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/raid1/www/Hosts/bankrupt/TCR_Public/110709.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, July 9, 2011, Vol. 15, No. 188 Headlines ALABAMA AIRCRAFT: Sales Cost Exceed Revenue in April AMBAC FINANCIAL: Has $31,375,343 Cash at May 31 BANKUNITED FINANCIAL: Posts $292,524 Net Loss in May 2011 BEAR ISLAND: Reports $355,000 Net Profit in May 2011 BLOCKBUSTER INC: Ends May 2011 With $78.6 Million Cash BORDERS GROUP: Has $35,400,000 Net Loss in May CARITAS HEALTH: Ends May 2011 With $18.85 Million Cash CATHOLIC CHURCH: Milwaukee Has $513,422 Operating Loss in May CATHOLIC CHURCH: Wilmington Received $2.1 Million in March CATHOLIC CHURCH: Wilmington Received $3.07 Million in April LEHMAN BROTHERS: Now Has $23.48 Billion in Cash MSR RESORT: Posts $8.44MM Net Loss Before Reorganization Items NORTEL NETWORKS: Ends May 2011 With $999 Million Cash RASER TECHNOLOGIES: Posts $1.46 Million Net Loss in May 2011 TRIBUNE CO: Has $20,074,000 Net Income in May 2011 TROPICANA ENT: Adamar of NJ Has $2.45-Mil. Cash at May 31 WASHINGTON MUTUAL: Ends May 2011 With $4.51 Billion Cash WOLVERINE TUBE: Posts $116,436 Net Loss in May 2011 ********* ALABAMA AIRCRAFT: Sales Cost Exceed Revenue in April ---------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Alabama Aircraft Industries Inc. reported to the bankruptcy court that the cost of sales in April exceeded the month's revenue of $688,000 by $1.17 million. The net loss for the month was $2.02 million. About Alabama Aircraft Birmingham, Alabama-based Alabama Aircraft Industries Inc. -- http://www.alabamaaircraft.com/-- provides aircraft maintenance and modification services for the U.S. government and military customers. Its 190-acre facility, including its corporate offices, is located at the Birmingham International Airport. The Company currently has 92 salaried employees and 234 hourly employees. About 251 hourly employees were furloughed since Jan. 1, 2010. Alabama Aircraft filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 11-10452) on Feb. 15, 2011. Two subsidiaries also filed -- Alabama Aircraft Industries, Inc.- Birmingham (Case No. 11-10453) and Pemco Aircraft Engineering Services, Inc. (Case No. 11-10454). The Company said the primary goal of the Chapter 11 filing is to address long-term indebtedness and, in particular, long-term pension obligations under the terms of its pension plan. The Company said it would likely cease operations absent the elimination of its obligations under the pension plan. The Company owes $68.5 million to the Pension Benefit Guaranty Corp. Joel A. Waite, Esq., and Kenneth J. Enos, Esq., at Young, Conaway, Stargatt & Taylor, in Wilmington, Delaware, serve as counsel to the Debtors. Alabama Aircraft estimated assets and debts of $1 million to $10 million as of the Chapter 11 filing. Hoping for a sale of the business, AAI canceled an auction for lack of an acceptable bid. AAI sought a buyer after being unable to locate an equity investor. AMBAC FINANCIAL: Has $31,375,343 Cash at May 31 ----------------------------------------------- Ambac Financial Group, Inc. Balance Sheet As of May 31, 2011 ASSETS: Current Assets: Unrestricted Cash and Equivalents $31,375,343 Restricted Cash and Cash Equivalents 2,500,000 Accounts Receivable - Notes Receivable 862,112 Inventories - Prepaid Expenses - Professional Retainers 4,133,439 Other Current Assets 22,601,101 ------------------- Total Current Assets 61,471,995 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 426,514 Other Assets (920,871,781) ------------------- Total Other Assets (920,445,267) ------------------- Total Assets ($858,973,272) =================== 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 $12,978,083 Amounts Due to Insiders 242,859 Other Postpetition Liabilities 44,941 ------------------- Total Postpetition Liabilities 13,265,883 Liabilities Subject to Compromise (Prepetition): Secured Debt - Priority Debt - Unsecured Debt 1,710,150,439 ------------------- Total Prepetition Liabilities 1,710,150,439 Total Liabilities 1,723,416,322 Owners' Equity: Capital Stock 3,080,168 Additional Paid-in Capital 2,187,715,224 Partners' Capital Account - Owners' Equity Account - Retained earnings - prepetition (3,896,443,042) Retained earnings - postpetition (968,426,987) Adjustments to Owner Equity 91,685,043 Postpetition Contributions - ------------------- Net Owners' Equity (2,582,389,594) ------------------- Total Liabilities & Owners' Equity ($858,973,272) =================== Ambac Financial Group, Inc. Statement of Operations For the month ended May 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 $25,962 Officer/Insider Compensation 135,950 Insurance - Management Fees/Bonuses - Office Expense - Pension & profit sharing plans - Repairs & Maintenance - Rent and Lease Expense - Salaries/Commissions/Fees - Supplies - Taxes - Payroll 1,711 Taxes - Real Estate - Taxes - Other - Travel & Entertainment - Utilities - Other 122,955 ------------------- Total Operating Expenses Before 286,578 Depreciation Depreciation/Depletion/Amortization - ------------------- Net profit(loss) Before Other Income & (286,578) Expenses Other Income and Expenses: Other income 24,889 Interest Expense - Other Expense (11,864,368) ------------------- Net profit (loss) Before Reorganization Items 11,602,679 Reorganization Items: Professional Fees 3,048,028 U.S. Trustee Quarterly Fees 13,000 Interest on Cash from Chapter 11 - Gain from Sale of Equipment - Other Reorganization Expenses - ------------------- Total Reorganization Expenses 3,061,028 ------------------- Income Taxes - ------------------- Net Profit (Loss) $8,541,651 =================== Ambac Financial Group, Inc. Schedule of Cash Receipts and Disbursements For the month ended May 31, 2011 Cash Beginning of Month $34,276,823 Receipts: Cash Sales - Accounts Receivable - Prepetition - Accounts Receivable - Postpetition - Loans and Advances - Sale of Assets - Other 114,759 Transfers 5,903,035 ------------------- Total Receipts 6,017,794 Disbursements: Gross Payroll 97,091 Sales, Use, & Other Taxes - Inventory Purchases - Secured/Rental/Leases - Insurance - Administrative - Selling - Other 2,919,147 Owner Draw - Transfers (to DIP Accts.) 