TCR_Public/110903.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, September 3, 2011, Vol. 15, No. 244

                            Headlines

AMBAC FINANCIAL: Has $136.3-Mil. Net Loss for June
BORDERS GROUP: Has $328.2-Mil. Net Loss in July
ICOP DIGITAL: Ends July 2011 With $205,107 Cash
LEHMAN BROTHERS: Has $25.16BB in Cash and Investments at July 31
LOS ANGELES DODGERS: Posts $3.9 Million Net Profit in July 2011

LTV CORP: Ends July 2011 With $4.5 Million Cash
MSR RESORT: Posts $13.7 Million Net Loss in July 2011
NORTEL NETWORKS: Ends June 2011 With $1.015 Billion Cash
NURSERYMEN'S EXCHANGE: Posts $828,324 Net Loss From July 1 - Aug 5
SIGNATURE STYLES: Posts Net Loss of Over $1.5 Million in July 2011

SOUTHWEST GEORGIA: Reports $2.1 Million Net Income in July 2011
THORNBURG MORTGAGE: Ends July 2011 With $106.7 Million Cash
TOUSA INC: Ends July 2011 With $503.0 Million Cash
TRIBUNE CO: Has $2.63-Mil. Profit in July
VITRO SAB: Vitro America Reports $2 Million Net Income in July




                            *********


AMBAC FINANCIAL: Has $136.3-Mil. Net Loss for June
--------------------------------------------------

                   Ambac Financial Group, Inc.
                          Balance Sheet
                       As of June 30, 2011

ASSETS:

Current Assets:
Unrestricted Cash and Equivalents                   $28,810,502
Restricted Cash and Cash Equivalents                  2,500,000
Accounts Receivable                                           -
Notes Receivable                                        862,112
Inventories                                                   -
Prepaid Expenses                                              -
Professional Retainers                                4,133,439
Other Current Assets                                 22,562,081
                                               ----------------
Total Current Assets                                 58,868,134

Property & Equipment:
Real Property and Improvements                                -
Machinery & Equipment                                         -
Furniture, Fixtures, and Office Equipment                     -
Leasehold Improvements                                        -
Vehicles                                                      -
Less: Accumulated Depreciation                                -
                                               ----------------
Total Property & Equipment                                    -

Other Assets:
Amounts Due From Insiders                               747,968
Other Assets                                     (1,063,227,503)
                                               ----------------
Total Other Assets                               (1,062,479,535)
                                               ----------------
Total Assets                                    ($1,003,611,401)
                                               ================

LIABILITIES AND OWNERS' EQUITY:

Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable                                              -
Taxes Payable                                                 -
Wages Payable                                                 -
Notes Payable                                                 -
Rent/Leases - Building/Equipment                              -
Secured Debt/Adequate Protection Payments                     -
Professional Fees                                   $16,315,808
Amounts Due to Insiders                                 108,085
Other Postpetition Liabilities                            7,788
                                               ----------------
Total Postpetition Liabilities                       16,431,681

Liabilities Subject to Compromise (Prepetition):
Secured Debt                                                  -
Priority Debt                                                 -
Unsecured Debt                                    1,708,170,624
                                               ----------------
Total Prepetition Liabilities                     1,708,170,624

Total Liabilities                                 1,724,602,305

Owners' Equity:
Capital Stock                                         3,080,168
Additional Paid-in Capital                        2,172,026,548
Partners' Capital Account                                     -
Owners' Equity Account                                        -
Retained earnings - prepetition                  (3,896,443,042)
Retained earnings - postpetition                 (1,104,758,315)
Adjustments to Owner Equity                          97,880,935
Postpetition Contributions                                    -
                                               ----------------
Net Owners' Equity                               (2,728,213,706)
                                               ----------------
Total Liabilities & Owners' Equity              ($1,003,611,401)
                                               ================

                   Ambac Financial Group, Inc.
                     Statement of Operations
                For the month ended June 30, 2011

Gross Revenues                                                -
Less: Returns & Allowances                                    -
                                               ----------------
Net Revenue                                                   -

Cost of Goods Sold:
Beginning Inventory                                           -
Add: Purchases                                                -
    Cost of labor                                             -
    Other costs                                               -
Less: Ending Inventory                                        -
                                               ----------------
Cost of Goods Sold                                            -

Gross Profit                                                  -

Operating Expenses:
Advertising                                                   -
Auto and Truck Expense                                        -
Bad Debts                                                     -
Contributions                                                 -
Employee Benefits Programs                              $25,962
Officer/Insider Compensation                            406,629
Insurance                                                     -
Management Fees/Bonuses                                       -
Office Expense                                                -
Pension & profit sharing plans                                -
Repairs & Maintenance                                         -
Rent and Lease Expense                                       97
Salaries/Commissions/Fees                                     -
Supplies                                                      -
Taxes - Payroll                                           1,711
Taxes - Real Estate                                           -
Taxes - Other                                                 -
Travel & Entertainment                                        -
Utilities                                                     -
Other                                                  (200,686)
                                               ----------------
Total Operating Expenses Before
  Depreciation                                          233,713

Depreciation/Depletion/Amortization                           -
                                               ----------------
Net profit(loss) Before Other Income &
  Expenses                                             (233,713)

Other Income and Expenses:
Other income                                             23,523
Interest Expense                                              -
Other Expense                                      (132,514,960)
                                               ----------------
Net profit (loss) Before Reorganization Items      (132,725,150)

