/raid1/www/Hosts/bankrupt/TCR_Public/100626.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, June 26, 2010, Vol. 14, No. 175
Headlines
AMTRUST FINANCIAL: Earns $554,110 in February
AMTRUST FINANCIAL: Posts $3.3 Million Net Loss in March
AMTRUST FINANCIAL: Posts $554,032 Net Loss in April
BH S&B: Posts $365,302 Net Loss in April
BH S&B: Posts $388,357 Net Loss in May
CARITAS HEALTH: Posts $1.2 Million Net Loss in March
CARITAS HEALTH: Earns $53,275 Net Income in April
CHEMTURA CORP: Reports $2,000,000 Net Income for May
CIRCUIT CITY: Has $459,476,000 Cash at End of April
CMR MORTGAGE: Posts $300,334 Net Loss in May
COLONIAL BANCGROUP: Reports Cash Loss of $523,838 in May
ERICKSON RETIREMENT: Reports $15,725,622 Net Loss for March
ERICKSON RETIREMENT: Reports $374,504,797 Profit for April
EXTENDED STAY: Reports $20,285,000 Net Loss for May
GOODY'S LLC: Earns $281,122 in February
GOODY'S LLC: Posts $149,047 Net Loss in March
GOTTSCHALKS INC: Posts $5.9 Million Net Loss in May
LTV CORPORATION: Ends May 2010 With $8,465,000 Cash
MAGNA ENTERTAINMENT: Posts $18.1 MM Net Loss From April 5 to 30
MESA AIR: Posts $2.6 Million Net Loss in May
MIDDLEBROOK PHARMA: Posts $2.0 Million Net Loss in May
PACIFIC ENERGY: Posts $34,940 Net Loss in April
PACIFIC ENERGY: Posts $483,277 Net Loss in March
PROVIDENT ROYALTIES: Posts $1.1 Million Net Loss in May
SHARPER IMAGE: Ends April 2010 With $3,753,937 Cash
TARRAGON CORP: Ends April 2010 With $2.1 Mln. in Unrestricted Cash
TLC VISION: Posts $4.2 Million Net Loss in February
TLC VISION: Posts $4.8 Million Net Loss in March
TLC VISION: Posts $3.2 Million Net Loss in April
THORNBURG MORTGAGE: Ends May 2010 With $116.6 Million Cash
TRUMP ENTERTAINMENT: Posts $2.7 Million Net Loss in May
*********
AMTRUST FINANCIAL: Earns $554,110 in February
---------------------------------------------
AmTrust Financial Corp. nka AmFin Financial Corporation reported
net income of $554,110 for the month ended February 28, 2010.
Results include equity in earnings of affiliates of $848,038.
At February 28, 2010, the Company had total assets of
$168,692,748, total prepetition liabilities of $156,884,732, and
total equity of $11,808,016.
A full-text copy of the monthly operating report is available at
no charge at:
http://bankrupt.com/misc/amtrustfinancial.februarymor.pdf
AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial
Corp., was the owner of the AmTrust Bank. AmTrust was the
seventh-largest holder of deposits in South Florida, with
$4.7 billion in deposits and 21 branches.
In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management listed $100,000,001 to $500,000,000 in assets
and $100,000,001 to $500,000,000 in liabilities.
AmTrust Bank is not part of the Chapter 11 filings. On
December 4, 2009, AmTrust Bank was closed by the Office of Thrift
Supervision, which appointed the Federal Deposit Insurance
Corporation as receiver. To protect the depositors, the FDIC
entered into a purchase and assumption agreement with New York
Community Bank, Westbury, New York, to assume all of the deposits
of AmTrust Bank.
AMTRUST FINANCIAL: Posts $3.3 Million Net Loss in March
-------------------------------------------------------
AmTrust Financial Corp. nka AmFin Financial Corporation reported a
net loss of $3,307,109 for the month ended March 31, 2010.
At March 31, 2010, the Company had total assets of $165,385,639,
total prepetition liabilities of $156,884,732, and total equity of
$8,500,907.
A full-text copy of the monthly operating report is available at
no charge at:
http://bankrupt.com/misc/amtrustfinancial.marchmor.pdf
AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial
Corp., was the owner of the AmTrust Bank. AmTrust was the
seventh-largest holder of deposits in South Florida, with
$4.7 billion in deposits and 21 branches.
In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management listed $100,000,001 to $500,000,000 in assets
and $100,000,001 to $500,000,000 in liabilities.
AmTrust Bank is not part of the Chapter 11 filings. On
December 4, 2009, AmTrust Bank was closed by the Office of Thrift
Supervision, which appointed the Federal Deposit Insurance
Corporation as receiver. To protect the depositors, the FDIC
entered into a purchase and assumption agreement with New York
Community Bank, Westbury, New York, to assume all of the deposits
of AmTrust Bank.
AMTRUST FINANCIAL: Posts $554,032 Net Loss in April
---------------------------------------------------
AmTrust Financial Corp. nka AmFin Financial Corporation reported a
net loss of $554,032 for the month ended April 30, 2010.
At April 30, 2010, the Company had total assets of $166,724,441,
total postpetition liabilities of $1,868,119, total prepetition
liabilities of $156,909,447, and total equity of $7,946,876.
A full-text copy of the monthly operating report is available at
no charge at:
http://bankrupt.com/misc/amtrustfinancial.aprilmor.pdf
AmTrust Financial Corp. (PINK: AFNL), now known as AmFin Financial
Corp., was the owner of the AmTrust Bank. AmTrust was the
seventh-largest holder of deposits in South Florida, with
$4.7 billion in deposits and 21 branches.
In November 2008, the Office of Thrift Supervision issued a cease
and desist order requiring AmTrust to improve its capital ratios.
AmTrust Financial, together with affiliates that include AmTrust
Management Inc., filed for Chapter 11 bankruptcy protection on
November 30, 2009 (Bankr. N.D. Ohio Case No. 09-21323). G.
Christopher Meyer, Esq., and Sherri Lynn Dahl, Esq., at Squire
Sanders & Dempsey L.L.P., assist the Debtors in their
restructuring effort. Kurtzman Carson Consultants serves as
claims and notice agent. Attorneys at Hahn Loeser & Parks LLP
serve as counsel to the Official Committee of Unsecured Creditors.
AmTrust Management listed $100,000,001 to $500,000,000 in assets
and $100,000,001 to $500,000,000 in liabilities.
AmTrust Bank is not part of the Chapter 11 filings. On
December 4, 2009, AmTrust Bank was closed by the Office of Thrift
Supervision, which appointed the Federal Deposit Insurance
Corporation as receiver. To protect the depositors, the FDIC
entered into a purchase and assumption agreement with New York
Community Bank, Westbury, New York, to assume all of the deposits
of AmTrust Bank.
BH S&B: Posts $365,302 Net Loss in April
----------------------------------------
BH S&B Holdings LLC filed with the U.S. Bankruptcy Court for the
Southern District of New York on May 20, 2010, a monthly
operating report for the month of April 2010.
The Company reported a net loss of $365,302 in April.
At April 30, 2010, the Debtor had $9,387,369 in total assets
and $141,071,637 in total liabilities.
The Company ended April with $2,941,469 in unrestricted cash
and cash equivalents, from $3,097,112 at the beginning of the
period.
A copy of the Debtor' monthly operating report for the month of
April is available at no charge at:
http://bankrupt.com/misc/bhs&b.april2010mor.pdf
BH S&B Holdings LLC and seven affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Case No. 08-14604) on Nov. 19, 2008.
BH S&B was formed by investment firms Bay Harbour Management and
York Capital Management in August 2008 to acquire the business
operations and assets of bankrupt retailer Steve & Barry's for
$163 million in August 2008. Steve and Barry's, based in Port
Washington, New York, was a specialty retailer of apparel and
accessories, selling, among other things, university apparel and
lifestyle brands, private-label casual clothing, and exclusive
celebrity endorsed apparel.
Steve & Barry's had 240 locations when it was bought and the new
owners had planned to cut that down to 173 stores. BH S&B had
intended to operate certain Steve & Barry's stores as going
concerns and to liquidate inventory at other locations. Since the
sale closing, however, for various reasons, including the general
health of the American economy and the state of the retail market
in particular, sales at all stores have been disappointing, and BH
S&B's revenue has suffered. As a result, BH S&B was not in
compliance with certain covenants under their senior secured
credit facility and had no prospects for continued financing of
their business as a going concern. In consultation with its
lenders, BH S&B decided the appropriate course of action to
maximize value for the benefit of all of its stakeholders was an
orderly liquidation in Chapter 11.
Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at
Cahill Gordon & Reindel LLP, in Manhattan, serve as bankruptcy
counsel to BH S&B and its affiliates. RAS Management Advisors
LLC is the company's restructuring advisors, and Kurtzman
Carson Consultants LLC is the claims and noticing agent.
BH S&B: Posts $388,357 Net Loss in May
--------------------------------------
BH S&B Holdings LLC filed with U.S. Bankruptcy Court for the
Southern District of New York on June 21, 2010, a monthly
operating report for the month of May 2010.
The Company reported a net loss of $388,357 in May.
At May 31, 2010, the Debtor had $9,171,252 in total assets and
$141,243,878 in total liabilities.
The Company ended May with $2,924,412 in unrestricted cash and
cash equivalents, from $2,941,469 at the beginning of the period.
A copy of the Debtor' monthly operating report for the month of
May 2010 is available at no charge at:
http://bankrupt.com/misc/bhs&b.may2010mor.pdf
BH S&B Holdings LLC and seven affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Case No. 08-14604) on Nov. 19, 2008.
