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/raid1/www/Hosts/bankrupt/TCR_Public/110326.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 26, 2011, Vol. 15, No. 84 Headlines AMBAC FIN'L: Has $41,105,303 Cash at Jan. 31 AMERICANWEST BANCORP: Posts $48,620 Net Loss in February AMTRUST FINANCIAL: Ends February With $158,477 Cash AMTRUST FINANCIAL: AmFin Insurance Ends February With $1.48MM Cash AMTRUST FINANCIAL: AmFin Properties Ends February With $864 Cash AMTRUST FINANCIAL: AmFin Real Ends February With $3.2 Million Cash BANKUNITED FINANCIAL: Reports $7.2 Million Net Income in February BARZEL INDUSTRIES: Files Operating Report for Jan. 30-Feb. 26 BLOCKBUSTER INC: Reports $23.6 Million January Net Loss BROWN PUBLISHING: Posts $468,065 Net Loss in Nov. 29-Jan. 2 Period BROWN PUBLISHING: Posts $80,977 Net Loss in Jan. 3-Jan. 30 Period BRUNDAGE-BONE: Posts $1.8 Million Net Loss in December BRUNDAGE-BONE: Posts $2.7 Million Net Loss in January CANAL CORP: Posts $206,409 Net Loss in Feb. 6 - March 6 Period CB HOLDING: Posts $30.4 Million Net Loss in Jan. 24-Feb. 20 Period CHESAPEAKE CORPORATION: Posts $206,409 Net Loss in February CMR MORTGAGE: Posts $289,444 Net Loss in February FIRSTFED FINANCIAL: Posts $264,958 Net Loss in February GREAT ATLANTIC & PACIFIC: Reports $27,399,000 Net Loss in January GSC GROUP: Ends January 2011 With $29.5 Million Cash GUARANTY FINANCIAL: Posts $264,361 Net Loss in February 2011 HARRINGTON WEST: Posts $66,998 Net Loss in February 2011 ICOP DIGITAL: Posts $93,953 Net Loss in February IMPERIAL CAPITAL: Posts $248,599 Net Loss in January LOCAL INSIGHT: Files Monthly Operating Report for January LTV CORP: Ends February 2011 With $6,716,000 Cash NORTEL NETWORKS: Posts $20 Million Net Loss in December 2010 OTTER TAIL: Posts $2.6 million Net Loss in February 2011 POINT BLANK: Posts $2.8 Million Net Loss in February 2011 PRECISION PARTS: Posts $127,088 Net Loss in December R&G FINANCIAL: Posts $49,521 Net Loss in February 2011 RCLC INC: Reports $608,780 Net Income in December SAINT VINCENTS: Reports $2.6 Million Net Income in December SAINT VINCENTS: Posts $2 Million Net Loss in January STATION CASINOS: Reports $7,787,000 November Net Loss STATION CASINOS: Reports $15,388,000 December Net Loss STATION CASINOS: Affiliates' Balance Sheets at November 30 STATION CASINOS: Affiliates' Balance Sheets at December 31 SUMNER REGIONAL: Posts $231,092 Net Loss in January SUMNER REGIONAL: Posts $329,927 Net Loss in February SUN-TIMES MEDIA: Posts $466,000 Net Loss in February 2011 TERRESTAR NETWORKS: Posts $21.8 Million Net Loss in February THORNBURG MORTGAGE: Ends February 2011 With $109.7 Million Cash TOUSA Inc: Posts $4.70 Million Net Loss in February 2011 TRIBUNE CO: Reports $8,923,000 January Net Loss TRIDIMENSION ENERGY: Posts $767,552 Net Loss in January WORLDSPACE INC: Posts $158,689 Net Loss in February 2011 ********* AMBAC FIN'L: Has $41,105,303 Cash at Jan. 31 -------------------------------------------- Ambac Financial Group, Inc. Balance Sheet As of January 31, 2011 ASSETS: Current Assets: Unrestricted Cash and Equivalents $41,164,940 Restricted Cash and Cash Equivalents 2,500,000 Accounts Receivable - Notes Receivable - Inventories - Prepaid Expenses - Professional Retainers 4,282,500 Other Current Assets 23,493,297 ----------------- Total Current Assets 71,440,737 Property & Equipment: Real Property and Improvements - Machinery & Equipment - Furniture, Fixtures, and Office Equipment - Leasehold Improvements - Vehicles - Less: Accumulated Depreciation - ----------------- Total Property & Equipment - Other Assets: Amounts Due From Insiders 37,000 Other Assets (254,676,272) ----------------- Total Other Assets (254,639,272) ----------------- Total Assets ($183,198,535) ================= LIABILITIES AND OWNERS' EQUITY: Liabilities Not Subject to Compromise (Postpetition) Accounts Payable - Taxes Payable - Wages Payable - Notes Payable - Rent/Leases - Building/Equipment - Secured Debt/Adequate Protection Payments - Professional Fees $9,970,677 Amounts Due to Insiders 214,993 Other Postpetition Liabilities - ----------------- Total Postpetition Liabilities 10,185,670 Liabilities Subject to Compromise (Prepetition): Secured Debt - Priority Debt - Unsecured Debt 1,694,851,857 ----------------- Total Prepetition Liabilities 1,694,851,857 Total Liabilities 1,705,037,527 Owners' Equity: Capital Stock 3,080,168 Additional Paid-in Capital 2,187,485,264 Partners' Capital Account - Owners' Equity Account - Retained earnings - prepetition (3,896,443,044) Retained earnings - postpetition (45,012,016) Adjustments to Owner Equity (137,346,434) Postpetition Contributions - ----------------- Net Owners' Equity (1,888,236,062) ----------------- Total Liabilities & Owners' Equity ($183,198,535) ================= Ambac Financial Group, Inc. Statement of Operations For the month ended January 31, 2011 Gross Revenues - Less: Returns & Allowances - ----------------- Net Revenue - Cost of Goods Sold: Beginning Inventory - Add: Purchases - Cost of labor - Other costs - Less: Ending Inventory - ----------------- Cost of Goods Sold - Gross Profit - Operating Expenses: Advertising - Auto and Truck Expense - Bad Debts - Contributions - Employee Benefits Programs $54,519 Officer/Insider Compensation 207,736 Insurance - Management Fees/Bonuses - Office Expense - Pension & profit sharing plans - Repairs & Maintenance - Rent and Lease Expense - Salaries/Commissions/Fees - Supplies - Taxes - Payroll 17,965 Taxes - Real Estate - Taxes - Other - Travel & Entertainment 47,080 Utilities - Other 191,700 ----------------- Total Operating Expenses Before 519,000 Depreciation Depreciation/Depletion/Amortization - ----------------- Net profit(loss) Before Other Income & (519,000) Expenses Other Income and Expenses: Other income 26,702 Interest Expense - Other Expense (84,518,994) ----------------- Net profit (loss) Before Reorganization Items 84,026,696 Reorganization Items: Professional Fees 506,000 U.S. Trustee Quarterly Fees - Interest on Cash from Chapter 11 - Gain from Sale of Equipment - Other Reorganization Expenses - ----------------- Total Reorganization Expenses 506,000 ----------------- Income Taxes - ----------------- Net Profit (Loss) $83,520,696 ================= Ambac Financial Group, Inc. Schedule of Cash Receipts and Disbursements For the month ended January 31, 2011 Cash Beginning of Month $40,931,186 Receipts: Cash Sales - Accounts Receivable - Prepetition - Accounts Receivable - Postpetition - Loans and Advances - Sale of Assets - Other 371,084 Transfers 598,215 ----------------- Total Receipts 969,299 Disbursements: Gross Payroll 196,967 Sales, Use, & Other Taxes - Inventory Purchases - Secured/Rental/Leases - Insurance - Administrative - Selling - Other - Owner Draw - Transfers (to DIP Accts.) 598,215 Professional Fees - U.S. Trustee Quarterly Fees - Court Costs - ----------------- Total Disbursements 795,181 ----------------- Net Cash Flow 174,117 ----------------- Cash, End of Month $41,105,303 ================= About Ambac Financial Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac Financial filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-15973) in Manhattan on Nov. 8, 2010. Ambac said it will continue to operate in the ordinary course of business as "debtor- in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Ambac's bond insurance unit, Ambac Assurance Corp., did not file for bankruptcy. AAC is being restructured by state regulators in Wisconsin. AAC is domiciled in Wisconsin and regulated by the Office of the Commissioner of Insurance of the State of Wisconsin. The parent company is not regulated by the OCI. Ambac's consolidated balance sheet -- which includes non-debtor Ambac Assurance Corp -- showed $30.05 billion in total assets, $31.47 billion in total liabilities, and a $1.42 billion stockholders' deficit, at June 30, 2010. On an unconsolidated basis, Ambac said in a court filing that it has assets of ($394.5 million) and total liabilities of $1.6826 billion as of June 30, 2010. Bank of New York Mellon Corp., as trustee to seven different types of notes, is listed as the largest unsecured creditor, with claims totaling about $1.62 billion. Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L. Padnos, Esq., at Dewey & LeBoeuf LLP serve as the Debtor's bankruptcy counsel. The Blackstone Group LP is the Debtor's financial advisor. Kurtzman Carson Consultants LLC is the claims and notice agent. KPMG LLP is tax consultant to the Debtor. Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller, Esq., at Morrison & Foerster LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Lazard Freres & Co. LLC is the Committee's financial advisor. Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by Ambac Financial Group Inc. (http://bankrupt.com/newsstand/or 215/945-7000) AMERICANWEST BANCORP: Posts $48,620 Net Loss in February -------------------------------------------------------- On March 15, 2011, AmericanWest Bancorporation filed with the U.S. Bankruptcy Court for the Eastern District of Washington the Company's monthly operating report for February 2011. The Debtor reported a net loss of $48,620 on $0 revenue for the month of February. The net loss for the month of January was $60,687. At Feb. 28, 2011, the Debtor had total assets of $7.3 million, total liabilities of $47.6 million, and a stockholders' deficit of $40.3 million. The book balance of cash at Feb. 28, 2011, was $5.90 million compared to $5.91 million at Jan. 31, 2011. There were no payments to attorneys and other professionals during the month. On Dec. 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 Dec. 20, 2010. As reported in the TCR on March 21, 2011, the Debtor filed a Chapter 11 Plan of Distribution and Disclosure Statement. A full-text copy of the February 2011 monthly operating report is available for free at http://is.gd/9UxPxt 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 (Bankr. E.D. Wash. Case No. 10-06097) on Oct. 28, 2010. 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 Form 10-Q filed with the Securities and Exchange Commission before the Petition Date, 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. In December 2010, AmericanWest Bancorporation completed the sale of all outstanding shares of its wholly-owned subsidiary, AmericanWest Bank, to a wholly owned subsidiary of SKBHC Holdings LLC, in a transaction approved by the U.S. Bankruptcy Court. AMTRUST FINANCIAL: Ends February With $158,477 Cash --------------------------------------------------- AmTrust Financial Corp., nka AmFin Financial Corporation, reported a net loss of $426,163 on $0 revenue for February 2011. At Feb. 28, 2010, the Debtor had total assets of $101.4 million, total postpetition liabilities of $1.1 million, total prepetition liabilities of $156.9 million, and a stockholders' deficit of $56.6 million. The Debtor ended the period with $158,477 in cash, from $186,520 at Jan. 31, 2011. A full-text copy of the February 2011 monthly operating report is available at no charge at: http://bankrupt.com/misc/amfinfinancial.feb2011mor.pdf AmTrust Financial Corp., nka AmFin Financial Corporation, reported net income of $196,407 on $0 revenue for January 2011. At Jan.. 31, 2011, the Debtor had total assets of $101.8 million, total postpetition liabilities of $1.0 million, total prepetition liabilities of $156.9 million, and a stockholders' deficit of $56.2 million. The Debtor ended the period with $186,520 in cash, from $189,779 at Dec. 31, 2010. A full-text copy of the monthly operating report is available at no charge at: http://bankrupt.com/misc/amfinfinancial.jan2011mor.pdf About AmTrust Financial AmTrust Financial Corp (PINK: AFNL) was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Lead Case No. 09-21323) on Nov. 30, 2009. G. Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri L. Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland, Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey (US) LLP, in Cincinnati, Ohio, assist the Debtors in their restructuring effort. