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/raid1/www/Hosts/bankrupt/TCR_Public/090919.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, September 19, 2009, Vol. 13, No. 260 Headlines ACCEPTANCE INSURANCE: Swings to $921,468 Net Income in August ALERIS INTERNATIONAL: Records $14,579,000 Net Loss for July AURORA OIL: Posts $2,877,294 Net Loss in July 2009 CAPITAL CORP: Swings to $278,170 Net Income in 2009 CHEMTURA CORP: Reports $1 Million Net Profit in August CHRYSLER LLC: Old CarCo Incurs $10.23 Bil. Net Loss for June EXTENDED STAY: Records $25.9 Mil. Net Loss for August GOTTSCHALKS INC: Files July 5 to August 1 Operating Report GREEKTOWN HOLDINGS: Amended Operating Report for June GREEKTOWN HOLDINGS: Casino Incurs $1.78 Mil. Net Loss for July LANDAMERICA FIN'L: LAC Incurs $23,000 Net Loss for July LANDAMERICA FIN'L: LES Incurs $1.02 Mil. Net Loss for July LANDAMERICA FIN'L: LTC Incurs $111,000 Net Loss for July LANDAMERICA FIN'L: Southland Incurs $122,000 Net Loss for July LEHMAN BROTHERS: Cash at $13.8BB in August; Fees Reach $367MM MERUELO MADDUX: Posts $2.63 Million Net Loss in July 2009 PFF BANCORP: Posts $535,958 Net Loss in July 2009 RH DONNELLEY: Records $11.78 Mil. Net Income for July SMURFIT-STONE: Records $29 Million Net Income for July 31 TARRAGON CORP: Posts $106.7MM Net Loss for 7-Mos. Ended July 31 TROPICANA ENTERTAINMENT: Incurs $3.23 Million Loss for July ********* ACCEPTANCE INSURANCE: Swings to $921,468 Net Income in August ------------------------------------------------------------- Acceptance Insurance Companies, Inc., filed on September 8, 2009, with the Securities and Exchange Commission its operating report for the month ended August 31. Acceptance Insurance filed on August 17 its operating report for the month ended July 31. Acceptance Insurance recorded net income of $921,468 in August from a $16,246 net loss in July. The Company had $24,332,617 in total assets at August 31 from $23,410,874 at July 31. It had total liabilities of $138,184,235 at August 31 from $138,183,960 at July 31. A full-text copy of the August MOR is available at no charge at: http://ResearchArchives.com/t/s?44c6 A full-text copy of the July MOR is available at no charge at: http://ResearchArchives.com/t/s?41bf 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. ALERIS INTERNATIONAL: Records $14,579,000 Net Loss for July ----------------------------------------------------------- Aleris International, Inc., Et Al. Consolidated Balance Sheet As of July 31, 2009 ASSETS Current Assets: Cash and cash equivalents $15,173,991 Accounts receivable, net 114,146,543 Intercompany Receivable 100,147,166 Net Inventories 129,089,239 Other current assets 69,094,728 --------------- Total current assets 427,651,667 Property, plant and equipment, net 319,932,848 Goodwill & Org. Costs, Net 79,776,473 Other Intangibles, Net 59,320,896 Total Long Term Intercompany Receivable 8,852,913 Other Long-Term Assets 1,532,049,273 -------------- Total L/T Assets 1,999,932,403 -------------- Total Assets $2,427,584,070 ============== LIABILITIES & SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $47,164,558 Accrued & Other Current Liabilities 69,701,954 Toll Liability 8,706,969 Accrued Interest 7,674,653 Total current Interco Payable 37,142,449 Current Maturities of L/T Debt 761,842,167 Other current liabilities 6,723,132 -------------- Total current liabilities 938,955,882 Total Long-term debt 20,913 Intercompany payable (74,676,823) Other long-term liabilities 60,274,806 -------------- Total Long-term liabilities (14,381,104) Liabilities subject to compromise-external 1,705,950,911 Liabilities subject to compromise-internal 490,912,348 -------------- Total Liabilities Subject to Compromise 2,196,863,259 -------------- Total Liabilities 3,121,438,037 Stockholders' Equity: Additional paid-in Capital 857,074,490 Retained earnings (1,507,851,502) Total other comprehensive income(loss) (43,076,955) Other stockholders' equity 0 -------------- Total stockholders' equity (693,853,967) -------------- Total Liabilities and Stockholders' Equity $2,427,584,070 ============== Aleris International, Inc., Et Al. Consolidated Statement of Operations For the Period from July 1 through July 31, 2009 Gross Revenue $99,242,000 Total costs of sales 85,068,000 -------------- Gross profits 14,174,000 Selling, general and administrative: Labor 3,776,000 Professional fees 1,284,000 Consulting expense 124,000 Depreciation & Amortization 603,000 Other 1,642,000 -------------- Total SG&A Expense 7,429,000 Restructuring & Merger-related items 403,000 Losses (gains) on Derivatives 3,237,000 -------------- Operating Income (loss) 3,105,000 Net Interest Expense 18,772,000 Other (Income) and Expense 4,019,000 Reorganization Items 2,988,000 -------------- Income before taxes (22,674,000) Income Tax Expenses (8,095,000) -------------- Net (Loss) Income ($14,579,000) ============== Aleris International, Inc., Et Al. Consolidated Schedule of Cash Receipts and Disbursements For the Period from July 1 through July 31, 2009 Receipts Cash Sales $0 Accounts Receivable 88,286,875 Affiliates 0 Sale of Assets 0 Other 1,228,599 Transfer (From DIP Accts) 95,400,000 -------------- Total Receipts 184,915,474 Disbursements Benefits 3,995,947 Payroll 13,201,311 Primary 21,274,346 Recycling/Scrap 25,018,479 Hardeners 3,149,306 Flux 1,066,962 Insurance 432,264 MRO 9,029,986 Freight 3,356,765 Energy 4,132,335 Taxes 888,329 By Product 719,645 Capex 699,224 Other accounts payable 3,001,598 U.S. Trustee Fees 0 Chapter 11 professional fees 2,359,126 Chapter 11 adjustments 0 Collateral Returns 0 Collateral Disbursements 0 Hedge Premiums 0 Affiliates 500,000 Interest & Fees 818,000 Extraordinaries 121,000 Other 0 Transfers (To DIP Accts) 92,722,928 -------------- Total Disbursements 186,487,551 -------------- Net Cash Flow ($1,572,077) =============== About Aleris International Aleris International, Inc., produces and sells aluminum rolled and extruded products. Aleris operates primarily through two reportable business segments: (i) global rolled and extruded products and (ii) global recycling. Headquartered in Beachwood, Ohio, a suburb of Cleveland, the Company operates over 40 production facilities in North America, Europe, South America and Asia, and employs approximately 8,400 employees. Aleris operates 27 production facilities in the United States with eight production facilities that provided rolled and extruded aluminum products and 19 recycling production plants. Aleris International, Inc., aka IMCO Recycling Inc., and various affiliates filed for bankruptcy on February 12, 2009 (Bankr. D. Del. Case No. 09-10478). The Hon. Brendan Linehan Shannon presides over the cases. Stephen Karotkin, Esq., and Debra A. Dandeneau, Esq., at Weil, Gotshal & Manges LLP in New York, serve as lead counsel for the Debtors. L. Katherine Good, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A. In Wilmington, Delaware, serves as local counsel. Moelis & Company LLC, acts as financial advisors; Alvarez & Marsal LLC as restructuring advisors, and Kurtzman Carson Consultants LLC as claims and noticing agent for the Debtors. As of December 31, 2008, the Debtors had total assets of $4,168,700,000; and total debts of $3,978,699,000. Bankruptcy Creditors' Service, Inc., publishes Aleris International Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Aleris International, Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- 7000) AURORA OIL: Posts $2,877,294 Net Loss in July 2009 -------------------------------------------------- Aurora Oil & Gas Corporation and its affiliate, Hudson Pipeline & Processing Co., LLC, have filed separate Monthly Operating Reports for the 12 days ended July 12, 2009 (pre-petition), 16 days ended July 31, 2009 (post-petition), one and seven months ended July 31, 2009 and balances as of July 12, 2009 (filing date) and July 31, 2009. Hudson Pipeline & Processing is a limited liability company that owns and operates various pipelines and processing facilities located in Hudson Township area of the Michigan Antrim play. Aurora Oil holds a 96.1% interest in HPPC. Aurora Oil recorded total revenues of $1,050,748 in July 2009, and $7,675,645 year-to-date ended July 2009. Aurora Oil posted a net loss of $2,877,294 in July 2009 and a net loss of $66,555,594 year-to-date ended July 2009. As of July 31, 2009, Aurora Oil had total assets of $97,740,375 and total liabilities of $138,397,608. Hudson recorded total revenues of $316,003 in July and $2,210,674 year-to-date ended July 2009. Hudson posted net income of $78,728 in July and $355,346 year-to-date ended July 2009. As of July 31, 2009, Hudson had $11,461,201 in total assets and $432,905 in total current liabilities and $251,810 in deferred gain on sale of natural gas compressor equipment. Aurora Oil disclosed paying Huron Consulting $92,289 for services rendered from July 13 to 26, 2009. Sanford R. Edlein, Managing Director at Huron, serves