5,903,035 Professional Fees - U.S. Trustee Quarterly Fees - Court Costs - ------------------- Total Disbursements 8,919,272 ------------------- Net Cash Flow (2,901,479) ------------------- Cash - End of Month $31,375,344 =================== 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. BANKUNITED FINANCIAL: Posts $292,524 Net Loss in May 2011 --------------------------------------------------------- BankUnited Financial Corporation, together with its subsidiaries BankUnited Financial Services, Inc., and CRE America Corporation, filed on June 24, 2011, its monthly operating report for May 2011 with the United States Bankruptcy Court for the Southern District of Florida. Funds at May 31, 2011, were roughly $11.5 million compared to roughly $11.2 million at April 30, 2011. BankUnited Financial Corporation, et al., reported a net loss of $292,524 on total income of $2,423 for the period. At May 31, 2011, BankUnited Financial Corporation, et al., had $32.9 million in total assets, $573.4 million in total liabilities, and a stockholders' deficit of $540.5 million. A copy of the operating report is available at http://is.gd/wBmnVk About BankUnited Financial BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) -- http://www.bankunited.com/-- was the holding company for BankUnited FSB, the largest banking institution headquartered in Coral Gables, Florida. On May 21, 2009, BankUnited FSB was closed by regulators and the Federal Deposit Insurance Corporation facilitated a sale of the bank to a management team headed by John Kanas, a veteran of the banking industry and former head of North Fork Bank, and a group of investors led by W.L. Ross & Co. BankUnited, FSB, had assets of $12.8 billion and deposits of $8.6 billion as of May 2, 2009. The Company and its affiliates filed for Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 09-19940) on May 22, 2009. Stephen P. Drobny, Esq., and Peter Levitt, Esq., at Shutts & Bowen LLP; Mark D. Bloom, Esq., and Scott M. Grossman, Esq., at Greenberg Traurig, LLP; and Michael C. Sontag, at Camner, Lipsitz, P.A., represent the Debtors as counsel. Corali Lopez-Castro, Esq., David Samole, Esq., at Kozyak Tropin & Throckmorton, P.A.; and Todd C. Meyers, Esq., at Kilpatrick Stockton LLP, serve as counsel to the official committee of unsecured creditors. In its bankruptcy petition, BankUnited Financial Corp. disclosed $37,729,520 in assets against $559,740,185 in debts. Aside from those assets, BankUnited 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 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. BEAR ISLAND: Reports $355,000 Net Profit in May 2011 ---------------------------------------------------- Island Paper Co. LLC, a subsidiary of Canada's White Birch Paper Co., reported a $355,000 net profit and operating profit in the same amount in May 2011 on net sales of $12.26 million. During the month, the gross profit was $1.09 million. Bear Island was authorized by the bankruptcy judge in November to sell the business to a group consisting of Black Diamond Capital Management LLC, Credit Suisse Group AG, and Caspian Capital Advisors LLC. About White Birch & Bear Island Canada-based White Birch Paper Company is the second-largest newsprint producer in North America. As of Dec. 31, 2009, the White Birch Group held a 12% share of the North American newsprint market and employed roughly 1,300 individuals (the majority of which reside in Canada). Bear Island Paper Company, L.L.C., is a U.S.-based unit of White Birch. Bear Island filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31202) on February 24, 2010. Bear Island estimated assets of $100 million to $500 million and debts of $500 million to $1 billion in its Chapter 11 petition. White Birch filed for bankruptcy protection under Canada's Companies' Creditors Arrangement Act, before the Superior Court for the Province of Quebec, Commercial Division, Judicial District of Montreal, Canada. White Birch and five other affiliates -- F.F. Soucy Limited Partnership; F.F. Soucy, Inc. & Partners, Limited Partnership; Papier Masson Ltee; Stadacona Limited Partnership; and Stadacona General Partner, Inc. -- also sought bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 10-31234). Jonathan L. Hauser, Esq., at Troutman Sanders LLP, in Virginia Beach, Virginia; and Richard M. Cieri, Esq., Christopher J. Marcus, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, serve as counsel to White Birch, as Foreign Representative. Kirkland & Ellis and Troutman Sanders also serve as Chapter 11 counsel to Bear Island. AlixPartners LLP serves as financial and restructuring advisors to Bear Island, and Lazard Freres & Co., serves as investment banker. Garden City Group is the claims and notice agent. Jason William Harbour, Esq., at Hunton & Williams LLP, in Richmond, Virginia, represents the Official Committee of Unsecured Creditors. Chief Judge Douglas O. Tice, Jr., handles the Chapter 11 and Chapter 15 cases. BLOCKBUSTER INC: Ends May 2011 With $78.6 Million Cash ------------------------------------------------------ On July 1, 2011, Blockbuster Inc. and certain of its domestic subsidiaries filed their monthly operating report for the period ended May 31, 2011, with the U.S. Bankruptcy Court for the Southern District of New York. The Debtors reported a net loss of $4.5 million on $0 revenue for the period. At May 31, 2011, the Debtors had $100.8 million in total assets, $1.406 billion in total liabilities, and a stockholders' deficit of $1.305 billion. At May 31, 2011, the Debtors had $78.6 million in cash and cash equivalents, compared to $201.2 million at the beginning of the period. A copy of the monthly operating report is available at: http://bankrupt.com/misc/blockbuster.may2011mor.pdf 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 (Bankr. S.D.N.Y. Case No. 10-14997) on Sept. 23, 2010. It disclosed assets of $1 billion and debts of $1.4 billion at the time of the filing. 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. 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. The Bank of New York Trust Company, N.A., as trustee under that certain indenture, dated as of Aug. 20, 2004, with respect to the 9% Senior Subordinated Notes due 2012 issued by Blockbuster Inc., is represented by Edward P. Zujkowski, Esq., at Emmet, Marvin & Martin, LLP. The Ad Hoc Studio Committee of Blockbuster Inc. et al. is represented by Robert J. Feinstein, Esq., at Pachulski Stang Ziehl & Jones LLP. Blockbuster on Feb. 21, 2011, entered into an Asset Purchase and Sale Agreement providing for the sale of substantially all of their assets or the proceeds of those assets to a newly formed entity named Cobalt Video Holdco LLC. For purposes of entering into the Purchase Agreement, the Purchaser was established by Monarch Alternative Capital LP, Owl Creek Asset Management LP, Stonehill Capital Management, LLC, and Varde Partners, Inc. who collectively hold more than 50% of the Senior Secured Notes and each of which is a member of the Steering Committee. Cobalt Video Holdco LLC, the stalking horse purchaser, was represented by Mark Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP. The auction was held earlier in April and Dish Network Corp. won with an offer having a gross value of $320 million. BORDERS GROUP: Has $35,400,000 Net Loss in May ---------------------------------------------- Borders Group, Inc. Balance Sheet As of May 28, 2011 ASSETS Current assets: Cash and cash equivalents $19,100,000 Merchandise inventories 444,700,000 Accounts receivable and other current assets 60,500,000 ----------------- Total current assets 524,300,000 Property and equipment, net of accumulated depreciation 165,300,000 Other assets 24,700,000 ----------------- TOTAL ASSETS $714,300,000 ================= LIABILITIES Current liabilities: Short term debt-credit facility $137,500,000 Capital lease liability 1,100,000 Trade accounts payable 13,800,000 Accrued payroll and other liabilities 159,100,000 Taxes, including income taxes 25,900,000 ----------------- Total current liabilities 337,400,000 Long-term debt 1,100,000 Other long-term liabilities 155,400,000 Liabilities subject to compromise 594,000,000 ----------------- Total liabilities 1,087,900,000 Stockholders' equity: Common stock 188,900,000 Retained deficit (562,500,000) ----------------- Total stockholders' equity (373,600,000) ----------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $714,300,000 ================= Borders Group, Inc. Statement of Operations For the Period May 1 to 28, 2011 Sales $81,600,000 Other revenue 15,500,000 ----------------- Total revenue 97,100,000 Cost of merchandise sold (includes occupancy) 84,300,000 ----------------- Gross margin 12,800,000 Selling, general and administrative expenses 27,700,000 ----------------- Operating income (loss) (14,900,000) Interest expense (income) 3,200,000 ----------------- Income (loss) from continuing operations before reorganization items and income taxes (18,100,000) Reorganization items, net 17,300,000 ----------------- Income (loss) from continuing operations before income taxes (35,400,000) Income tax provision (benefit) - ----------------- NET INCOME (LOSS) ($35,400,000) ================= Borders Group, Inc. Schedule of Cash Receipts and Disbursements For the period May 1 to 28, 2011 Cash Receipts Combined Debtors $226,103,000 ----------------- Total Cash Receipts $226,103,000 ================= Cash Disbursements: Borders Group, Inc. ($5,200,000) Borders, Inc. (214,349,000) Borders International Services, Inc. - Borders Direct, LLC (6,293,000) Borders Properties, Inc. (15,000) Borders Online, Inc. - Borders Online, LLC - BGP (UK) Limited - ----------------- Total Cash Disbursements ($225,857,000) ================= Borders also made payments totaling $16,939,000 for its DIP Loans and Leases for the period May 1 to 28, 2011. A full-text copy of Borders' May 2011 Monthly Operating Report is available for free at: http://bankrupt.com/misc/Borders_May2011MOR.pdf About Borders Group Borders Group is a leading operator of book, music and movie superstores and mall-based bookstores. At Jan. 29, 2011, the Debtors operated 642 stores, under the Borders, Waldenbooks, Borders Express and Borders Outlet names, as well as Borders- branded airport stores in the United States, of which 639 stores are located in the United States and 3 in Puerto Rico. Two of Borders' flagship stores (along with other less prominent stores) are located in Manhattan. In addition, the Debtors operate a proprietary e-commerce Web site, http://www.Borders.com/, launched in May 2008, which includes both in-store and online e-commerce components. As of Feb. 11, 2011, Borders employed a total of 6,100 full-time employees, 11,400 part-time employees, and approximately 600 contingent employees. Borders Group Inc. and its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in Manhattan on Feb. 16, 2011. David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn, Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres & Friedman LLP, in New York, serve as counsel to the Debtors. Jefferies & Company's Inc. is the financial advisor. DJM Property Management is the lease and real estate services provider. AP Services LLC is the interim management and restructuring services provider. The Garden City Group, Inc., is the claims and notice agent. Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein LLP, serve as counsel to the DIP Agents. National law firm Lowenstein Sandler has been appointed to represent the official unsecured creditors committee for Borders Group. Bruce S. Nathan and Bruce Buechler, members of Lowenstein Sandlers' Bankruptcy, Financial Reorganization & Creditors' Rights Group, are leading the team. The Debtor disclosed $1.28 billion in assets and $1.29 billion in liabilities as of Dec. 25, 2010 Borders Group has sought approval to sell merchandise and owned furniture, fixtures and equipment located at approximately 200 of their stores and, at Borders' option, up to 75 of 136 potential other stores, through store closing sales. Bankruptcy Creditors' Service, Inc., publishes BORDERS GROUP BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding undertaken by Borders Group Inc., the United States' second largest bookstore chain. (http://bankrupt.com/newsstand/or 215/945-7000) CARITAS HEALTH: Ends May 2011 With $18.85 Million Cash ------------------------------------------------------ Caritas Health Care, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of New York on June 15, 2011, its monthly operating report for May 2011. The Company reported net income of $90,796 on $86,065 of revenue for the month. At May 31, 2011, the Debtor had $32.3 million in total assets, $161.0 million in total liabilities, and a stockholders' deficit of $128.7 million. The Company ended the period with $18,851,216 in cash. Payments to professionals totaled $9,060 for the month. A copy of the monthly operating report is available at: http://bankrupt.com/misc/caritashealth.may2011mor.pdf About Caritas Health Care Caritas Health Care Inc. was the owner of Mary Immaculate Hospital and St. John's Queens Hospital. Caritas, created by Wyckoff Heights Medical Center, purchased the two hospitals in a bankruptcy sale in early 2007 from St. Vincent Catholic Medical Centers of New York. St. John's has 227 generate acute-care beds while Mary Immaculate has 189. Caritas Health Care, Inc., and eight of its affiliates sought chapter 11 protection (Bankr. E.D.N.Y., Case No. 09-40901) on Feb. 6, 2009. Jeffrey W. Levitan, Esq., and Adam T. Berkowitz, Esq., at Proskauer Rose, LLP, represent the Debtors. Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at Alston & Bird LLP, represent the official committee of unsecured creditors. Caritas sold the hospitals to Joshua Guttman in November 2009 for $17.7 million. CATHOLIC CHURCH: Milwaukee Has $513,422 Operating Loss in May ------------------------------------------------------------- Archdiocese of Milwaukee Statement of Financial Position As of May 31, 2011 Current Assets Cash and cash equivalents $7,562,854.26 Short-term investments 3,387,909.07 Accounts receivables 3,662,218.89 Notes receivable 823,392.32 Other Assets 628,145.88 Prepaid Expenses 710,000.00 -------------- Total Current Assets 16,774,520.41 Ground burial & mausoleum crypt sites 6,038,287.04 Property and equipment, net 4,773,484.66 Investments and Other Assets Long-term investments 12,995,310.94 Cemeteries Pre-Need Trust Fund Acct 3,259,128.39 Charitable gift annuities invest. 718,155.40 Other Assets 315,470.50 -------------- Total Investments and Other Assets 17,288,065.23 -------------- TOTAL ASSETS $44,874,357.34 ============== Current Liabilities Current maturities of charitable gift annuities - Accounts payable 399,422.14 Accrued expenses 1,468,326.32 Chapter 11 expenses 506,010.72 Contributions payable C.S.A. 2,657,224.00 -------------- Total Current Liabilities 5,030,962.47 Deferred revenue 3,290,524.34 Prepetition Debt Accrued post-retirement and pension benefits 14,862,955.00 Contractual contributions payable 2,760,769.51 Pre-Chapter 11 payables 600,545.02 Note payable 4,650,000.00 Charitable gift annuities 580,768.00 -------------- Total Liabilities 31,492,461.53 Unclassified - Prepetition Operations 500,858.94 Unclassified - postpetition Operations (1,780,853.57) Unrestricted - Current Year - Unrestricted - Prior Year 1,566,138.90 -------------- Total Undesignated operating (deficit) 1,566,138.90 Designated Current Year - Designated Prior Year 6,480,976.51 -------------- Total Designated 6,480,976.51 -------------- Total Unrestricted 8,047,115.41 Temporarily restricted Current Year - Temporarily restricted Prior Year 2,614,326.17 -------------- Total Temporarily Restricted 