TCR_Public/110312.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 12, 2011, Vol. 15, No. 70

                            Headlines

BANKUNITED FINANCIAL: Reports $7.4 Million Net Income in January
GULFSTREAM INT'L: Posts $350,675 Net Loss in January 2011
PFF BANCORP: Posts $190,321 Net Loss in January 2011
TRICO MARINE: Posts $6,773 Net Loss in January 2011

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BANKUNITED FINANCIAL: Reports $7.4 Million Net Income in January
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BankUnited Financial Corporation, together with its subsidiaries
BankUnited Financial Services, Inc., and CRE America Corporation,
filed on Feb. 25, 2011, its monthly operating report for January
2011 with the United States Bankruptcy Court for the Southern
District of Florida.

Funds at Jan. 31, 2011, were $12.161 million, compared to funds
of approximately $12.162 million at Dec. 31, 2010.

BankUnited Financial Corporation, et al., reported net income of
$7.4 million for the period.  At Jan. 31, 2011, BankUnited
Financial Corporation, et al., had $37.1 million in total assets,
$576.8 million in total liabilities, and a stockholders' deficit
of $539.7 million.

The January 2011 monthly operating report is available at no
charge at http://researcharchives.com/t/s?74b7

                    About BankUnited Financial

BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) --
http://www.bankunited.com/-- was the holding company for
BankUnited FSB, the largest banking institution headquartered in
Coral Gables, Florida.  On May 21, 2009, BankUnited FSB was closed
by regulators and the Federal Deposit Insurance Corporation
facilitated a sale of the bank to a management team headed by John
Kanas, a veteran of the banking industry and former head of North
Fork Bank, and a group of investors led by W.L. Ross & Co.
BankUnited, FSB, had assets of $12.8 billion and deposits of
$8.6 billion as of May 2, 2009.

BankUnited Financial and its affiliates filed for Chapter 11 on
May 22, 2009 (Bankr. S.D. Fla. Lead Case No. 09-19940).  Stephen
P. Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen LLP;
Mark D. Bloom, Esq., and Scott M. Grossman, Esq., at Greenberg
Traurig, LLP; and Michael C. Sontag, at Camner, Lipsitz, P.A.,
serve as the Debtors' bankruptcy counsel.  Corali Lopez-Castro,
Esq., David Samole, Esq., at Kozyak Tropin & Throckmorton, P.A.;
and Todd C. Meyers, Esq., at Kilpatrick Stockton LLP, serve as
counsel to the official committee of unsecured creditors.

In its bankruptcy petition, BankUnited Financial disclosed
$37,729,520 in assets against $559,740,185 in debts.  Aside from
those assets, BankUnited Financial said that a "valuable" asset is
its $3.6 billion net operating loss carryforward.

Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York
were listed among the company's largest unsecured creditors in
their roles as trustees for security issues.  BankUnited Financial
estimated the Bank of New York claim tied to convertible
securities at $184 million.  U.S. Bank and Wilmington Trust are
owed $120 million and $118.171 million on account of senior notes.

As reported in the Troubled Company Reporter on November 25, 2010,
BankUnited Financial Corp. filed a Chapter 11 plan premised upon a
cash infusion by a new investor, who in turn will receive 21% of
the new common stock plus preferred stock.  The cash infusion will
be used to make cash distributions under the Plan, with the
remaining amount for working capital.


GULFSTREAM INT'L: Posts $350,675 Net Loss in January 2011
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Gulfstream International Group, Inc., and Gulfstream International
Airlines, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of Florida on Feb. 25, 2011, their monthly
operating report for January 2011, and on Jan. 25, 2011, their
monthly operating report for December 2010.

At Jan. 31, 2011, Gulf International Group, Inc., the Lead Debtor,
had funds of $1,470.66.  The Lead Debtor reported a net loss of
$350,675 on $0 operating revenue for the month.

At Jan. 31, 2011, the Lead Debtor had $18.7 million in total
assets, $13.1 million in total liabilities, and stockholders'
equity of $5.6 million.