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management estimated $100 million to $500 million in assets and liabilities in its Chapter 11 petition. AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4, 2009, AmTrust Bank was closed by regulators and the Federal Deposit Insurance Corporation was named receiver. New York Community Bank, in Westbury, New York, assumed all of the deposits of AmTrust Bank pursuant to a deal with the FDIC. AMTRUST FINANCIAL: AmFin Insurance Ends February With $1.48MM Cash ----------------------------------------------------------------- AmTrust Insurance Agency Inc., nka AmFin Insurance Agency Inc., had no income and expense transactions in February 2011. At Feb. 28, 2011, the Debtor had total assets of $1.8 million, total postpetition liabilities of $207,353, total prepetition liabilities of $813,175, and stockholders' equity of $733,119. The Debtor ended the period with $1,477,052 in cash, from $1,476,634 at Jan. 31, 2011. A full-text copy of the February 2011 monthly operating report is available at no charge at: http://bankrupt.com/misc/amfininsurance.feb2011mor.pdf AmTrust Insurance Agency Inc., nka AmFin Insurance Agency Inc., Reported a net of $650 on $0 revenue in January 2011. At Jan. 31, 2011, the Debtor had total assets of $1.8 million, total postpetition liabilities of $206,934, total prepetition liabilities of $813,175, and stockholders' equity of $733,119. The Debtor ended the period with $1,476,634 in cash, from $1,476,448 at Dec. 31, 2010. A full-text copy of the January 2011 monthly operating report is available at no charge at: http://bankrupt.com/misc/amfininsurance.jan2011mor.pdf About AmTrust Financial AmTrust Financial Corp (PINK: AFNL) was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Lead Case No. 09-21323) on Nov. 30, 2009. G. Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri L. Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland, Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey (US) LLP, in Cincinnati, Ohio, assist the Debtors in their restructuring effort. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management estimated $100 million to $500 million in assets and liabilities in its Chapter 11 petition. AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4, 2009, AmTrust Bank was closed by regulators and the Federal Deposit Insurance Corporation was named receiver. New York Community Bank, in Westbury, New York, assumed all of the deposits of AmTrust Bank pursuant to a deal with the FDIC. AMTRUST FINANCIAL: AmFin Properties Ends February With $864 Cash ---------------------------------------------------------------- AmTrust Properties Inc., nka AmFin Properties Inc., had no revenue and expense transactions for February 2011. At Feb. 28, 2011, the Debtor had total assets of $1.2 million, total postpetition liabilities of $1,000, total prepetition liabilities of $7.6 million, and a stockholders' deficit of $6.4 million. The Debtor ended the period with $864 in cash, unchanged from Jan. 31, 2011. A full-text copy of the February 2011 monthly operating report is available at no charge at: http://bankrupt.com/misc/ammfinproperties.feb2011mor.pdf AmTrust Properties Inc., nka AmFin Properties Inc., reported a net loss of $325 on $0 revenue for January 2011. At Jan. 31, 2011, the Debtor had total assets of $1.2 million, total postpetition liabilities of $1,000, total prepetition liabilities of $7.6 million, and a stockholders' deficit of $6.4 million. The Debtor ended the period with $864 in cash, compared to $1,189 at the beginning of the period. A full-text copy of the January 2011 monthly operating report is available at no charge at: http://bankrupt.com/misc/amfinproperties.jan2011mor.pdf About AmTrust Financial AmTrust Financial Corp (PINK: AFNL) was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Lead Case No. 09-21323) on Nov. 30, 2009. G. Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri L. Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland, Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey (US) LLP, in Cincinnati, Ohio, assist the Debtors in their restructuring effort. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management estimated $100 million to $500 million in assets and liabilities in its Chapter 11 petition. AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4, 2009, AmTrust Bank was closed by regulators and the Federal Deposit Insurance Corporation was named receiver. New York Community Bank, in Westbury, New York, assumed all of the deposits of AmTrust Bank pursuant to a deal with the FDIC. AMTRUST FINANCIAL: AmFin Real Ends February With $3.2 Million Cash ------------------------------------------------------------------ AmTrust Real Estate Investments Inc., nka AmFin Real Estate Investments Inc., reported net income of $88,262 on $0 revenue for February 2011. At Feb. 28, 2011, the Debtor had total assets of $104.3 million, total postpetition liabilities of $529,659, total prepetition liabilities of $137.3 million, and a stockholders' deficit of $33.5 million. The Debtor ended the period with $3,169,441 in cash, from $2,369,184 at Jan. 31, 2011. A full-text copy of the February 2011 monthly operating report is available at no charge at: http://bankrupt.com/misc/amfinreal.feb2011mor.pdf AmTrust Real Estate Investments Inc., nka AmFin Real Estate Investments Inc., reported a net loss of $81,910 on $0 revenue for January 2011. At Jan. 31, 2011, the Debtor had total assets of $104.3 million, total postpetition liabilities of $628,711, total prepetition liabilities of $137.3 million, and a stockholders' deficit of $33.6 million. The Debtor ended the period with $2,369,184 cash in cash, from $2,640,843 at Dec. 31, 2010. A full-text copy of the January 2011 monthly operating report is available at no charge at: http://bankrupt.com/misc/amfinreal.jan2011mor.pdf About AmTrust Financial AmTrust Financial Corp (PINK: AFNL) was the owner of the AmTrust Bank. AmTrust was the seventh-largest holder of deposits in South Florida, with $4.7 billion in deposits and 21 branches. In November 2008, the Office of Thrift Supervision issued a cease and desist order requiring AmTrust to improve its capital ratios. AmTrust Financial, together with affiliates that include AmTrust Management Inc., filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Lead Case No. 09-21323) on Nov. 30, 2009. G. Christopher Meyer, Esq., Christine M. Piepont, Esq., and Sherri L. Dahl, Esq., at Squire Sanders & Dempsey (US) LLP, in Cleveland, Ohio; and Stephen D. Lerner, Esq., at Squire Sanders & Dempsey (US) LLP, in Cincinnati, Ohio, assist the Debtors in their restructuring effort. Kurtzman Carson Consultants serves as claims and notice agent. Attorneys at Hahn Loeser & Parks LLP serve as counsel to the Official Committee of Unsecured Creditors. AmTrust Management estimated $100 million to $500 million in assets and liabilities in its Chapter 11 petition. AmTrust Bank was not part of the Chapter 11 filings. On Dec. 4, 2009, AmTrust Bank was closed by regulators and the Federal Deposit Insurance Corporation was named receiver. New York Community Bank, in Westbury, New York, assumed all of the deposits of AmTrust Bank pursuant to a deal with the FDIC. BANKUNITED FINANCIAL: Reports $7.2 Million Net Income in February ----------------------------------------------------------------- BankUnited Financial Corporation, together with its subsidiaries BankUnited Financial Services, Inc., and CRE America Corporation, filed on March 11, 2011, its monthly operating report for February 2011 with the United States Bankruptcy Court for the Southern District of Florida. Funds at Feb. 28, 2011, were $11.975 million, compared to funds of approximately $12.161 million at Jan. 31, 2011. BankUnited Financial Corporation, et al., reported net income of $7.2 million on total income of $14.8 million for the period. At Feb. 28, 2011, BankUnited Financial Corporation, et al., had $36.9 million in total assets, $576.8 million in total liabilities, and a stockholders' deficit of $539.9 million. The February 2011 monthly operating report is available at no charge at http://is.gd/KVeBuN 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. BARZEL INDUSTRIES: Files Operating Report for Jan. 30-Feb. 26 ------------------------------------------------------------- Barzel Industries, Inc., et al., have filed a monthly operating report for the filing period Jan. 30, 2011 through Feb. 26, 2011. Barzel Industries had no revenue and expense transactions for the period Jan. 30, 2011 through Feb. 26, 2011. At Feb. 26, 2011, Barzel Industries had $128.7 million in total assets, $699,734 in total liabilities, and stockholders' equity of $128.0 million. American Steel and Aluminum Corporation reported a net loss of $191,505 on zero revenues for the period Jan. 30, 2011, through Feb. 26, 2011. At Feb. 26, 2011, American Steel and Aluminum Corporation had $73.6 million in total assets, $35.4 million in total liabilities, and stockholders' equity of $38.2 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/barzel.jan30-feb26mor.pdf About Barzel Industries Norwood, Massachusetts-based Barzel Industries, Inc., was in the business of processing and distributing steel. The Company manufactured steel for the construction and industrial manufacturing industries, and produces finished commercial racking products. Barzel Industries -- aka Novamerican Steel Inc. and Symmetry Holdings Inc. -- and seven affiliates filed for Chapter 11 on September 15, 2009 (Bankr. D. Del. Case No. 09-13204). Judge Christopher S. Sontchi presides over the cases. J. Kate Stickles, Esq., at Cole, Schotz, Meisel, Forman & Leonard, in Wilmington, Delaware, and Karen M. McKinley, Esq., and Norman L. Pernick, Esq., at Cole Scholtz Meisel Forman Leonard, P.A., in Wilmington, Delaware, serve as the Debtors' legal counsel. On the same day, Barzel Industries filed applications for relief under the Canadian Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice -- Commercial List. Barzel Industries recorded assets of $370,145,000 against debts of $375,412,000 as of May 30, 2009. Barzel sold most of the assets in November 2009 for $75 million to Norwood, Massachusetts-based Chriscott USA Inc. Secured lenders agreed to a settlement later where they received a release of claims in return for giving up $800,000. BLOCKBUSTER INC: Reports $23.6 Million January Net Loss ------------------------------------------------------- Blockbuster Inc., et al. Balance Sheet As of January 30, 2011 (In Millions) Assets Current assets: Cash and cash equivalents $68.6 Receivables, less allowances 33.7 Receivables from non-debtor subsidiaries 27.6 Merchandise inventories 96.9 Rental library, net 178.7 Prepaid and other current assets 78.5 ------- Total current assets 484.0 Property and equipment, net 122.1 Deferred income taxes 77.0 Investment in non-debtor subsidiaries 280.6 Intangibles, net 4.7 Restricted cash 34.3 Other assets 38.1 ------- Total Assets $1,040.8 ======= Liabilities and Stockholders' Equity (Deficit) Current liabilities: Accounts payable $153.2 Accrued expenses 187.1 Debtor-in-possession loan - Deferred income taxes 77.0 ------- Total current liabilities 417.3 Other liabilities 12.0 ------- 429.3 Liabilities subject to compromise 1,172.6 ------- 1,601.9 Total stockholders' equity (deficit) (561.1) ------- $1,040.8 ======= Blockbuster Inc., et al. Statement of Operations For the month ending January 30, 2011 (In Millions) Revenues: Base rental revenues $91.7 Previously rented product revenues 21.2 ------- Total rental revenues 112.9 Merchandise sales 15.4 Other revenues 3.3 ------- 131.6 Cost of sales: Cost of rental revenues 46.8 Cost of merchandise sold 11.8 ------- Total cost of sales 58.6 ------- Gross profit 73.0 Operating expenses: General and administrative 83.8 Advertising 0.7 Depreciation and intangible amortization 4.6 Impairment of goodwill and other long-lived assets - ------- 89.1 ------- Operating income (loss) (16.1) Interest expense 0.2 Interest income - Other items, net - ------- Income (loss) from continuing operations (16.3) before income