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/raid1/www/Hosts/bankrupt/TCR_Public/101030.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, October 30, 2010, Vol. 14, No. 301 Headlines ACCENTIA BIOPHARMA: Files September 2010 Monthly Operating Report BANKUNITED FINANCIAL: Posts $246,500 Net Loss in September BH S&B: Posts $375,200 Net Loss in June BH S&B: Posts $492,500 Net Loss in July BH S&B: Posts $185,400 Net Loss in August BH S&B: Posts $171,200 Net Loss in September BIOVEST INT'L: Files September 2010 Monthly Operating Report CATHOLIC CHURCH: Wilmington Has $1.3 Million Cash at August 31 COLONIAL BANCGROUP: Ends September 2010 With $39.6 Million Cash CYNERGY DATA: Current Assets at $31.3 Million as of Sept. 30 EXTENDED STAY: Incurs $52,776,000 Net Loss for September FIRSTFED FINANCIAL: Ends September 2010 With $4.2 Million Cash GOTTSCHALKS INC: Has $9.2 Million Cash at October 2 LEHMAN BROTHERS: Has $20.278 Billion Cash at September 30 MESA AIR: Reports $82 Million Net Loss in September MIG INC: Posts $1.5 Million Net Loss in August MIG INC: Posts $416,600 Net Loss in September NORTEL NETWORKS: U.S. Debtors Post $3MM Profit in August PENN TRAFFIC: Posts $77,000 Net Loss in Period Ended September 25 PFF BANCORP: Posts $191,200 Net Loss in September SHARPER IMAGE: Ends September 2010 With $6.9 Million Cash THORNBURG MORTGAGE: Ends September 2010 With $114.3 Million Cash TRIBUNE CO: Posts $131,423,000 Profit in September ********* ACCENTIA BIOPHARMA: Files September 2010 Monthly Operating Report ----------------------------------------------------------------- On October 21, 2010, Accentia BioPharmaceuticals, Inc., and certain of its affiliates filed their unaudited combined monthly operating report for September 2010 with the United States Bankruptcy Court for the Middle District of Florida, Tampa Division. Their schedule of receipts and disbursements for September 2010 showed: Funds at beginning of period $126,708 Total Receipts $146,566 Total Funds Available for Operations $273,275 Total Disbursements $230,165 Funds at September 30, 2010 $43,109 A full-text copy of the Debtors' monthly operating report for September 2010 is available at no charge at: http://researcharchives.com/t/s?6d22 Headquartered in Tampa, Florida, Accentia BioPharmaceuticals Inc. (Nasdaq: ABPI) -- http://www.accentia.net/-- is a vertically integrated biopharmaceutical company focused on the development and commercialization of drug candidates that are in late-stage clinical development and typically are based on active pharmaceutical ingredients that have been previously approved by the FDA for other indications. The Company's lead product candidate is SinuNase(TM), a novel application and formulation of a known therapeutic to treat chronic rhinosinusitis. Additionally, the Company acquired the majority ownership interest in Biovest International Inc. and a royalty interest in Biovest's lead drug candidate, BiovaxID(TM) and any other biologic products developed by Biovest. The Company also has a specialty pharmaceutical business, which markets products focused on respiratory disease and an analytical consulting business that serves customers in the biopharmaceutical industry. Accentia BioPharmaceuticals and nine affiliates filed for Chapter 11 protection on November 10, 2008 (Bankr. M.D. Fla. Lead Case No. 08-17795). Charles A. Postler, Esq., and Elena P. Ketchum, Esq., at Stichter, Riedel, Blain & Prosser, in Tampa, Florida; and Jonathan B. Sbar, Esq., at Rocke, McLean & Sbar, P.A., represent the Debtors as counsel. Adam H. Friedman, Esq., at Olshan Grundman Frome Rosenzweig, and Paul J. Battista, Esq., at Genovese Joblove & Battista PA, represent the official committee of unsecured creditors as counsel. In their bankruptcy petition, the Debtors disclosed assets of $134,919,728 and debts of $77,627,355 as of June 30, 2008. BANKUNITED FINANCIAL: Posts $246,500 Net Loss in September ---------------------------------------------------------- On October 20, 2010, BankUnited Financial Corporation, together with its subsidiaries BankUnited Financial Services, Inc., and CRE America Corporation, filed its monthly operating report for September 2010 with the United States Bankruptcy Court for the Southern District of Florida. Funds at September 30, 2010, were $13.3 million, compared to funds of approximately $13.6 million at August 31, 2010. BankUnited Financial Corporation, et al., reported a net loss of $246,500 for the period. At September 30, 2010, BankUnited Financial Corporation, et al., had $38.2 million in total assets, $576.8 million in total liabilities, and a stockholders' deficit of $538.6 million. The September 2010 monthly operating report is available at no charge at http://researcharchives.com/t/s?6d20 About BankUnited Financial BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) -- http://www.bankunited.com/-- was the holding company for BankUnited FSB, the largest banking institution headquartered in Coral Gables, Florida. On May 21, 2009, BankUnited FSB was closed by regulators and the Federal Deposit Insurance Corporation facilitated a sale of the bank to a management team headed by John Kanas, a veteran of the banking industry and former head of North Fork Bank, and a group of investors led by W.L. Ross & Co. BankUnited, FSB, had assets of $12.8 billion and deposits of $8.6 billion as of May 2, 2009. The Company and its affiliates filed for Chapter 11 on May 22, 2009 (Bankr. S.D. Fla. Lead Case No. 09-19940). Stephen P. Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen LLP; Mark D. Bloom, Esq., and Scott M. Grossman, Esq., at Greenberg Traurig, LLP; and Michael C. Sontag, at Camner, Lipsitz, P.A., represent the Debtors as counsel. Corali Lopez-Castro, Esq., David Samole, Esq., at Kozyak Tropin & Throckmorton, P.A.; and Todd C. Meyers, Esq., at Kilpatrick Stockton LLP, serve as counsel to the official committee of unsecured creditors. In its bankruptcy petition, BankUnited Financial Corp. disclosed $37,729,520 in assets against $559,740,185 in debts. Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York were listed among the company's largest unsecured creditors in their roles as trustees for security issues. BankUnited estimated the Bank of New York claim tied to convertible securities at $184 million. U.S. Bank and Wilmington Trust are owed $120 million and $118.171 million on account of senior notes. BH S&B: Posts $375,200 Net Loss in June --------------------------------------- BH S&B Holdings LLC reported a net loss of $375,156 for June 2010. At June 30, 2010, the Debtor had $8.9 million in total assets, $141.4 million in total liabilities, and an equity deficit of $132.4 million. The Company ended June 2010 with $2,911,445 in unrestricted cash and cash equivalents, from $2,924,412 at the beginning of the period. A copy of the Debtor' monthly operating report for the month of June 2010 is available at no charge at: http://bankrupt.com/misc/bhs&b.june2010mor.pdf About BH S&B 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 to acquire the Steve & Barry's retail chain 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. Bay Harbour Management is an SEC registered investment advisor with significant experience in purchasing distressed companies and effectuating their turnaround. The firm's holdings have included the retailer Barneys New York, the facilities based CLEC Telcove, and the former Aladdin Casino, now operating on the Las Vegas strip as the Planet Hollywood Resort and Casino following its rebranding and turnaround. York Capital Management is an SEC registered investment advisor with offices in New York, London, and Hong Kong with more than $15 billion in assets under management. York Capital was founded in 1991 and specializes in value oriented and event driven equity and credit investments. Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at Cahill Gordon & Reindel LLP, in New York, serve as bankruptcy counsel to BH S&B and its seven affiliates. RAS Management Advisors LLC acts as restructuring advisors, and Kurtzman Carson Consultants LLC as claims and notice agent. About Steve & Barry's Steve & Barry's LLC, and 63 affiliates filed separate voluntary petitions under Chapter 11 (Bankr. S.D.N.Y. Case No. 08-12579) on July 9, 2008, and were represented by Lori R. Fife, Esq., and Shai Waisman, Esq., at Weil, Gotshal & Manges, LLP. Pursuant to a Purchase Agreement with Bay Horbor and York Capital, the retail chain was sold for $163 million. Lead Debtor Steve & Barry's Manhattan LLC (Bankr. S.D.N.Y. Case No. 08-12579) changed its name to Stone Barn Manhattan LLC, and parent company Steve & Barry's LLC (Bankr. S.D.N.Y. Case No. 08-12615) is now known as Steel Bolt LLC. Steve & Barry's LLC disclosed $693,492,000 in total assets and $638,086,000 in total debts in its Chapter 11 petition. BH S&B: Posts $492,500 Net Loss in July --------------------------------------- BH S&B Holdings LLC reported a net loss of $492,499 for July 2010. At July 31, 2010, the Debtor had $8.4 million in total assets, $141.5 million in total liabilities, and an equity deficit of $133.1 million. The Company ended July 2010 with $2,738,445 in unrestricted cash and cash equivalents, from $2,911,445 at the beginning of the period. A copy of the Debtor' monthly operating report for July 2010 is available at no charge at: http://bankrupt.com/misc/bhs&b.july2010mor.pdf About BH S&B 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 to acquire the Steve & Barry's retail chain 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. Bay Harbour Management is an SEC registered investment advisor with significant experience in purchasing distressed companies and effectuating their turnaround. The firm's holdings have included the retailer Barneys New York, the facilities based CLEC Telcove, and the former Aladdin Casino, now operating on the Las Vegas strip as the Planet Hollywood Resort and Casino following its rebranding and turnaround. York Capital Management is an SEC registered investment advisor with offices in New York, London, and Hong Kong with more than $15 billion in assets under management. York Capital was founded in 1991 and specializes in value oriented and event driven equity and credit investments. Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at Cahill Gordon & Reindel LLP, in New York, serve as bankruptcy counsel to BH S&B and its seven affiliates. RAS Management Advisors LLC acts as restructuring advisors, and Kurtzman Carson Consultants LLC as claims and notice agent. About Steve & Barry's Steve & Barry's LLC, and 63 affiliates filed separate voluntary petitions under Chapter 11 (Bankr. S.D.N.Y. Case No. 08-12579) on July 9, 2008, and were represented by Lori R. Fife, Esq., and Shai Waisman, Esq., at Weil, Gotshal & Manges, LLP. Pursuant to a Purchase Agreement with Bay Horbor and York Capital, the retail chain was sold for $163 million. Lead Debtor Steve & Barry's Manhattan LLC (Bankr. S.D.N.Y. Case No. 08-12579) changed its name to Stone Barn Manhattan LLC, and parent company Steve & Barry's LLC (Bankr. S.D.N.Y. Case No. 08-12615) is now known as Steel Bolt LLC. Steve & Barry's LLC disclosed $693,492,000 in total assets and $638,086,000 in total debts in its Chapter 11 petition. BH S&B: Posts $185,400 Net Loss in August ----------------------------------------- BH S&B Holdings LLC reported a net loss of $185,449 for August 2010. At August 31, 2010, the Debtor had $8.2 million in total assets, $141.5 million in total liabilities, and an equity deficit of $133.3 million. The Company ended August 2010 with $2,720,595 in unrestricted cash and cash equivalents, from $2,738,445 at the beginning of the period. A copy of the Debtor' monthly operating report for the month of August 2010 is available at no charge at: http://bankrupt.com/misc/bhs&b.august2010mor.pdf About BH S&B 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 to acquire the Steve & Barry's retail chain 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. Bay Harbour Management is an SEC registered investment advisor with significant experience in purchasing distressed companies and effectuating their turnaround. The firm's holdings have included the retailer Barneys New York, the facilities based CLEC Telcove, and the former Aladdin Casino, now operating on the Las Vegas strip as the Planet Hollywood Resort and Casino following its rebranding and turnaround. York Capital Management is an SEC registered investment advisor with offices in New York, London, and Hong Kong with more than $15 billion in assets under management. York Capital was founded in 1991 and specializes in value oriented and event driven equity and credit investments. Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at Cahill Gordon & Reindel LLP, in New York, serve as bankruptcy counsel to BH S&B and its seven affiliates. RAS Management Advisors LLC acts as restructuring advisors, and Kurtzman Carson Consultants LLC as claims and notice agent. About Steve & Barry's Steve & Barry's LLC, and 63 affiliates filed separate voluntary petitions under Chapter 11 (Bankr. S.D.N.Y. Case No. 08-12579) on July 9, 2008, and were represented by Lori R. Fife, Esq., and Shai Waisman, Esq., at Weil, Gotshal & Manges, LLP. Pursuant to a Purchase Agreement with Bay Horbor and York Capital, the retail chain was sold for $163 million. Lead Debtor Steve & Barry's Manhattan LLC (Bankr. S.D.N.Y. Case No. 08-12579) changed its name to Stone Barn Manhattan LLC, and parent company Steve & Barry's LLC (Bankr. S.D.N.Y. Case No. 08-12615) is now known as Steel Bolt LLC. Steve & Barry's LLC disclosed $693,492,000 in total assets and $638,086,000 in total debts in its Chapter 11 petition. BH S&B: Posts $171,200 Net Loss in September -------------------------------------------- BH S&B Holdings LLC reported a net loss of $171,206 for September 2010. At September 30, 2010, the Debtor had $8.1 million in total assets, $141.6 million in total liabilities, and an equity deficit of $133.5 million. The Company ended September 2010 with $2,720,461 in unrestricted cash and cash equivalents, from $2,720,595 at the beginning of the period. A copy of the Debtor's monthly operating report for the month of September 2010 is available at no charge at: http://bankrupt.com/misc/bhs&b.september2010mor.pdf About BH S&B 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 to acquire the Steve & Barry's retail chain 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. Bay