TCR_Public/110129.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, January 29, 2011, Vol. 15, No. 28

                            Headlines

AMERICANWEST BANCORP: Posts $250,699 Net Loss in December
CMR MORTGAGE: Posts $8.3 Million Net Loss in December
FIRSTFED FINANCIAL: Posts $75,593 Net Loss in December
GOTTSCHALKS INC: Has $9,654,000 Cash at January 1
GUARANTY FINANCIAL: Ends December With $11.01 Million Cash

INSIGHT HEALTH: Posts $2.3 Million Net Loss in Dec. 10 - 31 Period
LEHMAN BROTHERS: Has $22.09 Billion Cash at Dec. 31
MAGIC BRANDS: Files Operating Reports for 4 Weeks Ended Nov. 21
MESA AIR: Posts $11.2 Million Net Loss in December
NORTH GENERAL: Posts $3.2 Million Net Loss in December

RADNOR HOLDINGS: Files Operating Reports for July - December 2010
REFCO INC: Chapter 7 Trustee Has $4,078,000 Cash at November 30
SHARPER IMAGE: Ends December 2010 With $3.2 Million Cash
TERRESTAR NETWORKS: Incurs $25,294,264 Net Loss in December
THOMPSON PUBLISHING: Posts $1.6 Million Net Loss in December

THORNBURG MORTGAGE: Ends December 2010 With $113.7 Million Cash

                            *********

AMERICANWEST BANCORP: Posts $250,699 Net Loss in December
--------------------------------------------------------
On January 14, 2011, AmericanWest Bancorporation filed with the
U.S. Bankruptcy Court for the Eastern District of Washington the
Company's monthly operating report for December 2010.

The Debtor reported a net loss of $250,699 for the month of
December.  Results for December include a gain on sale of assets
of $37,020.  The net loss for the month of November was $516,121.

At December 31, 2010, the Debtor had total assets of $7.5 million,
total liabilities of $47.7 million, and a stockholders' deficit of
$40.2 million.  The book balance of cash at December 31, 2010, was
$6,098,092 compared to $6,988,798 at November 30, 2010.

The Debtor paid $267,958 in Special Counsel fees, $61,256 in
Debtor's Counsel Fees, an $52,178 in Financial Advisor Fees in
December.

On December 9, 2010, the Bankruptcy Court approved the sale of
substantially all of the assets of the estate for $6.5 million,
which is the net amount the Debtor received.  The sale closed on
December 20, 2010.  The Debtor expects to file a plan to
distribute the sale proceeds by February 25, 2011.

A full-text copy of the December 2010 monthly operating report is
available for free at http://researcharchives.com/t/s?7280

                About AmericanWest Bancorporation

Headquartered in Spokane, Washington, AmericanWest Bancorporation
(OTC BB: AWBC) -- http://www.awbank.net/-- is a bank holding
company whose principal subsidiary is AmericanWest Bank, which
includes Far West Bank in Utah operating as an integrated division
of AmericanWest Bank.  AmericanWest Bank is a community bank with
58 financial centers located in Washington, Northern Idaho and
Utah.

AmericanWest Bancorporation filed for Chapter 11 protection on
Oct. 28, 2010 (Bankr. E.D. Wash. Case No. 10-06097).  The banking
subsidiary was not including in the Chapter 11 filing.

Christopher M. Alston, Esq., and Dillon E. Jackson, Esq., at
Foster Pepper Shefelman PLLC, in Seattle, Washington, serve as
bankruptcy counsel.  G. Larry Engel, Esq., at Morrison & Foerster
LLP, also serve as counsel.

The Debtor estimated assets of $1 million to $10 million and debts
of $10 million to $50 million in its Chapter 11 petition.
AmericanWest Bancorporation's estimates exclude its banking unit's
assets and debts.  In its latest Form 10-Q filed with the
Securities and Exchange Commission, AmericanWest Bancorporation
reported consolidated assets -- including its bank unit's -- of
$1.536 billion and consolidated debts of $1.538 billion as of
Sept. 30, 2010.


CMR MORTGAGE: Posts $8.3 Million Net Loss in December
-----------------------------------------------------
CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of California on January 20, 2011, its
monthly operating report for December 2010.

