TCR_Public/100724.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Saturday, July 24, 2010, Vol. 14, No. 203

                            Headlines

CHEMTURA CORP: Posts $11 Million Net Loss in June
CIRCUIT CITY: Has $450,731,000 Cash at End of May
CMR MORTGAGE: Posts $4.5 Million Net Loss in June
EXTENDED STAY: Reports $16,174,000 Net Loss for June
FIRSTFED FINANCIAL: Posts $45,384 Net Loss in May

FIRSTFED FINANCIAL: Posts $441,022 Net Loss in June
GENERAL MOTORS: Old GM Has $972,375,000 Cash at End of May
GUARANTY FINANCIAL: Posts $46,789 Net Loss in June
LEHMAN BROTHERS: Cash Increases to $18.92 Billion in June
LTV CORPORATION: Ends June 2010 With $8,207,000 Cash

SHARPER IMAGE: Ends May 2010 With $3,702,549 Cash
VINEYARD NATIONAL: Posts $92,948 Net Loss in June

                            *********

CHEMTURA CORP: Posts $11 Million Net Loss in June
-------------------------------------------------
On July 15, 2010, Chemtura Corporation filed with the U.S.
Bankruptcy Court for the Southern District of New York its monthly
operating report for June 2010.

Chemtura Corporation reported a net loss of $11 million on net
sales of $227 million for June.  Reorganization items, net
amounted to $17 million.

At June 30, 2010, Chemtura had $4.011 billion in total assets and
$4.094 billion in total liabilities, for a stockholders' deficit
of $83 million.

The Debtor had cash and cash equivalents of $57 million at the end
of June, compared with cash and cash equivalents of $23 million
at the beginning of the period.

A full-text copy of the June 2010 monthly operating report is
available at no charge at http://researcharchives.com/t/s?66e8

                      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 $450,731,000 Cash at End of May
-------------------------------------------------
               Circuit City Stores, Inc., et al.
                         Balance Sheet
                      As of May 31, 2010

                             ASSETS

Current Assets
Cash and cash equivalents                        $450,731,000
Restricted cash                                    16,019,000
Short-term investments                                      0
Accounts receivable, net                          242,815,000
Tax receivable                                     57,104,000
Prepaid expenses and other current assets           3,996,000
Intercompany receivables and investments           85,134,000
   in subsidiaries
                                                --------------
Total Current Assets                               855,799,000

Property and Equipment                               3,847,000
Accumulated depreciation                              (690,000)
                                                --------------
Net Property and Equipment                          3,157,000

Other Assets                                        20,183,000
                                                --------------
TOTAL ASSETS                                      $879,139,000
                                                ==============

              LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
Merchandise payable                              $152,560,000
Expenses payable                                   22,684,000
Accrued expenses and other current                 22,265,000
   liabilities
Intercompany payables                                       0
                                                --------------
Total Current Liabilities                          197,509,000

Deferred income taxes                                7,084,000
Other Liabilities                                            0
                                                --------------
Liabilities Not Subject to Compromise              204,593,000

Liabilities Subject to Compromise                1,471,631,000
                                                --------------
Total Liabilities                                1,676,224,000

Stockholders' Equity
Common stock                                      435,612,000
Additional paid-in capital                        304,915,000
Retained deficit                               (1,527,844,000)
Accumulated other comprehensive income             (9,768,000)
                                                --------------
Total Stockholders' Equity                        (797,085,000)
                                                --------------
Total Liabilities & Shareholders' Deficit         $879,139,000
                                                ==============

               Circuit City Stores, Inc., et al.
                        Income Statement
              For the Month Ended May 31, 2010

Net sales                                                   $0
Cost of sales, buying and warehousing                        0
                                                --------------
Gross profit (loss)                                          0

Selling, general and administrative expenses         2,283,000
(net gain)
Asset impairment charges                                     0
                                                --------------
Operating income                                    (2,283,000)

Interest income                                              0
Interest expense                                             0
                                                --------------
Loss before reorganization items, GAAP              (2,283,000)
reversals and income taxes

Net loss from reorganization items                 (13,589,000)
Net gain from GAAP reversals                                 0
Income tax expense                                  (1,412,000)
                                                --------------
NET LOSS                                          ($17,284,000)
                                                ==============

                       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.