Harbour Management is an SEC registered investment advisor with significant experience in purchasing distressed companies and effectuating their turnaround. The firm's holdings have included the retailer Barneys New York, the facilities based CLEC Telcove, and the former Aladdin Casino, now operating on the Las Vegas strip as the Planet Hollywood Resort and Casino following its rebranding and turnaround. York Capital Management is an SEC registered investment advisor with offices in New York, London, and Hong Kong with more than $15 billion in assets under management. York Capital was founded in 1991 and specializes in value oriented and event driven equity and credit investments. Joel H. Levitin, Esq., and Richard A. Stieglitz, Jr., Esq., at Cahill Gordon & Reindel LLP, in New York, serve as bankruptcy counsel to BH S&B and its seven affiliates. RAS Management Advisors LLC acts as restructuring advisors, and Kurtzman Carson Consultants LLC as claims and notice agent. About Steve & Barry's Steve & Barry's LLC, and 63 affiliates filed separate voluntary petitions under Chapter 11 (Bankr. S.D.N.Y. Case No. 08-12579) on July 9, 2008, and were represented by Lori R. Fife, Esq., and Shai Waisman, Esq., at Weil, Gotshal & Manges, LLP. Pursuant to a Purchase Agreement with Bay Horbor and York Capital, the retail chain was sold for $163 million. Lead Debtor Steve & Barry's Manhattan LLC (Bankr. S.D.N.Y. Case No. 08-12579) changed its name to Stone Barn Manhattan LLC, and parent company Steve & Barry's LLC (Bankr. S.D.N.Y. Case No. 08-12615) is now known as Steel Bolt LLC. Steve & Barry's LLC disclosed $693,492,000 in total assets and $638,086,000 in total debts in its Chapter 11 petition. BIOVEST INT'L: Files September 2010 Monthly Operating Report ------------------------------------------------------------ Biovest International Inc., along with its subsidiaries, Biovax, Inc., AutovaxID, Inc., Biolender, LLC, and Biolender II, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, on October 21, 2010, their unaudited combined monthly operating report for September 2010. Their schedule of receipts and disbursements for September 2010 showed: Funds at beginning of period $244,085 Total Receipts $433,710 Total Funds Available for Operations $677,795 Total Disbursements $492,607 Funds at September 30, 2010 $185,187 A full-text copy of Debtors' monthly operating report for September 2010 is available for free at: http://researcharchives.com/t/s?6d23 About Biovest International Based in Tampa, Florida, Biovest International Inc. (OTCQB: BVTI) -- http://www.biovest.com/-- is an emerging leader in the field of active personalized immunotherapies targeting life- threatening cancers of the blood system. Developed in collaboration with the National Cancer Institute, BiovaxID(R) is a patient-specific, cancer vaccine, demonstrating statistically significant Phase III clinical benefit by prolonging disease-free survival in vaccinated patients suffering from indolent follicular non-Hodgkin's lymphoma, confirming a previous positive Phase II study. As of June 30, 2010, Biovest is 75% owned subsidiary of Accentia Biopharmaceuticals Inc. Biovest, along with its subsidiaries, Biovax, Inc., AutovaxID, Inc., Biolender, LLC, and Biolender II, LLC, filed for Chapter 11 bankruptcy protection on November 10, 2008 (Bankr. M.D. Fla. Case No. 08-17796). CATHOLIC CHURCH: Wilmington Has $1.3 Million Cash at August 31 -------------------------------------------------------------- Catholic Diocese of Wilmington, Inc. Balance Sheet As of August 31, 2010 ASSETS Cash & Equivalents $1,303,357 Accounts Receivable (Net) 2,596,147 Payroll Receivable - Notes Receivable 1,461,369 Advance PIA Distributions 1,825,901 Professional Retainers 545,000 Unrestricted Pooled Investments 87,082,285 Restricted Pooled Investments 28,456,644 Unallocated Audit Fees - Other Assets 53,743 Real Estate 1,314,140 Assets Held for Others 1,517,005 ----------- TOTAL ASSETS $126,155,591 =========== LIABILITIES Pre-Filing Accounts Payable $136,216 Payroll & Payroll Taxes Payable - Payroll Garnishments Payable - Accrued Vacation Time Payable 148,013 Blue Cross/Blue Shield Accrual 41,549 Accounts Payable Capital Campaign 13,872 Bonds Payable 11,000,000 Priest Pension 13,107,216 Lay Pensions 64,366,743 National Collections 373,696 Other Liabilities 34,286 Assets Held for Others 1,517,005 Pooled Investment Account Claims 75,772,888 ----------- TOTAL LIABILITIES 166,511,484 NET ASSETS Beginning Year Net Assets (41,816,364) Net Assets - Prepetition 4,138,712 Net Assets - Postpetition (2,678,241) ----------- TOTAL NET ASSETS (40,355,893) ----------- TOTAL LIABILITIES & NET ASSETS $126,155,591 =========== Catholic Diocese of Wilmington, Inc. Statement of Operations For the month ending August 31, 2010 CDOW Operations CDOW Revenue Assessments $180,666 Investment Income (3,446,482) Operational Income 246,451 Designated Income (Education) 13,704 ----------- Total CDOW Revenue (3,005,661) CDOW Expenses Payroll & Taxes (218,068) Medical Payments - Other Compensation (48,402) Other Operational (245,990) Capital Expenditures - Catholic Schools, Inc. - Casa San Francisco - Ministry to the Elderly - Bankruptcy professionals (1,048,461) Neumann Center (10,300) Vision for the Future, Tuition Assistance - Owed to Parishes (Cap Campaign) (552) ----------- Total CDOW Expenses (1,571,773) ----------- CDOW NET OPERATING CASH (4,577,434) Program Services Annual Appeal Revenue 393,130 Program Services Expenditures Catholic Youth Organization (13,983) Catholic Charities (85,858) High School Appeal Allocation - The Dialog (50,297) ----------- Total Program Services Expenses (150,138) ----------- PROGRAM SERVICES NET CASH 242,992 Benefits & Insurance Program Administration Medical Program Premiums Received 770,036 Expenses (1,092,689) ----------- Net Medical (322,653) Workers Compensation Premiums Received - Expenses - ----------- Net Workers Comp - Property & Liability Insurance Premiums Received 49,364 Expenses (262,622) ----------- Net P&L Insurance (213,258) Pensions Priests (55,650) Lay Employees - ----------- Total Pensions (55,650) ----------- NET CHANGE IN LIQUIDITY ($4,926,003) =========== Catholic Diocese of Wilmington, Inc. Schedule of Cash Receipts and Disbursements For the month ending August 31, 2010 CASH BEGINNING OF PERIOD $1,180,594 RECEIPTS ASSESSMENTS 180,666 ANNUAL APPEAL 393,130 INSURANCE PREMIUMS 819,400 OTHER OPERATING 260,155 ----------- TOTAL RECEIPTS 1,653,351 DISBURSEMENTS NET PAYROLL AND TAXES 218,068 INSURANCE PAYMENTS 1,355,311 OPERATING EXPENSES 297,771 OTHER 150,138 PROFESSIONAL FEES - U.S. TRUSTEE QUARTERLY FEES 9,932 COURT COSTS - ----------- TOTAL DISBURSEMENTS 2,031,220 ----------- NET CASH FLOW (377,869) ----------- Transfers out 7,473 Transfers in 500,000 Other transfers/returns/fees - ----------- CASH - END OF PERIOD $1,295,252 =========== About the Diocese of Wilmington The Diocese of Wilmington covers Delaware and the Eastern Shore of Maryland and serves about 230,000 Catholics. The Delaware diocese is the seventh Roman Catholic diocese to file for Chapter 11 protection to deal with lawsuits for sexual abuse. Previous filings were by the dioceses in Spokane, Washington; Portland, Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and