TCR_Public/110305.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, March 5, 2011, Vol. 15, No. 63

                            Headlines

ADVANTA CORP: POSTS $2.17 Million Net Loss in January
AMERICAN MEDIA: Records $110 Mil. Gain on Extinguishment of Debt
BLOCKBUSTER INC: Has $66.2 Million Cash at January 2
CANAL CORP: Reports $6.7 Million Cash at February 6
CMR MORTGAGE: Posts $256,779 Net Loss in January

GREAT ATLANTIC & PACIFIC: Posts $27.4 Million Net Loss in January
ICOP DIGITAL: Posts $138,372 Net Loss From Jan. 21 - 31 Period
LEHMAN BROTHERS: Has $18.586 Billion Cash at Jan. 31
LTV CORP: Ends January 2011 With $7,311,000 Cash
NEWPOWER HOLDINGS: Ends January 2011 With $348,000 Cash

REFCO INC: Refco LLC Has $3,320,000 Cash at Dec. 31, 2010
SHARPER IMAGE: Ends January 2011 With $3.2 Million Cash
STATION CASINOS: Reports $31,667,000 October Net Loss
STATION CASINOS: Affiliates Show Assets & Debts at Oct. 31
TERRESTAR NETWORKS: Incurs January Net Loss of $32.3 Million

THORNBURG MORTGAGE: Ends January 2011 With $110.4 Million Cash
WASHINGTON MUTUAL: Ends January 2011 With $4.551 Billion Cash

                            *********

ADVANTA CORP: POSTS $2.17 Million Net Loss in January
-----------------------------------------------------
Advanta Corp. and certain of its subsidiaries filed on Feb. 25,
2011, their unaudited monthly operating report for January 2011
with the U.S. Bankruptcy Court for the District of Delaware.

The Debtors ended January 2011 with $119.99 million in cash, from
$120.13 million at the beginning of the period.

Advanta Corp. reported a net loss of $2.17 million on $3,000 of
net interest income for the month.

At Jan. 31, 2011, Advanta Corp. had $253.50 million in total
assets, $341.19 million in total liabilities, and a stockholders'
deficit of $87.69 million.

A copy of the Debtors' January 2011 monthly operating report is
available at no charge at:

               http://researcharchives.com/t/s?7446

                       About Advanta Corp.

Advanta Corp. -- http://www.advanta.com/-- issues business
purpose credit cards to small businesses and business
professionals in the United States. Advanta primarily funds and
operates its business credit card business through Advanta Bank
Corp., which offers a range of deposit products that are insured
by the Federal Deposit Insurance Corporation.

In June 2009, the FDIC placed significant restrictions on the
activities and operations of Advanta Bank, as the Bank's capital
ratios were below required regulatory levels.

On November 8, 2009, Advanta Corp. filed for Chapter 11 (Bankr. D.
Del. Case No. 09-13931). Attorneys at Weil, Gotshal & Manges LLP,
and Richards, Layton & Finger, P.A., serve as the Debtor's
bankruptcy counsel. Alvarez & Marsal is the financial advisor.
The Garden City Group, Inc., is the claims agent. The filing did
not include Advanta Bank. The petition said that Advanta Corp.'s
assets totaled $363,000,000 while debts totaled $331,000,000 as of
September 30, 2009.

As reported in the TCR on Feb. 15, 2011, Advanta Corp. obtained an
order from Bankruptcy Judge Kevin Carey confirming its Chapter 11
plan.  The Plan was unanimously approved by seven of the 11
creditor classes.


AMERICAN MEDIA: Records $110 Mil. Gain on Extinguishment of Debt
----------------------------------------------------------------

                       American Media, Inc.
                Condensed Combined Balance Sheet
                     As of December 31, 2010


ASSETS
Current Assets:
  Cash and cash equivalents                         $17,181,000
  Trade receivables, net                             41,992,000
  Inventories                                        17,834,000
  Prepaid expenses and other current assets          32,293,000
                                                  -------------
Total current assets                                109,300,000

Property, plant and equipment, net
  Leasehold improvements                              1,824,000
  Furniture, fixtures and equipment                  32,354,000
  Less - accumulated depreciation                   (26,880,000)
                                                  -------------
     Total property and equipment, net                7,298,000

Other Assets:
  Deferred debt costs, net                           17,028,000
  Deferred rack costs, net                            9,602,000
  Other long-term assets                              4,794,000
                                                  -------------
      Total other assets                             31,424,000

Goodwill and other intangible assets:
  Goodwill                                          230,886,000
  Other identified intangibles, net                 269,669,000
                                                  -------------
Total goodwill and other intangible assets          500,555,000
                                                  -------------
Total Assets                                       $648,577,000
                                                  =============

LIABILITIES & SHAREHOLDERS' DEFICIT

Current Liabilities:
  Accounts payable                                  $13,421,000
  Accrued expenses and other liabilities             43,288,000
  Accrued interest                                    4,534,000
  Deferred revenues                                  33,909,000
                                                  -------------
Total current liabilities                            95,152,000

Non-current Liabilities:
  Revolving credit facility                          10,000,000
  Senior secured notes, net                         489,889,000
  Other non-current liabilities                       1,438,000
  Deferred income taxes                             102,648,000
                                                  -------------
  Total liabilities                                 699,127,000

Commitments and Contingencies
Stockholder's deficit:
  Common Stock                                          111,000
  Additional paid-in capital                        684,055,000
  Accumulated deficit                              (734,517,000)
  Accumulated other comprehensive loss                 (199,000)
                                                  -------------
Total stockholder's deficit                         (50,550,000)
                                                  -------------
Total Liabilities & Shareholders' Deficit          $648,577,000
                                                  =============

                      American Media, Inc.
          Condensed Combined Statement of Operations
             For the Month Ended December 31, 2010

Operating Revenues:
  Circulation                                       $17,245,000
  Advertising                                         8,455,000
  Other                                               2,268,000
                                                  -------------
Total operating revenues                             27,968,000

