

Reserve for Depreciation
Boats, barges & ramp reserve for depreciation               0
Building reserve for depreciation                           0
Furn. & fixtures reserve for depreciation            (100,000)
Gaming entertainment reserve for depreciation               0
Vehicle reserve for depreciation                            0
                                                --------------
Total Reserve for Depreciation                         (100,000)

Other Assets
Investments                                     2,775,215,000
Other assets                                        7,965,000
                                                --------------
Total Other Assets                                2,783,180,000
                                                --------------
TOTAL ASSETS                                     $2,808,553,000
                                                ==============

             LIABILITIES AND SHAREHOLDERS' DEFICIT

Current Liabilities
Accounts payable                                  $20,526,000
Accrued other expenses                              1,841,000
Accrued payroll                                     1,239,000
Deferred income                                             0
Notes payable - Evansville                                  0
Payroll taxes payable                                       0
Sales tax payable                                      10,000
Current portion of long-term debt due 1 Yr                  0
Amounts due to affiliated guarantors               37,200,000
                                                --------------
Total Current Liabilities                            60,816,000

Long Term Debt Due Beyond One Year
DIP financing                                      65,219,000
                                                --------------
Total Long Term Debt Due Beyond One Year             65,219,000

Other Liabilities
Deferred fed taxes                                          0
Deferred rent                                               0
Deferred state inc taxes                                    0
Deferred tax liability                                (60,000)
Intercompany                                       73,804,000
                                                --------------
Total Other Liabilities                              73,744,000

Total Liabilities not Subject to Compromise         199,779,000

Liabilities Subject to Compromise
Non-intercompany                                  911,069,000
Intercompany                                    1,583,489,000
                                                --------------
Total Liabilities Subject to Compromise           2,494,558,000
                                                --------------
Total Liabilities                                 2,694,337,000

Total Stockholders' Equity                          114,216,000
                                                --------------
Total Liabilities & Shareholders' Deficit        $2,808,553,000
                                                ==============

                  Tropicana Entertainment, LLC
                        Income Statement
                For the Month Ended May 31, 2009

Operating Revenues
Casino revenue                                             $0
Rooms revenue                                               0
Food & beverage revenue                                     0
Other casino & hotel revenue - less int income              0
                                                --------------
Operating Revenues                                            0
Less promotional allowances                                   0
                                                --------------
Net Operating Revenues                                        0

Operating Expenses
Casino operating expenses                              28,000
Rooms operating expenses                                    0
Food and beverage operating expenses                        0
Other casino and hotel operating expenses                   0
Utilities                                                   0
Marketing, advertising and casino promotions                0
Repairs and maintenance                                41,000
Insurance                                              36,000
Property and local taxes                                    0
Gaming tax and licenses                                     0
Administrative and general                          1,464,000
Leased land and facilities                             58,000
Depreciation and amortization                          36,000
Loss on disposition of assets                               0
Bad debt expense - loans                                    0
Impairment charge                                           0
Restructuring cost                                          0
Chapter 11 reorg. & other prof. fees                4,086,000
                                                --------------
Total Operating Expense                               5,749,000

Income from Operations                               (5,749,000)

Other Income (Expense)
Interest expense                                   (1,484,000)
Intercompany interest income                                0
Intercompany interest expense                        (109,000)
                                                --------------
Total Other Income (Expense)                         (1,593,000)

Federal Income Tax                                            0

Income Before Minority Interest                      (7,342,000)
                                                --------------
NET INCOME                                          ($7,342,000)
                                                ==============

                   About Tropicana Entertainment

Based in Crestview Hills, Kentucky, Tropicana Entertainment LLC --
http://www.tropicanacasinos.com/-- is an indirect subsidiary of
Tropicana Casinos and Resorts.  The company is one of the largest
privately-held gaming entertainment providers in the United
States.  Tropicana Entertainment owns eleven casino properties in
eight distinct gaming markets with premier properties in Las
Vegas, Nevada, and Atlantic City, New Jersey.

Tropicana Entertainment LLC and its debtor-affiliates filed for
Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No.
08-10856).  Kirkland & Ellis LLP and Mark D. Collins, Esq., at
Richards Layton & Finger, represent the Debtors in their
restructuring efforts.  Their financial advisor is Lazard Ltd.
Their notice, claims, and balloting agent is Kurtzman Carson
Consultants LLC.  Epiq Bankruptcy Solutions LLC is the Debtors'
Web site administration agent.  AlixPartners LLP is the Debtors'
restructuring advisor.

Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell
LLP represent the Official Committee of Unsecured Creditors in
this case.  Capstone Advisory Group LLC is financial advisor to
the Creditors' Committee.

On April 29, 2009, Adamar of New Jersey, Inc., doing business as
Tropicana Casino and Resort, and its affiliate, Manchester Mall,
Inc., filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09-
20711).  Judge Judith H. Wizmur presides over the cases.  Adamar
and Manchester Mall or the New Jersey Debtors are both affiliates
of Tropicana Entertainment LLC.  Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.

The New Jersey Debtors own and operate one of the largest, and one
of the most established, destination casino resorts in Atlantic
City, New Jersey, known as Tropicana Casino and Resort - Atlantic
City, which ranks third in gaming positions among Atlantic City's
11 casino properties.  The New Jersey Debtors initiated the
Chapter 11 cases to effectuate a sale of substantially all their
assets in accordance with a mandate issued by the New Jersey
Casino Control Commission pursuant to the New Jersey Casino
Control Act.

Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represent the
New Jersey Debtors.  Kurtzman Carson Consultants LLC acts as their
claims and notice agent.  Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.

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



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
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
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A list of Meetings, Conferences and Seminars appears in each
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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
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Each Friday's edition of the TCR includes a review about a book of
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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.  Joseph Medel C. Martirez, Denise Marie Varquez, Philline
Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Carlo Fernandez, Christopher G. Patalinghug,
and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
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 ***