TCR_Public/120225.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, February 25, 2012, Vol. 16, No. 55

                            Headlines

AMERICANWEST BANCORP: Ends January 2012 With $5.54-Mil. Cash
BANKUNITED FINANCIAL: Ends January 2012 With $9.207-Mil. Cash
CAGLES INC: Has $1.0 Million Funds at December 31
CATHOLIC CHURCH: Has $8.72-Mil. Cash at Dec. 31
CB HOLDING: Earns $119,413 in Fiscal Month Ended November 27

DEWITT REHABILITATION: Nursing Home Turns Small January Profit
DYNEGY INC: Debtors Amends November Operating Report
LEHMAN BROTHERS: Has $28.1 Billion Cash at Dec. 31
LTV CORP: Ends January 2012 With $1.81 Million Cash
MONTANA ELECTRIC: Reports $805,500 Loss in January

TRAILER BRIDGE: Reports $1.4 Million January Net Loss





                            *********



AMERICANWEST BANCORP: Ends January 2012 With $5.54-Mil. Cash
------------------------------------------------------------
On Feb. 15, 2012, AmericanWest Bancorporation filed with the
U.S. Bankruptcy Court for the Eastern District of Washington its
monthly operating report for January 2012.

The Debtor reported a net loss of $7,237 on $0 revenue for the
month of January.  The net loss for the month of December was
$20,958.

At Jan. 31, 2012, 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 Jan. 31, 2012,
was $5,541,257 compared to $5,547,525 at Dec. 31, 2011.

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

                        http://is.gd/IXrbPA

                 About AmericanWest Bancorporation

Headquartered in Spokane, Washington, AmericanWest Bancorporation
(OTC BB: AWBC) -- http://www.awbank.net/-- was a bank holding
company whose principal subsidiary was AmericanWest Bank, which
included Far West Bank in Utah operating as an integrated division
of AmericanWest Bank.  AmericanWest Bank was 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 included 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 serves 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 completed the sale of all
outstanding shares of AmericanWest Bank to a wholly owned
subsidiary of SKBHC Holdings LLC, in a transaction approved by the
U.S. Bankruptcy Court.


BANKUNITED FINANCIAL: Ends January 2012 With $9.207-Mil. Cash
-------------------------------------------------------------
BankUnited Financial Corporation, together with its subsidiaries
BankUnited Financial Services, Inc., and CRE America Corporation,
filed on Feb. 16, 2012, its monthly operating report for
December 2011 with the United States Bankruptcy Court for the
Southern District of Florida.

Funds at Jan. 31, 2012, were $9,207,745 compared to $9,249,015 at
Dec. 31, 2011.  The Debtors paid a total of $27,000 in
Professional Fees (Accounting & Legal) in the month.

BankUnited Financial Corporation, et al., reported a net loss of
$46,339 in January.

At Jan. 31, 2012, BankUnited Financial Corporation, et al., had
$34.1 million in total assets, $576.8 in total liabilities,
and a stockholders' deficit of $542.7 million.

A complete text of the operating report is available for free at:

                       http://is.gd/SuukRy

                    About BankUnited Financial

BankUnited Financial Corp. (OTC Ticker Symbol: BKUNQ) --
http://www.bankunited.com/-- was the holding company for
BankUnited FSB, the largest banking institution headquartered in
Coral Gables, Florida.  On May 21, 2009, BankUnited FSB was closed
by regulators and the Federal Deposit Insurance Corporation
facilitated a sale of the bank to a management team headed by John
Kanas, a veteran of the banking industry and former head of North
Fork Bank, and a group of investors that include W.L. Ross & Co.,
Blackstone Group, Carlyle and Centerbridge.  The new owners
installed Mr. Kanas as CEO and he sought to revamp BankUnited as a
commercial lender in south Florida.

BankUnited Financial and its affiliates filed for Chapter 11
protection (Bankr. S.D. Fla. Lead Case No. 09-19940) on May 22,
2009.  Stephen P. Drobny, Esq., and Peter Levitt, Esq., at Shutts
& Bowen LLP; Mark D. Bloom, Esq., and Scott M. Grossman, Esq., at
Greenberg Traurig, LLP; and Michael C. Sontag, at Camner, Lipsitz,
P.A., represent the Debtors as counsel.  Corali Lopez-Castro,
Esq., David Samole, Esq., at Kozyak Tropin & Throckmorton, P.A.;
and Todd C. Meyers, Esq., at Kilpatrick Stockton LLP, serve as
counsel to the official committee of unsecured creditors.