The Company reported a net loss of $8.3 million on total revenues
of $10,821 for the month of December 2010.  The loss for the month
includes a Loss on Investment to Senior Lender of $8.1 million.

At December 31, 2010, the Debtor had total assets of
$43.5 million, total liabilities of $35.9 million, and total
equity of $7.6 million.  The Company ended December 2010 with
$52 in cash and cash equivalents, from $170 at the beginning of
the period.

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

               http://researcharchives.com/t/s?727f

                        About CMR Mortgage

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, serves as the Debtor's bankruptcy
counsel.  The Debtor estimated its assets and debts at $10 million
to $50 million.


FIRSTFED FINANCIAL: Posts $75,593 Net Loss in December
------------------------------------------------------
FirstFed Financial Corp. filed on January 17, 2011, a monthly
operating report for December 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 $75,593 for the period.

At December 31, 2010, the Company had $4.0 million in total
assets, $159.6 million in total liabilities, and a stockholders'
deficit of $155.6 million.  The Company ended the period with
$3,857,628 in unrestricted cash.

A full-text copy of the December 2010 operating report is
available for free at http://researcharchives.com/t/s?7281

                      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, serves as the
Debtor's bankruptcy counsel.  The Debtor disclosed assets at
$1 million and $10 million, and debts at $100 million and
$500 million.

On November 12, 2010, the Debtor filed a disclosure statement
explaining its proposed Plan of Liquidation.  The Debtor's
disclosure statement was approved by the Bankruptcy Court on
January 5, 2011.


GOTTSCHALKS INC: Has $9,654,000 Cash at January 1
-------------------------------------------------
On January 14, 2011, Gottschalks Inc. filed with the U.S.
Bankruptcy Court for the District of Delaware its monthly
operating report for the period November 28, 2010, to January 1,
2011.

The Debtor ended the period with $9,654,000 cash, based on the
Debtor's schedules of cash receipts and disbursements or the
period.  During the period, the Debtor paid a total of $246,463 in
professional fees and reimbursed a total of $788 in professional
expenses.

The Company reported a net loss of $558,000 for the period.

At January 1, 2011, the Company had $22.2 million in total
assets, $74.6 million in total liabilities, and a stockholders'
deficit of $52.4 million.

The monthly operating report for the period November 28, 2010, to
January 1, 2011, is available for free at:

               http://researcharchives.com/t/s?727a

                      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, serves as the Debtor's bankruptcy
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.


GUARANTY FINANCIAL: Ends December With $11.01 Million Cash
----------------------------------------------------------
On January 18, 2011, 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 December 2010 with
the United States Bankruptcy Court for the Northern District of
Texas, Dallas Division.

Guaranty Financial Group reported a net loss of $64,112 for the
month of December 2010.  The Debtor incurred a total of $61,721
in professional fees for the month.

At December 31, 2010, Guaranty Financial Group had $14.4 million
in total assets, $328.9 million in total liabilities, and
a stockholders' deficit of $314.5 million.

Guaranty Financial had unrestricted cash of $9.79 million
and restricted cash of $1.22 million at December 31, 2010, for
total cash of $11.01 million, compared to unrestricted cash of
$10.06 million and restricted cash of $779,448 at November 30,
2010, for total cash of $10.84 million.

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

               http://researcharchives.com/t/s?727b

Guaranty Group Ventures reported net profit of $441 for the month
of December 2010.

At December 31, 2010, Guaranty Group Ventures had $12.2 million
in total assets, $371,385 in total liabilities, and stockholders'
equity of $11.9 million.  Guaranty Group Ventures ended the month
with $6.3 million in cash.

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

               http://researcharchives.com/t/s?727c

Guaranty Holdings reported a net loss of $371 for the month of
December 2010.

At December 31, 2010, Guaranty Holdings had $6,846 in cash, $371
in total liabilities, and $6,475 in total equity.

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

               http://researcharchives.com/t/s?727d

Guaranty Group Capital reported a net loss of $631 for the month
of December 2010.

At December 31, 2010, Guaranty Group Capital had $4,173,749 in
cash, $950 in total liabilities and $4,172,799 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?727e

                    About Guaranty Financial

Dallas, Texas-based Guaranty Financial Group Inc. --
http://www.guarantygroup.com/-- was a unitary savings and loan
holding company. The Company's primary operating entities were
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 September 30, 2008.

