TCR_Public/110730.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 30, 2011, Vol. 15, No. 209

                            Headlines

AMBASSADORS INTERNATIONAL: Ends June 2010 With $3.84 Million Cash
AMERICANWEST BANCORP: Posts $11,364 Net Loss in June 2011
BANKUNITED FINANCIAL: Posts $294,374 Net Loss in June 2011
CAPITAL GROWTH: Posts $2.3 Million Net Loss in April 2011
CARITAS HEALTH: Ends June 2011 With $18.91 Million Cash

DSI HOLDINGS: Files Initial Monthly Operating Report
FIRSTFED FINANCIAL: Posts $60,464 Net Loss in June 2011
HOWREY LLP: Assets Drop to Less Than $54 Million as of June 30
ICOP DIGITAL: Posts $9,343 Net Loss in June 2011
LEHMAN BROTHERS: Files Supplementary Operating Report for March

LEHMAN BROTHERS: Has $17.9BB in Free Cash & Investments at June 30
MERIT GROUP: Ends June 2011 With $186,122 Cash
PFF BANCORP: Posts $45,387 Net Loss in June 2011
PRECISION PARTS: Ends May 2011 With $676,323 Cash
SHARPER IMAGE: Ends June 2011 With $2.66 Million Cash

THORNBURG MORTGAGE: Ends June 2011 With $107.53 Million Cash
TOUSA INC: Ends June 2010 With Funds of $504.7 Million
VITRO SAB: Vitro America Posts $94.7 Million Net Loss in June 2011




                            *********


AMBASSADORS INTERNATIONAL: Ends June 2010 With $3.84 Million Cash
-----------------------------------------------------------------
On July 21, 2011, Ambassadors International, Inc., and its U.S.
subsidiaries filed their monthly operating report for the month
ended June 30, 2011, with the U.S. Bankruptcy Court for the
District of Delaware.

Substantially all the assets of the Company and the other Debtors
were sold on May 25, 2011, pursuant to a sale order entered,
following a hearing, by the Bankruptcy Court pursuant to Section
363 of the United States Bankruptcy Code.  The Debtors are not
currently conducting any business operations and will have no
business operations in the future.  The remaining net cash
proceeds from the sale of assets represent the principal remaining
asset of the Debtors.  Such remaining cash proceeds are expected
to be used to provide for the wind-down and liquidation of the
Company's estate and to pay post-petition administrative claims in
the Company's bankruptcy proceedings.  Accordingly, the Company
does not expect that there will be any significant proceeds
available for distribution to the Company's stockholders or
holders of the Company's convertible notes.  The Debtors are
currently winding up their activities.

The Debtors have no operations and recognized no revenue during
June 2011.

At June 30, 2011, the Debtors had $3.84 million in total assets,
$35.81 million in total liabilities, and a stockholders' deficit
of $31.99 million.  The Debtors ended the period with
$3,844,309.14 cash.  The Debtors paid a total of $44,067.85 in
professional fees in June.

A copy of the operating report is available at http://is.gd/FRlsRH

                About Ambassadors International

Headquarters in Seattle, Washington, Ambassadors International,
Inc. (NASDAQ: AMIE) -- http://www.ambassadors.com/-- operates
Windstar Cruises, a three-ship fleet of luxury yachts that explore
the hidden harbors and secluded coves of the world's most sought-
after destinations.  Carrying 148 to 312 guests, the luxurious
ships of Windstar cruise to nearly 50 nations, calling at 100
ports throughout Europe, the Caribbean and the Americas.

Ambassadors International Inc. and 11 affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-11002) on
April 1, 2011.

Kristopher M. Hansen, Esq.; Sayan Bhattacharyya, Esq.; Marianne
Mortimer, Esq.; and Matthew G. Garofalo, Esq., at Stroock &
Stroock & Lavan LLP, serve as the Debtors' bankruptcy counsel.
Imperial Capital, LLC, is the Debtors' financial advisor.  Phase
Eleven Consultants, LLC, is the Debtors' claims and notice agent.
The Debtors tapped Bifferato Gentilotti LLC as Delaware counsel,
and Richards, Layton & Finger as bankruptcy co-counsel.

The Official Committee of Unsecured Creditors tapped Kelley
Drye & Warren LLP as its counsel, and Lowenstein Sandler PC as its
co-counsel.

The Debtors disclosed $86.4 million in total assets and
$87.3 million in total debts as of Dec. 31, 2010.