Operating Expenses:
  Editorial                                           3,546,000
  Production                                          7,725,000
  Distribution, circulation and other costs of sales  5,194,000
  Selling, general and administrative                 8,805,000
  Depreciation and amortization                         534,000
  Provision for impairment of intangibles                     0
                                                  -------------
Total operating expenses                             25,804,000

Operating income (loss)                               2,164,000

Other income (expense):
  Interest expense                                   (6,948,000)
  Amortization of deferred debt costs                  (250,000)
  Other income (loss), net                                    0
  Gain on extinguishment of debt                    110,064,000
                                                  -------------
Total other income (expense)                        102,866,000

Income (loss) before provision (benefit) for
  income taxes and income (loss) from
  discontinued operations                           105,030,000
Provision (benefit) for income taxes                     79,000
                                                  -------------
Income (loss) from continuing operations            104,951,000
Income (loss) from discontinued operations,
  net of income taxes                                         0
                                                  -------------
Net Income (loss)                                  $104,951,000
                                                  =============

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

                       About American Media

Based in New York, American Media, Inc., publishes celebrity
journalism and health and fitness magazines in the U.S.  These
include Star, Shape, Men's Fitness, Fit Pregnancy, Natural Health,
and The National Enquirer.  In addition to print properties, AMI
manages 14 different Web sites.  The company also owns
Distribution Services, Inc., the country's #1 in-store magazine
merchandising company.

American Media, Inc., and 15 units, including American Media
Operations, Inc., filed for Chapter 11 protection in Manhattan
(Bankr. S.D.N.Y. Case No. 10-16140) on November 17, 2010.  Judge
Martin Glenn presides over the case.  Ira S. Dizengoff, Esq., Arik
Preis, Esq., Meredith A. Lahaie, Esq., Stefanie L. Kurlanzik,
Esq., and Kevin M. Eide, Esq., at Akin, Gump, Strauss, Hauer &
Feld, LLP, in New York, serve as the Debtors' bankruptcy counsel.
Moelis & Company is the Debtors' financial advisors and investment
bankers.  Kurtzman Carson Consultants LLC is the claims and notice
agent.

AMI estimated assets of $0 to $50,000 and debts of $500 million to
$1 billion in its Chapter 11 petition.  AMO, AMI's operating unit,
estimated assets of $100 million to $500 million and debts of
$500 million to $1 billion in its Chapter 11 petition.

American Media filed, together with the petition, a pre-packaged
Chapter 11 plan where holders of notes and bank debt would receive
either cash, new notes or stock.  Judge Glenn confirmed the
Debtors' Amended Joint Prepackaged Plan of Reorganization on
December 20, 2010, clearing the way for the Debtors to emerge from
Chapter 11 reorganization by the end of 2010.

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


BLOCKBUSTER INC: Has $66.2 Million Cash at January 2
----------------------------------------------------
On Feb. 15, 2011, Blockbuster Inc. and certain of its domestic
subsidiaries filed their monthly operating report for the period
from Nov. 29, 2010, to Jan. 2, 2011, with the U.S. Bankruptcy
Court for the Southern District of New York.

The Debtors reported a net loss of $11.7 million on total revenues
of $206.5 million for the five week period ended Jan. 2, 2011.

At Jan. 2, 2011, the Debtors had $1.062 billion in total
assets, $1.604 billion in total liabilities, and a stockholders'
deficit of $542.4 million.  At Jan. 2, 2011, the Debtors had
$66.2 million in cash and cash equivalents, compared to
$61.1 million at the beginning of the period.

A complete text of the monthly operating report is available for
free at http://researcharchives.com/t/s?7452

                     About Blockbuster Inc.

Based in Dallas, Texas, Blockbuster Inc. (Pink Sheets: BLOKA,
BLOKB) -- http://www.blockbuster.com/-- is a global provider of
rental and retail movie and game entertainment.  It has a library
of more than 125,000 movie and game titles.

Blockbuster Inc. and 12 U.S. affiliates initiated Chapter 11
bankruptcy proceedings with a pre-arranged reorganization plan
in Manhattan on September 23, 2010 (Bankr. S.D.N.Y. Case No.
10-14997).  It disclosed assets of $1 billion and debts of
$1.4 billion at the time of the filing.

Martin A Sosland, Esq., and Stephen Karotkin, Esq., at Weil,
Gotshal & Manges, serve as counsel to the Debtors.  Rothschild
Inc. is the financial advisor.  Alvarez & Marsal is the
restructuring advisor with A&M managing director Jeffery J.
Stegenga as chief restructuring officer.  Kurtzman Carson
Consultants LLC is the claims and notice agent.

A steering group of senior secured noteholders is represented by
James P. Seery, Esq., and Paul S. Caruso, Esq., at Sidley Austin
LLP.  U.S. Bank National Association as trustee and collateral
agent for the senior secured notes is represented by David
McCarty, Esq., and Kyle Mathews, Esq., at Sheppard Mullin Richter
& Hampton LLP.  BDO Consulting is the financial advisor for U.S.
Bank.

Lenders led by Wilmington Trust FSB are providing the DIP
financing.  The DIP Agent is represented by Peter Neckles, Esq.
and Alexandra Margolis, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York.

The Official Committee of Unsecured Creditors has retained Cooley
LLP as its counsel.

Blockbuster's non-U.S. operations and its domestic and
international franchisees, all of which are legally separate
entities, were not included in the filings and are not parties to
the Chapter 11 proceedings.

In its latest monthly operating report filed with the
Bankruptcy Court, Blockbuster disclosed $1.066 billion in
assets, $422.2 million in liabilities not subject to compromise
and $1.165 billion in liabilities subject to compromise, and a
deficit of $533.8 million as of Nov. 28, 2010.

Bankruptcy Creditors' Service, Inc., publishes BLOCKBUSTER
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by Blockbuster Inc. and its units.
(http://bankrupt.com/newsstand/or 215/945-7000)


CANAL CORP: Reports $6.7 Million Cash at February 6
---------------------------------------------------
On Feb. 21, 2011, Canal Corporation filed with the U.S.
Bankruptcy Court for the Eastern District of Virginia in Richmond
its unaudited monthly operating report for the period Jan. 1,
2011, to Feb. 6, 2011.