2,614,326.17 Permanently restricted Current Year - Permanently restricted Prior Year 3,716,366.05 -------------- Total Permanently Restricted 3,716,366.05 -------------- Total Net Assets 13,097,813.00 -------------- Total Liabilities and Net Assets $44,874,357.34 ============== Note: Invested funds held for others totaled $2,850,382. Archdiocese of Milwaukee Statements of Activities As of May 31, 2011 CHANCERY Support and Revenue Contributions $933,120.47 Parish assessments - Parish assessments adj. to budget - Tuition and fees 81,768.59 Activities and programs 6,466.58 Miscellaneous revenues 77,453.46 Net assets released from restrictions - -------------- Total Support and Revenue 1,098,811.10 CHANCERY OPERATING EXPENSES Payroll and fringe benefits 512,403.33 Maintenance, insurance, utility costs 55,909.75 Travel and education 28,164.76 Supplies and services 89,828.96 Assessments 32,006.00 Purchased services 261,782.00 Professional services 269,891.66 Charity and donations 284,402.48 Miscellaneous expenses 77,843.69 Pension related changes other than NPPC - -------------- Total Operating Expenses 1,612,232.66 Chancery income before fixed assets, -------------- non-operations gain (loss), and (513,421.55) extraordinary expense FIXED ASSETS Fixed asset purchases - Depreciation expense (17,880.63) Impairment of leasehold improvements - Gain(loss) on sale of property and equipment, net - -------------- Total Fixed Asset Expense (Income) (17,880.63) NON-OPERATING ACTIVITIES Investment income 40,354.53 Net realized gains(losses) 2,103.54 Net unrealized gains(losses) 133,421.36 Interest expense (21,021.48) Other non-operating revenues(expenses) - -------------- Total non-operating activities 154,857.95 -------------- Extraordinary events, net 0.00 -------------- Chancery net gain(loss) (376,444.23) Reimbursed operations net gain(loss) (84,777.85) -------------- Change in net assets before cumulative (461,222.08) effect and cemetery operations Cumulative effect of change in 0.00 accounting principle -------------- Chancery change in net assets (461,222.08) Cemetery operations Cemetery gain(loss) (220,536.31) -------------- Cemetery change in net assets (220,536.31) -------------- Total change in net assets ($661,758.39) ============== Archdiocese of Milwaukee Cash Receipts For the month ending April 30, 2011 Receipt Category Contributions $949,990.55 Assessments - Tuition and fees 84,300.18 Cemetery cash receipts/transfers 412,941.76 Investment income 0.16 Realized gains - Gains on sales and fixed assets - Miscellaneous revenues 56,615.64 Clearing 29,105.31 A/R & N/R payments 374,710.15 -------------- Total Receipts $1,907,663.75 Notes: Funds transferred in from other Archdiocesan accounts $3,952,108.31 Funds held for others 52,740.00 ============== Archdiocese of Milwaukee Cash Disbursements For the month ending May 31, 2011 Disbursements Category Salary and wages $474,812.25 Payroll taxes 170,530.51 Employee benefits 165,625.98 Employee withholdings 33,735.64 Facility and operating 211,918.62 Travel and education 29,205.27 Supplies 97,032.25 Assessments 32,006.00 Purchased services 201,828.42 Legal/Professional 311,596.39 Grants 281,033.98 Interest and bank fees 13,660.40 Other 101,218.11 Reimbursed expense 86,913.04 Clearing 3,865.73 Fee assistance - -------------- Total Disbursements $2,214,982.59 Notes: Funds transferred in from other Archdiocesan accounts $2,752,108.31 Funds held for others $23,785.68 ============== About the Diocese of Milwaukee The Diocese of Milwaukee was established on Nov. 28, 1843, and was elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius IX. The region served by the Archdiocese consists of 4,758 square miles in southeast Wisconsin which includes counties Dodge, Fond du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth, Washington and Waukesha. There are 657,519 registered Catholics in the Region. The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for Chapter 11 bankruptcy protection (Bankr. E.D. Wisc. Case No. 11-20059) on Jan. 4, 2011, to address claims over sexual abuse by priests on minors. The Archdiocese became at least the eighth Roman Catholic diocese in the U.S. to file for bankruptcy to settle claims from current and former parishioners who say they were sexually molested by priests. Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in Milwaukee, Wisconsin, serves as the Archdiocese's counsel. The Official Committee of Unsecured Creditors in the bankruptcy case has retained Pachulski Stang Ziehl & Jones LLP as its counsel, and Howard, Solochek & Weber, S.C., as its local counsel. The Archdiocese estimated assets and debts of $10 million to $50 million in its Chapter 11 petition. (Catholic Church Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CATHOLIC CHURCH: Wilmington Received $2.1 Million in March ---------------------------------------------------------- Catholic Diocese of Wilmington, Inc. Balance Sheet As of March 31, 2011 ASSETS Cash & Equivalents $890,697 Accounts Receivable (Net) 2,691,897 Payroll Receivable - Notes Receivable 1,449,759 Advance PIA Distributions 3,562,735 Professional Retainers 545,000 Unrestricted Pooled Investments 93,874,227 Restricted Pooled Investments 33,719,164 Unallocated Audit Fees - Other Assets 53,743 Real Estate 899,140 Assets Held for Others - ----------- TOTAL ASSETS $137,686,362 =========== LIABILITIES Pre-Filing Accounts Payable $136,216 Payroll & Payroll Taxes Payable - Payroll Garnishments Payable - Accrued Vacation Time Payable 148,013 Blue Cross/Blue Shield Accrual 38,260 Accounts Payable Capital Campaign 10,404 Bonds Payable 11,000,000 Priest Pension 13,107,216 Lay Pensions 64,366,743 National Collections 309,270 Other Liabilities 955,984 Assets Held for Others - Pooled Investment Account Claims 84,548,431 ----------- TOTAL LIABILITIES 174,620,537 NET ASSETS Beginning Year Net Assets (41,816,364) Net Assets - Prepetition 4,138,712 Net Assets - Postpetition 743,477 ----------- TOTAL NET ASSETS (36,934,175) ----------- TOTAL LIABILITIES & NET ASSETS $137,686,362 =========== Catholic Diocese of Wilmington, Inc. Statement of Operations For the month ending March 31, 2011 CDOW Operations CDOW Revenue Assessments $319,963 Investment Income 604,515 Operational Income 221,422 Designated Income (Education) 6,071 ----------- Total CDOW Revenue 1,151,971 CDOW Expenses Payroll & Taxes (217,782) Medical Payments - Other Compensation (67,453) Other Operational (363,237) Capital Expenditures - Catholic Schools, Inc. - Casa San Francisco - Ministry to the Elderly - Bankruptcy professionals - Neumann Center (5,150) Vision for the Future (Tuition Assistance) - Owed to Parishes (Cap Campaign) (550) ----------- Total CDOW Expenses (654,172) ----------- CDOW NET OPERATING CASH 497,799 Program Services Annual Appeal Revenue 417,615 Program Services Expenditures Catholic Youth Organization (8,983) Catholic Charities (85,858) High School Appeal Allocation - The Dialog (50,297) ----------- Total Program Services Expenses (145,138) ----------- PROGRAM SERVICES NET CASH 272,477 Benefits & Insurance Program Administration Medical Program Premiums Received 1,144,008 Expenses (1,250,727) ----------- Net Medical (106,719) Workers Compensation Premiums Received - Expenses (102,153) ----------- Net Workers Comp (102,153) Property & Liability Insurance Premiums