TCR_Public/120526.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, May 26, 2012, Vol. 16, No. 145


AHERN RENTALS: Racks Up $3.4 Million Net Loss in March
AMBAC FINANCIAL: Has $24 Million Cash at End of March
AMERICANWEST BANCORP: Ends April With $5.53 Million in Cash
CANO PETROLEUM: Ends April With $141,380 in Cash
CHURCH STREET: Reports $5 Million Net Loss in April

FULLER BRUSH: Reorganization Costs Push Into Net Loss
HEARUSA INC: Ends March With $50.41 Million in Cash
MF GLOBAL: Has $612,000 Negative Cash Flow in April
NEBRASKA BOOK: Ends March With $108.47 Million in Cash
PMI GROUP: Ends April With $163.35 Million in Cash

SHARPER IMAGE: Ends April With $1.25 Million in Cash
TRIBUNE CO: Has $25.9 Million Profit in April


AHERN RENTALS: Racks Up $3.4 Million Net Loss in March
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Ahern Rentals Inc. reported a $3.4 million net loss
in March on sales of $29.9 million.  The monthly operating report
listed $2 million in reorganization costs, $4.8 million of
interest expense, and $7.4 million in depreciation costs.

                         About Ahern Rentals

Founded in 1953 with one location in Las Vegas, Nevada, Ahern
Rentals Inc. -- now offers rental
equipment to customers through its 74 locations in Arizona,
Arkansas, California, Colorado, Georgia, Kansas, Maryland,
Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North
Dakota, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee,
Texas, Utah, Virginia and Washington.

Ahern Rentals filed a voluntary Chapter 11 petition (Bankr. D.
Nev. Case No. 11-53860) on Dec. 22, 2011, after failing to obtain
an extension of the Aug. 21, 2011 maturity of its revolving credit
facility.  Judge Bruce T. Beesley presides over the case.  Lawyers
at Gordon Silver serve as the Debtor's counsel.  The Debtor's
financial advisors are Oppenheimer & Co. and The Seaport Group.
Kurtzman Carson Consultants LLC serves as claims and notice agent.

Counsel to Bank of America, as the DIP Agent and First Lien Agent,
are Albert M. Fenster, Esq., and Marc D. Rosenberg, Esq., at Kaye
Scholer LLP, and Robert R. Kinas, Esq., at Snell & Wilmer.
Attorneys for the Majority Term Lenders are Paul Aronzon, Esq.,
and Robert Jay Moore, Esq., at Milbank, Tweed, Hadley & McCloy
LLP.  Counsel for the Majority Second Lienholder are Paul V.
Shalhoub, Esq., Joseph G. Minias, Esq., and Ana M. Alfonso, Esq.,
at Willkie Farr & Gallagher LLP.  Attorney for GE Capital is James
E. Van Horn, Esq., at McGuirewoods LLP.  Wells Fargo Bank is
represented by Andrew M. Kramer, Esq., at Otterbourg, Steindler,
Houston & Rosen, P.C.  Allan S. Brilliant, Esq., and Glenn E.
Siegel, Esq., at Dechert LLP argue for certain revolving lenders.

Attorneys for U.S. Bank National Association, as successor to
Wells Fargo Bank, as collateral agent and trustee for the benefit
of holders of the 9-1/4% Senior Secured Notes Due 2013 under the
Indenture dated Aug. 18, 2005, is Kyle Mathews, Esq., at Sheppard,
Mullin, Richter & Hampton LLP and Timothy Lukas, Esq., at Holland
& Hart.

In its schedules, the Debtor disclosed $485.8 million in assets
and $649.9 million in liabilities.

The Official Committee of Unsecured Creditors has tapped Covington
& Burling LLP as counsel, Downey Brand LLP as local counsel, and
FTI Consulting as financial advisor.