AMERICANWEST BANCORP: Posts $11,364 Net Loss in June 2011
---------------------------------------------------------
On July 15, 2011, AmericanWest Bancorporation filed with the
U.S. Bankruptcy Court for the Eastern District of Washington its
monthly operating report for June 2011.

The Debtor reported a net loss of $11,364 on $0 revenue for the
month of May.  The net loss for the month of May was $19,985.

At June 301, 2011, the Debtor had total assets of $7.06 million,
total liabilities of $47.43 million, and a stockholders' deficit
of $40.37 million.  The book balance of cash at June 30, 2011,
was $5.63 million compared to $5.79 million at May 31, 2011.

A copy of the operating report is available at http://is.gd/OlY14V

               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.


BANKUNITED FINANCIAL: Posts $294,374 Net Loss in June 2011
----------------------------------------------------------
BankUnited Financial Corporation, together with its subsidiaries
BankUnited Financial Services, Inc., and CRE America Corporation,
filed on July 19, 2011, its monthly operating report for June 2011
with the United States Bankruptcy Court for the Southern District
of Florida.

Funds at June 30, 2011, were roughly $10.94 million compared to
roughly $11.24 million at May 31, 2011.

BankUnited Financial Corporation, et al., reported a net loss of
$294,374 on $0 income for the period.  Professional fees totaled
$294,042 for the period.

At June 30, 2011, BankUnited Financial Corporation, et al., had
$35.90 million in total assets, $576.83 million in total
liabilities, and a stockholders' deficit of $540.93 million.

A copy of the operating report is available at http://is.gd/Um0PnI

                   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.


CAPITAL GROWTH: Posts $2.3 Million Net Loss in April 2011
---------------------------------------------------------
Capital Growth Systems, Inc., reported a consolidated net loss of
$2.3 million on $4.4 million of revenues for the month of
April 2011.

The Debtor's balance sheet at April 30, 2011, showed $25.5 million
in total assets, $67.6 million in total liabilities, and a
stockholders' deficit of $42.1 million.  The Debtor ended
April 2011 with $1,260,789 cash.

A complete text of the April 2011 monthly operating report is
available for free at http://is.gd/ZbPb4c

                      About Global Capacity

Headquartered in Chicago, Illinois, Capital Growth Systems, Inc.,
known as Global Capacity, and its subsidiaries operate in one
reportable segment as a single source telecom logistics provider
in North America and the European Union.  The Company helps
customers improve efficiency, reduce cost, and simplify operations
of their complex global networks -- with a particular focus on
access networks.

Capital Growth Systems and its affiliates filed for Chapter 11
protection on.  The lead debtor is Global Capacity Holdco LLC
(Bankr. D. Del. Case No. 10-12302).  Global Capacity Group Inc.
estimated $10 million to $50 million in assets and debts in its
petition.

As reported in the TCR on May 18, 2011, Global Capacity has
completed the sale of substantially all of its assets to GC
Pivotal, LLC, an affiliate of Pivotal Group, Inc.  Pivotal had
previously acquired 100% of the secured debt of Global Capacity.


CARITAS HEALTH: Ends June 2011 With $18.91 Million Cash
-------------------------------------------------------
Caritas Health Care, Inc., filed with the U.S. Bankruptcy Court
for the Eastern District of New York on July 18, 2011, its
monthly operating report for June 2011.

The Company reported net income of $25,703 on $145,739 of revenue
for the month.

At June 30, 2011, the Debtor had $32.4 million in total assets,
$161.1 million in total liabilities, and a stockholders' deficit
of $128.7 million.  The Company ended the period with $18,917,683
in cash, from beginning cash of $18,851,216.  Payments to
professionals totaled $108,934 for the month.

A copy of the monthly operating report is available at:

     http://bankrupt.com/misc/caritashealth.june2011moir.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.


DSI HOLDINGS: Files Initial Monthly Operating Report
----------------------------------------------------
DSI Holdings, Inc., et al., filed with the U.S. Bankruptcy Court
for the District of Delaware on July 11, 2011, an initial monthly
operating report.

The Debtors project a net cash flow of $6,937,031 for the 13-week
period ended Sept. 24, 2011:

     Total Receipts                 $76,402,065
     Total Disbursements            $83,339,096
     Net Cash Flow                  ($6,937,031)

The Debtor project to pay a total of $2,685,000 in professional
fees for the 13-week period.