BH S&B was formed by investment firms Bay Harbour Management and
York Capital Management in August 2008 to acquire the business
operations and assets of bankrupt retailer Steve & Barry's for
$163 million in August 2008. Steve and Barry's, based in Port
Washington, New York, was a specialty retailer of apparel and
accessories, selling, among other things, university apparel and
lifestyle brands, private-label casual clothing, and exclusive
celebrity endorsed apparel.
Steve & Barry's had 240 locations when it was bought and the new
owners had planned to cut that down to 173 stores. BH S&B had
intended to operate certain Steve & Barry's stores as going
concerns and to liquidate inventory at other locations. Since the
sale closing, however, for various reasons, including the general
health of the American economy and the state of the retail market
in particular, sales at all stores have been disappointing, and BH
S&B's revenue has suffered. As a result, BH S&B was not in
compliance with certain covenants under their senior secured
credit facility and had no prospects for continued financing of
their business as a going concern. In consultation with its
lenders, BH S&B decided the appropriate course of action to
maximize value for the benefit of all of its stakeholders was an
orderly liquidation in Chapter 11.
Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at
Cahill Gordon & Reindel LLP, in Manhattan, serve as bankruptcy
counsel to BH S&B and its affiliates. RAS Management Advisors
LLC is the company's restructuring advisors, and Kurtzman
Carson Consultants LLC is the claims and noticing agent.
CARITAS HEALTH: Posts $1.2 Million Net Loss in March
----------------------------------------------------
On April 20, 2010, Caritas Health Care, Inc., filed a monthly
operating report for the filing period ended March 31, 2010,
with the U.S. Bankruptcy Court for the Eastern District of New
York.
The Company reported a net loss of $1,202,368 on net revenue of
$417,716 for the month ended March 31, 2010.
At March 31, 2010, the Company had $42,789,444 in total assets
and $168,401,223 in total liabilities. The Company ended the
period with $28,938,145 cash. The Company paid a total of
$296,666 in professional fees for the month.
A full-text copy of Caritas Health's operating report for the
month ended March 31, 2010, is available for free at:
http://bankrupt.com/misc/caritashealthcare.march2010.pdf
Caritas Health Care Inc. is the owner of Mary Immaculate Hospital
and St. John's Queens Hospital. Caritas, created by Wyckoff
Heights Medical Center, purchased the two hospitals in a
bankruptcy sale in early 2007 from St. Vincent Catholic Medical
Centers of New York. St. John's has 227 generate acute-care beds
while Mary Immaculate has 189.
Caritas Health Care and eight of its affiliates filed for
Chapter 11 on Feb. 6, 2009 (Bankr. E.D.N.Y., Lead Case No. 09-
40901). Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at
Proskauer Rose, LLP, represent the Debtors in their restructuring
effort. Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at
Alston & Bird LLP, represent the official committee of unsecured
creditors. Caritas in its bankruptcy petition estimated assets of
$50 million to $100 million, and debts of $100 million to
$500 million.
CARITAS HEALTH: Earns $53,275 Net Income in April
-------------------------------------------------
On May 24, 2010, Caritas Health Care, Inc., filed a monthly
operating report for the filing period ended April 30, 2010,
with the U.S. Bankruptcy Court for the Eastern District of New
York.
The Company reported net income of $53,275 on net revenue of
$134,626 for the month ended April 30, 2010.
At April 30, 2010, the Company had $42,520,654 in total assets
and $168,103,507 in total liabilities. The Company ended the
period with $28,735,444 in cash. The Company paid zero amount of
professional fees for the month.
A full-text copy of Caritas Health's operating report for the
month ended April 30, 2010, is available for free at:
http://bankrupt.com/misc/caritashealthcare.april2010mor.pdf
Caritas Health Care Inc. is the owner of Mary Immaculate Hospital
and St. John's Queens Hospital. Caritas, created by Wyckoff
Heights Medical Center, purchased the two hospitals in a
bankruptcy sale in early 2007 from St. Vincent Catholic Medical
Centers of New York. St. John's has 227 generate acute-care beds
while Mary Immaculate has 189.
Caritas Health Care and eight of its affiliates filed for
Chapter 11 on Feb. 6, 2009 (Bankr. E.D.N.Y., Lead Case No. 09-
40901). Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at
Proskauer Rose, LLP, represent the Debtors in their restructuring
effort. Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at
Alston & Bird LLP, represent the official committee of unsecured
creditors. Caritas in its bankruptcy petition estimated assets of
$50 million to $100 million, and debts of $100 million to
$500 million.
CHEMTURA CORP: Reports $2,000,000 Net Income for May
----------------------------------------------------
Chemtura Corporation, Et Al.
Condensed Combined Balance Sheets (Unaudited)
As of May 31, 2010
Assets
Current Assets $753,000,000
Intercompany receivables 500,000,000
Investment in subsidiaries 1,832,000,000
Property, plan and equipment 387,000,000
Goodwill 149,000,000
Other assets 389,000,000
--------------
Total assets $4,010,000,000
==============
Liabilities and Stockholders' Equity
Current liabilities $478,000,000
Intercompany payables 37,000,000
Other long-term liabilities 73,000,000
--------------
Total liabilities
not subject to compromise 588,000,000
Liabilities subject to compromise 3,497,000,000
Total stockholders' equity(deficit) (75,000,000)
--------------
Total liabilities and stockholders' equity $4,010,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Operations (Unaudited)
For the Period from May 1 to 31, 2010
Net sales $209,000,000
Cost of goods sold 166,000,000
Selling, general and
administrative expenses 13,000,000
Depreciation and amortization 12,000,000
Research and development 2,000,000
Changes in estimates re expected claims 13,000,000
--------------
Operating profit (loss) 3,000,000
Interest expense (4,000,000)
Other income (expense) 8,000,000
Reorganization items, net (4,000,000)
Equity in net earnings (loss) (3,000,000)
of subsidiaries
--------------
Income (loss) before income taxes -
Income tax provision -
--------------
Earnings from continuing operations -
Earnings from discontinued operations, net 2,000,000
--------------
Net income (loss) $2,000,000
==============
Chemtura Corporation, et al.
Condensed Combined Statement of Cash Flows (Unaudited)
For the Period from May 1 to 31, 2010
Cash Flows from Operating Activities:
Net income (loss) $2,000,000
Adjustments to reconcile
net loss to net cash used
in operating activities:
Depreciation and amortization 12,000,000
Changes in estimates related to expected claims 13,000,000
Reorganization items, net (2,000,000)
Changes in assets and debts, net (52,000,000)
--------------
Net cash provided in operating activities (27,000,000)
--------------
Cash flows from Investing Activities:
Net proceeds from divestments 3,000,000
Capital expenditures (4,000,000)
--------------
Net case provided by investing activities (1,000,000)
Cash Flows from Financing Activities:
Proceeds from credit facility, net 25,000,000
--------------
Cash and Cash Equivalents:
Change in cash and cash equivalents (3,000,000)
--------------
Cash and cash equivalents, beginning of period 26,000,000
--------------
Cash and cash equivalents, end of period $23,000,000
==============
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)
CIRCUIT CITY: Has $459,476,000 Cash at End of April
---------------------------------------------------
Circuit City Stores, Inc., et al.
Balance Sheet
As of April 30, 2010
ASSETS
Current Assets
Cash and cash equivalents $459,476,000
Restricted cash 5,640,000
Short-term investments 1,158,000
Accounts receivable, net 306,953,000
Tax receivable 58,065,000
Prepaid expenses and other current assets 3,998,000
Intercompany receivables and investments 85,134,000
in subsidiaries
--------------
Total Current Assets 920,424,000
Property and Equipment 3,847,000
Accumulated depreciation (690,000)
--------------
Net Property and Equipment 3,157,000
Other Assets 20,183,000
--------------
TOTAL ASSETS $943,764,000
==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Merchandise payable $172,324,000
Expenses payable 23,710,000
Accrued expenses and other current 27,582,000
liabilities
Intercompany payables 0
--------------
Total Current Liabilities 223,616,000
Deferred income taxes 7,084,000
Other Liabilities 0
--------------
Liabilities Not Subject to Compromise 230,700,000
Liabilities Subject to Compromise 1,492,865,000
--------------
Total Liabilities 1,723,565,000
Stockholders' Equity
Common stock 435,612,000
Additional paid-in capital 304,915,000
Retained deficit (1,510,560,000)
Accumulated other comprehensive income (9,768,000)
--------------
Total Stockholders' Equity (779,801,000)
--------------
Total Liabilities & Shareholders' Deficit $943,764,000
==============
Circuit City Stores, Inc., et al.
Income Statement
For the Month Ended April 30, 2010
Net sales $0
Cost of sales, buying and warehousing 0
--------------
Gross profit (loss) 0
Selling, general and administrative expenses 5,992,000
(net gain)
Asset impairment charges 0
--------------
Operating income (5,992,000)
Interest income 0
Interest expense 0
--------------
Loss before reorganization items, GAAP (5,992,000)
reversals and income taxes
Net loss from reorganization items (1,677,000)
Net gain from GAAP reversals 0
Income tax expense (1,000)
--------------
NET LOSS ($7,670,000)
==============
According to the monthly operating report, the Debtors have paid
a total of $47.3 million in professional fees through April.
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.
In May 2009, Systemax Inc., a multi-channel retailer of computers,
electronics, and industrial products, acquired certain assets,
including the name Circuit City, from the Debtors through a Court-
approved auction.