Reorganization Items:
Professional Fees                                     3,868,837
U.S. Trustee Quarterly Fees                                   -
Interest on Cash from Chapter 11                              -
Gain from Sale of Equipment                                   -
Other Reorganization Expenses                          (262,659)
                                               ----------------
Total Reorganization Expenses                         3,606,178
                                               ----------------
Income Taxes                                                  -
                                               ----------------
Net Profit (Loss)                                 ($136,331,328)
                                               ================

                   Ambac Financial Group, Inc.
           Schedule of Cash Receipts and Disbursements
              For the month ended June 30, 2011

Cash Beginning of Month                             $31,375,344

Receipts:
Cash Sales                                                    -
Accounts Receivable - Prepetition                             -
Accounts Receivable - Postpetition                            -
Loans and Advances                                            -
Sale of Assets                                                -
Other                                                    62,547
Transfers                                            51,681,380
                                               ----------------
Total Receipts                                       51,743,927

Disbursements:
Gross Payroll                                           120,420
Sales, Use, & Other Taxes                                     -
Inventory Purchases                                           -
Secured/Rental/Leases                                    10,553
Insurance                                                     -
Administrative                                                -
Selling                                                       -
Other                                                 2,544,928
Owner Draw                                                    -
Transfers (to DIP Accts.)                            51,681,379
Professional Fees                                             -
U.S. Trustee Quarterly Fees                                   -
Court Costs                                                   -
                                               ----------------
Total Disbursements                                  54,357,280
                                               ----------------
Net Cash Flow                                        (2,613,353)
                                               ----------------
Cash - End of Month                                 $28,761,991
                                               ================

                       About Ambac Financial

Ambac Financial Group, Inc., headquartered in New York City, is a
holding company whose affiliates provided financial guarantees and
financial services to clients in both the public and private
sectors around the world.

Ambac Financial filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
10-15973) in Manhattan on Nov. 8, 2010.  Ambac said it will
continue to operate in the ordinary course of business as "debtor-
in-possession" under the jurisdiction of the Bankruptcy Court and
in accordance with the applicable provisions of the Bankruptcy
Code and the orders of the Bankruptcy Court.

Ambac's bond insurance unit, Ambac Assurance Corp., did not file
for bankruptcy.  AAC is being restructured by state regulators in
Wisconsin.  AAC is domiciled in Wisconsin and regulated by the
Office of the Commissioner of Insurance of the State of Wisconsin.
The parent company is not regulated by the OCI.

Ambac's consolidated balance sheet -- which includes non-debtor
Ambac Assurance Corp -- showed US$30.05 billion in total assets,
US$31.47 billion in total liabilities, and a US$1.42 billion
stockholders' deficit, at June 30, 2010.

On an unconsolidated basis, Ambac said in a court filing that
it has assets of (US$394.5 million) and total liabilities of
US$1.6826 billion as of June 30, 2010.

Bank of New York Mellon Corp., as trustee to seven different types
of notes, is listed as the largest unsecured creditor, with claims
totaling about US$1.62 billion.

Peter A. Ivanick, Esq., Allison H. Weiss, Esq., and Todd L.
Padnos, Esq., at Dewey & LeBoeuf LLP, serve as the Debtor's
bankruptcy counsel.  The Blackstone Group LP is the Debtor's
financial advisor.  Kurtzman Carson Consultants LLC is the claims
and notice agent.  KPMG LLP is tax consultant to the Debtor.

Anthony Princi, Esq., Gary S. Lee, Esq., and Brett H. Miller,
Esq., at Morrison & Foerster LLP, in New York, serve as counsel
to the Official Committee of Unsecured Creditors.  Lazard Freres
& Co. LLC is the Committee's financial advisor.

Bankruptcy Creditors' Service, Inc., publishes Ambac Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Ambac Financial Group and the restructuring proceedings of
Ambac Assurance Corp. (http://bankrupt.com/newsstand/or 215/945-
7000).


BORDERS GROUP: Has $328.2-Mil. Net Loss in July
-----------------------------------------------

                         Borders Group, Inc.
                           Balance Sheet
                        As of July 30, 2011

ASSETS
Current assets:
Cash and cash equivalents                         $114,500,000
Merchandise inventories                            208,500,000
Accounts receivable & other current assets          62,800,000
                                              -----------------
Total current assets                               385,800,000

Property and equipment, net of
accumulated depreciation                            10,100,000
Other assets                                         22,300,000
                                              -----------------
   TOTAL ASSETS                                    $418,200,000
                                              =================

LIABILITIES
Current liabilities:
Short term debt-credit facility                      1,100,000
Trade accounts payable                               7,500,000
Accrued payroll and other liabilities              338,700,000
Taxes, including income taxes                       33,000,000
                                              -----------------
Total current liabilities                          380,300,000

Long-term debt                                          800,000
Other long-term liabilities                         134,400,000
Liabilities subject to compromise                   607,500,000
                                              -----------------
Total liabilities                                1,123,000,000

Stockholders' equity:
Common stock                                       187,400,000
Retained deficit                                  (892,200,000)
                                              -----------------
Total stockholders' equity                        (704,800,000)
                                              -----------------
   TOTAL LIABILITIES & STOCKHOLDERS' EQUITY        $418,200,000
                                              =================

                       Borders Group, Inc.
                     Statement of Operations
         For the Period June 26, 2011, to July 30, 2011

Sales                                               $94,700,000
Other revenue                                        57,500,000
                                              -----------------
Total revenue                                      152,200,000

Cost of merchandise sold (includes occupancy)       284,700,000
                                              -----------------
Gross margin                                      (132,500,000)
Selling, general and administrative expenses         38,200,000
Asset impairments and other writedowns              135,200,000
                                              -----------------
Operating income (loss)                           (305,900,000)