Restructuring costs totaled $4,723,743 as of July 7, 2011:

     Weil Gotshal                    $3,109,884
     Rothschild Inc.                   $793,508
     WTAS                              $551,909
     Richards Layton & Finger          $208,184
     Kurtzman Carson Consultants        $60,259

A copy of the initial monthly operating report is available at:

     http://bankrupt.com/misc/dsiholdings.initialmor.pdf

                         About Deb Shops

Deb Shops Inc., is a closely held women's-clothing retailer based
in Philadelphia.  Deb Shops sells junior and large-size clothing
for girls and women ages 13 to 25 through more than 320 U.S.
stores and through debshops.com.  It was bought out by the New
York investment firm Lee Equity Partners in October 2007.

DSI Holdings Inc. and 54 affiliates, including Deb Shops, sought
bankruptcy protection (Bankr. D. Del. Lead Case No. 11-11941), on
June 26, 2011, to sell all assets under 11 U.S.C. Sec. 363.  As of
April 30, 2011, the Debtors' unaudited financial statements
reflected assets totaling $124.4 million and liabilities totaling
$270.1 million.

Lawyers at Weil Gotshal & Manges LLP and Richards, Layton & Finger
P.A. serve as bankruptcy counsel.  Rothschild Inc. serves as the
Debtors' investment banker and financial advisors.  Kurtzman
Carson Consultants, LLC, serves as claims agent.  Sitrick &
Company serves as public relations consultants.

Ableco, the DIP Agent is represented by Michael L. Tuchin, Esq.,
and David A. Fidler, Esq., at Klee Tuchin Bogdanoff & Stern LLP.
Conway Del Genio serves as financial advisors to the First Lien
Lenders.  Schulte Roth serves as corporate and tax advisors to the
First Lien Lenders.  Another lender, Lee DSI Holdings, is
represented by Jennifer Rodburg, Esq., at Fried Frank Harris
Shriver & Jacobson LLP.


FIRSTFED FINANCIAL: Posts $60,464 Net Loss in June 2011
-------------------------------------------------------
FirstFed Financial Corp. filed on July 15, 2011, its monthly
operating report for June 2011 with the U.S. Bankruptcy Court
for the Central District of California, Los Angeles Division.

The Company reported a net loss of $60,464.73 on $0 revenue for
the period.

At June 30, 2011, the Company had $3.44 million in total assets,
$159.62 million in total liabilities, and a stockholders' deficit
of $156.18 million.  The Company ended the period with
$3.30 million in unrestricted cash.  Bankruptcy counsel Landau,
Gottfried & Berger, LLP, received a total of $18,896.80 in Legal-
Bankruptcy Counsel fees for the month.  Manatt, Phelps & Phillips,
LLP, received a total of $10,630.44 in Legal-Special Counsel fees
for the month.

A copy of the June 2011 monthly operating report is available
at http://is.gd/v5de6A

                    About FirstFed Financial

Irvine, Calif.-based FirstFed Financial Corp. is the bank
holding company for First Federal Bank of California and its
subsidiaries.  The Bank was closed by federal regulators on
December 18, 2009.

FirstFed Financial Corp. filed for Chapter 11 protection (Bankr.
C.D. Calif. Case No. 10-10150) on Jan. 6, 2010.  Jon L. Dalberg,
Esq., at Landau Gottfried & Berger LLP, represents the Debtor in
its restructuring effort.  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.


HOWREY LLP: Assets Drop to Less Than $54 Million as of June 30
--------------------------------------------------------------
Chapter11Cases.com notes that last week, Howrey LLP filed its
first monthly operating report for the month of June.  Howrey was
once a major international law firm with over 750 attorneys, but a
group of creditors filed an involuntary chapter 7 petition against
the firm after its partners voted to dissolve.  That involuntary
chapter 7 petition was converted to a chapter 11 case in June at
the request of the firm.

According to Chapter11Cases.com, Howrey filed its schedules of
assets and liabilities on July 6, 2011.  Those schedules reported
assets of $138.7 million and liabilities of $107.0 million.  The
assets consisted entirely of personal property and the largest
category of assets was accounts receivable.  Howrey reported
$59.6 million in billed accounts receivable and an additional
$14.6 million in work in process accounts receivable.  The firm
also listed $36.5 million in office equipment, furnishings and
supplies and $11.1 million in leasehold improvements at its
various office locations.  Of the liabilities, $62.4 million were
scheduled as secured, $25.5 million were scheduled as unsecured
priority, and $19.1 million were scheduled as unsecured
nonpriority.

