TCR_Public/120707.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

            Saturday, July 7, 2012, Vol. 16, No. 187

                            Headlines

AMERICAN AIRLINES: Has $132 Million Net Loss in May
CANO PETROLEUM: Ends May With ($167,108) in Cash
DELTA PETROLEUM: Posts $2.39 Million Operating Loss in May
EASTMAN KODAK: Has $88,320 Net Loss in May
EXTERRA ENERGY: Ends May With $84,770 in Cash

FIRSTFED FINANCIAL: Ends May With $2.14 Million in Cash
FULLER BRUSH: Reports $37,000 Net Loss in May
GLOBAL AVIATION: May Operating Loss is $2.13 Million
HAWKER BEECHCRAFT: Reports $89.7 Million Loss in May
INNER CITY: ICBC Broadcast Has $6,485 in Cash at the End of April

JER JAMESON: Has $80,416 Net Cash Inflow For The Month of May
MARCO POLO: Has $3.38 Million Net Income for the Month of May
MSR RESORT: Ends May With $20.17 Million in Cash
PINNACLE AIRLINES: Ends May With $56.77 Million in Cash
PMI GROUP: Ends May With $161.93 Million in Cash

SHARPER IMAGE: Ends May With $1.19 Million in Cash
SHENGDATECH INC: Ends May With $5.27 Million in Cash
TOUSA INC: Ends May With $319.16 Million in Cash





                          *********


AMERICAN AIRLINES: Has $132 Million Net Loss in May
---------------------------------------------------

                        AMR Corporation, et al.
                    Condensed Consolidated Balance Sheet
                         As of May 31, 2012

ASSETS
Current Assets
Cash                                              $429,000,000
Short-term investments                           4,683,000,000
Restricted cash and short-term investments         771,000,000
Receivables, net                                 1,059,000,000
Inventories, net                                   625,000,000
Fuel derivative contracts                           13,000,000
Other current assets                               461,000,000
                                             ------------------
                                                  8,041,000,000
Equipment and property
Flight equipment, net                           10,713,000,000
Other equipment and property, net                2,101,000,000
Purchase deposits for flight equipment             639,000,000
                                             ------------------
                                                 13,453,000,000

Equipment and property under capital leases
Flight equipment, net                              251,000,000
Other equipment and property, net                   67,000,000
                                             ------------------
                                                    318,000,000

International slots and route authorities           708,000,000
Domestic slots and airport operating and gate
lease rights, less accumulated amortization,
net                                                175,000,000
Other assets                                      1,967,000,000
                                             ------------------
TOTAL ASSETS                                    $24,662,000,000
                                             ==================

Liabilities and stockholders' equity (deficit)
Current liabilities
Accounts payable                                $1,291,000,000
Accrued liabilities                              1,777,000,000
Air traffic liability                            5,250,000,000
Current maturities of long-term debt             1,640,000,000
Current obligations under capital leases            58,000,000
Fuel derivative liability                           16,000,000
                                             ------------------
Total current liabilities                       10,032,000,000

Long-term debt, less current maturities          6,359,000,000
Obligations under capital leases, less
current obligations                                303,000,000
Pension and postretirement benefits                 77,000,000
Other liabilities, deferred gains and
deferred credits                                 1,667,000,000
                                             ------------------
Liabilities subject to compromise                15,249,000,000

Stockholders' Equity
Preferred stock                                              -
Common stock                                       341,000,000
Additional paid-in capital                       4,474,000,000
Treasury stock                                    (367,000,000)
Accumulated other comprehensive income (loss)   (4,091,000,000)
Accumulated deficit                             (9,382,000,000)
                                             ------------------
                                                 (9,025,000,000)
                                             ------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY      $24,662,000,000
                                             ==================

                      AMR Corporation, et al.
                Consolidated Statement of Operations
                   Month Ended May 31, 2012

Revenues
Passenger - American Airlines                   $1,610,000,000
          - Regional Affiliates                     262,000,000
Cargo                                               60,000,000
Other revenues                                     237,000,000
                                             ------------------
Total operating revenues                         2,169,000,000

Expenses
Aircraft fuel                                      768,000,000
Wages, salaries and benefits                       599,000,000
Other rentals and landing fees                     113,000,000
Maintenance, materials and repairs                 117,000,000
Depreciation and amortization                       85,000,000
Commissions, booking fees and credit card expense   85,000,000
Aircraft rentals                                    44,000,000
Food service                                        45,000,000
Other operating expenses                           258,000,000
                                             ------------------
                                                  2,114,000,000
                                             ------------------
Operating income (loss)                              55,000,000

Other income (expense)
Interest income                                      2,000,000
Interest expense                                   (55,000,000)
Interest capitalized                                 4,000,000
Miscellaneous - net                                 (4,000,000)
                                             ------------------
                                                    (53,000,000)
                                             ------------------
Income (loss) before reorganization items             2,000,000

Reorganization items, net                          (134,000,000)
                                             ------------------
Income (loss) before income taxes                  (132,000,000)
Income tax                                                    -
                                             ------------------
Net income (loss)                                 ($132,000,000)
                                             ==================

                     AMR Corporation, et al.
             Condensed Consolidated Statement of Cash Flows
                     Month Ended May 31, 2012

Net cash provided by (used for) Operating
Activities                                        $350,000,000