San Diego, California. The bankruptcy filing automatically stayed eight consecutive abuse trials scheduled in Delaware scheduled to begin October 19. There are 131 cases filed against the Diocese, with 30 scheduled for trial. The Diocese filed for Chapter 11 on Oct. 18, 2009 (Bankr. D. Del. Case No. 09-13560). Attorneys at Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC, is the financial advisor. The petition says assets range $50,000,001 to $100,000,000 while debts are between $100,000,001 to $500,000,000. (Catholic Church Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). COLONIAL BANCGROUP: Ends September 2010 With $39.6 Million Cash --------------------------------------------------------------- On October 20, 2010, The Colonial BancGroup, Inc., filed its monthly operating report for September 2010 with the U.S. Bankruptcy Court for the Middle District of Alabama, Northern Division. The Company ended September 2010 with cash on hand of $39.6 million, of which $3.1 million is currently available to the Company. On August 14, 2009, the FDIC placed a hold on all cash deposits of Colonial BancGroup. BancGroup is unable to access its cash deposits (except for those amounts released per bankruptcy court order). At September 30, 2010, the Company had total assets of $42.7 million, total liabilities of $364.4 million, and a stockholders' deficit of $321.7 million. Cash profit for the month was $2.6 million on total income of $71 and total expenses of $2.7 million. A full-text copy of the Company's September 2010 monthly operating report is available for free at: http://researcharchives.com/t/s?6d19 About The Colonial BancGroup Headquartered in Montgomery, Alabama, The Colonial BancGroup, Inc., (NYSE: CNB) owned 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 (Bankr. M.D. Ala. Case No. 09-32303) on August 25, 2009. W. Clark Watson, Esq., at Balch & Bingham LLP, and Rufus T. Dorsey IV, Esq., at Parker Hudson Rainer & Dobbs LLP, assist the Debtor in its restructuring effort. In its schedules, the Debtor disclosed $45 million in total assets and $380 million in total liabilities as of the Petition Date. CYNERGY DATA: Current Assets at $31.3 Million as of Sept. 30 ------------------------------------------------------------ Carla Main at Bloomberg News reports that CD Liquidation Co. Plus LLC, formerly Cynergy Data LLC, filed a September operating report showing that current assets, including checking, escrow, settlement assets and accounts receivable, totaled $31.3 million. Ms. Main adds that other assets, including investments in affiliates, notes receivable, officer loans and "other intangible assets" were valued at $28.7 million, the filing showed. Total disbursements during the month were $7.7 million. About Cynergy Data Launched in 1995, Cynergy Data was a merchant credit card processing service provider. The Company and two affiliates -- Cynergy Data Holdings, LLC, and Cynergy Prosperity Plus, LLC -- filed for Chapter 11 bankruptcy protection on September 1, 2009 (Bankr. D. Del. Case No. 09-13038). Cynergy Data said that it had assets of $109.5 million against debts of $186.1 million as of June 30, 2009. The Company's legal advisor is Nixon Peabody LLP; its financial and restructuring advisor is CM&D Management Services LLC; its industry expert is Unicorn Partners, LLC; and its investment bankers are Stifel, Nicolaus & Company and Peter J. Solomon Company. The Company also hired Pepper Hamilton LLP as bankruptcy and restructuring counsel. Charles D. Moore of Conway MacKenzie, Inc., serves as chief restructuring officer. Kurtzman Carson & Consultants LLC serves as claims and notice agent. Cynergy Data filed for Chapter 11 to complete the sale of all of its assets to an affiliate of The ComVest Group. The $81 million sale was completed October 2009. The Debtor was renamed to Liquidation Co. LLC following the sale. EXTENDED STAY: Incurs $52,776,000 Net Loss for September -------------------------------------------------------- Extended Stay Inc., et al. Combined Balance Sheet As of September 30, 2010 ASSETS Current assets Cash and cash equivalents, unrestricted $2,150,000 Debtor in possession cash account 111,307,000 Cash management account, including deposits in transit 13,337,000 Accounts receivable-net of allowance for doubtful accounts 15,923,000 Restricted cash 3,885,000 Other current assets 26,185,000 Investment in derivative instruments, at fair value - Due from insiders - non-debtor affiliates - -------------- Total current assets 172,787,000 Property and equipment, net of accumulated depreciation 6,102,965,000 Undeveloped land 1,100,000 Deferred financing costs, net of accumulated amortization - Trademarks 13,182,000 License of trademarks, net of accumulated amortization 8,200,000 Under market trademark licenses, net of accumulated amortization 11,430,000 Intangible assets, net of accumulated amortization 16,094,000 Other assets 7,208,000 -------------- Total assets $6,332,966,000 ============== LIABILITIES AND SHAREHOLDERS/MEMBERS' (DEFICIT) EQUITY Liabilities not subject to compromise Current liabilities Accounts payable $133,000 Accrued occupancy taxes payable 4,998,000 Accrued state franchise tax 1,341,000 Accrued sales and use taxes payable 4,250,000 Accrued property & general liability insurance reserves 3,416,000 Accrued utilities 5,198,000 Other property accruals 1,328,000 Deferred revenue 9,108,000 General and administrative accruals 2,566,000 Accrued professional fees - billings rendered 30,564,000 Accrued professional fees - accrual estimate - Accrued real estate taxes 32,358,000 Accrued interest payable 9,314,000 Income taxes payable - state 526,000 Advance from insider 7,959,000 Due to insiders - non-debtor affiliates 49,779,000 -------------- Total current liabilities 162,838,000 Other liabilities 4,981,000 Deferred income tax liability - noncurrent 1,103,116,000 -------------- Total liabilities not subject to compromise 1,270,935,000 Liabilities subject to compromise Accounts payable 810,000 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 7,422,341,000 Shareholders'/Members' (deficit) equity Additional paid in capital 573,141,000 Retained deficit - pre-petition (1,370,408,000) Retained deficit - post-petition (1,563,043,000) -------------- Total shareholders'/members' (deficit) equity (2,360,310,000) -------------- Total liabilities and shareholders'/members' (deficit) equity $6,332,966,000 ============== Extended Stay Inc., et al. Combined Statement of Operations For the period September 1 to 30, 2010 Revenues Room revenues $73,164,000 Other property revenues 1,638,000 -------------- Total revenues 74,802,000 Operating expenses Property operating expenses 37,135,000 Corporate operating expenses 1,206,000 Officer/Insider Compensation - Trademark license fees expense 79,000 Management fees and G&A reimbursement expense 20,259,000 Depreciation and amortization 31,169,000 (Gain)/ Loss on disposition of property and equipment - Impairment of property and equipment - Impairment of intangibles/allowances - -------------- Total operating expenses 89,848,000 Other income - -------------- Operating income (loss) (15,046,000) Interest expense (17,455,000) Loss on