AMBAC FINANCIAL: Has $24 Million Cash at End of March

                    Ambac Financial Group, Inc.
                           Balance Sheet
                        As of March 31, 2012


Current Assets:
Unrestricted Cash and Equivalents                   $23,993,748
Restricted Cash and Cash Equivalents                  2,500,000
Accounts Receivable                                           -
Notes Receivable                                      1,077,640
Inventories                                                   -
Prepaid Expenses                                        333,749
Professional Retainers                                3,420,099
Other Current Assets                                 10,019,501
Total Current Assets                                 41,344,737

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

Other Assets:
Amounts Due From Insiders                                     -
Other Assets                                     (1,891,414,243)
Total Other Assets                               (1,891,414,243)
Total Assets                                    ($1,850,069,506)


Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable                                              -
Taxes Payable                                        $1,900,000
Wages Payable                                                 -
Notes Payable                                                 -
Rent/Leases - Building/Equipment                              -
Secured Debt/Adequate Protection Payments                     -
Professional Fees                                    17,542,560
Amounts Due to Insiders                                 152,864
Other Postpetition Liabilities                                -
Total Postpetition Liabilities                       19,595,424

Liabilities Subject to Compromise (Prepetition):
Secured Debt                                                  -
Priority Debt                                                 -
Unsecured Debt                                    1,707,452,241
Total Prepetition Liabilities                     1,707,452,241

Total Liabilities                                 1,727,047,665

Owners' Equity:
Capital Stock                                         3,080,168
Additional Paid-in Capital                        2,172,026,548
Partners' Capital Account                                     -
Owners' Equity Account                                        -
Retained earnings - prepetition                  (3,896,443,042)
Retained earnings - postpetition                 (1,890,496,455)
Adjustments to Owner Equity                          34,715,610
Postpetition Contributions                                    -
Net Owners' Equity                               (3,577,117,171)
Total Liabilities & Owners' Equity              ($1,850,069,506)

                   Ambac Financial Group, Inc.
                     Statement of Operations
              For the month ended March 31, 2012

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

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

Gross Profit                                                  -

Operating Expenses:
Advertising                                                   -
Auto and Truck Expense                                        -
Bad Debts                                                     -
Contributions                                                 -
Employee Benefits Programs                                    -
Officer/Insider Compensation                           $161,619
Insurance                                                72,785
Management Fees/Bonuses                                       -
Office Expense                                                -
Pension & profit sharing plans                                -
Repairs & Maintenance                                         -
Rent and Lease Expense                                        -
Salaries/Commissions/Fees                                     -
Supplies                                                      -
Taxes - Payroll                                              66
Taxes - Real Estate                                           -
Taxes - Other                                                 -
Travel & Entertainment                                        -
Utilities                                                     -
Other                                                 1,061,237
Total Operating Expenses Before                       1,295,707

Depreciation/Depletion/Amortization                           -
Net profit(loss) Before Other Income &
  Expenses                                           (4,622,618)

Other Income and Expenses:
Other income                                             19,515
Interest Expense                                              -
Other Expense                                      (120,102,822)
Net profit (loss) Before Reorganization Items       118,826,630

Reorganization Items:
Professional Fees                                     2,427,192
U.S. Trustee Quarterly Fees                               7,000
Interest on Cash from Chapter 11                              -
Gain from Sale of Equipment                                   -
Other Reorganization Expenses                                 -
Total Reorganization Expenses                         2,434,192
Income Taxes                                                  -
Net Profit (Loss)                                  $116,392,438

                   Ambac Financial Group, Inc.
           Schedule of Cash Receipts and Disbursements
              For the month ended March 31, 2012

Cash Beginning of Month                             $23,941,969

Cash Sales                                                    -
Accounts Receivable - Prepetition                             -
Accounts Receivable - Postpetition                            -
Loans and Advances                                            -
Sale of Assets                                                -
Other                                                    51,844
Transfers                                                57,160
Total Receipts                                          109,004

Gross Payroll                                                 -
Sales, Use, & Other Taxes                                    65
Inventory Purchases                                           -
Secured/Rental/Leases                                         -
Insurance                                                     -
Administrative                                                -
Selling                                                       -
Other                                                         -
Owner Draw                                                    -
Transfers (to DIP Accts.)                                57,160
Professional Fees                                             -
U.S. Trustee Quarterly Fees                                   -
Court Costs                                                   -
Total Disbursements                                      57,225
Net Cash Flow                                            51,779
Cash - End of Month                                 $23,993,748