The banking unit had assets of $12.8 billion and deposits of $8.6
billion as of May 2, 2009.  The holding company, in its bankruptcy
petition, disclosed $37,729,520 in assets against $559,740,185 in
debts.  Aside from those assets, BankUnited said a "valuable"
asset is its $3.6 billion net operating loss carryforward.

Wilmington Trust Co., U.S. Bank, N.A., and the Bank of New York
were listed among the company's largest unsecured creditors in
their roles as trustees for security issues.  BankUnited estimated
the Bank of New York claim tied to convertible securities at
$184 million.  U.S. Bank and Wilmington Trust are owed
$120 million and $118.171 million on account of senior notes.

The Bankruptcy Court will hold a hearing on Feb. 21 for approval
of the Chapter 11 plan proposed by the Creditors' Committee.  The
disclosure statement says that holders owed $321 million on senior
notes will recover about 1% to as much as 14.3%. Holders owed $245
million on subordinated notes won't receive anything as the result
of a subordination agreement.  There is almost nothing in the way
of unsecured claims, the committee believes.  Almost all unsecured
claims are against the bank subsidiary, in the committee's
judgment.

Federal Deposit Insurance Corp. asserts a $1.47 billion claim
based on the bank's capital deficiency.  There is a separate
dispute over ownership of a $50 million tax refunds. The plan is
based on a partial settlement with the FDIC.

Aside from the tax refund claim, a principal asset is the $4.25
billion net tax loss carryforward.  The bankruptcy judge has ruled
that the tax refund claim belongs to BankUnited.  The FDIC has
taken an appeal.


CAGLES INC: Has $1.0 Million Funds at December 31
-------------------------------------------------
On Jan. 31, 2012, Cagle's, Inc., and Cagle's Farms, Inc., filed
their standard monthly operating report for the period from
Dec. 4, 2011, to Dec. 31, 2011.

The Debtors submitted a schedule of receipts and disbursements for
the period:

    Funds at the Beginning of the Period     $7,578,000
    Cash Receipts                           $21,907,000
    Revolver Draw/(Paydown)                 ($6,345,000)
    Disbursements                           $22,138,000
    Funds at the End of the Period           $1,003,000

Professional fees included in disbursements totaled $385,000 in
the period.

Funds at the end of the period are net of $2,308,000 of
outstanding checks and $556,000 of outstanding payroll.

The Debtors reported a net loss of $863,000 on $21.3 million of
net sales for the 4 weeks ended Dec. 31, 2011.

The Debtors' balance sheet at Dec. 31, 2011, showed $78.8 million
in total assets, $72.5 million in total current liabilities, and
stockholders' equity of $6.3 million.

A complete text of the monthly operating report is available for
free at http://is.gd/kxkDi6

                          About Cagle's

Cagle's Farms (NYSE: CGL.A) -- http://www.cagles.net/-- engages
in the production, marketing, and distribution of fresh and frozen
poultry products in the United States.

Cagle's Inc. and its wholly owned subsidiary Cagle's Farms filed
on Oct. 19, 2011, voluntary petitions for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 11-80202 and
11-80203). Paul K. Ferdinands, Esq., at King & Spalding, in
Atlanta, Georgia, serves as counsel.  FTI Consulting, Inc., serves
as the Debtors' financial advisors.  Kurtzman Carson LLC serves as
their claims, noticing, and balloting agent.  Cagle's Inc.
estimated assets of up to $100 million and debts of up to
$50 million.  Cagle's Farms estimated assets and debts of up to
$50 million.

In its schedules, Cagle's Inc. disclosed $81,998,077 in assets and
$55,304,599 in liabilities as of the Petition Date.

The Official Committee of Unsecured Creditors is represented by
McKenna Long & Aldridge LLP as local counsel, and Lowenstein
Sandler's Bankruptcy and Creditors' Rights Group as counsel.  J.H.
Cohn LLP serves as its financial advisors.

No trustee or examiner has been appointed in the Debtors'
bankruptcy cases.