taxes Reorganization items, net (income)/loss 2.9 Benefit (provision) for income taxes 0.3 Equity in income of non-debtor subsidiaries 4.1 ------- Income (loss) from continuing operations (23.6) Income (loss) from discontinued operations - ------- Net income (loss) (23.6) Preferred stock dividends - ------- Net income (loss) applicable to ($23.6) common stockholders ======= Blockbuster Inc., et al. Schedule of Cash Receipts and Disbursements For the month ending January 30, 2011 (In Millions) Cash flows from operating activities: Net income (loss) ($23.6) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and intangible amortization 4.6 Rental library purchases (10.4) Rental library amortization 20.7 Loss on sale of store operations - Impairment of long-lived assets - Non-cash share-based compensation - Gain on sale of store operations - Deferred taxes and other 9.5 Changes in operating assets and liabilities: Change in receivables 1.9 Change in merchandise inventories 3.4 Change in prepaid and other assets 7.3 Change in accounts payable 2.6 Change in accrued expenses and other liabilities (11.7) ------- Net cash provided by (used in) 4.3 operating activities Cash flows from investing activities: Capital expenditures (1.8) Change in restricted cash - Proceeds from sale of store operations - Other investing activities 0.1 ------- Net cash provided by (used in) (1.7) investing activities Cash flows from financing activities: Proceeds from DIP Financing - Repayments on DIP Financing - Repayments on senior secured notes - Debt financing costs - Capital lease payments (0.2) ------- Net cash provided by (used in) (0.2) financing activities Effect of exchange rate changes on cash - ------- Net decrease in cash and cash equivalents 2.4 Cash and cash equivalents at beginning of period 66.2 ------- Cash and cash equivalents at end of period $68.6 ======= 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 Sept. 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) BROWN PUBLISHING: Posts $468,065 Net Loss in Nov. 29-Jan. 2 Period ------------------------------------------------------------------ The Brown Publishing Company, et al., reported a net loss of $468,065 on $9,295 of total revenue for the filing period Nov. 29, 2010 to Jan. 2, 2011. At Jan. 2, 2011, The Brown Publishing Company's balance sheet showed $27.25 million in total assets, $46.98 million in total liabilities, and a stockholders' deficit of $19.73 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/brownpublishing.dec2010mor.pdf About Brown Publishing Headquartered in Cincinnati, Ohio, The Brown Publishing Company owned business publications in Ohio, Utah, Texas, South Carolina, New York, and Iowa. The Company filed for Chapter 11 bankruptcy protection on April 30, 2010 (Bankr. E.D.N.Y. Case No. 10-73295). Edward M. Fox, Esq., at K&L Gates LLP, serves as the Company's bankruptcy counsel. The Company estimated $10 million to $50 million in assets and debts in its Chapter 11 petition. The Bankruptcy Court approved in September 2010 the sale of most Brown Publishing's assets to Ohio Community Media LLC, which was formed by the Company's lenders, for about $21.8 million. The judge also approved sale of Brown Publishing's New York newspaper group, Dan's Papers Inc., to Dan's Papers Holdings LLC for about $1.8 million. BROWN PUBLISHING: Posts $80,977 Net Loss in Jan. 3-Jan. 30 Period ----------------------------------------------------------------- The Brown Publishing Company, et al., reported a net loss of $80,977 on $8,800 of total revenue for the filing period Jan. 3, 2011 to Jan. 30, 2011. At Jan. 30, 2011, The Brown Publishing Company's balance sheet showed $27.21 million in total assets, $46.97 million in total liabilities, and a stockholders' deficit of $19.76 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/brownpublishing.jan2011mor.pdf About Brown Publishing Headquartered in Cincinnati, Ohio, The Brown Publishing Company owned business publications in Ohio, Utah, Texas, South Carolina, New York, and Iowa. The Company filed for Chapter 11 bankruptcy protection on April 30, 2010 (Bankr. E.D.N.Y. Case No. 10-73295). Edward M. Fox, Esq., at K&L Gates LLP, serves as the Company's bankruptcy counsel. The Company estimated $10 million to $50 million in assets and debts in its Chapter 11 petition. The Bankruptcy Court approved in September 2010 the sale of most Brown Publishing's assets to Ohio Community Media LLC, which was formed by the Company's lenders, for about $21.8 million. The judge also approved sale of Brown Publishing's New York newspaper group, Dan's Papers Inc., to Dan's Papers Holdings LLC for about $1.8 million. BRUNDAGE-BONE: Posts $1.8 Million Net Loss in December ------------------------------------------------------ Brundage-Bone Concrete Pumping Inc. and JLS Concrete Pumping Inc. reported a consolidated net loss of $1.8 million on $6.3 million of revenue in December 2010. At Dec. 31, 2011, the Debtors had $222.0 million in total assets, $201.9 million in total liabilities, and stockholders' equity of $20.1 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/BrundageBone.jan2011mor.pdf About Brundage-Bone Brundage-Bone Concrete Pumping Inc. and JLS Concrete Pumping Inc., claim to be the largest providers of concrete pumping equipment in the U.S. As of the Petition Date, the Debtors operated a fleet of in excess of 800 concrete pumps and related pumping equipment in more than 20 states, primarily in the western, southwestern, and southeast United States. Brundage-Bone and JLS also actively sell concrete pumps, parts and service. Approximately 52% of the Brundage-Bone and JLS is owned by the founders, Jack Brundage and Dale Bone, who are also guarantors of a substantial amount of the Debtors' debt. Brundage-Bone and JLS filed for Chapter 11 protection (Bankr. D. Colo. Lead Case No. 10-10758) on Jan. 18, 2010. Harvey Sender, Esq., John B. Wasserman, Esq., David V. Wadsworth, Esq., and Matthew T. Faga, Esq., at Sender & Wasserman, P.C., in Denver, Colo., assist the Debtors in their restructuring efforts. Willian Snyder of CRG Partners Group, LLC, serves as Chief Turnaround Officer of the Debtors. Brundage-Bone disclosed $325,708,061 in assets and $230,277,103 in liabilities as of the Petition Date. JLS disclosed $4,046,706 in assets and $739,166 in liabilities as of the Petition Date. BRUNDAGE-BONE: Posts $2.7 Million Net Loss in January ----------------------------------------------------- Brundage-Bone Concrete Pumping Inc. and JLS Concrete Pumping Inc. reported a consolidated net loss of $2.7 million on $5.9 million of revenue in January 2011. At Jan. 31, 2011, the Debtors had $219.0 million in total assets, $201.7 million in total liabilities, and stockholders' equity of $17.3 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/BrundageBone.jan2011mor.pdf About Brundage-Bone Brundage-Bone Concrete Pumping Inc. and JLS Concrete Pumping Inc., claim to be the largest providers of concrete pumping equipment in the U.S. As of the Petition Date, the Debtors operated a fleet of in excess of 800 concrete pumps and related pumping equipment in more than 20 states, primarily in the western, southwestern, and southeast United States. Brundage-Bone and JLS also actively sell concrete pumps, parts and service. Approximately 52% of the Brundage-Bone and JLS is owned by the founders, Jack Brundage and Dale Bone, who are also guarantors of a substantial amount of the Debtors' debt. Brundage-Bone and JLS filed for Chapter 11 protection (Bankr. D. Colo. Lead Case No. 10-10758) on Jan. 18, 2010. Harvey Sender, Esq., John B. Wasserman, Esq., David V. Wadsworth, Esq., and Matthew T. Faga, Esq., at Sender & Wasserman, P.C., in Denver, Colo., assist the Debtors in their restructuring efforts. Willian Snyder of CRG Partners Group, LLC, serves as Chief Turnaround Officer of the Debtors. Brundage-Bone disclosed $325,708,061 in assets and $230,277,103 in liabilities as of the Petition Date. JLS disclosed $4,046,706 in assets and $739,166 in liabilities as of the Petition Date. CANAL CORP: Posts $206,409 Net Loss in Feb. 6 - March 6 Period -------------------------------------------------------------- On March 14, 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 Feb. 6, 2011 to March 6, 2011. The Debtor reported a net loss of $206,409 on $0 sales for the period. As of March 6, 2011, the Debtor had $33.5 million in total assets, $397.0 million in total liabilities, and a stockholders' deficit of $363.5 million. The Company had cash and cash equivalents of $6.5 million at March 6, 2011, compared to $6.7 million at Feb. 6, 2010. A full-text copy of the monthly operating report for the period ended March 6, 2011, is available for free at http://is.gd/pS8Vrq 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. CB HOLDING: Posts $30.4 Million Net Loss in Jan. 24-Feb. 20 Period ------------------------------------------------------------------ CB Holding Corp. reported a net loss of $30.4 million on total sales of $20.8 million for the period from Jan. 24, 2011 to Feb. 20, 2011. Earnings before interest, taxes, depreciation, and amortization was $2,151,564 for the period. Interest expense was $4.3 million reorganization costs were $24.4 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/cbholding.jan24-feb20mor.pdf About CB Holding New York-based CB Holding Corp. operated 20 Charlie Brown's Steakhouse, 12 Bugaboo Creek Steak House, and seven The Office Beer Bar and Grill restaurants when it filed for bankruptcy protection. The Company closed 47 locations before filing for Chapter 11. CB Holding sold off its The Office restaurant chain and 12 Bugaboo Creek stores in separate auctions. Villa Enterprises Ltd. won the bidding for The Office chain with its $4.68 million. RRGK LLC acquired the 12 Bugaboo Creek stores for $10.05 million, more than tripling the $3.175 million first bid from an affiliate of Landry's Restaurants Inc. CB Holding and its affiliates filed for Chapter 11 bankruptcy protection on Nov. 17, 2010 (Bankr. D. Del. Case No. 10-13683). Christopher M. Samis, Esq., and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., assist the Debtors in their restructuring effort. The Garden City Group, Inc., is the Debtors' notice, claims and solicitation agent. Jeffrey N. Pomerantz, Esq., Jason S. Pomerantz, Esq., and Bradford J. Sandler, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Official Committee of Unsecured Creditors. CB Holding estimated its assets at $100 million to $500 million and debts at $50 million to $100 million. * * * According to the Troubled Company Reporter on Feb. 11, 2011, CB Holding received an order from Bankruptcy Judge Mary Walrath extending its exclusive periods to file and secure support for a Chapter 11 plan. The exclusive time for the Debtor to file a plan of reorganization has been extended to June 15. The Debtor has until Aug. 12 to solicit support for the plan. The order is without prejudice for a request by the Debtor for another extension. CHESAPEAKE CORPORATION: Posts $206,409 Net Loss in February ----------------------------------------------------------- BankruptcyData.com reports that Chesapeake Corporation filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a monthly operating report for Feb. 7, 2011 through March 6, 2011. For the period, the Company reported a net loss of $206,409 on zero net sales. About Chesapeake Corporation Headquartered in Richmond, Virginia, Chesapeake Corporation (NYSE: CSK) -- http://www.cskcorp.com/-- 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 and employs approximately 5,400 people worldwide. As of Dec. 31, 2007, Dimensional Fund Advisors LLP owned 7.98% of the Company; T. Rowe Price Associates Inc., 8.4%; and Wells Fargo & Company, 14.71%. Edelmann GmbH & Co. KG and Joachim W. Dziallas owned 13.5% of the Company as of Sept. 19, 2008. The New York Stock Exchange suspended the listing of the Company's common stock effective Oct. 8, 2008, due to its inability to meet the global market capitalization requirements for continued listing on the exchange. Subsequently, the Company's stock began to be quoted on the over-the-counter bulletin board under the trading symbol "CSKE.PK." Chesapeake Corporation, and 18 affiliates filed Chapter 11 petitions (Bankr. E.D. Virginia, Lead Case No. 08-336642) on Dec. 29, 2008. Chesapeake has tapped Alvarez and Marsal North America LLC, and Goldman Sachs & Co. as financial advisors. It also brought along Tavenner & Beran PLC as conflicts counsel and Hammonds LLP as special counsel. Its claims agent is Kurtzman Carson Consultants LLC. 