as Aurora Oil's Chief Restructuring Officer. Aurora Oil also paid ordinary course professionals a total of $26,038, consisting of $18,000 to Schlumberger Technology, a critical vendor; $2,928 to Ed Sines; and $5,110 to John Cole. A full-text copy of Aurora Oil's July Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?44bf A full-text copy of Hudson Pipeline Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?44c0 About Aurora Oil & Gas Based in Traverse City, Michigan, Aurora Oil & Gas Corporation (Pink Sheets: AOGS) is an independent energy company focused on unconventional natural gas exploration, acquisition, development and production, with its primary operations in the Antrim Shale of Michigan, the New Albany Shale of Indiana and Kentucky. The Company and one affiliate filed for Chapter 11 protection on July 12, 2009 (Bankr. W.D. Mich. Case Nos. 09-08254 and 09-08255). Judge Scott W. Dales presides over the case. Stephen B. Grow, Esq., at Warner Norcross & Judd, LLP, in Grand Rapids, Michigan; and Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., at Cahill Gordon & Reindel LLP, in New York, serve as the Debtors' counsel. Aurora listed between $100 million and $500 million each in assets and debts. CAPITAL CORP: Swings to $278,170 Net Income in 2009 --------------------------------------------------- Capital Corp of the West filed its Monthly Report of Operations for the month ended August 31, 2009, on September 11, 2009, with the United States Bankruptcy Court for the Eastern District of California, Fresno Division. Capital Corp recorded net income of $278,170 in August from a $48,817 net loss in July. The Company incurred $97,068 in expenses, including $7,356 in creditors' committee legal fees and $42,500 tax return preparation. The Company did not pay any professional fees in July. As of August 31, 2009, the Company had $6,913,998 in total assets and $57,734,000 in total liabilities, resulting in $50,820,001 in total deficit. As of July 31, 2009, the Company had $6,635,828 in total assets and $57,734,000 in total liabilities, resulting in $51,098,171 in total deficit. The Debtor has established segregated bank accounts to hold various funds for which there may be potential competing claims. These accounts have been established primarily for certain anticipated Federal Income Tax refunds, California State Tax refunds and Insurance refunds. The Debtor believes that the FDIC may pursue potential claims for some portion of any such refunds that are ultimately received by the Debtor. The Debtor has previously received a $50,000 Federal Income Tax refund and, in August, received $375,239.51 in Insurance refunds. The August Insurance refunds included $336,988.51 in proceeds related to certain life insurance policies surrendered by County Bank prior to its seizure by the FDIC. The life insurance proceeds were related to certain Supplemental Retirement Plan benefits provided to certain Debtor and County Bank executives under a Rabbi Trust Agreement that provides the assets of the Trust are owned both by the Debtor and County Bank. The remainder of the August Insurance refunds represents $38,251.00 in fire, crime and property insurance refunds on policies previously purchased by the Debtor. A full-text copy of the August report is available at no charge at http://ResearchArchives.com/t/s?450f About Capital Corp of the West Incorporated on April 26, 2005, Capital Corp of the West is a bank holding company whose primary asset and source of income is County Bank. County Bank is a community bank with operations located mainly in the San Joaquin Valley of Central California with additional business banking operations in the San Francisco Bay Area. The corporate headquarters of the Company and the Bank's main branch facility are located at 550 West Main Street, Merced, California. County Bank was closed February 6, 2009, by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Westamerica Bank, based in San Rafael, California, to assume all of the deposits of County Bank. As of February 2, 2009, County Bank had total assets of approximately $1.7 billion and total deposits of $1.3 billion. In addition to assuming all of the failed bank's deposits, including those from brokers, Westamerica Bank agreed to purchase all of County Bank's assets. According to Capital Corp, although County Bank made no "subprime mortgages," it had made substantial loans to developers for acquisition, development and construction of residential homes and condominiums throughout California's Central Valley. Overbuilding and an increase in foreclosures in the market resulted in rapidly declining real property values, and contributed to the rise in nonperforming loans. Capital Corp of the West filed for bankruptcy on May 11, 2009 (Bankr. E.D. Calif. Case No. 09-14298). Judge W. Richard Lee presides over the case. Paul J. Pascuzzi, Esq., at Felderstein Fitzgerald Willoughby & Pascuzzi, serves as the Debtor's bankruptcy counsel. Hagop T. Bedoyan, Esq., serves as counsel to the official committee of unsecured creditors. As of September 30, 2008, Capital Corp of the West had $1.87 million in total assets, $1.80 million in total liabilities and shareholders' equity of $73,896. In its Chapter 11 petition, the Company disclosed $6,789,058 in total assets and $68,096,190 in total debts. CHEMTURA CORP: Reports $1 Million Net Profit in August ------------------------------------------------------ Chemtura Corporation on September 15, 2009, filed with the Bankruptcy Court its Monthly Operating Report for the period August 1 through 31, 2009. Chemtura and its related debtors booked net earnings of $1 million on net sales of $178 million in August. As of August 31, 2009, the Company had $4.116 billion in total assets against total liabilities not subject to compromise of $532 million and liabilities subject to compromise of $3.250 billion, resulting in $334 million in stockholders' equity. According to Bill Rochelle at Bloomberg, Chemtura's operating profit for the month was $5 million. Cash grew by $25 million over the month, ending at $70 million. A full-text copy of the August 2009 Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?4513 About Chemtura Corp. Based in Middlebury, Connecticut, Chemtura Corporation (CEM) -- http://www.chemtura.com/-- with 2008 sales of $3.5 billion, is a global manufacturer and marketer of specialty chemicals, crop protection products, and pool, spa and home care products. Chemtura Corporation and 26 of its U.S. affiliates filed voluntary petitions for relief under Chapter 11 on March 18, 2009 (Bankr. S.D.N.Y. Case No. 09-11233). M. Natasha Labovitz, Esq., at Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel. Wolfblock LLP serves as the Debtors' special counsel. The Debtors' auditors and accountant are KPMG LLP; their investment bankers are Lazard Freres & Co.; their strategic communications advisors are Joele Frank, Wilkinson Brimmer Katcher; their business advisors are Alvarez & Marsal LLC and Ray Dombrowski serves as their chief restructuring officer; and their claims and noticing agent is Kurtzman Carson Consultants LLC. As of December 31, 2008, the Debtors had total assets of $3.06 billion and total debts of $1.02 billion. Bankruptcy Creditors' Service, Inc., publishes Chemtura Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Chemtura Corp. and its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) CHRYSLER LLC: Old CarCo Incurs $10.23 Bil. Net Loss for June ------------------------------------------------------------ Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Balance Sheet As of June 30, 2009 CURRENT ASSETS: Cash and cash equivalents $183,000,000 Restricted cash 113,000,000 Trade receivables, net 1,000,000 Inventories 139,000,000 Prepaid expenses and other current assets 449,000,000 Deferred taxes 18,000,000 -------------- TOTAL CURRENT ASSETS 903,000,000 OTHER ASSETS: Property, plant and equipment, net 569,000,000 Advances to related parties and others 9,000,000 Investments, notes and advances 846,000,000 Restricted cash 4,000,000 Deferred taxes 5,000,000 Other assets 9,000,000 -------------- TOTAL OTHER ASSETS 1,442,000,000 -------------- TOTAL ASSETS $2,345,000,000 ============== CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE: Accrued expenses & other current liabilities $45,000,000 Debtor-in-possession financing 3,344,000,000 Deferred taxes 4,000,000 -------------- TOTAL CURRENT LIABILITIES 3,393,000,000 LONG-TERM LIABILITIES NOT SUBJECT TO COMPROMISE: Accrued expenses and other liabilities 595,000,000 Deferred taxes 79,000,000 -------------- TOTAL LONG-TERM LIABILITIES 674,000,000 Liabilities subject to compromise 16,450,000,000 -------------- TOTAL LIABILITIES 20,517,000,000 MEMBER'S DEFICIT: Capital stock 316,000,000 Contributed capital 8,107,000,000 Accumulated losses (31,092,000,000) Accumulated other comprehensive loss 4,497,000,000 -------------- Total MEMBER'S DEFICIT (18,172,000,000) -------------- TOTAL