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/raid1/www/Hosts/bankrupt/TCR_Public/090926.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 26, 2009, Vol. 13, No. 266 Headlines ACCENTIA BIOPHARMACEUTICALS: Ends August with $8,078 Cash ASYST TECHNOLOGIES: Posts $41.3 Million Net Loss in August AVENTINE RENEWABLE: Reports $4.8 Million August Operating Loss BIOVEST INTERNATIONAL: Ends August with $153,250 Cash CHRYSLER LLC: Records $344 Million Net Loss for July CIRCUIT CITY: Incurs $12.6 Million Net Loss for July CRUCIBLE MATERIAL: Loss Totals $5.2 Million in August EDDIE BAUER: Posts $321,190 Net Loss for July 5 - Aug. 1 Period FORWARD FOODS: Records July Net Loss of $139,000 FREMONT GENERAL: Posts $2,638,191 Net Loss in August 2009 LANDAMERICA FINANCIAL: Posts $19,058,000 Net Loss in July 2009 LANDSOURCE COMMUNITIES: Incurs $28.4 Mil. Net Loss for June LTV CORP: Ends August with $10,670,000 Cash Balance LEHMAN BROTHERS: Has $13.8 Billion Loss at End of August NEUMANN HOMES: Has $2.1 Million Cash at End of August OPUS WEST: Incurs $17 Million Net Loss for August OPUS SOUTH: Incurs $306,500 Loss for August, Has $2 Mil. Cash PFF BANCORP: Posts $535,958 Net Loss in July 2009 SEMGROUP LP: Records $14 Million Net Loss for July SPANSION INC: Reports $13 Million Gross Profit in May TRONOX INC: Records $1.5 Million Net Loss for August TRUMP ENTERTAINMENT: Posts $1,087,000 Net Loss in August 2009 ********* ACCENTIA BIOPHARMACEUTICALS: Ends August with $8,078 Cash --------------------------------------------------------- Accentia Biopharmaceuticals, Inc., and certain of its affiliates on September 21, 2009, filed their unaudited combined monthly operating report for the period August 1 through August 31, 2009, with the United States Bankruptcy Court for the Middle District of Florida, Tampa Division. Accentia ended the period with $8,078.38 in cash. It recorded $197,132.67 in total receipts and $165,140.23 in disbursements. Accentia ended July with ($23,914.06) balance. It recorded $110,784.57 in total receipts and $167,519.71 in total disbursements. The Debtors filed on August 20 their unaudited combined monthly operating report for the period July 1 through 30, 2009. A full-text copy of the August Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?458f A full-text copy of the July Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?4348 About Accentia BioPharmaceuticals Headquartered in Tampa, Florida, Accentia BioPharmaceuticals Inc. (Nasdaq: ABPI) -- http://www.accentia.net/-- is a vertically integrated biopharmaceutical company focused on the development and commercialization of drug candidates that are in late-stage clinical development and typically are based on active pharmaceutical ingredients that have been previously approved by the FDA for other indications. The Company's lead product candidate is SinuNase(TM), a novel application and formulation of a known therapeutic to treat chronic rhinosinusitis. Additionally, the Company has acquired the majority ownership interest in Biovest International Inc. and a royalty interest in Biovest's lead drug candidate, BiovaxID(TM) and any other biologic products developed by Biovest. The Company also has a specialty pharmaceutical business, which markets products focused on respiratory disease and an analytical consulting business that serves customers in the biopharmaceutical industry. Accentia BioPharmaceuticals and nine affiliates filed for Chapter 11 protection on November 10, 2008 (Bankr. M.D. Florida, Lead Case No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida; and Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar, P.A., represent the Debtors as counsel. Adam H. Friedman, Esq., at Olshan Grundman Frome Rosenzweig, and Paul J. Battista, Esq., at Genovese Joblove & Battista PA, represent the official committee of unsecured creditors as counsel. In their bankruptcy petition, the Debtors listed assets of $134,919,728 and debts of $77,627,355 as of June 30, 2008. ASYST TECHNOLOGIES: Posts $41.3 Million Net Loss in August ---------------------------------------------------------- Asyst Technologies, Inc., on September 21, 2009, filed with the United States Bankruptcy Court for the Northern District of California in Oakland a Monthly Operating Report for the period ended August 31. Asyst posted a net loss of $41,307,625. Asyst has incurred a net loss of $47,218,544 since filing for bankruptcy. At August 31, 2009, Asyst had $21,277,953 in total assets against $10,809,026 in total liabilities. During August 2009, payments of roughly $1.3 million were issued to professionals pursuant to the Order Establishing Procedures for Interim Compensation and Reimbursement of Expense of Professionals. A full-text copy of the Company's monthly operating report is available at no charge at http://ResearchArchives.com/t/s?4592 About Asyst Technologies Headquartered in Fremont, California, Asyst Technologies, Inc. -- http://www.asyst.com/-- is a leading provider of integrated automation solutions primarily for the semiconductor and flat panel display manufacturing industries. The Company is the parent company of seven subsidiaries located in various jurisdictions worldwide. Principally, the Company is the owner of a non- operating holding company organized under the laws of Japan, Asyst Technologies Holdings Company, Inc. ("Asyst Japan Holdings"). Asyst Japan Holdings in turn owns the operating company Asyst Technologies Japan, Inc. The Company filed for Chapter 11 on April 20, 2009 (Bankr. N.D. Calif. Case No. 09-43246). Ali M.M. Mojdehi, Esq., Janet D. Gertz, Esq., and Rayla Dawn Boyd, Esq., at the Law Offices of Baker and McKenzie, serve as the Debtor's bankruptcy counsel. Epiq Bankruptcy Solutions LLC is the Debtors' notice and claims agent. AlixPartners, LLP serves as financial advisor. Andrew I. Silfen, Esq., Mette H. Kurth, Esq., Michael S. Cryan, Esq., and Schuyler G. Carroll, Esq., at Arent Fox LLP, represent the official committee of unsecured creditors. As of December 31, 2008, Asyst had total assets of $295,782,000 and total debts of $315,364,000. The Company's Japanese subsidiaries, Asyst Technologies Holdings Company, Inc., and Asyst Technologies Japan, Inc., entered into related voluntary proceedings under Japan's Corporate Reorganization Law (Kaisha Kosei Ho) on April 20, 2009. Kosei Watanabe was appointed as Trustee of Asyst Japan Holdings and ATJ. AVENTINE RENEWABLE: Reports $4.8 Million August Operating Loss -------------------------------------------------------------- According to Bill Rochelle at Bloomberg News, Aventine Renewable Energy Holdings Inc. reported a $48.5 million net loss in August on sales of $190 million. The loss included $43.5 million in reorganization items. The operating loss for the month was $4.8 million. Pekin, Illinois-based Aventine Renewable Energy Holdings, Inc. (Pink Sheets: AVRN) -- http://www.aventinerei.com/-- is a producer and marketer of ethanol to many leading energy companies in the United States. In addition to ethanol, Aventine also produces distillers grains, corn gluten meal, corn gluten feed, corn germ and brewers' yeast. Morgan Stanley Capital Partners IV bought Aventine in May 2003 from Williams Cos. Aventine had a public offering in May 2006. The Morgan Stanley group retained 28% of the stock at year's end. The Company and its affiliates filed for Chapter 11 on April 7, 2009 (Bankr. D. Del. Lead Case No. 09-11214). Joel A. Waite, Esq., and Ryan M. Bartley, Esq., at Young, Conaway, Stargatt & Taylor, serves as bankruptcy counsel to the Debtors. Davis Polk & Wardwell is special tax counsel and Houlihan, Lokey, Howard & Zukin, Inc., is the financial advisor. Garden City Group, Inc., has been engaged as claims agent. Donald J. Detweiler, Esq., at Greenberg Traurig, LLP, serves as counsel to the official committee of unsecured creditors. When it filed for protection from its creditors, Aventine Renewable listed between $100 million and $500 million each in assets and debts. BIOVEST INTERNATIONAL: Ends August with $153,250 Cash ----------------------------------------------------- Biovest International, Inc., and certain of its affiliates on September 21, 2009, filed their unaudited combined monthly operating report for the period August 1 through 31, 2009, with the United States Bankruptcy Court for the Middle District of Florida, Tampa Division. Biovest ended the period with $153,250.11 in cash. It recorded $416,513.55 in total receipts and $309,475.38 in disbursements. Biovest ended July with $46,211.94 balance. It recorded $315,950.01 in total receipts and $296,622.42 in total disbursements. The Debtors filed on August 20 their unaudited combined monthly operating report for the period July 1 through 30, 2009. A full-text copy of the August Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?4591 A full-text copy of the July Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?434b About Biovest International Based in Tampa, Florida, Biovest International Inc. (OTC BB: BVTI) -- http://www.biovest.com/-- is a pioneer in the development of advanced individualized immunotherapies for life-threatening cancers of the blood system. Biovest is a majority-owned subsidiary of Accentia Biopharmaceuticals Inc., with its remaining shares publicly traded. Biovest International Inc.'s consolidated balance sheet at June 30, 2008, showed $5.9 million in total assets, $36.8 million in total liabilities, and $4.6 million in non-controlling interests in variable interest entities, resulting in a $35.5 million total stockholders' deficit. Going Concern Doubt Aidman Piser & Company P.A., in Tampa, Florida, expressed substantial doubt about Biovest International Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the years ended Sept. 30, 2007, and 2006. The auditing firm pointed to the company's cumulative net losses since inception, cash used in operating activities, and working capital deficiency. At June, 2008, the company had an accumulated deficit of approximately $108.1 million. CHRYSLER LLC: Records $344 Million Net Loss for July ---------------------------------------------------- Old CarCo LLC, formerly Chrysler LLC, recorded a net loss $12,053,000,000 on revenues of $595,000,000 from April 30, 2009, until July 31, 2009. Reorganization items, which include $64,000,000 in fees paid to professionals for the winding down of Chrysler's business and losses in connection with the Fiat transaction, have reached $10,210,000,000. Chrysler has total assets of $2,283,000,000 against debts of $20,587,000,000 as of July 31, 2009. It has $171,000,000 in cash. To recall, the Debtors, in June, completed a sale of their key assets to an entity owned by Fiat S.p.A. and the U.S. and Canadian governments. New Chrysler agreed to assume certain of the Debtors' liabilities and pay $2 billion in cash. Old CarCo has taken a $12.07 billion loss on the Fiat sale. In connection with its bankruptcy filing, Chrysler obtained debtor-in-possession financing of $4,960,000,000, consisting of a $3,800,000,000 note payable to the United States Department of the Treasury, and a $1.16 billion note payable to Export Development Canada. As of July 31, 2009, the outstanding amount of principal and interest under the DIP Credit Agreement was $3,340,000,000 and $57,000,000. No further borrowings are permitted under the DIP credit agreement. Free Press Business Writer Greg Gardner said Chrysler continues negotiating with the U.S. Treasury over a new schedule for repaying the $3.3 billion in loans that are technically in default. Mr. Gardner added that the $3.3 billion owed to the Treasury Department represents the balance of the $3.8-billion note payable to the U.S. government under the DIP Loan. The balance of that note was due June 30. However, Old Chrysler has not been able to pay it, and Treasury issued its notice of default on Aug. 13. A Treasury Department spokeswoman declined to comment on the status of negotiations over the default, notes Mr. Gardner. Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Balance Sheet As of July 31, 2009 CURRENT ASSETS: Cash and cash equivalents $171,000,000 Restricted cash 103,000,000 Trade receivables, net - Inventories 129,000,000 Prepaid expenses and other current assets 442,000,000 Deferred taxes 18,000,000 -------------- TOTAL CURRENT ASSETS 863,000,000 OTHER ASSETS: Property, plant and equipment, net 557,000,000 Advances to related parties and others - Investments, notes and advances 846,000,000 Restricted cash 2,000,000 Deferred taxes 5,000,000 Other assets 10,000,000 -------------- TOTAL OTHER ASSETS 1,420,000,000 -------------- TOTAL ASSETS $2,283,000,000 ============== CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE: Accrued expenses & other current liabilities $508,000,000 Debtor-in-possession financing 3,344,000,000 Deferred taxes 4,000,000 -------------- TOTAL CURRENT LIABILITIES 3,856,000,000 LONG-TERM LIABILITIES NOT SUBJECT TO COMPROMISE: Accrued expenses and other liabilities 191,000,000 Deferred taxes 121,000,000 -------------- TOTAL LONG-TERM LIABILITIES 312,000,000 Liabilities subject to compromise 16,419,000,000 -------------- TOTAL LIABILITIES 20,587,000,000 MEMBER'S DEFICIT: Capital stock 316,000,000 Contributed capital 8,092,000,000 Accumulated losses (31,439,000,000) Accumulated other comprehensive loss 4,727,000,000 -------------- TOTAL MEMBER'S DEFICIT (18,304,000,000) -------------- TOTAL LIABILITIES & MEMBER'S DEFICIT $2,283,000,000 ============== Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Statement of Operations Month Ended July 31, 2009 Revenues $2,000,000 Cost of sales 11,000,000 -------------- GROSS MARGIN (9,000,000) Selling, administrative & other expenses 11,000,000 Research and development - Other (income) loss, net - Gain on Daimler pension settlement - Restructuring (income) expense - -------------- LOSS BEFORE FINANCIAL EXPENSE, (20,000,000) REORGANIZATION ITEMS AND INCOME TAXES Financial expense, net (29,000,000) -------------- LOSS BEFORE REORG. ITEMS & INCOME TAXES (49,000,000) Reorganization items 235,000,000 Provision (credit) for income taxes 60,000,000 -------------- NET LOSS ($344,000,000) ============== Old Carco LLC (fka Chrysler LLC) et al. Condensed Combined Statement of Cash Flows For the month ending July 31, 2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ($344,000,000) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 11,000,000 Changes in deferred taxes 41,000,000 Amortization of original issue discount on DIP Financing - Net loss on Fiat transaction 227,000,000 Net loss on disposal of fixed assets - Other non-cash income and expense - Changes in accrued expenses & other liabilities 61,000,000 Changes in other operating assets & liabilities: * inventories 10,000,000 * trade receivables 1,000,000 * trade liabilities (4,000,000) * payments for reorganization items (23,000,000) * other assets and liabilities - -------------- NET CASH USED IN OPERATING ACTIVITIES (20,000,000) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from Fiat transaction - Purchases of property, plant & equipment, equipment on operating leases & intangible assets - Proceeds from disposals of property, plant and equipment, equipment on operating leases and intangible assets - Proceeds from disposals of equipment on operating leases 12,000,000 Net change in restricted cash (4,000,000) -------------- NET CASH PROVIDED BY INVESTING ACTIVITIES 8,000,000 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from DIP Financing - Repayment of first lien credit facility - Change in financial liabilities - 3rd party - Original issue discount on DIP Financing - -------------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES - -------------- Net decrease in cash and cash equivalents (12,000,000) -------------- Cash & cash equiv. at beginning of period 183,000,000 -------------- Cash and cash equivalents at end of period $171,000,000 ============== 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) CIRCUIT CITY: Incurs $12.6 Million Net Loss for July ---------------------------------------------------- Circuit City Stores, Inc., et al. Balance Sheet As of July 31, 2009 ASSETS Current Assets Cash and cash equivalents $40,294,000 Restricted cash 16,117,000 Cash held by Bank of America 243,966,000 Short-term investments 945,000 Accounts receivable, net 454,333,000 Income tax receivable 75,244,000 Prepaid expenses and other current assets 6,654,000 Intercompany receivables and investments 85,035,000 in subsidiaries -------------- Total Current Assets 922,588,000 Property and Equipment 31,552,000 Accumulated depreciation (14,615,000) -------------- Net Property and Equipment 16,937,000 Other Assets 11,539,000 -------------- TOTAL ASSETS $951,064,000 ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Merchandise payable $209,839,000 Expenses payable 18,036,000 Accrued expenses and other current 36,787,000 liabilities Accrued compensation 0 Intercompany payables 607,000 Accrued income taxes 412,000 -------------- Total Current Liabilities 265,681,000 Deferred income taxes 7,084,000 Other Liabilities 9,000 -------------- Liabilities Not Subject to Compromise 272,774,000 Liabilities Subject to Compromise 1,417,937,000 -------------- Total Liabilities 1,690,711,000 Stockholders' Equity Common stock 435,612,000 Additional paid-in capital 304,915,000 Retained deficit (1,452,515,000) Accumulated other comprehensive income (27,659,000) -------------- Total Stockholders' Equity (739,647,000) -------------- Total Liabilities & Shareholders' Deficit $951,064,000 ============== Circuit City Stores, Inc., et al. Income Statement For the Month Ended July 31, 2009 Net sales $0 Cost of sales, buying and warehousing 0 -------------- Gross profit (loss) 0 Selling, general and administrative