Bankruptcy Creditors' Service, Inc., publishes Circuit City
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Circuit City Stores Inc. and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).
CMR MORTGAGE: Posts $300,334 Net Loss in May
--------------------------------------------
CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of California on June 20, 2010, its
monthly operating report for the month ended May 31, 2010.
The Company reported a net loss of $300,334 on total revenues of
$19,448 for the month of May 2010.
At May 31, 2010, the Debtor had total assets of $62,804,484,
total liabilities of $37,802,595 and total equity of $25,001,889.
A full-text copy of the Debtor's operating report for May 2010
is available at http://researcharchives.com/t/s?654b
San Francisco, California-based CMR Mortgage Fund II, LLC, is a
limited liability company organized for the purpose of making or
investing in business loans secured by deeds of trust or mortgages
on real properties located primarily in California. The Company
previously funded lending activities through loan pay downs or pay
offs, as well as by selling its membership interests, and by
selling all or a portion of interests in the loans to individual
investors. The Company commenced operations in February 2004.
The Company ceased accepting new members in the third quarter of
2006.
The Company and CMR Mortgage Fund III, LLC, filed for Chapter 11
protection on March 31, 2009 (Bankr. N. D. Calif. Case No.
09-30788 and 09-30802). Robert G. Harris, Esq., at the Law
Offices of Binder and Malter, represents the Debtor as counsel.
The Debtor listed between $10 million and $50 million each in
assets and debts.
COLONIAL BANCGROUP: Reports Cash Loss of $523,838 in May
--------------------------------------------------------
On June 18, 2010, The Colonial Bancgroup, Inc., filed its
monthly operating report for May 2010 with the U.S. Bankruptcy
Court for the Middle District of Alabama, Northern Division.
The Company ended May 2010 with $37.5 million cash, of which
roughly $1.0 million is currently available to the Company. On
August 14, 2009, the FDIC placed a hold on all cash deposits of
Colonial BancGroup. The Colonial BancGroup is unable to access
its cash deposits (except for those amounts released per
bankruptcy court order).
The Company paid a total of $378,784 in professional fees in
May 2010.
At May 31, 2010, the Company had total assets of
$42.6 million, total liabilities of $365.6 million, and total
equity of ($323.0 million).
Cash profit (loss) for the month was ($523,838) on total income of
$309 and total expenses of $524,147.
A full-text copy of the Company's May 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?654d
About Colonial BancGroup
Headquartered in Montgomery, Alabama, The Colonial BancGroup, Inc.
(NYSE: CNB) was holding company to Colonial Bank, N.A, its
banking subsidiary. Colonial bank -- http://www.colonialbank.com/
-- operated 354 branches in Florida, Alabama, Georgia, Nevada and
Texas with over $26 billion in assets. On August 14, 2009,
Colonial Bank was seized by regulators and the Federal Deposit
Insurance Corporation was named receiver. The FDIC sold most of
the assets to Branch Banking and Trust, Winston-Salem, North
Carolina. BB&T acquired $22 billion in assets and assumed
$20 billion in deposits of the Bank.
The Colonial BancGroup filed for Chapter 11 bankruptcy protection
on August 25, 2009 (Bankr. M.D. Ala. Case No. 09-32303). W. Clark
Watson, Esq., at Balch & Bingham LLP and Rufus T. Dorsey IV,
Esq., at Parker Hudson Rainer & Dobbs LLP, assist the Company in
its restructuring effort. The Company listed $45,000,000 in
assets and $380,000,000 in debts in its bankruptcy filing.
ERICKSON RETIREMENT: Reports $15,725,622 Net Loss for March
-----------------------------------------------------------
Erickson Retirement Communities, LLC
Balance Sheet
As of March 31, 2010
Assets
Unrestricted cash $14,747,000
Restricted cash 15,545,000
--------------
Total cash 30,292,000
Accounts receivable, net 0
Inventory 0
Notes receivable 32,401,000
Prepaid expenses 2,556,000
Other 18,372,558
--------------
Total current assets 83,621,558
Property, Plant & Equipment 86,695,692
Less: Accumulated depreciation (33,873,692)
--------------
Net property, plant & equipment 52,822,000
Due from insiders (340,929,540)
Other assets - Net of amortization 2,129,000
Other 62,127,000
--------------
Total assets ($140,229,982)
==============
Liabilities and Equity:
Postpetition Liabilities
Accounts payable $1,725,127
Taxes payable 0
Notes payable 0
Professional fees 0
Secured debt 536,301
Other 13,142,438
--------------
Total postpetition liabilities 15,403,866
Prepetition Liabilities
Secured debt 216,990,913
Priority debt 0
Unsecured debt 89,210,920
Other 20,231,911
--------------
Total prepetition liabilities 326,433,744
--------------
Total liabilities 341,837,610
--------------
Equity:
Prepetition owner's equity (416,545,000)
Postpetition cumulative profit or (loss) (65,522,592)
Direct charges to equity 0
--------------
Total equity (482,067,592)
--------------
Total liabilities and equity ($140,229,982)
==============
Erickson Retirement Communities, LLC
Statement of Income
For the Month ended March 31, 2010
Revenues:
Gross revenues $2,643,674
Less returns & discounts 0
--------------
Net revenue 2,643,674
Cost of goods sold
Material 0
Direct labor 0
Direct overhead 0
Real estate taxes 0
--------------
Total cost of goods sold 0
--------------
Gross profit 2,643,674
Operating expenses
Officer/insider compensation 984,399
Selling & marketing 0
General & administrative (273,456)
Rent & lease 0
Other 0
--------------
Total operating expenses 710,943
--------------
Income before non-operating income & expense 1,932,731
Other Income & expenses
Non-operating income (rent) (164,969)
Non-operating expense 0
Interest expense 1,167,000
Depreciation 660,262
Amortization 66,823
Other 12,085,180
--------------
Net other income & expenses 13,814,296
Reorganization expenses
Professional fees 3,824,292
U.S. Trustee fees 19,765
Other 0
--------------
Total reorganization expenses 3,844,057
Income tax 0
--------------
Net profit (loss) ($15,725,622)
==============
Erickson Retirement Communities, LLC
Cash Receipts and Disbursements
For the Month Ended March 31, 2010
Cash - beginning of month $32,209,000
Receipts from operations
Cash sales 5,459,494
Collection of accounts receivable
Prepetition 0
Postpetition 0
--------------
Total operating receipts 5,459,494
Non-operating receipts
Loans & advances (DIP Funding), net (1,545,330)
Sale of assets 0
Other 5,163,426
--------------
Total non-operating receipts 3,618,096
Total receipts 9,077,590
--------------
Total cash available 41,286,590
Operating disbursements
Net payroll 1,903,829
Payroll taxes paid 1,717,508
Sales, use & other taxes paid 0
Secured/rental/leases 65,478
Utilities 325,323
Insurance 1,323,897
Inventory purchases 0
Vehicle expenses 0
Travel 73,191
Entertainment 0
Repairs & maintenance 213,379
Supplies 136,562
Advertising 1,024,988
Other 1,098,319
--------------
Total operating disbursements 7,882,475
Reorganization expenses
Professional fees 3,092,350
U.S. Trustee fees 19,765
Other 0
--------------
Total reorganization expenses 3,112,115
Total disbursements 10,994,590
--------------
Net cash flow (1,917,000)
--------------
Cash - end of month $30,292,000
==============
Fifteen affiliates of Erickson Retirement did not file with the
Court separate individual monthly operating reports for the month
of March 2010. The Debtor affiliates are:
* Warminster Campus, LP
* Concord Campus, LP
* Novi Campus, LLC
* Littleton Campus, LLC
* Ashburn Campus, LLC
* Houston Campus, LP
* Dallas Campus, LP
* Kansas Campus, LLC
* Columbus Campus, LLC
* Erickson Construction, LLC
* Concord Campus GP, LLC
* Dallas Campus GP, LLC
* Erickson Group, LLC
* Warminster Campus GP, LLC
* Senior Campus Services, LLC
About Erickson Retirement
The Baltimore, Maryland-based Erickson Retirement Communities LLC
owns 20 continuing care retirement communities in 11 states.
Among Erickson's 20 communities, eight are completed, 11 are open
although in construction, and one is in development. They have
23,000 residents in total.
Erickson, along with affiliates, filed for Chapter 11 on Oct. 19,
2009 (Bankr. N.D. Tex. Case No. 09-37010). DLA Piper LLP (US)
serves as counsel to the Debtors. BMC Group Inc. serves as claims
and notice agent. Houlihan, Lokey, Howard & Zoukin, Inc., is also
serving as investment and financial consultant. Alvarez & Marsal
is serving as restructuring adviser.
As of September 30, 2009, on a book value basis, ERC had
approximately $2.7 billion in assets, including $2.2 billion of
property and equipment, and $3.0 billion in liabilities.
Liabilities include $195.8 million on the revolving credit,
$347.5 million on construction credit, $64 million in accounts
payable, $47.8 million in subordinate debt, and $475 million in
purchase option deposits.
Judge Stacey G.C. Jernigan of the U.S. Bankruptcy Court for the
Northern District of Texas confirmed Erickson's Plan of
Reorganization on April 16, 2010. The confirmed Chapter 11 Plan
is premised on the $365 million sale of substantially all of the
Erickson Retirement assets to Redwood Capital Investments LLC and
its affiliates. The Plan became effective effective on April 30,
2010.