The Debtor reported a net loss of $203,051 on $0 sales for the
period.

As of Feb. 6, 2011, the Debtor had $33.7 million in total
assets, $396.9 million in total liabilities, and a stockholders'
deficit of $363.2 million.  The Company had cash and cash
equivalents of $6.7 million at Feb. 6, 2011, compared to
$6.9 million at December 31, 2010.

A full-text copy of the monthly operating report for the period
ended Feb. 6, 2011, is available for free at:

               http://researcharchives.com/t/s?744e

                        About Canal Corp.

Headquartered in Richmond, Virginia, Chesapeake Corporation
supplies specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche end-
use markets.  The Company has 44 locations in Europe, North
America, Africa and Asia.

Chesapeake and 18 affiliates filed Chapter 11 petitions (Bankr.
E.D. Va. Lead Case No. 08-336642) on Dec. 29, 2008.  Lawyers at
Hunton & Williams LLP represent the Debtors.  Chesapeake tapped
Alvarez and Marsal North America LLC, and Goldman Sachs & Co. as
financial advisors.  Tavenner & Beran PLC serves as conflicts
counsel and Hammonds LLP as special counsel.  Kurtzman Carson
Consultants LLC serves as claims agent.  The United States Trustee
for Region 4 appointed seven creditors to serve on an Official
Committee of Unsecured Creditors for the Debtors' Chapter 11
cases.  Lawyers at Greenberg Traurig LLP represent the Committee.

In its petition, Chesapeake disclosed $936,600,000 in total assets
and $937,100,000 in total debts as of September 28, 2008.

In May 2009, Chesapeake sold its assets to entities controlled by
Irving Place Capital Management, L.P. and Oaktree Capital
Management, L.P. and, following a competitive bidding process
which produced no competing bids.  The purchase price was about
$485 million.  The Debtor was renamed to Canal Corp., following
the sale.


CMR MORTGAGE: Posts $256,779 Net Loss in January
------------------------------------------------
CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of California on Feb. 28, 2011, its
monthly operating report for January 2011.

The Company reported a net loss of $256,779 on $127 of revenues
for January 2011.

At Jan. 31, 2011, the Debtor had total assets of $43.4 million,
total liabilities of $36.1 million, and total equity of
$7.3 million.  The Company ended December 2010 with $29,961 in
cash and cash equivalents, from $52 at the beginning of
the period.

A full-text copy of the Debtor's operating report for
January 2011 is available for free at:

               http://researcharchives.com/t/s?7444

                        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.


GREAT ATLANTIC & PACIFIC: Posts $27.4 Million Net Loss in January
-----------------------------------------------------------------
On Feb. 25, 2011, The Great Atlantic & Pacific Tea Company, Inc.,
and its U.S. subsidiaries filed their monthly operating report for
the period from Jan. 2, 2011, to Jan. 29, 2011, with the U.S.
Bankruptcy Court for the Southern District of New York.

The Debtors reported a net loss of $27.4 million on $602.7 million
of sales for the four weeks ended Jan. 29, 2011.

At Jan. 29, 2011, the Debtors' consolidated balance sheet showed
$2.662 billion in total assets, $3.671 billion in total
liabilities, $179.0 million in Series A redeemable preferred
stock, and a stockholders' deficit of $1.188 billion.

A full-text copy of the monthly operating report for the four
weeks ended Jan. 29, 2011, is available at no charge at:

               http://researcharchives.com/t/s?7451

                            About A&P

Founded in 1859, Montvale, New Jersey-based Great Atlantic &
Pacific (A&P) is a leading supermarket retailer, operating under a
variety of well-known trade names, or "banners" across the mid-
Atlantic and Northeastern United States.  It operates 395
supermarkets, combination food and drug stores, beer, wine, and
liquor stores, and limited assortment food stores in Connecticut,
Delaware, Massachusetts, Maryland, New Jersey, New York,
Pennsylvania, Virginia, and the District of Columbia.  "Banners"
include A&P (101 stores), Food Basics (12 stores), Pathmark (128
stores), Super Fresh (57 stores), The Food Emporium (16 stores),
and Waldbaum's (59 stores).

A&P employs roughly 41,000 employees, including roughly 28,000
part-time employees.  Roughly 95% of the workforce are covered by
collective bargaining agreements.

The Great Atlantic & Pacific Tea Company, Inc., and its affiliates
filed petitions under Chapter 11 of the U.S. Bankruptcy Code on
Dec. 12, 2010 (Bankr. S.D.N.Y. Case No. 10-24549) in White Plains.

As of Sept. 11, 2010, the Debtors reported total assets of
$2.5 billion and liabilities of $3.2 billion.

Paul M. Basta, Esq., James H.M. Sprayregen, Esq., and Ray C.
Schrock, Esq., at Kirkland & Ellis, LLP, in New York, and James J.
Mazza, Jr., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
serve as counsel to the Debtors.  Kurtzman Carson Consultants LLC
is the claims and notice agent.  Lazard Freres & Co. LLC is the
financial advisor.  Huron Consulting Group is the management
consultant.  Dennis F. Dunne, Esq., Matthew S. Barr, Esq., and
Abhilash M. Raval, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represent the Official Committee of Unsecured Creditors.

Bankruptcy Creditors' Service, Inc., publishes ATLANTIC & PACIFIC
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by A&P and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).


ICOP DIGITAL: Posts $138,372 Net Loss From Jan. 21 - 31 Period
--------------------------------------------------------------
On Feb. 25, 2011, ICOP Digital Inc. filed with the U.S. Bankruptcy
Court for the District of Kansas a Monthly Operating Report for
the period Jan. 21, 2011, to Jan. 31, 2011.

The Debtor reported a net loss of $138,372 on $0 revenue for the
period.