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. As of Sept. 30, 2008, Chesapeake's consolidated balance sheets showed $936.4 million in total assets, including $340.7 million in current assets; and $937.1 million in total liabilities, including $469.2 million in current liabilities, resulting in $500,000 in stockholders' deficit. CMR MORTGAGE: Posts $289,444 Net Loss in February ------------------------------------------------- CMR Mortgage Fund II, LLC, filed with the U.S. Bankruptcy Court for the Northern District of California on March 22, 2011, its monthly operating report for February 2011. The Company reported a net loss of $289,444 on $0 revenue for February 2011. At Feb. 28, 2011, the Debtor had total assets of $43.3 million, total liabilities of $36.2 million, and total equity of $7.1 million. The Company ended February 2011 with $27,914 in cash and cash equivalents, from $29,961 at the beginning of the period. A full-text copy of the Debtor's operating report for February 2011 is available for free at http://is.gd/pH1DpE 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 $264,958 Net Loss in February ------------------------------------------------------- FirstFed Financial Corp. filed on March 15, 2011, a monthly operating report for February 2011 with the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division. The Company reported a net loss of $264,958 for the period. At Feb. 28, 2011, the Company had $3.7 million in total assets, $159.6 million in total liabilities, and a stockholders' deficit of $155.9 million. The Company ended the period with $3,543,852 in unrestricted cash. A full-text copy of the February 2011 monthly operating report is available for free at http://is.gd/5oDiqM 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 Dec. 18, 2009. FirstFed Financial Corp. filed for Chapter 11 protection on Jan. 6, 2010 (Bankr. C.D. Calif. Case No. 10-10150). Jon L. Dalberg, Esq., at Landau Gottfried & Berger LLP, represents the Debtor in its restructuring efforts. Garden City Group is the claims and notice agent. The Debtor disclosed assets at $1 million and $10 million, and debts at $100 million and $500 million. GREAT ATLANTIC & PACIFIC: Reports $27,399,000 Net Loss in January ----------------------------------------------------------------- The Great Atlantic & Pacific Tea Company Inc., et al. Unaudited Consolidated Balance Sheet As of January 29, 2011 (In Thousands) ASSETS Current assets: Cash and cash equivalents $376,111 Restricted cash 1,730 Accounts receivable, net of allowance for doubtful accounts of $6,136 at 01/29/11 177,317 Inventories, net 442,255 Prepaid expenses and other current assets 35,185 -------------- Total current assets 1,032,598 Non-current assets: Property: Property owned, net 1,209,230 Property leased under capital leases, net 64,214 -------------- Property, net 1,273,444 Goodwill 110,412 Intangible assets, net 125,113 Other assets 119,997 -------------- Total assets $2,661,564 ============== LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable 105,644 Book overdrafts 24,898 Accrued salaries, wages and benefits 104,214 Accrued taxes 26,958 Other accrued liabilities 58,629 -------------- Total current liabilities 320,343 Non-current liabilities: Debtor-in-possession financing 350,000 Other non-current liabilities 2,840 -------------- Total liabilities not subject to compromise 673,183 Liabilities subject to compromise 2,997,789 -------------- Total liabilities $3,670,972 Series A redeemable preferred stock - no par value, $1,000 redemption value; authorized - 700,000 shares; issued - 179,020 shares - subject to compromise 179,020 Stockholders' deficit: Common stock - $1 par value; authorized - 260,000,000 shares; issued and outstanding - 53,852,470 shares at 01/29/11 53,852 Additional paid-in capital 476,704 Accumulated other comprehensive loss (78,860) Accumulated deficit (1,640,124) -------------- Total stockholders' deficit (1,188,428) -------------- Total liabilities and stockholders' deficit $2,661,564 ============== The Great Atlantic & Pacific Tea Company Inc., et al. Unaudited Consolidated Statement of Operations Four Weeks Ended January 29, 2011 (In Thousands) Sales $602,676 Cost of merchandise sold (419,246) -------------- Gross margin 183,430 Store operating, general and admin expense (192,547) -------------- Loss from continuing operations before interest expense, reorganization items and income taxes (9,117) Interest expense (15,691) Reorganization items (3,215) -------------- Loss from continuing operations before income taxes (28,023) -------------- Provision for income taxes (35) -------------- Loss from continuing operations (28,058) Income from discontinued operations 659 -------------- Net loss ($27,399) ============== The Great Atlantic & Pacific Tea Company Inc., et al. Unaudited Consolidated Statement of Cash Flow Four Weeks Ended January 29, 2011 (In Thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss ($27,399) Adjustments to reconcile net loss to net cash provided by operating activities 24,787 Changes in assets and liabilities: Increase in receivables (4,999) Decrease in inventories (7,946) Decrease in prepaid expenses and other current assets 15,474 Increase in other assets (3,167) Increase in accounts payable 3,748 Decrease in accrued salaries, wages and benefits, and taxes (5,864) Increase in other accruals 16,044 Decrease in other non-current liabilities (4,506) Payments for reorganization items (215) Other operating activities, net (501) -------------- Net cash provided by operating activities 5,456 CASH FLOWS FROM INVESTING ACTIVITIES: Expenditures for property (2,534) -------------- Net cash used in investing activities (2,534) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on capital leases (855) Payment of financing fees for debtor-in-possession financing (3,235) Increase in book overdrafts 4,940 -------------- Net cash provided by financing activities 850 Net increase in cash and cash equivalents 3,772 Cash and cash equivalents at beginning of period 372,339 -------------- Cash and cash equivalents at end of period $376,111 ============== 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). GSC GROUP: Ends January 2011 With $29.5 Million Cash ---------------------------------------------------- GSC Group, Inc., et al., have filed a monthly operating report for January 2011. GSCP Group, Inc., GSC Active Partners, Inc., GSCP (NJ), Inc., GSCP(NJ) Holdings, L.P., and GSC Secondary Interest Fund had no income or expense transactions for the month of January 2011. GSCP, LLC, reported a net loss of $113,689 on $31,608 of net revenue for the month. GSCP (NJ), L.P., reported net income of $1.7 million on $3.6 million of net revenue for the month. The Debtors had total cash of $29,516,420 at Jan. 31, 2010, compared to $24,603,250 at the beginning of the month. The Debtors paid a total of $1,698,611 in professional fees during the month. A copy of the January 2011 monthly operating report is available for free at http://bankrupt.com/misc/gscgroup.jan2011mor.pdf About GSC Group Florham Park, New Jersey-based GSC Group, Inc. -- http://www.gsc.com/-- is a private equity firm specializing in mezzanine and fund of fund investments. It filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 10-14653) on Aug. 31, 2010. Michael B. Solow, Esq., at Kaye Scholer LLP, serves as the Debtor's bankruptcy counsel. Epiq Bankruptcy Solutions, LLC, is the Debtor's notice and claims agent. Capstone Advisory Group, LLC, is the Debtor's financial advisor. The Debtor estimated its assets at $1 million to $10 million and debts at $100 million to $500 million as of the Chapter 11 filing. GUARANTY FINANCIAL: Posts $264,361 Net Loss in February 2011 ------------------------------------------------------------ BankruptcyData.com reports that Guaranty Financial Group filed with the U.S. Bankruptcy Court for the Northern District of Texas a monthly operating report for February 2011. For the period, the Company reported a net loss of $264,361 on zero revenue. 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 Sept. 30, 2008. Guaranty Financial and its affiliates filed for Chapter 11 (Bankr. N.D. Tex. Case No. 09-35582) on Aug. 27, 2009. Attorneys at Haynes & Boone, LLP, serve as the Debtors' bankruptcy counsel. 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. HARRINGTON WEST: Posts $66,998 Net Loss in February 2011 -------------------------------------------------------- BankruptcyData.com reports that Harrington West Financial Group filed with the U.S. Bankruptcy Court for the Northern District of California a monthly operating report for February 2011. For the period, the Company reported a net loss of $66,998 on zero revenue. Harrington West Financial Group, Inc., filed a voluntary petition to liquidate its assets under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 10-14677) on September 10, 2010. Sharon M. Kopman, Esq., at Landau Gottfried & Berger LLP, in Los Angeles, serves as Debtor's bankruptcy counsel. In its schedules, the Debtor disclosed $579,282 in assets and $26,004,000 in liabilities. ICOP DIGITAL: Posts $93,953 Net Loss in February ------------------------------------------------ On March 21, 2011, ICOP Digital Inc. (renamed as of March 14, 2011, to Digital Systems, Inc.), filed with the U.S. Bankruptcy Court for the District of Kansas a Monthly Operating Report for the month of February 2011. The Debtor reported a net loss of $93,953 on $0 revenue for the period. At Feb. 28, 2011, the Debtor had $4.8 million in total assets, $2.8 million in total liabilities, and $2.0 million in total equity. The Debtor ended the period with $47,232 cash. A full-text copy of the February 2011 monthly operating report is available for free at http://is.gd/qZ5KhD 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, 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 debts of $4.3 million, according to Mr. Rochelle. Joanne B. Stutz, Esq., at Evans & Mullinix PA, in Shawnee, Kansas, serves as the Debtor's bankruptcy counsel. IMPERIAL CAPITAL: Posts $248,599 Net Loss in January ---------------------------------------------------- On Feb. 18, 2011, Imperial Capital Bancorp, Inc., filed its unaudited monthly operating report for the month of January 2011 with the Office of the United States Trustee as required by the OUST Guidelines. The Company reported a net loss of $248,599 for the month of January 2011. At Jan. 31, 2011, the Company had $41.2 million in total assets, $99.6 million in total liabilities, and a stockholders' deficit of $58.4 million. A full-text copy of the Company's January 2011 monthly operating report is available at no charge at http://is.gd/2IynBK La Jolla, California-based Imperial Capital Bancorp, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Calif. Case No. 09-19431) on Dec. 18, 2009. Gregory K. Jones, Esq., at Stutman, Treister & Glatt, P.C., serves as the Company's bankruptcy counsel. The Company estimated its assets at $10 million to $50 million and debts at $100 million in its Chapter 11 petition. LOCAL INSIGHT: Files Monthly Operating Report for January --------------------------------------------------------- Local Insight Media Holdings, Inc., et al., filed with the U.S. Bankruptcy Court for the District of Delaware their monthly operating report for January 2011. Consolidating Local Insight Regatta Holdings, Inc., reported net income of $40,000 on $38.5 million of revenue for the month. Consolidating Local Insight Regatta Holdings, Inc.'s balance sheet showed $563.1 million in total assets, $781.9 