Unassociated Document
Financial Statements
(Unaudited)

Special Value Continuation Fund, LLC
(A Delaware Limited Liability Company)
 September 30, 2009

 
 
 
 
Special Value Continuation Fund, LLC
(A Delaware Limited Liability Company)

Financial Statements
(Unaudited)

September 30, 2009

Contents

Consolidated Portfolio Asset Allocation
2
   
Unaudited Consolidated Financial Statements
  
   
Consolidated Statement of Assets and Liabilities
3
Consolidated Statement of Investments
4
Consolidated Statement of Operations
10
Consolidated Statements of Changes in Net Assets
11
Consolidated Statement of Cash Flows
12
Notes to Consolidated Financial Statements
13
Consolidated Schedule of Changes in Investments in Affiliates
26
   
Supplemental Information
  
   
Consolidating Statement of Assets and Liabilities
27
Consolidating Statement of Operations
28

Special Value Continuation Fund, LLC (the “Company”) files a schedule of its investment in Special Value Continuation Partners, LP (the “Partnership”) with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q.  Investments listed in the Consolidated Statement of Investments are held by the Partnership, which also files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q.  The Forms N-Q of the Company and the Partnership are available on the SEC’s website at http://www.sec.gov.  The Forms N-Q of the Company and the Partnership may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.  Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A free copy of the proxy voting guidelines of the Company and the Partnership and information regarding how the Company and the Partnership voted proxies relating to portfolio investments during the most recent twelve-month period may be obtained without charge on the SEC’s website at http://www.sec.gov or by calling the advisor of the Company and the Partnership, Tennenbaum Capital Partners, LLC, at (310) 566-1000.  Collect calls for this purpose are accepted.

 
 
 

Special Value Continuation Fund, LLC
(A Delaware Limited Liability Company)

Consolidated Portfolio Asset Allocation (Unaudited)

September 30, 2009

Portfolio Holdings by Investment Type (% of Cash and Investments)
      


Portfolio Holdings by Industry (% of Cash and Investments)
        

Wired Telecommunications Carriers
     12.6 %
Other Electrical Equipment and Component Manufacturing
     10.7 %
Architectural, Engineering, and Related Services
     10.2 %
Satellite Telecommunications
     8.1 %
Nonferrous Metal (except Aluminum) Production and Processing
     7.8 %
Data Processing, Hosting, and Related Services
     7.7 %
Other Information Services
     4.9 %
Communications Equipment Manufacturing
     3.5 %
Full-Service Restaurants
     2.8 %
Schedule Air Transportation
     2.6 %
Semiconductor and Other Electronic Component Manufacturing
     2.1 %
Industrial Machinery Manufacturing
     1.4 %
Offices of Real Estate Agents and Brokers
     1.4 %
Wireless Telecommunications Carriers (except Satellite)
     1.1 %
Depository Credit Intermediation
     1.0 %
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing
     0.9 %
Petroleum and Coal Products Manufacturing
     0.3 %
Plastics Product Manufacturing
     0.3 %
Radio and Television Broadcasting
     0.3 %
Securities and Commodity Contracts Intermediation and Brokerage
     0.3 %
Computer and Peripheral Equipment Manufacturing
     0.2 %
Grocery Stores
     0.2 %
Other Amusement and Recreation Industries
     0.2 %
Electric Power Generation, Transmission and Distribution
     0.1 %
Gambling Industries
     0.1 %
Nondepository Credit Intermediation
     0.1 %
Support Activities for Air Transportation
     0.1 %
Cash and Cash Equivalents
     19.0 %
Total
     100.0 %

 
2
 

Special Value Continuation Fund, LLC
(A Delaware Limited Liability Company)

Consolidated Statement of Assets and Liabilities

September 30, 2009

Assets
      
Investments, at fair value:
      
Unaffiliated issuers (cost $323,247,558)
   $ 211,449,057  
Controlled companies (cost $37,098,338)
     11,645,289  
Other affiliates (cost $124,358,508)
     147,410,192  
Total investments (cost $484,704,404)
     370,504,538  
         
Cash and cash equivalents
        
Accrued interest income:
     86,989,635  
Unaffiliated issuers
     3,034,748  
Controlled companies
     4,040  
Other affiliates
     43,820  
Deferred debt issuance costs
     2,129,067  
Receivable for investment securities sold
     1,020,230  
Prepaid expenses and other assets
     298,622  
Total assets
     464,024,700  
         
