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/raid1/www/Hosts/bankrupt/TCR_Public/111126.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, November 26, 2011, Vol. 15, No. 328 Headlines AMERICANWEST BANCORP: Posts $8,488 Net Loss in October 2011 DSI HOLDINGS: Has $5.19 Million Cash at August 27 EVANS OIL: Posts $264,325 Net Loss in September 2011 EVANS OIL: Long Run LLC Posts $1,514 Net Loss in September 2011 EVANS OIL: Octane LLC Posts $49,731 Net Loss in September 2011 EVANS OIL: RML LLC Posts $0 Net Income in September 2011 FIRSTFED FINANCIAL: Ends October 2011 With $3.0 Million Cash ICOP DIGITAL: Posts $2,796 Net Loss in October 2011 IMPERIAL CAPITAL: Posts $327,948 Net Loss in September 2011 LEHMAN BROTHERS: Ends October with $26.4 Billion Total Cash LOWER BUCKS: Files Monthly Operating Report for August 2011 LOWER BUCKS: Lower Bucks Health Posts $14,400 Net Loss in August LTV CORP: Ends October 2011 With $3.16 Million Cash NUTRITION 21: Posts $181,278 Net Loss in October 2011 POINT BLANK: Reports $70,600 Operating Income in September SHARPER IMAGE: Ends October 2011 With $2.16 Million Cash SOUTHWEST GEORGIA: Reports $1.3 Million EBITDA in October SPECIALTY PRODUCTS: Bondex Posts $53,202 Net Loss in Sept. 2011 SPECIALTY PRODUCTS: Ends September 2011 With $24.9 Million Cash THORNBURG MORTGAGE: Ends October 2011 With $104.89 Million Cash ********* AMERICANWEST BANCORP: Posts $8,488 Net Loss in October 2011 ----------------------------------------------------------- On Nov. 15, 2011, AmericanWest Bancorporation filed with the U.S. Bankruptcy Court for the Eastern District of Washington its monthly operating report for October 2011. The Debtor reported a net loss of $8,488 on $0 revenue for the month of October. The net loss for the month of September was $4,715. At Oct. 31, 2011, the Debtor had total assets of $7.0 million, total liabilities of $47.4 million, and a stockholders' deficit of $40.4 million. The book balance of cash at Oct. 31, 2011, was $5,601,052 compared to $5,609,553 at Sept. 30, 2011. A copy of the monthly operating report is available for free at: http://is.gd/MPbm7O 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. DSI HOLDINGS: Has $5.19 Million Cash at August 27 ------------------------------------------------- DSI Holdings Inc., et al., reported a net loss of $833,649 on $23.8 million of net revenue for the 4 week period ended Aug. 27, 2011. Reorganization expenses totaled $939,884 for the period. At Aug. 27, 2011, the Debtors had $116.1 million in total assets, $276.9 million in total liabilities, and a stockholders' deficit of $160.8 million. The Debtors ended the period with $5,198,419 cash, compared to $6,375,776 at July 30, 2011. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/dsiholdings.aug27mor.pdf DSI Holdings Inc., et al., reported a net loss of $5.0 million on $18.4 million of net revenue for the reporting period July 2, 2011, to July 30, 2011. Reorganization expenses totaled $1,450,993 in the period. At July 30, 2011, the Debtors had $112.9 million in total assets, $272.9 million in total liabilities, and a stockholders' deficit of $160.0 million. The Debtors ended the period with $6,375,776 cash. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/dsiholdings.july30mor.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. Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed five unsecured creditors to serve on the Official Committee of Unsecured Creditors. Otterbourg Steindler Houston & Rosen serves as lead counsel to the Committee. EVANS OIL: Posts $264,325 Net Loss in September 2011 ---------------------------------------------------- Evans Oil Company LLC reported a net loss of $264,325 on $11.7 million of revenue for the month of September 2011. At Sept. 30, 2011, the Debtor had $21.0 million in total assets, $37.2 million in total liabilities, and an equity deficit of $16.2 million. A copy of Evans Oil's September 2011 monthly operating report is available for free at: http://bankrupt.com/misc/evansoil.sept2011mor.pdf About Evans Oil Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC, distributes bulk oil, gas, diesel and lubricant products. Evans Oil, together with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30, 2011. Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve as bankruptcy counsel to the Debtors. Garden City Group Inc. is the claims and notice agent. The Parkland Group Inc. is the restructuring advisor. Evans Oil estimated assets and debts at $10 million to $50 million as of the Chapter 11 filing. EVANS OIL: Long Run LLC Posts $1,514 Net Loss in September 2011 --------------------------------------------------------------- Long Run LLC reported a net loss of $1,514 on $0 revenue for the month of September 2011. At Sept. 30, 2011, the Debtor had $1.0 million in total assets, $1.6 million in total liabilities, and an equity deficit of $549,873. A copy of Long Run LLC's September 2011 monthly operating report is available for free at: http://bankrupt.com/misc/longrun.sept2011mor.pdf About Evans Oil Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC, distributes bulk oil, gas, diesel and lubricant products. Evans Oil, together with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30, 2011. Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve as bankruptcy counsel to the Debtors. Garden City Group Inc. is the claims and notice agent. The Parkland Group Inc. is the restructuring advisor. Evans Oil estimated assets and debts at $10 million to $50 million as of the Chapter 11 filing. EVANS OIL: Octane LLC Posts $49,731 Net Loss in September 2011 -------------------------------------------------------------- Octane LLC reported a net loss of $49,731 on $0 revenue for the month of September 2011. At Sept. 30, 2011, the Debtor had $3.1 million in total assets, $3.7 million in total liabilities, and an equity deficit of $626,207. A copy of Octane LLC's September 2011 monthly operating report is available for free at: http://bankrupt.com/misc/octanellc.sept2011mor.pdf About Evans Oil Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC, distributes bulk oil, gas, diesel and lubricant products. Evans Oil, together with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30, 2011. Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve as bankruptcy counsel to the Debtors. Garden City Group Inc. is the claims and notice agent. The Parkland Group Inc. is the restructuring advisor. Evans Oil estimated assets and debts at $10 million to $50 million as of the Chapter 11 filing. EVANS OIL: RML LLC Posts $0 Net Income in September 2011 -------------------------------------------------------- RML LLC reported $0 net profit on lease income of $95,204 for the month of September 2011. At Sept. 30, 2011, the Debtor had $3.5 million in total assets, $1.5 million in total liabilities, and total equity of $2.0 million. A copy of RML LLC's September 2011 monthly operating report is available for free at: http://bankrupt.com/misc/rmlllc.sept2011mor.pdf About Evans Oil Naples, Florida-based Evans Oil Company LLC, aka Evans Oil Co LLC, distributes bulk oil, gas, diesel and lubricant products. Evans Oil, together with affiliates, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Lead Case No. 11-01515) on Jan. 30, 2011. Attorneys at Hahn Loeser & Parks LLP as bankruptcy counsel serve as bankruptcy counsel to the Debtors. Garden City Group Inc. is the claims and notice agent. The Parkland Group Inc. is the restructuring advisor. Evans Oil estimated assets and debts at $10 million to $50 million as of the Chapter 11 filing. FIRSTFED FINANCIAL: Ends October 2011 With $3.0 Million Cash ------------------------------------------------------------ FirstFed Financial Corp. filed on Nov. 15, 2011, its monthly operating report for October 2011 with the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division. The Company reported a net loss of $84,889 on $0 revenue for the period. At Sept. 30, 2011, the Company had $3.1 million in total assets, $159.6 million in total liabilities, and a stockholders' deficit of $156.5 million. The Company ended the period with $2,999,310 in unrestricted cash. A complete text of the operating report is available for free at: http://is.gd/j7J0Ob About FirstFed Financial Irvine, Calif.-based FirstFed Financial Corp. is the bank holding company for First Federal Bank of California and its subsidiaries. The Bank was closed by federal regulators on Dec. 18, 2009. FirstFed Financial Corp. filed for Chapter 11 protection (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. ICOP DIGITAL: Posts $2,796 Net Loss in October 2011 --------------------------------------------------- On Nov. 16, 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 October 2011. The Debtor reported a net loss of $2,796 on $0 revenue for the month. At Oct. 31, 2011, the Debtor had $346,479 in total assets, $1,277,771 in total liabilities, all current, and a stockholders' deficit of $931,292. A complete text of the operating report is available for free at: http://is.gd/4Nrcnc 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. IMPERIAL CAPITAL: Posts $327,948 Net Loss in September 2011 ----------------------------------------------------------- On Oct. 20, 2011, Imperial Capital Bancorp, Inc., filed its unaudited monthly operating report for the month of September 2011 with the Office of the United States Trustee. The Company reported a net loss of $327,948 on $0 revenue for September 2011. At Sept. 30, 2011, the Company had $39.9 million in total assets, $99.7 million in total liabilities, and a stockholders' deficit of $59.8 million. A copy of the operating report is available