Cash flow from investing activities:
Capital expenditures, including aircraft
lease deposits                                     (84,000,000)
Net (increase) decrease in short-term investments (283,000,000)
Net (increase) decrease in restricted cash and
short-term investments                                       -
Proceeds from sale of equipment and property                 -
                                             ------------------
Net cash used for investing activities            (367,000,000)

Cash flow from financing activities:
Payments on long-term debt and capital
lease obligations                                  (53,000,000)
Proceeds from:
Issuance of debt                                             -
Sale leaseback transactions                         81,000,000
Other                                                        -
                                             ------------------
                                                     28,000,000
                                             ------------------
Net increase (decrease) in cash                      11,000,000
Cash at beginning of period                         418,000,000
                                             ------------------
Cash at end of period                              $429,000,000
                                             ==================

                      About American Airlines

AMR Corp. and its subsidiaries including American Airlines, the
third largest airline in the United States, filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan
on Nov. 29, 2011, after failing to secure cost-cutting labor
agreements.

AMR, previously the world's largest airline prior to mergers by
other airlines, is the last of the so-called U.S. legacy airlines
to seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnection
carrier serve 260 airports in more than 50 countries and
territories with, on average, more than 3,300 daily flights.  The
combined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on $18.02 billion
of total operating revenues for the nine months ended Sept. 30,
2011.  AMR recorded a net loss of $471 million in the year 2010, a
net loss of $1.5 billion in 2009, and a net loss of $2.1 billion
in 2008.

AMR's balance sheet at Sept. 30, 2011, showed $24.72 billion
in total assets, $29.55 billion in total liabilities, and a
$4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtors.  Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law
Group, Chartered, are on board as special counsel.  Rothschild
Inc., is the financial advisor.   Garden City Group Inc. is the
claims and notice agent.

Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and
Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
serve as counsel to the Official Committee of Unsecured Creditors
in AMR's chapter 11 proceedings.  Togut, Segal & Segal LLP is the
co-counsel for conflicts and other matters; Moelis & Company LLC
is the investment banker, and Mesirow Financial Consulting, LLC,
is the financial advisor.

Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINES
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by AMR Corp. and its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).


CANO PETROLEUM: Ends May With ($167,108) in Cash
------------------------------------------------
Cano Petroleum, Inc., on June 21, 2012, filed its monthly
operating report for the month ended May 31, 2012.

The Debtor reported a net loss of $1.47 million for the month
ended May 31, 2012.

As of May 31, 2012, the Debtor had total assets of
$129.78 million, total liabilities of $83.29 million and total
stockholders' equity of $46.50 million.

At the beginning of the month, Cano Petroleum had $141,380 in
cash.  The Debtor had total cash disbursements of $308,488.  As a
result, at the end of May, Cano Petroleum had total cash of
($167,108).

Copies of the monthly operating report of Cano Petroleum and its
affiliates is available at:

               http://ResearchArchives.com/t/s?77a3

                       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
Texas.

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.


DELTA PETROLEUM: Posts $2.39 Million Operating Loss in May
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Delta Petroleum Corp. reported a $2.39 million
operating loss in May on total revenue of $2.65 million.  The
operating report filed with the bankruptcy court in Delaware
listed $1.67 million in depreciation and depletion charges in May.
The net loss for the month was $5.8 million, including $2.28
million in professional fees.  Since the beginning of the
bankruptcy reorganization in December, the cumulative operating
loss is $10.96 million on revenue of $17.34 million. Cumulative
depreciation and depletion charges are $9.54 million.

                       About Delta Petroleum

Delta Petroleum Corporation (NASDAQ: DPTR) is an independent oil
and gas company engaged primarily in the exploration for, and the
acquisition, development, production, and sale of, natural gas and
crude oil.  Natural gas comprises over 90% of Delta's production
services.  The core area of its operations is the Rocky Mountain
Region of the United States, where the majority of the proved
reserves, production and long-term growth prospects are located.

Delta and seven of its subsidiaries sought Chapter 11 bankruptcy
protection (Bankr. D. Del. Case Nos. 11-14006 to 11-14013,
inclusive) on Dec. 16, 2011, roughly six weeks before the Jan. 31,
2012 scheduled maturity of its $38.5 million secured credit
facility with Macquarie Bank Limited and after several months of
unsuccessful attempts to sell the business.  Delta disclosed
$375,498,248 in assets and $310,679,157 in liabilities, which also
include $152,187,500 in outstanding obligations on account of the
7% senior unsecured notes issued in March 2005 with US Bank
National Association indenture trustee; and $115,527,083 in
outstanding obligations on account of 3-3/4% Senior Convertible
Notes due 2037 issued in April 2007.  In its amended schedules,
the Delta Petroleum disclosed $373,836,358 in assets and
$312,864,788 in liabilities.

W. Peter Beardsley, Esq., Christopher Gartman, Esq., Kathryn A.
Coleman, Esq., and Ashley J. Laurie, Esq., at Hughes Hubbard &
Reed LLP, in New York, N.Y., represent the Debtors as counsel.
Derek C. Abbott, Esq., Ann C. Cordo, Esq., and Chad A. Fights,
Esq., at Morris, Nichols, Arsht & Tunnel LLP, in Wilmington, Del.,
represent the Debtors as co-counsel.  Conway Mackenzie is the
Debtors' restructuring advisor.  Evercore Group L.L.C. is the
financial advisor and investment banker.  The Debtors selected
Epiq Bankruptcy Solutions, LLC as claims and noticing agent.  The
petition was signed by Carl E. Lakey, chief executive officer and
president.