million in total liabilities, and a stockholders' deficit of $218.8 million. Non-consolidating entities Local Insight Media Holdings, Inc., LIM Finance, Inc., and LIM Finance II, Inc., had no revenue or expense transactions during the month. Local Insight Media Holdings, Inc.'s balance sheet showed $32.8 million in total assets, $3.2 million in total liabilities, and a stockholders' deficit of $29.6 million. LIM Finance, Inc.'s balance sheet showed $188.0 million in total assets, $160.0 million in total liabilities, and stockholders' equity of $28.0 million. LIM Finance II, Inc.'s balance sheet showed $321.5 million in total assets, $214.0 million in total liabilities, and stockholders' equity of $107.5 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/localinsight.jan2011mor.pdf About Local Insight Media Holdings Wilmington, Delaware-based Local Insight Media Holdings, Inc., is a publisher of print and online yellow page directories in the United States. It filed for Chapter 11 bankruptcy protection on (Bankr. D. Del. Case No. 10-13677) on Nov. 17, 2010. Affiliates Local Insight Media Holdings II, Inc. (Bankr. D. Del. Case No. 10-13679), Local Insight Media Holdings III, Inc. (Bankr. D. Del. Case No. 10-13682), LIM Finance Holdings, Inc. (Bankr. D. Del. Case No. 10-13680), LIM Finance, Inc. (Bankr. D. Del. Case No. 10-13681), LIM Finance II, Inc. (Bankr. D. Del. Case No. 10-13687), Local Insight Regatta Holdings, Inc. (Bankr. D. Del. Case No. 10-13686), The Berry Company LLC (Bankr. D. Del. Case No. 10-13678), Local Insight Listing Management, Inc. (Bankr. D. Del. Case No. 10-13685), Regatta Investor Holdings, Inc. (Bankr. D. Del. Case No. 10-13725), Regatta Investor Holdings II, Inc. (Bankr. D. Del. Case No. 10-13741), Regatta Investor LLC (Bankr. D. Del. Case No. 10-13684), Regatta Split-off I LLC (Bankr. D. Del. Case No. 10-13721), Regatta Split-off II LLC (Bankr. D. Del. Case No. 10-13753), Regatta Split-off III LLC (Bankr. D. Del. Case No. 10-13737), Regatta Holding I, L.P. (Bankr. D. Del. Case No. 10-13748), Regatta Holding II, L.P. (Bankr. D. Del. Case No. 10-13715), and Regatta Holding III, L.P. (Bankr. D. Del. Case No. 10-13745) filed separate Chapter 11 petitions. Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis LLP, serve as the Debtors' bankruptcy counsel. Curtis A. Hehn, Esq., Laura Davis Jones, Esq., and Michael Seidl, Esq., at Pachulski Stang Ziehl & Jones LLP, are the Debtors' co-counsel. The Debtors' investment banker and financial advisor is Lazard Freres & Co. LLC. The Debtors' independent auditor is Deloitte & Touche LLP. The Debtors' interim management and restructuring advisors are Alvarez & Marsal North America, LLC, and Avarez & Marsal Private Equity Performance Improvement Group, LLC. Kurtzman Carson Consultants LLC is the Debtors' notice and claims agent. Local Insight Media Holdings estimated assets of less than $50,000 and liabilities of $100 million to $500 million in its Chapter 11 petition. Local Insight Regatta reported consolidated assets of $796,270,000 against consolidated debts of $669,612,000 as of Sept. 30, 2010, according to its Form 10-Q filed with the Securities and Exchange Commission. The Official Committee of Unsecured Creditors has tapped Milbank, Tweed, Hadley & McCloy LLP as its counsel; Morris, Nichols, Arsht & Tunnel LLP as Delaware co-counsel; and Houlihan Lokey Howard & Zukin Capital Inc. as its financial advisor and investment banker. LTV CORP: Ends February 2011 With $6,716,000 Cash ------------------------------------------------- On March 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 February 2011. LTV ended the period with a $6,716,000 cash balance. LTV reported zero receipts and $595,000 in disbursements in February, including $552,000 paid to Chapter 11 professionals. Beginning cash was $7,311,000. A full-text copy of the Debtors' February 2011 operating report is available at no charge at http://is.gd/tP6Yd5 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 Dec. 29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866). On Aug. 31, 2001, the Company disclosed $4,853,100,000 in total assets and $4,823,200,000 in total liabilities. By order dated Feb. 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 Dec. 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 Oct. 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 Aug. 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 Oct. 8, 2003, the Court approved the Second Amended Disclosure Statement. On Nov. 17, 2003, the Court confirmed the Second Amended Joint Plan, as modified, and on Dec. 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 Oct. 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 Nov. 17, 2003. On Dec. 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 Aug. 1, 2007. An evidentiary hearing on the Chapter 7 Trustee Motion was held in August 2007. The Court has not yet issued its order. NORTEL NETWORKS: Posts $20 Million Net Loss in December 2010 ------------------------------------------------------------ BankruptcyData.com reports that Nortel Networks filed with the U.S. Bankruptcy Court for the District of Delaware a monthly operating report for December 2010. For the period, the Company reported a net loss of $20 million on $13 million in total revenues. About Nortel Networks Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was once North America's largest communications equipment provider. It has sold most of the businesses while in bankruptcy. Nortel Networks Corp., Nortel Networks Inc., and other affiliated corporations in Canada sought insolvency protection under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice (Commercial List). Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. The Monitor sought recognition of the CCAA Proceedings in the U.S. by filing a bankruptcy petition under Chapter 15 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10164). Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's counsel. Nortel Networks Inc. and 14 affiliates filed separate Chapter 11 petitions on Jan. 14, 2009 (Bankr. D. Del. Case No. 09-10138). Judge Kevin Gross presides over the case. James L. Bromley, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, and Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, represent the Official Committee of Unsecured Creditors. Certain of Nortel's European subsidiaries also made consequential filings for creditor protection. On May 28, 2009, at the request of the Administrators, the Commercial Court of Versailles, France ordered the commencement of secondary proceedings in respect of Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited filed petitions in this Court for recognition of the English Proceedings as foreign main proceedings under chapter 15 of the Bankruptcy Code. Nortel Networks divested off key assets while in Chapter 11. In March 2009, the U.S. Bankruptcy Court entered an order approving the sale of the Layer 4-7 assets to Radware Ltd. as the successful bidder at auction. In July 2009, Nortel sold its CDMA and LTE-related assets to Telefonaktiebolaget LM Ericsson (Publ). In September 2009, the Court Nortel sold its Enterprise Solutions business to Avaya Inc. In October 2009, the Court approved the sale of assets associated with Nortel's Next Generation Packet Core network components to Hitachi, Ltd. On Dec. 2, 2009, the Court approved the sale of assets associated with Nortel's GSM/GSM-R business to Telefonaktiebolaget LM Ericsson (Publ) and Kapsch Carriercom AG. In December 2009, the Debtors sold their Metro Ethernet Networks business to Ciena Corporation. In March 2010, Nortel sold its Carrier Voice Over IP and Application Solutions business to GENBAND Inc. In September 2010, Nortel sold its Multi-Service Switch business to Ericsson. Nortel Networks has filed a proposed plan of liquidation in the U.S. Bankruptcy Court. The Plan generally provides for full payment on secured claims with other distributions going in accordance with the priorities in bankruptcy law. OTTER TAIL: Posts $2.6 million Net Loss in February 2011 -------------------------------------------------------- BankruptcyData.com reports that Otter Tail filed with the U.S. Bankruptcy Court for the District of Minnesota their monthly operating report for February 2011. For the period, the Company reported a $2.6 million net loss on $12.97 million in net operating revenue. About Otter Tail AG Based in Fergus Falls, Minnesota, Otter Tail AG Enterprises, LLC -- http://www.ottertailethanol.com/-- owns and operates a nameplate capacity 55 million gallon annual production plant of undenatured ethanol in Fergus Falls, Minnesota. The Company processes approximately 20 million bushels of corn into approximately 55 million gallons of ethanol each year. In addition, the Company sells distillers grains, a principal co-product of the ethanol production process. The Company filed for Chapter 11 on Oct. 30, 2009 (Bankr. D. Minn. Case No. 09-61250). Attorneys at Mackall, Crounse & Moore, PLC, serve as the Company's bankruptcy counsel. Carl Marks Advisory Group LLC is the financial advisor. The Company disclosed assets of $66.4 million against $86 million in debt, nearly all secured, in its schedules. The largest secured creditor is AgStar Financial Services, owed $40.9 million. POINT BLANK: Posts $2.8 Million Net Loss in February 2011 --------------------------------------------------------- BankruptcyData.com reports that Point Blank Solutions filed with the U.S. Bankruptcy Court for the District of Delaware a monthly operating report for February 2011. For the period, the Company reported a net loss of $2.8 million on zero net sales. About Point Blank Headquartered in Pompano Beach, Florida, Point Blank Solutions, Inc. -- http://www.pointblanksolutionsinc.com/-- designs and produces body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company maintains facilities in Pompano Beach, Florida, and Jacksboro, Tennessee. The Company's former chief executive officer and chief operating officer were convicted in September 2010 of orchestrating a $185 million fraud. Point Blank Solutions, formerly DHB Industries, filed for Chapter 11 protection on April 14, 2010 (Bankr. D. Del. Case No. 10-11255). Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves as corporate counsel. T. Scott Avila of CRG Partners Group LLC is the restructuring officer. Epiq Bankruptcy Solutions serves as claims and notice agent. The U.S. Trustee has appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Equity Security Holders in the case. The Equity Committee has tapped Morrison Cohen LLP, and The Bayard, P.A., as counsel. Robert M. Hirsh, Esq., and Heike M. Vogel, Esq., at Arent Fox LLP, serve as counsel to the Creditors Committee, and Frederick B. Rosner, Esq., and Brian L. Arban, Esq., at Messana Rosner & Stern LLP, serve as co-counsel. PRECISION PARTS: Posts $127,088 Net Loss in December ---------------------------------------------------- Precision Parts International Services Corp., et al., reported a net loss of $127,088 in December 2010. At Dec. 31, 2010, the Debtors had total assets of $1.2 million, total liabilities of $188.7 million, and a stockholders' deficit of $187.5 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/PPI.dec2010mor.pdf Headquartered in Rochester Hills, Michigan, Precision Parts International Services Corp. -- http://www.precisionparts.com/-- sold products to major north American automotive and non- automotive original equipment manufacturers and Tier 1 and 2 suppliers. PPI and its units operated six manufacturing facilities throughout North America, including a facility in Mexico operated on their behalf by Intermex Manufactura de Chihuahua under a shelter and logistics agreement. The Company and eight of its affiliates filed for Chapter 11 protection on Dec. 12, 2008 (Bankr. D. Del. Lead Case No. 08-13289). Attorneys at Pepper Hamilton LLP serve as the Debtors' bankruptcy counsel. Alvarez & Marsal North America LLC is the Debtor's financial advisors and Kurtzman Carson Consultants LLC is the claims, noticing and balloting