for free at: http://is.gd/O6KE46 About Imperial Capital Bancorp La Jolla, California-based Imperial Capital Bancorp, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Calif. Case No. 09-19431) on Dec. 18, 2009. Gregory K. Jones, Esq., at Stutman, Treister & Glatt, P.C., serves as the Company's bankruptcy counsel. FTI Consulting Inc. serves as its financial advisor. The Company disclosed $40.4 million in assets and $98.7 million in liabilities. Tiffany L. Carroll, the U.S. Trustee for Region 15, appointed three members to the official committee of unsecured creditors in the Debtor's case. The Debtor's proposed Liquidating Plan of Reorganization provides that based upon assets available for distribution, creditors of the Company will not be paid in full under the Plan. The Company predicts that, after payment to the Company's unsecured creditors, there will be no assets available for distribution to the holders of the Company's common stock. LEHMAN BROTHERS: Ends October with $26.4 Billion Total Cash ----------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Lehman Brothers Holdings Inc. reported that unrestricted cash grew $624 million in October, ending the month at $23.6 billion, not including $2.76 billion of restricted cash. Cash inflows, according to the monthly operating report filed with the bankruptcy court, were $1.56 billion. Lehman paid $39.2 million in professional fees during October, bringing the total since the beginning of the bankruptcy in September 2008 to $1.48 billion, according to the operating report. Lehman Brothers Special Financing Inc. remains in the lead among Lehman companies with $9.08 billion unrestricted cash. In second place is Lehman Commercial Paper Inc. with $3.93 billion, followed by the holding company with $2.91 billion. Fees for Alvarez & Marsal LLC, Lehman's financial advisers, now total $487.6 million, including $9.35 million in October. Fees for Weil Gotshal & Manges LLP, Lehman's principal bankruptcy lawyers, total $358.6 million, including $15.3 million in October. Attorneys for the official creditors' committee from Milbank Tweed Hadley & McCloy LLP have been paid $117.6 million since the case began, including $2.9 million in September. 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) LOWER BUCKS: Files Monthly Operating Report for August 2011 ----------------------------------------------------------- Lower Bucks Hospital, Inc., filed its monthly report for the month ended Aug. 31, 2011. The Debtor did not include a statement of income and a balance sheet statement. During the month, the Debtor paid a total of $275,775.89 in professional fees and a total of $7,776.04 in professional expenses. A copy of the operating report is available for free at http://bankrupt.com/misc/lowerbuckshospital.aug2011mor.pdf About Lower Bucks Hospital Bristol, Pennsylvania-based Lower Bucks Hospital is a non-profit hospital based in Bristol, Pennsylvania. The Hospital is currently licensed to operate 183 beds. Together with affiliates Advanced Primary Care Physicians and Lower Bucks Health Enterprises, Inc., Lower Bucks owns a 36-acre campus with several medical facilities. The Hospital's emergency room serves approximately 30,000 patients annually. For the fiscal year ending June 30, 2009, Lower Bucks had $114 million in consolidated revenues. The Hospital filed for Chapter 11 bankruptcy protection (Bankr. E.D. Pa. Case No. 10-10239) on Jan. 13, 2010. The Hospital's affiliates -- Lower Bucks Health Enterprises, Inc, and Advanced Primary Care Physicians also filed Chapter 11 petitions. Jeffrey C. Hampton, Esq., and Adam H. Isenberg, at Saul Ewing LLP, assist the Hospital in its restructuring effort. Donlin, Recano & Company, Inc., is the Hospital's claims and notice agent. The Debtors tapped Zelenkofske Axelrod LLC for the provision of tax preparation services. The Hospital estimated assets and liabilities at $50 million to $100 million. LOWER BUCKS: Lower Bucks Health Posts $14,400 Net Loss in August ---------------------------------------------------------------- Lower Bucks Health Enterprises, Inc., reported a net loss of $14,400 on $53,174 of net operating revenue for the month ended Aug. 31, 2011. The Company's balance sheet at Aug. 31, 2011, showed $6.93 million in total assets, $370,541 in total liabilities, all current, and an unrestricted fund balance of $6.56 million. A copy of the monthly operating report is available for free at: http://bankrupt.com/misc/lowerbuckshealth.aug2011mor.pdf About Lower Bucks Hospital Bristol, Pennsylvania-based Lower Bucks Hospital is a non-profit hospital based in Bristol, Pennsylvania. The Hospital is currently licensed to operate 183 beds. Together with affiliates Advanced Primary Care Physicians and Lower Bucks Health Enterprises, Inc., Lower Bucks owns a 36-acre campus with several medical