                       About Ambac Financial

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

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

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

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

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

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

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

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

Bankruptcy Creditors' Service, Inc., publishes AMBAC BANKRUPTCY
NEWS.  The newsletter tracks the Chapter 11 proceeding undertaken
by Ambac Financial Group and the restructuring proceedings of
Ambac Assurance Corp. ( 215/945-

AMERICANWEST BANCORP: Ends April With $5.53 Million in Cash
AmericanWest Bancorporation on May 18, 2012, filed its monthly
operating report from April 1, 2012, to April 30, 2012.

AmericanWest Bancorp disclosed a net loss of $6,132 for the month
ended April 30, 2012.

As of April 30, 2012, the company had total assets of $6.95
million, total liabilities of $47.41 million and total
stockholders' deficit of $40.47 million.

At the beginning of the month, the company had $5.53 million in
cash.  AmericanWest Bancorp had total cash disbursements of
$6,133.  As a result, as of April 30, 2012, the company had total
cash of $5.53 million.

A full-text copy of the monthly operating report is available at:

                 About AmericanWest Bancorporation

Headquartered in Spokane, Washington, AmericanWest Bancorporation
(OTC BB: AWBC) -- 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

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.

CANO PETROLEUM: Ends April With $141,380 in Cash
Cano Petroleum, Inc., on May 21, 2012, filed its monthly
operating report for the month ended April 30, 2012.

Cano Petroleum posted a net loss of $1.43 million for the month
ended April 30, 2012.

As of April 30, 2012, the company had total assets of $131.88
million, total liabilities of $83.50 million and total
stockholders' equity of $48.38 million.

At the beginning of April, the company had $496,004 in cash.  Cano
Petroleum had total cash disbursements of $354,625.  As a result,
as of April 30, 2012, the company had total cash of $141,380.

Copies of the operating reports of Cano Petroleum and its
affiliates are available at:


                       About Cano Petroleum

Cano Petroleum, Inc. (NYSE Amex: CFW), an independent Texas-
based energy producer with properties in the mid-continent region
of the United States, filed for Chapter 11 bankruptcy (Bank. N.D.
Tex. Lead Case No. 12-31549) on March 7, 2012.  Other affiliates
also sought bankruptcy protection: Cano Petro of New Mexico,
Ladder Companies, Inc., Square One Energy, Inc., Tri-Flow, Inc.,
W.O. Energy of Nevada, Inc., W.O. Operating Company, Ltd., W.O.
Production Company, Ltd., and WO Energy, Inc.  The cases are
jointly administered.

The Debtors filed for bankruptcy to pursue a sale under a joint
plan of reorganization filed on the petition date.  Cano Petroleum
have entered into a Stalking Horse Stock Purchase Agreement with
NBI Services Inc., pursuant to which NBI would purchase all of the
shares of common stock that would be issued by Reorganized Cano
under the Plan for $47.5 million.  The deal is subject to higher
and better offers and a possible auction.

The petitions were filed by James R. Latimer, III, chief executive
officer.  Judge Barbara J. Houser oversees the case.  The Debtors
are represented by lawyers at Thompson & Knight LLP, in Dallas

Cano Petroleum's consolidated balance sheet at Sept. 30, 2011,
showed $63.37 million in total assets, $116.25 million in total
liabilities, and a $52.88 million total stockholders' deficit.  In
schedules filed with the Court, Cano Petroleum disclosed
$1.16 million in assets and $82.5 million in liabilities.

Union Bank of California, the administrative agent and issuing
lender under the Debtors' prepetition senior credit facility; and
UnionBanCal Equities, Inc., the administrative agent and issuing
lender, under the junior credit facility, are represented by:
William A. "Trey" Wood III, Esq., at Bracewell & Giuliani LLP.

CHURCH STREET: Reports $5 Million Net Loss in April
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Church Street Health Management LLC reported a
$5 million net loss in April on revenue of $10.9 million.
Earnings before interest, taxes, depreciation and amortization in
the month were $901 million.