LIABILITIES & MEMBER'S DEFICIT $2,345,000,000 ============== Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Statement of Operations Month Ended June 30, 2009 Revenues $4,000,000 Cost of sales 492,000,000 -------------- GROSS MARGIN (488,000,000) Selling, administrative & other expenses 128,000,000 Research and development 26,000,000 Other (income) loss, net 3,000,000 Gain on Daimler pension settlement (600,000,000) Restructuring (income) expense 186,000,000 -------------- LOSS BEFORE FINANCIAL EXPENSE, (231,000,000) REORGANIZATION ITEMS AND INCOME TAXES Financial expense, net (209,000,000) -------------- LOSS BEFORE REORG. ITEMS & INCOME TAXES (440,000,000) Reorganization items 9,950,000,000 Provision (credit) for income taxes (163,000,000) -------------- NET LOSS ($10,227,000,000) ============== Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Statement of Cash Flows For the month ending June 30, 2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ($10,227,000,000) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 73,000,000 Changes in deferred taxes 2,000,000 Amortization of original issue discount on DIP Financing 159,000,000 Net loss on Fiat transaction 11,845,000,000 Net loss on disposal of fixed assets - Other non-cash income and expense - Changes in accrued expenses & other liab. 144,000,000 Changes in other operating assets & liabilities: * inventories 60,000,000 * trade receivables (39,000,000) * trade liabilities 948,000,000 * payments for reorganization items (15,000,000) * other assets and liabilities (4,046,000,000) -------------- NET CASH USED IN OPERATING ACTIVITIES (1,096,000,000) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from Fiat transaction 2,000,000,000 Purchases of property, plant & equipment, equipment on operating leases & intangible assets (134,000,000) Proceeds from disposals of property, plant and equipment, equipment on operating leases and intangible assets 6,000,000 Proceeds from disposals of equipment on operating leases 47,000,000 Net change in restricted cash (85,000,000) -------------- NET CASH PROVIDED BY INVESTING ACTIVITIES 1,834,000,000 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from DIP Financing 302,000,000 Repayment of first lien credit facility (2,000,000,000) Change in financial liabilities - 3rd party 80,000,000 Original issue discount on DIP Financing - -------------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (1,618,000,000) -------------- Net decrease in cash and cash equivalents (880,000,000) -------------- Cash & cash equiv. at beginning of period 1,063,000,000 -------------- Cash and cash equivalents at end of period $183,000,000 ============== About Chrysler LLC Chrysler Group LLC, formed in 2009 from a global strategic alliance with Fiat Group, produces Chrysler, Jeep(R), Dodge, Mopar(R) and Global Electric Motors (GEM) brand vehicles and products. With the resources, technology and worldwide distribution network required to compete on a global scale, the alliance builds on Chrysler's culture of innovation -- first established by Walter P. Chrysler in 1925 -- and Fiat's complementary technology -- from a company whose heritage dates back to 1899. Headquartered in Auburn Hills, Michigan, Chrysler Group LLC's product lineup features some of the world's most recognizable vehicles, including the Chrysler 300, Jeep Wrangler and Dodge Ram. Fiat will contribute world-class technology, platforms and powertrains for small- and medium-sized cars, allowing Chrysler Group to offer an expanded product line including environmentally friendly vehicles. Chrysler LLC and 24 affiliates on April 30 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) EXTENDED STAY: Records $25.9 Mil. Net Loss for August ----------------------------------------------------- Extended Stay Inc., et al. Combined Balance Sheet As of August 31, 2009 ASSETS: Current Assets Cash and cash equivalents, unrestricted $2,736,000 Debtor in possession cash account 67,057,000 Cash management account, including deposits in transit 16,207,000 Accounts receivable, net of allowance for doubtful accounts 18,314,000 Restricted cash, escrows and reserves - Other current assets 30,113,000 Investment in derivative instruments, at fair value 1,000 Due from insiders - non-debtor affiliates - --------------- Total current assets 134,428,000 Property and equipment, net of accumulated depreciation 6,474,255,000 Land available for sale 2,000,000 Deferred financing costs, net of accumulated amortization 17,610,000 Trademarks 15,000,000 License of trademarks, net of accumulated amortization 9,977,000 Under market trademark licenses, net of accumulated amortization 13,842,000 Intangible assets, net of accumulated amortization 17,317,000 Other Assets 17,038,000 --------------- Total assets $6,701,467,000 =============== LIABILITIES AND SHAREHOLDERS/MEMBERS'(DEFICIT) EQUITY: Liabilities not subject to compromise Current liabilities Accounts payable $169,000 Accrued occupancy taxes payable 4,460,000 Accrued state franchise/income tax 1,674,000 Accrued sales and use taxes payable 5,648,000 Accrued property and general liability insurance reserves 6,080,000 Accrued utilities 5,583,000 Other property accruals 1,137,000 Deferred revenue 10,465,000 General and administrative accruals 1,420,000 Accrued professional fees 6,556,000 Accrued real estate taxes 33,580,000 Accrued interest payable 9,902,000 Advance from insider, including accrued interest of $1,395 at August 31,2009 7,895,000 Due to insiders -- non-debtor affiliates 34,428,000 --------------- Total current liabilities 128,997,000 --------------- Other liabilities 4,697,000 --------------- Total liabilities not subject to compromise 133,694,000 Liabilities subject to compromise Accounts payable 372,000 Accrued interest payable 9,577,000 Mortgages payable 4,108,349,000 Mezzanine loans 3,295,456,000 Subordinated notes, net of discount 7,408,000 --------------- Total liabilities subject to compromise 7,421,162,000 Shareholders'/Members' (deficit) equity: Additional paid in capital 573,141,000 Retained deficit - pre-petition (1,369,013,000) Retained deficit - post-petition (57,517,000) --------------- Total shareholders/members' (deficit) equity (853,389,000) --------------- Total liabilities and shareholders' or members' (deficit) equity $6,701,467,000 =============== Extended Stay Inc., et al. Combined Statement of Operations For the Period August 1 to 31, 2009 Revenues Room revenues $71,860,000 Other property revenues 1,465,000 --------------- Total revenues 73,325,000 Operating expenses Property operating expenses 39,046,000 Corporate operating expenses 1,186,000 Officer/Insider Compensation - Trademark license fees expense 78,000 Management fees and G&A reimbursement expense 4,900,000 Depreciation and amortization 30,947,000 --------------- Total operating expenses 76,157,000 Other income - --------------- Operating income (2,832,000) Interest expense (18,585,000) Loss on investments in debt securities and interest rate caps (2,000) Interest income 3,000 --------------- Net loss before reorganization items (21,416,000) Reorganization items Professional fees 4,431,000 U.S. Trustee quarterly fees 44,000 Interest earned on accumulated cash from Chapter 11 - --------------- Total reorganization items 4,475,000 --------------- Net loss ($25,891,000) =============== The Debtors listed $81,924,122 in total cash receipts and negative total disbursements of $71,374,428 for August 2009. A full-text copy of the Debtors' monthly operating report is available for free at http://bankrupt.com/misc/ESIMORAugust.pdf About Extended Stay Extended Stay is the largest owner and operator of mid-price extended stay hotels in the United States, holding one of the most geographically diverse portfolios in the lodging sector with properties located across 44 states (including 11 hotels located in New York) and two provinces in Canada. As a result of acquisitions and mergers, Extended Stay's portfolio has expanded to encompass over 680 properties, consisting of hotels directly owned or leased by Extended Stay or one of its affiliates. Extended Stay currently operates five hotel brands: (i) Crossland Economy Studios, (ii) Extended Stay America, (iii) Extended Stay Deluxe, (iv) Homestead Studio Suites, and (v) StudioPLUS Deluxe Studios. For the year ending December 31, 2008, Extended Stay's audited financial statements show consolidated assets (including nondebtor affiliates) totaling approximately $7.1 billion and consolidated liabilities totaling approximately $7.6 billion. Consolidated revenues for the 12 months ending December 31, 2008 were approximately $1 billion. Extended Stay Inc. and its affiliates filed for Chapter 11 on June 15, 2009 (Bankr. S.D.N.Y. Case No. 09-13764). Judge James M. Peck handles the case. Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, in New York, represents the Debtors. Lazard Freres & Co. LLC is the Debtors' financial advisors. Kurtzman Carson Consultants LLC is the claims agent. Bankruptcy Creditors' Service, Inc., publishes Extended Stay Bankruptcy News. The newsletter provides gavel-to-gavel coverage of the Chapter 11 proceedings undertaken by Extended Stay Inc. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000). GOTTSCHALKS INC: Files July 5 to August 1 Operating Report ---------------------------------------------------------- Gottschalks Inc. filed with the Bankruptcy Court its monthly operating report for the period July 5 to August 1, 2009. The Debtor booked a net loss of $31,145,000 on net sales of $478,000 during the period and a net loss of $124,821,000 on net sales of $93,101,000 since the inception of the case. As of August 1, 2009, the Debtor had $56,810,000 in total assets and $92,985,000 in total liabilities, resulting in $36,175 in net owner deficit. The Debtor closed the period with $19,222 in cash. The Court has approved $2,127,441 in total professional fees and expenses for the period July 5 to August 1, 2009: Total Amount Amount Incurred Payee Approved Accrued and Unpaid ----- -------- ------- ---------- O'Melveny & Meyers $314,522 $3,675,000 $2,065,318 FTI Consulting 1,618,648 3,305,000 1,686,352 Richards, Layton & Finger 30,957 320,000 81,720 Kurtzman Carson Consultants n/a 657,000 79,784 Cooley Godward Kronish 89,729 880,000 554,863 Loughlin Meghji & Company 33,221 560,000 394,430 Benesch 40,364 90,000 49,636 GE Capital Third Party Legal n/a 500,000 136,049 Financial Dynamics n/a 25,000 (4,377) Other n/a 760,000 719,399 ---------- --------- ---------- Total Payments to Professionals $2,127,441 $10,772,000 $5,763,174 Amounts paid to GE Capital's legal advisors represent disbursements related to advisory work on the parties' Credit Agreement performed prepetition. The Debtor said $5,763,174 in professional fees and expenses have been incurred and remain unpaid. A full-text copy of the Company's operating report is available at no charge at http://ResearchArchives.com/t/s?4514 Headquartered in Fresno, California, Gottschalks Inc. (Pink Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- is a regional department store chain, operating 58 department stores and three specialty apparel stores in six western states. Gottschalks offers better to moderate brand-name fashion apparel, cosmetics, shoes, accessories and home merchandise. The Company filed for Chapter 11 protection on January 14, 2009 (Bankr. D. Del. Case No. 09-10157). O'Melveny & Myers LLP represents the Debtor in its Chapter 11 case. Lee E. Kaufman, Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., serves as the Debtors' co-counsel. The Debtor selected Kurtzman Carson Consultants LLC as its claims agent. The U.S. Trustee for Region 3 appointed seven creditors to serve on an official committee of unsecured creditors. When the Debtor filed for protection from its creditors, it listed $288,438,000 in total assets and $197,072,000 in total debts. GREEKTOWN HOLDINGS: Amended Operating Report for June ----------------------------------------------------- The monthly operating reports of Greektown Casino LLC and Greektown Holdings LLC for the period ended June 30, 2009 have been amended to reflect an audit adjustment made at the Casino level for restructuring professional fees that was not picked up on the June 2009 MORs of Casino and Holdings. Copies of the Amended MORs are available for free at: http://bankrupt.com/misc/GrkHoldingsAmMOR.pdf http://bankrupt.com/misc/GrkCasinoAmMOR.pdf Greektown Holdings, LLC Balance Sheet As of June 30, 2009 Assets Cash $0 Inventory Accounts receivable Insider Receivables 3,442,586 Property and Equipment Land and buildings 0 Furniture, fixtures and equipment 0 Other Assets Financing Fees 0 Notes receivables from affiliates 475,012,735 Investments in affiliate (19,835,860) -------------- Total Assets $458,619,461 Liabilities and Stockholder's Equity Postpetition liabilities: Accounts payable $0 Rent and lease payable 0 Wages and salaries 0 Taxes payable 0 Other 1,350,000 -------------- Total postpetition liabilities 1,350,000 Secured liabilities subject to postpetition collateral or financing order 161,046,971 All other secured liabilities 313,965,764 -------------- Total secured liabilities 475,012,735 Prepetition liabilities: Taxes and other priority liabilities 0 Unsecured liabilities 228,508,597 Discount on bonds 0 -------------- Total prepetition liabilities 228,508,597 Kewadin equity (99,399,607) Monroe equity (87,697,011) Owner's capital 488,947 Retained earnings prepetition 116,601,907 Retained earnings postpetition (176,246,106) -------------- Total stockholders' equity (246,251,870) Total liabilities 704,871,332 -------------- Total Liabilities & Shareholders' Deficit $458,619,461 Greektown Holdings, LLC Income Statement For the month ended June 30, 2009 Total revenue/sales $0 Cost of sales 0 -------------- Gross profit 0 Operating Expenses Interest expense 1,657,292 Accounting fees - credit (9,117) -------------- Total expenses 1,648,175 Net operating profit/(loss) Add: Non-operating income 0 Interest income 0 Other income 0 Less: Non-operating expenses 0 -------------- Net Income (Loss) ($1,648,175) Greektown Holdings, LLC Cash Flow Statement For the month ended June 30, 2009 Cash - beginning of month $0 Receipts 0 Balance available 0 -------------- Less disbursements 0 -------------- Cash - end of month $0 About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC, and its affiliates -- http://www.greektowncasino.com/-- operates world-class casino gaming facilities located in Detroit's historic Greektown district featuring more than 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. Greektown Casino employs approximately 1,971 employees, and estimates that it attracts over 15,800 patrons each day, many of whom make regular visits to its casino complex and related properties. In 2007, Greektown Casino achieved a 25.6% market share of the metropolitan Detroit gaming market. Greektown Casino has also been rated as the "Best Casino in Michigan" and "Best Casino in Detroit" numerous times in annual readers' polls in Detroit's two largest newspapers. The Company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC as claims, noticing, and balloting agent. When the Debtor filed for protection from its creditors, it listed consolidated estimated assets and debts of $100 million to $500 million. Bankruptcy Creditors' Service, Inc., publishes Greektown Casino Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Greektown Casino and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) GREEKTOWN HOLDINGS: Casino Incurs $1.78 Mil. Net Loss for July -------------------------------------------------------------- Greektown Holdings, LLC Balance Sheet As of July 31, 2009 Assets Cash $0 Inventory Accounts receivable Insider Receivables 3,442,586 Property and Equipment Land and buildings 0 Furniture, fixtures and equipment 0 Other Assets Financing Fees 0 Notes receivables from affiliates 483,897,178 Investments in affiliate (21,454,304) -------------- Total Assets $465,885,460 ============== Liabilities and Stockholder's Equity Postpetition liabilities: Accounts payable $0 Rent and lease payable 0 Wages and salaries 0 Taxes payable 0 Other 1,350,000 -------------- Total postpetition liabilities 1,350,000 Secured liabilities subject to postpetition collateral or financing order 169,931,414 All other secured liabilities 313,965,764 -------------- Total secured liabilities 483,897,178 Prepetition liabilities: Taxes and other priority liabilities 0 Unsecured liabilities 230,165,889 Discount on bonds 0 -------------- Total prepetition liabilities 230,165,889 Kewadin equity (99,399,607) Monroe equity (87,697,011) Owner's capital 488,947 Retained earnings prepetition 116,601,907 Retained earnings postpetition (179,521,842) -------------- Total stockholders' equity (249,527,606) Total liabilities 715,413,067 -------------- Total Liabilities & Shareholders' Deficit $465,885,460 ============== Greektown Holdings, LLC Income Statement For the month ended July 31, 2009 Total revenue/sales $0 Cost of sales 0 -------------- Gross profit 0 Operating Expenses Interest expense 1,657,292 Accounting fees - credit 0 -------------- Total expenses 1,657,292 Net operating profit/(loss) Add: Non-operating income 0 Interest income 0 Other income 0 Less: Non-operating expenses 0 -------------- Net Income (Loss) ($1,657,292) ============== Greektown Holdings, LLC Cash Flow Statement For the month ended July 31, 2009 Cash - beginning of month $0 Receipts 0 Balance available 0 -------------- Less disbursements 0 -------------- Cash - end of month $0 ============== Greektown Casino LLC Balance Sheet As of July 31, 2009 Assets Cash $25,062,596 Inventory 565,704 Accounts receivable 4,696,738 Insider Receivables 0 Property and Equipment Land and buildings 527,226,916 Furniture, fixtures and equipment 92,303,348 Accumulated depreciation (142,338,391) Other current 