facilities. The Hospital's emergency room serves approximately 30,000 patients annually. For the fiscal year ending June 30, 2009, Lower Bucks had $114 million in consolidated revenues. The Hospital filed for Chapter 11 bankruptcy protection (Bankr. E.D. Pa. Case No. 10-10239) on Jan. 13, 2010. The Hospital's affiliates -- Lower Bucks Health Enterprises, Inc, and Advanced Primary Care Physicians also filed Chapter 11 petitions. Jeffrey C. Hampton, Esq., and Adam H. Isenberg, at Saul Ewing LLP, assist the Hospital in its restructuring effort. Donlin, Recano & Company, Inc., is the Hospital's claims and notice agent. The Debtors tapped Zelenkofske Axelrod LLC for the provision of tax preparation services. The Hospital estimated assets and liabilities at $50 million to $100 million. LTV CORP: Ends October 2011 With $3.16 Million Cash --------------------------------------------------- On Nov. 17, 2011, The LTV Corporation, et al., submitted to the United States Bankruptcy Court for the Northern District of Ohio, Eastern Division, their monthly operating report for October 2011. LTV ended the period with a $3,156,000 cash balance. LTV reported $235,000 in disbursements in October, including $133,000 paid to Chapter 11 professionals. Beginning cash was $3,391,000. A complete text of the operating report is available for free at: http://is.gd/YyhuU6 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. There is no set of facts known to LTV that will result in proceeds of asset sales exceeding LTV's known liabilities. Thus, there will be no recovery to LTV's stockholders. 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. NUTRITION 21: Posts $181,278 Net Loss in October 2011 ----------------------------------------------------- On Nov. 21, 2011, Nutrition 21, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York its monthly operating report for the month of October 2011. The Debtor reported a net loss of $181,278 on $l.44 million of revenues for the month of October 2011. The Debtor's balance sheet at Oct. 31, 2011, showed $3.15 million in total assets, $167,766 in total liabilities, all current, $17.75 million in Preferred Stock-Series J 8% convertible, and a stockholders' deficit of $14.76 million. A copy of the monthly operating report is available for free at: http://is.gd/qAIPRF About Nutrition 21 Purchase, N.Y.-based Nutrition 21, Inc. -- http://www.nutrition21.com/-- is a nutritional bioscience company that primarily develops and markets raw materials, formulations, compounds, blends and bulk and other materials to third-party non- end users to be further fabricated, blended or packaged for ultimate sales to end-users as nutritional supplements or otherwise. The Company holds more than 30 patents for nutrition products and their uses. Nutrition 21 and its debtor-affiliates filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Lead Case No. 11-23712) on Aug. 26, 2011. Michael Friedman, Esq., and Keith N. Sambur, Esq., at Richards Kibbe & Orbe LLP, serve as the Debtors' counsel. The Company entered into a Plan Support Agreement, dated as of Aug. 26, 2011, with holders of approximately 90% of the Company's outstanding Series J Preferred Stock. The holders of Series J Preferred Stock that are parties to the Plan Support Agreement have agreed, subject to certain conditions, to vote in favor of a plan of reorganization to be proposed by the Company in respect of the Bankruptcy Case, so long as that plan is consistent with the term sheet attached to the Plan Support Agreement setting forth material terms of a potential plan of reorganization. The Plan Term Sheet generally contemplates that the Debtors' assets will be sold or liquidated and distributed to holders of claims and equity interests in accordance with the statutory distribution and priority scheme established by the Bankruptcy Code. The Plan Term Sheet further contemplates that holders of the Company's common stock will receive interests in a liquidating trust entitling such holders to distributions only after holders of the Series J Preferred Stock have been paid in full. The Company believes that cash distributions on account of the Company's common stock are unlikely. On Sept. 22, 2011, the Bankruptcy Court issued an order establishing bidding procedures for an auction to sell all or substantially all of the Debtors' assets and scheduling a hearing for the Bankruptcy Court to consider approval of the Debtors' sale of such assets to a successful bidder at the Auction. On Oct. 7, 2011, the Company, Nutrition 21, LLC, and N21 Acquisition Holding, LLC (the "Purchaser") entered into an Asset Purchase and Sale Agreement, dated as of such date. The Purchaser entered into the Original Asset Sale Agreement as a 'stalking horse" bidder and, accordingly, the consummation of the transactions contemplated by the Original Asset Sale