                        About Church Street

Church Street Health Management, LLC, a provider of management
services for 67 dental practices in 22 states, filed a Chapter 11
petition (Bankr. M.D. Tenn. Case No. 12-01573) in Nashville,
Tennessee on Feb. 20, 2012.

The following day, four affiliates, Small Smiles Holding Company,
LLC, Forba NY, LLC, EEHC, Inc., and Forba Services, LLC, filed
their Chapter 11 petitions (Case Nos. 12-01574 to 12-01577).

As of the Petition Date, the Debtors' assets have book value of
$895 million, with debt totaling $303 million.  There is about
$131.5 million owing on first-lien obligations, plus $25.6 million
on a second-lien obligation. There is an additional $152 million
on three subordinated debts.  The company's finances are
structured to comply with Islamic Shariah financing regulations.

In the Chapter 11 cases, the Debtors have engaged Waller Lansden
Dortch & Davis, LLP as bankruptcy counsel, and Alvarez & Marsal
Healthcare Industry Group, LLC, as financial and restructuring
advisor.  Martin McGahan, a managing director at A&M, will serve
as chief restructuring officer of Church Street.  Morgan Joseph
TriArtisan, LLC, is the investment banker.  Garden City Group is
the claims and notice agent.

Garrison Investment Group is providing funding for the Chapter 11
case.  The credit agreement will provide the Debtor with up to an
aggregate principal amount of $12 million in a revolving credit

FULLER BRUSH: Reorganization Costs Push Into Net Loss
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Fuller Brush Co. reported a $112,700 net loss in
April on net revenue of $2.56 million.  The month would have been
profitable were it not for $159,200 in reorganization costs.
Interest expense was another $93,800.

                  About The Fuller Brush Company

The Fuller Brush Company -- sells
branded and private label products for personal care, commercial
and household cleaning and has a current catalog of 2,000 cleaning
products.  Some of Fuller's retail partners include Home Trends,
Bi-Mart, Byerly's, Lunds, Home Depot, Do-It-Best, Primetime
Solutions, Vermont Country Store and Starcrest.

Founded in 1906 and based in Great Bend, Kansas, The Fuller Brush
Company, Inc., and its parent, CPAC, Inc., filed for Chapter 11
protection (Bankr. S.D.N.Y. Case Nos. 12-10714 and 12-10715) in
Manhattan on Feb. 21, 2012.  Fuller Brush filed for bankruptcy
five years after the company was taken over by private equity firm
Buckingham Capital Partners.

Fuller said it will be business as usual while undergoing Chapter
11 restructuring.  But it said that while in reorganization, it
intends to trim about half of the current catalog of cleaning

Herrick Feinstein LP is the bankruptcy counsel.

Fuller, which has 180 employees as of the Chapter 11 filing,
disclosed $22.9 million in assets and $50.9 million in debt.

The official committee of unsecured creditors has tapped the law
firm of Kelley Drye & Warren LLP as counsel.

The reorganization is being financed with a $5 million loan from
an affiliate of Victory Park Capital Advisors LLC, the secured
lender owed $22.7 million that plans to buy the business
in exchange for debt.

HEARUSA INC: Ends March With $50.41 Million in Cash
HUSA Liquidating Corp., f/k/a HearUSA, Inc., on May 10, 2012,
filed its monthly operating report for the month ended March 31,

At the beginning of the month, the company had $53.60 million in
cash.  HUSA Liquidating had total cash receipts of $29 and total
cash disbursements of $3.19 million.  As a result, as of March 31,
2012, the company had total cash of $50.41 million.

A full-text copy of the monthly operating report is available at:


                           About HearUSA Inc.

HearUSA, Inc., which sells hearing aids in 10 states, filed for
Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No.
11-23341) on May 16, 2011, to sell the business for $80 million to
William Demant Holdings A/S.  The Debtor said that assets are
$65.6 million against debt of $64.7 million as of March 31, 2010.
HearUSA owes $31.3 million to Siemens Hearing Instruments Inc.,
the principal supplier and primary secured lender.