Interest expense (income)                             2,400,000
Loss on extinguishment of debt                       10,100,000
                                              -----------------
Total interest expense                              12,500,000

Income (loss) from continuing operations
before reorganization items and income
taxes                                            (318,400,000)

Reorganization items, net                             9,400,000
                                              -----------------
Income (loss) from continuing operations
before income taxes                              (327,800,000)

Income tax provision (benefit)                          400,000
                                              -----------------
  NET INCOME (LOSS)                              ($328,200,000)
                                              =================

                        Borders Group, Inc.
           Schedule of Cash Receipts and Disbursements
          For the period June 26, 2011 to July 30, 2011

Cash Receipts
Combined Debtors                                   $381,260,000
                                              -----------------
Total Cash Receipts                               $381,260,000
                                              =================

Cash Disbursements:
Borders Group, Inc.                                 ($6,853,000)
Borders, Inc.                                      (322,543,000)
Borders International Services, Inc.                          -
Borders Direct, LLC                                  (6,658,000)
Borders Properties, Inc.                                (23,000)
Borders Online, Inc.                                          -
Borders Online, LLC                                           -
BGP (UK) Limited                                              -
                                              -----------------
Total Cash Disbursements                         ($336,077,000)
                                              =================

Borders also made payments totaling $177,635 for its DIP Loans
and Leases for the period June 26, 2011, to July 30, 2011.

A full-text copy of the Monthly Operating Report is available for
free at http://bankrupt.com/misc/Borders_July2011MOR.pdf

                       About Borders Group

Borders Group operates book, music and movie superstores and mall-
based bookstores.  At Jan. 29, 2011, the Debtors operated 642
stores, under the Borders, Waldenbooks, Borders Express and
Borders Outlet names, as well as Borders-branded airport stores in
the United States, of which 639 stores are located in the United
States and 3 in Puerto Rico.  In addition, the Debtors operate a
proprietary e-commerce Web site, http://www.Borders.com/,
launched in May 2008, which includes both in-store and online
e-commerce components.  As of Feb. 11, 2011, Borders employed a
total of 6,100 full-time employees, 11,400 part-time employees,
and approximately 600 contingent employees.

Borders Group Inc. and its affiliates filed for Chapter 11
protection (Bankr. S.D.N.Y. Case No. Lead Case No. 11-10614) in
Manhattan on Feb. 16, 2011.

David M. Friedman, Esq., David S. Rosner, Esq., Andrew K. Glenn,
Esq., and Jeffrey R. Gleit, Esq., at Kasowitz, Benson, Torres &
Friedman LLP, in New York, serve as counsel to the Debtors.
Jefferies & Company's Inc. is the financial advisor.  DJM Property
Management is the lease and real estate services provider.  AP
Services LLC is the interim management and restructuring services
provider.  The Garden City Group, Inc., is the claims and notice
agent.

Attorneys at Morgan, Lewis & Bockius LLP, and Riemer & Braunstein
LLP, serve as counsel to the DIP Agents.

Lowenstein Sandler represents the official unsecured creditors
committee for Borders Group.  Bruce S. Nathan and Bruce Buechler,
members of Lowenstein Sandlers' Bankruptcy, Financial
Reorganization & Creditors' Rights Group, are leading the team.

The Debtor disclosed $1.28 billion in assets and $1.29 billion in
liabilities as of Dec. 25, 2010

Borders Group is closing 399 stores.  Borders selected proposals
by Hilco and Gordon Brothers to conduct going out of business
sales for all stores after no going concern offers of higher value
were submitted by the deadline.


ICOP DIGITAL: Ends July 2011 With $205,107 Cash
-----------------------------------------------
On Aug. 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 July 2011.

The Debtor reported a net loss of $787.84 on $0 revenue for the
month.

The Debtor ended the period with $205,107 cash.  Payment for
professional fees (Accounting & Legal) totaled $7,068 in July.

At July 31, 2011, the Debtor had $385,072 in total assets,
$1,273,946 in total liabilities, all current, and a stockholders'
deficit of $888,874.

A copy of the operating report is available at http://is.gd/L4ltvb

                        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: Has $25.16BB in Cash and Investments at July 31
----------------------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and other
controlled entities for the month ended July 31, 2011:

Beginning Total Cash & Investments (07/01/11)  $24,409,000,000
Total Sources of Cash                            1,219,000,000
Total Uses of Cash                                (490,000,000)
FX Fluctuation                                     (19,000,000)
                                                ---------------
Ending Total Cash & Investments (07/31/11)     $25,158,000,000

LBHI reported $3.796 billion in cash and investments as of
July 1, 2011, and $4.054 billion as of July 31, 2011.

The monthly operating report also showed that a total of
$28,591,000 was paid last month to the U.S Trustee and
professionals that were retained in the Debtors' Chapter 11
cases.

From September 15, 2008 to July 31, 2011, a total of
$1,372,890,000 was paid to the U.S. Trustee and professionals, of
which $460,099,000 was paid to the Debtors' turnaround manager
Alvarez & Marsal LLC while $326,633,000 was paid to their
bankruptcy counsel, Weil Gotshal & Manges LLP.

A full-text copy of the July 2011 Operating Report is available
for free at http://bankrupt.com/misc/LehmanMORJuly3111.pdf

                    About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LOS ANGELES DODGERS: Posts $3.9 Million Net Profit in July 2011
---------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the Los Angeles Dodgers baseball club reported a
$3.9 million consolidated net profit in July at the holding
company level, on total revenue of $41.6 million.  Ticket revenue
at the holding company was $15.75 million, the monthly operating
report revealed.  During the month, bankruptcy expenses were
$2.5 million, with interest expense totaling $3 million.