expenses (451,000) (net gain) Asset impairment charges 5,103,000 -------------- Operating loss (4,652,000) Interest income 0 Interest expense 0 -------------- Loss before reorganization items, GAAP (4,652,000) reversals and income taxes Net loss from reorganization items (7,942,000) Net gain from GAAP reversals 0 Income tax benefit 0 -------------- NET LOSS ($12,594,000) ============== About Circuit City Headquartered in Richmond, Virginia, Circuit City Stores Inc. (NYSE: CC) -- http://www.circuitcity.com/-- was a specialty retailer of consumer electronics, home office products, entertainment software and related services in the U.S. and Canada. Circuit City Stores together with 17 affiliates filed a voluntary petition for reorganization relief under Chapter 11 of the Bankruptcy Code on November 10 (Bankr. E.D. Va. Lead Case No. 08- 35653). InterTAN Canada, Ltd., which runs Circuit City's Canadian operations, also sought protection under the Companies' Creditors Arrangement Act in Canada. Gregg M. Galardi, Esq., and Ian S. Fredericks, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, are the Debtors' general restructuring counsel. Dion W. Hayes, Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, are the Debtors' local counsel. The Debtors also tapped Kirkland & Ellis LLP as special financing counsel; Wilmer, Cutler, Pickering, Hale and Dorr, LLP, as special securities counsel; and FTI Consulting, Inc., and Rotschild Inc. as financial advisors. The Debtors' Canadian general restructuring counsel is Osler, Hoskin & Harcourt LLP. Kurtzman Carson Consultants LLC is the Debtors' claims and voting agent. The Debtors disclosed total assets of $3,400,080,000 and debts of $2,323,328,000 as of August 31, 2008. Circuit City has opted to liquidate its 721 stores. It has obtained the Bankruptcy Court's approval to pursue going-out-of- business sales, and sell its store leases. CRUCIBLE MATERIAL: Loss Totals $5.2 Million in August ----------------------------------------------------- According to Bill Rochelle at Bloomberg, Crucible Materials Corp. reported a $5.2 million net loss in August on sales of $11 million. Since the beginning of the reorganization in early May, the cumulative net loss is $23.1 million on sales of $46.9 million. As reported by the TCR on Sept. 22, Crucible has conducted an auction for its assets where Allegheny Technologies Incorporated emerged as the winning bidder for the assets of Crucible compaction metals and crucible research divisions at an auction on Sept. 21. Allegheny will purchase those assets for $40.95 million. The transaction is expected to close no later than October 31, 2009. Carpenter Technology Corp. was the stalking horse bidder for the compact metals and research divisions, with a $20 million offer. Crucible was also scheduled to conduct an auction for its remaining units on Sept. 21. Based in Pittsburgh, Allegheny Technologies Incorporated -- http://www.alleghenytechnologies.com/-- is one of the largest and most diversified specialty metals producers in the world with revenues of $5.3 billion during 2008. ATI has approximately 8,700 full-time employees world-wide who use innovative technologies to offer global markets a wide range of specialty metals solutions. Its major markets are aerospace and defense, chemical process industry/oil and gas, electrical energy, medical, automotive, food equipment and appliance, machine and cutting tools, and construction and mining. Its products include titanium and titanium alloys, nickel-based alloys and superalloys, grain- oriented electrical steel, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, and forgings and castings. About Crucible Materials Based in Syracuse, New York, Crucible Materials Corporation -- aka Crucible Specialty Metals, Crucible Service Centers, Crucible Compaction Metals, Crucible Research and Trent Tube -- makes stainless and alloy steel for use in the aircraft, automotive, petrochemical, and other industries. The Company is currently employee-owned. Its Web site is http://www.crucible.com/ The Company and its affiliate, Crucible Development Corporation, filed for Chapter 11 protection on May 6, 2009 (Bankr. D. Del. Lead Case No. 09-11582). Mark Minuti, Esq., at Saul Ewing LLP represents the Debtors in their restructuring efforts. The Debtors engaged Duff & Phelps Securities LLP as investment banker; RAS Management Advisors LLC as business advisor; and Epiq Bankruptcy Solutions LLC as claims agent. Roberta A. DeAngelis, United States Trustee for Region 3, appointed five creditors to serve on the Official Committee of Unsecured Creditors. The Debtors listed assets and debts both ranging from $100 million to $500 million. EDDIE BAUER: Posts $321,190 Net Loss for July 5 - Aug. 1 Period --------------------------------------------------------------- EBHI Holdings, Inc., formerly known as Eddie Bauer Holdings, Inc., and certain other debtor-in-possession subsidiaries filed unaudited Monthly Operating Reports for the period beginning on July 5 and ending August 1, 2009. EBHI Holdings booked a net loss of $321,190 for the period. At August 1, 2009, EBHI Holdings had $216,297,810 in total assets and $22,875,000 in total liabilities. A full-text copy of EBHI Holdings' monthly operating report is available at no charge at http://ResearchArchives.com/t/s?4568 About Eddie Bauer Established in 1920 in Seattle, Washington, Eddie Bauer is a specialty retailer that sells outerwear, apparel and accessories for the active outdoor lifestyle. The Eddie Bauer brand is a nationally recognized brand that stands for high quality, innovation, style and customer service. Eddie Bauer products are available at 371 stores throughout the United States and Canada, through catalog sales and online at http://www.eddiebauer.com/ Eddie Bauer participates in a joint venture in Japan and has licensing agreements across a variety of product categories. Eddie Bauer, Inc., was a subsidiary of Spiegel, Inc. Eddie Bauer Inc. emerged from Spiegel's 2003 Chapter 11 case as a separate, reorganized entity under the control and ownership of Eddie Bauer Holdings, Inc. Eddie Bauer Holdings, Inc., and eight affiliates filed for bankruptcy on June 17, 2009 (Bankr. D. Del. Lead Case No. 09-12099). Judge Mary F. Walrath presides over the case. David S. Heller, Esq., Josef S. Athanas, Esq., and Heather L. Fowler, Esq., at Latham & Watkins LLP, serve as the Debtors' general counsel. Kara Hammond Coyle, Esq., and Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor LLP, serve as local counsel. The Debtors' restructuring advisors are Alvarez and Marsal North America LLC. Their financial advisors are Peter J. Solomon Company. Kurtzman Carson Consultants LLC acts as claims and notice agent. As of April 4, 2009, Eddie Bauer had $525,224,000 in total assets and $448,907,000 in total liabilities. Eddie Bauer Canada, Inc., and Eddie Bauer Customer Services filed for protection from their creditors in Canada on June 17, 2009, the same day the U.S. Debtors filed for protection from their creditors. The Canadian Debtors have obtained an initial order of the Canadian Court staying the proceedings against the Canadian Debtors and their property in Canada. RSM Richter Inc. was appointed as monitor in the Canadian proceedings. On August 4, 2009, Golden Gate Capital closed a deal to acquire Eddie Bauer Holdings for $286 million. Golden Gate will maintain the substantial majority of Eddie Bauer's stores and employees in a newly formed going concern company. Golden Gate beat an affiliate of CCMP Capital Advisors, LLC, at the auction. The CCMP unit's $202 million cash offer served as stalking horse bid. Golden Gate Capital -- http://www.goldengatecap.com/-- is a San Francisco-based private equity investment firm with roughly $9 billion of assets under management. FORWARD FOODS: Records July Net Loss of $139,000 ------------------------------------------------ Forward Foods LLC reported a $139,000 net loss in July on net sales of $1.6 million. Earnings before interest, taxes, depreciation, and amortization for the month equaled $183,000. From the inception of the case in February, cumulative EBITDA is $1.6 million on net revenue of $9.6 million. Minden, Nevada-based Forward Foods LLC is a manufacturer of protein bars. Forward is primarily owned by private-equity investor Emigrant Capital Corp. which purchased the protein bar business in 2006 from Bluegrass Bars LLC. Forward's petition listed assets of $21.3 million against debt totaling $25.4 million, including $18.6 million in secured claims. Forward Foods LLC filed a Chapter 11 petition February 17 in Delaware (Bankr. Case No. 09-10545) after recalling 75% of its products on account of using peanuts from Peanut Corp. of America. PCA had earlier filed for Chapter 7 liquidation, after closing its plants due to salmonella poisoning on its products. FREMONT GENERAL: Posts $2,638,191 Net Loss in August 2009 --------------------------------------------------------- Fremont General Corporation on September 15, 2009, filed its monthly operating report for the month ended August 31, 2009, with the United States Trustee for the Central District of California, Santa Ana Division. Fremont General posted a net loss of $2,638,191 in August. Fremont disbursed $993,259 for director and bankruptcy professionals' fees and vendor payments, including $105,445 to FTI Consulting; $118,685 to Patton Boggs LLP; $123,944 to Epstein, Becker, & Green P.C.; $201,980 to Klee, Tuchin, Bogdanoff & Stern LLP; $191,817 to Stutman, Treister, and Glatt PC. At August 31, Fremont General had total assets of $460,775,178 and total liabilities of $354,652,629. On August 17, 2009, Fremont General filed its July Monthly Operating Report. Fremont General posted a net loss of $3,909,354 in July. Fremont disbursed $909,907 for director and bankruptcy professionals' fees and vendor payments in July. At July 31, Fremont General had total assets of $462,783,580 and total liabilities of $354,022,840. A full-text copy of Fremont's August Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?4566 A full-text copy of Fremont's July Monthly Operating Report is available at no charge at http://ResearchArchives.com/t/s?4567 Based in Santa Monica, California, Fremont General Corp. (OTC: FMNTQ) -- http://www.fremontgeneral.com/-- was a financial services holding company with $8.8 billion in total assets at September 30, 2007. Fremont General ceased being a financial services holding company on July 25, 2008, when its wholly owned bank subsidiary, Fremont Reorganizing Corporation (f/k/a Fremont Investment & Loan) completed the sale of its assets, including all of its 22 branches, and 100% of its $5.2 billion of deposits to CapitalSource Bank. Fremont General filed for Chapter 11 protection on June 18, 2008, (Bankr. C.D. Calif. Case No. 08-13421). Robert W. Jones, Esq., and J. Maxwell Tucker, Esq., at Patton Boggs LLP, Theodore Stolman, Esq., Scott H. Yun, Esq., and Whitman L. Holt, Esq., at Stutman Treister & Glatt, represent the Debtor as counsel. Kurtzman Carson Consultants LLC is the Debtor's noticing agent and claims processor. Lee R. Bogdanoff, Esq., Jonathan S. Shenson, Esq., and Brian M. Metcalf, at Klee, Tuchin, Bogdanoff & Stern LLP, represent the Official Committee of Unsecured Creditors as counsel. Fremont's formal schedules showed $330,036,435 in total assets and $326,560,878 in total debts. LANDAMERICA FINANCIAL: Posts $19,058,000 Net Loss in July 2009 -------------------------------------------------------------- LandAmerica Financial Group, Inc., et al., on September 16, 2009, filed a Monthly Operating Report for the period from July 1 to July 31, 2009, with the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division. LandAmerica Financial Group recorded a net loss of $19,058,000 in July 2009. It has incurred a net loss of $800,732,000 since filing for bankruptcy. At July 31, 2009, LandAmerica Financial Group had $1,207,709,000 in total assets and $514,474,000 in total liabilities. LandAmerica Financial Group paid $2,956,070 in bankruptcy professional fees in July from the $7,865,074 approved by the Court, including $982,457 paid to ZolfoCooper, $760,456 to McGuire Woods, and $763,160 to Willkie Farr. The Debtor has paid $19,866,342 in professional fees to date. During the month of July 2009, LFG made ordinary course payments for directors' fees and reimbursable expenses of $37,613. A full-text copy of LFG's monthly operating report is available at no charge at http://ResearchArchives.com/t/s?4569 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. The Debtors filed with the Court their joint plan of liquidation and an accompanying disclosure statement on September 9, 2009. The Court will convene a hearing on October 13, 2009, at 10:00 a.m. Eastern Time, to consider the adequacy of the information contained in the Disclosure Statement. Objections to the Disclosure Statement are due no later than October 5, at 4:00 p.m. Eastern Time. 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) LANDSOURCE COMMUNITIES: Incurs $28.4 Mil. Net Loss for June ----------------------------------------------------------- LandSource Communities Development, LLC Consolidated Balance Sheet As of June 30, 2009 Assets Cash $27,471,488 Restricted Cash 10,462,566 Receivables 21,415,516 Inventories 1,294,486,138 Operating Properties, net 85,127,574 Investment in unconsolidated entities 12,882,272 Other assets 46,413,448 --------------- Total Assets $1,498,259,002 =============== Liabilities and Members' Capital Accounts payable & Accrued Liabilities 80,142,616 Deferred Revenue 56,824,715 Debt 137,414,305 --------------- Total Liabilities Not Subject to Comprise 274,381,636 Total Liabilities Subject to Compromise 1,388,230,061 --------------- Total Liabilities 1,662,611,698 Members' Capital/(Deficit) (164,352,695) --------------- Total Liabilities and Members' Capital $1,498,259,002 =============== LandSource Communities Development, LLC Consolidated Statements of Operations Month Ended June 30, 2009 Statistical Information Homesites sold to related parties 0 Homesites sold to third parties 0 Acreage sold to related parties 0 Acreage sold to third parties 0 Homes sold to third parties 0 Land Sale Operations Sales related parties $22,630,026 Sales to third parties 7,583,729 --------------- Total Land Sale Revenue 30,213,755 Cost of sales to related parties 994,228 Cost of sales to third parties 47,474,053 Loss on Impaired Real State Inventories 0 --------------- Total Cost of Land Sales 48,468,281 --------------- Gross Margin on Land Sales Operations (18,254,526) Home Sale Operations Sales 0 Cost of sales 0 --------------- Gross Margin on Home Sale Operations 0 Operating Cost and Expenses Field, selling, general & administrative 2,012,052 Management fees to related parties 463,071 --------------- Total Operating Costs and Expenses 2,475,123 Other Operations, net Equity in earnings of unconsolidated entities (14,526) Rental operations 445,580 Valencia Water Company 0 Club operations (160,468) Interest income 3,202 Interest expense (639,897) Loss on debt restructuring 0 Loss on interest rate swap termination 0 Miscellaneous 133,249 --------------- Total Other Operations, net (232,860) --------------- Earnings (Loss) before Reorganization Items (20,962,509) Reorganization Expenses 7,423,591 --------------- Net Earnings (Loss) ($28,386,100) =============== LandSource Communities Development, LLC Consolidated Schedule of Cash Receipts and Disbursements Month Ended June 30, 2009 Net Operating Cash Flow Housing revenue $6,510,000 Commercial Revenue 2,246,713 Other 0 Option deposits 0 Less: Closing Costs (14,668) --------------- Total Operating Inflows 8,742,045 Operating Cash Outflows Master improvements & CFDs (1,911,996) Property tax (285,608) General & Administrative (3,193,265) Other (187,197) Management fees 0 --------------- Total Operating Outflows (5,578,065) Total Net Operating Cash Flow 3,163,980 Bankruptcy Disbursements Bankruptcy Payments Utility Deposits 0 Mechanic's liens/Other 0 --------------- Total Bankruptcy Payments 0 DIP Interest and Fees DIP Facility interest (2,032,819) Undrawn fee (5,600) DIP Facility fees 0 --------------- Total DIP Interest and Fees (2,038,419) Restructuring professionals (30,196) Total Bankruptcy Disbursements (2,068,615) --------------- Total Net Cash Flow $1,095,365 =============== DIP Facility Beginning Balance 135,000,000 Borrowings 0 (Repayments) 0 --------------- Ending Balance $135,000,000 =============== Disbursement Per Debtor LandSource Communities Development, LLC $479,066 California Land Company 0 Friendswood Development Company, LLC 3,199 Lennar Land Partners II 0 Kings Wood Development Company, L.C. 0 LSC Associates, LLC 0 Lennar Mare Island, LLC 286,732 LandSource Communities Development Sub, L 0 Lennar Moorpark, LLC 0 Lennar Stevenson Holdings, LLC 0 The Newhall Land and Farming Company 0 LandSource Holding Company, LLC 2,224,470 LNR-Lennar Washington Square, LLC 87,733 Lennar Bressi Ranch Venture, LLC 0 The Newhall Land and Farming Company (a California Limited Partnership) 5,467,030 NWI-IL GP, LLC 0 Tournament Players Club at Valencia, LLC 532,132 Southwest Communities Development, LLC 3,986 Valencia Corporation 0 Stevenson Ranch Venture, LLC 23,820 Valencia Realty Company 0 --------------- Total Disbursement $9,108,166 =============== About Newhall Land Development LLC Newhall Land Development LLC primary investment is The Newhall Land and Farming Company which owns 15,000 acres of land in the rapidly growing Santa Clarita Valley, approximately 30 miles north of downtown Los Angeles. Newhall owns some of the last remaining large, undeveloped land in the greater Los Angeles area. It also owns 700 acres of commercial land and other