Liabilities
        
Credit facility payable
     89,000,000  
Payable for investment securities purchased
     10,913,431  
Distribution payable
     5,000,000  
Management and advisory fees payable
     565,599  
Unrealized depreciation on swaps
     520,547  
Payable to affiliate
     105,256  
Interest payable
     44,031  
Accrued expenses and other liabilities
     510,984  
Total liabilities
     106,659,848  
         
Preferred stock
        
Series Z; $500/share liquidation preference; 400 shares authorized, 47 shares issued and outstanding
     23,500  
Accumulated dividends on Series Z preferred stock
     1,422  
Total Series Z preferred stock
     24,922  
         
Preferred equity facility
        
Series A preferred limited partner interests in Special Value Continuation Partners, LP; $20,000/interest liquidation preference; 6,700 interests authorized, issued and outstanding
     134,000,000  
Accumulated dividends on Series A preferred equity facility
     387,007  
Total preferred limited partner interests
     134,387,007  
         
Minority interest
        
General partner interest in Special Value Continuation Partners, LP
     -  
         
Net assets applicable to common shareholders
   $ 222,952,923  
         
Composition of net assets applicable to common shareholders
        
Common stock, $0.001 par value; unlimited shares authorized, 418,955.777 shares issued and outstanding
   $ 419  
Paid-in capital in excess of par, net of contributed unrealized gains
     364,767,103  
Accumulated net investment income
     1,369,143  
Accumulated net realized losses
     (28,498,362 )
Accumulated net unrealized depreciation
     (114,683,958 )
Accumulated dividends to Series Z preferred shareholders
     (1,422 )
Net assets applicable to common shareholders
   $ 222,952,923  
         
Common stock, NAV per share
   $ 532.16  

See accompanying notes.

 
3
 

Special Value Continuation Fund, LLC
(A Delaware Limited Partnership)

Statement of Investments (Unaudited)

September 30, 2009

Showing Percentage of Total Cash and Investments of the Registrant

               
Percent of
  
Investment
  
Principal Amount
    
Fair Value
    
Cash and
Investments
  
                   
Debt Investments (52.55%)
                  
Bank Debt (26.71%) (1)
                  
Architectural, Engineering, and Related Services (1.56%)
                  
Alion Science & Technology Corporation, 1st Lien Term Loan, LIBOR + 6%, due 2/6/13
                  
(Acquired 4/14/08, Amortized Cost $6,582,869)
   $ 7,841,156     $ 7,128,920       1.56 %
                         
Communications Equipment Manufacturing (3.49%)
                        
Mitel Networks Corporation, 1st Lien Term Loan, LIBOR + 3.25%, due 8/10/14
                        
(Acquired 12/13/07, Amortized Cost $18,618,822)
   $ 19,807,257       15,984,457       3.49 %
                         
Computer and Peripheral Equipment Manufacturing (0.24%)
                        
Palm, Inc., Tranche B Term Loan, LIBOR + 3.5%, due 4/24/14
                        
(Acquired 5/24/07, Amortized Cost $1,078,420)
   $ 1,198,245       1,082,913       0.24 %
                         
Data Processing, Hosting, and Related Services (4.77%)
                        
GXS Worldwide, Inc., 1st Lien Term Loan, LIBOR + 5.75%, due 3/31/13
                        
(Acquired 10/12/07, Amortized Cost $6,830,700)
   $ 6,970,102       6,929,446       1.51 %
GXS Worldwide, Inc., 2nd Lien Term Loan, LIBOR + 10.25%, due 9/30/13
                        
(Acquired 10/12/07, Amortized Cost $14,379,237)
   $ 14,598,211       14,433,981       3.16 %
The Reynolds and Reynolds Company, 2nd Lien Term Loan, LIBOR + 5.5%, due 10/26/13
                        
(Acquired 8/6/09, Amortized Cost $452,274)
   $ 599,038       471,742       0.10 %
Total Data Processing, Hosting, and Related Services
             21,835,169          
                         
Electric Power Generation, Transmission and Distribution (0.05%)
                        
La Paloma Generating Company Residual Bank Debt
                        
(Acquired 2/2/05, 3/18/05, and 5/6/05, Cost $1,885,234) (3)
   $ 23,218,322       211,508       0.05 %
                         