Laramie Energy II LLC has been approved by the Court to serve as
the sponsor for Delta's reorganization plan.


EASTMAN KODAK: Has $88,320 Net Loss in May
------------------------------------------
Eastman Kodak Co. and its affiliated debtors filed with the U.S.
Bankruptcy Court in Manhattan their operating report disclosing
these cash receipts and disbursements for the month ended
May 31, 2012:

                         Receipts   Disbursements     Total
                        ----------- -------------  -----------
Kodak Realty, Inc.               $-            $-           $-
Eastman Kodak Company   205,554,563  (227,049,584) (21,495,022)
Creo Manufacturing America        -             -            -
Eastman Kodak International
  Capital Company Inc.            -             -            -
Far East Development Ltd.         -             -            -
FPC Inc.                    592,676      (408,879)     183,796
Kodak (Near East) Inc.    2,444,431    (2,055,796)     388,635
Kodak Americas Ltd.               -        (6,372)      (6,372)
Kodak Aviation Leasing LLC        -             -            -
Kodak Imaging Network Inc.        -    (6,195,289)  (6,195,289)
Kodak Philippines Ltd.      286,630      (167,743)     118,887
Kodak Portuguesa Limited          -             -            -
Laser-Pacific Media Corp.       581          (581)           -
NPEC Inc.                         -      (185,085)    (185,085)
Pakon Inc.                        -             -            -
Qualex Inc.               3,421,706    (1,886,240)   1,535,465

Eastman Kodak Company also reported a $88,320 net loss for
the month ended May 31, 2012.  The previous month it reported
$91,339,000 net loss.

A copy of the May 2012 operating report is available for free
at http://bankrupt.com/misc/Kodak_May2012MOR.pdf

                       About Eastman Kodak

Rochester, New York-based Eastman Kodak Company and its U.S.
subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11
petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan.
Subsidiaries outside of the U.S. were not included in the filing
and are expected to continue to operate as usual.

Kodak, founded in 1880 by George Eastman, was once the world's
leading producer of film and cameras.  Kodak sought bankruptcy
protection amid near-term liquidity issues brought about by
steeper-than-expected declines in Kodak's historically profitable
traditional businesses, and cash flow from the licensing and sale
of intellectual property being delayed due to litigation tactics
employed by a small number of infringing technology companies with
strong balance sheets and an awareness of Kodak's liquidity
challenges.

In recent years, Kodak has been working to transform itself from a
business primarily based on film and consumer photography to a
smaller business with a digital growth strategy focused on the
commercialization of proprietary digital imaging and printing
technologies.  Kodak has 8,900 patent and trademark registrations
and applications in the United States, as well as 13,100 foreign
patents and trademark registrations or pending registration in
roughly 160 countries.

Kodak disclosed $5.10 billion in assets and $6.75 billion in
liabilities as of Sept. 30, 2011.  The net book value of all
assets located outside the United States as of Dec. 31, 2011 is
$13.5 million.

Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtors.  FTI Consulting,
Inc., is the restructuring advisor.   Lazard Freres & Co. LLC, is
the investment banker.   Kurtzman Carson Consultants LLC is the
claims agent.

The Official Committee of Unsecured Creditors has tapped
Milbank, Tweed, Hadley & McCloy LLP, as its bankruptcy counsel.

Michael S. Stamer, Esq., David H. Botter, Esq., and Abid Qureshi,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the
Unofficial Second Lien Noteholders Committee.

Robert J. Stark, Esq., Andrew Dash, Esq., and Neal A. D'Amato,
Esq., at Brown Rudnick LLP, represent Greywolf Capital Partners
II; Greywolf Capital Overseas Master Fund; Richard Katz, Kenneth
S. Grossman; and Paul Martin.


EXTERRA ENERGY: Ends May With $84,770 in Cash
---------------------------------------------
Exterra Energy, Inc., on June 25, 2012, filed its monthly
operating report for the month ended May 31, 2012.

The company posted a net loss of $11,893 on net revenue of $43,699
for the month ended May 31, 2012.

As of May 31, 2012, the company had total assets of $4.81 million,
total liabilities of $8.32 million and total stockholders' deficit
of $3.51 million.

At the beginning of the month, Exterra Energy had $41,071 in cash.
For the month of May, the Debtor had total cash receipts of
$43,699 and no cash disbursements.  At the end of May, the company
had total cash of $84,770.

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

http://www.sec.gov/Archives/edgar/data/1367387/000089742312000046/
exhibit991.htm

                       About Exterra Energy

Exterra Energy Inc., an oil and natural-gas exploration and
production company in Amarillo, Texas, filed a bare-bones Chapter
11 petition (Bankr. N.D. Tex. Case No. 11-46956) on Dec. 15, 2011,
in Fort Worth.  Two weeks later, Exterra filed its schedules of
assets and liabilities claiming to have property worth $19.4
million.  The company also filed a balance sheet from February
listing assets of $5.1 million.  The formal bankruptcy lists show
total debt of $7.5 million, including $4.6 million in secured
claims.  The company's Web site says Exterra has 12 wells in Pecos
County, Texas, plus interests in another 50.


FIRSTFED FINANCIAL: Ends May With $2.14 Million in Cash
-------------------------------------------------------
FirstFed Financial Corp. on June 21, 2012, filed its monthly
operating report for the month ended May 31, 2012.