Judge Erik P. Kimball presides over the case.  Brian K. Gart,
Esq., Paul Steven Singerman, Esq., and Debi Evans Galler, Esq., at
Berger Singerman, P.A., represent the Debtor.  The Debtor has
tapped Bryan Cave LLP as special counsel; Sonenshine Partners LLC,
investment banker; Development Specialist Inc., restructuring
advisor ans Joseph J. Luzinski as chief restructuring officer; and
AlixPartners LLC, as communications consultant.  Trustee Services,
Inc., serves as claims and notice agent.

The Official Committee of Unsecured Creditors has been appointed
in the case.  Robert Paul Charbonneau, Esq., and Daniel L. Gold,
Esq., at Ehrenstein Charbonneau Calderin, represent the Creditors

An Official Committee of Equity Security Holders has also been
appointed.  Mark D. Bloom, Esq., at Greenberg Traurig P.A., in
Miami, Fla., represents the Equity committee as counsel.

The U.S. Bankruptcy Court approved on Aug. 17, 2011, the sale of
substantially all of the assets of the Company to Audiology
Distribution, LLC, a wholly owed subsidiary of Siemens Hearing
Instruments, Inc., which submitted the highest and best bid for
the assets in a July 29, 2011 auction pursuant to 11 U.S.C.
Section 363.  The purchase price is estimated to be roughly $109
million and comprised of $66.8 million in cash plus certain
assumed liabilities -- which includes repayment or assumption of
the $10 million DIP financing provided by the stalking horse
bidder, William Demant Holdings A/S -- plus the payment of cure
costs for assumed contracts, and the assumption of various
liabilities of the company.

On Sept. 9, 2011, the sale closed.

In connection with the closing of the transactions contemplated by
the Asset Purchase Agreement, on Sept. 13, 2011, the Company filed
a Certificate of Amendment to its Restated Certificate of
Incorporation with the Delaware Secretary of State in order to
change its name to "HUSA Liquidating Corporation".  The
Certificate of Amendment was effective on the date of filing.

The TCR reported on May 10, 2012, HUSA Liquidating Corporation
said the Amended Chapter 11 Plan of Liquidation of HearUSA, Inc.
nka HUSA Liquidating Corporation was approved on May 8, 2012, by
the United States Bankruptcy Court for the Southern District of
Florida, West Palm Beach Division.

The Plan is to become effective on a date that is 30 days after
entry of the confirmation order and all conditions precedent have
been satisfied, which is currently expected to be June 7, 2012.
On the Effective Date, all of the Company's remaining assets,
consisting primarily of cash received from the sale of
substantially all of its assets in September 2011, will be
transferred to a Liquidating Trust, shares of the Company's common
stock will be extinguished, holders will be entitled to an
interest in the Liquidating Trust, and the Company will be

MF GLOBAL: Has $612,000 Negative Cash Flow in April

                     MF Global Holdings Ltd.
             Schedule of Receipts and Disbursements
               For the period April 1 to 30, 2012

Cash inflows:
Transfer in from MF Global Holdings USA Inc.                -
  Debtor Intercompany                                 $926,168
  Other cash                                           342,014
Total inflows                                        1,268,182

Cash outflows:
Debtor Intercompany                                  (926,168)

Payroll, Payroll Taxes and Benefits                  (733,028)

Office Rent and Facility Expenses                     (20,111)

Other fees                                           (201,497)
Total cash outflows                                 (1,880,805)
Net Cash Flows                                       ($612,622)

                     MF Global Holdings Ltd.
              Summary of Cash Collateral Borrowings
                   and Unpaid Postpetition Debts
                For the period April 1 to 30, 2012

Available Cash Collateral
Available Cash Collateral Funds Provided by
JP Morgan Chase Bank, N.A. as of March 31, 2012     $19,353,662

April payroll and employee benefits                    (460,320)

Office and rent expenses                               (213,275)

Repayment of cash collateral under Cash Collateral Order      -
Available Cash Collateral funds provided by
JP Morgan Chase Bank, N.A.                           18,860,066
Total Cash Collateral Funds Used                      ($673,595)