CATHOLIC CHURCH: Has $8.72-Mil. Cash at Dec. 31
-----------------------------------------------

                    Archdiocese of Milwaukee
                 Statement of Financial Position
                     As of December 31, 2011

Current Assets
  Cash and cash equivalents                       $8,723,137.74
  Short-term investments                           3,710,274.85
  Receivables, net                                 6,559,505.46
  Other Assets                                     1,321,691.24
                                                 --------------
     Total Current Assets                         20,314,609.29

Ground burial & mausoleum crypt sites              5,698,878.04
Property and equipment, net                        4,976,591.89

Investments and Other Assets
  Long-term investments                           10,999,079.42
  Cemeteries Pre-Need Trust Fund Acct              3,671,757.62
  Charitable gift annuities invest.                  672,788.55
  Other Assets                                     1,089,255.54
                                                 --------------
  Total Investments and Other Assets              16,432,881.13
                                                 --------------
TOTAL ASSETS                                     $47,422,960.35
                                                 ==============


Current Liabilities
  Current maturities of charitable
     gift annuities                                  $84,328.16
  Accounts payable                                   670,949.16
  Accrued expenses                                   486,340.74
  Chapter 11 expenses                                338,449.29
  Contributions payable C.S.A.                     2,557,224.00
                                                 --------------
  Total Current Liabilities                        4,137,291.35

Charitable gift annuities                            457,088.84

Deferred revenue                                   3,671,757.62

Prepetition Debt
  Note payable                                     4,649,912.50
  Pre-Chapter 11 payables                          1,238,767.07
  Contractual contributions payable                2,850,664.00
  Accrued post-retirement and
     pension benefits                             15,124,204.00
                                                 --------------
     Total Prepetition Debt                       23,863,547.57
                                                 --------------
  Total Liabilities                               32,129,685.38

Unclassified current year operations               2,087,569.21

Unrestricted
  Undesignated operating(deficit)                 (4,392,883.84)
  Designated                                       5,961,166.27
                                                 --------------
  Total unrestricted                               1,568,282.43

Temporarily restricted                             7,921,057.28
Permanently restricted                             3,716,366.05
                                                 --------------
Total Net Assets                                  15,293,274.97

Total Liabilities and Net Assets                 $47,422,960.35
                                                 ==============

Note: Invested funds held for others totaled      $2,688,990.90


                    Archdiocese of Milwaukee
                  Statement of Activities
             For the month ending December 31, 2011

CHANCERY
Support and Revenue
  Contributions                                     $602,726.10
  Parish assessments                                 (10,298.00)
  Parish assessments adj. to budget                           -
  Tuition and fees                                    34,539.04
  Activities and programs                              6,999.22
  Miscellaneous revenues                              28,743.15
  Net assets released from restrictions                       -
                                                 --------------
  Total Support and Revenue                          662,709.51

CHANCERY OPERATING EXPENSES
  Payroll and fringe benefits                        553,868.41
  Maintenance, insurance, utility costs              152,785.90
  Travel and education                                24,851.36
  Supplies and services                               49,180.99
  Assessments                                         41,119.50
  Purchased services                                 214,290.71
  Professional services                              153,473.23
  Charity and donations                              260,075.27
  Miscellaneous expenses                             116,139.06
  Pension related changes other than NPPC                     -
                                                 --------------
  Total Operating Expenses                         1,565,784.43
                                                 --------------
  Chancery income before fixed assets,
     non-operations gain (loss), and                (903,074.92)
     extraordinary expense

FIXED ASSETS
  Fixed asset purchases                                       -
  Depreciation expense                               (18,985.83)
  Impairment of leasehold improvements                        -
  Gain(loss) on sale of property and
     equipment, net                                           -
                                                 --------------
  Total Fixed Asset Expense (Income)                 (18,985.83)

NON-OPERATING ACTIVITIES
  Investment income                                   60,079.26
  Net realized gains(losses)                          65,599.43
  Net unrealized gains(losses)                        81,091.89
  Interest expense                                   (21,549.29)
  Other non-operating revenues(expenses)                      -
                                                 --------------
  Total non-operating activities                     185,221.29
                                                 --------------
  Extraordinary events, net                                0.00
                                                 --------------
Chancery net gain(loss)                             (736,839.46)

Reimbursed operations net gain(loss)                 125,114.50
                                                     ----------
Change in net assets before cumulative              (611,724.96)
  effect and cemetery operations