The Debtor posted a net loss of $89,252 for the month ended
May 31, 2012.

As of May 31, 2012, the Debtor had total assets of $2.32 million,
total liabilities of $159.62 million and total stockholders'
deficit of $157.30 million.

At the beginning of the month, FirstFed Financial had
$2.23 million in cash.  The Debtor had total cash disbursements of
$87,239.  As a result, at the end of May, FirstFed Financial had
total cash of $2.14 million.

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

http://www.sec.gov/Archives/edgar/data/810536/000119312512278148/d
369066dex991.htm

                     About FirstFed Financial

Irvine, Calif.-based FirstFed Financial Corp. is the bank
holding company for First Federal Bank of California and its
subsidiaries.  The Bank was closed by federal regulators on
Dec. 18, 2009.

FirstFed Financial Corp. filed for Chapter 11 protection (Bankr.
C.D. Calif. Case No. 10-10150) on Jan. 6, 2010.  Jon L. Dalberg,
Esq., at Landau Gottfried & Berger LLP, represents the Debtor in
its restructuring effort.  Garden City Group is the claims and
notice agent.  The Debtor disclosed assets at $1 million and
$10 million, and debts at $100 million and $500 million.

The Debtor's exclusive period to propose a plan expired in
January 2011.

The Debtor has proposed a Plan of Liquidation, which proposes an
orderly liquidation of the Debtor's estate.  Holdco Advisors L.P.,
submitted a competing plan of reorganization.


FULLER BRUSH: Reports $37,000 Net Loss in May
---------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Fuller Brush Co. reported a net loss of $37,000 in
May on revenue of $3.1 million, according to an operating report
filed with the U.S. Bankruptcy Court in Manhattan.  The net loss
resulted from $110,000 in interest expense and reorganization
costs of $162,000.

                  About The Fuller Brush Company

The Fuller Brush Company -- http://www.fuller.com/-- 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
products.

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.


GLOBAL AVIATION: May Operating Loss is $2.13 Million
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Global Aviation Holdings Inc., the parent of World
Airways Inc. and North American Airlines Inc., reported a $2.13
million operating loss in May on operating revenue of $49.78
million.  Interest expense of $4.5 million and $6.93 million in
"reorganization items" resulted in a net loss of $15.8,
according to the operating report filed with the bankruptcy
court in Brooklyn.

                    About Global Aviation Holdings

Global Aviation Holdings Inc., based in Peachtree City, Ga., is
the parent company of North American Airlines and World Airways.
Global is the largest commercial provider of charter air
transportation for the U.S. military, and a major provider of
worldwide commercial global passenger and cargo air transportation
services.  North American Airlines, founded in 1989 and based in
Jamaica, N.Y., operates passenger charter flights using B757-200ER
and B767-300ER aircraft.  World Airways, founded in 1948 and based
in Peachtree City, Ga., operates cargo and passenger charter
flights using B747-400 and MD-11 aircraft.

Global Aviation, along with affiliates, filed Chapter 11 petitions
(Bankr. E.D.N.Y. Case No. 12-40783) on Feb. 5, 2012.

Global's lead counsel in connection with the restructuring is
Kirkland & Ellis LLP and its financial advisor is Rothschild.
Kurtzman Carson Consultants LLC is the claims agent.

The Debtors disclosed $589.8 million in assets and $493.2 million
in liabilities as of Dec. 31, 2011.  Liabilities include $146.5
million on 14% first-lien secured notes and $98.1 million on a
second-lien term loan.  Wells Fargo Bank NA is agent for both.

Global said it will use Chapter 11 to shed 16 of 30 aircraft.
In addition, Global said it will use Chapter 11 to negotiate new
collective bargaining agreements with its unions and deal with
liabilities on multi-employer pension plans.

On Feb. 13, 2012, the U.S. Trustee for Region 2 appointed a seven
member official committee of unsecured creditors in the case.  The
Committee tapped Lowenstein Sandler PC as its counsel, and
Imperial Capital, LLC as its financial advisor.


HAWKER BEECHCRAFT: Reports $89.7 Million Loss in May
----------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Hawker Beechcraft Inc. reported a net loss of $89.7
million in May on sales of $144.8 million.  The cost of sales
exceeded revenue by $3.3 million. The net loss stemmed mostly from
a $33 million operating loss and $43.8 million in interest
expense.  Reorganization costs were another $4.8 million.

                   About Hawker Beechcraft

Hawker Beechcraft Inc., a designer and manufacturer of light and
medium-sized jet, turboprop and piston aircraft, filed for Chapter
11 reorganization together with 17 affiliates (Bankr. S.D.N.Y.
Lead Case No. 12-11873) on May 3, 2012, having already negotiated
a plan that eliminates $2.5 billion in debt and $125 million of
annual cash interest expense.

The plan, to be filed by June 30, will give 81.9% of the new stock
to holders of $1.83 billion of secured debt, while 18.9% of the
new shares are for unsecured creditors.  The proposal has support
from 68% of secured creditors and holders of 72.5% of the senior
unsecured notes.

Hawker is 49%-owned by affiliates of Goldman Sachs Group Inc. and
49%-owned by Onex Corp.  The Company's balance sheet at Dec. 31,
2011, showed $2.77 billion in total assets, $3.73 billion in total
liabilities and a $956.90 million total deficit.  Other claims
include pensions underfunded by $493 million.