Chapter11Cases.com adds that the first monthly operating report
paints a much different picture as of the end of June.  Most
notably, total assets have fallen to less than $54 million.  In
the notes to the monthly operating report, the firm explains the
over 61% decrease in assets as being a result of "a) the passage
of time, including closing all but one office location and b) the
inclusion of the allowance for doubtful accounts amount, whereas
the Accounts Receivable was reported at gross on the Bankruptcy
Schedules."

In the monthly operating report, accounts receivable have
decreased from $74.2 million to only $29.2 million.  The
$29.2 million of accounts receivable listed reflects a
$22.1 million allowance for doubtful accounts which the firm has
taken (out of a total $51.3 million in accounts receivable).  Of
the total accounts receivable outstanding as of June 30, 2011,
over $43.3 million is listed as having been outstanding for more
than 90 days.  Almost all of the accounts receivable are from the
pre-petition period (only $41,061 is from after the petition
date).

Howrey's equipment, furnishings and leasehold improvements have
also been significantly reduced from the values listed in the
schedules.  The firm now lists the following values for these
categories of assets:

    -- Artwork
          Cost: $734,000
          Market Value: $1.2 million
    -- Furniture & Fixtures
          Cost: $7 million
          Market Value: $1.6 million
    -- Office Equipment (Includes Computer Equipment & Software)
          Cost: $13.4 million
          Market Value: $2.5 million
    -- Leasehold Improvements
          Cost: $11.5 million
          Market Value: $1.5 million

Howrey listed its pre-petition debt as "unknown" in its monthly
operating report with a note that the firm has not yet reconciled
claims.  Post-petition debt as of June 30 was listed as slightly
more than $750,000, with most of that total being for accrued
professional fees.  One line item (real property lease arrearage)
was listed as "to be determined" and was accompanied by a notation
that the firm's landlord for its Washington, D.C. office has filed
a motion to compel Howrey "to pay administrative rent in an amount
vastly different than the amount the Debtor believes it owes."

                         About Howrey LLP

Three creditors filed an involuntary Chapter 7 petition (Bankr.
N.D. Calif. Case No. 11-31376) on April 11, 2011, against the
remnants of the Washington-based law firm Howrey LLP.  The filing
was in San Francisco, where the firm had an office.  The firm
previously was known as Howrey & Simon and Howrey Simon Arnold &
White LLP.  The firm at one time had more than 700 lawyers in 17
offices.  The partners voted to dissolve in March.

The firm specialized in antitrust and intellectual-property
matters.  The three creditors filing the involuntary petition
together have $36,600 in claims, according to their petition.


ICOP DIGITAL: Posts $9,343 Net Loss in June 2011
------------------------------------------------
On July 20, 2011, ICOP Digital Inc., now known as Digital Systems,
Inc., filed with the U.S. Bankruptcy Court for the District of
Kansas a monthly operating report for the month of June 2011.

The Debtor reported a net loss of $9,343 on $0 revenue for the
month.

The Debtor ended the period with $205,895 cash.  Payment for
professional fees (Accounting & Legal) totaled $5,825 in June.

At June 30, 2011, the Debtor had $923,634 in total assets,
$1,273,946 in total liabilities, all current, and a stockholders'
deficit of $350,312.

A copy of the operating report is available at http://is.gd/ZUxw7H

                        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, 2010, had assets on the books for
$6.7 million and total debts of $4.3 million.  Joanne B. Stutz,
Esq., at Evans & Mullinix PA, in Shawnee, Kansas, serves as the
Debtor's bankruptcy counsel.

The Debtor has been renamed as of March 14, 2011, to Digital
Systems, Inc.


LEHMAN BROTHERS: Files Supplementary Operating Report for March
---------------------------------------------------------------
On July 21, 2011, Lehman Brothers Holdings Inc. filed with the
U.S. Bankruptcy Court for the Southern District of New York a
supplementary monthly operating report for the month ended
March 31, 2011.

At March 31, 2011, the Debtor Entities' balance sheet showed
$212.360 billion in total assets, $257.665 billion in total
liabilities, and a stockholders' deficit of $45.305 billion.

A copy of the supplemental monthly operating report for March 2011
is available at http://is.gd/PaJcbI

                      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)


LEHMAN BROTHERS: Has $17.9BB in Free Cash & Investments at June 30
------------------------------------------------------------------
On July 21, 2011, Lehman Brothers Holdings Inc., et al., filed
with the U.S. Bankruptcy Court for the Southern District of
New York a monthly operating report for June 2011.