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 $4.5 Million Net Loss in June
-------------------------------------------------
CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of California on July 20, 2010, its
monthly operating report for the month ended June 30, 2010.

The Company reported a net loss of $4,491,255 on total revenues of
($199,564) for the month of June 2010.

At June 30, 2010, the Debtor had total assets of $58,481,893,
total liabilities of $37,971,259, and total equity of $20,510,634.

A full-text copy of the Debtor's operating report for June 2010
is available for free at http://researcharchives.com/t/s?66ee

                    About CMR Mortgage Fund II

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.


EXTENDED STAY: Reports $16,174,000 Net Loss for June
----------------------------------------------------

                 Extended Stay Inc., et al.
                   Combined Balance Sheet
                    As of June 30, 2010

ASSETS
Current assets
Cash and cash equivalents, unrestricted            $1,967,000
Debtor in possession cash account                  63,033,000
Cash management account, including
   deposits in transit                              16,474,000
Accounts receivable, net of allowance
   for doubtful accounts                            16,272,000
Restricted cash                                     2,858,000
Other current assets                               29,124,000
Investment in derivative instruments,
   At fair value                                             -
Due from insiders - non-debtor affiliates                   -
                                                --------------
Total current assets                               129,728,000

Property and equipment,
net of accumulated depreciation                 6,181,494,000
Undeveloped land                                     1,100,000
Deferred financing costs,
net of accumulated amortization                             -
Trademarks                                          13,182,000
License of trademarks,
net of accumulated amortization                     8,343,000
Under market trademark licenses,
net of accumulated amortization                    11,617,000
Intangible assets, net of accumulated amortization  16,376,000
Other assets                                         7,374,000
                                                --------------
Total assets                                    $6,369,214,000
                                                ==============

LIABILITIES AND SHAREHOLDERS/MEMBERS' (DEFICIT) EQUITY
Liabilities not subject to compromise
Current liabilities
Accounts payable                                     $135,000
Accrued occupancy taxes payable                     4,728,000
Accrued state franchise tax                         1,562,000
Accrued sales and use taxes payable                 3,884,000
Accrued property & general liability
   insurance reserves                                4,077,000
Accrued utilities                                   5,288,000
Other property accruals                             1,207,000
Deferred revenue                                   10,858,000
General and administrative accruals                 1,581,000
Accrued professional fees - billings rendered       8,484,000
Accrued professional fees - accrual estimate        2,900,000
Accrued real estate taxes                          27,453,000
Accrued interest payable                            9,352,000
Income taxes payable - state                          354,000
Advance from insider                                7,944,000
Due to insiders - non-debtor affiliates            29,414,000
                                                --------------
Total current liabilities                          119,221,000

Other liabilities                                    4,927,000
Deferred income tax liability - noncurrent       1,102,082,000
                                                --------------
Total liabilities not subject to compromise      1,226,230,000

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               (1,481,825,000)

Total shareholders'/members' (deficit) equity   (2,279,092,000)
                                                --------------
Total liabilities and shareholders'/members'
  (deficit) equity                              $6,369,214,000
                                                ==============

                   Extended Stay Inc., et al.
                Combined Statement of Operations
               For the period June 1 to 30, 2010

Revenues
Room revenues                                     $76,051,000
Other property revenues                             1,823,000
                                                --------------
Total revenues                                      77,874,000