Hawker's legal representative is Kirkland & Ellis LLP, its
financial advisor is Perella Weinberg Partners LP and its
restructuring advisor is Alvarez & Marsal.  Epiq Bankruptcy
Solutions LLC is the claims and notice agent.

Sidley Austin LLP serves as legal counsel and Houlihan Lokey
Howard & Zukin Capital Inc. serves as financial advisor to the DIP
Agent and the Prepetition Agent.

Wachtell, Lipton, Rosen & Katz represents an ad hoc committee of
senior secured prepetition lenders holding 70% of the loans.

Milbank, Tweed, Hadley & McCloy LLP represents an ad hoc committee
of holders of the 8.500% Senior Fixed Rate Notes due 2015 and
8.875%/9.625% Senior PIK Election Notes due 2015 issued by Hawker
Beechcraft Acquisition Company LLC and Hawker Beechcraft Notes
Company.  The members of the Ad Hoc Committee -- GSO Capital
Partners, L.P. and Tennenbaum Capital Partners, LLC -- hold claims
or manage accounts that hold claims against the Debtors' estates
arising from the purchase of the Senior Notes.  Deutsche Bank
National Trust Company, the indenture trustee for senior fixed
rate notes and the senior PIK-election notes, is represented by
Foley & Lardner LLP.

An Official Committee of Unsecured Creditors appointed in the case
has selected Daniel H. Golden, Esq., and the law firm of Akin Gump
Strauss Hauer & Feld LLP as legal counsel.  The Committee tapped
FTI Consulting, Inc., as its financial advisor.


INNER CITY: ICBC Broadcast Has $6,485 in Cash at the End of April
-----------------------------------------------------------------
Inner City Media Corp. and its affiliates each filed monthly
operating reports with the bankruptcy court.

An active affiliate, ICBC Broadcast Holdings, CA, Inc., on
June 19, 2012, filed its monthly operating report for the month
ended April 30, 2012.

ICBC Broadcast posted a net revenue of $821,146 for the month
ended April 30, 2012.

As of April 30, 2012, the Debtor had total assets of
$93.49 million, total liabilities of $2.81 million and total
stockholders' equity of $90.68 million.

At the beginning of April, the Debtor had $649,621 in cash.  ICBC
Broadcast had total cash receipts of $1.03 million and total cash
disbursements of $1.67 million.  As a result, as of April 30,
2012, the Debtor had total cash of $6,485.

                           About Inner City

On Aug. 23, 2011, affiliates of Yucaipa and CF ICBC LLC, Fortress
Credit Funding I L.P., and Drawbridge Special Opportunities Fund
Ltd., signed involuntary Chapter 11 petitions for Inner City Media
Corp. and its affiliates (Bankr. S.D.N.Y. Case Nos. 11-13967 to
11-13979) to collect on a $254 million debt.

The Petitioning Creditors are party to the senior secured credit
Facility pursuant to which they (or their predecessors in
interest) extended $197 million in loans to the Alleged Debtors to
be used for general corporate purposes.  More than two years ago,
the Alleged Debtors defaulted under the Senior Secured Credit
Facility, and in any event the entire amount of principal and
accrued and unpaid interest and fees became immediately due and
payable on Feb. 13, 2010.

Inner City Media's affiliates subject to the involuntary Chapter
11 are ICBC Broadcast Holdings, Inc., Inner-City Broadcasting
Corporation of Berkeley, ICBC Broadcast Holdings-CA, Inc., ICBC-
NY, L.L.C., ICBC Broadcast Holdings-NY, Inc., Urban Radio, L.L.C.,
Urban Radio I, L.L.C., Urban Radio II, L.L.C., Urban Radio III,
L.L.C., Urban Radio IV, L.L.C., Urban Radio of Mississippi,
L.L.C., and Urban Radio of South Carolina, L.L.C.

Judge Shelley C. Chapman granted each of Inner City Media
Corporation and its debtor affiliates relief under Chapter 11 of
the United States Code.  The decision came after considering the
involuntary petitions, and the Debtors' answer to involuntary
petitions and consent to entry of order for relief and reservation
of rights.

Attorneys for Yucaipa Corporate Initiatives Fund II, L.P. and
Yucaipa Corporate Initiatives (Parallel) Fund II, L.P. are John J.
Rapisardi, Esq., and Scott J. Greenberg, Esq., at Cadwalader,
Wickersham & Taft LLP.  Attorneys for CF ICBC LLC, Fortress Credit
Funding I L.P., and Drawbridge Special Opportunities Fund Ltd. are
Adam C. Harris, Esq., and Meghan Breen, Esq., at Schulte Roth &
Zabel LLP.

Akin Gump Strauss Hauer & Feld LLP serves as the Debtors' counsel.

Rothschild Inc. serves as the Debtors' financial advisors and
investment bankers.  GCG Inc. serves as the Debtors' claims agent.

The United States Trustee said that an official committee under 11
U.S.C. Sec. 1102 has not been appointed in the bankruptcy case of
Inner City Media because an insufficient number of persons holding
unsecured claims against the Debtor has expressed interest in
serving on a committee.


JER JAMESON: Has $80,416 Net Cash Inflow For The Month of May
-------------------------------------------------------------
JER/Jameson Properties, LLC, on June 21, 2012, filed its monthly
operating report for the month ended May 31, 2012.

The company reported a net income of $1.14 million on total
revenue of $6.61 million for the month ended May 31, 2012.