At Jan. 31, 2011, the Debtor had $4.8 million in total assets,
$2.7 million in total liabilities, and $2.1 million in total
equity.  The Debtor ended the period with negative cash of
$26,461.

A full-text copy of the initial monthly operating report is
available for free at http://researcharchives.com/t/s?7453

                         About ICOP Digital

Founded in 2002, ICOP Digital Inc. sells surveillance equipment
for law enforcement agencies.

Lenexa, Kansas-based ICOP Digital filed for Chapter 11 protection
in Kansas City (Bankr. D. Kan. Case No. 11-20140) on Jan. 21,
2011.  In its Schedules of Assets and Liabilities, the Debtor
disclosed assets of $1.67 million and debt of $2.74 million.
The balance sheet as of Sept. 30 had assets on the books for
$6.7 million and total liabilities of $4.3 million, according to
Mr. Rochelle.

Joanne B. Stutz, Esq., at Evans & Mullinix PA, in Shawnee, Kansas,
represents the Debtor.


LEHMAN BROTHERS: Has $18.586 Billion Cash at Jan. 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 January 31, 2011:

Beginning Cash & Investments (01/01/11)   $22,090,000,000
Total Sources of Cash                         899,000,000
Total Uses of Cash                           (372,000,000)
FX Fluctuation                                 16,000,000
                                          ---------------
Ending Cash & Investments (01/31/11)      $18,586,000,000

LBHI reported $2.318 billion in cash and investments as of
January 1, 2011, and $1.004 billion as of January 31, 2011.

The monthly operating report also showed that from January 1 to
31, 2011, a total of $42.937 million was paid to professionals
that were retained in the Debtors' Chapter 11 cases.

Meanwhile, from September 15, 2008 to January 31, 2011, a total
of $1,173,774,000 was paid to professionals, of which
$403,489,000 was paid to the Debtors' turnaround manager, Alvarez
& Marsal LLC, while $272,110,000 was paid to their bankruptcy
counsel, Weil Gotshal & Manges LLP.

A full-text copy of the January 2011 Operating Report is
available for free at:

          http://bankrupt.com/misc/LehmanMORJan2011.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 Sept. 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.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009 or
more than a year after LBHI and its other affiliates filed their
bankruptcy cases.

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 Sept. 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 Sept. 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

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


LTV CORP: Ends January 2011 With $7,311,000 Cash
------------------------------------------------
On Feb. 17, 2011, The LTV Corporation, et al., submitted to
the United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division, their monthly operating report for
January 2011.

LTV ended the period with a $7,311,000 cash balance.  LTV
reported $33,000 in receipts and $128,000 in disbursements in
January, including $94,000 paid to Chapter 11 professionals.
Beginning cash was $7,406,000.

A full-text copy of the Debtors' January 2011 operating report is
available at no charge at http://researcharchives.com/t/s?744a

                    About The LTV Corporation

Headquartered in Cleveland, Ohio, The LTV Corp. operates as a
domestic integrated steel producer.  The Company along with 48
subsidiaries filed for Chapter 11 protection on December 29, 2000
(Bankr. N.D. Ohio, Case No. 00-43866).  On August 31, 2001, the
Company disclosed $4,853,100,000 in total assets and
$4,823,200,000 in total liabilities.

By order dated February 28, 2002, the Court approved the sale of
substantially all of the Debtors' integrated steel assets to WLR
Acquisition Corp. n/k/a International Steel Group, Inc., for a
purchase price of approximately $80 million, plus the assumption
of certain environmental and other obligations.  ISG also
purchased inventories which were located at the integrated steel
facilities for approximately $52 million.  The sale of the
Debtors' integrated steel assets to ISG closed in April 2002, and
a second closing related to the purchase of the inventory occurred
in May 2002.

On December 31, 2002, substantially all of the assets of the Pipe
and Conduit Business, consisting of LTV Tubular Company, a
division of LTV Steel Company, Inc., and Georgia Tubing
Corporation, were sold to Maverick Tube Corporation for cash of
approximately $120 million plus the assumption of certain
environmental and other obligations.  On October 16, 2002, the
Debtors announced that they intended to reorganize the Copperweld
Business as a stand-alone business.  The LTV Corporation no longer
exercised any control over the business or affairs of the
Copperweld Business.  A separate plan of reorganization was
developed for the Copperweld Business.  On August 5, 2003, the
Copperweld Business filed a disclosure statement for the Joint
Plan of Reorganization of Copperweld Corporation and certain of
its debtor affiliates.  On October 8, 2003, the Court approved the
Second Amended Disclosure Statement.  On November 17, 2003, the
Court confirmed the Second Amended Joint Plan, as modified, and on
December 17, 2003, the Effective Date occurred and the common
stock was canceled.  Because The LTV Corporation received no
distributions under the Second Amended Plan, its equity in the
Copperweld Business is worthless and has been canceled.

In November 2002, the Debtors paid the DIP Lenders the remaining
balance due for outstanding loans and in December 2002, the
remaining letters of credit were canceled or cash collateralized.
Consequently, the Debtors have no remaining obligation to the DIP
Lenders.  Pursuant to an order of the Court entered on
February 11, 2003, LTV Steel has continued the orderly liquidation
and wind down of its businesses.

On October 8, 2003, the Court entered an Order substantively
consolidating the Chapter 11 estates of LTV Steel and Georgia
Tubing Corporation for all purposes.

In November and December 2003, approximately $91.9 million was
distributed by LTV Steel to other Debtors pursuant to the
Intercompany Settlement Agreement that was approved by the Court
on November 17, 2003.  On December 23, 2003, the Court entered an
Order authorizing LTV Steel and Georgia Tubing to make
distributions to their administrative creditors and, after the
final distribution, to dismiss their Chapter 11 cases and
dissolve.

On March 31, 2005, the Court entered an order that among other
things: (a) approved a distribution and dismissal plan for LTV and
certain other debtors; (b) authorized The LTV Corporation and LTV
Steel to take any and all actions that are necessary or
appropriate to implement the distribution and dismissal plan;
(c) established March 31, 2005, as the record date for identifying
shareholders of LTV that are entitled to any and all shareholder
rights with respect to the distribution and dismissal plan and the
eventual dissolution of LTV; and (d) authorized The LTV
Corporation to establish and fund a reserve account for the
conduct of post-dismissal activities and the payment of post-
dismissal claims.