Guaranty Financial and its affiliates filed for Chapter 11 (Bankr.
N.D. Tex. Case No. 09-35582) on August 27, 2009.  Attorneys at
Haynes & Boone, LLP, represent the Debtors.  According to the
schedules attached to its petition, the Company disclosed
$24.3 million in total assets and $323.4 million in total debts,
including $305.0 million in trust preferred securities.


INSIGHT HEALTH: Posts $2.3 Million Net Loss in Dec. 10 - 31 Period
------------------------------------------------------------------
On January 21, 2011, InSight Health Services Holdings Corp. and
certain of its subsidiaries filed their monthly operating report
for the period December 10, 2010, to December 31, 2010, with the
U.S. Bankruptcy Court for the Southern District of New York.

The Debtors reported a net loss of $2.3 million on $8.9 million of
revenues for the period.  Earnings before interest, taxes,
depreciation, and amortization (EBITDA) was $137,551 for the
period.

At December 31, 2010, the Debtors had $123.0 million in total
assets, $324.2 million in total liabilities, and a stockholders'
deficit of $201.2 million.

A full-text copy of the initial monthly operating report is
available for free at http://researcharchives.com/t/s?7283

                       About Insight Health

InSight Health Services Holdings Corp. provides diagnostic medical
imaging services through a network of fixed-site centers and
mobile facilities.  Its services-including magnetic resonance
imaging, positron emission tomography and computed tomography,
traditional computed tomography, mammography, bone densitometry,
ultrasound and x-ray-are noninvasive procedures that generate
representations of internal anatomy on film or digital media,
which are used by physicians for the diagnosis and assessment of
diseases and other medical conditions.  The Company operates in
more than 30 states and target specific regional markets.

Insight Health Services Holdings Corp. and its affiliate, InSight
Health Services Corp., sought Chapter 11 protection (Bankr. D.
Del. Case Nos. 07-10700 and 07-10701) on May 29, 2007, with a
prepackaged bankruptcy plan that was confirmed on July 10, 2007,
and declared effective on August 1, 2007.

InSight Health Services Holdings Corp. made a second trip to the
bankruptcy court (Bankr. S.D.N.Y. Lead Case No. 10-16564) on
December 10, 2010, with another prepackaged Chapter 11 plan of
reorganization   Sixteen affiliates also filed for Chapter 11
protection.

InSight is represented by Edward O. Sassower, Esq., James H.M.
Sprayregan, Esq., and Ryan Blaine Bennett, Esq., at Kirkland &
Ellis LLP.  Zolfo Cooper is the Debtors' financial advisor, and
BMC Group Inc. is the claims and noticing agent.

Chris L. Dickerson, Esq. -- chris.dickerson@skadden.com -- and
Matthew M. Murphy, Esq. -- matthew.murphy@skadden.com -- at
Skadden, Arps, Slate, Meagher & Flom LLP in Chicago, Ill.,
represent an ad hoc group of Noteholders in the Debtors' cases.
The Debtors' prepetition secured lenders are represented by C.
Edward Dobbs, Esq. -- edobbs@phrd.com -- at Parker, Hudson, Rainer
& Dobbs LLP in Atlanta, Ga.


LEHMAN BROTHERS: Has $22.09 Billion Cash at Dec. 31
---------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and other
controlled entities for the month ended December 31, 2010:

Beginning Cash & Investments (12/01/10) $21,380,000,000
Total Sources of Cash                     1,408,000,000
Total Uses of Cash                         (686,000,000)
FX Fluctuation                              (11,000,000)
                                         ---------------
Ending Cash & Investments (12/31/10)    $22,090,000,000

LBHI reported $1.995 billion in cash and investments as of
December 1, 2010, and $2.318 billion as of December 31, 2010.

The monthly operating report also showed that from December 1 to
31, 2010, a total of $30,456,000 was paid to professionals that
were retained in the Debtors' Chapter 11 cases.

Meanwhile, from September 15, 2008 to December 31, 2010, a total
of $1,130,838,000 was paid to the professionals, of which
$393,355,000 was paid to the Debtors' turnaround manager, Alvarez
& Marsal LLC, while $254,575,000 was paid to their bankruptcy
counsel, Weil Gotshal & Manges LLP.