Operating expenses
Property operating expenses                        35,980,000
Corporate operating expenses                          945,000
Officer/Insider Compensation                                -
Trademark license fees expense                         82,000
Management fees and G&A reimbursement expense       5,469,000
Depreciation and amortization                      30,999,000
(Gain)/ Loss on disposition of property and equip     340,000
Impairment of property and equipment                        -
Impairment of intangibles/allowances                        -
                                                --------------
Total operating expenses                            73,815,000

Other income                                                 -
                                                --------------
Operating loss                                       4,059,000

Interest expense                                   (17,523,000)
Loss on investments in debt securities &
interest rate caps                                          -
Interest income                                          2,000
Tax expense, current                                   (68,000)
Tax expense, deferred                                 (345,000)
                                                --------------
Net loss before reorganization items               (13,875,000)

Reorganization items
Professional fees                                   2,259,000
Professional fees - YE GAAP accrual estimate                -
U.S. Trustee quarterly fees                            40,000
Reorganization expense - deferred financing cost            -
Reorganization expense - discount write-off                 -
Interest earned on accumulated cash from Chapter 11         -
                                                --------------
Total reorganization items                           2,299,000
                                                --------------
Net loss                                          ($16,174,000)
                                                ==============

The Debtors reported $84,251,997 in total cash receipts and
$78,845,296 in total disbursements for June 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).


FIRSTFED FINANCIAL: Posts $45,384 Net Loss in May
-------------------------------------------------
FirstFed Financial Corp. filed on June 3, 2010, a monthly
operating report for the month of May 2010 with the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division.  The report is unaudited and is not
presented in accordance with generally accepted accounting
principles in the United States.

The Company reported a net loss of $45,384 on zero revenue for the
period.

At May 31, 2010, the Company had $4,463,741 in assets,
$159,622,934 of liabilities, and ($155,159,192) of equity.  The
Company ended the period with $4,315,336 in cash.

A full-text copy of the  May 2010 operating report is available
for free at http://researcharchives.com/t/s?6461

                     About FirstFed Financial

Irvine, Calif.-based FirstFed Financial Corp. is the bank
holding company for First Federal Bank of California and its
subsidiaries.  The Bank was closed by federal regulators on
December 18, 2009.

FirstFed Financial Corp. filed for Chapter 11 protection on
Jan. 6, 2010 (Bankr. C.D. Calif. Case No. 10-10150).  Jon L.
Dalberg, Esq., at Landau Gottfried & Berger LLP, represents the
Debtor in its restructuring efforts.  In its petition, the Debtor
listed assets of between $1 million and $10 million, and debts of
between $100 million and $500 million.


FIRSTFED FINANCIAL: Posts $441,022 Net Loss in June
---------------------------------------------------
FirstFed Financial Corp. filed on July 15, 2010, a monthly
operating report for the month of June 2010 with the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division.  The report is unaudited and is not
presented in accordance with generally accepted accounting
principles in the United States.

The Company reported a net loss of $441,022 on zero revenue for
the period.

At June 30, 2010, the Company had $4,615,796 in assets,
$159,716,820 of liabilities, and ($155,101,024) of equity.  The
Company ended the period with $4,290,441 in cash.

A full-text copy of the June 2010 operating report is available
for free at http://researcharchives.com/t/s?66ed

                     About FirstFed Financial

Irvine, Calif.-based FirstFed Financial Corp. is the bank
holding company for First Federal Bank of California and its
subsidiaries.  The Bank was closed by federal regulators on
December 18, 2009.

FirstFed Financial Corp. filed for Chapter 11 protection on
Jan. 6, 2010 (Bankr. C.D. Calif. Case No. 10-10150).  Jon L.
Dalberg, Esq., at Landau Gottfried & Berger LLP, represents the
Debtor in its restructuring efforts.  In its petition, the Debtor
listed assets of between $1 million and $10 million, and debts of
between $100 million and $500 million.