As of May 31, 2012, JER/Jameson had total assets of $228.83
million, total liabilities of $153.10 million and total
stockholders' equity of $75.73 million.

The company had total cash receipts of $7.56 million and total
cash disbursements of $7.48 million, resulting in a net cash
inflow of $80,416.

                       About JER/Jameson

Founded in 1987, Jameson is a chain of 103 small, budget hotels
operating under the Jameson brand in the Southeast and Midwest.
The Jameson properties are operated under the names Jameson Inn
and Signature Inn.  The hotels are based in Smyrna, Georgia.

The chain was taken private in a 2006 buyout by JER Partners, a
unit of real-estate investor J.E. Robert Cos.  JER then put
$330 million of debt on the chain to finance the buyout.  At the
top of the list is a $175 million mortgage loan with Wells Fargo
Bank NA serving as special servicer.  There are four tranches of
mezzanine loans, each for $40 million.  The collateral for each of
the Mezz Loans is the equity interest in the entity or entities
immediately below the borrower of each Mezz Loan.  All of the
mezzanine loans matured in August.

JER/Jameson NC Properties LP and JER/Jameson Properties LLC are
borrowers under the loan with Wells Fargo.  The mortgage loan is
secured by mortgages on hotel properties.  The first set of
foreclosure sales were set for Nov. 1, 2011.  The Mortgage
Borrowers have not sought bankruptcy protection.

Colony Capital affiliates, CDCF JIH Funding LLC and ColFin JIH
Funding LLC, hold the first and second mezzanine loans.  The First
Mezz Loan is secured by a pledge of JER/Jameson Mezz Borrower I
LLC's 100% interest in the Mortgage Borrowers.

Prior to the maturity default, the Colony JIH Lenders purchased
the Second Mezz Loan from a previous holder.  The Second Mezz Loan
is secured by a pledge of JER/Jameson Mezz Borrower II's 100%
membership interest in the First Mezz Borrower.

Gramercy Warehouse Funding I LLC and Gramercy Loan Services LLC
hold a controlling participation interest in the Third Mezz and
Fourth Mezz Loans.  JER Investors Trust Inc. holds the remaining
participation interests in the Third Mezz and Fourth Mezz Loans.
JER/Jameson Holdco LLC, an affiliate of the Mortgage Borrowers,
owns the 100% equity interest in the Fourth Mezz Borrower.
Gramercy took over its mezzanine borrower in August.

JER/Jameson Mezz Borrower II LLC filed for Chapter 11 bankruptcy
(Bankr. D. Del. Case No. 11-13338) on Oct. 18, 2011, to prevent
foreclosure by Colony.  The Chapter 11 filing had the effect of
preventing Colony from wiping out Gramercy's interest.

Seven days later, JER/Jameson Mezz Borrower I LLC filed for
bankruptcy (Bankr. D. Del. Case No. 11-13392) on Oct. 25, 2011.

Judge Mary F. Walrath presides over the case.  The Debtors tapped
Ashby & Geddes, P.A. to represent their restructuring efforts.
Epiq Bankruptcy Solutions, LLC, serves as its noticing, claims and
balloting agent.

Each of the Debtors estimated $100 million to $500 million in
assets and $10 million to $50 million in debts.  JER/Jameson
Properties LLC disclosed $294,662,815 in assets and $163,424,762
in liabilities as of the Chapter 11 filing.  The petitions were
signed by James L. Gregory, vice president.

Colony specializes in real estate and has roughly $34 billion of
assets under management.  Colony is represented in the case by
Pauline K. Morgan, Esq., John T. Dorsey, Esq., Margaret Whiteman
Greecher, Esq., and Patrick A. Jackson, Esq., at Young Conaway
Stargatt & Taylor LLP; and Lindsee P. Granfield, Esq., Sean A.
O'Neil, Esq., and Jane VanLare, Esq., at Cleary Gottlieb Steen &
Hamilton LLP.

The U.S. Trustee has not appointed an official Committee of
unsecured creditors in any of the Debtors' cases.


MARCO POLO: Has $3.38 Million Net Income for the Month of May
-------------------------------------------------------------
Marco Polo Seatrade B.V., et al., on June 15, 2012, filed its
monthly operating report for the month ended May 31, 2012.

The company reported freight income of $1.81 million a net income
of $3.38 million for the month ended May 31, 2012.

As of May 31, 2012, Marco Polo had total assets of
$207.95 million, total liabilities of $179.32 million and total
stockholders' equity of $97.52 million.

                         About Marco Polo

Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing
commercial and technical vessel management services to third
parties. Founded in 2005, the Company mainly operates under the
name of Seaarland Shipping Management and maintains corporate
headquarters in Amsterdam, the Netherlands.  The primary assets
consist of six tankers that are regularly employed in
international trade, and call upon ports worldwide.

Marco Polo and three affiliated entities filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) on July 29,
2011.  The other affiliates are Seaarland Shipping Management
B.V.; Magellano Marine C.V.; and Cargoship Maritime B.V.

Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo.  Falm and Poule
didn't file bankruptcy petitions.

The filings were prompted after lender Credit Agricole Corporate
& Investment Bank seized one ship on July 21, 2011, and was on
the cusp of seizing two more on July 29.  The arrest of the
vessel was authorized by the U.K. Admiralty Court.  Credit
Agricole also attached a bank account with almost US$1.8 million
on July 29.  The Chapter 11 filing precluded the seizure of the
two other vessels.  The company started a lawsuit against the two
creditors in January 2012.