Received - Expenses (36,695) ----------- Net P&L Insurance (36,695) Pensions Priests (55,650) Lay Employees - ----------- Total Pensions (55,650) ----------- NET CHANGE IN LIQUIDITY $469,059 =========== Catholic Diocese of Wilmington, Inc. Schedule of Cash Receipts and Disbursements For the month ending March 31, 2011 CASH BEGINNING OF PERIOD $967,512 RECEIPTS ASSESSMENTS 319,963 ANNUAL APPEAL 417,615 INSURANCE PREMIUMS 1,144,008 OTHER OPERATING 227,493 ----------- TOTAL RECEIPTS 2,109,079 DISBURSEMENTS NET PAYROLL AND TAXES 217,782 INSURANCE PAYMENTS 1,389,575 OPERATING EXPENSES 431,525 OTHER 145,138 PROFESSIONAL FEES - U.S. TRUSTEE QUARTERLY FEES 2,600 COURT COSTS - ----------- TOTAL DISBURSEMENTS 2,186,620 ----------- NET CASH FLOW (77,541) Transfers out 2,171 Transfers in - Other transfers/returns/fees - ----------- CASH - END OF PERIOD $887,800 =========== About the Diocese of Wilmington The Diocese of Wilmington covers Delaware and the Eastern Shore of Maryland and serves about 230,000 Catholics. The Delaware diocese is the seventh Roman Catholic diocese to file for Chapter 11 protection to deal with lawsuits for sexual abuse. Previous filings were by the dioceses in Spokane, Washington; Portland, Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and San Diego, California. The Diocese filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-13560) on Oct. 18, 2009. Attorneys at Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC, is the financial advisor. The petition says assets range $50 million to $100 million while debts are between $100 million to $500 million. The bankruptcy filing automatically stayed eight consecutive abuse trials scheduled in Delaware scheduled to begin Oct. 19, 2009. There were 131 cases filed against the Diocese, with 30 scheduled for trial, as of the bankruptcy filing. (Catholic Church Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). CATHOLIC CHURCH: Wilmington Received $3.07 Million in April ----------------------------------------------------------- Catholic Diocese of Wilmington, Inc. Balance Sheet As of April 30, 2011 ASSETS Cash & Equivalents $1,774,475 Accounts Receivable (Net) 2,326,250 Payroll Receivable - Notes Receivable 1,448,357 Advance PIA Distributions 3,686,397 Professional Retainers 545,000 Unrestricted Pooled Investments 98,432,333 Restricted Pooled Investments 30,635,219 Unallocated Audit Fees - Other Assets 53,743 Real Estate 899,140 Assets Held for Others - ----------- TOTAL ASSETS $139,800,914 =========== LIABILITIES Pre-Filing Accounts Payable $136,216 Payroll & Payroll Taxes Payable - Payroll Garnishments Payable - Accrued Vacation Time Payable 148,013 Blue Cross/Blue Shield Accrual 38,285 Accounts Payable Capital Campaign 10,404 Bonds Payable 11,000,000 Priest Pension 13,107,216 Lay Pensions 64,366,743 National Collections 384,474 Other Liabilities 178,699 Assets Held for Others - Pooled Investment Account Claims 84,512,292 ----------- TOTAL LIABILITIES 173,882,342 NET ASSETS Beginning Year Net Assets (41,816,364) Net Assets - Prepetition 4,138,712 Net Assets - Postpetition - ----------- TOTAL NET ASSETS (34,081,428) ----------- TOTAL LIABILITIES & NET ASSETS $139,800,914 =========== Catholic Diocese of Wilmington, Inc. Statement of Operations For the month ending April 30, 2011 CDOW Operations CDOW Revenue Assessments $286,164 Investment Income 1,978,764 Operational Income 281,815 Designated Income (Education) 673,933 ----------- Total CDOW Revenue 3,220,676 CDOW Expenses Payroll & Taxes (214,061) Medical Payments - Other Compensation (45,435) Other Operational (88,889) Capital Expenditures - Catholic Schools, Inc. - Casa San Francisco - Ministry to the Elderly - Bankruptcy professionals (996,335) Neumann Center (5,150) Vision for the Future (Tuition Assistance) (230,467) Owed to Parishes (Cap Campaign) - ----------- Total CDOW Expenses (1,580,337) ----------- CDOW NET OPERATING CASH 1,640,339 Program Services Annual Appeal Revenue 971,546 Program Services Expenditures Catholic Youth Organization (8,983) Catholic Charities (85,858) High School Appeal Allocation - The Dialog (50,297) ----------- Total Program Services Expenses (145,138) ----------- PROGRAM SERVICES NET CASH 826,408 Benefits & Insurance Program Administration Medical Program Premiums Received 858,429 Expenses (871,009) ----------- Net Medical (12,580) Workers Compensation Premiums Received - Expenses - ----------- Net Workers Comp - Property & Liability Insurance Premiums Received - Expenses - ----------- Net P&L Insurance - Pensions Priests (55,650) Lay Employees - ----------- Total Pensions (55,650) ----------- NET CHANGE IN LIQUIDITY $2,398,517 =========== Catholic Diocese of Wilmington, Inc. Schedule of Cash Receipts and Disbursements For the month ending April 30, 2011 CASH BEGINNING OF PERIOD $887,800 RECEIPTS ASSESSMENTS 286,164 ANNUAL APPEAL 971,546 INSURANCE PREMIUMS 858,429 OTHER OPERATING 955,748 ----------- TOTAL RECEIPTS 3,071,887 DISBURSEMENTS NET PAYROLL AND TAXES 214,061 INSURANCE PAYMENTS 871,009 OPERATING EXPENSES 139,382 OTHER 375,605 PROFESSIONAL FEES - U.S. TRUSTEE QUARTERLY FEES 13,000 COURT COSTS - ----------- TOTAL DISBURSEMENTS 1,613,057 ----------- NET CASH FLOW 1,458,830 Transfers out 656,010 Transfers in - Other transfers/returns/fees - ----------- CASH - END OF PERIOD $1,690,620 =========== About the Diocese of Wilmington The Diocese of Wilmington covers Delaware and the Eastern Shore of Maryland and serves about 230,000 Catholics. The Delaware diocese is the seventh Roman Catholic diocese to file for Chapter 11 protection to deal with lawsuits for sexual abuse. Previous filings were by the dioceses in Spokane, Washington; Portland, Oregon; Tucson, Arizona; Davenport, Iowa, Fairbanks, Alaska; and San Diego, California. The Diocese filed for Chapter 11 protection (Bankr. D. Del. Case No. 09-13560) on Oct. 18, 2009. Attorneys at Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Diocese. The Ramaekers Group, LLC, is the financial advisor. The petition says assets range $50 million to $100 million while debts are between $100 million to $500 million. The bankruptcy filing automatically stayed eight consecutive abuse trials scheduled in Delaware scheduled to begin Oct. 19, 2009. There were 131 cases filed against the Diocese, with 30 scheduled for trial, as of the bankruptcy filing. (Catholic Church Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). LEHMAN BROTHERS: Now Has $23.48 Billion in Cash ----------------------------------------------- Lehman Brothers Holdings Inc. disclosed these cash receipts and disbursements of the company, its affiliated debtors and other controlled entities for the month ended May 31, 2011: Beginning Cash & Investments (05/01/11) $22,951,000,000 Total Sources of Cash 2,957,000,000 Total Uses of Cash (2,424,000,000) FX Fluctuation (7,000,000) --------------- Ending Cash & Investments (05/31/11) $23,477,000,000 LBHI reported $2.068 billion in cash and investments as of May 1, 2011, and $3.762 billion as of May 31, 2011. The monthly operating report also showed that a total of $54,257,000 was paid to professionals that were retained in the Debtors' Chapter 11 cases in the past month. From September 15, 2008 to May 31, 2011, a total of $1,317,091,000 was paid to professionals, of which $442,196,000 was paid to the Debtors' turnaround manager, Alvarez & Marsal LLC, while $309,808,000 was paid to their bankruptcy counsel, Weil Gotshal & Manges LLP. A full-text copy of the May 2011 Operating Report is available for free at http://bankrupt.com/misc/LehmanMORMay3111.pdf About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Additional units, Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC, sought for bankruptcy protection in December 2009 or more than a year after LBHI and its other affiliates filed their bankruptcy cases. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on Sept. 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on Sept. 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) MSR RESORT: Posts $8.44MM Net Loss Before Reorganization Items -------------------------------------------------------------- MSR Resort Golf Course LLC, et al., filed on June 28, 2011, with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating report for the month ended May 31, 2011. The Debtors reported a net loss of $9.16 million on total revenue of $38.10 million for the month ended April 30, 2011. Net loss from continuing operations was $8.44 million. Reorganization expenses totaled $717,135 for the month, which consisted primarily of professional fees associated with the Chapter 11 cases. The Debtors' combined condensed balance sheet showed $2.184 billion in total assets, $1.921 billion in total liabilities, and partners' capital of $262.9 million. A copy of the operating report is available at: http://bankrupt.com/misc/msrresort.may2011mor.pdf About MSR Resort MSR Hotels & Resorts, formerly known as CNL Hotels & Resorts Inc., owns a portfolio of eight luxury hotels with over 5,500 guest rooms, including the Arizona Biltmore Resort & Spa in Phoenix, the Ritz-Carlton in Orlando, Fla., and Hawaii's Grand Wailea Resort Hotel & Spa in Maui. On Jan. 28, 2011, CNL-AB LLC acquired the equity interests in the portfolio through a foreclosure proceeding. CNL-AB LLC is a joint venture consisting of affiliates of Paulson & Co. Inc., a joint venture affiliated with Winthrop Realty Trust, and affiliates of Capital Trust, Inc. Morgan Stanley's CNL Hotels & Resorts Inc. owned the resorts before the Jan. 28 foreclosure. Following the acquisition, five of the resorts with mortgage debt scheduled to mature on Feb. 1, 2011, were sent to Chapter 11 by the Paulson and Winthrop joint venture affiliates. MSR Resort Golf Course LLC and its affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 11-10372) in Manhattan on Feb. 1. The resorts subject to the filings are Grand Wailea Resort and Spa, Arizona Biltmore Resort and Spa, La Quinta Resort and Club and PGA West, Doral Golf Resort and Spa, and Claremont Resort and Spa. James H.M. Sprayregen, P.C., Esq., Paul M. Basta, Esq., Edward O. Sassower, Esq., and Chad J. Husnick, Esq., at Kirkland & Ellis, LLP, serve as the Debtors' bankruptcy counsel. Houlihan Lokey Capital, Inc., is the Debtors' financial advisor. Kurtzman Carson Consultants LLC is the Debtors' claims agent. The five resorts had $2.2 billion in assets and $1.9 billion in debt as of Nov. 30, 2010, according to court filings. In its schedules, debtor MSR Resort disclosed $59,399,666 in total assets and $1,013,213,968 in total liabilities. NORTEL NETWORKS: Ends May 2011 With $999 Million Cash ----------------------------------------------------- Nortel Networks Inc. reported a net loss of $6.0 million for the month ended May 31, 2011. Loss from continuing operations before reorganization items, income taxes and equity in net earnings (loss) of associated companies was $2.0 million. Nortel Networks Inc. ended May 2011 with $999.0 million in cash and cash equivalents, as compared to $995.0 million at the beginning of the month. As of May 31, 2011, Nortel Networks Inc. had $1.448 billion in total assets, $5.771 billion in total liabilities, and a stockholders' deficit of $4.323 billion. A copy of the May 2011 monthly operating report is available at: http://bankrupt.com/misc/NNI.may2011mor.pdf 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 (Bankr. D. Del. Case No. 09-10138) on Jan. 14, 2009. 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 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. RASER TECHNOLOGIES: Posts $1.46 Million Net Loss in May 2011 ------------------------------------------------------------ On June 29, 2011, Raser Technologies, Inc., et al., filed their monthly operating report for May 2011 with the U.S. Bankruptcy Court for the District of Delaware. The Debtor reported a net loss of $1.46 million on $380,056 of revenues for the month. The Debtors' balance sheet at May 31, 2011, showed $40.22 million in total assets, $114.74 million in total liabilities, and a stockholders' deficit of $74.52 million. A copy of the operating report is available at http://is.gd/dCftZR About Raser Technologies Raser Technologies, Inc. (NYSE: RZ) is a renewable energy company focusing on geothermal power development. The Company has one operating plant in Utah and another eight early and development stage projects in Utah, New Mexico, Nevada and Oregon. The Company invested $120 million in Thermo No. 1, its sole operating plant, which is near Beaver, Utah, and has a power generation capacity of 10 megawatts. The City of Anaheim, California, agreed in 2008 to buy the generated electricity for 20 years. Provo, Utah-based Raser Technologies, Inc., also known as Wasatch Web Advisors, Inc., filed for Chapter 11 protection (Bankr. D. Del. Case No. 11-11315) on April 29, 2011. Other Debtor affiliates filed for separate Chapter 11 protection on April 29, 2011, (Bankr. Case Nos. 11-11319 - 11-11350). Peter S. Partee, Sr., Esq., and Richard P. Norton, Esq., at Hunton & Williams LLP represent the Debtors in their restructuring efforts. The Debtors' local counsel is Bayard, P.A. Sichenzia Ross Friedman Ference LLP serves as the Debtors' corporate counsel. The Debtors' financial advisor is Canaccord Genuity. TRIBUNE CO: Has $20,074,000 Net Income in May 2011 -------------------------------------------------- Tribune Company, et al. Condensed Combined Balance Sheet As of May 22, 2011 ASSETS Current Assets: Cash and cash equivalents $1,145,913,000 Accounts receivable, net 454,403,000 Inventories 22,777,000 Broadcast rights 189,722,000 Prepaid expenses and other 218,239,000 ---------------- Total current assets 2,031,054,000 Property, plant and equipment, net 935,426,000 Other Assets: Broadcast rights 108,054,000 Goodwill & other intangible assets, net 782,380,000 Prepaid pension costs 2,112,000 Investments in non-debtor units 1,525,681,000 Other investments 38,841,000 Intercompany receivables from non-debtors 3,094,967,000 Restricted cash 726,585,000 Other 81,270,000 ---------------- Total Assets $9,326,370,000 ================ LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT) Current Liabilities: Current portion of broadcast rights $115,029,000 Current portion of long-term debt 3,603,000 Accounts payable, accrued expenses, and other 412,537,000 ---------------- Total current liabilities 531,169,000 Pension obligations 230,440,000 Long-term broadcast rights 77,386,000 Long-term debt 5,701,000 Other obligations 176,595,000 ---------------- Total Liabilities 1,021,291,000 Liabilities Subject to Compromise: Intercompany payables to non-debtors 3,459,117,000 Obligations to