Offices of Real Estate Agents and Brokers (0.44%)
                        
Realogy Corporation, Revolver, LIBOR + 2.25%, due 4/10/13
                        
(Acquired 6/28/07, 7/9/07, and 7/13/07, Amortized Cost ($1,534,593))
   $ 15,897,590       (2,901,310 )     (0.63 )%
Realogy Corporation, 2nd Lien Term Loan A, 13.5%, due 10/15/17
                        
(Acquired 9/30/09, Amortized Cost $4,698,795)
   $ 4,698,795       4,904,367       1.07 %
Total Offices of Real Estate Agents and Brokers
             2,003,057          
                         
Other Electrical Equipment and Component Manufacturing (1.64%)
                        
EaglePicher Corporation, 1st Lien Tranche B Term Loan, LIBOR + 4.5%, due 12/31/12
                        
(Acquired 12/31/07, Amortized Cost $7,847,688) (2), (4)
   $ 7,847,688       7,514,161       1.64 %
                         
Petroleum and Coal Products Manufacturing (0.31%)
                        
Building Materials Corporation of America, 2nd Lien Term Loan, LIBOR + 5.75%, due 9/15/14
                        
(Acquired 5/20/09, 5/28/09, and 6/2/09, Amortized Cost $1,223,609)
   $ 1,599,318       1,399,403       0.31 %
                         
Radio and Television Broadcasting (0.16%)
                        
High Plains Broadcasting Operating Company, Term Loan, Prime + 4%, due 9/14/16
                        
(Acquired 9/15/08, Amortized Cost $179,468)
   $ 197,217       154,076       0.03 %
Newport Television LLC, Term Loan B, LIBOR + 5%, due 9/14/16
                        
(Acquired 5/1/08 and 5/29/08, Amortized Cost $679,615)
   $ 746,829       583,461       0.13 %
Total Radio and Television Broadcasting
             737,537          
                         
Satellite Telecommunications (7.24%)
                        
WildBlue Communications, Inc., 1st Lien Delayed Draw Term Loan, LIBOR + 6% Cash
                        
+ 2.5% PIK, due 6/30/10
                        
(Acquired 9/29/06, Amortized Cost $14,016,779) (4)
   $ 13,950,358       13,819,225       3.02 %
WildBlue Communications, Inc., 2nd Lien Delayed Draw Term Loan, 8.5% Cash
                        
+ 7.25% PIK, due 8/15/11
                        
(Acquired 9/29/06, Amortized Cost $18,122,572) (4)
   $ 18,534,863       19,304,060       4.22 %
Total Satellite Telecommunications
             33,123,285          

 
4
 

Special Value Continuation Fund, LLC
(A Delaware Limited Partnership)

Statement of Investments (Unaudited) (Continued)

September 30, 2009

Showing Percentage of Total Cash and Investments of the Registrant

               
Percent of
  
Investment
  
Principal Amount
    
Fair Value
    
Cash and
Investments
  
                   
Debt Investments (continued)
                  
Semiconductor and Other Electronic Component Manufacturing (0.69%)
                  
Celerity, Inc., Senior Secured Notes, LIBOR + 12%, due 11/30/09
                  
(Acquired 4/15/08, 1/21/09, 2/2/09, 2/27/09, 4/28/09, and 7/28/09, Amortized Cost $22,508,109) (3)
   $ 28,025,787     $ 3,156,419       0.69 %
Celerity, Inc., Senior 2nd Lien Secured Convertible Notes, 12% PIK, due 12/31/09
                        
(Acquired 4/15/08, Amortized Cost $7,316,697) (3)
   $ 7,316,697       -       0.00 %
Total Semiconductor and Other Electronic Component Manufacturing
             3,156,419          
                         
Wired Telecommunications Carriers (5.07%)
                        
Cavalier Telephone Corporation, Senior Secured 1st Lien Term Loan, Prime + 5.25%
                        
Cash + 2% PIK, due 12/31/12
                        
(Acquired 4/24/08, Amortized Cost $679,496)
   $ 868,924       569,145       0.12 %
Integra Telecom, Inc., 1st Lien Term Loan, LIBOR + 8.5%, due 8/31/13
                        