Bankruptcy Creditors' Service, Inc., publishes Erickson Retirement
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Erickson Retirement Communities LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
ERICKSON RETIREMENT: Reports $374,504,797 Profit for April
----------------------------------------------------------
Erickson Retirement Communities, LLC
Balance Sheet
As of April 30, 2010
Assets
Unrestricted cash $26,263,686
Restricted cash 0
--------------
Total cash 26,263,686
Accounts receivable, net 0
Inventory 0
Notes receivable 0
Prepaid expenses 75,000
Other 3,421,960
--------------
Total current assets 29,760,646
Property, Plant & Equipment 37,060,673
Less: Accumulated depreciation (2,685,859)
--------------
Net property, plant & equipment 34,374,814
Due from insiders (150,754,626)
Other assets - Net of amortization 0
Other 109,827
--------------
Total assets ($86,509,338)
==============
Liabilities and Equity:
Postpetition Liabilities
Accounts payable $1,976,149
Taxes payable 0
Notes payable 0
Professional fees 0
Secured debt 0
Other 8,865,456
--------------
Total postpetition liabilities 10,841,605
--------------
Prepetition Liabilities
Secured debt 0
Priority debt 0
Unsecured debt 10,211,852
Other 0
--------------
Total prepetition liabilities 10,211,852
--------------
Total liabilities 21,053,457
--------------
Equity:
Prepetition owner's equity (416,545,000)
Postpetition cumulative profit or (loss) 308,982,204
Direct charges to equity 0
--------------
Total equity (107,562,796)
--------------
Total liabilities and equity ($86,509,338)
==============
Erickson Retirement Communities, LLC
Statement of Income
For the Month ended April 30, 2010
Revenues:
Gross revenues $2,730,234
Less returns & discounts 0
--------------
Net revenue 2,730,234
Cost of goods sold
Material 0
Direct labor 0
Direct overhead 0
Real estate taxes 0
--------------
Total cost of goods sold 0
--------------
Gross profit 2,730,234
Operating expenses
Officer/insider compensation 1,294,405
Selling & marketing 0
General & administrative (1,907,857)
Rent & lease 0
Other 0
--------------
Total operating expenses 196,548
--------------
Income before non-operating income & expense 2,533,686
Other Income & expenses
Non-operating income (rent) (78,450)
Non-operating expense 0
Interest expense 1,115,252
Depreciation 655,891
Amortization 66,823
Other (261,086,100)
--------------
Net other income & expenses (259,326,584)
Reorganization expenses
Professional fees 2,105,624
U.S. Trustee fees 20,235
Other (114,770,386)
--------------
Total reorganization expenses (112,644,527)
Income tax 0
--------------
Net profit (loss) $374,504,797
==============
Erickson Retirement Communities, LLC
Cash Receipts and Disbursements
For the Month Ended April 30, 2010
Cash - beginning of month $30,292,000
Receipts from operations
Cash sales 5,547,433
Collection of accounts receivable
Prepetition 0
Postpetition 0
--------------
Total operating receipts 5,547,433
Non-operating receipts
Loans & advances (DIP Funding), net 536,301
Sale of assets 0
Other 9,160,666
--------------
Total non-operating receipts 9,696,967
Total receipts 15,244,400
--------------
Total cash available 45,536,401
Operating disbursements
Net payroll 4,458,580
Payroll taxes paid 2,127,194
Sales, use & other taxes paid 0
Secured/rental/leases 0
Utilities 199,041
Insurance 1,764,894
Inventory purchases 0
Vehicle expenses 0
Travel 136,431
Entertainment 0
Repairs & maintenance 59,812
Supplies 41,975
Advertising 483,377
Other 884,331
--------------
Total operating disbursements 10,155,635
Reorganization expenses
Professional fees 2,105,624
U.S. Trustee fees 20,235
Other 6,991,219
--------------
Total reorganization expenses 9,117,079
Total disbursements 19,272,714
--------------
Net cash flow (4,028,314)
--------------
Cash - end of month $26,263,686
==============
Other Erickson Retirement Affiliates
Fifteen affiliates of Erickson Retirement also delivered
separate individual monthly operating reports to the Court.
The Erickson Retirement affiliates reported these assets and
liabilities as of April 30, 2010:
Debtor Affiliate Total Assets Total Debts
---------------- -------------- ------------
Warminster Campus, LP $294,391,204 $294,391,204
Columbus Campus, LLC $75,854,941 $75,854,941
Erickson Construction, LLC $5,864,139 $5,864,139
Kansas Campus, LLC $190,958 $190,958
Concord Campus, LP $53,962 $53,962
Ashburn Campus, LLC $41,388 $41,388
Novi Campus, LLC $40,189 $40,189
Littleton Campus, LLC $144 $144
Dallas Campus, LP $100 $100
Houston Campus, LP ($85) ($85)
Erickson Group, LLC $0 $0
Senior Campus Services, LLC $0 $0
Concord Campus GP, LLC $0 $0
Dallas Campus GP, LLC $0 $0
Warminster Campus GP, LLC $0 $0
The Debtor affiliates listed their net income or loss for the
period from April 1 to 30, 2010:
Company Net Income(Loss)
------------- ----------------
Ashburn Campus, LLC $50,581,550
Kansas Campus, LLC $33,404,207
Concord Campus, LLC $31,993,864
Houston Campus, LP $31,680,558
Warminster Campus, LP $21,639,119
Novi Campus, LLC $12,757,580
Littleton Campus, LLC $11,747,540
Dallas Campus, LP ($25,587,558)
Erickson Construction, LLC ($7,585,598)
Columbus Campus, LLC ($2,299,909)
Erickson Group, LLC $0
Senior Campus Services, LLC $0
Concord Campus GP, LP $0
Dallas Campus GP, LLC $0
Warminster Campus GP, LLC $0
The Debtor affiliates also reported their cash receipts and
disbursements for the period from April 1 to 30, 2010:
Company Receipts Disbursements Cash Flow
------------- ----------- ------------- ---------
Littleton Campus, LLC $478,334 $481,080 ($2,745)
Kansas Campus, LLC $244,337 $246,101 ($1,764)
Novi Campus, LLC $196,003 $514,357 (318,354)
Warminster Campus, LP $196,003 ($524,135) $630,478
Concord Campus LLC $159,196 $246,020 ($86,824)
Houston Campus, LP $150,123 $225,964 ($75,841)
Dallas Campus, LP $74,435 $118,712 ($44,277)
Ashburn Campus, LLC $64,640 $455,398 ($390,759)
Columbus Campus, LLC $5,039 $7,875 ($2,836)
Erickson Construction, LLC $0 $120,868 ($120,868)
Erickson Group, LLC $0 $0 $0
Senior Campus Services, LLC $0 $0 $0
Concord Campus GP, LP $0 $0 $0
Dallas Campus GP, LLC $0 $0 $0
Warminster Campus GP, LLC $0 $0 $0
About Erickson Retirement
The Baltimore, Maryland-based Erickson Retirement Communities LLC
owns 20 continuing care retirement communities in 11 states.
Among Erickson's 20 communities, eight are completed, 11 are open
although in construction, and one is in development. They have
23,000 residents in total.
Erickson, along with affiliates, filed for Chapter 11 on Oct. 19,
2009 (Bankr. N.D. Tex. Case No. 09-37010). DLA Piper LLP (US)
serves as counsel to the Debtors. BMC Group Inc. serves as claims
and notice agent. Houlihan, Lokey, Howard & Zoukin, Inc., is also
serving as investment and financial consultant. Alvarez & Marsal
is serving as restructuring adviser.
As of September 30, 2009, on a book value basis, ERC had
approximately $2.7 billion in assets, including $2.2 billion of
property and equipment, and $3.0 billion in liabilities.
Liabilities include $195.8 million on the revolving credit,
$347.5 million on construction credit, $64 million in accounts
payable, $47.8 million in subordinate debt, and $475 million in
purchase option deposits.
Judge Stacey G.C. Jernigan of the U.S. Bankruptcy Court for the
Northern District of Texas confirmed Erickson's Plan of
Reorganization on April 16, 2010. The confirmed Chapter 11 Plan
is premised on the $365 million sale of substantially all of the
Erickson Retirement assets to Redwood Capital Investments LLC and
its affiliates. The Plan became effective effective on April 30,
2010.
Bankruptcy Creditors' Service, Inc., publishes Erickson Retirement
Bankruptcy News. The newsletter tracks the Chapter 11 proceedings
of Erickson Retirement Communities LLC and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
EXTENDED STAY: Reports $20,285,000 Net Loss for May
---------------------------------------------------
Extended Stay Inc., et al.