According to the report, for June and July together, the
consolidated net loss at the holding company level was $310,000 on
total revenue of $80.1 million.

                   About the Los Angeles Dodgers

Los Angeles Dodgers LLC operates the Los Angeles Dodgers, a
professional Major League Baseball club in the Los Angeles
metropolitan area.  Frank McCourt, a Boston real-estate developer
who unsuccessfully bid for the Boston Red Sox, bought the Dodgers
from Rupert Murdoch's Fox Entertainment Group, Inc. in 2004 for
$330 million.  Mr. McCourt also bought the Dodgers Stadium from
Fox for $100 million.

Los Angeles Dodgers LLC filed for bankruptcy protection (Bankr. D.
Del. Lead Case No. 11-12010) on June 27, 2011, after MLB
Commissioner Bud Selig rejected a television deal with News
Corp.'s Fox Sports, leaving Mr. McCourt unable to make payroll for
June 30 and July 1.  Fox Sports has exclusive cable television
rights for Dodgers games until the end of 2013 baseball season.

Chapter 11 filings were also made for LA Real Estate LLC, an
affiliated entity which owns Dodger Stadium, and three other
related holding companies.

The petition estimates assets of up to $500 million and debts of
up to $1 billion.  According to Forbes, the team is worth about
$800 million, making it the third most valuable baseball team
after the New York Yankees and the Boston Red Sox.

Judge Kevin Gross presides over the case.  Lawyers at Young,
Conaway, Stargatt & Taylor and Dewey & LeBoeuf LLP serve as the
Debtors' bankruptcy counsel.  Epiq Bankruptcy Solutions LLC is the
claims and notice agent.

The LA Dodgers is the 12th sports team in North America to have
sought bankruptcy protection, according to The Wall Street
Journal.

The reorganization is being financed with a $150 million unsecured
loan from the Commissioner of Major League Baseball.  The loan
gives the Commissioner few of the controls lenders often demanded
from bankrupt companies.


LTV CORP: Ends July 2011 With $4.5 Million Cash
-----------------------------------------------
On Aug. 22, 2011, The LTV Corporation, et al., submitted to
the United States Bankruptcy Court for the Northern District of
Ohio, Eastern Division, their monthly operating report for
July 2011.

LTV ended the period with a $4,479,000 cash balance.  LTV
reported $38,000 in receipts and $311,000 in disbursements in
July, including $261,000 paid to Chapter 11 professionals.
Beginning cash was $4,752,000.

A copy of the operating report is available at http://is.gd/73xuz0

                    About The LTV Corporation

Headquartered in Cleveland, Ohio, The LTV Corp. operates as a
domestic integrated steel producer.  The Company along with 48
subsidiaries filed for Chapter 11 protection on Dec. 29, 2000
(Bankr. N.D. Ohio, Case No. 00-43866).  On Aug. 31, 2001, the
Company disclosed $4,853,100,000 in total assets and
$4,823,200,000 in total liabilities.

By order dated Feb. 28, 2002, the Court approved the sale of
substantially all of the Debtors' integrated steel assets to WLR
Acquisition Corp. n/k/a International Steel Group, Inc., for a
purchase price of roughly $80 million, plus the assumption of
certain environmental and other obligations.  ISG also purchased
inventories which were located at the integrated steel facilities
for roughly $52 million.  The sale of the Debtors' integrated
steel assets to ISG closed in April 2002, and a second closing
related to the purchase of the inventory occurred in May 2002.

On Dec. 31, 2002, substantially all of the assets of the Pipe
and Conduit Business, consisting of LTV Tubular Company, a
division of LTV Steel Company, Inc., and Georgia Tubing
Corporation, were sold to Maverick Tube Corporation for cash of
roughly $120 million plus the assumption of certain environmental
and other obligations.  On Oct. 16, 2002, the Debtors announced
that they intended to reorganize the Copperweld Business as a
stand-alone business.  The LTV Corporation no longer exercised any
control over the business or affairs of the Copperweld Business.
A separate plan of reorganization was developed for the Copperweld
Business.  On Aug. 5, 2003, the Copperweld Business filed a
disclosure statement for the Joint Plan of Reorganization of
Copperweld Corporation and certain of its debtor affiliates.  On
Oct. 8, 2003, the Court approved the Second Amended Disclosure
Statement.  On Nov. 17, 2003, the Court confirmed the Second
Amended Joint Plan, as modified, and on Dec. 17, 2003, the Plan
became effective and the common stock was canceled.  Because The
LTV Corporation received no distributions under the Second Amended
Plan, its equity in the Copperweld Business is worthless and has
been canceled.

In November 2002, the Debtors paid the DIP Lenders the remaining
balance due for outstanding loans and in December 2002, the
remaining letters of credit were canceled or cash collateralized.
Consequently, the Debtors have no remaining obligation to the DIP
Lenders.  Pursuant to a February 2003 Court order, LTV Steel
continued the orderly liquidation and wind down of its businesses.

On Oct. 8, 2003, the Court entered an Order substantively
consolidating the Chapter 11 estates of LTV Steel and Georgia
Tubing Corporation for all purposes.

In November and December 2003, approximately $91.9 million was
distributed by LTV Steel to other Debtors pursuant to the
Intercompany Settlement Agreement that was approved by the Court
on Nov. 17, 2003.  On Dec. 23, 2003, the Court authorized LTV
Steel and Georgia Tubing to make distributions to their
administrative creditors and, after the final distribution, to
dismiss their Chapter 11 cases and dissolve.

