Wednesday, November 08, 2006

Debtors' Professionals and Applications to Retain Additional Professionals

The Debtors have retained Greenbaum, Rowe, Smith & Davis LLP as bankruptcy counsel for these matters. The attorneys responsible for the engagement are:

David L. Bruck, Esq.
Robert S. Underhill, Esq.

The Debtors have also moved for authorization to retain Sullivan & Company as financial advisors to the Debtors. The application remains pending before the Court and is subject to objections field by the Committee of Unsecured Creditors and the Office of the United States Trustee. A hearing on the application will be scheduled shortly.

The Debtors have also sought to engage Traxi LLC as crisis managers and to provide a chief restructuring officer, Perry Mandarino, to manage the day-to-day operations, under the supervision of an independent, three member Board of Directors. The application is pending before the Court and will be heard at the omnibus hearing date of 11/13/06 at 1:00 pm before Judge Kaplan.