Combined Balance Sheet
As of May 31, 2010
ASSETS
Current assets
Cash and cash equivalents, unrestricted $2,260,000
Debtor in possession cash account 56,930,000
Cash management account, including
deposits in transit 17,002,000
Accounts receivable-net of allowance
for doubtful accounts 15,561,000
Restricted cash 2,733,000
Other current assets 30,464,000
Investment in derivative instruments, at
fair value -
Due from insiders - non-debtor affiliates -
--------------
Total current assets 124,950,000
Property and equipment, net of
accumulated depreciation 6,208,498,000
Undeveloped land 1,100,000
Deferred financing costs, net of
accumulated amortization -
Trademarks 13,182,000
License of trademarks, net of
accumulated amortization 8,391,000
Under market trademark licenses,
net of accumulated amortization 11,679,000
Intangible assets, net of accumulated amortization 16,470,000
Other assets 7,216,000
--------------
Total assets $6,391,486,000
==============
LIABILITIES AND SHAREHOLDERS/MEMBERS' (DEFICIT) EQUITY
Liabilities not subject to compromise
Current liabilities
Accounts payable $143,000
Accrued occupancy taxes payable 4,392,000
Accrued state franchise tax 1,447,000
Accrued sales and use taxes payable 3,151,000
Accrued property & general liability
insurance reserves 4,446,000
Accrued utilities 5,115,000
Other property accruals 1,123,000
Deferred revenue 10,720,000
General and administrative accruals 1,982,000
Accrued professional fees - billings rendered 10,894,000
Accrued professional fees - accrual estimate 2,900,000
Accrued real estate taxes 23,334,000
Accrued interest payable 9,930,000
Income taxes payable - state 431,000
Advance from insider 7,939,000
Due to insiders - non-debtor affiliates 37,740,000
--------------
Total current liabilities 125,687,000
Other liabilities 4,904,000
Deferred income tax liability - noncurrent 1,101,737,000
--------------
Total liabilities not subject to compromise 1,232,328,000
Liabilities subject to compromise
Accounts payable 545,000
Accrued interest payable 9,577,000
Mortgages payable 4,108,349,000
Mezzanine loans 3,295,456,000
Subordinated notes 8,149,000
--------------
Total liabilities subject to compromise 7,422,076,000
Shareholders'/Members' (deficit) equity
Additional paid in capital 573,141,000
Retained deficit - pre-petition (1,370,408,000)
Retained deficit - post-petition (1,465,651,000)
--------------
Total shareholders'/members' (deficit) equity (2,262,918,000)
--------------
Total liabilities and shareholders'/members'
(deficit) equity $6,391,486,000
==============
Extended Stay Inc., et al.
Combined Statement of Operations
For the period May 1 to 31, 2010
Revenues
Room revenues $73,353,000
Other property revenues 1,663,000
--------------
Total revenues 75,016,000
Operating expenses
Property operating expenses 35,384,000
Corporate operating expenses 1,481,000
Officer/Insider Compensation -
Trademark license fees expense 79,000
Management fees and G&A reimbursement expense 5,644,000
Depreciation and amortization 31,406,000
(Gain)/ Loss on disposition of property and equip -
Impairment of property and equipment -
Impairment of intangibles/allowances -
--------------
Total operating expenses 73,994,000
Other income -
--------------
Operating loss 1,022,000
Interest expense (18,064,000)
Loss on investments in debt securities &
interest rate caps -
Interest income 1,000
Tax expense - current (60,000)
Tax expense - deferred (345,000)
--------------
Net loss before reorganization items (17,446,000)
Reorganization items
Professional fees 2,800,000
Professional fees - YE GAAP accrual estimate -
U.S. Trustee quarterly fees 39,000
Reorganization expense - deferred financing cost -
Reorganization expense - discount write-off -
Interest earned on accumulated cash
from Chapter 11 -
--------------
Total reorganization items 2,839,000
--------------
Net loss ($20,285,000)
==============
The Debtors reported $79,627,901 in total cash receipts and
$73,679,041 in total disbursements for May 2010.
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.
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. Extended Stay had assets of
$7.1 billion and debts of $7.6 billion as of the end of 2008.
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).
GOODY'S LLC: Earns $281,122 in February
---------------------------------------
Goody's LLC reported net income of $281,122 for the month of
February 2010.
At February 28, 2010, the Debtor had total assets of $56,109,756,
total liabilities of $74,343,102, and stockholders' deficit of
$18,233,346.
During the month of February 2010, the Company's schedule of cash
receipts and disbursements showed:
Cash, beginning $7,752,001
Total Receipts $45,467
Total Disbursements $246,596
Net Cash Flow ($201,129)
Cash, end $7,550,872
A full-text copy of the Debtor's monthly operating report for
February 2010 is available at no charge at:
http://bankrupt.com/misc/goody'sllc.februarymor.pdf
About Goody's LLC
Headquartered in Wilmington, Delaware, Goody's LLC, successor to
Goody's Family Clothing Inc., operates a chain of clothing stores.
Goody's Family Clothing Inc., and 19 of its affiliates filed for
Chapter 11 protection on June 9, 2008 (Bankr. D. Del. Lead Case
No. 08-11133). Gregg M. Galardi, Esq., and Marion M. Quirk, Esq.,
at Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings,
Esq., at Bass, Berry & Sims PLC, represented the Debtors. The
Company emerged from bankruptcy October 20, 2008, after closing
more than 70 stores. The reorganized entity was named Goody's
LLC, and headquartered in Wilmington, Delaware.
Goody's subsequently announced plans to liquidate in January
2009 when it was unable to restructure terms with creditors.
Goody's LLC and 13 of its affiliates filed for Chapter 11
protection on January 13, 2009 (Bankr. D. Del. Lead Case No.
09-10124). M. Blake Cleary, Esq., at Young, Conaway, Stargatt &
Taylor, LLP; Paul G. Jennings, Esq., Gene L. Humphreys, Esq.,
Edward C. Meade, Esq., and Kristen C. Wright, Esq., at Bass Berry
& Sims PLC represent the Debtors as counsel. Skadden, Arps, Slate
Meagher & Flom, LLP, is the Debtors' special counsel; FTI
Consulting Inc. is the Debtors' financial advisor. Goody's has
closed its 282 stores and liquidated its inventory and other
assets. In its schedules, Goody's LLC listed assets of
$542,231,601 and liabilities of $510,471,005.
GOODY'S LLC: Posts $149,047 Net Loss in March
---------------------------------------------
Goody's LLC reported a net loss of $149,047 for the month of
March 2010.
At March 31, 2010, the Debtor had total assets of $55,905,191,
total liabilities of $74,287,583, and stockholders' deficit of
$18,382,392.
During the month of March 2010, the Company's schedule of cash
receipts and disbursements showed:
Cash, beginning $7,550,872
Total Receipts $55,564
Total Disbursements $261,755
Net Cash Flow ($206,191)
Cash, end $7,344,681
A full-text copy of the Debtor's monthly operating report for
March 2010 is available at no charge at:
http://bankrupt.com/misc/goody'sllc.marchmor.pdf
About Goody's LLC
Headquartered in Wilmington, Delaware, Goody's LLC, successor to
Goody's Family Clothing Inc., operates a chain of clothing stores.
Goody's Family Clothing Inc., and 19 of its affiliates filed for
Chapter 11 protection on June 9, 2008 (Bankr. D. Del. Lead Case
No. 08-11133). Gregg M. Galardi, Esq., and Marion M. Quirk, Esq.,
at Skadden Arps Slate Meagher & Flom LLP, and Paul G. Jennings,
Esq., at Bass, Berry & Sims PLC, represented the Debtors. The
Company emerged from bankruptcy October 20, 2008, after closing
more than 70 stores. The reorganized entity was named Goody's
LLC, and headquartered in Wilmington, Delaware.
Goody's subsequently announced plans to liquidate in January
2009 when it was unable to restructure terms with creditors.
Goody's LLC and 13 of its affiliates filed for Chapter 11
protection on January 13, 2009 (Bankr. D. Del. Lead Case No.
09-10124). M. Blake Cleary, Esq., at Young, Conaway, Stargatt &
Taylor, LLP; Paul G. Jennings, Esq., Gene L. Humphreys, Esq.,
Edward C. Meade, Esq., and Kristen C. Wright, Esq., at Bass Berry
& Sims PLC represent the Debtors as counsel. Skadden, Arps, Slate
Meagher & Flom, LLP, is the Debtors' special counsel; FTI
Consulting Inc. is the Debtors' financial advisor. Goody's has
closed its 282 stores and liquidated its inventory and other
assets. In its schedules, Goody's LLC listed assets of
$542,231,601 and liabilities of $510,471,005.
GOTTSCHALKS INC: Posts $5.9 Million Net Loss in May
---------------------------------------------------
On June 21, 2010, Gottschalks Inc. filed with the U.S. Bankruptcy
Court for the District of Delaware its monthly operating report
for the period May 2, 2010, through May 29, 2010.
The Debtor ended the period with $11,137,000 cash. During the
period, the Debtor paid a total of $651,961 in professional fees
and reimbursed a total of $39,422 in professional expenses.
The Company reported a net loss of $5,863,000 for the period.
At May 29, 2010, the Company had $26,949,000 in total assets,
$75,937,000 in total liabilities, and ($48,988,000) in net owner
equity.
The May 2010 operating report is available for free at:
http://researcharchives.com/t/s?654e
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.
LTV CORPORATION: Ends May 2010 With $8,465,000 Cash
---------------------------------------------------
On June 16, 2010, The LTV Corporation, et al., submitted to the
United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division their operating report for the period ended
May 31, 2010.
LTV ended the period with a $8,465,000 cash balance. LTV reported
$347,000 in disbursements in April, including $314,000 paid to
Chapter 11 professionals.
A full-text copy of the Debtors' May 2010 operating report is
available at no charge at http://researcharchives.com/t/s?6520
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.
MAGNA ENTERTAINMENT: Posts $18.1 MM Net Loss From April 5 to 30
---------------------------------------------------------------
On June 1, Magna Entertainment Corp., et al., filed their
monthly operating report for the period from April 5, 2010, to
April 30, 2010, with the United States Bankruptcy Court for the
District of Delaware.
Magna Entertainment reported a net loss of $18.1 million for the
period. The Company incurred $13.0 million in professional fees
during the period.
At April 30, 2010, the Company had $1.041 billion in total
assets, $495.0 million on in total liabilities, and $545.7 million
in net owner equity.