GENERAL MOTORS: Old GM Has $972,375,000 Cash at End of May
----------------------------------------------------------
              Motors Liquidation Company, et al.
      Unaudited Condensed Combined Statement of Net Assets
                     As of May 31, 2010

ASSETS:
Cash and cash equivalents                           $972,375,000
Due from affiliates                                        4,000
Other receivables                                         51,000
Prepaid expenses                                       3,327,000
Other current assets                                  24,253,000
                                               -----------------
Total Current Assets                              1,000,010,000

Property, plant and equipment
Land and building                                    77,957,000
Machinery and equipment                              46,898,000
                                               -----------------
Total property, plant and equipment                 124,855,000

Investment in GMC                                              -
Restricted cash                                       89,600,000
Other assets                                             224,000
                                               -----------------
Total Assets                                      $1,214,689,000
                                               =================

LIABILITIES:
DIP Financing                                     $1,213,759,000
Accounts payable                                       9,546,000
Due to GM LLC                                            894,000
Due to affiliates                                      1,260,000
Accrued sales, use and other taxes                     1,878,000
Accrued professional fees                             42,108,000
Other accrued liabilities                             17,064,000
                                               -----------------
Total current liabilities                         1,286,509,000

Liabilities subject to compromise                 32,216,370,000
                                               -----------------
Total Liabilities                                 33,502,879,000
                                               -----------------
Net Assets (Liabilities)                        ($32,288,190,000)
                                               =================

              Motors Liquidation Company, et al.
      Unaudited Condensed Combined Statement of Operations
               For the Month Ended May 31, 2010

Rental and other income                               $1,689,000
Selling, administrative and other expenses             4,673,000
                                               -----------------
Operating loss                                        (2,984,000)

Interest expense                                       5,226,000
Interest income                                         (370,000)
                                               -----------------
Loss before reorganization items
& income taxes                                       (7,840,000)

Reorganization items (gain)/loss                       6,376,000
                                               -----------------
Income (Loss) before income taxes                    (14,216,000)
Income taxes                                              1,000
                                               -----------------
Net Income (Loss)                                   ($14,217,000)
                                               =================

              Motors Liquidation Company, et al.
      Unaudited Condensed Combined Statement of Cash Flows
              For the Month Ended May 31, 2010

Cash Flows from Operating Activities:
Net Income                                         ($14,217,000)

Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Non-cash interest expense                             5,226,000
Reorganization items (gain)/loss                      6,376,000
Reorganization related payments                     (10,569,000)

Changes in assets & liabilities
Due from affiliates                                           -
Prepaid expenses                                        351,000
Due to /(due from) GM LLC                              (348,000)
Other receivables                                             -
Other current assets                                          -
Other assets                                                  -
Accounts payable                                      1,235,000
Accrued payroll & employee benefits                           -
Accrued sales, use and other taxes                      440,000
Other accrued liabilities                                77,000
                                               -----------------
Net Cash used in Operating Activities                (11,429,000)

Cash Flows from Investing Activities:
Proceeds from disposal of assets                        162,000
Proceeds from sale & dissolution
of subsidiaries                                               -
Changes in restricted cash                                    -
                                               -----------------
Net cash provided by investing activities               162,000
                                               -----------------
Decrease in cash & cash equivalents                  (11,267,000)
Cash & cash equivalents at beginning of period       983,642,000
                                               -----------------
Cash & cash equivalents at end of period            $972,375,000
                                               =================

Motors Liquidation Co. Vice President and Treasurer James Selzer
said that for the month ended May 31, 2010, the Debtors paid a
total of $9,459,000 to 13 professionals retained in their
Chapter 11 cases:

Professional                                   Payment
------------                                   -------
Weil, Gotshal & Manges LLP                   $3,503,000
AP Services, LLC                              3,237,000
FTI Consulting, Inc.                            846,000
Kramer Levin Naftalis & Frankel LLP             506,000
Plante & Moran, PLLC                            417,000
LFR, Inc.                                       263,000
Garden City Group                               239,000
Butzel Long, PC                                 122,000
Brownfield Partners, LLC                        117,000
Caplin & Drysdale, Chartered                     99,000
Jenner & Block LLP                               58,000
Jones Day                                        49,000
Claro Group, LLC                                  3,000