The Debtor Entities ended the month with $17.893 billion in free
cash and investments, compared to $17.226 billion in free cash and
investments at the beginning of the period.

A copy of the monthly operating report for June 2011 is available
at http://is.gd/SBVgPP

                      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)


MERIT GROUP: Ends June 2011 With $186,122 Cash
----------------------------------------------
The Merit Group, Inc., et al., filed with the U.S. Bankruptcy
Court for the District of Southern Carolina on July 20, 2011,
their  monthly operating report for the month of June 2011.

The Merit Group, Inc., reported a net loss of $299,113 on net
sales of $13.33 million for the month.

The Debtor's balance sheet at June 30, 2011, showed $94.36 million
in total assets, $112.83 million in total liabilities, and a
shareholders' deficit of $18.47 million.  The Debtor ended the
period with $186,122 cash, compared with $2.43 million cash at
May 31, 2011.

A copy of the June 2011 monthly operating report is available at:

       http://bankrupt.com/misc/meritgroup.june2011mor.pdf

                         About Merit Group

Based in Spartanburg, South Carolina, The Merit Group Inc.,
formerly Lancaster Distributing Company, serves as one of the
leading paint sundries distributors in the United States.  Its
markets also include Mexico, the Caribbean Islands, Central
America and South America.

Merit Group filed for Chapter 11 bankruptcy protection (Bankr. D.
S.C. Lead Case No. 11-03216) on May 17, 2011.  Judge Helen E.
Burris presides over the case.  Michael M. Beal, Esq., McNair Law
Firm PA, represents the Debtors.  The Debtors selected Kurtzman
Carson Consultants LLC as their claims agent; and Morgan Joseph
TriArtisan LLC, investment banker, and Alvarez & Marsal North
America, LLC, as financial advisors.  Merit Group disclosed
7,004,048 in assets and $66,609,946 in liabilities as of the
Chapter 11 filing.

DIP Lender Regions Bank is represented by lawyers at Nexsen Pruet
Jacobs & Pollard and Parker, Hudson, Rainer & Dobbs, LLP.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee is represented by Cole,
Schotz, Meisel, Forman & Leonard, P.A.  The Committee tapped
McCarthy Law Firm LLC as co-counsel, J.H. Cohn LLP as its
financial advisor.


PFF BANCORP: Posts $45,387 Net Loss in June 2011
------------------------------------------------
PFF Bancorp, Inc., and Glencrest Investment Advisors, Inc.,
Glencrest Insurance Services, Inc., Diversified Builder Services,
Inc., and PFF Real Estate Services, Inc., filed on July 18, 2011,
their monthly operating reports for June 2011 with the
United States Bankruptcy Court for the District of Delaware.

PFF Bancorp reported a net loss of $45,387.84 for the period.

At June 30, 2011, PFF Bancorp had total assets of $57.65 million,
total liabilities of $162.19 million, and a stockholders' deficit
of $104.54 million.

A copy of the operating report is available at http://is.gd/IvoEzK

                        About PFF Bancorp

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

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

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


PRECISION PARTS: Ends May 2011 With $676,323 Cash
-------------------------------------------------
Precision Parts International Services Corp., et al., reported net
income of $64,242 on $0 revenue in May 2011.

At May 31, 2011, the Debtors had total assets of $986,652,
total liabilities of $188.75 million, and a stockholders' deficit
of $187.76 million.  The Debtors ended the period with $676,323,
compared to beginning cash of $612,081.

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

           http://bankrupt.com/misc/ppi.may2011mor.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.


SHARPER IMAGE: Ends June 2011 With $2.66 Million Cash
-----------------------------------------------------
TSIC, Inc., formerly known as The Sharper Image Corporation, filed
with the U.S. Bankruptcy Court for the District of Delaware on
July 19, 2011, its monthly operating report for June 2011.

The Debtor reported a net loss of $108,259 on $0 revenue for the
month.  The Debtor incurred a total of $761 in professional
fees for the month.

At June 30, 2011, the Company's balance sheet showed $6.2 million
in total assets, $95.4 million in total liabilities, and a
stockholders' deficit of $89.2 million.

The Debtor ended the month with $2,665,126 cash.  For the
month, the Debtor paid a total of $195,546 in professional fees.