property in the Santa Clarita Valley. LandSource Communities Development LLC, which operates in Arizona, California, Florida, New Jersey, Nevada and Texas, is involved in the planning and development of master planned communities and transforming undeveloped land into ready-to-build home sites and commercial properties. With the exception of one development project in Marina del Rey, California, LandSource does not build homes or commercial properties. LandSource and 20 of its affiliates filed for Chapter 11 bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware on June 8, 2008 (Lead Case No. 08-11111). The Debtors are represented by Marcia Goldstein, Esq., at Weil Gotshal & Manges in New York, and Mark D. Collins, Esq., at Richards Layton & Finger in Wilmington, Delaware. Lazard Freres & Co. acts as the Debtors' financial advisors, and Kurtzmann Carson Consultants serves as the Debtors' notice and claims agent. According to the TCR on May 22, 2008, LandSource sought help from its lender consortium to restructure $1.24 billion of its debt. LandSource engaged a 100-bank lender group led by Barclays Capital Inc., which syndicates LandSource's debt. LandSource had received a default notice on that debt from the lender group after it was not able to timely meet its payments during mid-April. However, LandSource failed to reach an agreement with its lenders on a plan to modify and restructure its debt, forcing it to seek protection from creditors. Bankruptcy Creditors' Service, Inc., publishes LandSource Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by LandSource Communities Development LLC and its various affiliates. (http://bankrupt.com/newsstand/or 215/945- 7000) LTV CORP: Ends August with $10,670,000 Cash Balance --------------------------------------------------- The LTV Corporation and 48 of its wholly owned subsidiaries filed on September 17, 2009, with the United States Bankruptcy Court for the Northern District of Ohio, Eastern Division, their Operating Report for the period ended August 31, 2009. LTV ended the period with $10,670,000 cash balance. LTV reported $0 in receipts and $65,000 in disbursements in August, including $19,000 paid to chapter 11 professionals. A full-text copy of the August Operating Report for LTV Integrated Steel Business is available at no charge at: http://ResearchArchives.com/t/s?4590 Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer with interests in steel and steel-related businesses, employing some 17,650 workers and operating 53 plants in Europe and the Americas. The Company filed for chapter 11 protection on December 29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866). On August 31, 2001, the company listed $4,853,100,000 in assets and $4,823,200,000 in liabilities. LEHMAN BROTHERS: Has $13.8 Billion Loss at End of August -------------------------------------------------------- Lehman Brothers Holdings Inc. and its affiliated debtors disclosed these cash receipts and disbursements for the month ended August 31, 2009: Beginning Cash & Investments 08/01/09 $13,357,000,000 Receipts 1,291,000,000 Transfers 80,000,000 Disbursements (949,000,000) FX Fluctuation 5,000,000 Hedging Fluctuation (25,000,000) --------------- Ending cash & Investments 08/31/09 $13,829,000,000 LBHI reported $2.849 billion in cash as of August 1, 2009, and $2.531 billion in cash as of August 31, 2009. A full-text copy of the August 2009 Operating Report is available for free at http://bankrupt.com/misc/LehmanMORAugust2009.pdf 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 $2 dollars 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) NEUMANN HOMES: Has $2.1 Million Cash at End of August ----------------------------------------------------- Neumann Homes Inc., et al. Receipts and Disbursements Month Ended August 31, 2009 Beginning Balance in All Accounts Neumann Citibank Operating Account $437,239 Neumann Citibank - Customer Earnest Money Acct 15 Neumann Citibank - Funding/DIP Acct - Neumann Petty Cash Account 1,673 Neumann Citibank - Worker Comp Escrow - Neumann Citibank - DIP Funding - Professional Acct - Neumann Citibank-Clublands Antioch Clubhouse 14 -------------- 438,942 Restricted - Neumann Citibank - Glen at Lakemoor EM Acct 1,232 Restricted - IndyMac Escrow Acct - NeuVillage 125,609 Restricted - Chicago Title Escrow Acct - Closed Homes 224,435 Restricted - Chicago Title Escrow Acct - Lender Funded 1,377,147 Restricted - NHI KERP Account 14,896 Restricted - Land Title Guarantee Escrow - -------------- 1,743,320 -------------- 2,182,263 Receipts: Operating Acct 882 Customer Earnest Money Acct-Ckg - Customer Earnest Money Acct-MM - Funding/DIP Account - Neumann Petty Cash Account - Glen at Lakemoor EM acct 0 Clublands Antioch Clubhouse acct - DIP Funding - Professional Acct - Restricted Escrow held by CTT-Lender Funding - IndyMac Escrow for L/C-Leona's Neu Village - Restricted Escrow held by CTT-(closings) - NHI Worker Comp Escrow - NHI KERP Account - Employee Health Plan Contribution - -------------- 882 Disbursements: Net Payroll: Officers - Others (9,514) -------------- (9,514) Taxes: Federal Income Tax Withholding (1,146) FICA/Medicare Withholdings EE (908) Employer's FICA/Medicare ER (908) Federal Unemployment Taxes ER - State Income Tax Withholding (306) State Unemployment Taxes ER - -------------- (3,269) Necessary expenses: Rent or mortgage payment(s) Utilities & phones (551) Insurance - Merchandise/services bought for manufacture or sale - Other: Payroll Services (200) Benefit Related including flex spending - Miscellaneous (8) Expense Reimbursement - Postage, shipping, copying - Other - Transfer - Supplies & Storage & Misc. - Temporary Labor - Consulting services (34,945) US Trustee Fees - Legal - Professional Fees (3,033) Professional tax service fees - Filing Fees, Extension Fees (26,776) Payroll tax adjustment - -------------- (65,513) Total Disbursements: (78,297) Net Receipts (Disbursements) for the Current Period (77,414) -------------- Ending Balance in all Accounts $2,104,848 ============== About Neumann Homes Headquartered in Warrenville, Illinois, Neumann Homes Inc. -- http://www.neumannhomes.com/-- develops and builds residential real estate throughout the Midwest and West US. The company is active in the Chicago area, southeastern Wisconsin, Colorado, and Michigan. The Company has built more than 11,000 homes in some 150 residential communities. The Company offers formal business training to employees through classes, seminars, and computer- based training. The Company filed for Chapter 11 protection on November 1, 2007 (Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors has selected Paul, Hastings, Janofsky & Walker LLP, as its counsel in these bankruptcy proceeding. When the Debtors filed for protection from its creditors, they listed assets and debts of more than $100 million. (Neumann Bankruptcy News; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) OPUS WEST: Incurs $17 Million Net Loss for August ------------------------------------------------- Opus West Corporation Balance Sheet As of August 31, 2009 ASSETS: Unrestricted cash $3,299,605 Restricted cash 0 ------------ Total cash 3,299,605 Accounts receivable 3,201,001 Inventory 0 Notes receivable 6,389,660 Prepaid expenses 19,018 Other security deposits 53,073 ------------ Total current assets 12,962,357 Property, plant, & equipment 702,509 Less: accumulated depreciation/depletion 496,990 ------------ Net property, plant, & equipment 205,519 Due from insiders 0 Other assets 185,935,250 ------------ Total assets $199,103,126 ============ POSTPETITION LIABILITIES: Accounts payable $5,223 Taxes payable 48,873 Notes payable 0 Professional fees 0 Secured debt 0 Other - employee benefits 30,261 ------------ Total postpetition liabilities $84,357 PREPETITION LIABILITIES: Secured debt $33,514,906 Priority debt 431,734 Unsecured debt 213,592,708 Other - GAAP accruals 4,139,582 ------------ Total prepetition liabilities 251,678,930 ------------ Total liabilities 251,763,287 EQUITY: Prepetition owners' equity (35,498,949) Postpetition cumulative profit (loss) (17,161,212) Direct charges to equity 0 ------------ Total equity (52,660,161) ------------ Total liabilities & owners' equity $199,103,126 ============ Opus West Corporation Income Statement For the month ended August 31, 2009 Revenues: Gross revenue $0 Less: returns & discounts 0 ------------ Net revenue 0 Cost of Goods Sold: Material (3,110) Direct labor 0 Direct overhead 0 ------------ Total cost of goods sold (3,110) Gross profit 3,110 Operating Expenses: Officer/insider compensation 40,995 Selling & marketing 15,000 General & administrative 132,150 Rent & lease 27,434 Other 0 ------------ Total operating expenses $215,579 Income before non-operating income & expense ($212,469) Other Income & Expenses: Non-operating income $16,795,391 Non-operating expense 0 Interest expense 