A complete text of the Lead Debtor's January 2011 monthly report
is available for free at:

     http://bankrupt.com/misc/gulfstreamint'l.jan2011mor.pdf

At Dec. 31, 2010, Gulfstream International Group had funds of
$1,470.66.  Income Statement and Balance Sheet figures were not
provided.

A complete text of the Lead Debtor's December 2010 monthly
operating report is available for free at:

     http://bankrupt.com/misc/gulfstreamint'l.dec2010mor.pdf

Gulfstream International Airlines, Inc., had funds of $607,244.16
at Jan. 31, 2011.  Gulfstream International Airlines reported a
net loss of $397,664 on $5.1 million of operating revenue for the
month.

At Jan. 31, 2011, Gulfstream International Airlines had
$4.2 million in total assets, $16.3 million in total liabilities,
and a stockholders' deficit of $12.1 million.

A complete text of Gulfstream International Airlines' January 2011
monthly report is available for free at:

    http://bankrupt.com/misc/gulfstreamint'lair.jan2011mor.pdf

At Dec. 31, 2010, Gulfstream International Airlines had funds of
$1,193,136.

Gulfstream International Airlines reported a net loss of $497,272
on $5.2 million of operating revenue for December 2010.

At Dec. 31, 2010, Gulfstream International Airlines had
$10.4 million in total assets, $23.3 million in total liabilities,
and a stockholders' deficit of $12.9 million.

A complete text of Gulfstream International Airlines' December
2010 monthly operating report is available for free at:

    http://bankrupt.com/misc/gulfstreamint'lair.dec2010mor.pdf

                 About Gulfstream International

Fort Lauderdale, Florida-based Gulfstream International Airlines
(NYSE Amex: GIA) operated a fleet of turboprop Beechcraft 19000
aircraft, and specialized in providing travelers with access to
niche locations not typically covered by major carriers.  GIA
operated more than 150 scheduled flights per day, serving nine
destinations in Florida, 10 destinations in the Bahamas, five
destinations from Continental Airline's hub under the Department
of Transportation's Essential Air Service Program and supports
charter service to Cuba through a services agreement with
Gulfstream Air Charter, Inc., an entity otherwise unrelated to the
Debtors.  GIA operated as a Continental Connection carrier, as
well as for United Airlines, Northwest Airlines and Copa Airlines,
through code share agreements.  GIA has 620 employees, including
530 working full-time.

Gulfstream International Group, Inc., and its units including
Gulfstream International Airline, Inc., filed for Chapter 11
bankruptcy protection on Nov. 4, 2010 (Bankr. S.D. Fla. Case
No. 10-44131).  Brian K. Gart, Esq., at Berger Singerman, P.A.,
serves as the Debtors' bankruptcy counsel.  Jetstream Aviation
Capital, LLC and Jetstream Aviation Management, LLC, serve as
financial advisors to the Debtors.  Robert A. Schatzman, Esq.,
Steven J. Solomon, Esq., and Frank P. Terzo, Esq., at
GrayRobinson, P.A., in Miami, Florida, serve as counsel to the
Official Committee of Unsecured Creditors.

Gulfstream International Airlines disclosed $15,967,096 in assets
and $25,243,099 in liabilities in its Schedules of Assets and
Liabilities.


PFF BANCORP: Posts $190,321 Net Loss in January 2011
----------------------------------------------------
PFF Bancorp, Inc., and Glencrest Investment Advisors, Inc.,
Glencrest Insurance Services, Inc., Diversified Builder Services,
Inc., and PFF Real Estate Services, Inc., filed on Feb. 21, 2011,
their monthly operating reports for January 2011 with the United
States Bankruptcy Court for the District of Delaware.

PFF Bancorp reported a net loss of $190,321 on $0 revenue for the
period.

PFF Bancorp paid a total of $124,502 in professional fees and
expenses for the month.

At Jan. 31, 2011, PFF Bancorp had total assets of $12.9 million,
total liabilities of $117.4 million, and a stockholders' deficit
of $104.5 million.  Total Bank Accounts were $1.86 million at
Jan. 31, 2011, compared to $2.05 million at Dec. 31, 2010.