investments in debt securities & interest rate caps - Interest income 1,000 Tax expense - current (61,000) Tax expense - deferred (345,000) -------------- Net loss before reorganization items (32,906,000) Reorganization items Professional fees 22,519,000 Professional fees - YE GAAP accrual estimate (2,900,000) U.S. Trustee quarterly fees 251,000 Reorganization expense - deferred financing cost - Reorganization expense - discount write-off - Interest earned on accumulated cash from Chapter 11 - -------------- Total reorganization items 19,870,000 -------------- Net loss ($52,776,000) ============== The Debtors reported $81,700,404 in total cash receipts and $69,092,350 in total disbursements for September 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. Extended Stay Inc. in October successfully emerged from Chapter 11 protection. An investment group including Centerbridge Partners, L.P., Paulson & Co. Inc. and Blackstone Real Estate Partners VI, L.P. has purchased 100 percent of the Company for $3.925 billion in connection with the Plan of Reorganization confirmed by the Bankruptcy Court in July. 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: Ends September 2010 With $4.2 Million Cash -------------------------------------------------------------- FirstFed Financial Corp. filed on October 15, 2010, a monthly operating report for the month of September 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 net income of $102,434 for the period. At September 30, 2010, the Company had $4.5 million in total assets, $159.7 million in total liabilities, and a stockholders' deficit of $155.3 million. The Company ended the period with $4.2 million cash. A full-text copy of the September 2010 operating report is available for free at http://researcharchives.com/t/s?6d12 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 (Bankr. C.D. Calif. Case No. 10-10150) on Jan. 6, 2010. Jon L. Dalberg, Esq., at Landau Gottfried & Berger LLP, represents the Debtor in its restructuring efforts. In its petition, the Debtor estimated assets between $1 million and $10 million, and debts between $100 million and $500 million. GOTTSCHALKS INC: Has $9.2 Million Cash at October 2 --------------------------------------------------- On October 21, 2010, Gottschalks Inc. filed with the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for the period August 29, 2010 to October 2, 2010. The Debtor ended the period with $9.2 million cash. During the period, the Debtor paid a total of $529,028 in professional fees and reimbursed a total of $8,404 in professional expenses. The Company reported a net loss of $435,000 for the period. At October 2, 2010, the Company had $23.4 million in total assets, $74.8 million in total liabilities, and a stockholders' deficit of $51.4 million. The monthly operating report for the period August 29, 2010, to October 2, 2010, is available for free at: http://researcharchives.com/t/s?6d21 About Gottschalks Inc. Headquartered in Fresno, California, Gottschalks Inc. (Pink Sheets: GOTTQ.PK) -- http://www.gottschalks.com/-- was a department and specialty store chain in United States that operated 58 full-line department stores and 3 specialty stories in 6 western states. The Company filed for Chapter 11 protection on January 14, 2009 (Bankr. D. Del. Case No. 09-10157). Stephen H. Warren, Esq., Karen Rinehart, Esq., Alexandra B. Redwine, Esq., and Ana Acevedo, Esq., at O'Melveny & Myers LLP, represents the Debtor as counsel. Mark D. Collins, Esq., Michael J. Merchant, Esq., and Lee E. Kaufman, Esq., at Richards, Layton & Finger, P.A., serve as the Debtors' co-counsel. The Debtor selected Kurtzman Carson Consultants LLC as its claims agent. When the Debtor filed for protection from its creditors, it disclosed $288,438,000 in total assets and $197,072,000 in total debts. LEHMAN BROTHERS: Has $20.278 Billion Cash at September 30 --------------------------------------------------------- Lehman Brothers Holdings Inc. disclosed these cash receipts and disbursements of the company, its affiliated debtors and other controlled entities for the month ended September 30, 2010: Beginning Cash & Investments (9/1/10) $19,816,000,000 Total Sources of Cash 1,035,000,000 Total Uses of Cash (590,000,000) FX Fluctuation (17,000,000) --------------- Ending Cash & Investments (9/30/10) $20,278,000,000 LBHI reported $2.369 billion in cash and investments as of September 1, 2010 and $2.509 billion as of September 30, 2010. The monthly operating report also showed that from September 15, 2008 to September 30, 2010, a total of $1,013,116,000 was paid to professionals that were retained in the Debtors' Chapter 11 cases. Of the amount, $356.396 million was paid to the Debtors' turnaround manager, Alvarez & Marsal LLC, while $237.038 million was paid to their bankruptcy counsel, Weil Gotshal & Manges LLP. A full-text copy of the September 2010 Operating Report is available for free at: http://bankrupt.com/misc/LehmanMORSept2010.pdf About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed 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) MESA AIR: Reports $82 Million Net Loss in September --------------------------------------------------- Mesa Air Group, Inc., filed on October 21, 2010, a monthly operating report for the period from September 1, 2010, to September 30, 2010, with the U.S. Bankruptcy Court for the Southern District of New York. The Debtors reported a net loss of $82.0 million on revenue of $61.2 million for the month of September 2010. The Company reported operating income of $8.6 million for the month. Total loss on reorganization items was $134.3 million for the month of September 2010, including a $129.4 million loss on rejection of aircraft leases. This loss also includes professional fees directly related to the Company's reorganization of $1,063,000. At September 30, 2010, the Debtors' balance sheets showed $1.176 billion million in assets, $1.660 billion of liabilities, and $484.4 million of stockholders' equity. The Company ended the period with $57.7 million in cash and cash equivalents, compared to $58.2 million at August 31, 2010. A copy of the September 2010 monthly operating report is available for free at http://researcharchives.com/t/s?6d25 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). MIG INC: Posts $1.5 Million Net Loss in August ---------------------------------------------- MIG, Inc., reported a net loss of $1.5 million on net revenue of $7,565 for August 2010. At August 31, 2010, MIG had $1.031 billion in total assets, $206.0 million in total liabilities, and $824.6 million in total equity. The Company ended August 2010 with roughly $46.9 million in unrestricted cash. For the month, the Company paid a total of $1.3 million in professional fees. A copy of the Debtor's monthly operating report is available for free at http://bankrupt.com/misc/miginc.august2010mor.pdf About MIG Inc. Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM, MTRMP) -- http://www.metromedia-group.com/-- through its wholly owned subsidiaries, owns interests in several communications businesses in the country of Georgia. The Company's core businesses include Magticom Ltd., a mobile telephony operator located in Tbilisi, Georgia, Telecom Georgia, a long distance telephony operator, and Telenet, which provides Internet access, data communications, voice telephony and international access services. MIG, Inc., fka Metromedia International Group, Inc., filed for Chapter 11 bankruptcy protection on June 18, 2009 (Bankr. D. Del. Case No. 09-12118). Scott D. Cousins, Esq., at Greenberg Traurig LLP, assists the Company in its restructuring efforts. Debevoise & Plimpton LLP is the Company's special corporate counsel, while Potter Anderson & Corroon LLP is the Company's special litigation counsel. The official committee of unsecured creditors of MIG, Inc., has retained Baker & McKenzie LLP as its bankruptcy counsel, nunc pro tunc to June 30, 2009. In its petition, the Company estimated US$100 million to US$500 million in assets and US$100 million to US$500 million in debts. In its formal schedules, the Company said it had assets of $54,820,681 against debts of $210,183,657. MIG INC: Posts $416,600 Net Loss in September --------------------------------------------- MIG, Inc., reported a net loss of $416,551 on net revenue of $7,618 for September 2010. At September 30, 2010, MIG had $1.029 billion in total assets, $204.5 million in total liabilities, and $824.2 million in total equity. The Company ended September 2010 with roughly $45.1 million in unrestricted cash. For the month, the Company paid a total of $1.5 million in professional fees. A copy of the Debtor's monthly operating report is available for free at http://bankrupt.com/misc/miginc.september2010mor.pdf About MIG Inc. Based in Charlotte, North Carolina, MIG Inc. (PINK SHEETS: MTRM, MTRMP) -- http://www.metromedia-group.com/-- through its wholly owned subsidiaries, owns interests in several communications businesses in the country of Georgia. The Company's core businesses include Magticom Ltd., a mobile telephony operator located in Tbilisi, Georgia, Telecom Georgia, a long distance telephony operator, and Telenet, which provides Internet access, data communications, voice telephony and international access services. MIG, Inc., fka Metromedia International Group, Inc., filed for Chapter 11 bankruptcy protection on June 18, 2009 (Bankr. D. Del. Case No. 09-12118). Scott D. Cousins, Esq., at Greenberg Traurig LLP, assists the Company in its restructuring efforts. Debevoise & Plimpton LLP is the Company's special corporate counsel, while Potter Anderson & Corroon LLP is the Company's special litigation counsel. The official committee of unsecured creditors of MIG, Inc., has retained Baker & McKenzie LLP as its bankruptcy counsel, nunc pro tunc to June 30, 2009. In its petition, the Company estimated US$100 million to US$500 million in assets and US$100 million to US$500 million in debts. In its formal schedules, the Company said it had assets of $54,820,681 against debts of $210,183,657. NORTEL NETWORKS: U.S. Debtors Post $3MM Profit in August -------------------------------------------------------- Nortel Networks Inc., et al. Condensed Combined Balance Sheet As of August 31, 2010 (Unaudited) (In millions of U.S. dollars) NNI AltSystems Other ----- ---------- ----- ASSETS Current assets Cash and cash equivalents $901 - - Restricted cash and cash equivalents 20 $1 - Accounts receivable - net 11 - - Intercompany accounts receivables 280 48 ($6) Inventories - net 27 - - Other current assets 127 - - Assets held for sale 51 - - Assets of discontinued operations 13 - - ----- ---------- ----- Total current assets 1,430 49 (6) Investments in non-Debtor (1) 1 (1) subsidiaries Plant and equipment - net 72 - - Other assets 108 - - ----- ---------- ----- Total assets 1,609 50 (7) LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities not subject to compromise Trade and other accounts payables 16 - - Intercompany accounts payable 26 10 (6) Payroll and benefit-related liab. 37 - - Contractual liabilities 2 - - Restructuring liabilities 3 - - Other accrued liabilities 93 - - Income taxes 15 - - Liabilities of discontinued Operations 23 - - ----- ---------- ----- Total current liabilities not subject to compromise 215 10 (6) Restructuring 4 - - Deferred income and other credits 7 - - Post-employment benefits 7 - - ----- ---------- ----- Total liabilities not subject to 233 10 (6) compromise Liabilities subject to compromise 5,586 54 127 Liabilities subject to compromise 82 of discontinued operations - - - ----- ---------- ----- Total liabilities 5,901 64 121 SHAREHOLDERS' DEFICIT Common shares - 719 32 Preferred shares - 16 47 Additional paid-in capital 17,746 7,330 5,252 Accumulated deficit (22,018) (8,079) (5,458) Accumulated other comprehensive income (loss) (20) - (1) ----- ---------- ----- Total U.S. Debtors shareholder (4,292) (14) (128) deficit Noncontrolling interests - - - ----- ---------- ----- Total shareholders' deficit (4,292) (14) (128) ----- ---------- ----- Total liabilities and shareholders' deficit $1,609 $50 ($7) ===== ========== ===== Nortel Networks Inc., et al. Condensed Combined Statement of Operations For the Period August 1 to 31, 2010 (Unaudited) (In millions of U.S. dollars) NNI AltSystems Other ----- ---------- ----- Total revenues $8 - - Total cost of revenues 7 - - ----- ---------- ----- Gross profit 1 - - Selling, general and admin expense 14 - - Research and development expense 1 - - Other operating expense (income), net (20) - - ----- ---------- ----- Operating earnings (loss) 6 - - Other income (expense) - net 5 - - ----- ---------- ----- Earnings from continuing operations before reorganization items, income taxes and equity in net earnings (loss) of associated companies 11 - - Reorganization items - net (7) - - ----- ---------- ----- Earnings from continuing operations before income taxes and equity in net earnings (loss) of associated companies 4 - - Income tax benefit (expense) - - - ----- ---------- ----- Earnings from continuing operations before equity in net earnings (loss) of associated companies 4 - - Equity in net earnings (loss) of associated companies - net of tax - - - Equity in net earnings (loss) of non-Debtor subsidiaries - net of tax - - - ----- ---------- ----- Net earnings (loss) from continuing operations 4 - - Net earnings (loss) from disco (1) - - operations - net of tax ----- ---------- ----- Net earnings (loss) 3 - - Income attributable to noncontrolling interests - - - ----- ---------- ----- Net earnings (loss) attributable to U.S. Debtors $3 - - ===== ========== ===== Nortel Networks Inc., et al. Condensed Combined Statement of Cash Flows For the Period August 1 to 31, 2010 (Unaudited) (In millions of U.S. dollars) NNI AltSystems Other ----- ---------- ----- Cash flows from (used in) operating activities: Net earnings (loss) attributable to U.S. Debtors $3 - - Net loss (earnings) from discontinued operations - net of tax 1 - - Adjustments to reconcile net loss from continuing operations to net cash from (used in) operating activities, net of effects from acquisitions and divestitures of businesses: Amortization and depreciation 2 - - Other - net 6 - - Change in operating assets and liabilities - - - ----- ---------- ----- Net cash from (used in) operating activities - continuing operations 12 - - Net cash from (used in) operating activities - discontinued operations - - - ----- ---------- ----- Net cash from (used in) operating activities 12 - - Cash flows from (used in) investing activities: Change in restricted cash and cash equivalents 4 - - ----- ---------- ----- Net cash from (used in) investing activities - continuing operations 4 - - Net cash from (used in) investing activities - discontinued operations - - - ----- ---------- ----- Net cash from (used in) invest Activities 4 - - Cash flows from (used in) financing activities: Net cash from (used in) financing activities - continuing operations - - - Net cash from (used in) financing activities - discontinued operations - - - ----- ---------- ----- Net cash from (used in) financing activities - - - Effect of foreign exchange rate changes on cash and cash equivalents - - - ----- ---------- ----- Net cash from (used in) continuing operations 16 - - Net cash from (used in) discontinued operations - - - ----- ---------- ----- Net increase (decrease) in cash & cash equivalents 16 - - ----- ---------- ----- Cash and cash equivalents, beginning 885 - - ----- ---------- ----- Cash and cash equivalents of continuing operations, end $901 - - ===== ========== ===== About Nortel Networks Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- delivers communications capabilities that make the promise of Business Made Simple a reality for the Company's customers. The Company's next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate the barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel Networks Corp., Nortel Networks Inc., and other affiliated corporations in Canada sought insolvency protection under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice (Commercial List). Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. The Monitor sought recognition of the CCAA Proceedings in the U.S. by filing a bankruptcy petition under Chapter 15 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's counsel. Nortel Networks Inc. and 14 affiliates filed separate Chapter 11 petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138). Judge Kevin Gross presides over the case. James L. Bromley, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. Certain of Nortel's European subsidiaries also made consequential filings for creditor protection. The Nortel Companies related in a press release that Nortel Networks UK Limited and certain subsidiaries of the Nortel group incorporated in the EMEA region have each obtained an administration order from the English High Court of Justice under the Insolvency Act 1986. The applications were made by the EMEA Subsidiaries under the provisions of the European Union's Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings and on the basis that each EMEA Subsidiary's centre of main interests is in England. Under the terms of the orders, representatives of Ernst & Young LLP have been appointed as administrators of each of the EMEA Companies and will continue to manage the EMEA Companies and operate their businesses under the jurisdiction of the English Court and in accordance with the applicable provisions of the Insolvency Act. Several entities, particularly, Nortel Government Solutions Incorporated have material operations and are not part of the bankruptcy proceedings. As of September 30, 2008, Nortel Networks Corp. reported consolidated assets of US$11.6 billion and consolidated liabilities of US$11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of September 30, 2008, NNI had assets of about US$9 billion and liabilities of US$3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about US$4.2 billion of unsecured public debt. PENN TRAFFIC: Posts $77,000 Net Loss in Period Ended September 25 ----------------------------------------------------------------- On October 22, 2010, The Penn Traffic Company, et al., filed their monthly operating report for the month ended September 25, 2010, with the U.S. Bankruptcy Court for the District of Delaware. The Debtors reported a consolidated net loss of $77,000 on revenues of $27,000 for the period. At September 25, 2010, the Debtors had total assets of $78.3 million, total liabilities of $94.6 million, and a stockholders' deficit of $16.3 million. The Debtors had cash and short-term investments of $36.5 million at September 25, 2010. A full-text copy of the Debtors' monthly operating report for the period ended September 25, 2010, is available for free at: http://researcharchives.com/t/s?6d15 About Penn Traffic Syracuse, New York-based The Penn Traffic Company -- dba P&C Foods, Bi-Lo Foods, and Quality Markets -- operates supermarkets in Pennsylvania, upstate New York, Vermont, and New Hampshire under the Bilo, P&C and Quality trade names. The Company filed for Chapter 11 bankruptcy protection on November 18, 2009 (Bankr. D. Del. Case No. 09-14078). Ann C. Cordo, Esq., and Gregory W. Werkheiser, Esq., at Morris, Nichols, Arsht & Tunnell assist the Company in its restructuring effort. Donlin Recano is the Company's claims agent. The Company disclosed $150,347,730 in assets and $136,874,394 in liabilities as of May 4, 2009. The Company's affiliates also filed separate Chapter 11 petitions -- Sunrise Properties, Inc.; Pennway Express, Inc.; Penny Curtiss Baking Company, Inc.; Big M Supermarkets, Inc.; Commander Foods Inc.; P and C Food Markets, Inc. of Vermont; and P.T. Development, LLC. Following a bankruptcy court-sanctioned auction, Tops Markets LLC purchased almost all of Penn Traffic's stores as a going concern by paying $85 million cash. The sale was structured so Penn Traffic avoided a $72 million claim for pension plan termination and a $27 million claim by the principal supplier. PFF BANCORP: Posts $191,200 Net Loss in September ------------------------------------------------- On October 13, 2010, PFF Bancorp, Inc., and Glencrest Investment Advisors, Inc., Glencrest Insurance Services, Inc., Diversified Builder Services, Inc., and PFF Real Estate Services, Inc., filed their monthly operating reports for September 2010 with the United States Bankruptcy Court for the District of Delaware. PFF Bancorp reported a net loss of $191,178 for the month of September 2010. PFF Bancorp paid a total of $137,168 in professional fees and expenses for the month of September 2010. At September 30, 2010, PFF Bancorp had total assets of $14.1 million, total liabilities of $117.4 million, and a stockholders' deficit of $103.3 million. Bank Accounts totaled $3.08 million at September 30, 2010, compared to $3.25 million at August 31, 2010. A full-text copy of the Debtors' September 2010 monthly operating report is available for free at: http://researcharchives.com/t/s?6d1f About PFF Bancorp PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non- diversified unitary savings and loan holding company within the meaning of the Home Owners' Loan Act with headquarters formerly located in Rancho Cucamonga, California. Bancorp is the direct parent of each of the remaining Debtors. Prior to filing for bankruptcy, Bancorp was also the direct parent of PFF Bank & Trust, a federally chartered savings institution, and said bank's subsidiaries. PFF Bancorp Inc. and its affiliates sought Chapter 11 protection on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to 08- 13131). Chun