Unpaid postpetition trade payables                     $402,800

Debtors' Professional Fees Before Chapter 11
Trustee Appointment                                 $6,683,000
Fees for Chapter 11 Trustee and his professionals    11,108,127
Committee Professionals' Fees                         7,003,314
Total Accrued Professional Fee Estimate             $24,794,441

A full-text copy of the April 2012 Operating Report is available
for free at

                          About MF Global

New York-based MF Global (NYSE: MF) --
-- was one of the world's leading brokers of commodities and
listed derivatives.  MF Global provided access to more than 70
exchanges around the world.  The firm also was one of 22 primary
dealers authorized to trade U.S. government securities with the
Federal Reserve Bank of New York.  MF Global's roots go back
nearly 230 years to a sugar brokerage on the banks of the Thames
River in London.

MF Global Holdings Ltd. and MF Global Finance USA Inc. filed
voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos.
11-15059 and 11-5058) on Oct. 31, 2011, after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.  It was the largest bankruptcy filing in 2011.

MFGH's subsidiaries MF Global Capital LLC, MF Global FX
Clear LLC and MF Global Market Services, LLC filed for bankruptcy
protection on Dec. 19, 2011.

MF Global Holdings USA Inc., doing business as Farr Whitlock Dixon
& Co. Inc., and Man Group USA Inc., filed a Chapter 11 petition on
March 2, 2012.  Holdings USA provided administrative services to
MF Ltd. and its domestic subsidiaries.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.

Louis J. Freeh was named the Chapter 11 Trustee for the bankruptcy
cases of MF Global Holdings Ltd. and its affiliates.  The Trustee
tapped (i) Freeh Sporkin & Sullivan LLP, as investigative counsel;
(ii) FTI Consulting Inc., as restructuring advisors; (iii)
Morrison & Foerster LLP, as bankruptcy counsel; and (iv) Pepper
Hamilton as special counsel; and (h) authorizing the Committee to
retain and employ (i) Dewey & LeBoeuf LLP, as the Committee's
counsel; and (ii) Capstone Advisory Group LLC as financial

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at Hughes
Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.  Seven directors of MF Global Holdings resigned from their
posts on Nov. 28, 2011.

U.S. regulators are investigating about $633 million missing from
MF Global customer accounts, a person briefed on the matter said
Nov. 3, according to Bloomberg News.

The New York Stock Exchange has removed MFGI securities from

Bankruptcy Creditors' Service, Inc., publishes MF GLOBAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by MF Global Holdings and other insolvency and
bankruptcy proceedings undertaken by its affiliates.
( 215/945-7000)

NEBRASKA BOOK: Ends March With $108.47 Million in Cash
NBC Acquisition Corp. and its affiliates on May 18, 2012, filed
its monthly operating report for the year ended March 31, 2012.

The Debtor reported a consolidated net loss of $158.36 million on
$524.95 million of revenue for the year ended March 31, 2012.

As of March 31, 2012, the Debtor had total assets of $457.74
million, total liabilities of $669.44 million and total
stockholders' deficit of $211.70 million.

As of Mar. 31, 2012, the Company had total cash balance of $108.47

A full-text copy of the monthly operating report is available at:


                        About Nebraska Book

Lincoln, Nebraska-based Nebraska Book Company, Inc., is one of the
leading providers of new and used textbooks for college students
in the United States.  Nebraska Book and seven affiliates filed
separate Chapter 11 petitions (Bankr. D. Del. Case Nos. 11-12002
to 11-12009) on June 27, 2011.  Hon. Peter J. Walsh presides over
the case.  Lawyers at Kirkland & Ellis LLP and Pachulski Stang
Ziehl & Jones LLP, serve as the Debtors' bankruptcy counsel.  The
Debtors; restructuring advisors are AlixPartners LLC; the
investment bankers are Rothschild, Inc.; the auditors are Deloitte
& Touche LLP; and the claims agent is Kurtzman Carson Consultants
LLC.  As of the Petition Date, the Debtors had consolidated assets
of $657,215,757 and debts of $563,973,688.

