George L. Miller, Trustee

Eight Penn Center, Suite 950

1628 John F. Kennedy Boulevard

Philadelphia, PA  19103


Phone:  (215) 561-0950

Fax:  (215) 561-0330

Email:  [email protected]



July 17, 2006




NOTE: The Status Updates are cumulative.  Please read all nine updates.


Case Administration


I have now responded to over 5,800 telephone calls and 7,300 emails.  Over 21,908 proofs of claims have been recorded to date.  The Clerk of the Bankruptcy Court continues to process Proofs of Claims.  Over 600 claims have been recorded in just two weeks time. I will advise in a future Status Update when all claims are posted.  If you have questions regarding proofs of claim, I recommend you have your attorney research your questions.


A supplement of answers to the list of frequently asked questions are:


a.)    I am investigating the June 28, 2006 auction held by Greenwich. I had no participation in this auction nor did I approve or authorize it.


b.)    Greenwich has advised me that they believe the remaining six IO Strips are worth only “several hundred thousand dollars.”


c.)    I had no responsibility for the grant of any security interest or liens in collateral (I/O or other assets) to Greenwich pursuant to the debtor-in-possession financing Order which was entered by the Bankruptcy Court during the Chapter 11 on 3/10/05 (Docket No.366) prior to my appointment as Chapter 7 Trustee in this case. Any questions by collateralized noteholders regarding the status of collateral should be directed to the Indenture Trustees for the collateralized noteholders as follows :


Noteholders with questions of  Law Debenture may contact them  in writing at 767 Third Avenue, 31st Floor, New York, NY 10017, or by telephone at (212) 750-0888, or may contact Tina N. Moss, Esq., of Pryor Cashman Sherman & Flynn, LLP, counsel to Law Debenture, in writing at 410 Park Avenue, New York, New York 10022, by telephone at (212) 421-4100, by fax at (212) 798-6355, or by e-mail at [email protected].


Noteholders with questions of Wells Fargo may contact Ms. Julie J. Becker, Vice President of Wells Fargo Bank, National Association, Corporate Trust Services, in writing at Sixth and Marquette, MAC N9303-120, Minneapolis, Minnesota 55479 (or by fax at (612) 667-9825, or by email at [email protected]), or Joel S. Rublin, Esq., of Kelley Drye & Warren LLP, counsel to Wells Fargo, in writing at 101 Park Avenue, New York, New York 10178 (or by fax at (212) 808-7897, or by e-mail at [email protected]).


d.)   Greenwich claims they have not been paid in full.




On July 13, 2006, I filed a lawsuit, in the Court of Common Pleas, Philadelphia, PA, July Term, 2006, #1225, against certain directors, officers and financial institutions. I am seeking damages in excess of $750,000,000. I will not comment on pending litigation. I anticipate this litigation will be vigorously defended and will take years to reach a resolution.


I will post hearing dates for this litigation on this web site, which I believe may be of interest to the creditors. The hearings will be public and anyone can attend.