0 Depreciation/depletion 0 Amortization 0 Other - interest income (8,707) ------------ Net other income & expenses 16,786,684 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other 0 ------------ Total reorganization expenses 0 ------------ Income tax 0 ------------ Net profit(loss) ($16,999,153) ============ Opus West Corporation Cash Receipts & Disbursements For the month ended August 31, 2009 Cash - beginning of period $3,307,583 Receipts From Operations: Cash sales 0 Collection of Accounts Receivable: Prepetition 0 Postpetition 0 ------------ Total operating receipts 0 Non-operating Receipts: Loans & advances 0 Sale of assets 0 Other 396,840 ------------ Total non-operating receipts 396,840 Total receipts 396,840 Total cash available 3,704,424 Operating Disbursements: Net payroll 168,491 Payroll taxes paid 106,347 Sales, use & other taxes paid 0 Secured/rental/leases 27,434 Utilities 1,129 Insurance 23,333 Inventory purchases 0 Vehicle expenses 0 Travel 7,302 Entertainment 1,912 Repairs & maintenance 0 Supplies 1,146 Advertising 15,000 Other 52,724 ------------ Total operating disbursements 404,818 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other 0 ------------ Total reorganization expenses 0 ------------ Total disbursements 404,818 ------------ Net cash flow ($7,978) ------------ Cash - end of period $3,299,605 ============ Opus West L.P. Balance Sheet As of August 31, 2009 ASSETS: Unrestricted cash $206,961 Restricted cash 0 ------------ Total cash 206,961 Accounts receivable 428,485 Inventory 0 Notes receivable 0 Prepaid expenses 6,309 Other security deposits 750 ------------ Total current assets 642,505 Property, plant, & equipment 39,678 Less: accumulated depreciation/depletion 27,113 ------------ Net property, plant, & equipment 12,565 Due from insiders 0 Other assets 112,914,601 ------------ Total assets $113,569,671 ============ POSTPETITION LIABILITIES: Accounts payable $500 Taxes payable 40,924 Notes payable 162,869 Professional fees 0 Secured debt 0 Other - employee benefits 0 ------------ Total postpetition liabilities 204,293 PREPETITION LIABILITIES: Secured debt $60,604,782 Priority debt 0 Unsecured debt 47,093,278 Other - GAAP accruals 2,157,022 ------------ Total prepetition liabilities 109,855,082 ------------ Total liabilities 110,059,375 EQUITY: Prepetition owners' equity 3,409,642 Postpetition cumulative profit(loss) 100,654 Direct charges to equity 0 ------------ Total equity 3,510,296 ------------ Total liabilities & owners' equity $113,569,671 ============ Opus West L.P. Income Statement For the month ended August 31, 2009 Revenues: Gross revenue $240,196 Less: returns & discounts 0 ------------ Net revenue 240,196 Cost of Goods Sold: Material 0 Direct labor 0 Direct overhead 56,328 ------------ Total cost of goods sold 56,328 Gross profit 183,868 Operating Expenses: Officer/insider compensation 0 Selling & marketing 0 General & administrative (4,266) Rent & lease 0 Other 0 ------------ Total operating expenses (4,266) Income before non-operating income & expense 188,134 Other Income & Expenses: Non-operating income 23,911 Non-operating expense 0 Interest expense 113,779 Depreciation/depletion 0 Amortization 0 Other - interest income 0 ------------ Net other income & expenses 137,690 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other 0 ------------ Total reorganization expenses 0 ------------ Income tax 0 ------------ Net profit(loss) $50,444 ============ Opus West L.P. Cash Receipts & Disbursements For the month ended August 31, 2009 Cash - beginning of period $244,288 Receipts From Operations: Cash sales 61,555 Collection of Accounts Receivable: Prepetition 0 Postpetition 0 ------------ Total operating receipts 61,555 Non-operating Receipts: Loans & advances 0 Sale of assets 0 Other 0 ------------ Total non-operating receipts 0 Total receipts 61,555 Total cash available 305,843 Operating Disbursements: Net payroll 0 Payroll taxes paid 0 Sales, use & other taxes paid 0 Secured/rental/leases 77,432 Utilities 1,595 Insurance 0 Inventory purchases 0 Vehicle expenses 0 Travel 0 Entertainment 0 Repairs & maintenance 13,142 Supplies 69 Advertising 0 Other 6,644 ------------ Total operating disbursements 98,882 Reorganization Expenses: Professional fees 0 U.S. Trustee fees 0 Other 0 ------------ Total reorganization expenses 0 ------------ Total disbursements 98,882 ------------ Net cash flow ($37,327) ------------ Cash - end of period $206,961 ============ Other Opus West Affiliates Three affiliates of Opus West Corporation also delivered separate individual monthly operating reports to the Court. The Opus West affiliates reported these assets and liabilities as of August 31, 2009: Debtor Affiliate Total Assets Total Debts ---------------- -------------- -------------- Opus West Construction Corp. $9,748,943 $40,427,298 OW Commercial, Inc. 24,848,570 26,321,957 Opus West Partners, Inc. 11,568,650 0 The Debtor affiliates listed net income or loss for the period from August 1 to 31, 2009: Company Net Income (Loss) ------------- ---------------- Opus West Construction Corp. ($194,091) OW Commercial Inc. (5,153) Opus West Partners Inc. (2,149,692) The Debtor affiliates also reported their cash receipts and disbursements for the reporting period: Company Receipts Disbursements Cash Flow ------------- ----------- ------------- --------- Opus West Construction $329,960 $261,722 $68,238 OW Commercial Inc. 0 0 0 Opus West Partners Inc. 0 0 0 About Opus West Corporation Based in Phoenix, Arizona, Opus West Corporation is a full-service real estate development firm that focuses on acquiring, constructing, operating, managing, leasing and/or disposing of real estate development projects primarily located in the western United States. Opus West and its affiliates filed for Chapter 11 on July 6, 2009 (Bankr. N.D. Tex. Case No. 09-34356). Clifton R. Jessup, Jr., at Greenberg Traurig, LLP, represents the Debtors in their restructuring efforts. Franklin Skierski Lovall Hayward, LLP, is co-counsel to the Debtors. Pronske & Patel, P.C., is conflicts counsel. Chatham Financial Corp. is financial advisor. BMC Group is the Company's claims and notice agent. As of May 31, Opus West -- together with its non-debtor affiliates -- had $1,275,334,000 in assets against $1,462,328,000 in debts. In its bankruptcy petition, Opus West said it had assets and debts both ranging from $100 million to $500 million. Opus West joins affiliates that previously filed for bankruptcy. Opus East LLC, a real estate operator from Rockville, Maryland, commenced a Chapter 7 liquidation on July 1 in Delaware. Opus South Corp., a Florida condominium developer based in Atlanta, filed a Chapter 11 petition April 22 in Delaware. Bankruptcy Creditors' Service, Inc., publishes Opus West Bankruptcy News. The newsletter tracks the separate Chapter 11 proceedings of Opus West Corp. and Opus South Corp. and their related debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) OPUS SOUTH: Incurs $306,500 Loss for August, Has $2 Mil. Cash ------------------------------------------------------------- Opus South Corporation Balance Sheet As of August 31, 2009 ASSETS: Cash & cash equivalents $2,077,253 Receivables: Construction contracts 4,378,468 Related party 4,210,872 Management fees - Other (3,447,857) ------------ Total receivables 5,141,484 Costs & estimated earnings 109,811 Prepaid expenses & other assets 546,990 Pursuit costs - Real estate: Completed - Under construction - Land held for development 4,917,378 Real estate held for investment - Investment in real estate ventures 1,949,659 Accumulated depreciation - ------------ Total real estate 6,867,037 Notes receivable - Investment in subsidiaries 52,096,999 Property & equipment, net 20,783 ------------ Total assets $66,860,357 ============ LIABILITIES: Accounts payable $10,992,972 Accrued expenses 1,872,136 Accrued income taxes - Billings in excess of costs 2,151,717 Mortgages and notes payable 61,000,000 Subordinated notes payable - Postpetition accounts payable 413,995 Postpetition accrued expenses (1,813) ------------ Total liabilities 76,429,008 Minority interest in subsidiary - EQUITY: Common stock 9,660 Additional paid-in capital 71,674,223 Prepetition retained earnings (72,347,205) Postpetition retained earnings (8,905,329) ------------ Total equity (9,568,651) ------------ Total liabilities & equity $66,860,357 ============ Opus South Corporation Income Statement For the month ended August 31, 2009 Gross Revenues: Construction - related party $0 Construction - 3rd party 0 Real estate 0 Rental property 0 Management fee 0 ------------ Total gross revenues 0 Gross Margin: Construction - related party 0 Construction - 3rd party 0 Real estate 0 Rental property 0 Management fee 0 ------------ Total gross margin 0 Other Income: Interest - Real estate ventures - Other 1,770 ------------ Total income 1,770 Expenses: Salary and related (34,265) General & administrative (4,476) Reorganization expenses - Project costs capitalized - Interest 346,750 Interest capitalized - Corporate overhead & variable compensation 271 Charitable contributions - ------------ Total expenses 308,281 Income(Loss) before minority interest & taxes (306,511) Minority Int. in income(loss) loss of cons sub - ------------ Income(Loss) before taxes (306,511) ------------ Net income(loss) ($306,511) ============ Opus South Corporation Cash Receipts & Disbursements For the month ended August 31, 2009 Cash - beginning of period $1,184,761 Receipts: Cash sales - Accounts receivable - Loans & advances 939,619 Sale of assets 17,770 Other 96,980 Transfers from DIP accts. - Transfers from non-DIP accts. - ------------ Total receipts 1,054,370 Disbursements: Net payroll 44,016 Payroll taxes 29,609 Sales, use, & other taxes - Inventory purchases - Secured/rental/leases - Insurance - Administrative 88,252 Selling - Other - Owner draw - Transfers to DIP Accts. - Professional fees - U.S. Trustee quarterly fee - Court costs - ------------ Total disbursements 161,879 ------------ Net cash flow 892,491 ------------ Cash - end of period $2,077,252 ============ About Opus South Headquartered in Atlanta, Georgia, Opus South Corporation -- http://www.opuscorp.com/-- provides an array of real estate related services across the United States including real estate development, architecture & engineering, construction and project management, property management and financial services. The Company and its affiliates filed for Chapter 11 on April 22, 2009 (Bankr. D. Del. Lead Case No. 09-11390). Victoria Watson Counihan, Esq., at Greenberg Traurig, LLP, represents the Debtors in their restructuring efforts. The Debtors propose to employ Landis, Rath & Cobb, LLP, as conflicts counsel, Chatham Financial Corporation as real estate broker, Delaware Claims Agency LLC as claims agent. The Debtors have assets and debts both ranging from $50 million to $100 million. Bankruptcy Creditors' Service, Inc., publishes Opus West Bankruptcy News. The newsletter tracks the separate Chapter 11 proceedings of Opus West Corp. and Opus South Corp. and their related debtor-affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) Smurfit Turns July Profit, Cash Rises to $672 Million Smurfit-Stone Container Corp., the corrugated container and containerboard maker that filed under Chapter 11 in January, reported net income of $29 million in July on sales of $481 million. Income before reorganization items for the month was $35.8 million. From the inception of the reorganization, net income is $34.6 million on $2.87 billion revenue. The July operating report showed Smurfit-Stone holding $672 million cash and equivalents. The Chapter 11 petition by the Chicago-based company listed assets of $7.45 billion against debt totaling $5.58 billion as of Sept. 30. Debt includes $1.2 billion under secured revolving-credit and term-loan agreements, five issues of unsecured notes totaling $2.275 billion, $388 million under an accounts receivable securitization facility, and $284 million owing on tax-exempt bonds. The case is In re Smurfit-Stone Container Corp., 09-10235, U.S. Bankruptcy Court, District of Delaware (Wilmington). 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 their monthly operating reports for the period July 1 to 31, 2009, with the United States Bankruptcy Court for the District of Delaware. PFF Bancorp recorded a net loss of $535,958.11 in July 2009. PFF Bancorp recorded a net loss of $1,373,936.55 since filing for bankruptcy until July 31, 2009. At July 31, 2009, PFF Bancorp had $158,702,464.80 in total assets and $117,430,056.00 in total liabilities. PFF Bancorp ended July with $2,168,784.02 in cash. A full-text copy of the July 2009 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. SEMGROUP LP: Records $14 Million Net Loss for July -------------------------------------------------- SemCrude, L.P., et al. Consolidating Balance Sheet As of July 31, 2009 Cash $699,563,000 Accounts Receivable 84,271,000 Receivable from affiliate 137,407,000 Inventories 117,152,000 Derivative asset 1,495,000 Margin deposits 22,178,000 Income taxes receivable 0 Deferred tax asset 0 Other current assets 21,730,000 Current assets of discontinued operations 0 Intercompany 0 --------------- Total current assets 1,083,796,000 Property, plant and equipment 380,881,000 Accumulated depreciation (77,181,000) Pipeline linefine 8,923,000 --------------- Property, plant and equipment, net 312,623,000 Investment in subsidiaries 382,763,000 Long-term derivative assets 0 Goodwill 4,746,000 Investment in affiliates 110,640,000 Deferred tax asset 0 Accounts receivable long-term 451,715,000 Note receivable - CAMS 137,971,000 Long-term assets of discontinued operations 0 Other assets, net 29,832,000 --------------- Total assets $2,514,086,000 =============== Subject to Compromise Accounts payable $921,539,000 Book overdrafts 0 Accrued liabilities 1,014,203,000 Income taxes payable 0 Deferred revenue 0 Deferred income taxes 0 Derivative liabilities 0 Current liabilities of discontinued operations 0 Current portion of long-term debt 150,000,000 --------------- Total current liabilities 2,085,742,000 Revolver facility 665,000,000 Working capital facility 1,632,417,000 Term B notes 141,274,000 Capital lease obligations 0 Other obligations 0 Note payable to Parent 0 Senior Notes 600,000,000 Deferred tax liability 0 Long-term derivative liabilities 0 Asset retirement obligation 0 Pension obligations 13,888,000 Other long-term liabilities 0 Long-term liabilities of discontinued operations 0 Minority interest 0 Not Subject to Compromise Accounts payable 73,665,000 Book overdrafts 0 Accrued liabilities 54,804,000 Income taxes payable 0 Deferred revenue 665,000 Deferred income taxes 0 Derivative liabilities 8,061,000 Current liabilities of discontinued operations 0 Current portion of long-term debt 146,499,000 --------------- Total current liabilities 283,694,000 Revolver facility 0 Working capital facility 0 Term B notes 0 Capital lease obligations 148,000 Other obligations 0 Note payable to Parent 0 Senior Notes 0 Deferred tax liability 20,000 DIP credit facility 0 Long-term derivative liabilities 0 Asset retirement obligation 0 Pension obligations 0 Investment in affiliates 613,918,000 Other long-term liabilities 191,000 Long-term liabilities of discontinued operations 0 Minority interest 0 Accum other comprehensive income (15,009,000) Partners' capital (3,507,197,000) --------------- Total partners' capital (3,522,206,000) Total liabilities and partners' capital $2,514,086,000 =============== SemCrude, L.P., et al. Consolidating Income Statement For the Period from July 1 to 31, 2009 Sales Operating Outside Sales Product Sales $18,211,000 Services 3,523,000 Other Operating Revenue 354,000 --------------- Total Outside Operating Sales 22,088,000 Trading activity - --------------- Total Outside Operating Revenue 22,088,000 Operating Revenue Intercompany 15,899,000 --------------- Total Operating Revenue 37,587,000 Unrealized G/L on Derivatives 1,146,000 --------------- Total Revenue 39,133,000 Cost of Goods Sold Products 19,956,000 Transportation & Fuel 1,613,000 Other 24,000 --------------- Total Outside Cost of Goods Sold 21,593,000 Cost of Goods Sold Intercompany 14,014,000 --------------- Total Cost of Sales 35,507,000 Operating Expenses Wages and benefits 1,764,000 Field Expenses 655,000 Maintenance & repairs 53,000 Outside Services 335,000 Property & Equipment Leases & Rents 258,000 Insurance Permits licenses Taxes 562,000 Office 67,000 Travel Lodging Meetings 54,000 Other (27,000) --------------- Total Operating Expenses 3,721,000 General & Administrative Expenses Wages & Benefits 1,655,000 Miscellaneous 1,000 Maintenance & Repairs 3,000 Outside Services 748,000 Property & Equipment Leases & Rents 134,000 Insurance Permits licenses Taxes 340,000 Office 255,000 Travel Lodging Meetings 28,000 Other (162,000) --------------- Total General & Administrative Expenses 3,001,000 Earnings before interest Taxes Deprn Amort (3,196,000) Other (Income) Expenses Interest Income (13,000) Other Income (2,154,000) Foreign Currency Transaction (Income) Loss (331,000) Interest Expense 350,000 Depreciation 2,039,000 Amortization 115,000 Reorganization 10,885,000 Income Taxes 1,000 --------------- Net Loss ($14,072,000) =============== Total disbursement for the period from July 1 to 31, 2009, aggregated ($17,488,145). About SemGroup L.P. SemGroup, L.P., -- http://www.semgrouplp.com/-- is a midstream service company that provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids and refined products. Services include purchasing, selling, processing, transporting, terminalling and storing energy. SemGroup serves customers in the United States, Canada, Mexico and Wales. 