JPMorgan Chase Bank N.A., as administrative agent for the DIP
lenders, is represented by lawyers at Richards, Layton & Finger,
P.A., and Simpson Thacher & Bartlett LLP.  J.P. Morgan Investment
Management Inc., the DIP arranger, is represented by lawyers at
Bayard, P.A., and Willkie Farr & Gallagher LLP.

An ad hoc committee of holders of more than 50% of the Debtors'
Second Lien Notes is represented by lawyers at Brown Rudnick.  An
ad hoc committee of holders of the Debtors' 8.625% unsecured
notes are represented by Milbank, Tweed, Hadley & McCloy LLP.

The Official Committee of Unsecured Creditors selected Lowenstein
Sandler LLP and Stevens & Lee, P.C., as lawyers and Mesirow
Financial Inc. as financial advisers.

Nebraska Book has been unable to confirm a pre-packaged Chapter 11
plan that would have swapped some of the existing debt for new
debt, cash and the new stock, due to an inability to secure
$250 million in exit financing.

The company has a confirmation hearing scheduled on May 30 for
approval of a revised reorganization plan.  The plan gives the new
stock plus a new $100 million second-lien note to holders of the
existing $200 million in second-lien debt, for a projected 81
percent recovery.

PMI GROUP: Ends April With $163.35 Million in Cash
PMI Group, Inc., on May 22, 2012, filed its monthly operating
report for the month ended April 30, 2012.

The Debtor reported a net income of $128,428 for the month ended
April 30, 2012.

As of April 30, 2012, the Debtor had total assets of $234.42
million, total liabilities of $768.41 million and total
stockholders' deficit of $533.99 million.

At the beginning of the month, PMI Group had $164.06 million in
cash.  The Debtor had total cash receipts of $19,104 and total
cash disbursements of $724,495.  As a result, at the end of the
month, PMI Group had total cash of $163.35 million.

A full-text copy of the monthly operating report is available at:


                        About The PMI Group

Del.-based The PMI Group, Inc., is an insurance holding company
whose stock had, until Oct. 21, 2011, been publicly-traded on the
New York Stock Exchange.  Through its principal regulated
subsidiary, PMI Mortgage Insurance Co., and its affiliated
companies, the Debtor provides residential mortgage insurance in
the United States.

The PMI Group filed for Chapter 11 bankruptcy (Bankr. D. Del. Case
No. 11-13730) on Nov. 23, 2011.  In its schedules, the Debtor
disclosed $167,963,354 in assets and $770,362,195 in liabilities.
Stephen Smith signed the petition as chairman, chief executive
officer, president and chief operating officer.

The Debtor said in the filing that it does not have the financial
resources to pay the outstanding principal amount of the 4.50%
Convertible Senior Notes, 6.000% Senior Notes and the 6.625%
Senior Notes if those amounts were to become due and payable.

The Debtor is represented by James L. Patton, Esq., Pauline K.
Morgan, Esq., Kara Hammond Coyle, Esq., and Joseph M. Barry, Esq.,
at Young Conaway Stargatt & Taylor LLP.

The Official Committee of Unsecured Creditors appointed in the
case retained Morrison & Foerster LLP and Womble Carlyle Sandridge
& Rice, LLP, as bankruptcy co-counsel.  Peter J. Solomon Company
serves as the Committee's financial advisor.

SHARPER IMAGE: Ends April With $1.25 Million in Cash
TSIC, Inc., formerly known as Sharper Image Corp., on May 17,
2012, filed its monthly operating report for the month ended
April 30, 2012.

TSIC posted a net loss of $187,997 for the month ended April 30,

As of April 30, 2012, the company had total assets of $2.10
million, total liabilities of $(95.59) million and total
stockholders' equity of $93.49 million.

At the beginning of April, the company had $1.33 million in cash.
TSIC had total cash receipts of $131 and total cash disbursements
of $79,385.  As a result, at the end of the month, the company had
total cash of $1.25 million.