A full-text copy of TSIC's June 2011 monthly operating report
is available for free at http://is.gd/GujwQn

                     About Sharper Image

Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- was a multi-channel specialty
retailer.  It operated in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The Company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it was also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The Company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D. Del. Case No. 08-10322).  Judge Kevin Gross presides
over the case.  Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Company's lead counsel.  Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Company's local Delaware counsel.

An official committee of unsecured creditors was appointed in the
case.  Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel.  Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.

When the Debtor filed for bankruptcy, it disclosed total assets of
$251,500,000 and total debts of $199,000,000.  As of June 30,
2008, the Debtor disclosed $52,962,174 in total assets and
$39,302,455 in total debts.

Sharper Image changed its name to "TSIC, Inc." following the going
out of business sales of its assets by a group consisting of
Gordon Brothers Retail Partners, LLC, GB Brands, LLC, Hilco
Merchant Resources, LLC, and Hilco Consumer Capital, LLC.


THORNBURG MORTGAGE: Ends June 2011 With $107.53 Million Cash
------------------------------------------------------------
On July 25, 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
June 2011.

TMST, Inc., et al., ended June with $107.53 million in cash.
Payments to attorneys and other professionals totaled $665,381
for the current month.  The Debtors reported a net loss of
$806,584 on net operating revenue of $1,718 in June.  Operating
loss was $200,411.  Reorganization expenses totaled $606,173.

At June 30, 2011, the Debtors had $109.21 million in total
assets, $3.430 billion in total liabilities, and a stockholders'
deficit of $3.321 billion.

A copy of the operating report is available at http://is.gd/N9FuGi

                     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 disclosed total assets of
$24.4 billion and total debts of $24.7 billion, as of Jan. 31,
2009.

On Oct. 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: Ends June 2010 With Funds of $504.7 Million
------------------------------------------------------
TOUSA, Inc., et al., reported a net loss of $4.64 million on
$584,000 of revenues for the for the month of June 2011.

At June 30, 2011, TOUSA, Inc., and subsidiaries had
$545.86 million in total assets, $2.089 billion in total
liabilities, and a stockholders' deficit of $1.543 billion.

The Debtors ended the period with cash in bank of $504,773,729.
The Debtors paid a total of $1,116,896 in professional fees during
the month.

A copy of the June 2011 monthly operating report is available at:

        http://bankrupt.com/misc/tousainc.june2011mor.pdf

                         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.

The official committee of unsecured creditors has filed a proposed
chapter 11 liquidating plan for Tousa.  However, the committee
said that it no longer intends to pursue approval of its
liquidation plan because of the pending appeal of its fraudulent
transfer case in the U.S. Court of Appeals for the Eleventh
Circuit.  A district court in February 2011 held that the
bankruptcy judge was wrong in ruling that lenders who were paid
off received fraudulent transfers when Tousa gave liens on
subsidiaries' properties to bail out and refinance a joint
venture.  Daniel H. Golden, Esq., and Philip C. Dublin, Esq., at
Akin Gump Strauss Hauer & Feld LLP, in New York, represent the
creditors committee.


VITRO SAB: Vitro America Posts $94.7 Million Net Loss in June 2011
------------------------------------------------------------------
On July 20, 2011, VVP Holdings, LLC, Vitro America, LLC, Super Sky
Products, Inc., Super Sky International, Inc., VVP Finance
Corporation, and VVP Funding Corporation filed their monthly
operating report for the month ending June 30, 2011, with the U.S.
Bankruptcy Court for the Northern District of Texas.

VVP Holdings reported a net loss of $35.7 million on $0 revenue
for the period.  Reorganization expenses totaled $46.6 million,
which primarily consisted of the write-off on investment in
subsidiary, Vitro America, LLC, of $46.5 million.

VVP Holdings' balance sheet at June 30, 2011, showed $645,764 in
total assets, $1.27 million in total liabilities, and an equity
deficit of $628,616.  The Debtor ended the period with $0 cash
from $152,000 cash at the beginning of the period.

A copy of VVP Holdings' June 2011 monthly operating report is
available at http://bankrupt.com/misc/vvpholdings.june2011mor.pdf

Vitro America reported a net loss of $94.74 million on
$10.47 million of revenue for the month.

At June 30, 2011, Vitro America had $24.68 million in total
assets, $220.47 million in total liabilities, and a stockholders'
deficit of $195.79 million.  Vitro America ended the period with
$9,970,544 in unrestricted cash, $5,001,500 in restricted cash,
for total cash of $14,972,044.