18,479,456 Other long term 13,144,467 -------------- Total Assets $539,140,933 ============== Liabilities and Stockholder's Equity Postpetition liabilities: Accounts payable $13,509,761 Notes payable 2,621,344 Rent and lease payable 0 Wages and salaries 2,172,035 Taxes payable 492,544 Other 133,999 -------------- Total postpetition liabilities 18,929,682 Secured liabilities subject to postpetition collateral or financing order 169,931,413 All other secured liabilities 313,965,764 -------------- Total secured liabilities 483,897,178 Prepetition liabilities: Taxes and other priority liabilities 596,034 Unsecured liabilities 53,532,008 Other 3,640,336 -------------- Total prepetition liabilities 57,768,378 Equity 47,575,616 Owner's capital 0 Retained earnings prepetition 82,744,007 Retained earnings postpetition (151,773,928) -------------- Total stockholders' equity (21,454,305) Total liabilities 560,595,238 -------------- Total Liabilities & Shareholders' Deficit $539,140,933 ============== Greektown Casino LLC Income Statement For the month ended July 31, 2009 Total revenue/sales $33,983,162 Cost of sales 3,708,947 -------------- Gross profit 30,274,215 Operating Expenses Officer compensation 26,849 Salary expenses, other employees 4,689,560 Employees benefits & pensions 2,327,206 Payroll taxes 603,299 Other taxes 618,483 Rent and lease expense 13,717 Interest expense 5,809,005 Insurance 235,321 Automobile & truck expense 0 Utilities 379,105 Depreciation 1,057,135 Travel and entertainment 4,281 Repairs and maintenance 77,996 Advertising 876,909 Supplies, office expense, etc. 30,689 Gaming taxes 8,361,049 G&A expenses 2,818,654 F&B expenses 1,161,164 MGCB Fee 833,605 Parking/other 8,600 Pre-opening expenses 0 -------------- Total expenses 29,932,626 Net operating profit/(loss) 341,588 Add: Non-operating income: Interest income 10,000 Other income 0 Less: Non-operating expenses 0 Professional fees 2,135,732 Other 0 -------------- Net Income (Loss) ($1,784,144) ============== Greektown Casino LLC Cash Flow Statement For the month ended July 31, 2009 Cash - beginning of month $4,898,396 Receipts 41,739,742 Balance available 46,638,138 -------------- Less disbursements 30,577,267 -------------- Cash - end of month $16,060,871 ============== About Greektown Casino Based in Detroit, Michigan, Greektown Holdings, LLC, and its affiliates -- http://www.greektowncasino.com/-- operates world-class casino gaming facilities located in Detroit's historic Greektown district featuring more than 75,000 square feet of casino gaming space with more than 2,400 slot machines, over 70 tables games, a 12,500-square foot salon dedicated to high limit gaming and the largest live poker room in the metropolitan Detroit gaming market. Greektown Casino employs approximately 1,971 employees, and estimates that it attracts over 15,800 patrons each day, many of whom make regular visits to its casino complex and related properties. In 2007, Greektown Casino achieved a 25.6% market share of the metropolitan Detroit gaming market. Greektown Casino has also been rated as the "Best Casino in Michigan" and "Best Casino in Detroit" numerous times in annual readers' polls in Detroit's two largest newspapers. The Company and seven of its affiliates filed for Chapter 11 protection on May 29, 2008 (Bankr. E.D. Mich. Lead Case No. 08-53104). Daniel J. Weiner, Esq., Michael E. Baum, Esq., and Ryan D. Heilman, Esq., at Schafer and Weiner PLLC, represent the Debtors in their restructuring efforts. Judy B. Calton, Esq., at Honigman Miller Schwartz and Cohn LLP, represents the Debtors as their special counsel. The Debtors chose Conway MacKenzie & Dunleavy as their financial advisor, and Kurtzman Carson Consultants LLC as claims, noticing, and balloting agent. When the Debtor filed for protection from its creditors, it listed consolidated estimated assets and debts of $100 million to $500 million. Bankruptcy Creditors' Service, Inc., publishes Greektown Casino Bankruptcy News. The newsletter tracks the Chapter 11 proceedings undertaken by Greektown Casino and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LANDAMERICA FIN'L: LAC Incurs $23,000 Net Loss for July ------------------------------------------------------- LandAmerica Assessment Corporation Balance Sheet As of July 31, 2009 Assets Cash $2,947,000 Taxes receivable 48,000 Other Assets 327,000 Intercompany receivable 5,160,000 --------------- Total Assets $8,482,000 =============== Liabilities Accounts payable and accrued liabilities $251,000 Liabilities subject to compromise 2,836,000 --------------- Total Liabilities 3,087,000 Total Shareholders' Equity 5,396,000 --------------- Total Liabilities and Shareholders' Equity $8,483,000 =============== LandAmerica Assessment Corporation Statement of Operations For the month ended July 31, 2009 Revenue $0 Expenses Salaries and employee benefits 0 General, administrative and other expenses (15,000) Professional fees and expenses 38,000 Depreciation and amortization 0 Impairment of assets 0 Loss (Gain) on sale of assets 0 --------------- Total Operating Expenses 23,000 --------------- Net Loss ($23,000) =============== LandAmerica Assessment Corporation Schedule of Cash Receipts and Disbursements For the month ended July 31, 2009 Opening Cash $1,439,000 Cash Receipts Proceeds from sale of assets 0 Collections received for the benefit of: Partner Assessment Corp. 7,000 LandAmerica Valuation Corp. 0 LandAm Assessment Germany Gmbh 811,000 Other 729,000 --------------- Total Receipts 1,547,000 --------------- Disbursements Partner Assessment Corp. 6,000 LandAmerica Valuation Corp. 0 LFG 32,000 Other 0 --------------- Total Disbursements 38,000 --------------- Net Cash Flow 1,508,000 --------------- Ending Cash $2,947,000 =============== About LandAmerica Financial LandAmerica Financial Group, Inc., provides real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc. filed for Chapter 11 protection Nov. 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods LLP, are the Debtors' bankruptcy counsel. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. LandAmerica Credit Services, Inc., filed for Chapter 11 in July 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LANDAMERICA FIN'L: LES Incurs $1.02 Mil. Net Loss for July ---------------------------------------------------------- LandAmerica 1031 Exchange Services, Inc. Balance Sheet As of July 31, 2009 Assets Cash and Cash Equivalents $128,797,000 Notes receivable 15,474,000 Auction Rate Securities 159,843,000 Taxes receivable 81,000 Property and Equipment 6,700 Other Assets 120,000 --------------- Total Assets $304,321,700 =============== Liabilities Accounts payable and accrued liabilities $3,701,000 Intercompany payable 264,000 Liabilities subject to compromise 360,440,000 --------------- Total Liabilities 364,405,000 Total Shareholders' Deficit (60,023,000) --------------- Total Liabilities and Shareholders' Equity $304,382,000 =============== LandAmerica 1031 Exchange Services, Inc. Statement of Operations For the month ended July 31, 2009 Revenue: Investment Income $363,000 Settlement Income 0 --------------- Total Revenue 363,000 --------------- Expenses Professional Fees 1,317,000 General, administrative and other expenses 70,000 --------------- Total Operating Expenses 1,387,000 --------------- Operating Income (1,024,000) Impairment and noncash adjustment 0 Income Taxes 0 --------------- Net Loss ($1,024,000) =============== LandAmerica 1031 Exchange Services, Inc. Schedule of Cash Receipts and Disbursements For the month ended July 31, 2009 Opening Cash Balance $129,454,000 Receipts Investment Income 467,000 Settlements 0 Other Receipts 0 --------------- Total Receipts 467,000 --------------- Disbursements Professional Fees 699,000 Litigation Settlement 0 LFG 425,000 Other 0 --------------- Total Disbursements 1,124,000 --------------- Ending Cash $128,797,000 =============== About LandAmerica Financial LandAmerica Financial Group, Inc., provides real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc. filed for Chapter 11 protection Nov. 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods LLP, are the Debtors' bankruptcy counsel. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. LandAmerica Credit Services, Inc., filed for Chapter 11 in July 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LANDAMERICA FIN'L: LTC Incurs $111,000 Net Loss for July -------------------------------------------------------- LandAmerica Title Company Balance Sheet As of July 31, 2009 Assets Cash $1,108,000 Trade accounts receivable 43,000 Short term investments 243,000 Property and equipment 643,000 Other Assets 371,000 --------------- Total Assets $2,408,000 =============== Liabilities Accounts payable and accrued liabilities $156,000 Intercompany payable 84,000 Liabilities subject to compromise 6,393,000 --------------- Total Liabilities 6,633,000 Total Shareholders' Deficit (4,225,000) --------------- Total Liabilities and Shareholders' Deficit $2,408,000 =============== LandAmerica Title Company Statement of Operations For the month ended July 31, 2009 Revenue $0 Expenses General, administrative and other expenses 30,000 Professional fees and expenses 57,000 Depreciation and amortization 24,000 Impairment of assets 0 --------------- Total Operating Expenses 111,000 --------------- Net Loss ($111,000) =============== LandAmerica Title Company Schedule of Cash Receipts and Disbursements For the month ended July 31, 2009 Opening Cash $926,000 Cash Receipts Collections received 194,000 Disbursements LFG 12,000 Other 0 --------------- Total Disbursements 12,000 --------------- Net Cash Flow 182,000 --------------- Ending Cash $1,108,000 =============== About LandAmerica Financial LandAmerica Financial Group, Inc., provides real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc. filed for Chapter 11 protection Nov. 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods LLP, are the Debtors' bankruptcy counsel. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. LandAmerica Credit Services, Inc., filed for Chapter 11 in July 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LANDAMERICA FIN'L: Southland Incurs $122,000 Net Loss for July -------------------------------------------------------------- Southland Title Corporation Balance Sheet As of July 31, 2009 Assets Cash $2,054,000 Trade Accounts Receivable 43,000 Short Term Investments 45,000 Property and Equipment 291,000 Other Assets 284,000 --------------- Total Assets $2,717,000 =============== Liabilities Accounts payable and accrued liabilities $245,000 Intercompany Payable 88,000 Liabilities subject to compromise 1,053,000 --------------- Total Liabilities 1,386,000 Total Shareholders' Equity 1,330,000 --------------- Total Liabilities and Shareholders' Equity $2,716,000 =============== Southland Title Corporation Statement of Operations For the month ended July 31, 2009 Revenue $0 Expenses General, administrative and other expenses 67,000 Professional fees and expenses 39,000 Depreciation and amortization 16,000 Impairment of assets 0 --------------- Total Operating Expenses 122,000 --------------- Net Loss ($122,000) =============== Southland Title Corporation Schedule of Cash Receipts and Disbursements For the month ended July, 2009 Opening Cash $2,070,000 Collections received 0 Disbursements LFG 16,000 Fidelity National Title Insurance 0 Other 0 --------------- Total Disbursements 16,000 Net Cash Flow (16,000) --------------- Ending Cash $2,054,000 =============== Other Southland Title Affiliates Two affiliates of Southland Title Corporation also delivered separate individual monthly operating reports to the Court. The Southland Debtors reported these assets and liabilities as of July 31, 2009: Debtor Affiliate Total Assets Total Debts ---------------- -------------- -------------- Southland Title of San Diego $2,099,000 $4,419,000 Southland Title of Orange County $685,000 $1,673,000 The Debtor affiliates listed their net income or loss for the period from July 1 to 31, 2009: Affiliate Net Income(Loss) --------- --------------- Southland Title of San Diego ($22,000) Southland Title of Orange County ($26,000) The Debtor affiliates also reported their cash receipts and cash disbursements for the period from July 1 to 31, 2009: Cash Cash Affiliate Receipts Disbursements --------- ------------ ------------- Southland Title of San Diego $0 $0 Southland Title of Orange County $0 $8,000 About LandAmerica Financial LandAmerica Financial Group, Inc., provides real estate transaction services with offices nationwide and a vast network of active agents. LandAmerica and its affiliates operate through approximately 700 offices and a network of more than 10,000 active agents throughout the world, including Mexico, Canada, the Caribbean, Latin America, Europe, and Asia. LandAmerica Financial Group and its affiliate LandAmerica 1031 Exchange Services, Inc. filed for Chapter 11 protection Nov. 26, 2008 (Bankr. E.D. Va. Lead Case No. 08-35994). Dion W. Hayes, Esq., and John H. Maddock III, Esq., at McGuireWoods LLP, are the Debtors' bankruptcy counsel. In its bankruptcy petition, LFG listed total assets of $3,325,100,000, and total debts of $2,839,800,000 as of Sept. 30, 2008. On March 6, 2009, affiliate LandAmerica Assessment Corporation, aka National Assessment Corporation, filed its own petition for Chapter 11 relief. Affiliate LandAmerica Title Company filed for for Chapter 11 relief on March 27, 2009. LandAmerica Credit Services, Inc., filed for Chapter 11 in July 2009. Bankruptcy Creditors' Service, Inc., publishes LandAmerica Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandAmerica Financial and its affiliate LandAmerica 1031 Exchange Services, Inc. (http://bankrupt.com/newsstand/or 215/945-7000) LEHMAN BROTHERS: Cash at $13.8BB in August; Fees Reach $367MM ---------------------------------------------------------- Lehman Brothers Holdings Inc. ended August with a cash balance of $13,829,000,000, an increase of $472,000,000 during the month. Cash receipts totaled $1,291,000,000. Professional expenses since the beginning of the case totaled $367 million through August: ($ in thousands) 8/01/09- 9/15/08- 8/31/09 8/31/09 ------- ------- Debtors - Sec. 363 Professionals Alvarez & Marsal LLC Interim Management $19,260 $150,752 Kelly Matthew Wright Art Consultant and Auctioneer 4 38 Natixis Capital Markets Inc. Derivatives Consultant - 4,910 Debtors - Sec. 327 Professionals Bortstein Legal LLC Special Counsel - IT & Vendor Contracts 175 1,687 Curtis, Mallet-Prevost, Colt & Mosle LLP Special Counsel - Conflicts 1,682 9,072 Ernst & Young LLP Audit and Tax Services 55 1,044 Huron Consulting Tax Services 244 845 Jones Day Special Counsel - Asia 1,978 5,824 Lazard Freres & Co. Investment Banking Advisor 4,245 11,543 McKee Nelson LLP Special Counsel - Tax 785 5,625 McKenna Long & Aldridge LLP Special Counsel - Commercial Real Estate Lending 63 1,536 Reilly Pozner LLP Special Counsel - Mortgage Litigation and Claims 195 1,034 Simpson Thacher & Bartlett LLP Special Counsel - SEC Reporting, Asset Sales, & Congressional Testimony 191 1,463 Weil Gotshal & Manges LLP Lead Counsel 14,236 88,489 Debtors - Claims and Noticing Agent Epiq Bankruptcy Solutions LLC Claims Management and Noticing Agent 529 2,568 Creditors - Section 327 Professionals FTI Consulting Inc. Financial Advisor 2,150 12,092 Houlihan Lokey Howard & Zukin Capital Inc. Investment Banking Advisor 555 4,006 Milbank Tweed Hadley & McCloy LLP Lead Counsel 4,698 26,210 Quinn Emanuel Urquhart Oliver & Hedges LLP Special Counsel - Conflicts 505 2,935 Examiner - Section 327 Professionals Duff & Phelps LLC Financial Advisor 3,082 10,775 Jenner & Block LLP Examiner 3,109 12,684 Fee Examiner Feinberg Rozen LLP Fee Examiner 191 191 ------- ------- Total Non-Ordinary Course Professionals 57,933 355,323 Debtors - Ordinary Course Professionals 954 11,241 US Trustee Quarterly Fees - 378 ------- -------- Total Professional Fees and UST Fees $58,887 $366,942 ======= ======== A copy of the Monthly Operating Report is available for free at: http://researcharchives.com/t/s?4515 About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed $639 billion in assets and $613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MERUELO MADDUX: Posts $2.63 Million Net Loss in July 2009 --------------------------------------------------------- Meruelo Maddux Properties, Inc., and certain of its direct and indirect subsidiaries and affiliates filed unaudited condensed combined financial statements included in the Monthly Operating Report for the one month ended July 31, 2009, with the United States Bankruptcy Court for the Central District of California, San Fernando Valley Division. The Debtors ended July with $16,965,918 in cash after total receipts of $9,024,324 and total disbursements of $7,410,877. The Debtors recorded $1,934,104 in total revenue and $2,638,905 in net loss in July. As of July 31, 2009, the Company had $540,354,399 in total assets and $311,449,355 in total liabilities. A full-text copy of the July MOR is available at no charge at: http://ResearchArchives.com/t/s?4349 About Meruelo Maddux Based in Los Angeles, California, Meruelo Maddux Properties, Inc. -- http://www.meruelomaddux.com/-- together with its affiliates, engage in residential, commercial and industrial development. Meruelo Maddux and its affiliates filed for Chapter 11 protection on March 26, 2009 (Bankr. C.D. Calif. Lead Case No. 09-13356). Aaron De Leest, Esq., John J. Bingham, Jr., Esq., and John N. Tedford, Esq., at Danning Gill Diamond & Kollitz, represent the Debtors in their restructuring efforts. Peter C. Anderson, the United States Trustee for Region 16, appointed five creditors to serve on the Creditors Committee. Asa S. Hami, Esq., Tamar Kouyoumjian, Esq., and Victor A. Sahn, Esq., at SulmeyerKupetz, A Professional Corporation, represent the Creditors Committee as counsel. The