LTV is in the process of liquidating, and its stock is worthless.

On March 28, 2007, the Official Committee of Administrative
Claimants filed a motion with the Court requesting an order to
approve the appointment of a Chapter 11 trustee.  On April 11,
2007, April 12, 2007, and May 1, 2007, certain of the Defendants
filed motions to convert the case to Chapter 7.  On June 28, 2007,
the ACC filed a motion to withdraw the Chapter 11 Trustee Motion;
the Court granted the ACC's withdrawal motion on August 1, 2007.
An evidentiary hearing on the Chapter 7 Trustee Motion was held in
August 2007.  The Court has not yet issued its order.


NEWPOWER HOLDINGS: Ends January 2011 With $348,000 Cash
-------------------------------------------------------
NewPower Holdings, Inc., filed its monthly operating report for
January 2011 with the U.S. Bankruptcy Court for the Northern
District of Georgia on Feb. 22, 2011.

The Debtor had an opening cash balance of $367,000 and an ending
cash balance of $348,000.

A full-text copy of the Debtor's January 2011 operating report
is available for free at:

               http://researcharchives.com/t/s?7449

                     About NewPower Holdings

NewPower Holdings, Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for Chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836).  Paul K. Ferdinands, Esq., at King &
Spalding, and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP, represent the Debtors as counsel.  When the Debtors
filed for protection from their creditors, they reported
$231,837,000 in assets and $87,936,000 in debts.

On August 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and
wholly owned subsidiary TNPC Holdings, Inc.  That Plan became
effective on October 9, 2003, with respect to the company and
TNPC.

On February 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003, with respect to New Power.  The New Power Company
is a wholly owned subsidiary of the company.


REFCO INC: Refco LLC Has $3,320,000 Cash at Dec. 31, 2010
---------------------------------------------------------
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 December 2010.

The Chapter 7 Trustee reported that Refco LLC's beginning balance
in its Money Market account with Union Bank, totalled $4,077,000
as of December 1.

During the Dec. 1 to 31, 2010 Reporting Period, Refco LLC received
a total of $5,000 in other receivables.

Refco LLC held $3,320,000 cash at the end of the period.

                   Refco, LLC
   Schedule of Cash Receipts and Disbursements
Through Union Bank Money Market and Checking Accounts
              December 1 to 31, 2010

Beginning Balance, December 1, 2010                  $4,077,000

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                                         5,000
                                                  -------------
TOTAL RECEIPTS                                          $5,000

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                                          302,000
Trustee bond premium                                     5,000
Other professional fee                                 455,000
                                                 --------------
TOTAL DISBURSEMENTS                                    762,000
                                                 --------------
Ending Balance, December 31, 2010                    $3,320,000
                                                 ==============

The specific disbursements are:

     Description                   Date          Amount
     -----------                   ---------    ---------
     Attorney Fees
      * Togut Segal & Segal LLP    12/31/2010    $137,000
      * Jenner & Block LLP         12/31/2010    $165,000
     Other Prof. Fees
      * Bridge Associates LLC      12/31/2010    $446,000
      * Omni Management            12/31/2010      $9,000
     Trustee Bond Payment
      * Arthur B. Levine Company   05/17/2010      $5,000

                       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, represented the Debtors in their restructuring
efforts.  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 Dec. 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 January 2011 With $3.2 Million Cash
-------------------------------------------------------
TSIC, Inc., formerly known as The Sharper Image Corporation, filed
with the U.S. Bankruptcy Court for the District of Delaware on
Feb. 16, 2011, its monthly operating report for January 2011.

The Company reported a net loss of $112,865 on $0 revenue for the
month.

At Jan 31, 2011, the Company's balance sheet showed $6.5 million
in total assets, $95.3 million in total liabilities, and a
stockholders' deficit of $88.8 million.

The Debtor has $3.2 million in cash at Jan. 31, 2011.  For the
month, the Debtor paid a total of $22,954 in professional fees.

A full-text copy of TSIC's January 2011 monthly operating report
is available at no charge at http://researcharchives.com/t/s?7454

                       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.


STATION CASINOS: Reports $31,667,000 October Net Loss
-----------------------------------------------------

                     Station Casinos, Inc.
                         Balance Sheet
                    As of October 31, 2010

Cash and cash equivalents                             $3,355,000
Restricted cash                                       11,882,000
Accounts and notes receivable, net                     7,268,000
Interco (payables) receivables                      (695,303,000)
Prepaid expenses                                       2,891,000
Inventories                                                9,000
Deferred tax asset current                               116,000
                                                  --------------
Total current assets                                (669,782,000)

Property & equipment, net                             90,443,000
Land held for development                                      -
Intangible assets                                      1,485,000
Debt issuance costs                                            -
Other assets                                          39,123,000
Investments in subsidiaries                        4,034,084,000
Long-term deferred tax asset                          76,060,000
                                                  --------------
Total assets                                      $3,571,413,000
                                                  ==============

Debtor-in-possession financing                      $447,533,000
I/C note & deferred rent payable                               -
Current portion of LT debt                                     -
Accounts payable                                       1,153,000
Accrued expenses and other current liabilities        15,687,000
Accrued FIT payable (receivable)                         386,000
Accrued interest payable                                       -
DIP interest payable                                   8,723,000
Payroll & related liabilities                          4,644,000
Swap market value current                                      -
Deferred tax liability current                          (487,000)
                                                  --------------
Total current liabilities                            477,639,000