Agreement was subject to the Company's solicitation and potential receipt of higher or otherwise better competing bids at the Auction pursuant to the Bidding Procedures. POINT BLANK: Reports $70,600 Operating Income in September ---------------------------------------------------------- Carla Main, substituting for Bloomberg News bankruptcy columnist Bill Rochelle, reports that Point Blank Solutions Inc. reported $70,600 in operating income for September on sales of $7.17 million. The net loss for the month was $1.16 million, thanks in large part to $1.73 million in reorganization expenses, according to an operating report filed with the bankruptcy court in Delaware. Interest expense in the month was $302,500. The pretax loss was $1.65 million. About Point Blank Headquartered in Pompano Beach, Florida, Point Blank Solutions, Inc. -- http://www.pointblanksolutionsinc.com/-- designs and produces body armor systems for the U.S. Military, Government and law enforcement agencies, as well as select international markets. The Company maintains facilities in Pompano Beach, Florida, and Jacksboro, Tennessee. The Company's former chief executive officer and chief operating officer were convicted in September 2010 of orchestrating a $185 million fraud. Point Blank Solutions, formerly DHB Industries, filed for Chapter 11 protection (Bankr. D. Del. Case No. 10-11255) on April 14, 2010. Laura Davis Jones, Esq., Alan J. Kornfeld, Esq., David M. Bertenthal, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones LLP, serve as bankruptcy counsel to the Debtor. Olshan Grundman Frome Rosenweig & Wolosky LLP serves as corporate counsel. T. Scott Avila of CRG Partners Group LLC is the restructuring officer. Epiq Bankruptcy Solutions serves as claims and notice agent. The U.S. Trustee has appointed an Official Committee of Unsecured Creditors and a separate Official Committee of Equity Security Holders in the case. Ian Connor Bifferato, Esq., and Thomas F. Driscoll III, Esq., at Bifferato LLC; and Carmen H. Lonstein, Esq., Andrew P.R. McDermott, Esq., and Lawrence P. Vonckx, Esq., at Baker & McKenzie LLP, serve as counsel for the Official Committee of Equity Security Holders. Robert M. Hirsh, Esq., and George P. Angelich, Esq., at Arent Fox LLP, serve as counsel to the Creditors Committee, and Frederick B. Rosner, Esq., and Brian L. Arban, Esq., at the Rosner Law Group LLC, serve as co-counsel. In November 2011 the U.S. Bankruptcy Court signed an order approving the asset purchase agreement and authorizing the sale of substantially all of the Point Blank Solutions' assets related to the operation of the Company's bullet, fragmentation and stab resistant apparel manufacturing business to highest auction bidder Point Blank Enterprises. Body Armor was selected as the back-up bidder. SHARPER IMAGE: Ends October 2011 With $2.16 Million Cash -------------------------------------------------------- TSIC, Inc., formerly known as The Sharper Image Corporation, filed with the U.S. Bankruptcy Court for the District of Delaware on Nov. 17, 2011, its monthly operating report for October 2011. The Debtor reported a net loss of $102,982 on $0 revenue for the month. The Debtor incurred a total of $64,336 in professional fees in the month. At Oct. 31, 2011, the Company's balance sheet showed $3.0 million in total assets, $95.3 million in total liabilities, and a stockholders' deficit of $92.3 million. The Debtor ended the month with $2,159,033 cash. For the month, the Debtor paid a total of $9,461 in professional fees. A copy of the monthly operating report is available for free at: http://is.gd/1r0FdH 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. SOUTHWEST GEORGIA: Reports $1.3 Million EBITDA in October --------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that Southwest Georgia Ethanol LLC, whose creditors are voting on a Chapter 11 plan in advance of a Dec. 7 confirmation hearing, reported $1.28 million of earnings before interest, taxes, depreciation and amortization in October. Revenue in the month was $30.4 million. The gross margin in the month was $2.47 million. Net income was $355,000. During the month, interest expense and depreciation totaled about $925,000. About Southwest Georgia Ethanol 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. Gary W. Marsh, Esq., J. Michael Levengood, Esq., and Bryan E. Bates, Esq., at McKenna Long & Aldridge LLP, in Atlanta, Georgia, serve 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. SPECIALTY PRODUCTS: Bondex Posts $53,202 Net Loss in Sept. 2011 --------------------------------------------------------------- Bondex International, Inc., reported a net loss of $53,202 on $0 revenue for the month of September 2011. At Sept. 30, 2011, the Debtor had ($181.4) million in total assets, $366.8 million in total liabilities, and a stockholders' deficit