A full-text copy of the December 2010 Operating Report is
available for free at:

       http://bankrupt.com/misc/LehmanMORDec2010.pdf

                   June 30 Balance Sheet

Lehman Brothers Holdings Inc., on January 21, 2011, filed
copies of their balance sheets as of June 30, 2010.  The
documents disclose that, as of June 30, 2010, Lehman Brothers
Holdings Inc. had total assets of $147,009 million, total
liabilities of $177,783 million and total stockholders' equity
of $30,774 million.

Copies of the balance sheets are available without charge at:

         http://bankrupt.com/misc/LBHI_SuppJune2010MOR.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
disclosed 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.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

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)


MAGIC BRANDS: Files Operating Reports for 4 Weeks Ended Nov. 21
---------------------------------------------------------------
Deel, LLC, et al., formerly Magic Brands, LLC, filed on
December 31, 2010, their monthly operating reports for the 4 weeks
ended November 21, 2011, the 4 weeks ended October 24, 2010, the
five weeks ended September 26, 2010, and the 4 weeks ended
August 22, 2010.

Copies of the monthly operating reports are available for free at:

     http://bankrupt.com/misc/deel.august22mor.pdf

     http://bankrupt.com/misc/deel.september26mor.pdf

     http://bankrupt.com/misc/deel.october24mor.pdf

     http://bankrupt.com/misc/deel.november21mor.pdf

                        About Magic Brands

Headquartered in Austin, Texas, Magic Brands, LLC --
http://www.fuddruckers.com/-- operated 62 Fuddruckers locations
in 11 states and 3 Koo Koo Roo restaurants in California.

Magic Brands and its operating units filed for Chapter 11
protection on April 21, 2010 (Bankr. D. Del. Lead Case No.
10-11310).  It estimated assets of up to $10 million and debts at
$10 million to $50 million in its Chapter 11 petition.  Affiliate
Fuddruckers, Inc., also filed, estimating assets and debts at
$50 million to $100 million.

FocalPoint Securities, LLC, serves as investment banker to Magic
Brands, and Goulston & Storrs serves as lead bankruptcy counsel.
Kurtzman Carson Consultants, LLC, is the claims and notice agent.


MESA AIR: Posts $11.2 Million Net Loss in December
--------------------------------------------------
Mesa Air Group, Inc., filed on January 24, 20101 a monthly
operating report for December 2010 with the U.S. Bankruptcy Court
for the Southern District of New York.

The Debtors reported a net loss of $11.2 million on total revenue
of $58.6 million for the month of December 2010.  The Company
reported operating income of $3.7 million for the month.

Loss on reorganization items was $20.0 million for December 2010,
including loss on rejection of aircraft leases of $18.5 million.
This loss also includes professional fees directly related to the
Company's reorganization of $1.5 million.

At December 31, 2010, the Debtors' balance sheets showed
$1.150 billion in tota assets, $1.659 billion in total
liabilities, and a stockholders' deficit of $509.3 million.  The
Company ended the period with $43.4 million in cash and cash
equivalents, compared to $62.5 million at November 30, 2010.

A copy of the December 2010 monthly operating report is available
for free at http://researcharchives.com/t/s?7291

                        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 to the
Debtors.  Imperial Capital LLC is the investment banker.  Epiq
Bankruptcy Solutions is claims and notice agent.  Brett Miller,
Esq., Lorenzo Marinuzzi, Esq., and Todd Goren, Esq., at Morrison &
Foerster LLP, serve as counsel to the Official Committee of
Unsecured Creditors.

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).


NORTH GENERAL: Posts $3.2 Million Net Loss in December
------------------------------------------------------
North General Hospital reported a net loss of $3.2 million on
negative revenue of $569,200 for December 2010.

At December 31, 2010, the Debtor had $46.6 million in total
assets, $311.7 million in total liabilities, and a stockholders'
deficit of $265.1 million.

According to the Debtor's schedule of receipts and disbursements,
it paid a total of $729,934 in professional fees and a total of
$237,926 in court costs/claims for the month of December.