The cases are before Judge James M. Peck.  Evan D. Flaschen,
Esq., Robert G. Burns, Esq., and Andrew J. Schoulder, Esq., at
Bracewell & Giuliani LLP, in New York, serve as the Debtors'
bankruptcy counsel.  Kurtzman Carson Consultants LLC serves as
notice and claims agent.

The petition noted that the Debtors' assets and debts are both
more than US$100 million and less than US$500 million.

Tracy Hope Davis, the United States Trustee for Region 2,
appointed three members to serve on the Official Committee of
Unsecured Creditors.  The Committee has retained Blank Rome LLP
as its attorney.

Creditor Credit Agricole Corporate and Investment Bank is
represented by Alfred E. Yudes, Jr., Esq., and Jane Freeberg
Sarma, Esq., at Watson, Farley & Williams (New York) LLP.

Gregory M. Petrick, Esq., Ingrid Bagby, Esq., and Sharon J.
Richardson, Esq., at Cadwalader, Wickersham & Taft LLP, in New
York, represents secured creditor and post-petition lender The
Royal bank of Scotland plc.


MSR RESORT: Ends May With $20.17 Million in Cash
------------------------------------------------
MSR Resort Golf Course LLC, et al., on June 25, 2012, filed its
monthly operating report for the month ended May 31, 2012.

The Debtor posted a net loss of $9.77 million on total revenue of
$35.24 million for the month ended May 31, 2012.

As of May 31, 2012, the Debtor had total assets of $2.07 billion,
total liabilities of $1.98 billion and total stockholders' equity
of $91.57 million.

The Company made total disbursements of $50.70 million for the
month of May.  As of May 31, 2012, the Company had total cash of
$20.17 million.

                          About MSR Resort

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

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

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

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

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

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

The resorts have agreement with lenders allowing the companies to
remain in Chapter 11 at least until September 2012.

The Official Committee of Unsecured Creditors is represented by
Martin G. Bunin, Esq., and Craig E. Freeman, Esq., at Alston &
Bird LLP, in New York.


PINNACLE AIRLINES: Ends May With $56.77 Million in Cash
-------------------------------------------------------
Pinnacle Airlines Corp., on June 27, 2012, filed its monthly
operating report for the month ended May 31, 2012.

The company reported a net loss of $249,000 on total operating
revenues of $82.98 million for the month ended May 31, 2012.

As of May 31, 2012, the company had total assets of
$944.28 million, total liabilities of $931.37 million and total
stockholders' equity of $12.90 million.

At the end of May, the company had total cash of $56.77 million.

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

               http://ResearchArchives.com/t/s?77a7

                      About Pinnacle Airlines

Pinnacle Airlines Corp. (NASDAQ: PNCL) -- http://www.pncl.com/--
a $1 billion airline holding company with 7,800 employees, is the
parent company of Pinnacle Airlines, Inc.; Mesaba Aviation, Inc.;
and Colgan Air, Inc.  Flying as Delta Connection, United Express
and US Airways Express, Pinnacle Airlines Corp. operating
subsidiaries operate 199 regional jets and 80 turboprops on more
than 1,540 daily flights to 188 cities and towns in the United
States, Canada, Mexico and Belize.  Corporate offices are located
in Memphis, Tenn., and hub operations are located at 11 major U.S.
airports.

Pinnacle Airlines Inc. and its affiliates, including Colgan Air,
Mesaba Aviation Inc., Pinnacle Airlines Corp., and Pinnacle East
Coast Operations Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Lead Case No. 12-11343) on April 1, 2012.

Judge Robert E. Gerber presides over the case.  Lawyers at Davis
Polk & Wardwell LLP, and Akin Gump Strauss Hauer & Feld LLP serve
as the Debtors' counsel.  Barclays Capital and Seabury Group LLC
serve as the Debtors' financial advisors.  Epiq Systems -
Bankruptcy Solutions serves as the claims and noticing agent.  The
petition was signed by John Spanjers, executive vice president and
chief operating officer.

Pinnacle Airlines' balance sheet at Sept. 30, 2011, showed $1.53
billion in total assets, $1.42 billion in total liabilities and
$112.31 million in total stockholders' equity.  Debtor-affiliate
Colgan Air, Inc. disclosed $574,482,867 in assets and $479,708,060
in liabilities as of the Chapter 11 filing.

Delta Air Lines, Inc., the Debtors' major customer and post-
petition lender, is represented by David R. Seligman, Esq., at
Kirkland & Ellis LLP.

A seven-member official committee of unsecured creditors has been
appointed in the case.   The Committee selected Goodrich
Corporation as its chairperson.  The Committee tapped Morrison &
Foerster LLP as its counsel.


PMI GROUP: Ends May With $161.93 Million in Cash
------------------------------------------------
PMI Group, Inc., on June 20, 2012, filed its monthly operating
report for the month ended May 31, 2012.

The Debtor reported a net loss of $390,856 for the month ended
May 31, 2012.

As of May 31, 2012, the Debtor had total assets of
$233.68 million, total liabilities of $767.75 million and total
stockholders' deficit of $534.07 million.

At the beginning of the month, the PMI Group had $163.35 million
in cash.  The Debtor had total cash receipts of $15,653 and total
cash disbursements of $1.44 million.  As a result, as of May 31,
2012, the company had total cash of $161.93 million.