A copy of Vitro America's June 2011 monthly operating report is
available at http://bankrupt.com/misc/vitroamerica.june2011mor.pdf

Super Sky Products reported a net loss of $10,996,695 on $928,820
of contract revenues for the month.

At June 30, 2011, Super Sky Products had $2,000,000 in total
assets, $4,656 in total liabilities, and stockholders' equity of
$1,995,344.  The Debtor ended the period with $0 cash, compared to
$3,329,535 at the beginning of the period.

A copy of Super Sky Products' June 2011 monthly operating report
is available at:

    http://bankrupt.com/misc/superskyproducts.june2011mor.pdf

Super Sky International, Inc. had no income and expense
transactions for the month.

At June 30, 2011, Super Sky International had $671,038 in total
assets, $1.31 million in total prepetition liabilities, and a
stockholders' deficit of $638,824.

A copy of Super Sky International's June 2011 monthly operating
report is available at:

      http://bankrupt.com/misc/superskyintl.june2011mor.pdf

VVP Finance reported a net loss of $907,591 on $0 revenue for the
month.

At June 30, 2011, VVP Finance had $175.45 million in total
assets, $0 liabilities, and stockholders' equity of
$175.45 million.  VVP Finance had $0 cash at June 30, 2011,
compared to $2,511 at the beginning of the period

A copy of VVP Finance's June 2011 monthly operating report is
available at http://bankrupt.com/misc/vvpfinance.june2011mor.pdf

VVP Funding had no income or expense transactions for the month of
June 2011.

At June 30, 2011, VVP Funding had $3,050,996 in total assets,
$0 liabilities, and stockholders' equity of $3,050,996.  VVP
Funding ended the period with $0 cash, compared to $873,639 at the
beginning of the period.

A copy of VVP Funding's June 2011 monthly operating report is
available at http://bankrupt.com/misc/vvpfunding.june2011mor.pdf

                        About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is the
largest manufacturer of glass containers and flat glass in Mexico,
with consolidated net sales in 2009 of MXN23,991 million (US$1.837
billion).

Vitro defaulted on its debt in 2009, and sought to restructure
around US$1.5 billion in debt, including US$1.2 billion in notes.
Vitro launched an offer to buy back or swap US$1.2 billion in debt
from bondholders.  The tender offer would be consummated with a
bankruptcy filing in Mexico and Chapter 15 filing in the United
States.  Vitro said noteholders would recover as much as 73% by
exchanging existing debt for cash, new debt or convertible bonds.

         Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for a
pre-packaged Concurso Plan in the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, commencing its
voluntary concurso mercantil proceedings -- the Mexican equivalent
of a prepackaged Chapter 11 reorganization.  Vitro SAB also
commenced parallel proceedings under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattan
on Dec. 13, 2010, to seek U.S. recognition and deference to its
bankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the Concurso
Mercantil proceedings.  The judge said Vitro couldn't push through
a plan to buy back or swap US$1.2 billion in debt from bondholders
based on the vote of US$1.9 billion of intercompany debt when
third-party creditors were opposed.  Vitro as a result dismissed
the first Chapter 15 petition following the ruling by the Mexican
court.

On April 12, 2011, an appellate court in Mexico reinstated the
reorganization.  Accordingly, Vitro SAB on April 14 re-filed a
petition for recognition of its Mexican reorganization in U.S.
Bankruptcy Court in Manhattan (Bankr. S.D.N.Y. Case No. 11-11754).

In the present Chapter 15 case, the Debtor seeks to block any
creditor suits in the U.S. pending the reorganization in Mexico.

On June 29, 2011, Vitro Packaging de Mexico S.A. de C.V. commenced
a voluntary judicial reorganization proceeding under the Ley de
Concursos Mercantiles before the Federal District Court for Civil
and Labor Matters for the State of Nuevo Leon, the United Mexican
States.  On June 30, 2011, Vitro Packaging filed a chapter 15
petition (Bankr. N.D. Tex. Case No. 11-34224).

Alejandro Francisco Sanchez-Mujica and Javier Arechavaleta Santos
serve as Foreign Representatives of Vitro S.A.B. de C.V. and Vitro
Packaging de Mexico S.A. de C.V.  The Foreign Representatives are
represented by David M. Bennett, Esq., Katharine E. Battaia, Esq.,
and Cassandra A. Sepanik, Esq., at Thompson & Knight LLP, and
Andrew M. Leblanc, Esq., Risa M. Rosenberg, Esq., Thomas J. Matz,
Esq., and Jeremy C. Hollembeak, Esq., at Milbank Tweed Hadley &
McCloy LLP.