agent. PPI Holdings, Inc., estimated assets and debts between $100 million and $500 million in its Chapter 11 petition. R&G FINANCIAL: Posts $49,521 Net Loss in February 2011 ------------------------------------------------------ BankruptcyData.com reports that R&G Financial filed with the U.S. Bankruptcy Court for the District of Puerto Rico a monthly operating report for February 2011. For the period, the Company reported a net loss of $49,521 on zero revenue. San Juan, Puerto Rico-based R&G Financial Corporation filed for Chapter 11 bankruptcy protection on May 14, 2010 (Bankr. D. P.R. Case No. 10-04124). Jorge I. Peirats, Esq., at Pietrantoni, Mendez & Alvarez, serves as the Company's bankruptcy counsel. The Company disclosed US$40,213,356 in assets and US$420,687,694 in debts. RCLC INC: Reports $608,780 Net Income in December ------------------------------------------------- On March 16, 2011, RCLC, Inc., and certain of its subsidiaries filed their unaudited monthly operating reports for December 2010 with the U.S. Bankruptcy Court for the District of New Jersey. RCLC, Inc., reported net income of $608,780 for December 2010. At Dec. 31, 2010, RCLC had $17.2 million in total assets, $10.7 million in total liabilities, and stockholders' equity of $6.5 million. RCLC ended December 2010 with $16,358 cash. It paid a total of $47,212 in professional fees and reimbursed a total of $3,304 in professional expenses in December. A full-text copy of RCLC's December 2010 monthly operating report is available for free at http://is.gd/y849pz RCPC Liquidating Corp. reported net income of $51,176 for December 2010. At Dec. 31, 2010, RCPC had $5.2 million in total assets, $3.6 million in total liabilities, and stockholders' equity of $1.6 million. RCPC ended December 2010 with $2.3 million in unrestricted cash. It paid a total of $46,612 in professional fees and reimbursed a total of $3,304 in professional expenses in December. A full-text copy of RCPC Liquidating Corp.'s December 2010 monthly operating report is available for free at http://is.gd/MQWDeR RA Liquidating Corp. reported net income of $256,388 for November 2010. At Dec. 31, 2010, RA had $5.9 million in total assets, $1.3 million in total liabilities, and stockholders' equity of $4.6 million. RA ended December 2010 with $991,356 cash. It paid a total of $417,890 in professional fees and reimbursed a total of $5,635 in professional expenses in December. A full-text copy of RA Liquidating's December 2010 monthly operating report is available for free at http://is.gd/Z8Gdk1 About RCLC Inc. RCLC, Inc., formerly known as Ronson Corporation, in Woodbridge, New Jersey, historically, has been engaged principally in these businesses -- Consumer Products; and Aviation-Fixed Wing and Helicopter Services. Trenton, New Jersey-based Ronson Aviation, Inc., now known as RA Liquidating Corp., filed for Chapter 11 protection on Aug. 17, 2010 (Bankr. D. N.J. Case No. 10-35315). The Debtor estimated its assets at $10 million to $50 million and its debts at $1 million to $10 million. Affiliates RCLC, Inc. (Bankr. D. N.J. Case No. 10-35313), and RCPC Liquidating Corporation (Bankr. D. N.J. Case No. 10-35318) filed separate Chapter 11 petitions on Aug. 17, 2010, each estimating their assets at $1 million to $10 million and debts at $1 million to $10 million. The cases, along with RCLC, Inc.'s, are jointly administered, with RCLC, Inc., as the lead case. Michael D. Sirota, Esq., and David M. Bass, Esq., and Felice R. Yudkin, Esq., at Cole, Schotz, Meisel, Forman & Leonard, P.A., in Hackensack, N.J., represent the Debtors as counsel. Attorneys at Lowenstein Sandler, PC, represent the Creditors' Committee as counsel. The Company's foreign subsidiary, RCC, Inc., formerly known as Ronson Corporation of Canada Ltd., is not included in the filing. Upon the closing of the sale of the Company's Aviation Division on Oct. 15, 2010, the Company ceased to have operations, other than to effectuate its wind-down and approve its liquidation plan by the Bankruptcy Court. SAINT VINCENTS: Reports $2.6 Million Net Income in December ----------------------------------------------------------- Saint Vincents Catholic Medical Centers of New York, et al., reported an increase in net assets of $2.6 million on $21.2 million of operating revenue for December 2010. At Dec. 31, 2010, the Debtors' balance sheet showed $225.1 million in total assets, $985.0 million in total liabilities, and a net assets deficit of $759.9 million. A copy of the consolidated monthly operating report for December 2010 is available for free at: http://bankrupt.com/misc/saintvincents.dec2010mor.pdf About Saint Vincents Saint Vincents Catholic Medical Centers of New York, doing business as St. Vincent Catholic Medical Centers -- http://www.svcmc.org/-- was anchored by St. Vincent's Hospital Manhattan, an academic medical center located in Greenwich Village and the only emergency room on the Westside of Manhattan from Midtown to Tribeca, St. Vincent's Westchester, a behavioral health hospital in Westchester County, and continuing care services that include two skilled nursing facilities in Brooklyn, another on Staten Island, a hospice, and a home health agency serving the Metropolitan New York area. Saint Vincent Catholic Medical Centers of New York and six of its affiliates first filed for Chapter 11 protection on July 5, 2005 (Bankr. S.D.N.Y. Case Nos. 05-14945 through 05-14951). St. Vincents Catholic Medical Centers returned to bankruptcy court by filing another Chapter 11 petition (Bankr. S.D.N.Y. Case No. 10-11963) on April 14, 2010. The Debtor estimated assets of $348 million against debts totaling $1.09 billion in the new petition. Although the hospitals emerged from the prior reorganization in July 2007 with a Chapter 11 plan said to have "a realistic chance" of paying all creditors in full, the bankruptcy left the medical center with more than $1 billion in debt. The new filing occurred after a $64 million operating loss in 2009 and the last potential buyer terminated discussions for taking over the flagship hospital. Adam C. Rogoff, Esq., and Kenneth H. Eckstein, Esq., at Kramer Levin Naftalis & Frankel LLP, represent the Debtor in its Chapter 11 effort. SAINT VINCENTS: Posts $2 Million Net Loss in January ---------------------------------------------------- Saint Vincents Catholic Medical Centers of New York, et al., reported a decrease in net assets of $2.0 million on $18.5 million of operating revenue for January 2011. At Jan. 31, 2011, the Debtors' balance sheet showed $227.3 million in total assets, $989.1 million in total liabilities, and a net assets deficit of $761.8 million. A copy of the consolidated monthly operating report for January 2011 is available for free at: http://bankrupt.com/misc/saintvincents.jan2011mor.pdf About Saint Vincents Saint Vincents Catholic Medical Centers of New York, doing business as St. Vincent Catholic Medical Centers -- http://www.svcmc.org/-- was anchored by St. Vincent's Hospital Manhattan, an academic medical center located in Greenwich Village and the only emergency room on the Westside of Manhattan from Midtown to Tribeca, St. Vincent's Westchester, a behavioral health hospital in Westchester County, and continuing care services that include two skilled nursing facilities in Brooklyn, another on Staten Island, a hospice, and a home health agency serving the Metropolitan New York area. Saint Vincent Catholic Medical Centers of New York and six of its affiliates first filed for Chapter 11 protection on July 5, 2005 (Bankr. S.D.N.Y. Case Nos. 05-14945 through 05-14951). St. Vincents Catholic Medical Centers returned to bankruptcy court by filing another Chapter 11 petition (Bankr. S.D.N.Y. Case No. 10-11963) on April 14, 2010. The Debtor estimated assets of $348 million against debts totaling $1.09 billion in the new petition. Although the hospitals emerged from the prior reorganization in July 2007 with a Chapter 11 plan said to have "a realistic chance" of paying all creditors in full, the bankruptcy left the medical center with more than $1 billion in debt. The new filing occurred after a $64 million operating loss in 2009 and the last potential buyer terminated discussions for taking over the flagship hospital. Adam C. Rogoff, Esq., and Kenneth H. Eckstein, Esq., at Kramer Levin Naftalis & Frankel LLP, represent the Debtor in its Chapter 11 effort. STATION CASINOS: Reports $7,787,000 November Net Loss ----------------------------------------------------- Station Casinos, Inc. Balance Sheet As of November 30, 2010 Cash and cash equivalents $7,332,000 Restricted cash 11,883,000 Accounts and notes receivable, net 7,520,000 Interco (payables) receivables (670,923,000) Prepaid expenses 3,018,000 Inventories 9,000 Deferred tax asset current 116,000 -------------- Total current assets (641,045,000) Property & equipment, net 90,934,000 Land held for development - Intangible assets 1,485,000 Debt issuance costs - Other assets 38,922,000 Investments in subsidiaries 4,033,891,000 Long-term deferred tax asset 76,062,000 -------------- Total assets $3,600,249,000 ============== Debtor-in-possession financing $483,533,000 I/C note & deferred rent payable - Current portion of LT debt - Accounts payable 426,000 Accrued expenses and other current liabilities 10,284,000 Accrued FIT payable (receivable) (681,000) Accrued interest payable - DIP interest payable 9,784,000 Payroll & related liabilities 4,891,000 Swap market value current - Deferred tax liability current (487,000) -------------- Total current liabilities 507,750,000 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 700,986,000 -------------- Liabilities subject to compromise 3,513,782,000 -------------- Total liabilities 4,214,768,000 -------------- Common stock 417,000 Restricted stock 329,144,000 Additional paid-in capital 2,662,113,000 Beginning retained earnings(deficit) (3,428,362,000) Current year earnings(loss) (178,782,000) Other comprehensive income(loss) 951,000 -------------- Total stockholders' equity (614,519,000) -------------- Total liabilities and equity $3,600,249,000 ============== Station Casinos, Inc. Statement of Operations For the Month Ended November 30, 2010 Operating revenue: Other $0 -------------- Net revenue 0 Operating costs and expenses 2,900,000 Impairment - -------------- EBITDAR (2,900,000) Land leases - Earnings(losses) from JV's - -------------- EBITDA (2,900,000) Depreciation 706,000 Amortization - Severance 103,000 Preopening expenses - -------------- EBIT (3,709,000) Cancelled debt offering costs - Early retirement of debt - Loss on lease termination - Legal Settlement - I/C Interest income (expense) (896,000) Interest income 2,000 Interest expense (4,339,000) Less: capitalized interest 593,000 Interest expense-JV - Change in swap fair value - Gain(loss) on disposal - -------------- Income before fees, reorganization & income tax (8,349,000) Management fees 1,916,000 Reorganization costs (1,354,000) Federal tax expense - -------------- Net income(loss) ($7,787,000) ============== Station Casinos, Inc. Statement of Cash Flows For the Month Ended November 30, 2010 Cash flows from operating activities: Net income ($7,787,000) Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 706,000 Shared-based compensation 1,129,000 Change in fair value of derivative instrument - Loss on disposal of assets - Loss on early retirement of debt - Amortization of debt discount - Reorganization items 1,354,000 Impairment - Changes in assets and liabilities: Decrease(increase) in restricted cash (1,000) Decrease(increase) in accounts and notes receivables, net (252,000) Decrease(increase)in inventories and prepaid expenses and other (127,000) Increase(decrease) in deferred income taxes 1,000 Increase(decrease) in accounts payable (686,000) Increase(decrease) in accrued interest 39,000 Increase(decrease) in accrued expenses and other current liabilities 3,749,000 Increase(decrease)in intercompany payables (23,319,000) Other, net 450,000 -------------- Total adjustments (16,957,000) Net cash provided by (used in) operating