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) SPANSION INC: Reports $13 Million Gross Profit in May ----------------------------------------------------- According to Bill Rochelle at Bloomberg, Spansion Technology Inc. filed an operating report showing $119 million in net revenue for a month ended May 24 translating into a $12.3 million net loss. Gross profit for the month was $13 million. Since filing, cumulative net income is $32.7 million. Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. Spansion Inc., Spansion LLC, Spansion Technology LLC, Spansion International, Inc., and Cerium Laboratories LLC filed voluntary petitions for Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No. 09-10690). On February 9, 2009, Spansion's Japanese subsidiary, Spansion Japan Ltd., voluntarily entered into a proceeding under the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to obtain protection from its creditors as part of the company's restructuring efforts. None of Spansion's subsidiaries in countries other than the United States and Japan are included in the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O. Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP, have been tapped as bankruptcy counsel. Michael R. Lastowski, Esq., at Duane Morris LLP, is the Delaware counsel. Epiq Bankruptcy Solutions LLC, is the claims agent. The United States Trustee has appointed an official committee of unsecured creditors in the case. As of September 30, 2008, Spansion disclosed total assets of US$3,840,000,000, and total debts of US$2,398,000,000. Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009 (Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said that Spansion Japan had US$10 million to US$50 million in assets and US$50 million to US$100 million in debts. TRONOX INC: Records $1.5 Million Net Loss for August ---------------------------------------------------- TRONOX INCORPORATED CHAPTER 11 DEBTORS Unaudited Condensed Consolidated Balance Sheet As of August 31, 2009 ASSETS Cash and cash equivalents $43,200,000 Notes and accounts receivable intercompany 341,600,000 Accounts receivable, third parties 110,500,000 Inventories, net 136,700,000 Prepaid and other assets 17,000,000 Income tax receivable 500,000 Deferred income taxes 1,200,000 ---------------- Total Current Assets 650,700,000 Property, plant and equipment, net 189,400,000 Notes and advances receivable, intercompany 111,800,000 Other long-term assets 388,000,000 ---------------- Total Assets $1,339,900,000 ================ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable, third parties $40,800,000 Accrued liabilities 62,900,000 Long-term debt due within one year 54,200,000 Income taxes payable 1,300,000 Long-term debt classified as current 212,500,000 ---------------- Total Current Liabilities 371,700,000 Noncurrent liabilities: Deferred income taxes 13,600,000 Environmental remediation and restoration 124,000,000 Notes and advances payable, intercompany 9,500,000 Other 88,400,000 ---------------- Total Liabilities Not Subject to Compromise 607,200,000 Minority Interest 3,400,000 Liabilities Subject to compromise 430,900,000 Commitments and contingencies 0 Stockholders' equity Common stock 400,000 Capital in excess of par value 496,600,000 Retained earnings (accumulated deficit) (207,600,000) Accumulated other comprehensive income (loss) 16,700,000 Treasury stock, at cost (7,200,000) ---------------- Total Stockholders' Equity 298,900,000 ---------------- Total Liabilities and Stockholders' Equity $1,339,900,000 ================ TRONOX INCORPORATED CHAPTER 11 DEBTORS Unaudited Condensed Consolidated Statement of Operations Month Ended August 31, 2009 Net Sales $58,000,000 Cost of goods sold 49,800,000 ---------------- Gross margin 8,200,000 Selling, general and admin. Expenses 2,600,000 Gain on land sales 0 Restructuring charges 1,900,000 Provision for doubtful notes and accounts 0 ---------------- 3,700,000 Interest and debt expense 2,600,000 Other (income) expense, net (1,800,000) Reorganization items 3,900,000 ---------------- Income from continuing operations before income taxes (10,000,000) Income tax provision (benefit) 100,000 ---------------- Income (Loss) from continuing operations (1,100,000) Income (loss) from discontinued operations, net of tax (400,000) ---------------- Net income ($1,500,000) ================ About Tronox Inc. Headquartered in Oklahoma City, Tronox Incorporated (Pink Sheets: TRXAQ, TRXBQ) is the world's fourth-largest producer and marketer of titanium dioxide pigment, with an annual production capacity of 535,000 tonnes. Titanium dioxide pigment is an inorganic white pigment used in paint, coatings, plastics, paper and many other everyday products. The Company's four pigment plants, which are located in the United States, Australia and the Netherlands, supply high-performance products to approximately 1,100 customers in 100 countries. In addition, Tronox produces electrolytic products, including sodium chlorate, electrolytic manganese dioxide, boron trichloride, elemental boron and lithium manganese oxide. Tronox has $1.6 billion in total assets, including $646.9 million in current assets, as at September 30, 2008. The Company has $881.6 million in current debts and $355.9 million in total noncurrent debts. Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates filed for Chapter 11 protection on January 13, 2009 (Bankr. S.D. N.Y. Case No. 09-10156). The case is before Hon. Allan L. Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York, represent the Debtors. The Debtors also tapped Togut, Segal & Segal LLP as conflicts counsel; Rothschild Inc. as investment bankers; Alvarez & Marsal North America LLC, as restructuring consultants; and Kurtzman Carson Consultants serves as notice and claims agent. An official committee of unsecured creditors and an official committee of equity security holders have been appointed in the cases. The Creditors Committee has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel. Until September 30, 2008, Tronox Inc. was publicly traded on the New York Stock Exchange under the symbols TRX and TRX.B. Since then, Tronox Inc. has traded on the Over the Counter Bulletin Board under the symbols TROX.A.PK and TROX.B.PK. As of December 31, 2008, Tronox Inc. had 19,107,367 outstanding shares of class A common stock and 22,889,431 outstanding shares of class B common stock. Bankruptcy Creditors' Service, Inc., publishes Tronox Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Tronox Inc. and its 14 affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TRUMP ENTERTAINMENT: Posts $1,087,000 Net Loss in August 2009 ------------------------------------------------------------- Trump Entertainment Resorts, Inc., and certain of its direct and indirect subsidiaries filed with the United States Bankruptcy Court for the District of New Jersey in Camden, their monthly operating report for the month ended August 31, 2009. Debtor TER Inc. posted a net loss of $1,087,000 on a consolidated basis in August. Debtor TER Inc. posted a net loss of $476,695,000 since filing for bankruptcy. At August 31, 2009, Debtor TER Inc. had $1,450,170,000 in total assets and $2,093,799,000 in total liabilities, resulting in $643,629,000 in stockholders' deficit. A full-text copy of the August 2009 MOR is available at no charge at http://ResearchArchives.com/t/s?4559 About Trump Entertainment Based in Atlantic City, New Jersey, Trump Entertainment Resorts Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and operates three casino hotel properties in Atlantic City, New Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino. The Company conducts gaming activities and provides customers with casino resort and entertainment. Donald Trump is a shareholder of the Company and, as its non- executive Chairman, is not involved in the daily operations of the Company. The Company is separate and distinct from Mr. Trump's privately held real estate and other holdings. Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other affiliates filed for Chapter 11 on February 17, 2009 (Bankr. D. N.J., Lead Case No. 09-13654). The Company has tapped Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as lead counsel, and Weil Gotshal & Manges as co-counsel. Ernst & Young LLP is the Company's auditor and accountant and Lazard Freres & Co. LLC is the financial advisor. The Company disclosed assets of $2,055,555,000 and debts of $1,737,726,000 as of December 31, 2008. Trump Hotels & Casino Resorts, Inc., filed for Chapter 11 protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898 through 04-46925). Trump Hotels' obtained the Court's confirmation of its Chapter 11 plan on April 5, 2005, and in May 2005, it exited from bankruptcy under the name Trump Entertainment Resorts Inc. ********* 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. 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