A full-text copy of the May 2010 Operating Report is available for
free at http://bankrupt.com/misc/GMMay2010MOR.pdf

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers.  GM employs 207,000 people in every major region of
the world and does business in some 140 countries.  GM and its
strategic partners produce cars and trucks in 34 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, Germany, the United Kingdom,
Canada, and Italy.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At March 31, 2010, GM had US$136.021 billion in total assets,
total liabilities of US$105.970 billion and preferred stock of
US$6.998 billion, and non-controlling interests of US$814 million,
resulting in total equity of US$23.053 billion.

                   About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


GUARANTY FINANCIAL: Posts $46,789 Net Loss in June
---------------------------------------------------
On July 15, 2010, Guaranty Financial Group Inc. and each of its
wholly owned subsidiaries, Guaranty Group Ventures Inc., Guaranty
Holdings Inc., and Guaranty Group Capital Inc. filed their
unaudited monthly operating reports for June 2010 with the United
States Bankruptcy Court for the Northern District of Texas, Dallas
Division.

Guaranty Financial Group reported a net loss of $46,789 for the
month of June 2010.  The Debtor incurred a total of $34,308 in
professional fees for the month.

At June 30, 2010, Guaranty Financial Group had $12,340,604 in
total assets, $329,180,082 in total liabilities, and
($316,839,478) in total equity.

A full-text copy of Guaranty Financial Group's monthly operating
report is available for free at:

               http://researcharchives.com/t/s?66e9

Guaranty Group Ventures reported net income of $620 for the month
of June 2010.

At June 30, 2010, Guaranty Group Ventures had $12,239,487 in
total assets, $371,185 in total liabilities, and $11,868,302 in
total equity.

A full-text copy of Guaranty Group Ventures' monthly operating
report is available for free at:

               http://researcharchives.com/t/s?66ea

Guaranty Holdings reported $1 profit for the month of
June 2010.

At June 30, 2010, Guaranty Holdings had $7,495 in total assets
and $7,495 in total equity.

A full-text copy of Guaranty Holdings' monthly operating report is
available for free at http://researcharchives.com/t/s?66eb

Guaranty Group Capital reported net income of $611 for the month
of June 2010.

At June 30, 2010, Guaranty Group Capital had $4,172,505 in total
assets and $4,172,505 in total equity.

A full-text copy of Guaranty Group Capital's monthly operating
report is available for free at:

               http://researcharchives.com/t/s?66ec

                     About Guaranty Financial

Guaranty Financial Group Inc. -- http://www.guarantygroup.com/--
is based in Dallas, Texas.  Guaranty Financial is a unitary
savings and loan holding company. The Company's primary operating
entities are Guaranty Bank and Guaranty Insurance Services, Inc.
Guaranty Financial filed for bankruptcy after the Guaranty bank
was seized by regulators and sent to receivership under the
Federal Deposit Insurance Corporation.  Before the bank was taken
over, the balance sheet of the holding company had $15.4 billion
in assets as of Sept. 30, 2008.

Guaranty Financial together with affiliates filed for Chapter 11
on Aug. 27, 2009 (Bankr. N.D. Tex. Case No. 09-35582).  Attorneys
at Haynes & Boone, LLP, represent the Debtors.  According to the
schedules attached to its petition, the Company has assets of at
least $24,295,000, and total debts of $323,413,428, including
$305 million in trust preferred security.


LEHMAN BROTHERS: Cash Increases to $18.92 Billion in June
---------------------------------------------------------
Bill Rochelle at Bloomberg News reports that Lehman Brothers
Holdings Inc. said in its monthly operating report that it had
$18.92 billion cash at the end of June.  Cash rose by about
$525 million during the month.  Cash receipts in the month were
$1.9 billion.