(Acquired 5/20/09 and 6/20/09, Amortized Cost $137,113)
   $ 156,855       156,332       0.03 %
Integra Telecom, Inc., 2nd Lien Term Loan, LIBOR + 8.5% PIK, due 2/28/14
                        
(Acquired 9/5/07, 6/17/09, and 6/30/09, Amortized Cost $3,649,072)
   $ 4,210,144       2,695,895       0.59 %
Integra Telecom, Inc., Term Loan, LIBOR + 11.5% PIK, due 8/31/14
                        
(Acquired 9/5/07, Amortized Cost $5,184,730)
   $ 5,184,730       593,652       0.13 %
Interstate Fibernet, Inc., 1st Lien Term Loan, LIBOR + 4%, due 7/31/13
                        
(Acquired 8/1/07, Amortized Cost $10,912,481) (2), (4)
   $ 11,221,060       9,532,290       2.08 %
Interstate Fibernet, Inc., 2nd Lien Term Loan, LIBOR +7.5%, due 7/31/14
                        
(Acquired 7/31/07, Amortized Cost $8,281,636) (2), (4)
   $ 8,281,636       7,935,878       1.73 %
NEF Telecom Company BV, 2nd Lien Tranche D Term Loan, EURIBOR + 5.5%, due 2/16/17
                        
(Acquired 8/29/07 and 11/29/07, Amortized Cost $2,111,865) - (Netherlands) (9)
   € 1,538,600       1,779,483       0.39 %
Total Wired Telecommunications Carriers
             23,262,675          
                         
Wireless Telecommunications Carriers (except Satellite) (1.05%)
                        
Clearwire Corporation, 1st Lien Delayed Draw Term Loan,
                        
LIBOR + 6% Cash + 0.5% PIK, due 5/28/11
                        
(Acquired 9/2/09 and 9/9/09, Amortized Cost $2,235,833)
   $ 2,386,544       2,330,611       0.51 %
Clearwire Corporation, 1st Lien Term Loan, LIBOR + 6% Cash + 0.5% PIK, due 5/28/11
                        
(Acquired 9/2/09 and 9/9/09, Amortized Cost $2,389,677)
   $ 2,549,527       2,489,774       0.54 %
Total Wireless Telecommunications Carriers (except Satellite)
             4,820,385          
                         
Total Bank Debt (Cost $160,468,198)
             122,259,889          
                         
Other Corporate Debt Securities (25.84%)
                        
                         
Architectural, Engineering, and Related Services (3.25%)
                        
Alion Science & Technology Corporation, Senior Notes, 10.25%, due 2/1/15
   $ 10,981,000       8,269,352       1.81 %
ESP Holdings, Inc., Junior Unsecured Subordinated Promissory Notes, 18% PIK, due 3/31/15 (2), (4)
   $ 6,726,869       6,578,878       1.44 %
Total Architectural, Engineering, and Related Services
             14,848,230          
                         
Data Processing, Hosting, and Related Services (2.41%)
                        
Anacomp, Inc., Senior Secured Subordinated Notes, 14% PIK, due 3/12/13 (2), (10)
   $ 10,387,290       9,369,335       2.05 %
Terremark Worldwide, Inc., Senior Secured Notes, 12%, due 6/15/17
                        
(Acquired 6/17/09, Amortized Cost $1,446,988) (5)
   $ 1,521,000       1,638,878       0.36 %
Total Data Processing, Hosting, and Related Services
             11,008,213          
                         
Depository Credit Intermediation (0.35%)
                        
Bank of America Corporation, Junior Subordinated Notes, 7.8%, due 2/15/10
   $ 1,550,000       1,585,077       0.35 %
                         
Full-Service Restaurants (2.82%)
                        
Landry's Restaurant, Inc., Senior Secured Notes, 14%, due 8/15/11
                        
(Acquired 6/9/09, Amortized Cost $3,948,480) (5)
   $ 4,113,000       4,122,131       0.90 %
Real Mex Restaurants, Inc., Senior Secured Notes, 14%, due 1/1/13
                        
(Acquired 7/15/09, 8/13/09, and 9/15/09, Amortized Cost $8,040,395) (5)
   $ 9,089,000       8,770,885       1.92 %
Total Full-Service Restaurants
             12,893,016          

 
5
 

Special Value Continuation Fund, LLC
(A Delaware Limited Partnership)

Statement of Investments (Unaudited) (Continued)