The Company ended the period with $2.542 billion in cash and cash
equivalents, including restricted cash and cash equivalents of
$1.642 billion. At April 4, 2010, the Company had cash and
equivalents of $53.9 million.
During the period, the Company paid a total $3.0 million in
professional fees.
A full-text copy of the Company's monthly operating report is
available at no charge at:
http://bankrupt.com/misc/magnaentertainment.april2010mor.pdf
About Magna Entertainment
Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue. The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities. MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.
MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally. Pursuant to joint ventures, MEC
has a 50% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.
Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).
Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
Mark D. Collins, Esq., L. Katherine Good, Esq., and Maris J.
Finnegan, Esq., at Richards, Layton & Finger, P.A., are the
Debtors' local counsel. Miller Buckfire & Co. LLC is the Debtors'
investment banker and financial advisor. Kurtzman Carson
Consultants LLC is the claims and noticing agent for the Debtors.
Magna Entertainment Corp. had total assets of $1.054 billion and
total liabilities of $947.3 million based on unaudited
consolidated financial statements as of December 31, 2008.
On April 29, 2010, the Bankruptcy Court confirmed the Second
Modified Third Amended Joint Plan of Magna Entertainment Corp.,
its affiliated Debtors, the official committee of unsecured
creditors, MI Developments Inc., and MI Developments US Financing.
The Debtors emerged from Bankruptcy on April 30, 2010.
MESA AIR: Posts $2.6 Million Net Loss in May
--------------------------------------------
Mesa Air Group, Inc., filed on June 18, 2010, a monthly operating
report for the period from May 1, 2010, to May 31, 2010, with
the U.S. Bankruptcy Court for the Southern District of New York.
The Debtors reported a net loss of $2.6 million on revenue of
$65.6 million for the month of May 2010. Operating loss for
the month was $341,000.
The Company incurred $1.3 million in interest expense and
$691,000 in professional fees for the period.
At May 31, 2010, the Debtors' balance sheets showed
$928.5 million in assets, $828.6 million of liabilities, and
$100.0 million of stockholders' equity. The Company ended the
period with $60.8 million in cash and cash equivalents, compared
to $57.5 million at April 30, 2010.
Mesa Air Group, Inc., et al.
Condensed Consolidated Balance Sheet
As of May 31, 2010
ASSETS
Current Assets
Cash and cash equivalents $60,833,000
Short-term investments 1,258,000
Restricted investments 11,341,000
Receivables, net of allowance 8,024,000
Inventories, net of allowance 27,631,000
Prepaid expenses and other assets 127,244,000
--------------
Total current assets 236,333,000
Property and equipment, net 546,281,000
Security and other deposits 12,192,000
Other assets 133,713,000
--------------
TOTAL ASSETS $928,518,000
==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities Not Subject to Compromise:
Current Liabilities
Accounts payable $3,415,000
Air traffic liability 4,909,000
Other accrued expenses 48,317,000
Income tax payable (1,774,000)
Deferred revenue & other current liabilities 0
--------------
Total current liabilities not subject to 54,868,000
compromise
Deferred credits and other liabilities 97,388,000
Long-term deferred income tax 156,719,000
Other long-term debt postpetition 0
--------------
Total liabilities not subject to compromise 254,107,000
Liabilities subject to compromise 519,577,000
--------------
Total Liabilities 828,552,000
Stockholders' Equity
Preferred stock, no par value, authorized 0
2,000,000 shares, none issued
Common stock, no par value and additional 118,676,000
paid-in capital, 900,000,000 shares
authorized; 175,217,249 and 175,217,249
shares issued and outstanding, respectively
Deferred stock compensation 1,605,000
Retained earnings (20,316,000)
--------------
Total shareholders' equity 99,966,000
--------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $928,518,000
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Operations
For the Month Ended May 31, 2010
Revenues
Passenger $65,209,000
Cargo 0
Other 424,000
--------------
Total revenue 65,632,000
--------------
Operating Expenses
Flight operations 18,692,000
Flight operations - nonoperating aircraft 5,790,000
Aircraft fuel 18,635,000
Aircraft and traffic servicing 3,604,000
Maintenance 12,288,000
Promotion and sales 468,000
General and administrative 3,169,000
Depreciation and amortization 3,328,000
impairment of long-lived asset 0
--------------
Total operating expenses 65,974,000
Operating Income (Loss) (341,000)
Non-operating Income (Expense)
Interest income 370,000
Interest expense (1,349,000)
Other, net (312,000)
--------------
Total non-operating income (expense) (1,291,000)
Income (Loss) before reorganization items and (1,632,000)
Income Taxes
Income Taxes (1,553,000)
Loss (Gain) on reorganization items 2,553,000
Income (Loss) before discontinued operations (2,633,000)
Loss (Gain) from discontinued operations 0
--------------
NET INCOME (LOSS) ($2,633,000)
==============
Mesa Air Group, Inc., et al.
Condensed Consolidated Statement of Cash Flows
For the Month Ended May 31, 2010
Cash Flows from Operating Activities:
Net income (loss) from continuing operations ($2,633,000)
Net income (loss) from discontinued operations 0
--------------
Net income (loss) (2,633,000)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 3,328,000
Impairment charges 0
Amortization of deferred credits (1,357,000)
Amortization of restricted stock awards 33,000
Amortization of contract incentive payments 27,000
Provisions for obsolete expendable parts 301,000
and supplies
Changes in operating assets and liabilities:
Net (purchase) sales of investment securities (408,000)
Receivables (1,331,000)
Expendable parts and supplies (155,000)
Prepaid expenses and other assets 12,922,000
Other assets 50,000
Accounts payable (1,398,000)
Income taxes payable (1,557,000)
Air traffic liability 0
Other accrued liabilities 2,005,000
Reorganization items (2,553,000)
--------------
Net cash provided by (used in) operating 7,275,000
activities
Cash Flows from Reorganization Activities:
Net cash provided by (used in) reorganization 0
activities
--------------
Total net cash provided by (used in) operating 0
activities
Cash Flows from Investing Activities:
Capital expenditures (1,599,000)
Proceeds from sale of flight equipment and 0
expendable inventory
Change in restricted cash 7,000
Equity method investment 334,000
Investment deposits 0
Change in other assets 6,000
Net returns (payments) of lease and equipment 0
deposits
--------------
Net cash (used in) provided by investing (1,253,000)
activities
Cash Flows from Financing Activities:
Principal payments on long-term borrowings (2,673,000)
--------------
Net cash (used in) provided by financing (2,673,000)
activities
Increase (decrease) in cash and cash 3,350,000
equivalents
Cash and cash equivalents at beginning of 57,484,000
period
--------------
Cash and cash equivalents at end of period $60,833,000
==============
About Mesa Air Group
Mesa currently operates 130 aircraft with approximately 700 daily
system departures to 127 cities, 41 states, Canada, and Mexico.
Mesa operates as Delta Connection, US Airways Express and United
Express under contractual agreements with Delta Air Lines, US
Airways and United Airlines, respectively, and independently as
Mesa Airlines and go! Mokulele. This operation links Honolulu to
the neighbor island airports of Hilo, Kahului, Kona and Lihue. The
Company, founded by Larry and Janie Risley in New Mexico in 1982,
has approximately 3,500 employees.
Mesa Air Group Inc. and its units filed their Chapter 11 petitions
Jan. 5 in New York (Bankr. S.D.N.Y. Case No. 10-10018), listing
assets of $976 million against debt totaling $869 million as of
Sept. 30, 2009.
Richard M. Pachulski, Esq., and Laura Davis Jones, Esq., at
Pachulski Stang Ziehl & Jones LLP, serve as local counsel.
Imperial Capital LLC is the investment banker. Epiq Bankruptcy
Solutions is claims and notice agent.
Bankruptcy Creditors' Service, Inc., publishes Mesa Air Bankruptcy
News. The newsletter tracks the Chapter 11 proceedings undertaken
by Mesa Air Group Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000).
MIDDLEBROOK PHARMA: Posts $2.0 Million Net Loss in May
------------------------------------------------------
On June 21, 2010, MiddleBrook Pharmaceuticals, Inc. filed its
unaudited monthly operating report for May 2010 with the
Bankruptcy Court.
The Company reported a net loss of $2,000,137 on $301,029 of
revenue for the month of May.
At May 31, 2010, the Company had $21,541,803 in total assets,
($26,559,814) of liabilities, and $5,018,012 of stockholders'
equity. The Company ended May with $4,914,605 cash.
A full-text copy of the quarterly report is available for free at:
http://researcharchives.com/t/s?654f
About MiddleBrook Pharmaceuticals
Westlake, Texas-based Middlebrook Pharmaceuticals, Inc., aka
Advancis Pharmaceuticals Corporation, is a pharmaceutical company
focused on commercializing anti-infective products that fulfill
unmet medical needs. MiddleBrook's proprietary delivery
technology, PULSYS, enables the pulsatile delivery, or delivery in
rapid bursts, of certain drugs. MiddleBrook currently markets
MOXATAG, the first and only FDA-approved once-daily amoxicillin,
and KEFLEX, the immediate-release brand of cephalexin.
The Company filed for Chapter 11 bankruptcy protection on
April 30, 2010 (Bankr. D. Del. Case No. 10-11485). Joel A. Waite,
Esq., at Young, Conaway, Stargatt & Taylor, assists the Company in
its restructuring effort. The Company estimated its assets and
debts at $10,000,001 to $50,000,000.
PACIFIC ENERGY: Posts $34,940 Net Loss in April
-----------------------------------------------
Pacific Energy Resources Ltd. filed with the U.S. Bankruptcy Court
for the District of Delaware on May 26, 2010, a monthly
operating report for April 2010.