LT debt less current portion                                   -
Long term accrued benefits                                     -
Deferred tax liability noncurrent                    187,387,000
Other long-term liabilities, net                       5,849,000
                                                  --------------
Total liabilities not subject to compromise          670,875,000
                                                  --------------
Liabilities subject to compromise                  3,508,395,000
                                                  --------------
Total liabilities                                  4,179,270,000
                                                  --------------
Common stock                                             417,000
Restricted stock                                     328,015,000
Additional paid-in capital                         2,662,113,000
Beginning retained earnings(deficit)              (3,428,362,000)
Current year earnings(loss)                         (170,995,000)
Other comprehensive income(loss)                         955,000
                                                  --------------
Total stockholders' equity                          (607,857,000)
                                                  --------------
Total liabilities and equity                      $3,571,413,000
                                                  ==============

                     Station Casinos, Inc.
                    Statement of Operations
             For the Month Ended October 31, 2010

Operating revenue:
Other                                                    $2,000
                                                  --------------
Net revenue                                                2,000

Operating costs and expenses                           2,441,000
Impairment                                                     -
                                                  --------------
EBITDAR                                               (2,439,000)
Land leases                                                    -
Earnings(losses) from JV's                                     -
                                                  --------------
EBITDA                                                (2,439,000)
Depreciation                                             728,000
Amortization                                                   -
Severance                                                 24,000
Preopening expenses                                            -
                                                  --------------
EBIT                                                  (3,191,000)
Cancelled debt offering costs                                  -
Early retirement of debt                                       -
Loss on lease termination                                      -
Legal Settlement                                               -
I/C Interest income                                     (860,000)
Interest income                                            2,000
Interest expense                                      (4,480,000)
Less: capitalized interest                               612,000
Interest expense-JV                                            -
Change in swap fair value                                      -
Gain(loss) on disposal                                         -
                                                  --------------
Income before fees, reorganization & income tax       (7,917,000)
Management fees                                        2,044,000
Reorganization costs                                    (464,000)
Federal tax expense                                  (25,330,000)
                                                  --------------
Net income (loss)                                   ($31,667,000)
                                                  ==============

                     Station Casinos, Inc.
                    Statement of Cash Flows
             For the Month Ended October 31, 2010

Cash flows from operating activities:
Net income                                          ($31,667,000)
Adjustments to reconcile net income to net
cash used in operating activities:
  Depreciation and amortization                          728,000
  Shared-based compensation                            1,057,000
  Change in fair value of derivative instrument               -
  Loss on disposal of assets                                  -
  Loss on early retirement of debt                            -
  Amortization of debt discount                               -
  Reorganization items                                  464,000
  Impairment                                                  -
  Changes in assets and liabilities:
   Decrease(increase) in restricted cash                 58,000
   Decrease(increase) in accounts and notes
      receivables, net                                 (315,000)
   Decrease(increase)in inventories and
      prepaid expenses and other                        407,000
   Increase(decrease) in deferred income taxes      (89,995,000)
   Increase(decrease) in accounts payable               106,000
   Increase(decrease) in accrued interest               314,000
   Increase(decrease) in accrued expenses and
      other current liabilities                      66,514,000
   Increase(decrease)in intercompany payables        33,842,000
Other, net                                             (651,000)
                                                 --------------
Total adjustments                                   (12,529,000)
Net cash provided by (used in) operating
activities, before reorganization items             (19,138,000)
                                                 --------------
Cash used for reorganization items                   (6,472,000)
                                                 --------------
Net cash provided by (used in) operating actv.      (25,610,000)

Cash flows from investing activities:
  Capital expenditures                                 (511,000)
  Intangible assets                                           -
  Proceeds from itercompany sale of land                      -
  Distributions from subsidiaries, net of inv.          276,000
  Native American development costs                           -
  Other, net                                                  -
                                                 --------------
  Net cash provided by investing activities            (235,000)

Cash flows from financing activities:
  Borrowings under DIP Financing, net                25,000,000
  Payments under term loan, maturity 3 mos.                   -
  Payments of debt issue costs                                -
  Capital contributions                                       -
  Other, net                                             (5,000)
                                                 --------------
Net cash provided by(used in) financing activities   24,995,000

Cash and cash equivalents:
  Increase(decrease) in cash and cash equivalents      (850,000)
  Balance, beginning of period                        4,205,000
                                                 --------------
  Balance, end of period                             $3,355,000
                                                 ==============

                        About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 protection on July 28, 2009 (Bankr. D. Nev. Case No.
09-52477).  Milbank, Tweed, Hadley & McCloy LLP serves as legal
counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck,
LLP, as regulatory counsel; and Lewis and Roca LLP is local
counsel.  Lazard Freres & Co. LLC is investment banker and
financial advisor.  Kurtzman Carson Consultants LLC is the claims
and noticing agent.  Brad E Scheler, Esq., and Bonnie Steingart,
Esq., at Fried, Frank, Shriver, Harris & Jacobson LLP, in New
York, serves as counsel to the Official Committee of Unsecured
Creditors.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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


STATION CASINOS: Affiliates Show Assets & Debts at Oct. 31
----------------------------------------------------------
In separate filings, 17 affiliates of Station Casinos submitted
with the Court separate monthly operating reports for the period
ended October 31, 2010, disclosing their total assets and total
liabilities:

                                      Total           Total
Debtor                               Assets        Liabilities
------                           -------------    -------------
FCP MezzCo Borrower IV, LLC       $150,000,000     $153,083,000
FCP Mezzco Parent LLC                       $0               $0
FCP MezzCo Borrower V, LLC                  $0               $0
FCP Mezzco Parent Sub, LLC                  $0               $0
FCP MezzCo Borrower VI, LLC                 $0               $0
Northern NV Acquisitions, LLC       $1,328,000          $24,000
FCP MezzCo Borrower I, LLC        $200,000,000     $204,477,000
Fertitta Partners LLC             $902,434,000               $0
Tropicana Station, LLC             ($1,486,000)              $0
Reno Land Holdings, LLC            $19,297,000               $0
FCP MezzCo Borrower III, LLC      $125,000,000     $128,617,000
FCP Holding, Inc.               $2,805,626,000               $0
FCP MezzCo Borrower II, LLC       $175,000,000     $179,133,000
River Central, LLC                  $3,485,000               $0
FCP VoteCo LLC                              $0               $0
FCP PropCo, LLC                 $1,911,446,000   $1,973,475,000
FCP MezzCo Borrower VII, LLC

                        About Station Casinos

Station Casinos, Inc., is a gaming and entertainment company that
currently owns and operates nine major hotel/casino properties
(one of which is 50% owned) and eight smaller casino properties
(three of which are 50% owned), in the Las Vegas metropolitan
area, as well as manages a casino for a Native American tribe.