A copy of the monthly operating report for December 2010 is
available for free at:

    http://bankrupt.com/misc/northgeneral.december2010mor.pdf

                      About North General

New York-based North General Hospital is a not-for-profit 200-bed
community hospital in upper Manhattan that has serviced the
communities of East and Central Harlem since the 1970s.  The
Hospital filed for Chapter 11 bankruptcy protection on July 2,
2010 (Bankr. S.D.N.Y. Case No. 10-13553).  Charles E. Simpson,
Esq., at Windels, Marx, Lane & Mittendorf, LLP, serves as the
Debtor's bankruptcy counsel.  Garfunkel Wild, P.C., is the
Debtor's special healthcare and regulatory counsel.  Healthcare
Management Solutions, LLC, is the Debtor's financial and
healthcare reimbursement manager.  Alston & Bird, LLP, serves as
the Official Committee of Unsecured Creditors' counsel.  NHB
Advisors, Inc., is the financial advisor to the Committee.  In its
schedules, the Debtor disclosed $47,670,748 in assets and
$279,519,927 in liabilities as of the petition date.


RADNOR HOLDINGS: Files Operating Reports for July - December 2010
-----------------------------------------------------------------
On January 18, 2011, Radnor Holdings Corporation, et al., filed
their monthly operating reports for the months of July, August,
September, October, November, and December 2010.

The Debtor reported a net loss of $5,000 for the month of
December 2010.

At December 31, 2010, the Debtors' balance sheet showed
$14.9 million in total assets, $272.6 million in total
liabilities, and a stockholders' deficit of $257.7 million.
The Debtors had cash of $964,000 in unrestricted cash at
December 31, 2010.

A copy of the December 2010 monthly operating report is available
for free at http://bankrupt.com/misc/radnor.december2010mor.pdf

The Debtor reported net income of $9,000 for the month of July,
net income of $31,000 for the month of August, net income of
$1,000 for the month of September, a net loss of $13,000 for the
month of October, and net income of $13,000 for the month of
November.

Copies of the July, August, September, October, and November 2010
monthly operating reports are available for free at:

     http://bankrupt.com/misc/radnor.july2010mor.pdf

     http://bankrupt.com/misc/radnor.august2010mor.pdf

     http://bankrupt.com/misc/radnor.september2010mor.pdf

     http://bankrupt.com/misc/radnor.october2010mor.pdf

     http://bankrupt.com/misc/radnor.november2010mor.pdf

                      About Radnor Holdings

Based in Radnor, Pennsylvania, Radnor Holdings Corporation
-- http://www.radnorholdings.com/-- manufactured and
distributed a broad line of disposable food service products in
the United States, and specialty chemicals worldwide.  The Debtor
and its affiliates filed for chapter 11 protection on August 21,
2006 (Bankr. D. Del. Lead Case No. 06-10894).  Gregg M. Galardi,
Esq., and Sarah E. Pierce, Esq., at Skadden, Arps, Slate, Meagher
& Flom, LLP, in Wilmington, Del.; and Timothy R. Pohl, Esq.,
Patrick J. Nash, Jr., Esq., and Rena M. Samole, Esq., at Skadden,
Arps, Slate, Meagher & Flom, LLP, in Chicago, Ill., serve as the
Debtors' bankruptcy counsel.  When the Debtors filed for
protection from their creditors, they disclosed total assets of
$361,454,000 and total debts of $325,300,000.


REFCO INC: Chapter 7 Trustee Has $4,078,000 Cash at November 30
---------------------------------------------------------------
Albert Togut, the Chapter 7 Trustee overseeing the liquidation of
Refco, LLC's estate, filed with the U.S. Bankruptcy Court for the
Southern District of New York a monthly statement of cash receipts
and disbursements for November 2010.

The Chapter 7 Trustee reported that Refco LLC's beginning balance
in its Money Market account with Union Bank, totalled $4,030,000
as of November 1.

During the Reporting Period, Refco LLC received a total of $48,000
in other receivables from a Whittelsey Settlement.  No transfers
and no disbursements were made, according to Mr. Togut.

Refco LLC held $4,078,000 cash at November 30, 2010.

