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/raid1/www/Hosts/bankrupt/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 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. 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