of $548.2 million. A copy of the September 2011 monthly operating report is available for free at http://bankrupt.com/misc/bondex.sept2011mor.pdf About Specialty Products Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM, Inc., is a wholly owned subsidiary of RPM International Inc. The Company is the holding company parent of Bondex International, Inc., and the direct or indirect parent of certain additional domestic and foreign subsidiaries. The Company claims to be a leading manufacturer, distributor and seller of various specialty chemical product lines, including exterior insulating finishing systems, powder coatings, fluorescent colorants and pigments, cleaning and protection products, fuel additives, wood treatments and coatings and sealants, in both the industrial and consumer markets. The Company filed for Chapter 11 bankruptcy protection on May 31, 2010 (Bankr. D. Del. Case No. 10-11780). Gregory M. Gordon, Esq., Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve as bankruptcy counsel. Daniel J. DeFranceschi, Esq., and Zachary I. Shapiro, Esq., at Richards Layton & Finger, serve as co-counsel. Logan and Company is the Company's claims and notice agent. The Company estimated its assets and debts at $100,000,001 to $500,000,000. The Company's affiliate, Bondex International, Inc., filed a separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779), estimating its assets and debts at $100,000,001 to $500,000,000. SPECIALTY PRODUCTS: Ends September 2011 With $24.9 Million Cash --------------------------------------------------------------- Specialty Products Holdings Corp. reported a net loss of $1.2 million on $0 revenue for the month ended Sept. 30, 2011. At Sept. 30, 2011, the Debtor had $475.1 million in total assets, $223.3 million in total liabilities, and stockholders' equity of $251.8 million. The Debtor had unrestricted cash and equivalents of $24,911,394 at Sept. 30, 2011, from $24,831,158 at the beginning of the period. A copy of the September 2011 monthly operating report is available for free at: http://bankrupt.com/misc/specialtyproducts.sept2011mor.pdf About Specialty Products Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM, Inc., is a wholly owned subsidiary of RPM International Inc. The Company is the holding company parent of Bondex International, Inc., and the direct or indirect parent of certain additional domestic and foreign subsidiaries. The Company claims to be a leading manufacturer, distributor and seller of various specialty chemical product lines, including exterior insulating finishing systems, powder coatings, fluorescent colorants and pigments, cleaning and protection products, fuel additives, wood treatments and coatings and sealants, in both the industrial and consumer markets. The Company filed for Chapter 11 bankruptcy protection on May 31, 2010 (Bankr. D. Del. Case No. 10-11780). Gregory M. Gordon, Esq., Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve as bankruptcy counsel. Daniel J. DeFranceschi, Esq., and Zachary I. Shapiro, Esq., at Richards Layton & Finger, serve as co-counsel. Logan and Company is the Company's claims and notice agent. The Company estimated its assets and debts at $100,000,001 to $500,000,000. The Company's affiliate, Bondex International, Inc., filed a separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779), estimating its assets and debts at $100,000,001 to $500,000,000. THORNBURG MORTGAGE: Ends October 2011 With $104.89 Million Cash --------------------------------------------------------------- On Nov. 18, 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 October 2011. TMST, Inc., et al., ended October with $104,891,429 in cash. Payments to attorneys and other professionals totaled $379,285 for the current month. The Debtors reported a net loss of $878,798 on net operating revenue of $1,685 in October. Operating loss was $164,081. Reorganization expenses totaled $714,717. At Oct 31, 2011, the Debtors had $106.7 million in total assets, $3.431 billion in total liabilities, and a stockholders' deficit of $3.324 billion. A copy of the October 2011 operating report is available for free at http://is.gd/fD0nig 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, served as counsel to Thornburg Mortgage. Orrick, Herrington & Sutcliffe LLP served as special counsel. Jim Murray, and David Hilty, at Houlihan Lokey Howard & Zukin Capital, Inc., served as investment banker and financial advisor. Protiviti Inc. served as financial advisory services. KPMG LLP served as the tax consultant. Epiq Systems, Inc., serves 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. He is represented by Shapiro Sher Guinot & Sandler. ********* 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, 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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