Cumulative effect of change in                             0.00
  accounting principle
                                                 --------------
Chancery change in net assets                       (611,724.96)

Cemetery operations
  Cemetery gain(loss)                                212,212.21
                                                 --------------
Cemetery change in net assets                        212,212.21
                                                 --------------
Total change in net assets                         ($399,512.75)
                                                 ==============


                    Archdiocese of Milwaukee
                        Cash Receipts
               For the month ending December 31, 2011

Receipt Category
  Contributions                                     $585,918.77
  Assessments                                                 -
  Tuition and fees                                    28,912.50
  Cemetery cash receipts/transfers                   384,764.41
  Investment income                                       73.77
  Realized gains                                              -
  Gains on sales and fixed assets                             -
  Miscellaneous revenues                             511,657.57
  Clearing                                               483.00
  A/R & N/R payments                               1,181,940.50
                                                 --------------
  Total Receipts                                  $2,693,750.52

Notes: Funds transferred in from other
      Archdiocesan accounts                       $2,288,336.17
      Funds held for others                                   -
                                                 ==============

                    Archdiocese of Milwaukee
                      Cash Disbursements
             For the month ending December 31, 2011

Disbursements Category
  Salary and wages                                  $443,920.48
  Payroll taxes                                      161,771.90
  Employee benefits                                  236,096.96
  Employee withholdings                               31,897.16
  Facility and operating                             223,996.23
  Travel and education                                31,791.68
  Supplies                                            37,135.68
  Assessments                                         41,119.50
  Purchased services                                 142,038.85
  Legal/Professional                                 260,047.90
  Grants                                             259,325.27
  Interest and bank fees                              24,397.94
  Other                                               83,226.49
  Reimbursed expense                                  55,432.24
  Clearing                                            11,114.28
  Fee assistance                                              -
                                                 --------------
  Total Disbursements                             $2,043,312.56

Notes: Funds transferred in from other
      Archdiocesan accounts                       $2,188,336.17
      Funds held for others                         ($34,984.53)
                                                 ==============

               About the Archdiocese of Milwaukee

The Diocese of Milwaukee was established on Nov. 28, 1843, and
was elevated to an Archdiocese on Feb. 12, 1875, by Pope Pius
IX.  The region served by the Archdiocese consists of 4,758 square
miles in southeast Wisconsin which includes counties Dodge, Fond
du Lac, Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth,
Washington and Waukesha.  There are 657,519 registered Catholics
in the Region.

The Catholic Archdiocese of Milwaukee, in Wisconsin, filed for
Chapter 11 bankruptcy protection (Bankr. E.D. Wisc. Case No.
11-20059) on Jan. 4, 2011, to address claims over sexual abuse
by priests on minors.

The Archdiocese became at least the eighth Roman Catholic diocese
in the U.S. to file for bankruptcy to settle claims from current
and former parishioners who say they were sexually molested by
priests.

Daryl L. Diesing, Esq., at Whyte Hirschboeck Dudek S.C., in
Milwaukee, Wisconsin, serves as the Archdiocese's counsel.  The
Official Committee of Unsecured Creditors in the bankruptcy case
has retained Pachulski Stang Ziehl & Jones LLP as its counsel, and
Howard, Solochek & Weber, S.C., as its local counsel.

The Archdiocese estimated assets and debts of $10 million to
$50 million in its Chapter 11 petition.

(Catholic Church Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


CB HOLDING: Earns $119,413 in Fiscal Month Ended November 27
------------------------------------------------------------
CB Holding Corp. reported net income of $119,413 on $nil sales for
the filing period Oct. 31, 2011, through Nov. 27, 2011.

At Nov. 27, 2011, the Debtor had $6.5 million in total assets,
$146.1 million in total liabilities, and a stockholders' deficit
of $139.6 million.

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

         http://bankrupt.com/misc/cbholding.nov27mor.pdf

                         About CB Holding

New York-based CB Holding Corp. operated 20 Charlie Brown's
Steakhouse, 12 Bugaboo Creek Steak House, and seven The Office
Beer Bar and Grill restaurants when it filed for bankruptcy
protection.  The Company closed 47 locations before filing for
Chapter 11.

CB Holding and its affiliates filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case No. 10-13683) on Nov. 17, 2010.