                        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 May With $1.19 Million in Cash
--------------------------------------------------
TSIC, Inc., formerly known as Sharper Image Corp., on June 21,
2012, filed its monthly operating report for the month ended
May 31, 2012.

The company reported a net loss of $237,763 for the month ended
May 31, 2012.

As of May 31, 2012, TSIC had total assets of $1.86 million, total
liabilities of $(95.59) million and total stockholders' equity of
$93.73 million.

At the beginning of the month, TSIC had $1.25 million in cash.
The company had total cash receipts of $435 and total cash
disbursements of $62,138.  As a result, as of May 31, 2012, TSIC
had total cash of $1.19 million.

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

                   http://ResearchArchives.com/t/s?77a1

                        About Sharper Image

Headquartered in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- was a multi-channel specialty
retailer.  It operated in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet.  The Company has operations in
Australia, Brazil and Mexico.  In addition, through its Brand
Licensing Division, it was also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.

The Company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D. Del. Case No. 08-10322).  Judge Kevin Gross presides
over the case.  Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP, serve
as the Company's lead counsel.  Steven K. Kortanek, Esq., and John
H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice, P.L.L.C.,
serve as the Company's local Delaware counsel.

An official committee of unsecured creditors was appointed in the
case.  Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel.  Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.

When the Debtor filed for bankruptcy, it disclosed total assets of
$251,500,000 and total debts of $199,000,000.  As of June 30,
2008, the Debtor disclosed $52,962,174 in total assets and
$39,302,455 in total debts.

Sharper Image changed its name to "TSIC, Inc." following the going
out of business sales of its assets by a group consisting of
Gordon Brothers Retail Partners, LLC, GB Brands, LLC, Hilco
Merchant Resources, LLC, and Hilco Consumer Capital, LLC.


SHENGDATECH INC: Ends May With $5.27 Million in Cash
----------------------------------------------------
ShengdaTech, Inc., on June 20, 2012, filed its monthly operating
report for the month ended May 31, 2012.

The company posted a net loss of $479,000 on total revenues of
$nil for the month ended May 31, 2012.

As of May 31, 2012, ShengdaTech had total assets of $6.11 million,
total liabilities of $165.10 million and total stockholders'
deficit of $158.99 million.

At the beginning of May, the company had $5.71 million in cash.
ShengdaTech had total cash receipts of $20,000 and total cash
disbursements of $465,000.  As a result, as of May 31, 2012, the
company had total cash of $5.27 million.

                         About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in by the Troubled Company Reporter on Sept. 7, 2011,
the United States Trustee appointed AG Ofcon, LLC, The Bank of
New York, Mellon (in its role as indenture trustee for
bondholders), and Zazove Associates, LLC, to serve on the
Official Committee of Unsecured Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.

The Plan provides for the wind-down of the Debtor's affairs and
the Distribution of the Debtor's remaining assets to Creditors.


TOUSA INC: Ends May With $319.16 Million in Cash
------------------------------------------------
TOUSA Inc., et al., on June 19, 2012, filed its monthly operating
report for the month ended May 31, 2012.

The company reported a net loss of $614,288 for the month ended
May 31, 2012.

As of May 31, 2012,  the company had total assets of
$351.33 million, total liabilities of $1.92 billion and total
stockholders' deficit of $1.57 billion.

At the beginning of May, TOUSA had $319.55 million in cash.  The
company had total cash receipts of $247,099 and total cash
disbursements of $635,424.  As a result, at the end of May, TOUSA
had total cash of $319.16 million.

                         About TOUSA Inc.

Headquartered in Hollywood, Florida, TOUSA, Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. was a leading homebuilder
in the United States before it sought Chapter 11 protection.

Tousa and its affiliates filed Chapter 11 petitions (Bankr. S.D.
Fla. Lead Case No. 08-10928) on Jan. 29, 2008.  Richard M. Cieri,
Esq., M. Natasha Labovitz, Esq., and Joshua A. Sussberg, Esq., at
Kirkland & Ellis LLP, in New York, N.Y.; and Paul S. Singerman,
Esq., at Berger Singerman, in Miami, Fla., represent the Debtors
in their restructuring efforts.  Lazard Freres & Co. LLC is the
Debtors' investment banker.  Ernst & Young LLP is the Debtors'
independent auditor and tax services provider.  Kurtzman Carson
Consultants LLC acts as the Debtors' Notice, Claims & Balloting
Agent.

TOUSA's direct subsidiary, Beacon Hill at Mountain's Edge LLC dba
Eagle Homes, filed for Chapter 11 Protection on July 30, 2008
(Bankr. S.D. Fla. Case No. 08-20746).  It estimated assets and
debts of $1 million to $10 million in its Chapter 11 petition.

The official committee of unsecured creditors has filed a proposed
chapter 11 liquidating plan for Tousa.  However, the committee
said it would no longer pursue approval of its liquidation plan
because of the pending appeal of its fraudulent transfer case in
the U.S. Court of Appeals for the Eleventh Circuit.  A district
court in February 2011 held that the bankruptcy judge was wrong in
ruling that lenders who were paid off received fraudulent
transfers when Tousa gave liens on subsidiaries' properties to
bail out and refinance a joint venture.  Daniel H. Golden, Esq.,
and Philip C. Dublin, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, N.Y., represent the creditors committee.

The Tousa committee filed a Chapter 11 plan in July 2010 based on
an assumption it would win the appeal.



                          *********

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
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related conferences are encouraged.  Send announcements to
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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.

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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.

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