Station Casinos Inc., together with its affiliates, filed for
Chapter 11 protection on July 28, 2009 (Bankr. D. Nev. Case No.
09-52477).  Milbank, Tweed, Hadley & McCloy LLP serves as legal
counsel in the Chapter 11 case; Brownstein Hyatt Farber Schreck,
LLP, as regulatory counsel; and Lewis and Roca LLP is local
counsel.  Lazard Freres & Co. LLC is investment banker and
financial advisor.  Kurtzman Carson Consultants LLC is the claims
and noticing agent.  Brad E Scheler, Esq., and Bonnie Steingart,
Esq., at Fried, Frank, Shriver, Harris & Jacobson LLP, in New
York, serves as counsel to the Official Committee of Unsecured
Creditors.

In its bankruptcy petition, Station Casinos said that it had
assets of $5,725,001,325 against debts of $6,482,637,653 as of
June 30, 2009.  About 4,378,929,997 of its liabilities constitute
unsecured or subordinated debt securities.

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


TERRESTAR NETWORKS: Incurs January Net Loss of $32.3 Million
------------------------------------------------------------

                  TerreStar Networks, Inc., Et Al.
                Condensed Consolidated Balance Sheet
                      As of January 31, 2011

ASSETS
Current Assets
  Cash and cash equivalents                         $6,652,148
  Inventories, net                                   7,818,201
  Due from TerreStar Global                              9,351
  Deferred issuance costs                            6,407,283
  Other current assets                               3,890,611
                                                --------------
     Total current assets                           24,777,594

Restricted Cash                                        237,373
Property and equipment                           1,030,847,042
(net of accumulated depreciation
$37,497,816 as of Nov. 30, 2010)
Intangible assets
(net of accumulated amortization                      781,636
$477,560 as of Nov. 30, 2010)
Deferred issuance costs                              4,149,020
Other non-current assets                                     -
                                                --------------
     Total assets                               $1,060,792,665
                                                ==============

LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current Liabilities
  Accounts payable and accrued expenses            $88,248,828
  Debtors-in-Possession Loan, net                   29,837,678
  Due to TerreStar Corporation                      52,658,642
  Deferred satellite performance incentives         14,239,032
  Obligations under capital leases                           -
  Deferred rent                                        954,339
  TerreStar-2 Purchase Money Credit                 89,484,456
   Agreement, including contingent
   interest derivative and accrued
   interest, thereon
                                                --------------
     Total current liabilities                     275,422,975

TerreStar Notes, including interest                941,072,056
TerreStar Exchangeable Notes, plus interest        121,803,264
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,                       61,293,151
net of current portion
Obligations under capital leases,                            -
net of current portion
Deferred rent, net of current portion                  391,062
                                                --------------
     Total liabilities                           1,446,676,627

STOCKHOLDERS' DEFICIT
  Common stock                                          40,899
  Additional paid-in capital                       519,482,982
  Cumulative translation adjustment                  6,005,987
  Accumulated deficit                             (911,413,830)
                                                --------------
     Total stockholders' deficit                  (385,883,962)
                                                --------------
     Total liabilities & stockholders' deficit  $1,060,792,665
                                                ==============

                  TerreStar Networks, Inc., Et Al.
           Condensed Consolidated Statements of Operations
               For the Month Ended January 31, 2011

Revenues                                               $70,494

Operating Expenses
  Cost of goods sold                                   279,071
  General and administrative                        12,480,175
  Research and development                           1,454,405
  Depreciation and amortization                      5,294,160
                                                --------------
  Total operating expenses                          19,507,811

Net operating (loss) income                        (19,437,317)

Interest expense                                   (13,061,009)
Interest and other income(expense)                     145,470
                                                --------------
  Net (loss) income                               ($32,352,856)
                                                ==============

                 TerreStar Networks, Inc., Et Al.
         Condensed Consolidated Statements of Cash Flows
              For the Month Ended January 31, 2011

Cash Flow Used in Operating Activities:
Net (loss) Income                                 ($32,352,856)
Adjustments to reconcile net loss to
net cash used in operating activities:
  Depreciation and amortization                      5,294,160
  Amortization of debt discount and                  1,784,662
     deferred issuance costs
  Stock based compensation expense                     306,476
  Changes in assets and liabilities:
     Due from TerreStar Corporation                        177
     Accounts payable and accrued expenses           7,017,982
     Inventories                                      (303,419)
     Deferred rent                                     (85,251)
     Accrued interest                               11,106,551
     Other current assets                               95,542
                                                --------------
     Net cash used in operating activities          (7,135,976)
                                                --------------

Cash Flows used in Investing Activities:
  Restricted Cash                                            -
  Additions to property and equipment, net              (2,961)
                                                --------------
     Net cash used in investing activities              (2,961)

Cash Flows from Financing Activities:
  Proceeds from DIP loan, net                        2,744,000
  Payments for capital lease obligations                     -
                                                --------------
     Net cash used by financing activities           2,744,000
                                                --------------
  Foreign exchange effect on cash
  and cash equivalents                                   7,942
                                                --------------
Net decreased in cash and cash equivalents          (4,386,995)
                                                --------------
Cash and cash equivalents, beginning of period      11,039,143
                                                --------------
Cash and cash equivalents, end of period            $6,652,148
                                                ==============

           About TerreStar Corp. and TerreStar Networks

TerreStar Corporation and TerreStar Holdings, Inc., filed
voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for
the Southern District of New York on Feb. 16, 2011.