After filing for Chapter 11, CB Holding sold 20 Charlie Brown's
locations for $9.5 million.  The 12 remaining Bugaboo Creek stores
realized $10.05 million while the seven The Office Restaurants
produced $4.675 million.

Joel H. Leviton, Esq., Stephen J. Gordon, Esq., Richard A.
Stieglitz Jr., Esq., and Maya Peleg, Esq., at Cahill Gordon &
Reindel LLP, in New York; and Mark D. Collins, Esq., Christopher
M. Samis, Esq., and Tyler D. Semmelman, Esq., at Richards, Layton
& Finger, P.A., in Wilmington, Delaware, assist the Debtors in
their restructuring effort.  The Garden City Group, Inc., is the
Debtors' notice, claims and solicitation agent.

Jeffrey N. Pomerantz, Esq., at Pachulski Stang Ziehl & Jones LLP,
in Los Angeles; and Bradford J. Sandler, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, represent the
Official Committee of Unsecured Creditors.

CB Holding estimated its assets at $100 million to $500 million
and debts at $50 million to $100 million.  At the outset of the
Chapter 11 case, the lenders were owed $70.2 million.


DEWITT REHABILITATION: Nursing Home Turns Small January Profit
--------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that DeWitt Rehabilitation & Nursing Center Inc. filed an
operating report showing a $311,400 profit in January on net
revenue of $4.9 million. There was no accrual for interest.

                    About Dewitt Rehabilitation

New York-based DeWitt Rehabilitation and Nursing Center runs a
499-bed nursing home on East 79th Street in Manhattan.  The
nursing home is owned by Marilyn Lichtman, who has been the
operator since the facility opened in 1967.

DeWitt Rehabilitation filed for Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 11-10253) on Jan. 25, 2011.  Marc A.
Pergament, Esq., at Weinberg, Gross & Pergament, LLP, serves as
the Debtor's bankruptcy counsel.  The Debtor estimated its assets
at up to $50,000 and debts at $10 million to $50 million.

The Debtor filed a proposed reorganization plan in December 2011
promising to pay unsecured creditors at least 30 percent on their
$18.6 million in claims.


DYNEGY INC: Debtors Amends November Operating Report
----------------------------------------------------
On December 22, 2011, Dynegy Holdings LLC and its affiliates
submitted their monthly operating report for the period from
November 1 to 30, 2011.

On Feb. 15, 2012, the Debtors submitted an amended November 2011
Operating Report to comply with the monthly reporting
requirements applicable in the Chapter 11 cases and is in a
format the Debtors believe is acceptable to the United States
Trustee.

The Amended Monthly Operating Report reflects, among other items,
only the period of November 8, 2011 through November 30, 2011,
the time period in November following the filing of the Chapter
11 Cases.

Clint Freeland, Dynegy's chief financial officer, notes that the
financial information contained in the Amended Operating Report
is limited in scope and covers a limited time period and that it
is preliminary and unaudited.  He adds that the financial
information is not prepared in accordance with generally accepted
accounting principles in the United States.

Dynegy Holdings and Dynegy Northeast Generation disclosed that
they had $12,148,000 cash as of November 8, $3,596,000 in total
receipts, $2,722,000 in total disbursements, and $13,023,000 in
cash at the end of the month.

The Debtors separately disclosed their net income (loss) for the
Nov. 8 to 30, 2011 period:

Dynegy Northeast Generation     ($1,304,000)
Dynegy Roseton                  ($3,263,000)
Dynegy Danskammer               ($2,312,000)
Dynegy Holdings               ($165,487,000)

Dynegy Holdings disclosed that as of Nov. 30 it had
$7,414,904,000 in total assets, $6,698,756,000 in total
liabilities, and $716,148,000 in total shareholders' equity.

Dynegy Northeast Generation disclosed that as of Nov. 30, it had
$689,618,000 in total assets, ($554,131,000) in total
liabilities, and $1,243,750,000 in total shareholders' equity.

Dynegy Roseton disclosed that as of Nov. 30, it had $24,151,000
in total assets, $652,241,000 in total liabilities, and
($628,090,000) in total shareholders' equity.

Dynegy Danskammer disclosed that as of Nov. 30, it had
$36,269,000 in total assets, $328,371,000 in total liabilities,
and ($292,102,000) in total shareholders' equity.