Pacific Energy Resources Ltd. reported a net loss of $34,940
for the month of April 2010.
At April 30, 2010, the Company had total assets of
$526.0 million, total liabilities of $155.0 million, and net
stockholders' equity of $371.0 million.
During the month of April, the Company's schedule of cash
receipts and disbursement showed:
Cash, beginning $11,362,863
Total Receipts $9,473,890
Total Disbursements $10,760,317
Net Cash Flow ($1,286,427)
Cash, end $10,076,436
During April, the Company paid $797,642 in professional fees
and reimbursed $24,700 in professional expenses.
A full-text copy of the Debtor's April 2010 operating report is
available for free at:
http://bankrupt.com/misc/pacificenergy.april2010mor.pdf
About Pacific Energy
Headquartered in Long Beach, California, Pacific Energy Resources
Ltd. -- http://www.pacenergy.com/-- engaged in the acquisition
and development of oil and gas properties, primarily in the United
States.
The Company and seven of its affiliates filed for
Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case
No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP,
represent the Debtors as counsel. The Debtors proposed Rutan &
Tucker LLP as special corporation and litigation counsel;
Schully, Roberts, Slattery & Marino, PLC, as special oil and gas
and transactional counsel; Devlin Jensen as special Canadian
counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief
restructuring officer; Lazard Freres & Co. LLC as investment
banker; and Albrecht & Associates, Inc., as agent for the Debtors
in the sale of their oil and gas properties. Omni Management
Group, LLC, is the claims, balloting, notice and administrative
agent for the Debtors. When the Debtors filed for protection from
their creditors, they listed between $100 million and
$500 million each in assets and debts.
PACIFIC ENERGY: Posts $483,277 Net Loss in March
------------------------------------------------
Pacific Energy Resources Ltd. filed with the U.S. Bankruptcy Court
for the District of Delaware on April 28, 2010, a monthly
operating report for March 2010.
Pacific Energy Resources Ltd. reported a net loss of $483,277
for the month of March 2010.
At March 31, 2010, the Company had total assets of
$526.3 million, total liabilities of $155.2 million, and net
stockholders' equity of $371.1 million.
During the month of March, the Company's schedule of cash
receipts and disbursement showed:
Cash, beginning $12,578,557
Total Receipts $7,996,432
Total Disbursements $9,212,125
Net Cash Flow ($1,215,694)
Cash, end $11,362,863
During March , the Company paid $237,477 in professional fees
and reimbursed $9,452 in professional expenses.
A full-text copy of the Debtor's March 2010 operating report is
available for free at:
http://bankrupt.com/misc/pacificenergy.march2010mor.pdf
About Pacific Energy
Headquartered in Long Beach, California, Pacific Energy Resources
Ltd. -- http://www.pacenergy.com/-- engaged in the acquisition
and development of oil and gas properties, primarily in the United
States.
The Company and seven of its affiliates filed for
Chapter 11 protection on March 8, 2009 (Bankr. D. Del. Lead Case
No. 09-10785). Attorneys at Pachulski Stang Ziehl & Jones LLP,
represent the Debtors as counsel. The Debtors proposed Rutan &
Tucker LLP as special corporation and litigation counsel;
Schully, Roberts, Slattery & Marino, PLC, as special oil and gas
and transactional counsel; Devlin Jensen as special Canadian
counsel; Scott W. Winn, at Zolfo Cooper Management, LLC, as chief
restructuring officer; Lazard Freres & Co. LLC as investment
banker; and Albrecht & Associates, Inc., as agent for the Debtors
in the sale of their oil and gas properties. Omni Management
Group, LLC, is the claims, balloting, notice and administrative
agent for the Debtors. When the Debtors filed for protection from
their creditors, they listed between $100 million and
$500 million each in assets and debts.
PROVIDENT ROYALTIES: Posts $1.1 Million Net Loss in May
-------------------------------------------------------
Provident Royalties LLC, et al., reported a net loss of $1,061,374
on net revenue of $7,398 for the month ended May 31, 2010.
The Debtors ended the month with $56,859,566 in cash. The Debtors
paid a total of $786,902 in professional fees in May.
At May 31, 2010, the Debtors had total assets of $156,612,154,
total post petition liabilities of ($716,957), total pre-petition
liabilities of $57,630,864, and total equity of $99,698,247.
A copy of Provident Royalties' May 2010 monthly operating report
is available for free at:
http://bankrupt.com/misc/providentroyalties.may2010mor.pdf
About Provident Royalties
Based in Dallas, Texas, Provident Royalties LLC owns working
interests in oil and gas properties primarily in Oklahoma.
Provident and its affiliates filed for Chapter 11 on June 22, 2009
(Bankr. N.D. Tex. Case No. 09-33886). Judge Harlin DeWayne Hale
presides over the case. Epiq Bankruptcy Solutions, LLC is
the claims and noticing agent. The United States Trustee for
the Northern District of Texas appointed nine members to the
Official Committee of Unsecured Creditors.
On July 2, 2009, the Securities and Exchange Commission filed,
under seal, a complaint in District Court for the Northern
District of Texas against the Debtors and certain of their
principals and managing partners on allegations that they sold
stock and limited partnership interest to over 7,700 investors as
part of a $485 million Ponzi scheme.
On July 2, 2009, the District Court for the Northern District of
Texas appointed Dennis L. Roossien, Jr., at Munsch Hardt Kopf &
Harr P.C. in Dallas, Texas, as receiver for the Debtors. On
July 20, 2009, the Bankruptcy Court appointed the receiver as the
Debtors' Chapter 11 trustee. Mr. Roossien, Jr., has taken
possession and control of the Debtors' property and business.
Mr. Roossien, Jr., has selected Patton Boggs, LLP, as his special
counsel. Patton Boggs, LLP, was Debtors' counsel before the
appointment of Mr. Roossien, Jr., as Chapter 11 trustee. Mr.
Roossien, Jr., has selected Munsch Hardt Koph & Harr, P.C., as
counsel. Gardere, Wynne, Sewell, LLP represents the official
committee of unsecured creditors. Rochelle McCullough, LLP
represents the official investors committee.
The Company, in its petition, listed between $100 million and
$500 million each in assets and debts.
As reported in the Troubled Company Reporter on June 21, 2010, the
Chapter 11 Trustee, the official committee of unsecured creditors
and the official investors committee for Provident Royalties LLC
and its affiliates have obtained confirmation of their plan of
liquidation. The Plan provides 100% return to all creditors
on their claims with interest, and creates a liquidating trust to
pursue claims against third parties for the benefit of holders of
preferred stock interests.
SHARPER IMAGE: Ends April 2010 With $3,753,937 Cash
---------------------------------------------------
TSIC, Inc., formerly known as The Sharper Image Corporation, filed
with the U.S. Bankruptcy Court for the District of Delaware on
June 16, 2010, its monthly operating report for April 2010.
TSIC ended April 2010 with $3,753,937 in unrestricted cash and
equivalents. TSIC paid a total of $235,060 in professional fees
and reimbursed a total of $7,561 in professional expenses during
the month.
TSIC reported a net loss of $148,115 for the month.
At April 30, 2010, TSIC had $7,332,265 in total assets,
($99,035,009) in total liabilities, and $91,702,744 in net
owner's equity.
A full-text copy of TSIC's April 2010 monthly operating report
is available at no charge at http://researcharchives.com/t/s?6523
Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- was a multi-channel specialty
retailer. It operated in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The Company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it was also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The Company filed for Chapter 11 protection on February 19, 2008
(Bankr. D. Del. Case No. 08-10322). Judge Kevin Gross presides
over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel. Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.
An official committee of unsecured creditors has been appointed in
the case. Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel. Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.
When the Debtor filed for bankruptcy, it listed total assets of
$251,500,000 and total debts of $199,000,000. As of June 30,
2008, the Debtor listed $52,962,174 in total assets and
$39,302,455 in total debts.
Sharper Image sought and obtained the Court's approval to change
its name to "TSIC, Inc." in relation to an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners, LLC,
GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco Consumer
Capital, LLC.
TARRAGON CORP: Ends April 2010 With $2.1 Mln. in Unrestricted Cash
------------------------------------------------------------------
Tarragon Corporation and certain of its direct and indirect
subsidiaries and affiliates filed on June 3, 2010, their
unaudited monthly operating reports for the period April 1, 2010,
through April 30, 2010, with the United States Bankruptcy
Court for the District of New Jersey.
As previously disclosed, it is not expected that there will be any
distribution to Tarragon equity holders in conjunction with the
Debtors' bankruptcy cases pending before the Bankruptcy Court. In
this regard, the Debtors' proposed plan of reorganization
currently on file with the Bankruptcy Court does not provide for
any distribution to Tarragon equity holders.
Tarragon Corporation's consolidating income statement for the
sixteen months ended March 31, 2010, showed a net loss of
$142.2 million on total revenue of $141.7 million.
At April 30, 2010, Tarragon Corporation's consolidating balance
sheet showed $523.4 million in total assets, $895.5 million of
total liabilities, for a stockholders deficit of $372.0 million.
Tarragon Corporation's cash and cash equivalents were $2.1 million
at April 30, 2010, compared with cash and cash equivalents of
$3.1 million at March 31, 2010. Restricted cash was $12.4 million
at April 30, 2010, compared with $12.1 million at March 31, 2010.
A full-text copy of the Debtor's' monthly operating report for the
month ended April 30, 2010, is available for free at:
http://researcharchives.com/t/s?649a
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.