activities, before reorganization items (24,744,000) -------------- Cash used for reorganization items (6,275,000) -------------- Net cash provided by (used in) operating activities (31,019,000) Cash flows from investing activities: Capital expenditures (1,197,000) Intangible assets - Proceeds from intercompany sale of land - Distributions from subsidiaries, net of investments 193,000 Native American development costs - Other, net - -------------- Net cash provided by investing activities (1,004,000) Cash flows from financing activities: Borrowings under DIP Financing, net 36,000,000 Payments under term loan, maturity 3 mos. - Payments of debt issue costs - Capital contributions - Other, net -------------- Net cash provided by(used in) financing activities 36,000,000 Cash and cash equivalents: Increase(decrease) in cash and cash equivalents 3,977,000 Balance, beginning of period 3,355,000 -------------- Balance, end of period $7,332,000 ============== 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: Reports $15,388,000 December Net Loss ------------------------------------------------------- Station Casinos, Inc. Balance Sheet As of December 31, 2010 Cash and cash equivalents $1,835,000 Restricted cash 11,884,000 Accounts and notes receivable, net 7,694,000 Interco (payables) receivables (608,450,000) Prepaid expenses 2,671,000 Inventories 8,000 Deferred tax asset current 116,000 -------------- Total current assets (584,242,000) Property & equipment, net 90,270,000 Land held for development - Intangible assets 1,485,000 Debt issuance costs - Other assets 29,763,000 Investments in subsidiaries 4,033,728,000 Long-term deferred tax asset 76,064,000 -------------- Total assets $3,647,068,000 ============== Debtor-in-possession financing $500,533,000 I/C note & deferred rent payable - Current portion of LT debt - Accounts payable 540,000 Accrued expenses and other current liabilities 7,620,000 Accrued FIT payable (receivable) 35,916,000 Accrued interest payable 52,000 DIP interest payable 10,933,000 Payroll & related liabilities 4,199,000 Swap market value current - Deferred tax liability current (487,000) -------------- Total current liabilities 559,306,000 LT debt less current portion - Long term accrued benefits - Deferred tax liability noncurrent 187,383,000 Other long-term liabilities, net 5,849,000 -------------- Total liabilities not subject to compromise 752,538,000 -------------- Liabilities subject to compromise 3,523,317,000 -------------- Total liabilities 4,275,855,000 -------------- Common stock 417,000 Restricted stock 330,274,000 Additional paid-in capital 2,662,113,000 Beginning retained earnings(deficit) (3,428,362,000) Current year earnings(loss) (194,170,000) Other comprehensive income(loss) 941,000 -------------- Total stockholders' equity (628,787,000) -------------- Total liabilities and equity $3,647,068,000 ============== Station Casinos, Inc. Statement of Operations For the Month Ended December 31, 2010 Operating revenue: Other $2,000 -------------- Net revenue 2,000 Operating costs and expenses 2,288,000 Impairment - -------------- EBITDAR (2,286,000) Land leases - Earnings(losses) from JV's - -------------- EBITDA (2,286,000) Depreciation 722,000 Amortization - Severance 28,000 Preopening expenses - -------------- EBIT (3,036,000) Cancelled debt offering costs - Other nonoperating loss (9,000,000) Early retirement of debt - Legal Settlement - I/C Interest income (expense) (974,000) Interest income 1,000 Interest expense (4,474,000) Less: capitalized interest 615,000 Interest expense-JV - Change in swap fair value - Gain(loss) on disposal - -------------- Income before fees, reorganization & income tax (16,868,000) Management fees 2,022,000 Reorganization costs (542,000) Federal tax expense - -------------- Net income(loss) ($15,388,000) ============== Station Casinos, Inc. Statement of Cash Flows For the Month Ended December 31, 2010 Cash flows from operating activities: Net income ($15,388,000) Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 722,000 Shared-based compensation 1,071,000 Change in fair value of derivative instrument - Loss on disposal of assets - Loss on early retirement of debt - Write-downs and other charges, net 9,000,000 Amortization of debt discount - Reorganization items 542,000 Impairment - Changes in assets and liabilities: Decrease(increase) in restricted cash (1,000) Decrease(increase) in accounts and notes receivables, net (174,000) Decrease(increase)in inventories and prepaid expenses and other 348,000 Increase(decrease) in deferred income taxes (1,000) Increase(decrease) in accounts payable 114,000 Increase(decrease) in accrued interest (314,000) Increase(decrease) in accrued expenses and other current liabilities 45,389,000 Increase(decrease)in intercompany payables (61,324,000) Other, net 453,000 -------------- Total adjustments (4,175,000) Net cash provided by (used in) operating activities, before reorganization items (19,563,000) -------------- Cash used for reorganization items (2,474,000) -------------- Net cash provided by (used in) operating activities (22,037,000) Cash flows from investing activities: Capital expenditures 1,000 Intangible assets - Proceeds from intercompany sale of land - Distributions from subsidiaries, net of investments 163,000 Native American development costs - Other, net 1,000 -------------- Net cash provided by investing activities 165,000 Cash flows from financing activities: Borrowings under DIP Financing, net 17,000,000 Payments under term loan, maturity 3 mos. (625,000) Payments of debt issue costs - Capital contributions - Other, net - -------------- Net cash provided by(used in) financing activities 16,375,000 Cash and cash equivalents: Increase(decrease) in cash and cash equivalents (5,497,000) Balance, beginning of period 7,332,000 -------------- Balance, end of period $1,835,000 ============== 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' Balance Sheets at November 30 ---------------------------------------------------------- In separate filings, 16 Debtors submitted with the Court operating reports for the month ended Nov.30, 2010, disclosing their total assets and total liabilities: Total Total Debtor Assets Liabilities ------ ------------- ------------- FCP Holding, Inc. $2,805,626,000 $0 FCP PropCo, LLC $1,919,917,000 $1,973,364,000 FCP MezzCo Borrower II, LLC $175,000,000 $179,133,000 FCP MezzCo Borrower IV, LLC $150,000,000 $153,083,000 Fertitta Partners LLC $902,434,000 $0 FCP MezzCo Borrower I, LLC $200,000,000 $204,477,000 Reno Land Holdings, LLC $19,270,000 $0 River Central, LLC $3,485,000 $0 Tropicana Station, LLC ($1,498,000) $0 Northern NV Acquisitions, LLC $1,322,000 $24,000 FCP VoteCo LLC $0 $0 FCP Mezzco Parent LLC $0 $0 FCP Mezzco Parent Sub, LLC $0 $0 FCP MezzCo Borrower V, LLC $0 $0 FCP MezzCo Borrower VI, LLC $0 $0 FCP MezzCo Borrower VII, LLC $0 $0 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' Balance Sheets at December 31 ---------------------------------------------------------- In separate filings, 17 Debtors submitted with the Court operating reports for the month ended Dec. 31, 2010, disclosing their total assets and total liabilities: Total Total Debtor Assets Liabilities ------ ------------- ------------- FCP Holding, Inc. $2,805,626,000 $0 FCP PropCo, LLC $1,928,176,000 $1,972,771,000 FCP MezzCo Borrower II, LLC $175,000,000 $179,133,000 FCP MezzCo Borrower IV, LLC $150,000,000 $153,083,000 Fertitta Partners LLC $902,434,000 $0 FCP MezzCo Borrower I, LLC $200,000,000 $204,477,000 FCP MezzCo Borrower III, LLC $125,000,000 $128,617,000 Reno Land Holdings, LLC $19,233,000 $0 Tropicana Station, LLC ($1,512,000) $0 Northern NV Acquisitions, LLC $1,334,000 $24,000 River Central, LLC $295,000 $0 FCP VoteCo LLC $0 $0 FCP Mezzco Parent LLC $0 $0 FCP Mezzco Parent Sub, LLC $0 $0 FCP MezzCo Borrower V, LLC $0 $0 FCP MezzCo Borrower VI, LLC $0 $0 FCP MezzCo Borrower VII, LLC $0 $0 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) SUMNER REGIONAL: Posts $231,092 Net Loss in January --------------------------------------------------- SRHS Bankruptcy, Inc., formerly known as Sumner Regional Health Systems, Inc., reported a net loss of $231,092 on ($143,790) of net revenue in January 2010. At Jan. 31, 2011, the Debtor had $53.6 million in total assets, $22.9 million in total liabilities, and a fund balance of $30.7 million. A copy of the monthly operating report for January 2011 is available for free at: http://bankrupt.com/misc/sumnerregional.jan2011mor.pdf About Sumner Regional Gallatin, Tennessee-based Sumner Regional Health Systems, Inc., operates hospitals in Tennessee. As of Sept. 1, 2010, Sumner Regional Health Systems, Inc., operates as a subsidiary of Lifepoint Hospitals Inc. On April 30, 2010, the Company and six affiliates filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 10-04766). Jeffrey w. Levitan, Esq., and Adam T. Berkowitz, Esq., at Proskauer Rose, LLP, in New York, represent the Debtors as lead counsel. Robert A. Guy, Esq., at Frost Brown Todd LLC, in Nashville, Tenn., represents the Debtors as co-counsel. The Company estimated its assets and debts at $100 million to $500 million at the time of the filing. On June 24, 2010, the Bankruptcy Court entered an order authorizing the sale of substantially all of the Debtors' assets to LifePoint Acquisition Corp. and its successors and assigns2. On July 30, 2010, the Debtors filed a motion in the Bankruptcy Court to approve a settlement relating to the proposed distribution of proceeds from the sale. On August 17, 2010, the Court entered an order granting the Settlement Motion. SUMNER REGIONAL: Posts $329,927 Net Loss in February ---------------------------------------------------- SRHS Bankruptcy, Inc., formerly known as Sumner Regional Health Systems, Inc., reported a net loss of $329,927 on $2,019 of net revenue in February 2011. At Feb. 28, 2011, the Debtor had $52.9 million in total assets, $22.6 million in total liabilities, and a fund balance of $30.3 million. A copy of the monthly operating report for February 2011 is available for free at: http://bankrupt.com/misc/sumnerregional.feb2011mor.pdf About Sumner Regional Gallatin, Tennessee-based Sumner Regional Health Systems, Inc., operates hospitals in Tennessee. As of Sept. 1, 2010, Sumner Regional Health Systems, Inc., operates as a subsidiary of Lifepoint Hospitals Inc. On April 30, 2010, the Company and six affiliates filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 10-04766). Jeffrey w. Levitan, Esq., and Adam T. Berkowitz, Esq., at Proskauer Rose, LLP, in New York, represent the Debtors as lead counsel. Robert A. Guy, Esq., at Frost Brown Todd LLC, in Nashville, Tenn., represents the Debtors as co-counsel. The Company estimated its assets and debts at $100 million to $500 million at the time of the filing. On June 24, 2010, the Bankruptcy Court entered an order authorizing the sale of substantially all of the Debtors' assets to LifePoint Acquisition Corp. and its successors and assigns2. On July 30, 2010, the Debtors filed a motion in the Bankruptcy Court to approve a settlement relating to the proposed distribution of proceeds from the sale. On August 17, 2010, the Court entered an order granting the Settlement Motion. SUN-TIMES MEDIA: Posts $466,000 Net Loss in February 2011 --------------------------------------------------------- BankruptcyData.com reports that Sun-Times Media Group filed with the U.S. Bankruptcy Court for the District of Delaware a monthly operating report for February 2011. For the period, the Company reported a net loss of $466,000 on zero net sales. About Sun-Times Media Sun-Times Media Group, Inc. (Pink Sheets: SUTMQ) -- http://www.thesuntimesgroup.com/-- (Pink Sheets: SUTM) owns media properties including the Chicago Sun-Times and Suntimes.com and 58 suburban newspaper titles and corresponding Web sites. The Company and its affiliates conduct business as a single operating segment which is concentrated in the publishing, printing, and distribution of newspapers in greater Chicago, Illinois, metropolitan area and the operation