Hudson Power disclosed that as of Nov. 30, it had $285,551,000 in
total assets, $0 in total liabilities, and $285,551,000 in total
shareholders' equity.

A full-text copy of the Amended Monthly Operating Report is
available for free at:

         http://bankrupt.com/misc/DynegyAmNov11MOR.pdf

                        About Dynegy Inc.

Through its subsidiaries, Houston, Texas-based Dynegy Inc.
(NYSE: DYN) -- http://www.dynegy.com/-- produces and sells
electric energy, capacity and ancillary services in key U.S.
markets.  The power generation portfolio consists of approximately
12,200 megawatts of baseload, intermediate and peaking power
plants fueled by a mix of natural gas, coal and fuel oil.

In August, Dynegy implemented an internal restructuring that
created two units, one owning eight primarily natural gas-fired
power generation facilities and another owning six coal-fired
plants.

Dynegy missed a $43.8 million interest payment Nov. 1, 2011, and
said it was discussing options for managing its debt load with
certain bondholders.

Dynegy Holdings LLC and four other affiliates of Dynegy Inc.
sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case
No. 11-38111) Nov. 7 to implement an agreement with a
group of investors holding more than $1.4 billion of senior notes
issued by Dynegy's direct wholly-owned subsidiary, Dynegy
Holdings, regarding a framework for the consensual restructuring
of more than $4.0 billion of obligations owed by DH.  If this
restructuring support agreement is successfully implemented, it
will significantly reduce the amount of debt on the Company's
consolidated balance sheet.

Dynegy Holdings disclosed assets of $13.77 billion and debt of
$6.18 billion, while Roseton LLC and Dynegy Danskammer LLC each
estimated $100 million to $500 million in assets and debt.

Dynegy Holdings and its affiliated debtor-entities are represented
in the Chapter 11 proceedings by Sidley Austin LLP as their
reorganization counsel.  Dynegy and its other subsidiaries are
represented by White & Case LLP, who is also special counsel to
the Debtor Entities with respect to the Roseton and Danskammer
lease rejection issues.

Dynegy was advised by Lazard Freres & Co. LLC and the Debtor
Entities' financial advisor is FTI Consulting.

The Official Committee of Unsecured Creditors has tapped Akin Gump
Strauss Hauer & Feld LLP as counsel nunc pro tunc to November 16,
2011.

Bankruptcy Creditors' Service, Inc., publishes DYNEGY BANKRUPTCY
NEWS.  The newsletter tracks the Chapter 11 proceeding undertaken
by affiliates of Dynegy Inc. (http://bankrupt.com/newsstand/or
215/945-7000)


LEHMAN BROTHERS: Has $28.1 Billion Cash at Dec. 31
--------------------------------------------------
Lehman Brothers Holdings Inc. disclosed these cash receipts and
disbursements of the company, its affiliated debtors and
controlled entities for the month ended December 31, 2011:

Beginning Total Cash & Investments (12/01/11)  $27,155,000,000
Total Sources of Cash                            2,047,000,000
Total Uses of Cash                              (1,094,000,000)
FX Fluctuation                                      (8,000,000)
                                                ---------------
Ending Total Cash & Investments (12/31/11)     $28,100,000,000

LBHI reported $4.875 billion in cash and investments as of
December 1, 2011, and $5.352 billion as of December 31, 2011.

The monthly operating report also showed that a total of
$54.106 million 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 December 31, 2011, a total of
$1,564,536,000 was paid to the U.S. Trustee and professionals, of
which $504,193,000 was paid to the Debtors' turnaround manager
Alvarez & Marsal LLC while $375,085,000 was paid to their
bankruptcy counsel, Weil Gotshal & Manges LLP.

A copy of the December 2011 Operating Report is available for
free at http://bankrupt.com/misc/LehmanMORDec3111.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)


LTV CORP: Ends January 2012 With $1.81 Million Cash
---------------------------------------------------
On Feb. 16, 2012, 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
January 2012.

LTV ended the period with a $1,819,000 cash balance.  LTV had
$1,000 in receipts and $404,000 in disbursements in January,
including $306,000 paid to Chapter 11 professionals.  Beginning
cash was $2,222,000.

A complete text of the operating report is available for free at:

                       http://is.gd/gOg7BH

                    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, LTV's equity in the Copperweld Business is worthless and has
been canceled.  On March 31, 2011, the Court granted a final
decree closing the chapter 11 cases of each of the Copperweld
debtors.