TLC VISION: Posts $4.2 Million Net Loss in February
---------------------------------------------------
TLC Vision (USA) Corporation reported a net loss attributable to
TLC of $4,205,659 on zero revenue for February 2010.
At February 28, 2010, TLC Vision (USA) had total assets of
($4,878,726), total liabilities of $121,864,470, and net owner
equity of ($126,743,196).
TLC Vision Corporation reported a net loss attributable to TLC of
$435,901 on $660,541 of revenue for February.
At February 28, 2010, TLC Vision Corporation had $459,153,409 in
total assets, $10,417,788 in total liabilities, and $448,735,621
in net owner equity.
TLC Management Services Inc. reported net income of $883 on
$43,030 of revenue for February.
At February 28, 2010, TLC Management had total assets of
$25,813,171, total liabilities of $11,710,295, and net owner
equity of $14,102,876.
A full-text copy of the Debtors' February 2010 monthly operating
report is available at no charge at:
http://bankrupt.com/misc/tlcvision.february2010mor.pdf
Based in Chesterfield, Mo., TLC Vision Corporation
-- http://www.tlcvision.com/-- is North America's premier eye
care services company, providing eye doctors with the tools and
technologies needed to deliver high-quality patient care. Through
its centers' management, technology access service models,
extensive optometric relationships, direct to consumer advertising
and managed care contracting strength, TLC Vision maintains
leading positions in Refractive, Cataract and Eye Care markets.
TLC Vision Corporation and two of its wholly owned subsidiaries,
TLC Vision (USA) Corporation, and TLC Management Services, Inc.
filed petitions for Chapter 11 on Dec. 21, 2009 (Bankr. D. Del.
Case No. 09-14473). The petition says assets and debts are
$100 million to $500 million.
The Company's lead U.S. restructuring counsel is the law firm of
Proskauer Rose LLP and Canadian restructuring counsel is the law
firm of Torys LLP. The Company's financial advisor is Conway Del
Genio Gries & Co., LLC. Epiq Bankruptcy Solutions is claims and
notice agent.
As reported in the Troubled Company Reporter on May 21, 2010,
TLC Vision (USA) Corporation officially emerged from Chapter 11 as
a newly reorganized private company.
TLC VISION: Posts $4.8 Million Net Loss in March
------------------------------------------------
TLC Vision (USA) Corporation reported a net loss attributable to
TLC of $4,815,703 on zero revenue for March 2010.
At March 31, 2010, TLC Vision (USA) had total assets of
($8,805,412), total liabilities of $122,716,066, and net owner
equity of ($131,521,478).
TLC Vision Corporation reported a net loss attributable to TLC of
$570,016 on $708,136 of revenue for March.
At March 31, 2010, TLC Vision Corporation had $458,508,169 in
total assets, $9,820,302 in total liabilities, and $448,687,867 in
net owner equity.
TLC Management Services Inc. reported net income of $303,191 on
$96,140 of revenue for March.
At March 31, 2010, TLC Management had total assets of
$26,502,582, total liabilities of $12,336,785, and net owner
equity of $14,165,798.
A full-text copy of the Debtors' March 2010 monthly operating
report is available at no charge at:
http://bankrupt.com/misc/tlcvision.march2010mor.pdf
Based in Chesterfield, Mo., TLC Vision Corporation
-- http://www.tlcvision.com/-- is North America's premier eye
care services company, providing eye doctors with the tools and
technologies needed to deliver high-quality patient care. Through
its centers' management, technology access service models,
extensive optometric relationships, direct to consumer advertising
and managed care contracting strength, TLC Vision maintains
leading positions in Refractive, Cataract and Eye Care markets.
TLC Vision Corporation and two of its wholly owned subsidiaries,
TLC Vision (USA) Corporation, and TLC Management Services, Inc.
filed petitions for Chapter 11 on Dec. 21, 2009 (Bankr. D. Del.
Case No. 09-14473). The petition says assets and debts are
$100 million to $500 million.
The Company's lead U.S. restructuring counsel is the law firm of
Proskauer Rose LLP and Canadian restructuring counsel is the law
firm of Torys LLP. The Company's financial advisor is Conway Del
Genio Gries & Co., LLC. Epiq Bankruptcy Solutions is claims and
notice agent.
As reported in the Troubled Company Reporter on May 21, 2010,
TLC Vision (USA) Corporation officially emerged from Chapter 11 as
a newly reorganized private company.
TLC VISION: Posts $3.2 Million Net Loss in April
------------------------------------------------
TLC Vision (USA) Corporation reported a net loss attributable to
TLC of $3,193,491 on zero revenue for April 2010.
At April 30, 2010, TLC Vision (USA) had total assets of
($12,717,962), total liabilities of $122,440,797, and net owner
equity of ($135,158,759).
TLC Vision Corporation reported a net loss attributable to TLC of
$685,288 on $903,666 of revenue for April.
At April 30, 2010, TLC Vision Corporation had $457,732,356 in
total assets, $9,478,762 in total liabilities, and $448,253,594 in
net owner equity.
TLC Management Services Inc. reported net income of $216,197 on
$40,798 of revenue for April.
At April 30, 2010, TLC Management had total assets of
$25,960,533, total liabilities of $11,814,553, and net owner
equity of $14,145,980.
A full-text copy of the Debtors' April 2010 monthly operating
report is available at no charge at:
http://bankrupt.com/misc/tlcvision.april2010mor.pdf
Based in Chesterfield, Mo., TLC Vision Corporation
-- http://www.tlcvision.com/-- is North America's premier eye
care services company, providing eye doctors with the tools and
technologies needed to deliver high-quality patient care. Through
its centers' management, technology access service models,
extensive optometric relationships, direct to consumer advertising
and managed care contracting strength, TLC Vision maintains
leading positions in Refractive, Cataract and Eye Care markets.
TLC Vision Corporation and two of its wholly owned subsidiaries,
TLC Vision (USA) Corporation, and TLC Management Services, Inc.
filed petitions for Chapter 11 on Dec. 21, 2009 (Bankr. D. Del.
Case No. 09-14473). The petition says assets and debts are
$100 million to $500 million.
The Company's lead U.S. restructuring counsel is the law firm of
Proskauer Rose LLP and Canadian restructuring counsel is the law
firm of Torys LLP. The Company's financial advisor is Conway Del
Genio Gries & Co., LLC. Epiq Bankruptcy Solutions is claims and
notice agent.
As reported in the Troubled Company Reporter on May 21, 2010,
TLC Vision (USA) Corporation officially emerged from Chapter 11 as
a newly reorganized private company.
THORNBURG MORTGAGE: Ends May 2010 With $116.6 Million Cash
----------------------------------------------------------
On June 18, 2010, the Chapter 11 trustee for TMST, Inc.,
formerly known as Thornburg Mortgage, Inc., filed on
behalf of the Debtors, except for ADFITECH, Inc., a monthly
operating report for May 2010. ADFITECH is no longer a wholly-
owned subsidiary of the Company and, therefore, its operating
reports are no longer required to be filed by the Company.
TMST, Inc., et al., ended May with $116,601,243 cash. The
Debtors reported a net loss of $895,845 on net operating revenue
of $17,381 for the month.
At May 31, 2010, the Debtors had $118,758,363 in total assets,
$3,428,446,692 of total liabilities, and ($3,309,688,329) of
owners' euqity.
A full-text copy of the TMST, Inc.'s May 2010 monthly operating
report is available for free at:
http://researcharchives.com/t/s?6550
Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages. It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets. Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.
Thornburg Mortgage, Inc., and its four affiliates filed for
Chapter 11 on May 1 (Bankr. D. Md. Lead Case No. 09-17787).
Thornburg has changed its name to TMST, Inc.
Judge Duncan W. Keir is handling the case. David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, has been tapped as
counsel. Orrick, Herrington & Sutcliffe LLP is employed as
special counsel. Jim Murray, and David Hilty, at Houlihan Lokey
Howard & Zukin Capital, Inc., have been tapped as investment
banker and financial advisor. Protiviti Inc. has also been
engaged for financial advisory services. KPMG LLP is the tax
consultant. Epiq Systems, Inc., is claims and noticing agent. In
its bankruptcy petition, Thornburg listed total assets of
$24,400,000,000 and total debts of $24,700,000,000, as of
January 31, 2009.
On October 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc. and TMST Hedging
Strategies, Inc.
TRUMP ENTERTAINMENT: Posts $2.7 Million Net Loss in May
-------------------------------------------------------
On June 18, 2010, Trump Entertainment Resorts, Inc., and certain
of its direct and indirect subsidiaries filed their monthly
operating report for the month ended May 31, 2010, with the
United States Bankruptcy Court for the District of New Jersey in
Camden, New Jersey.
The Debtors reported a consolidated net loss of $2.7 million on
net revenues of $63.4 million for the period.
At May 31, the Debtors had $1.371 billion in total assets
and $2.104 billion in total liabilities. Cash and cash
equivalents were roughly $63.1 million at May 31, 2010, compared
with roughly $62.7 million at the beginning of the period.
A full-text copy of the monthly operating report is available at
no charge at http://researcharchives.com/t/s?6528
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. Garden City Group is the claims agent.
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. 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
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Each Tuesday edition of the TCR contains a list of companies with
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share in public markets. At first glance, this list may look like
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Don't be fooled. Assets, for example, reported at historical cost
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liabilities delivered to nation's bankruptcy courts. The list
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petitions in Acrobat PDF format.
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Monthly Operating Reports are summarized in every Saturday edition
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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.
*********
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