I. Jang, Esq., and Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors in their restructuring efforts. Kurtzman Carson Consultants LLC serves as the Debtors' claims agent. Jason W. Salib, Esq., at Blank Rome LLP, represents the official committee of unsecured creditors as counsel. SHARPER IMAGE: Ends September 2010 With $6.9 Million Cash --------------------------------------------------------- TSIC, Inc., formerly known as The Sharper Image Corporation, filed with the U.S. Bankruptcy Court for the District of Delaware on October 19, 2010, its monthly operating report for September 2010. TSIC ended September 2010 with $6.93 million in unrestricted cash and equivalents, from beginning cash of $7.03 million. TSIC paid a total of $29,567 in professional fees during the month. TSIC reported a net loss of $99,026 for the month. At September 30, 2010, TSIC had $10.4 million in total assets, $99.2 million in total liabilities, and a stockholders' deficit of $88.8 million. A full-text copy of TSIC's September 2010 monthly operating report is available at no charge at http://researcharchives.com/t/s?6d13 About Sharper Image 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 disclosed total assets of $251,500,000 and total debts of $199,000,000. As of June 30, 2008, the Debtor disclosed $52,962,174 in total assets and $39,302,455 in total debts. Sharper Image 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. THORNBURG MORTGAGE: Ends September 2010 With $114.3 Million Cash ---------------------------------------------------------------- On October 21, 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 September 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 September 2010 with $114.3 million in cash. Payments to attorneys and other professionals totaled $667,386 for the current month. The Debtors reported a net loss of $924,568 on net operating revenue of $15,590 for the month. At September 30, 2010, the Debtors had $115.9 million in total assets, $3.429 billion in total liabilities, and a stockholders' deficit of $3.313 billion. A full-text copy of the TMST, Inc.'s September 2010 monthly operating report is available for free at: http://researcharchives.com/t/s?6d24 About Thornburg Mortgage 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 and its four affiliates filed for Chapter 11 on May 1, 2009 (Bankr. D. Md. Lead Case No. 09-17787). Thornburg changed its name to TMST, Inc. Judge Duncan W. Keir is handling the case. David E. Rice, Esq., at Venable LLP, in Baltimore, Maryland, is tapped as counsel. Orrick, Herrington & Sutcliffe LLP is employed as special counsel. Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin Capital, Inc., are tapped as investment banker and financial advisor. Protiviti Inc. is also engaged for financial advisory services. KPMG LLP is the tax consultant. Epiq Systems, Inc., is claims and noticing agent. Thornburg listed total assets of $24.4 billion and total debts of $24.7 billion, 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. TRIBUNE CO: Posts $131,423,000 Profit in September -------------------------------------------------- Tribune Company, et al. Condensed Combined Balance Sheet As of September 26, 2010 ASSETS Current Assets: Cash and cash equivalents $946,841,000 Accounts receivable, net 481,722,000 Inventories 20,070,000 Broadcast rights 212,520,000 Prepaid expenses and other 203,304,000 -------------- Total current assets 1,864,457,000 Property, plant and equipment, net 961,734,000 Other Assets: Broadcast rights 175,371,000 Goodwill & other intangible assets, net 793,632,000 Prepaid pension costs 2,493,000 Investments in non-debtor units 1,515,179,000 Other investments 45,973,000 Intercompany receivables from non-debtors 3,140,457,000 Restricted cash 726,243,000 Other 81,554,000 -------------- Total Assets $9,307,093,000 ============== LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) Current Liabilities: Current portion of broadcast rights $137,625,000 Current portion of long-term debt 6,257,000 Accounts payable, accrued expenses, and other 439,197,000 -------------- Total current liabilities 583,079,000 Pension obligations 168,692,000 Long-term broadcast rights 100,961,000 Long-term debt 7,153,000 Other obligations 200,258,000 -------------- Total Liabilities 1,060,143,000 Liabilities Subject to Compromise: Intercompany payables to non-debtors 3,459,117,000 Obligations to third parties 13,134,237,000 -------------- Total Liabilities Subject to Compromise 16,593,354,000 Shareholders' Equity (Deficit) (8,346,404,000) -------------- Total Liabilities & Shareholders' Equity $9,307,093,000 ============== Tribune Company, et al. Condensed Combined Statement of Operations For the Period From Aug. 30, 2010 to Sept. 26, 2010 Total Revenue $265,452,000 Operating Expenses: Cost of sales 128,963,000 Selling, general and administrative 79,629,000 Depreciation 12,326,000 Amortization of intangible assets 1,119,000 -------------- Total operating expenses 222,037,000 -------------- Operating Profit (Loss) 43,415,000 -------------- Income on equity investments, net 915,000 Interest expense, net (3,030,000) Management fee (1,438,000) Non-operating loss, net (35,000) -------------- Income (loss) before income taxes & Reorg. Costs 39,827,000 Reorganization costs (14,461,000) -------------- Income (loss) before income taxes 25,366,000 Income taxes 106,057,000 -------------- Income (loss) from continuing operations 131,423,000 Income from discontinued operations, net of tax 0 -------------- Net Income (Loss) $131,423,000 ============== Tribune Company, et al. Combined Schedule of Operating Cash Flow For the Period Aug. 30 to Sept. 26, 2010 Beginning Cash Balance $1,629,244,000 Cash Receipts: Operating receipts 222,088,000 Other 1,013,000 -------------- Total Cash Receipts 223,101,000 Cash Disbursements Compensation and benefits 72,221,000 General disbursements 120,340,000 Reorganization related disbursements 7,568,000 -------------- Total Disbursements 200,128,000 -------------- Debtors' Net Cash Flow 22,972,000 From/(To) Non-Debtors 1,224,000 -------------- Net Cash Flow 24,196,000 Other (1,306,000) -------------- Ending Available Cash Balance $1,652,134,000 ============== About Tribune Co. Headquartered in Chicago, Illinois, Tribune Co. -- http://www.tribune.com/-- is a media company, operating businesses in publishing, interactive and broadcasting, including ten daily newspapers and commuter tabloids, 23 television stations, WGN America, WGN-AM and the Chicago Cubs baseball team. The Company and 110 of its affiliates filed for Chapter 11 protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08- 13141). The Debtors proposed Sidley Austion LLP as their counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel; Lazard Ltd. and Alvarez & Marsal North Americal LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As of December 8, 2008, the Debtors have $7,604,195,000 in total assets and $12,972,541,148 in total debts. Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Tribune Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers" public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors" Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. 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 ***