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.  Because the amount of secured and unsecured
debt of such other Debtors exceeds the amount of the distributions
to such other Debtors, LTV's equity in such Debtors is worthless.

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 LTV 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 (although shareholders of LTV will not receive a distribution
on account of their shares of LTV's stock); and (d) authorized LTV
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.  Pursuant to the
March 31, 2005 Order, the record date for shareholders has been
established as of March 31, 2005.  Accordingly, effective as of
March 31, 2005, LTV will no longer engage the transfer agent to
maintain the transfer records for LTV's common or preferred stock.

On April 15, 2005, the Official Committee of Administrative
Claimants ("ACC") filed a motion with the Court for an order
authorizing the Committee to commence and prosecute causes of
action against certain officers and directors of LTV Steel and LTV
on behalf of the LTV Steel bankruptcy estate.  A hearing on the
motion was held in Bankruptcy Court on June 7, 2005.  A written
ruling was issued on Sept. 2, 2005, whereby the ACC's motion was
granted, in part, as determined in the Court's Order.  On
Sept. 13, 2005, the ACC filed a complaint in the United States
District Court for the Northern District of Ohio (the "District
Court") against certain officers and directors of LTV Steel and
LTV on behalf of the LTV Steel bankruptcy estate (the
"Complaint").  On Sept. 20, 2005, the Court granted a motion filed
by Mr. Moran, a former director and officer, for a stay pending
appeal (the "Stay Order").  On Jan. 30, 2006, the Court entered an
Agreed Order whereby, under a stipulation dated as of Nov. 30,
2005, between the ACC and the nine named defendants of the
Complaint (collectively, the "Defendants"), the Stay Order will
apply equally to the ACC and all Defendants and will stay the
lawsuit until the disposition of Mr. Moran's appeal (the "Moran
Appeal").  Also, the parties have the right to engage in limited
discovery as permitted under terms of the stipulation.  On
April 2, 2009, the ACC filed its First Amended Complaint ("First
Amended Complaint") and the ACC also filed a Notice of Lifting of
The Stipulated Stay of Proceedings.

On Nov. 8, 2006, the District Court entered an order dismissing
the Moran Appeal (the "Dismissal Order").  On Nov. 28, 2006, Mr.
Moran filed a notice of appeal of the Dismissal Order to the
United States Court of Appeals for the Sixth Circuit.  The Sixth
Circuit heard oral arguments on Jan. 15, 2009, and issued its
opinion on March 23, 2009.  The opinion of the Sixth Circuit
affirmed the Nov. 8, 2006 District Court's ruling.  On April 6,
2009, Mr. Moran filed a Petition for Rehearing and Suggestion for
Rehearing En Banc ("Petition for Rehearing") and Mr. Moran also
filed a Notice of Continuation of Stay Pending Consideration by
the Sixth Circuit of the Petition for Rehearing.  On July 15,
2009, the District Court issued an order lifting the Stay Order
previously imposed.  On July 21, 2009, the Sixth Circuit issued an
order denying the Petition for Rehearing.

On March 28, 2007, the ACC filed a motion with the Court
requesting an order to approve the appointment of a Chapter 11
trustee (the "Chapter 11 Trustee Motion").  On April 11, 2007,
April 12, 2007, and May 1, 2007, certain of the Defendants filed
motions to convert the case to Chapter 7 (the "Chapter 7 Trustee
Motion").  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.

On Sept. 18, 2009, the Defendants filed Motions to Dismiss the
First Amended Complaint.  A hearing on the Motions to Dismiss was
held in the District Court on April 16, 2010.  The District Court
issued its opinion and order on Sept. 21, 2010, denying the
Motions to Dismiss.  The discovery deadline was June 27, 2011, and
the District Court set a trial date of Nov. 21, 2011, however, due
to the pending settlement discussed below, the trial date has been
vacated.