                    Refco, LLC
    Schedule of Cash Receipts and Disbursements
Through Union Bank Money Market and Checking Accounts
              November 1 to 30, 2010

Beginning Balance, November 1, 2010                  $4,030,000

RECEIPTS
Interest Income                                               0
Sale of Assets                                                0
Marwilling of Excess Capital                                  0
Man Financial - Excess Capital return                         0
Membership and Clearing Deposits                              0
Other Receivables                                        48,000
                                                  -------------
TOTAL RECEIPTS                                         $48,000

TRANSFERS
Transfer funds to Union Bank                                 $0
                                                  -------------
TOTAL TRANSFERS                                             $0

DISBURSEMENTS
Operating expenses & other disbursements                     $0
Executory contract cure payments                              0
Pursuant to payment stipulation                               0
Purchase price escrow deposit                                 0
Expected account escrow fund                                  0
Membership & clearing deposits                                0
Payment on account of prepetition claims                      0
Other disbursements                                           0

Reorganization Expenses
Attorney fees                                                0
Trustee bond premium                                         0
Other professional fee                                       0
                                                 --------------
TOTAL DISBURSEMENTS                                          0
                                                 --------------
Ending Balance, September 30, 2010                   $4,078,000
                                                 ==============

                       About Refco Inc.

Headquartered in New York, Refco Inc. -- http://www.refco.com/--
was a diversified financial services organization with operations
in 14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries were members of
principal U.S. and international exchanges, and were among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  Refco was also a major broker of cash
market products, including foreign exchange, foreign exchange
options, government securities, domestic and international
equities, emerging market debt, and OTC financial and commodity
products.  Refco was one of the largest global clearing firms for
derivatives.  The Company had operations in Bermuda.

The Company and 23 of its affiliates filed for Chapter 11
protection on October 17, 2005 (Bankr. S.D.N.Y. Case No.
05-60006).  J. Gregory Milmoe, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, served as the Debtors' bankruptcy counsel.
Milbank, Tweed, Hadley & McCloy LLP, represented the Official
Committee of Unsecured Creditors.  Refco reported US$16.5 billion
in assets and US$16.8 billion in debts to the Bankruptcy Court on
the first day of its Chapter 11 cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on December 15, 2006.  That Plan became effective on
December 26, 2006.  Pursuant to the plan, RJM, LLC, was named plan
administrator to reorganized Refco, Inc., and its affiliates, and
Marc S. Kirschner as plan administrator to Refco Capital Markets,
Ltd.

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


SHARPER IMAGE: Ends December 2010 With $3.2 Million Cash
--------------------------------------------------------
TSIC, Inc., formerly known as The Sharper Image Corporation, filed
with the Securities and Exchange Commission on January 20, 2011,
its monthly operating report for December 2010.

The Company reported a net loss of $42,330 on $0 revenue for the
month.

At December 31, 2010, the Company's balance sheet showed
$6.6 million in assets, $95.3 million in liabilities, and a
stockholders' deficit of $88.7 million.

The Debtor has $3.2 million in cash at December 31, 2010.  For the
month, the Debtor paid a total of $292,500 in professional fees.

A full-text copy of TSIC's December 2010 monthly operating report
is available at no charge at: http://researcharchives.com/t/s?7275

                       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 Company's lead counsel.  Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Company'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.


TERRESTAR NETWORKS: Incurs $25,294,264 Net Loss in December
-----------------------------------------------------------

                  TerreStar Networks, Inc., Et Al.
                Condensed Consolidated Balance Sheet
                     As of December 31, 2010

ASSETS
Current Assets
  Cash and cash equivalents                        $11,039,143
  Inventories, net                                   7,697,107
  Due from TerreStar Global                              9,351
  Deferred issuance costs                            6,351,283
  Other current assets                               4,000,335
                                                --------------
     Total current assets                           29,097,219

Restricted Cash                                        237,373
Property and equipment                           1,030,939,386
(net of accumulated depreciation
$37,497,816 as of Nov. 30, 2010)
Intangible assets
(net of accumulated amortization                      791,666
$477,560 as of Nov. 30, 2010)
Deferred issuance costs                              4,318,368
Other non-current assets                                     -
                                                --------------
     Total assets                               $1,065,384,012
                                                ==============

LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current Liabilities
  Accounts payable and accrued expenses            $81,412,841
  Debtors-in-Possession Loan, net                   26,626,672
  Due to TerreStar Corporation                      52,658,465
  Deferred satellite performance incentives         14,089,867
  Obligations under capital leases                           -
  Deferred rent                                        951,067
  TerreStar-2 Purchase Money Credit                 88,418,522
   Agreement, including contingent
   interest derivative and accrued
   interest, thereon
                                                --------------
     Total current liabilities                     264,157,434

TerreStar Notes, including interest                927,779,334
TerreStar Exchangeable Notes, plus interest        120,414,374
TerreStar-2 PMCA, plus interest                              -
Deferred revenue                                    40,000,000
Deferred satellite performance incentives,           6,694,119
net of current portion
Due to TerreStar Corporation,                       60,656,164
net of current portion
Obligations under capital leases,                            -
net of current portion
Deferred rent, net of current portion                  479,585
                                                --------------
     Total liabilities                           1,420,181,010

STOCKHOLDERS' DEFICIT
  Common stock                                          40,899
  Additional paid-in capital                       519,176,506
  Cumulative translation adjustment                  5,046,571
  Accumulated deficit                             (879,060,974)
                                                --------------
     Total stockholders' deficit                  (354,796,998)
                                                --------------
     Total liabilities & stockholders' deficit  $1,065,384,012
                                                ==============

                  TerreStar Networks, Inc., Et Al.
           Condensed Consolidated Statements of Operations
              For the Month Ended December 31, 2010

Revenues                                              $113,479

Operating Expenses
  Cost of goods sold                                   615,155
  General and administrative                         5,039,628
  Research and development                           2,141,034
  Depreciation and amortization                      5,297,787
                                                --------------
  Total operating expenses                          13,093,604

Net operating (loss) income                        (12,980,125)

Interest expense                                   (12,164,465)
Interest and other income(expense)                    (149,674)
                                                --------------
  Net (loss) income                               ($25,294,264)
                                                ==============

                 TerreStar Networks, Inc., Et Al.
            Condensed Consolidated Statements of Cash Flows
              For the Month Ended December 31, 2010

Cash Flow Used in Operating Activities:
Net (loss) Income                                 ($25,294,264)
Adjustments to reconcile net loss to
net cash used in operating activities:
  Depreciation and amortization                      5,297,787
  Amortization of debt discount and                  1,420,562
     deferred issuance costs
  Changes in assets and liabilities:
     Due from TerreStar Corporation                   (705,321)
     Accounts payable and accrued expenses           3,060,591
     Inventories                                    (1,077,145)
     Deferred rent                                     (71,365)
     Accrued interest                               10,562,526
     Other current assets                            1,131,759
                                                --------------
     Net cash used in operating activities          (5,674,870)
                                                --------------

Cash Flows used in Investing Activities:
  Restricted Cash                                         (146)
  Payment of orbital incentive                        (348,644)
  Additions to property and equipment, net             (77,324)
                                                --------------
     Net cash used in investing activities            (426,114)

Cash Flows from Financing Activities:
  Proceeds from DIP loan, net                        5,880,000
  Payments for capital lease obligations                     -
                                                --------------
     Net cash used by financing activities           5,880,000
                                                --------------
  Foreign exchange effect on cash
  and cash equivalents                                     925
                                                --------------
Net decreased in cash and cash equivalents            (220,059)
                                                --------------
Cash and cash equivalents, beginning of period      11,259,202
                                                --------------
Cash and cash equivalents, end of period           $11,039,143
                                                ==============

                     About TerreStar Networks

Reston, Va.-based TerreStar Corporation (NASDAQ: TSTR)
-- http://www.terrestar.com/-- is in the mobile communications
business through its ownership of TerreStar Networks, its
principal operating subsidiary, and TerreStar Global.

TerreStar Networks, in cooperation with its Canadian partners,
TerreStar Canada and TerreStar Solutions, majority-owned
subsidiaries of Trio 1 and 2 General Partnerships, plans to launch
an innovative wireless communications system to provide mobile
coverage throughout the United States and Canada using integrated
satellite-terrestrial smartphones and other devices.  This system
build out will be based on an integrated satellite and ground-
based technology intended to provide communication service in most
hard-to-reach areas and will provide a nationwide interoperable,
survivable and critical communications infrastructure.  The
Company intends to provide multiple communications applications,
including voice, data and video services.