On March 31, 2005, the Court entered an order that among other
things: (a) approved a distribution and dismissal plan for LTV
and certain other debtors; (b) authorized The LTV Corporation
and LTV Steel to take any and all actions that are necessary or
appropriate to implement the distribution and dismissal plan;
(c) established March 31, 2005, as the record date for identifying
shareholders of LTV that are entitled to any and all shareholder
rights with respect to the distribution and dismissal plan and the
eventual dissolution of LTV; and (d) authorized The LTV
Corporation to establish and fund a reserve account for the
conduct of post-dismissal activities and the payment of post-
dismissal claims.

LTV is in the process of liquidating, and its stock is worthless.

On March 28, 2007, the Official Committee of Administrative
Claimants filed a motion with the Court requesting an order to
approve the appointment of a Chapter 11 trustee.  On April 11,
2007, April 12, 2007, and May 1, 2007, certain of the Defendants
filed motions to convert the case to Chapter 7.  On June 28, 2007,
the ACC filed a motion to withdraw the Chapter 11 Trustee Motion;
the Court granted the ACC's withdrawal motion on Aug. 1, 2007.
An evidentiary hearing on the Chapter 7 Trustee Motion was held in
August 2007.  The Court has not yet issued its order.


MSR RESORT: Posts $13.7 Million Net Loss in July 2011
-----------------------------------------------------
MSR Resort Golf Course LLC, et al., filed on Aug. 25, 2011, with
the U.S. Bankruptcy Court for the Southern District of New York
its monthly operating report for the month ended July 31, 2011.

The Debtors reported a net loss of $13.7 million on total revenue
of $32.10 million for the month ended July 31, 2011.

The Debtors' combined condensed balance sheet showed
$2.162 billion in total assets, $1.924 billion in total
liabilities, and partners' capital of $237.5 million.

A copy of the operating report is available at:

        http://bankrupt.com/misc/msrresort.july2011mor.pdf

                         About MSR Resort

MSR Hotels & Resorts, formerly known as CNL Hotels & Resorts Inc.,
owns a portfolio of eight luxury hotels with over 5,500 guest
rooms, including the Arizona Biltmore Resort & Spa in Phoenix, the
Ritz-Carlton in Orlando, Fla., and Hawaii's Grand Wailea Resort
Hotel & Spa in Maui.

On Jan. 28, 2011, CNL-AB LLC acquired the equity interests in the
portfolio through a foreclosure proceeding.  CNL-AB LLC is a joint
venture consisting of affiliates of Paulson & Co. Inc., a joint
venture affiliated with Winthrop Realty Trust, and affiliates of
Capital Trust, Inc.

Morgan Stanley's CNL Hotels & Resorts Inc. owned the resorts
before the Jan. 28 foreclosure.

Following the acquisition, five of the resorts with mortgage debt
scheduled to mature on Feb. 1, 2011, were sent to Chapter 11 by
the Paulson and Winthrop joint venture affiliates.  MSR Resort
Golf Course LLC and its affiliates filed for Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 11-10372) in Manhattan on Feb. 1.
The resorts subject to the filings are Grand Wailea Resort and
Spa, Arizona Biltmore Resort and Spa, La Quinta Resort and Club
and PGA West, Doral Golf Resort and Spa, and Claremont Resort and
Spa.

James H.M. Sprayregen, P.C., Esq., Paul M. Basta, Esq., Edward O.
Sassower, Esq., and Chad J. Husnick, Esq., at Kirkland & Ellis,
LLP, serve as the Debtors' bankruptcy counsel.  Houlihan Lokey
Capital, Inc., is the Debtors' financial advisor.  Kurtzman Carson
Consultants LLC is the Debtors' claims agent.

The five resorts had $2.2 billion in assets and $1.9 billion in
debt as of Nov. 30, 2010, according to court filings.  In its
schedules, debtor MSR Resort disclosed $59,399,666 in total assets
and $1,013,213,968 in total liabilities.


NORTEL NETWORKS: Ends June 2011 With $1.015 Billion Cash
--------------------------------------------------------
Nortel Networks Inc. reported a net loss of $14.0 million for the
month ended June 30, 2011.

Earnings from continuing operations before reorganization items,
income taxes and equity in net earnings (loss) of associated
companies was $2.0 million.

Nortel Networks Inc. ended June 2011 with $1.015 billion in cash
and cash equivalents, as compared to $999.0 million at the
beginning of the month.

As of June 30, 2011, Nortel Networks Inc. had $1.428 billion
in total assets, $5.769 billion in total liabilities, and a
stockholders' deficit of $4.341 billion.

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

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

                       About Nortel Networks

Nortel Networks (OTC BB: NRTLQ) -- http://www.nortel.com/-- was
once North America's largest communications equipment provider.
It has sold most of the businesses while in bankruptcy.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young was appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.

The Monitor sought recognition of the CCAA Proceedings in the
U.S. by filing a bankruptcy petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10164).  Mary Caloway,
Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney
PC, in Wilmington, Delaware, serves as the Chapter 15 petitioner's
counsel.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions (Bankr. D. Del. Case No. 09-10138) on Jan. 14, 2009.
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.  Fred S. Hodara, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, in New York, and
Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, represent the Official Committee of
Unsecured Creditors.

Certain of Nortel's European subsidiaries also made consequential
filings for creditor protection.  On May 28, 2009, at the request
of the Administrators, the Commercial Court of Versailles, France
ordered the commencement of secondary proceedings in respect of
Nortel Networks S.A.  On June 8, 2009, Nortel Networks UK Limited
filed petitions in this Court for recognition of the English
Proceedings as foreign main proceedings under chapter 15 of the
Bankruptcy Code.