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

               http://researcharchives.com/t/s?74b6

                         About PFF Bancorp

PFF Bancorp Inc. -- http://www.pffbank.com/-- was a non-
diversified unitary savings and loan holding company within the
meaning of the Home Owners' Loan Act with headquarters formerly
located in Rancho Cucamonga, California.  Bancorp is the direct
parent of each of the remaining Debtors.

Prior to filing for bankruptcy, Bancorp was also the direct parent
of PFF Bank & Trust, a federally chartered savings institution,
and said bank's subsidiaries.  PFF Bank & Trust was taken over by
regulators in November 2008, with the deposits transferred by the
Federal Deposit Insurance Corp. to U.S. Bank NA.

PFF Bancorp Inc. and its affiliates sought Chapter 11 protection
on December 5, 2008 (Bankr. D. Del. Case No. 08-13127 to
08-13131).  Chun I. Jang, Esq., and Paul N. Heath, Esq., at
Richards, Layton & Finger, P.A., serve as the Debtors' bankruptcy
counsel.  Kurtzman Carson Consultants LLC serves as the Debtors'
claims agent.  Jason W. Salib, Esq., at Blank Rome LLP, represents
the official committee of unsecured creditors as counsel.

According to the latest monthly operating report, PFF Bancorp had
total assets of $13.5 million, total liabilities of
$117.4 million, and a stockholders' deficit of $103.9 million as
of  Nov. 30, 2010.


TRICO MARINE: Posts $6,773 Net Loss in January 2011
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Trico Marine Services, Inc., and subsidiaries Trico Marine Assets,
Inc., Trico Holdco, LLC, Trico Marine Operators, Inc., Trico
Marine Cayman, LP, and Trico Marine International, Inc., filed on
March 1, 2011, their unaudited combined monthly operating report
for January 2011 with the U.S. Bankruptcy Court for the District
of Delaware.

Trico Marine Services reported a net loss of $6,773 on $0 revenue
for the period.

At Jan. 31, 2011, Trico Marine Services' balance sheet showed
$411.2 million in total assets, $153.8 million in total
liabilities, and stockholders' equity of $257.4 million.

A full-text copy of the monthly operating report is available for
free at http://researcharchives.com/t/s?74b8

                         About Trico Marine

Headquartered in Texas, Trico Marine Services, Inc. --
http://www.tricomarine.com/-- provides subsea services, subsea
trenching and protection services, and towing and supply vessels.
Trico filed for Chapter 11 protection on August 25, 2010 (Bankr.
D. Del. Case No. 10-12653).  John E. Mitchell, Esq., Angela B.
Degeyter, Esq., and Harry A. Perrin, Esq., at Vinson & Elkins LLP,
serve as the Debtor's bankruptcy counsel.  The Debtor disclosed
US$30,562,681 in assets and US$353,606,467 in liabilities as of
the Petition Date.

Affiliates Trico Marine Assets, Inc. (Bankr. D. Del. Case No.
10-12648), Trico Marine Operators, Inc. (Case No. 10-12649), Trico
Marine International, Inc. (Case No. 10-12650), Trico Marine
Cayman, L.P. (Case No. 10-12651), and Trico Holdco, LLC (Case No.
10-12652) filed separate Chapter 11 petitions.

Cahill Gordon & Reindell LLP is the Debtors' special counsel.
Alix Partners Services, LLC, is the Debtors' chief restructuring
officer.  Epiq Bankruptcy Solutions is the Debtors' claims and
notice agent.  Postlethwaite & Netterville serves as the Debtors'
accountant and Ernst & Young LLP serves as tax advisors.
Pricewaterhousecoopers LLC provides the independent accountants
and tax advisors for the Debtors.

Aside from the Cayman Islands holding company, Trico's foreign
subsidiaries were not included in the filing and will not be
subject to the requirements of the U.S. Bankruptcy Code.

The Official Committee of Unsecured Creditors tapped Laura Davis
Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang,
Ziehl & Jones LLP, in Wilmington, Delaware, and Andrew K. Glenn,
Esq., David J. Mark, Esq., and Daniel A. Fliman, Esq., at
Kasowitz, Benson, Torres & Friedman LLP, in New York, as counsel.

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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.

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