As of June 30, 2010, the Company had four wholly owned
subsidiaries, MVH Holdings Inc., Motient Holdings Inc., TerreStar
Holdings Inc., and TerreStar New York Inc.  Motient Ventures
Holding Inc., a wholly owned subsidiary of MVH Holdings Inc.,
directly holds approximately 89.3% and 86.5% interest in TerreStar
Networks and TerreStar Global, respectively.

TerreStar Networks Inc. and Its affiliates filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code in Manhattan (Bankr. S.D.N.Y. Lead Case No.
10-15446).

The Debtors' parent, TerreStar Corporation (NASDAQ: TSTR), is not
among the Chapter 11 filers.

Michel Wunder, Esq., Ryan Jacobs, Esq., and Jarvis Hetu, Esq., at
Fraser Milner Casgrain LLP and Ira Dizengoff, Esq., Arik Preis,
Esq., and Ashleigh Blaylock, Esq., at Akin Gump Strauss Hauer &
Feld LLP, serve as bankruptcy counsel to the Debtors.  Blackstone
Advisory Partners LP is the financial advisor.  The Garden City
Group, Inc., is the claims and noticing agent in the Chapter 11
cases.  Otterbourg Steindler Houston & Rosen P.C. is the counsel
to the Official Committee of Unsecured Creditors.  FTI Consulting,
Inc., is the Committee's financial advisor

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


THOMPSON PUBLISHING: Posts $1.6 Million Net Loss in December
------------------------------------------------------------
Thompson Publishing Holding Co., Inc., et al., reported a net loss
of $1.61 million on revenue of $2.75 million for December 2010.
Non-recurring fees totaled $1.17 million.  Interest expense was
$23,717.

At December 31, 2010, the Debtors' consolidated balance sheet
showed $144.90 million in total assets, $203.31 million in total
liabilities, and a stockholders' deficit of $58.41 million.

A copy of the December 2010 monthly operating report is available
for free at:

      http://bankrupt.com/misc/tpi.december2010morPart1.pdf

      http://bankrupt.com/misc/tpi.december2010morPart2.pdf

      http://bankrupt.com/misc/tpi.december2010morPart3.pdf

Based in Washington, legal publisher Thompson Publishing had
300 products and 70,000 subscribers, producing an estimated
$49 million in revenue in 2010.  Thompson also arranged
conferences and employee-training events.  Avista Capital Partners
bought a 50% stake in Thompson for $130 million in 2006.

Thompson Publishing Holding Co. Inc. and six affiliates sought
chapter 11 protection (Bankr. D. Del. Case No. 10-13070) on
September 21, 2010.  Thompson disclosed approximately $20 million
in assets and about $166 million in liabilities as of the Petition
Date.  John F. Ventola, Esq., and Lisa E. Herrington, Esq., at
Choate, Hall & Stewart LLP in Boston, Mass., and Alissa T. Gazze,
Esq., Chad A. Fights, Esq., and Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell, LLP, provide the Debtors with legal
counsel, and Mark Chesen and Michael Gorman at SSG Capital
Advisors LLC in Conshohocken, Pa., provide the Debtors with
financial advisory services.

Thompson was authorized in November to sell the business to the
first-lien lenders in exchange for $42 million in secured debt.
In the process, $100,000 was set aside for unsecured creditors.
Thompson changed its name to TPH Seller Inc. following the sale.


THORNBURG MORTGAGE: Ends December 2010 With $113.7 Million Cash
---------------------------------------------------------------
On January 20, 2011, 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 December 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 December 2010 with $113.7 million in
cash.  The Debtors reported a net loss of $1.1 million on net
operating revenue of $16,448 for the month.

At December 31, 2010, the Debtors had $115.5 million in total
assets, $3.431 billion in total liabilities, and a stockholders'
deficit of $3.316 billion.

A full-text copy of the TMST, Inc.'s December 2010 monthly
operating report is available for free at:

               http://researcharchives.com/t/s?7284

                     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.

                           *********

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 by e-mail.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases by individuals and business entities estimating
assets and debts or disclosing assets and liabilities at less than
$1,000,000.  The list includes links to freely downloadable images
of the small-dollar business-related 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.  Jhonas Dampog, 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 2011.  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 ***