third parties 13,080,751,000 ---------------- Total Liabilities Subject to Compromise 16,539,868,000 Shareholders' Equity (Deficit) (8,234,789,000) ---------------- Total Liabilities & Shareholders' Equity (Deficit) $9,326,370,000 ================ Tribune Company, et al. Condensed Combined Statement of Operations For the Period From Apr. 25 to May 22, 2011 Total Revenue $237,443,000 Operating Expenses: Cost of sales 126,009,000 Selling, general and administrative 71,918,000 Depreciation 10,229,000 Amortization of intangible assets 1,113,000 ---------------- Total operating expenses 209,269,000 ---------------- Operating Profit (Loss) 28,174,000 ---------------- Income (loss) on equity investments, net 1,218,000 Interest expense, net (3,328,000) Management fee (1,406,000) Non-operating income (loss), net - ---------------- Income (loss) before income taxes & Reorg. Costs 24,658,000 Reorganization costs (4,046,000) ---------------- Income (loss) before income taxes 20,612,000 Income taxes (538,000) ---------------- Income (loss) from continuing operations 20,074,000 Income from discontinued operations, net of tax 0 ---------------- Net Income (Loss) $20,074,000 ================ Tribune Company, et al. Combined Schedule of Operating Cash Flow For the Period From Apr. 25 to May 22, 2011 Beginning Cash Balance $1,847,083,000 Cash Receipts: Operating receipts 230,480,000 Other - ---------------- Total Cash Receipts 230,480,000 Cash Disbursements Compensation and benefits 76,823,000 General disbursements 125,868,000 Reorganization related disbursements 8,153,000 ---------------- Total Disbursements 210,844,000 ---------------- Debtors' Net Cash Flow 19,636,000 ---------------- From/(To) Non-Debtors 3,408,000 ---------------- Net Cash Flow 23,044,000 Other (117,000) ---------------- Ending Available Cash Balance $1,870,011,000 ================ About Tribune Co. Headquartered in Chicago, Illinois, Tribune Co. -- http://www.tribune.com/-- is a media company, operating businesses in publishing, interactive and broadcasting, including ten daily newspapers and commuter tabloids, 23 television stations, WGN America, WGN-AM and the Chicago Cubs baseball team. The Company and 110 of its affiliates filed for Chapter 11 protection on December 8, 2008 (Bankr. D. Del. Lead Case No. 08- 13141). The Debtors proposed Sidley 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 December 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) TROPICANA ENT: Adamar of NJ Has $2.45-Mil. Cash at May 31 --------------------------------------------------------- Adamar of NJ In Liquidation, LLC Consolidated Balance Sheets As of May 31, 2011 ASSETS Current Assets Cash and cash equivalents $2,447,000 Receivables, gaming, hotel and other, net 0 Inventories 0 Prepaid expenses and other 0 Deferred income taxes 0 -------------- Total current assets 2,447,000 Property and equipment, at cost, net 0 Investments 0 Tenant allowances and other assets 0 -------------- TOTAL ASSETS $2,447,000 ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accruals $473,000 Accrued payroll and employee benefits 0 Current portion of long-term debt 0 Casino reinvestment obligation 0 Advances from TE and other affiliates, net 0 Advances from NJ affiliates, net 0 Other current liabilities 0 Liabilities subject to compromise 9,560,000 -------------- Total current liabilities 10,034,000 Long-term debt, net of current portion 0 Deferred income taxes 0 -------------- Total Liabilities 10,034,000 Stockholders' Equity Common stock, no par value (100 shares 0 authorized, issued and outstanding) Paid-in capital 0 Accumulated deficit (7,587,000) -------------- Total shareholders' equity (7,587,000) -------------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $2,447,000 ============== Adamar of NJ In Liquidation, LLC Consolidated Statements of Operations For the Month Ended May 31, 2011 Revenues Casino $0 Rooms 0 Food and beverage 0 Other 0 -------------- Total revenues 0 -------------- Costs and Expenses Casino 0 Rooms 0 Food and beverage 0 Other 0 Marketing 0 General and administrative 0 Utilities 0 Repairs and maintenance 0 Provision for doubtful accounts 0 Property taxes and insurance 0 Rent 0 Rent to New Jersey affiliate 0 Depreciation and amortization 0 Reorganization expense 70,000 -------------- Total 70,000 Operating profit (loss) (70,000) License denial expense 0 Interest income, net 1,000 Interest expense 0 -------------- Income before income taxes (70,000) Income taxes benefit/(provision) 0 -------------- NET (LOSS) ($70,000) ============== Adamar of NJ In Liquidation, LLC Cash Flows For the Month Ended May 31, 2011 Beginning cash $2,633,000 Disbursements: Claims settlement 0 Professional fees disbursements 186,000 Transfer to Tropicana Entertainment 0 UST fees 1,000 -------------- Total disbursements 187,000 Interest income 1,000 -------------- Ending Cash $2,447,000 ============== About Tropicana Entertainment Tropicana Entertainment Inc. is a publicly reporting company that, along with its affiliates, owns or operates nine casinos and resorts in Indiana, Louisiana, Mississippi, Nevada and New Jersey. The Company owns approximately 6,000 rooms, 9,000 slot positions and 250 table games. In addition, the Company owns a development property in Aruba. The company is based in Las Vegas, Nevada. Tropicana Entertainment LLC and certain affiliates filed for Chapter 11 protection on May 5, 2008 (Bankr. D. Del. Case No. 08- 10856). Kirkland & Ellis LLP and Mark D. Collins, Esq., at Richards Layton & Finger, represent the Debtors in their restructuring efforts. Their financial advisor is Lazard Ltd. Their notice, claims, and balloting agent is Kurtzman Carson Consultants LLC. Epiq Bankruptcy Solutions LLC is the Debtors' Web site administration agent. AlixPartners LLP is the Debtors' restructuring advisor. Stroock & Stroock & Lavan LLP and Morris Nichols Arsht & Tunnell LLP represent the Official Committee of Unsecured Creditors in this case. Capstone Advisory Group LLC is financial advisor to the Creditors' Committee. The OpCo Debtors, a group of Tropicana entities owning casinos and resorts in Atlantic City, New Jersey and Evansville, Indiana obtained confirmation from the Bankruptcy Court of a reorganization plan. On April 29, 2009, non-debtor units of the OpCo Debtors, designated as the New Jersey Debtors -- Adamar of New Jersey, Inc., and its affiliate, Manchester Mall, Inc. -- filed for Chapter 11 (Bankr. D. N.J. Lead Case No. 09- 20711) to effectuate a sale of the Atlantic City Resort and Casino to a group of Investors-led by Carl Icahn. Judge Judith H. Wizmur presides over the cases. Manchester Mall is a wholly owned subsidiary of Adamar that owns and operates certain real property utilized in the New Jersey Debtors' business operations. Effective March 8, Tropicana Entertainment successfully emerged from the Chapter 11 reorganization process as an Carl Icahn-owned entity. A group of Tropicana entities, known as the LandCo Debtors, which own Tropicana casino property in Las Vegas, have obtained approval of a separate Chapter 11 plan. Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz, Meisel, Forman & Leonard, in Hackensack, New Jersey, represented the New Jersey Debtors. Kurtzman Carson Consultants LLC acts as their claims and notice agent. Adamar disclosed $500 million to $1 billion both in total assets and debts in its petition. Manchester Mall disclosed $1 million to $10 million in total assets, and less than $50,000 in total debts in its petition. Debtors Adamar of New Jersey Inc. and Manchester Mall Inc. have merged into Adamar of NJ In Liquidation, LLC. The merger and name change is in accordance with an Amended and Restated Purchase Agreement, which governs the sale and transfer of the operations of the Tropicana Casino and Resort - Atlantic City, including substantially all of the New Jersey Debtors' assets, to Tropicana Entertainment Inc., Tropicana Atlantic City Corp., and Tropicana AC Sub Corp., free and clear of any and all liens, claims and encumbrances. Bankruptcy Creditors' Service, Inc., publishes Tropicana Bankruptcy News. The newsletter tracks the Chapter 11 proceedings of Tropicana Entertainment Inc. and its debtor-affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) WASHINGTON MUTUAL: Ends May 2011 With $4.51 Billion Cash -------------------------------------------------------- On June 30, 2011, Washington Mutual, Inc., and WMI Investment Corp. filed their monthly operating report for May 2011 with the United States Bankruptcy Court for the District of Delaware. Washington Mutual reported a net loss of $20.69 million for the period. At May 31, 2011, Washington Mutual had $6.749 billion in total assets, $8.380 billion in total liabilities, and a shareholders' deficit of $1.631 billion. Washington Mutual ended May 2011 with $4.510 billion in unrestricted cash and cash equivalents. Washington Mutual paid a total of $1.64 million in professional fees and reimbursed a total of $78,733.40 in professional expenses in May. WMI Investment reported a net loss of $23,353 for the month of May. At May 31, 2011, WMI Investment had $921.291 million in total assets, $14,825 in post-petition liabilities, and a stockholders' equity of $921.27 million. WMI Investment ended May with $276.35 million in cash and cash equivalents. A copy of the operating report is available at http://is.gd/AA8TH4 About Washington Mutual Based in Seattle, Washington, Washington Mutual Inc. -- http://www.wamu.com/-- is a holding company for Washington Mutual Bank as well as numerous non-bank subsidiaries. Washington Mutual Bank was taken over on Sept. 25, 2008, by U.S. government regulators. The next day, WaMu and its affiliate, WMI Investment Corp., filed separate petitions for Chapter 11 relief (Bankr. D. Del. 08-12229 and 08-12228, respectively). WaMu owns 100% of the equity in WMI Investment. When WaMu filed for protection from its creditors, it disclosed assets of $32,896,605,516 and debts of $8,167,022,695. WMI Investment estimated assets of $500 million to $1 billion with zero debts. WaMu is represented by Brian Rosen, Esq., at Weil, Gotshal & Manges LLP in New York City; Mark D. Collins, Esq., at Richards, Layton & Finger P.A. in Wilmington, Del.; and Peter Calamari, Esq., and David Elsberg, Esq., at Quinn Emanuel Urquhart Oliver & Hedges, LLP. The Debtor tapped Valuation Research Corporation as valuation service provider for certain assets. Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Fled LLP in New York and David B. Stratton, Esq., at Pepper Hamilton LLP in Wilmington, Del., represent the Official Committee of Unsecured Creditors. Stephen D. Susman, Esq., at Susman Godfrey LLP and William P. Bowden, Esq., at Ashby & Geddes, P.A., represent the Equity Committee. The official committee of equity security holders also tapped BDO USA as its tax advisor. Stacey R. Friedman, Esq., at Sullivan & Cromwell LLP and Adam G. Landis, Esq., at Landis Rath & Cobb LLP in Wilmington, Del., represent JPMorgan Chase, which acquired the WaMu bank unit's assets prior to the Petition Date. On Jan. 7, 2011, the U.S. Bankruptcy Court for the District of Delaware entered a 107-page opinion determining that the global settlement agreement, among certain parties including WMI, the Federal Deposit Insurance Corporation and JPMorgan Chase Bank, N.A., upon which the Plan is premised, and the transactions contemplated therein, are fair, reasonable, and in the best interests of WMI. Additionally, the Opinion and related order denied confirmation, but suggested certain modifications to the Company's Sixth Amended Joint Plan of Affiliated Debtors that, if made, would facilitate confirmation. Washington Mutual has filed with the Bankruptcy Court a Modified Sixth Amended Joint Plan and a related Supplemental Disclosure Statement. The Company believes that the Modified Plan has addressed the Bankruptcy Court's concerns and looks forward to returning to the Bankruptcy Court to seek confirmation of the Modified Plan. WOLVERINE TUBE: Posts $116,436 Net Loss in May 2011 --------------------------------------------------- Wolverine Tube, Inc., et al., reported a net loss of $116,436 on $30.17 million of total revenue for all debtors in May 2011. As of May 31, 2011, the Debtors reported $120.31 million in total assets, $244.76 million in total liabilities, and a stockholders' deficit of $124.45 million. A copy of the May 2011 monthly operating report is available at: http://bankrupt.com/misc/wolverinetube.may2011mor.pdf About Wolverine Tube Huntsville, Alabama-based Wolverine Tube, Inc., is a global manufacturer and distributor of copper and copper alloy tube, fabricated products, and metal joining products. The Company currently operates seven facilities in the United States, Mexico, China, and Portugal. It also has distribution operations in the Netherlands and the United States. Wolverine Tube sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 10-13522) on Nov. 1, 2010. Mark E. Felger, Esq., and Simon E. Fraser, Esq., at Cozen O'Connor represent the Debtor. Scott K. Rutsky, Esq., and Adam T. Berkowitz, Esq., at Proskauer Rose LLP, serve as the Debtor's special corporate and tax counsel. Deloitte Financial Advisory Services LLP is the Debtor's financial advisor. Donlin Recano & Company, Inc., is the Debtor's claim agent. The Debtor disclosed $115 million in total assets and $237 million in total debts at the time of the filing. Affiliates Tube Forming, L.P. (Bankr. D. Del. Case No. 10-13523), Wolverine Joining Technologies, LLC (Bankr. D. Del. Case No. 10-13524), TF Investor Inc. (Bankr. D. Del. Case No. 10-13525), and WT Holding Company, Inc. (Bankr. D. Del. Case No. 10-13526) filed separate Chapter 11 petitions. No official committee of unsecured creditors has been appointed in the case. The Debtors filed a prearranged Chapter 11 plan proposing to pay unsecured creditors in full and turning ownership of the reorganized company over to their noteholders. As reported in the TCR on June 14, 2011, Wolverine Tube filed with the U.S. Bankruptcy Court a designation for its First Amended Joint Plan of Reorganization, identifying the officers and directors of the reorganized Debtors. BankruptcyData.com says the Court also issued a ruling confirming the First Amended Joint Plan of Reorganization, as Modified, of Wolverine Tube and its affiliated Debtors. As reported in the TCR on Jun 29, 2011, Wolverine Tube emerged from Chapter 11 bankruptcy protection effective June 28, 2011, pursuant to a Plan of Reorganization approved by the U.S. Bankruptcy Court for the District of Delaware. ********* 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 ***