According to the report, Lehman Brothers Special Financing Inc.
led the Lehman companies with $7.4 billion cash.  In second place
was Lehman Commercial Paper Inc. with $3.3 billion, followed by
the holding company with $2.1 billion.

Professional fees since the case began now total $873 million,
including $42.7 million in June.  Alvarez & Marsal LLC, the
financial advisers, billed $15.6 million in June, bringing the
total since September 2008 to $311.6 million. The fees for Weil
Gotshal & Manges LLP, chief bankruptcy counsel, now total
$200.6 million, including $9.8 million in June.  Attorneys for the
official creditors' committee from Milbank Tweed Hadley & McCloy
LLP have been paid $56.5 million, including $3.6 million in June.

                        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 US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


LTV CORPORATION: Ends June 2010 With $8,207,000 Cash
----------------------------------------------------
On July 19, 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
June 30, 2010.

LTV ended the period with a $8,207,000 cash balance.  LTV reported
$263,000 in disbursements in June, including $232,000 paid to
Chapter 11 professionals.  Beginning cash was $8,465,000.

A full-text copy of the Debtors' June 2010 operating report is
available at no charge at http://researcharchives.com/t/s?66ef

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.


SHARPER IMAGE: Ends May 2010 With $3,702,549 Cash
-------------------------------------------------
TSIC, Inc., formerly known as The Sharper Image Corporation, filed
with the U.S. Bankruptcy Court for the District of Delaware on
July 19, 2010, its monthly operating report for May 2010.

TSIC ended May 2010 with $3,702,549 in unrestricted cash and
equivalents.  TSIC paid a total of $21,580 in professional fees
and reimbursed a total of $12,273 in professional expenses during
the month.

TSIC reported a net loss of $63,220 for the month.

At May 31, 2010, TSIC had $7,273,953 in total assets,
($99,039,917) in total liabilities, and $91,765,965 in net
owner's equity.

A full-text copy of TSIC's May 2010 monthly operating report
is available at no charge at http://researcharchives.com/t/s?66f1

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.


VINEYARD NATIONAL: Posts $92,948 Net Loss in June
-------------------------------------------------
On July 15, 2010, Vineyard National Bancorp filed its unaudited
report for the month of June 2010 with the Office of the
United States Trustee.

The Company ended June 2010 with $1,097,934 cash in its general
account.  The Company had total assets of $1,257,502 and total
liabilities of $181,690,313.

The Company reported a net loss of $92,948 in June 2010.

A full-text copy of the Debtor's June 2010 monthly operating
report is available for free at:

               http://researcharchives.com/t/s?669f

                    About Vineyard National

Vineyard National Bancorp (NASDAQ: VNBC) (AMEX: VXC.PR.D) --
http://www.vineyardbank.com/-- was the holding company for
Vineyard Bank, National Association, which provides community
banking services to businesses and individuals.

Vineyard Bank was closed July 17 by regulators, which appointed
the Federal Deposit Insurance Corporation as receiver.  To protect
the depositors, the FDIC entered into a purchase and assumption
agreement with California Bank & Trust, San Diego, California, to
assume all of the deposits of Vineyard Bank, N.A., excluding those
from brokers.

As of March 31, 2009, Vineyard Bank, N.A., had total assets of
$1.9 billion and total deposits of roughly $1.6 billion.  In
addition to assuming all of the deposits of the failed bank,
California Bank & Trust agreed to purchase roughly $1.8 billion of
assets.  The FDIC will retain the remaining assets for later
disposition.  California Bank & Trust purchased all deposits,
except about $134 million in brokered deposits, held by Vineyard
Bank, N.A.

Vineyard National Bancorp filed for Chapter 11 on June 21, 2009
(Bankr. C.D. Calif. Case No. 09-26401).



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


                  *** End of Transmission ***