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Debtor In Possession Financial Information
 6 Months Ended
Jun. 30, 2011
Debtor In Possession Financial Information  
Debtor In Possession Financial Information

(2) Debtor in Possession Financial Information

Liabilities Subject to Compromise

As required by ASC Topic 852, Reorganizations, the amount of the Liabilities Subject to Compromise represents our estimate of known or potential pre-petition and post-petition claims to be addressed in connection with the Bankruptcy Filing. Such claims are subject to future adjustments. Adjustments may result from, among other things, negotiations with creditors, rejection of executory contracts and unexpired leases and orders of the Bankruptcy Court. The Liabilities subject to compromise in the Consolidated Balance Sheet consists of the following:

 

     June 30, 2011      December 31, 2010  

Accrued interest payable

    $ 68,123       $ 68,091   

Other

      16,206         4,951   

Senior unsecured notes

      1,222,189         1,222,189   

Directly-issued Subordinated capital securities

      400,000         400,000   
  

 

 

     

 

 

  

Consolidated liabilities subject to compromise

      1,706,518         1,695.231   

Payable to non-debtor subsidiaries

      1,653         1,657   
  

 

 

     

 

 

  

Debtor's Liabilities subject to compromise

    $ 1,708,171       $ 1,696,888   
  

 

 

     

 

 

  

 

Reorganization Items, net

Professional advisory fees and other costs directly associated with our reorganization are reported separately as reorganization items pursuant to ASC Topic 852. Reorganization items also include adjustments to reflect the carrying value of certain pre-petition liabilities at their estimated allowable claim amounts. The reorganization items in the Consolidated Statement of Operations for the three and six months ended June 30, 2011 consisted of the following items:

 

     Three months ended
June 30, 2011		     Six months ended
June  30, 2011		  

U.S. Trustee fees

    $ 13      $ 18   

Professional fees

      6,720        17,218   

Lease settlement

      (295 )      14,007   

Other

      32        32   
  

 

 

    

 

 

  

Total reorganization items

    $ 6,470      $ 31,275   
  

 

 

    

 

 

  

Refer to Note 1 to the Unaudited Consolidated Financial Statements for further discussion of the office lease settlement.