Attorneys for the Ad Hoc Group of Vitro Noteholders are Jeff P.
Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey & Prostok,
LLP, and Allan S. Brilliant, Esq., Benjamin E. Rosenberg, Esq.,
Craig P. Druehl, Esq., and Dennis H. Hranitzky, Esq., at Dechert
LLP.

                      Chapter 11 Proceedings

A group of noteholders, namely Knighthead Master Fund, L.P., Lord
Abbett Bond-Debenture Fund, Inc., Davidson Kempner Distressed
Opportunities Fund LP, and Brookville Horizons Fund, L.P., opposed
the exchange.  Together, they held US$75 million, or approximately
6% of the outstanding bond debt.  The Noteholder group commenced
involuntary bankruptcy cases under Chapter 11 of the U.S.
Bankruptcy Code against Vitro Asset Corp. (Bankr. N.D. Tex. Case
No. 10-47470) and 15 other affiliates on Nov. 17, 2010.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigation
counsel to analyze the potential rights that Vitro may exercise in
the United States against the ad hoc group of dissident
bondholders and its advisors.

A larger group of noteholders known as the Ad Hoc Group of Vitro
Noteholders -- comprised of holders, or investment advisors to
holders, which represent approximately US$650 million of the
Senior Notes due 2012, 2013 and 2017 issued by Vitro -- was not
among the Chapter 11 petitioners, although the group has expressed
concerns over the exchange offer.  The group says the exchange
offer exposes Noteholders who consent to potential adverse
consequences that have not been disclosed by Vitro.  The group is
represented by John Cunningham, Esq., and Richard Kebrdle, Esq. at
White & Case LLP.

The U.S. affiliates subject to the involuntary petitions are Vitro
Chemicals, Fibers & Mining, LLC (Bankr. N.D. Tex. Case No. 10-
47472); Vitro America, LLC (Bankr. N.D. Tex. Case No. 10-47473);
Troper Services, Inc. (Bankr. N.D. Tex. Case No. 10-47474); Super
Sky Products, Inc. (Bankr. N.D. Tex. Case No. 10-47475); Super Sky
International, Inc. (Bankr. N.D. Tex. Case No. 10-47476); VVP
Holdings, LLC (Bankr. N.D. Tex. Case No. 10-47477); Amsilco
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47478); B.B.O.
Holdings, Inc. (Bankr. N.D. Tex. Case No. 10-47479); Binswanger
Glass Company (Bankr. N.D. Tex. Case No. 10-47480); Crisa
Corporation (Bankr. N.D. Tex. Case No. 10-47481); VVP Finance
Corporation (Bankr. N.D. Tex. Case No. 10-47482); VVP Auto Glass,
Inc. (Bankr. N.D. Tex. Case No. 10-47483); V-MX Holdings, LLC
(Bankr. N.D. Tex. Case No. 10-47484); and Vitro Packaging, LLC
(Bankr. N.D. Tex. Case No. 10-47485).

A bankruptcy judge in Fort Worth, Texas, denied involuntary
Chapter 11 petitions filed against four U.S. subsidiaries.  On
April 6, 2011, Vitro SAB agreed to put Vitro units -- Vitro
America LLC and three other U.S. subsidiaries -- that were subject
to the involuntary petitions into voluntary Chapter 11.  The Texas
Court on April 21 denied involuntary petitions against the eight
U.S. subsidiaries that didn't consent to being in Chapter 11.

Kurtzman Carson Consultants is the claims and notice agent to
Vitro America, et al.  Alvarez & Marsal North America LLC is the
Debtors' operations and financial advisor.

The official committee of unsecured creditors appointed in the
Chapter 11 cases of Vitro America, et al., has selected Sarah Link
Schultz, Esq., at Akin Gump Strauss Hauer & Feld LLP, in Dallas,
Texas, and Michael S. Stamer, Esq., Abid Qureshi, Esq., and Alexis
Freeman, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York,
as counsel.

Vitro SAB previously obtained court approval to sell four of its
U.S. units, including Vitro America LLC, to an affiliate of
private-equity firm Sun Capital Partners Inc. for $55.1 million.

The Debtors finalized the sale of assets under the Court approved
APA on June 17, 2011.


                           *********

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
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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
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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
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