Nortel Networks divested off key assets while in Chapter 11.
In March 2009, the U.S. Bankruptcy Court entered an order
approving the sale of the Layer 4-7 assets to Radware Ltd. as the
successful bidder at auction.  In July 2009, Nortel sold its CDMA
and LTE-related assets to Telefonaktiebolaget LM Ericsson (Publ).
In September 2009, the Court Nortel sold its Enterprise Solutions
business to Avaya Inc.  In October 2009, the Court approved the
sale of assets associated with Nortel's Next Generation Packet
Core network components to Hitachi, Ltd.  On Dec. 2, 2009, the
Court approved the sale of assets associated with Nortel's
GSM/GSM-R business to Telefonaktiebolaget LM Ericsson (Publ) and
Kapsch Carriercom AG.  In December 2009, the Debtors sold their
Metro Ethernet Networks business to Ciena Corporation.  In March
2010, Nortel sold its Carrier Voice Over IP and Application
Solutions business to GENBAND Inc.  In September 2010, Nortel sold
its Multi-Service Switch business to Ericsson.  In August 2011,
Nortel won court approval to sell its intellectual property
portfolio to a group that includes Apple Inc. and Microsoft Corp.
for $4.5 billion.

Nortel Networks filed a proposed plan of liquidation in the
U.S. Bankruptcy Court.  The Plan generally provides for full
payment on secured claims with other distributions going in
accordance with the priorities in bankruptcy law.


NURSERYMEN'S EXCHANGE: Posts $828,324 Net Loss From July 1 - Aug 5
------------------------------------------------------------------
Nurserymen's Exchange, Inc., reported a net loss of $828,324 on
$3,094,938 of sales for the the reporting period July 1, 2011, to
Aug. 5, 2011.

The Company's balance sheet at Aug. 5, 2011, showed $27.1 million
in total assets, $27.2 in total liabilities, and an equity deficit
of $100,704.  The Debtor ended the period with $218,689 of
restricted cash, compared to $1,010,240 at the beginning of the
period.  Professional fees paid for services in connection with
the Chapter 11 case totaled $50,000 for the month ended Aug. 5,
2011.

A copy of the monthly operating report is available at:

      http://bankrupt.com/misc/nureserymen's.july2011mor.pdf

                    About Nurserymen's Exchange

Founded in 1941 as a San Francisco bulb brokerage business, and
currently based in Half Moon Bay in the San Francisco Bay Area,
Nurserymen's Exchange, Inc., is a producer, broker and wholesaler
of home decor products incorporating indoor blooming plants,
specialty foliage, holiday grow kits, and potted edibles.

Nurserymen's Exchange filed a Chapter 11 petition (Bankr. N.D.
Calif. Case No. 11-31985) in San Francisco, California, on May 23,
2011.  Stephen D. Finestone, Esq., in San Francisco, serves as
counsel to the Debtor.  Omni Management Group, LLC, is the claims
and notice agent.  C&A, Inc., serves as financial advisor.  The
Debtor disclosed $34,755,036 in assets and $24,772,945 in
liabilities in its schedules.

An official committee of unsecured creditors has been appointed in
the case.  The panel has tapped lawyers at Landau Gottfried &
Berger LLP as counsel.

Katten Muchin & Rosenmann, LLP, as its special counsel. Chelliah &
Associates as its restructuring and turnaround consultants and
advisors. FocalPoint Securities, LLC, as investment banker and
financial advisor. Calegari & Morri as accountant. The Abernathy
MacGregor Group, Inc., as its corporate communications consultant.


SIGNATURE STYLES: Posts Net Loss of Over $1.5 Million in July 2011
------------------------------------------------------------------
Chapter11Cases.com reports that Signature Styles, LLC -- the
company which operates the Spiegel, Newport News and Shape Fx
brands -- filed its monthly operating report for the month of July
on August 25.  The monthly operating report disclosed that the
Company generated gross profits of almost $1.8 million on net
revenues of approximately $3 million (gross revenues were almost
$4.1 million).  The Company purchased less than $400,000 in new
inventory during the month.

Chapter11Cases.com says that despite generating a gross profit,
Signature Styles incurred a net loss of over $1.5 million during
July.  The largest operating and other expenses were advertising
($1.2 million), salaries and commissions ($930,000), office
expenses ($295,000) and interest ($290,000).  Over the entirety of
the bankruptcy cases, Signature Styles has generated net revenues
of approximately $4.7 million, resulting in gross profits of
$2.6 million but net losses of $3.1 million.

                      About Signature Styles

Signature Styles LLC, owner of the Spiegel catalog, filed a
Chapter 11 petition (Bankr. D. Del. Case No. 11-11733) on June 6,
2011, along with a deal to sell the business to affiliates of the
current owners and lenders.

New York-based Signature Styles, which filed for bankruptcy
together with its affiliates, disclosed assets of $48.6 million
and debt of $867.6 million.  It purchased the Spiegel business for
$21.7 million at a foreclosure sale in June 2009.  Debt includes
$37.2 million owing on a secured term loan and revolving credit.
Unsecured debt totals $35.3 million, which include $9.8 million
owing to trade suppliers and $23.2 million in customer
obligations.  The lenders and owners are funds affiliated with
Patriarch Partners LLC.

Christopher A. Ward, Esq., at Polsinelli Shughart PC, in
Wilmington, Delaware, serves as counsel to the Debtor.  Western
Reserve Partners LLC serves as investment bankers. Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

A fund affiliated with Patriarch Partners LLC has an agreement to
buy the business in return for the assumption of specified debt,
including $30 million owing on the term loan and revolving credit.
The buyer also will honor some customer obligations.  The
stalking-horse purchase agreement requires approval of bidding
procedures by July 7 and approval of a sale by Aug. 4.