A full-text copy of the monthly operating report is available at:


                        About Sharper Image

Headquartered in San Francisco, California, Sharper Image Corp. -- 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.

TRIBUNE CO: Has $25.9 Million Profit in April

                       Tribune Company, et al.
                   Condensed Combined Balance Sheet
                          As of April 22, 2012

Current Assets:
  Cash and cash equivalents                     $1,475,995,000
  Accounts receivable, net                         467,132,000
  Inventories                                       25,691,000
  Broadcast rights                                 198,503,000
  Prepaid expenses and other                       204,182,000
Total current assets                             2,371,503,000

Property, plant and equipment, net                 923,524,000

Other Assets:
  Broadcast rights                                 100,513,000
  Goodwill & other intangible assets, net          770,229,000
  Prepaid pension costs                                      -
  Investments in non-debtor units                1,525,681,000
  Other investments                                 39,633,000
  Intercompany receivables from non-debtors      3,029,979,000
  Restricted cash                                  727,453,000
  Other                                             99,512,000
Total Assets                                    $9,588,027,000


Current Liabilities:
  Current portion of broadcast rights             $133,534,000
  Current portion of long-term debt                  2,355,000
  Accounts payable, accrued expenses, and other    396,530,000
Total current liabilities                          532,419,000

Pension obligations                                507,016,000
Long-term broadcast rights                          98,157,000
Long-term debt                                       3,465,000
Other obligations                                  173,352,000
Total Liabilities                                1,314,409,000

Liabilities Subject to Compromise:
  Intercompany payables to non-debtors           3,459,117,000
  Obligations to third parties                  13,012,515,000
Total Liabilities Subject to Compromise         16,471,632,000

Shareholders' Equity (Deficit)                  (8,198,014,000)
Total Liabilities & Shareholders'
Equity (Deficit)                               $9,588,027,000

                   Tribune Company, et al.
          Condensed Combined Statement of Operations
        For the Period From March 26 to April 22, 2012

Total Revenue                                      $225,311,000

Operating Expenses:
  Cost of sales                                    121,861,000
  Selling, general and administrative               71,821,000
  Depreciation                                      10,144,000
  Amortization of intangible assets                  1,398,000
Total operating expenses                           205,224,000

Operating Profit (Loss)                             20,087,000
Income on equity investments, net                      811,000
Interest expense, net                               (3,678,000)
Management fee                                      (1,192,000)
Non-operating income (loss), net                    16,242,000
Income (loss) before income taxes & Reorg. Costs    32,270,000
Reorganization costs                                (4,362,000)
Income (loss) before income taxes                   27,908,000
Income taxes                                        (2,037,000)
Income (loss) from continuing operations            25,871,000
Income from discontinued operations, net of tax              -
Net Income (Loss)                                  $25,871,000

                     Tribune Company, et al.
            Combined Schedule of Operating Cash Flow
         For the Period From March 26 to April 22, 2012

Beginning Cash Balance                          $2,182,994,000

Cash Receipts:
  Operating receipts                               206,834,000
  Other                                             20,957,000
Total Cash Receipts                                227,791,000

Cash Disbursements
  Compensation and benefits                         81,976,000
  General disbursements                            132,715,000
  Reorganization related disbursements                 103,000
Total Disbursements                                214,794,000
Debtors' Net Cash Flow                              12,997,000
From/(To) Non-Debtors                                4,160,000
Net Cash Flow                                       17,157,000
Other                                               (5,529,000)
Ending Available Cash Balance                   $2,194,621,000

                       About Tribune Co.

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

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

Protracted negotiations and mediation efforts and numerous
proposed plans of reorganization filed by Tribune Co. and
competing creditor groups have delayed Tribune's emergence from
bankruptcy.  Many of the disputes among creditors center on the
2007 leveraged buyout fraudulence conveyance claims, the
resolution of which is a key issue in the bankruptcy case.  The
bankruptcy court has scheduled a May 16 hearing on Tribune's plan.

Tribune CRO Don Liebentritt said it is possible the media company
could emerge late in the third quarter of 2012.

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


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

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  Go 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

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

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

                  *** End of Transmission ***