Debtors' financial condition as of December 31, 2008, showed estimated assets of $681,769,000 and estimated debts of $342,022,000. PFF BANCORP: Posts $535,958 Net Loss in July 2009 ------------------------------------------------- PFF Bancorp, Inc., and Glencrest Investment Advisors, Inc., Glencrest Insurance Services, Inc., Diversified Builder Services, Inc. and PFF Real Estate Services, Inc., filed separate monthly operating reports for the period July 1 to 31, 2009, with the United States Bankruptcy Court for the District of Delaware. PFF Bancorp posted a net loss of $535,958 in July on $535,958 in total expenses: Blank Rome - Expenses $2,918.65 Blank Rome - Fees 55,915.50 Contractor - Talbott 17,435.00 JH Cohn - Expenses 2,165.76 JH Cohn - Fees 69,038.00 Kurtzman Carson 14,589.46 Office Expenses 643.68 Payroll 33,450.29 Paul Hastings Expenses 1,188.68 Paul Hastings Fees 318,145.40 Richards Layton - Fees 18,318.20 Richards Layton - Expenses 158.24 Travel 41.25 US Trustee 1,950.00 PFF Bancorp has incurred a net loss of $1,373,936 since filing for bankruptcy. At July 31, 2009, PFF Bancorp had $158,702,464 in total assets and $117,430,056 in total liabilities. PFF Bancorp ended the period with $2,168,784 cash. It paid $467,847 in professional fees and $1,950 in U.S. Trustee quarterly fees during the period. PFF Bancorp has spent $860,157 in professional fees and $7,474 since the inception of its case. A full-text copy of the Debtors' July Monthly Operating Reports is available at no charge at http://ResearchArchives.com/t/s?4512 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. RH DONNELLEY: Records $11.78 Mil. Net Income for July ----------------------------------------------------- R.H. Donnelley Corporation Balance Sheet As of July 31, 2009 ASSETS Cash and cash equivalents $4,350,000 Billed and accounts receivable - Unbilled accounts receivable - Allowance for doubtful accounts - Net accounts receivable - Intercompany loan receivable 5,000,000 Deferred directory costs - Short-term deferred income taxes, net 9,370,000 Prepaid expenses and other current assets 4,355,000 -------------- Total current assets 23,075,000 Fixed assets and computer software 5,918,000 Other non-current assets 2,339,821,000 Intangible assets - -------------- Total assets $2,368,814,000 ============== LIABILITIES & SHAREHOLDERS' EQUITY Accounts payable and accrued liabilities $2,205,000 Accrued interest - Deferred directory revenues - Due to parent, net (137,782,000) Short-term deferred tax - Current portion of long-term debt, intercompany - Current portion of long-term debt - -------------- (135,577,000) Long-term debt - Long-term debt, intercompany - Deferred income taxes, net 7,187,000 Other non-current liabilities 1,942,000 -------------- Total liabilities not subject to compromise (126,448,000) Liabilities subject to compromise 3,388,710,000 Common stock 88,169,000 Intercompany capital - Additional paid-in capital 2,634,395,000 Accumulated deficit (3,300,409,000) Treasury stock (256,140,000) Accumulated other comprehensive loss (59,463,000) -------------- Total shareholders' deficit (893,448,000) -------------- Total liabilities and shareholders' deficit $2,368,814,000 ============== R.H. Donnelley Corporation Income Statement For the Month Ended July 31, 2009 Net revenues $16,849,000 Production and distribution expenses 4,000 Selling and support expenses 13,000 General and administrative expenses 1,469,000 Depreciation and amortization 296,000 Impairment charges - -------------- Total expenses 1,782,000 Interest expense (2,000) -------------- Loss before reorganization items, net 15,069,000 Reorganization items, net Professional fees - U.S. Trustee fees 11,000 Court fees - Other 61,000 -------------- Total 72,000 Provision for income taxes 3,220,000 -------------- Net income $11,777,000 ============== R.H. Donnelley Corporation Cash Receipts and Disbursements For the Month Ended July 31, 2009 Cash receipts RHD Corp. - -------------- Total cash receipts - Cash disbursements Trade payables ($2,000,000) Payroll and employee costs - Interest expense - notes - Interest expense - term loan - Interest expense - swaps - Term loan repayment (mandatory) - Intercompany 4,400,000 -------------- Total cash disbursements 2,400,000 Reorganization charges Adequate protection payment - Professional fees - -------------- Total reorganization charges - Total cash charges 2,400,000 Net cash flow 2,400,000 Beginning bank balance 176,700,000 Net cash flow 2,400,000 -------------- Ending bank balance $179,100,000 ============== About R.H. Donnelley Based in Cary, North Carolina, R.H. Donnelley Corp., fka The Dun & Bradstreet Corp. (NYSE: RHD) -- http://www.rhdonnelley.com/-- publishes and distributes print and online directories in the U.S. It offers print directory advertising products, such as yellow pages and white pages directories. R.H. Donnelley Inc., Dex Media, Inc. and Local Launch, Inc. are the company's only direct wholly owned subsidiaries. Dex Media East, LLC, is a publisher of the official yellow pages and white pages directories for Qwest Communications International Inc. (Qwest) in the states, where Qwest is the primary incumbent local exchange carrier, such as Colorado, Iowa, Minnesota, Nebraska, New Mexico, North Dakota and South Dakota. R.H. Donnelley Corp. and 19 of its affiliates, including Dex Media East LLC, Dex Media West LLC and Dex Media Inc., filed for Chapter 11 protection on May 28, 2009 (Bank. D. Del. Case No. 09- 11833 through 09-11852), after missing a $55 million interest payment on its senior unsecured notes due April 15. James F. Conlan, Esq., Larry J. Nyhan, Esq., Jeffrey C. Steen, Esq., Jeffrey E. Bjork, Esq., and Peter K. Booth, Esq., at Sidley Austin LLP, in Chicago, Illinois represent the Debtors in their restructuring efforts. Edmon L. Morton, Esq., and Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP, in Wilmington, Delaware, serve as the Debtors' local counsel. The Debtors' financial advisor is Deloitte Financial Advisory Services LLP while its investment banker is Lazard Freres & Co. LLC. The Garden City Group, Inc., is claims and noticing agent. As of March 31, 2009, the Company had $929,829,000 in total assets and $1,023,526,000 in total liabilities, resulting in $93,697,000 in total shareholders' deficit. Bankruptcy Creditors' Service, Inc., publishes R.H. Donnelley Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of R.H. Donnelley Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) SMURFIT-STONE: Records $29 Million Net Income for July 31 --------------------------------------------------------- Smurfit-Stone Container Corporation Combined Balance Sheet As of July 31, 2009 ASSETS Current Assets: Cash $672,765,000 Restricted cash 13,551,000 Receivables 626,045,000 Receivables for alt. energy tax credits 59,139,000 Inventories 475,940,000 Prepaid expenses and others 34,438,000 --------------- Total current assets 1,881,878,000 Net property 3,345,778,000 Timberlands, less depletion 31,586,000 Deferred income taxes 25,334,000 Investments in and advances to non-Debtor 76,207,000 affiliates Other assets 67,135,000 --------------- Total assets $5,427,918,000 =============== LIABILITIES & EQUITY (DEFICIT) Liabilities Not Subject to Compromise: Current liabilities: Current maturities of long-term debt $1,770,833,000 Accounts payable 341,347,000 Accrued compensation and payroll taxes 118,448,000 Interest payable 7,094,000 Income taxes payable 12,752,000 Current deferred taxes 21,052,000 Other current liabilities 129,703,000 --------------- Total current liabilities 2,401,229,000 Other long-term liabilities 123,257,000 --------------- Total liabilities not subject to compromise 2,524,486,000 Liabilities subject to compromise 4,281,990,000 --------------- Total liabilities 6,806,476,000 Total stockholders' equity (deficit) (1,378,558,000) --------------- Total liabilities & stockholders' equity $5,427,918,000 =============== Smurfit-Stone Container Corporation Combined Statement of Operations For the month ended July 31, 2009 Net sales $481,045,000 Costs and expenses: Cost of goods sold 433,304,000 Selling and administrative expenses 44,621,000 Restructuring charges 2,483,000 (Gain)loss on disposal of assets 102,000 Other operating income (59,100,000) --------------- Income from operations 59,635,000 Other income (expense): Interest expense, net (24,598,000) DIP debt issuance costs - Loss on early extinguishment of debt - Equity in gains (losses) of non-debtor affiliates 662,000 Foreign currency exchange losses (3,500,000) Other, net 3,572,000 --------------- Income before reorganization items and taxes 35,771,000 Reorganization items: Professional fees (5,500,000) Provision for executory contracts & leases - Accounts payable settlement gains 8,000 --------------- Reorganizational items, net (5,492,000) Income before income taxes 30,279,000 Provision for income taxes (1,302,000) --------------- Net Income $28,977,000 =============== Smurfit-Stone Container Corporation Schedule of Receipts and Disbursements For the month ended July 31, 2009 Beginning cash balance $584,466,000 Cash receipts 596,345,000 Alternative energy tax credit 89,279,000 --------------- Total receipts 685,624,000 Disbursements: Payroll & benefits (133,474,000) Professional fees (3,745,000) Interest (10,298,000) Capital expenditures (11,461,000) Repayment of debt (8,311,000) Other disbursements (416,485,000) --------------- Total disbursements (583,774,000) Ending cash balance $686,316,000 =============== A copy of the Debtors' June 2009 Operating Report is available for free at http://bankrupt.com/misc/SmurfJul09MOR.pdf About Smurfit-Stone Smurfit-Stone Container Corp. -- http://www.smurfit-stone.com/-- is one of the leading integrated manufacturers of paperboard and paper-based packaging in North America and one of the world's largest paper recyclers. The Company operates 162 manufacturing facilities that are primarily located in the United States and Canada. The Company also owns roughly one million acres of timberland in Canada and operates wood harvesting facilities in Canada and the United States. The Company employs roughly 21,250 employees, 17,400 of which are based in the United States. For the quarterly period ended September 30, 2008, the Company reported roughly $7.450 billion in total assets and $5.582 billion in total liabilities on a consolidated basis. Smurfit-Stone and its U.S. and Canadian subsidiaries filed for Chapter 11 protection on January 26, 2009 (Bankr. D. Del. Lead Case No. 09-10235). Certain of the company's affiliates, including Smurfit-Stone Container Canada Inc., a wholly owned subsidiary of SSCE, and certain of its affiliates, filed to reorganize under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Canada. Smurfit-Stone joined pulp- and paper-related bankruptcies as rising Internet use hurts magazines and newspapers. Corporacion Durango SAB, Mexico's largest papermaker, sought U.S. bankruptcy in October. Quebecor World Inc., a magazine printer and Pope & Talbot Inc., a pulp-mill operator, also sought cross-border bankruptcies for their operations in the U.S. and Canada. James F. Conlan, Esq., Matthew A. Clemente, Esq., Dennis M. Twomey, Esq., and Bojan Guzina, Esq., at Sidley Austin LLP, in Chicago, Illinois; and Robert S. Brady, Esq., and Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor in Wilmington, Delaware, serve as the Debtors' bankruptcy counsel. PricewaterhouseCooper LLC, serves as the Debtors' financial and investment consultants. Lazard Freres & Co. LLC acts as the Debtors' investment bankers. Epiq Bankruptcy Solutions LLC acts as the Debtors' notice and claims agent. Bankruptcy Creditors' Service, Inc., publishes Smurfit-Stone Bankruptcy News. The newsletter tracks the Chapter 11 proceeding and ancillary foreign proceedings undertaken by Smurfit-Stone Container Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TARRAGON CORP: Posts $106.7MM Net Loss for 7-Mos. Ended July 31 --------------------------------------------------------------- Tarragon Corporation and certain of its direct and indirect subsidiaries and affiliates filed their unaudited monthly operating reports for the period July 1 through July 31, 2009, with the United States Bankruptcy Court for the District of New Jersey. Tarragon recorded total revenue on a consolidated basis of $71,784,324 for the seven months ended July 31, 2009. Tarragon reported consolidated net loss of $106,763,989 for the seven months ended July 31, 2009. Consolidated balance sheets at July 31 showed total assets of $634,117,078 and total liabilities of $974,053,832. A full-text copy of the July Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?44c1 Tarragon has said it is not expected that there will be any distribution to Tarragon equity holders in conjunction with Tarragon's bankruptcy cases pending before the Bankruptcy Court. The Debtors' proposed plan of reorganization currently on file with the Bankruptcy Court does not provide for any distribution to Tarragon equity holders. Based in New York City, Tarragon Corporation (NasdaqGS:TARR) -- http://www.tarragoncorp.com/-- is a leading developer of multifamily housing for rent and for sale. Tarragon's operations are concentrated in the Northeast, Florida, Texas, and Tennessee. Tarragon and its affiliates filed for Chapter 11 protection on January 12, 2009 (Bankr. D. N.J. Case No. 09-10555). The Hon. Donald H. Steckroth presides over the case. Michael D. Sirota, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz Meisel Forman & Leonard, P.A., represent the Debtor as bankruptcy counsel. Kurztman Carson Consultants LLC serves as notice and claims agent. Daniel A. Lowenthal, Esq., at Patterson Belknap Webb & Tyler, LLP, in New York, represents the official committee of unsecured creditors appointed in the case. Tarragon has said equity holders are out of the money with regard to its bankruptcy case. As of September 30, 2008, the Debtors had $840,688,000 in total assets and $1,035,582,000 in total debts. TROPICANA ENTERTAINMENT: Incurs $3.23 Million Loss for July ----------------------------------------------------------- Tropicana Entertainment, LLC Balance Sheet As of July 31, 2009 Unaudited ASSETS Current Assets Accounts receivable - trade $75,000 Cash & temporary cash investments 1,838,000 Restricted cash 2,200,000 Deposits 11,432,000 Inventories 0 Other receivables 0 Prepaid expenses 377,000 -------------- Total Current Assets 15,922,000 Property and Equipment Buildings 0 Construction in progress 0 Furniture & fixtures 2,477,000 Land 0 Riverboats, barges & ramps 0 Vehicles 0 -------------- Total Property and Equipment 2,477,000 Reserve for Depreciation Boats, barges & ramp reserve for depreciation 0 Building reserve for depreciation 0 Furn. & fixtures reserve for depreciation (192,000) Gaming entertainment reserve for depreciation 0 Vehicle reserve for depreciation 0 -------------- Total Reserve for Depreciation (192,000) Other Assets Investments 2,775,215,000 Other assets 8,521,000 -------------- Total Other Assets 2,783,736,000 -------------- TOTAL ASSETS $2,801,944,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Current Liabilities Accounts payable $11,307,000 Accrued other expenses 544,000 Accrued payroll 1,516,000 Deferred income 0 Notes payable - Evansville 0 Payroll taxes payable 0 Sales tax payable 18,000 Current portion of long-term debt due 1 Yr 0 Amounts due to affiliated guarantors 40,750,000 -------------- Total Current Liabilities 54,135,000 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 78,682,000 -------------- Total Other Liabilities 78,622,000 Total Liabilities not Subject to Compromise 197,976,000 Liabilities Subject to Compromise Non-intercompany 911,249,000 Intercompany 1,583,933,000 -------------- Total Liabilities Subject to Compromise 2,495,182,000 -------------- Total Liabilities 2,693,158,000 Total Stockholders' Equity 108,786,000 -------------- Total Liabilities & Shareholders' Deficit $2,801,944,000 ============== Tropicana Entertainment, LLC Income Statement For the Month Ended July 31, 2009 Unaudited 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 21,000 Rooms operating expenses 0 Food and beverage operating expenses 0 Other casino and hotel operating expenses 0 Utilities 0 Marketing, advertising and casino promotions 29,000 Repairs and maintenance 37,000 Insurance 121,000 Property and local taxes 0 Gaming tax and licenses 0 Administrative and general 1,795,000 Leased land and facilities 57,000 Depreciation and amortization 41,000 Loss on disposition of assets 0 Bad debt expense - loans 0 Impairment charge 0 Restructuring cost 0 Chapter 11 reorg. & other prof. fees 466,000 -------------- Total Operating Expense 2,567,000 Income from Operations (2,567,000) Other Income (Expense) Interest expense (545,000) Intercompany interest income 0 Intercompany interest expense (122,000) -------------- Total Other Income (Expense) (667,000) Federal Income Tax 0 Income Before Minority Interest (3,234,000) -------------- NET INCOME ($3,234,000) ============== For the reporting period, Tropicana Entertainment LLC and its debtor affiliates listed cash receipts totaling $38,395,000 and cash disbursements totaling $34,202,000. 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. The OpCo Debtors, a group of Tropicana entities owning casinos and resorts in Atlantic City, New Jersey and Evansville, Indiana have emerged from bankruptcy pursuant to a reorganization plan. A group of Tropicana entities, known as the LandCo Debtors, which own Tropicana casino property in Las Vegas, have emerged from Chapter 11 via a separate Chapter 11 plan. 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 equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Danilo Munnoz, 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 written permission of the publishers. 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