Roberta A. DeAngelis, United States Trustee for Region 3, under 11
U.S.C. SEC 1102(a) and (b), appointed the following amended
unsecured creditors who are willing to serve on the Official
Committee of Unsecured Creditors of Signature Styles LLC.


SOUTHWEST GEORGIA: Reports $2.1 Million Net Income in July 2011
---------------------------------------------------------------
Southwest Georgia Ethanol LLC reported net income of $2.1 million
on $28.5 million of total revenue for the month ending July 31,
2011.  EBITDA was $3,698,564 for the month.

Professional fees in the month were $452,816.

For the ten months ended July 31, 2011, the net loss was
$12.7 million on total revenue of $264.9 million.  EBITDA was
$7.0 million for the ten months ended July 31, 2011.

The Debtor's balance sheet at July 31, 2011, showed
$172.1 million in total assets, $152.2 million in total
liabilities, and total equity of $19.9 million.

A copy of the July 2011 operating report is available at:

    http://bankrupt.com/misc/southwestgeorgia.july2011mor.pdf

                      About Southwest Georgia

Southwest Georgia Ethanol LLC, a unit of First United Ethanol Co.,
sought bankruptcy protection (Bankr. M.D. Ga. 11-10145) in Albany,
Georgia, on Feb. 1, 2011.

The Debtor owns and operates an ethanol production facility
located on 267 acres in Mitchell County, Georgia, producing
100 million gallons of ethanol annually.  Ethanol production
operations commenced in October 2008.  Revenue was $168.9 million
for fiscal year ended Sept. 30, 2010.  The Debtor said
profitability and liquidity have been materially reduced by
unfavorable fluctuations in commodity prices for ethanol and corn.

John Michael Levengood, Esq., at McKenna Long & Aldridge LLP, in
Atlanta, Georgia, serves as counsel to the Debtor.  Morgan Keegan
& Company, Inc., is the investment banker and financial advisor.

The Debtor's balance sheet showed $164.7 million in assets and
$134.1 million in debt as of Dec. 31, 2010.

Since 2008, at least 11 ethanol-related companies have sought
court protection, including VeraSun Energy Corp., once the second-
largest U.S. ethanol maker; units of Pacific Ethanol Inc.; and
White Energy Holding Co.


THORNBURG MORTGAGE: Ends July 2011 With $106.7 Million Cash
-----------------------------------------------------------
On Aug. 24, 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
July 2011.

TMST, Inc., et al., ended July with $106.7 million in cash.
Payments to attorneys and other professionals totaled $703,468 for
the current month.  The Debtors reported a net loss of
$772,008 on net operating revenue of $1,777 in July.  Operating
loss was $172,682.  Reorganization expenses totaled $599,326.

At July 31, 2011, the Debtors had $108.4 million in total
assets, $3.430 billion in total liabilities, and a stockholders'
deficit of $3.322 billion.

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

                     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
bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009.
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.
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 July 2011 With $503.0 Million Cash
--------------------------------------------------
TOUSA, Inc., et al., reported a net loss of $2.96 million on
$nil revenue for the for the month of July 2011.

At July 31, 2011, TOUSA, Inc., and subsidiaries had
$543.76 million in total assets, $2.090 billion in total
liabilities, and a stockholders' deficit of $1.546 billion.

The Debtors ended the period with cash in bank of $503,009,185.
The Debtors paid a total of $718,638 in professional fees during
the month.

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

        http://bankrupt.com/misc/tousainc.july2011mor.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.


TRIBUNE CO: Has $2.63-Mil. Profit in July
-----------------------------------------

                       Tribune Company, et al.
                  Condensed Combined Balance Sheet
                        As of July 31, 2011

ASSETS
Current Assets:
  Cash and cash equivalents                     $1,221,433,000
  Accounts receivable, net                         442,071,000
  Inventories                                       21,288,000
  Broadcast rights                                 134,912,000
  Prepaid expenses and other                       214,754,000
                                             -----------------
Total current assets                             2,034,458,000

Property, plant and equipment, net                 928,165,000

Other Assets:
  Broadcast rights                                  81,269,000
  Goodwill & other intangible assets, net          780,024,000
  Prepaid pension costs                              2,332,000
  Investments in non-debtor units                1,525,681,000
  Other investments                                 41,057,000
  Intercompany receivables from non-debtors      3,085,243,000
  Restricted cash                                  726,587,000
  Other                                             80,886,000
                                             -----------------
Total Assets                                    $9,285,702,000
                                             =================

LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)

Current Liabilities:
  Current portion of broadcast rights              $77,168,000
  Current portion of long-term debt                  2,203,000
  Accounts payable, accrued expenses, and other    430,227,000
                                             -----------------
Total current liabilities                          509,598,000

Pension obligations                                218,425,000
Long-term broadcast rights                          54,233,000
Long-term debt                                       5,301,000
Other obligations                                  159,869,000
                                             -----------------
Total Liabilities                                  947,426,000

Liabilities Subject to Compromise:
  Intercompany payables to non-debtors           3,459,117,000
  Obligations to third parties                  13,063,481,000
                                             -----------------
Total Liabilities Subject to Compromise         16,522,598,000

Shareholders' Equity (Deficit)                  (8,184,322,000)
                                             -----------------
Total Liabilities & Shareholders' Equity
(Deficit)                                      $9,285,702,000
                                             =================

                     Tribune Company, et al.
            Condensed Combined Statement of Operations
           For the Period From June 27 to July 31, 2011