In December 2011, the ACC reached a global settlement with the
Defendants to the Complaint and various insurance companies under
terms of a Directors, Officers and Corporate Liability Policy.
The settlement was approved by the Court on Dec. 12, 2011, and the
order became effective and enforceable immediately upon entry.
Under terms of the settlement agreement, the insurers paid
$85 million into the LTV Steel Company Qualified Settlement Fund
(the "Settlement Payment").  A portion of the Settlement Payment,
net of amounts necessary to pay the fees of the ACC's special
litigation counsel, was disbursed to administrative claimants in
December 2011, which resulted in an interim cumulative
distribution equal to 95% of the allowed administrative claims
except for certain joint and several claims which have now been
paid in full.  Sufficient funds will be available to fully pay all
other allowed administrative claims.  A final distribution to
administrative creditors will be made in early 2012.
Additionally, funds will be available to pay unsecured priority
claims on a pro rata basis.  A motion to establish a bar date for
unsecured priority claims was filed in January 2012.


MONTANA ELECTRIC: Reports $805,500 Loss in January
--------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Southern Montana Electric Generation & Transmission
Cooperative Inc. incurred a $472,000 operating loss in January on
operating revenue of $5.48 million.  The net loss in the month was
$805,500.

                  About Southern Montana Electric

Based in Billings, Montana, Southern Montana Electric Generation
and Transmission Cooperative, Inc., was formed to serve five
other electric cooperatives.  The city of Great Falls later joined
as the sixth member.  Including the city, the co-op serves a
population of 122,000.  In addition to Great Falls, the service
area includes suburbs of Billings, Montana.

Southern Montana filed for Chapter 11 bankruptcy (Bankr. D.
Mont. Case No. 11-62031) on Oct. 21, 2011.  Southern Montana
estimated assets of $100 million to $500 million and estimated
debts of $100 million to $500 million.  Timothy Gregori signed the
petition as general manager.

Jon E. Doak, Esq., at Doak & Associates, P.C., in Billings,
Montana, serves as the Debtor's counsel.  In December 2011,
Southern Montana also sought permission to employ the Goodrich Law
Firm, P.C., as general co-counsel.

Also in December, Lee A. Freeman was appointed as Chapter 11
trustee.  Mr. Freeman retained Horowitz & Burnett, P.C., as his
counsel and Waller & Womack, P.C., as local counsel.

The United States Trustee for Region 18 has appointed an Official
Committee of Unsecured Creditors in the case.

After filing for reorganization in October, the co-op agreed to a
request for appointment of a Chapter 11 trustee.


TRAILER BRIDGE: Reports $1.4 Million January Net Loss
-----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Trailer Bridge Inc. reported a $1.4 million net loss
in January on revenue of $9 million.  Reorganization expenses in
the month were $827,000 while depreciation was $452,000 and
interest was $393,000.

                       About Trailer Bridge

Headquartered in Jacksonville, Florida, Trailer Bridge, Inc. --
http://www.trailerbridge.com/-- provides integrated trucking and
marine freight service to and from all points in the lower 48
states and Puerto Rico and Dominican Republic.  This total
transportation system utilizes its own trucks, drivers, trailers,
containers and U.S. flag vessels to link the mainland with Puerto
Rico via marine facilities in Jacksonville, San Juan and Puerto
Plata.

Trailer Bridge filed a voluntary Chapter 11 petition (Bankr. M.D.
Fla. Case No. 11-08348) on Nov. 16, 2011, one day after its
$82.5 million 9.25% Senior Secured Notes became due.

Judge Jerry A. Funk presides over the case.  Gardner F. Davis,
Esq., at Foley & Lardner LLP, and DLA Piper LLP (US) serve as the
Debtor's counsel.  Global Hunter Securities LLC serves as the
Debtor's investment banker.  RAS Management Advisors LLC serves as
the Debtor's financial advisor.  Kurtzman Carson Consultants LLC
serves as claims, noticing, and balloting agent.  The Debtor
disclosed $97,345,981 in assets, and $112,538,934 in liabilities.
The petition was signed by Mark A. Tanner, co-chief executive
officer.

The Court will hold a combined hearing on the Plan and Disclosure
Statement on March 16, 2012.  The plan calls for secured
noteholders owed $86.3 million to receive a new secured note for
$65 million plus some of the new stock, for a projected 75 percent
recovery.

On Dec. 6, 2011, the U.S. Trustee appointed the Official Committee
of Unsecured Creditors in the Debtor's case.


                          *********

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 2012 .  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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herein is obtained from sources believed to be reliable, but is
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The TCR subscription rate is $775 for 6 months delivered via e-
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are $25 each.  For subscription information, contact Peter Chapman
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                  *** End of Transmission ***