TSC's Chapter 11 filing joins the bankruptcy proceedings of
TerreStar Networks Inc. and 12 other affiliates, which were filed
on Oct. 19, 2010.  The October Chapter 11 cases are procedurally
consolidated under TSN's Case No. 10-15446 under Judge Sean H.
Lane.

TSC is the parent company of each of the October Debtors.  TSC
has four wholly owned direct subsidiaries: TerreStar Holdings,
Inc., TerreStar New York Inc., Motient Holdings Inc., and MVH
Holdings Inc.

TSC is currently seeking to have its case deemed jointly
administered with the cases of seven of the October Debtors under
the caption In re TerreStar Corporation, et al., Case No. 11-
10612 (SHL).  The seven Debtor entities who seek joint
administration with TSC are:

    * TerreStar New York Inc.,
    * Motient Communications Inc.
    * Motient Holdings Inc.,
    * Motient License Inc.,
    * Motient Services Inc.,
    * Motient Ventures Holdings Inc., and
    * MVH Holdings Inc.

TSC is a Delaware corporation whose main asset is the equity in
non-Debtor TerreStar 1.4 Holdings LLC, which has the right to use
a "1.4 GHz terrestrial spectrum" pursuant to 64 licenses issued
by the Federal Communication Commission.  TSC also has an
indirect 89.3% ownership interest in TerreStar Network, Inc.,
which operates a separate and distinct mobile communications
business.  TerreStar Holdings is a Delaware corporation that
directly holds 100% of the interests in 1.4 Holdings LLC.

TerreStar Networks Inc. or TSN, the principal operating entity of
TSC, developed an innovative wireless communications system to
provide mobile coverage throughout the United States and Canada
using satellite-terrestrial smartphones.  The system, however,
required an enormous amount of capital expenditures and initially
produced very little in the way of revenue.  TSN's available cash
and borrowing capacity were insufficient to cover its funding;
thus, forcing TSN to seek bankruptcy protection in October 2010.

TSC estimated assets and debts of $100,000,001 to $500,000,000 in
its Chapter 11 petition.

Ira S. Dizengoff, Esq., at Akin, Gump, Strauss, Hauer & Feld, LLP,
in New York, serves as counsel for the TSC and TSN Debtors.
Garden City Group is the claims and notice agent.  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
formed in TSN's Chapter 11 cases.  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)


THORNBURG MORTGAGE: Ends January 2011 With $110.4 Million Cash
--------------------------------------------------------------
On Feb. 22, 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
January 2011.  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 January 2011 with $110.4 million in
cash.  The Debtors reported a net loss of $777,616 on net
operating revenue of $11,825 for the month.

At Jan. 31, 2011, the Debtors had $112.2 million in total
assets, $3.429 billion in total liabilities, and a stockholders'
deficit of $3.317 billion.

A full-text copy of the TMST, Inc.'s January 2011 monthly
operating report is available for free at:

               http://researcharchives.com/t/s?744d

                     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.


WASHINGTON MUTUAL: Ends January 2011 With $4.551 Billion Cash
-------------------------------------------------------------
On Feb. 24, 2011, Washington Mutual, Inc., and WMI Investment
Corp. filed their monthly operating report for January 2011 with
the United States Bankruptcy Court for the District of Delaware.

Washington Mutual reported a net loss of $7.4 million on
$406,587 of revenues for January 2011.  Reorganization items
totaled $6.8 million for the month.  Professional fees included in
reorganization items totaled $5.6 million.

At Jan 31, 2011, Washington Mutual had $6.803 billion in
total assets, $8.391 billion in total liabilities, and a
shareholders' deficit of $1.588 billion.  Washington Mutual ended
January 2011 with $4.551 billion in unrestricted cash and cash
equivalents compared to $4.536 billion in unrestricted cash and
cash equivalents at Dec. 31, 2010.  Washington Mutual paid a
total of $2.7 million in professional fees and reimbursed a total
of $151,842 in professional expenses in January.

WMI Investment reported a net loss of $15,485 on negative revenues
of $589 for the month of January.

At Jan. 31, 2011, WMI Investment had $921.36 million in total
assets, $14,825 in post-petition liabilities, and $921.34 million
in stockholders' equity.  WMI Investment ended January with
$276.21 million in cash and cash equivalents, compared to cash and
cash equivalents of $276.16 million at Dec. 31, 2010.

A full-text copy of Washington Mutual and WMI Investment's monthly
operating report for January 2011 is available at:

               http://researcharchives.com/t/s?7448

                       About Washington Mutual

Based in Seattle, Washington, Washington Mutual Inc. --
http://www.wamu.com/-- is a holding company for Washington Mutual
Bank as well as numerous non-bank subsidiaries.

Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S.
government regulators.  The next day, WaMu and its affiliate, WMI
Investment Corp., filed separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  WaMu owns
100% of the equity in WMI Investment.  When WaMu filed for
protection from its creditors, it disclosed assets of
$32,896,605,516 and debts of $8,167,022,695.  WMI Investment
estimated assets of $500 million to $1 billion with zero debts.

WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal &
Manges LLP in New York City; Mark D. Collins, Esq., at Richards,
Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari,
Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver &
Hedges, LLP.  Fred S. Hodera, Esq., at Akin Gump Strauss Hauer &
Fled LLP in New York City and David B. Stratton, Esq., at Pepper
Hamilton LLP in Wilmington, Del., represent the Official Committee
of Unseucred Creditors.  Stephen D. Susman, Esq., at Susman
Godfrey LLP and William P. Bowden, Esq., at Ashby & Geddes, P.A.,
represent the Equity Committee.  Stacey R. Friedman, Esq., at
Sullivan & Cromwell LLP and Adam G. Landis, Esq., at Landis Rath &
Cobb LLP in Wilmington, Del., represent JPMorgan Chase, which
acquired WaMu's assets prior to the Petition Date.

                           *********

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
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than a balance sheet solvency test.

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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
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herein is obtained from sources believed to be reliable, but is
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The TCR subscription rate is $775 for 6 months delivered via e-
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are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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