Total Revenue                                      $257,697,000

Operating Expenses:
  Cost of sales                                    151,493,000
  Selling, general and administrative               80,865,000
  Depreciation                                      12,832,000
  Amortization of intangible assets                  1,923,000
                                             -----------------
Total operating expenses                           247,113,000
                                             -----------------
Operating Profit (Loss)                             10,584,000
                                             -----------------
Income (loss) on equity investments, net               935,000
Interest expense, net                               (4,150,000)
Management fee                                      (1,406,000)
Non-operating income (loss), net                             -
                                             -----------------
Income (loss) before income taxes & reorg.
costs                                               5,963,000
Reorganization costs                                (2,991,000)
                                             -----------------
Income (loss) before income taxes                    2,972,000
Income taxes                                          (340,000)
                                             -----------------
Income (loss) from continuing operations             2,632,000
Income from discontinued operations, net of tax              0
                                             -----------------
Net Income (Loss)                                   $2,632,000
                                             =================

                      Tribune Company, et al.
              Combined Schedule of Operating Cash Flow
           For the Period From June 27 to July 31, 2011

Beginning Cash Balance                          $1,914,538,000

Cash Receipts:
  Operating receipts                               277,777,000
  Other                                                      -
                                             -----------------
Total Cash Receipts                                277,777,000

Cash Disbursements
  Compensation and benefits                        107,596,000
  General disbursements                            146,257,000
  Reorganization related disbursements               7,101,000
                                             -----------------
Total Disbursements                                260,955,000
                                             -----------------
Debtors' Net Cash Flow                              16,822,000
                                             -----------------
From/(To) Non-Debtors                                3,416,000
                                             -----------------
Net Cash Flow                                       20,238,000
Other                                               (6,016,000)
                                             -----------------
Ending Available Cash Balance                   $1,928,761,000
                                             =================

                       About Tribune Co.

Headquartered in Chicago, Illinois, Tribune Co. --
http://www.tribune.com/-- is a media company, operating
businesses in publishing, interactive and broadcasting, including
ten daily newspapers and commuter tabloids, 23 television
stations, WGN America, WGN-AM and the Chicago Cubs baseball team.

The Company and 110 of its affiliates filed for Chapter 11
protection (Bankr. D. Del. Lead Case No. 08-13141) on Dec. 8,
2008.  The Debtors proposed Sidley Austin LLP as their counsel;
Cole, Schotz, Meisel, Forman & Leonard, PA, as Delaware counsel;
Lazard Ltd. and Alvarez & Marsal North America LLC as financial
advisors; and Epiq Bankruptcy Solutions LLC as claims agent.  As
of Dec. 8, 2008, the Debtors have $7,604,195,000 in total assets
and $12,972,541,148 in total debts.  Chadbourne & Parke LLP and
Landis Rath LLP serve as co-counsel to the Official Committee of
Unsecured Creditors.  AlixPartners LLP is the Committee's
financial advisor.  Landis Rath Moelis & Company serves as the
Committee's investment banker.  Thomas G. Macauley, Esq., at
Zuckerman Spaeder LLP, in Wilmington, Delaware, represents the
Committee in connection with the lawsuit filed against former
officers and shareholders for the 2007 LBO of Tribune.

Bankruptcy Creditors' Service, Inc., publishes Tribune Bankruptcy
News.  The newsletter tracks the chapter 11 proceeding undertaken
by Tribune Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


VITRO SAB: Vitro America Reports $2 Million Net Income in July
--------------------------------------------------------------
On Aug. 19, 2011, VVP Holdings, LLC, Vitro America, LLC, Vitro
Finance Corporation, and VVP Funding Corporation filed their
monthly operating report for the month ending July 31, 2011, with
the U.S. Bankruptcy Court for the Northern District of Texas.

VVP Holdings had no income or expense transactions for the month.

VVP Holdings' balance sheet at July 31, 2011, showed $645,764 in
total assets, $12.6 million in total liabilities, and an equity
deficit of $12.0 million.

A copy of VVP Holdings' July 2011 monthly operating report is
available at http://bankrupt.com/misc/vvpholdings.july2011mor.pdf

Vitro America reported net income of $2.0 million on $nil revenue
for the month.

At July 31, 2011, Vitro America had $22.0 million in total
assets, $256.3 million in total liabilities, and a stockholders'
deficit of $234.3 million.  Vitro America ended the period with
$4,883,916 in unrestricted cash and $5,001,500 in restricted cash,
for total cash of $9,885,416.

A copy of Vitro America's July 2011 monthly operating report is
available at http://bankrupt.com/misc/vitroamerica.july2011mor.pdf

Vitro Finance had no income or expense transactions for the month.

At July 31, 2011, Vitro Finance had $176.1 million in total
assets, $645,764 in total liabilities, and stockholders' equity of
$175.4 million.

A copy of Vitro Finance's July 2011 monthly operating report is
available at http://bankrupt.com/misc/vitrofinance.july2011mor.pdf

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

At July 31, 2011, VVP Funding had $3.1 million in total assets,
$0 liabilities, and stockholders' equity of $3.1 million.

A copy of VVP Funding's July 2011 monthly operating report is
available at http://bankrupt.com/misc/vvpfunding.july2011mor.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 a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

Vitro 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.

                     Chapter 11 Proceedings

A group of noteholders opposed the exchange -- namely Knighthead
Master Fund, L.P., Lord Abbett Bond-Debenture Fund, Inc., Davidson
Kempner Distressed Opportunities Fund LP, and Brookville Horizons
Fund, L.P.  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.


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Howard C. Tolentino, Joseph Medel C. Martirez, Denise
Marie Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G.
Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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