of various related Web sites. The Company also has affiliates in Canada, the United Kingdom, and Burma. Sun-Times Media's balance sheet at Sept. 30, 2008, showed total assets of $479.9 million, total liabilities of $801.7 million, and a stockholders' deficit of $321.8 million. The Company and its affiliates filed for Chapter 11 bankruptcy protection on March 31, 2009 (Bankr. D. Del. Case No. 09-11092). James H.M. Sprayregan, P.C., James A. Stempel, Esq., David A. Agay, Esq., and Sarah H. Seewer, Esq., at Kirkland & Ellis LLP, Serve as the Debtors' bankruptcy counsel. Sun-Times Media's investment banker is Rothschild Inc. and its restructuring advisor is Huron Consulting Group. Kurtzman Carson Consultants LLC is the Debtors' claims agent. The Debtors disclosed $479 million in assets and $801 million in debts as of Nov. 7, 2008. TERRESTAR NETWORKS: Posts $21.8 Million Net Loss in February ------------------------------------------------------------ TerreStar Networks Inc., et al., reported a net loss of $21.8 million on $42,140 of revenues in February 2011. The TSN Debtors are: TerreStar Networks Inc., TerreStar License Inc., TerreStar National Services Inc., TerreStar Networks Holdings (Canada) Inc., TerreStar Networks (Canada) Inc., and 0887729 B.C. Ltd. The TSN Debtors' balance sheet at Feb. 28, 2011, showed $1.058 billion in total assets, $1.465 billion in total liabilities, and a stockholders' deficit of $406.8 million. A copy of the February 2011 monthly operating report is available for free at: http://bankrupt.com/misc/terrestarnetworks.feb2011mor.pdf 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 million to $500 million 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. THORNBURG MORTGAGE: Ends February 2011 With $109.7 Million Cash --------------------------------------------------------------- On March 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 February 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 February 2011 with $109.7 million in cash. The Debtors reported a net loss of $1,252,041 on net operating revenue of $2,293 for the month. At Feb. 28, 2011, the Debtors had $111.4 million in total assets, $3.429 billion in total liabilities, and a stockholders' deficit of $3.318 billion. A full-text copy of the TMST, Inc.'s February 2011 monthly operating report is available for free at http://is.gd/Ttqs5h 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 Jan. 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. TOUSA Inc: Posts $4.70 Million Net Loss in February 2011 -------------------------------------------------------- BankruptcyData.com reports that TOUSA filed with the U.S. Bankruptcy Court for the Southern District of Florida a monthly operating report for February 2011. For the period, the consolidated companies reported a net loss of $4.70 million on revenues of zero. About Tousa Inc. Headquartered in Hollywood, Florida, TOUSA, Inc. (Pink Sheets: TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A. Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P., TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. The Debtor and its debtor-affiliates filed for separate Chapter 11 protection on Jan. 29, 2008 (Bankr. S.D. Fla. Case No. 08-10928). The Debtors have selected M. Natasha Labovitz, Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq., and Paul M. Basta, Esq., at Kirkland & Ellis LLP; and Paul Steven Singerman, Esq., at Berger Singerman, to represent them in their restructuring efforts. Lazard Freres & Co. LLC is the Debtors' investment banker. Ernst & Young LLP is the Debtors' independent auditor and tax services provider. Kurtzman Cars LLC acts as the Debtors' Notice, Claims & Balloting Agent. TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba Eagle Homes, filed for Chapter 11 Protection on July 30, 2008 (Bankr. S.D. Fla. Case No. 08-20746). It estimated assets and debts of $1 million to $10 million in its Chapter 11 petition. TRIBUNE CO: Reports $8,923,000 January Net Loss ----------------------------------------------- Tribune Company, et al. Condensed Combined Balance Sheet As of January 30, 2011 ASSETS Current Assets: Cash and cash equivalents $1,092,372,000 Accounts receivable, net 480,120,000 Inventories 22,211,000 Broadcast rights 190,710,000 Prepaid expenses and other 203,337,000 -------------- Total current assets 1,988,750,000 Property, plant and equipment, net 953,503,000 Other Assets: Broadcast rights 142,173,000 Goodwill & other intangible assets, net 785,678,000 Prepaid pension costs 2,024,000 Investments in non-debtor units 1,525,681,000 Other investments 34,411,000 Intercompany receivables from non-debtors 3,122,299,000 Restricted cash 726,262,000 Other 73,053,000 -------------- Total Assets $9,353,834,000 ============== LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) Current Liabilities: Current portion of broadcast rights $109,659,000 Current portion of long-term debt 2,072,000 Accounts payable, accrued expenses, and other 447,300,000 -------------- Total current liabilities 559,031,000 Pension obligations 240,388,000 Long-term broadcast rights 98,964,000 Long-term debt 6,235,000 Other obligations 182,240,000 -------------- Total Liabilities 1,086,858,000 Liabilities Subject to Compromise: Intercompany payables to non-debtors 3,459,117,000 Obligations to third parties 13,108,833,000 -------------- Total Liabilities Subject to Compromise 16,567,950,000 Shareholders' Equity (Deficit) (8,300,974,000) -------------- Total Liabilities & Shareholders' Equity(Deficit) $9,353,834,000 ============== Tribune Company, et al. Condensed Combined Statement of Operations For the Period From Dec. 27, 2010 Through Jan. 30, 2011 Total Revenue $259,329,000 Operating Expenses: Cost of sales 152,714,000 Selling, general and administrative 83,617,000 Depreciation 12,409,000 Amortization of intangible assets 1,307,000 -------------- Total operating expenses 250,047,000 -------------- Operating Profit (Loss) 9,282,000 -------------- Income on equity investments, net 957,000 Interest expense, net (3,978,000) Management fee (1,561,000) Non-operating income (loss), net 0 -------------- Income (loss) before income taxes & Reorg. Costs 4,700,000 Reorganization costs (13,235,000) -------------- Loss before income taxes (8,535,000) Income taxes (388,000) -------------- Loss from continuing operations (8,923,000) Income from discontinued operations, net of tax 0 -------------- Net Loss ($8,923,000) ============== Tribune Company, et al. Combined Schedule of Operating Cash Flow For the Period From Dec. 27, 2010 Through Jan. 30, 2011 Beginning Cash Balance $1,783,745,000 Cash Receipts: Operating receipts 299,299,000 Other 0 -------------- Total Cash Receipts 299,299,000 Cash Disbursements Compensation and benefits 116,914,000 General disbursements 147,140,000 Reorganization related disbursements 17,006,000 -------------- Total Disbursements 281,059,000 -------------- Debtors' Net Cash Flow 18,240,000 From/(To) Non-Debtors 2,056,000 -------------- Net Cash Flow 20,296,000 Other (2,832,000) -------------- Ending Available Cash Balance $1,801,209,000 ============== About Tribune Co. Headquartered in Chicago, Illinois, Tribune Co. -- http://www.tribune.com/-- is a media company, operating businesses in publishing, interactive and broadcasting, including ten daily newspapers and commuter tabloids, 23 television stations, WGN America, WGN-AM and the Chicago Cubs baseball team. The Company and 110 of its affiliates filed for Chapter 11 protection on Dec. 8, 2008 (Bankr. D. Del. Lead Case No. 08- 13141). The Debtors proposed Sidley Austin LLP as their counsel; Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel; Lazard Ltd. and Alvarez & Marsal North America LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims agent. As of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets and $12,972,541,148 in total debts. Chadbourne & Parke LLP and Landis Rath LLP serve as co-counsel to the Official Committee of Unsecured Creditors. AlixPartners LLP is the Committee's financial advisor. Landis Rath Moelis & Company serves as the Committee's investment banker. Thomas G. Macauley, Esq., at Zuckerman Spaeder LLP, in Wilmington, Delaware, represents the Committee in connection with the lawsuit filed against former officers and shareholders for the 2007 LBO of Tribune. Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy News. The newsletter tracks the chapter 11 proceeding undertaken by Tribune Company and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) TRIDIMENSION ENERGY: Posts $767,552 Net Loss in January ------------------------------------------------------- TriDimension Energy, L.P., reported a net loss of $767,552 on net revenue of $1,939 in January 2011. TriDimension Energy's balance sheet at Jan. 31, 2011, showed $28.5 million in total assets, $47.2 million in total liabilities, and a stockholders' deficit of $18.6 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/tridimensionenergy.jan2011mor.pdf About TriDimension Energy TriDimension Energy, L.P., and seven of its affiliated companies, prior to Dec. 8, 2010, operated in the oil and gas industry. The Debtors' core operations consisted of exploration for, and acquisition, production, and sale of, crude oil and natural gas. Prior to such time, the Debtors held leases covering 165,000 net acres of oil and gas property, operated approximately 150 wells, and held working interests in approximately 300 wells in various portions of Louisiana and Mississippi. On Dec. 8, 2010, the Debtors sold substantially all of their assets to SR Acquisition I, LLC, and ceased their oil and gas and business operations. Tridimension Energy disclosed $37,211,921 in assets and $45,389,239 in liabilities. TriDimension Energy, L.P., and seven of its affiliated companies filed for Chapter 11 on May 21, 2010 (Bankr. N.D. Tex. Case No. 10-33565). The LP Debtors retained Vinson & Elkins LLP as their bankruptcy and restructuring counsel, and the GP Debtors retained Franklin Skierski Lovall Hayward, LLP, as their bankruptcy and restructuring counsel. The LP Debtors retained Ottinger Herbert, LLC, as their special and conflicts counsel, and Copeland, Cook, Taylor & Bush as their special Mississippi counsel. In May 2010, the Debtors retained FTI Consulting, Inc., to act as the Debtors' financial advisors and assist with the Debtors' sale process. The Debtors have retained The BMC Group, Inc., to serve as their claims and noticing agent, and as their Solicitation Agent. Attorneys at Gardere Wynne Sewell LLP serve as counsel to the Official Committee of Unsecured Creditors. WORLDSPACE INC: Posts $158,689 Net Loss in February 2011 -------------------------------------------------------- BankruptcyData.com reports that WorldSpace filed with the U.S. Bankruptcy Court their monthly operating report for February 2011. For the period, the Company reported a $158,689 net loss on zero revenue. WorldSpace, Inc. (OTC US: WRSPQ) provided satellite-based radio and data broadcasting services to paying subscribers in 10 countries throughout Europe, India, the Middle East, and Africa. WorldSpace, Inc., was founded in 1990 and is headquartered in Silver Spring, Maryland. The Debtor and two of its affiliates filed for Chapter 11 bankruptcy protection on Oct. 17, 2008 (Bankr. D. Del., Case No. 08-12412 - 08-12414). James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones, LLP, serve as the Debtors' bankruptcy counsel. Kurtzman Carson Consultants serves as claims and notice agent. Neil Raymond Lapinski, Esq., and Rafael Xavier Zahralddin-Aravena, Esq., at Elliot Greenleaf, represent the Official Committee of Unsecured Creditors. When the Debtors filed for bankruptcy, they listed total assets of $307,382,000 and total debts of $2,122,904,000. WorldSpace, Inc., and certain of its affiliates completed the sale of substantially all the assets related to business effective June 23, 2010. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers" public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. 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 ***