September 30, 2009

Showing Percentage of Total Cash and Investments of the Registrant
 
               
Percent of
  
Investment
  
Principal Amount
    
Fair Value
    
Cash and
Investments
  
                   
Debt Investments (continued)
                  
Gambling Industries (0.06%)
                  
Harrah's Operating Company Inc., Senior Secured Notes, 10%, due 12/15/18
                  
(Acquired 6/25/09, Amortized Cost $189,175) (5)
   $ 329,000     $ 256,620       0.06 %
                         
Grocery Stores (0.23%)
                        
Safeway, Inc., Senior Unsecured Notes, 4.95%, due 8/16/10
   $ 1,000,000       1,031,030       0.23 %
                         
Industrial Machinery Manufacturing (1.40%)
                        
GSI Group Corporation, Senior Notes, 11%, due 8/20/13
                        
(Acquired 8/20/08, Amortized Cost $6,828,323) (5)
   $ 7,778,000       6,385,738       1.40 %
                         
Nondepository Credit Intermediation (0.11%)
                        
General Electric Capital Corporation, FDIC Guaranteed Notes, 1.8%, due 3/11/11
   $ 500,000       505,370       0.11 %
                         
Offices of Real Estate Agents and Brokers (0.92%)
                        
Realogy Corporation, Senior Notes, 10.5%, due 4/15/14
   $ 1,965,000       1,445,218       0.32 %
Realogy Corporation, Senior Subordinated Notes, 12.375%, due 4/15/15
   $ 4,915,000       2,729,545       0.60 %
Total Offices of Real Estate Agents and Brokers
             4,174,763          
                         
Other Amusement and Recreation Industries (0.25%)
                        
Bally Total Fitness Holdings, Inc., Senior Subordinated Notes,
                        
14% Cash or 15.625% PIK, due 10/1/13
                        
(Acquired 10/1/07, Amortized Cost $45,025,305) (3), (5)
   $ 44,090,666       1,146,357       0.25 %
                         
Other Information Services (4.41%)
                        
IRI Holdco (RW), LLC, Note Receivable, 8%, due 12/12/11
                        
(Acquired 10/31/08, Cost $19,126,918) (5)
   $ 20,297,325       20,155,244       4.41 %
                         
Plastics Product Manufacturing (0.35%)
                        
Pliant Corporation, Senior Secured 2nd Lien Notes, 11.125%, due 9/1/09 (3)
   $ 13,477,000       1,617,240       0.35 %
                         
Radio and Television Broadcasting (0.15%)
                        
LBI Media, Inc., Senior Unsecured Subordinated Notes, 8.5%, due 8/1/17
   $ 1,109,000       687,114       0.15 %
                         
Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing (0.94%)
                        
AGY Holding Corporation, Senior Secured 2nd Lien Notes, 11%, due 11/15/14
   $ 5,369,000       4,315,602       0.94 %
                         
Schedule Air Transportation (2.47%)
                        
United Air Lines, Inc., Aircraft Secured Mortgage (N508UA), 20%, due 8/25/16
                        
(Acquired 8/26/09, Amortized Cost $3,706,819) (5)
   $ 3,706,818       4,648,351       1.02 %
United Air Lines, Inc., Aircraft Secured Mortgage (N510UA), 20%, due 9/26/16
                        
(Acquired 8/27/09, Amortized Cost $587,053) (5)
   $ 587,053       737,339       0.16 %
United Air Lines, Inc., Aircraft Secured Mortgage (N512UA), 20%, due 10/26/16
                        
(Acquired 8/27/09, Amortized Cost $587,189) (5)
   $ 587,189       738,978       0.16 %
United Air Lines, Inc., Aircraft Secured Mortgage (N530UA), 20%, due 11/25/13
                        
(Acquired 8/26/09, Amortized Cost $3,550,046) (5)
   $ 3,550,046       4,309,755       0.94 %
United Air Lines, Inc., Aircraft Secured Mortgage (N585UA), 20%, due 10/25/16
                        
(Acquired 8/26/09, Amortized Cost $689,448) (5)
   $ 689,448       868,015       0.19 %
Total Schedule Air Transportation
             11,302,438          
                         
Securities and Commodity Contracts Intermediation and Brokerage (0.33%)
                        
Goldman Sachs Group, Inc., FDIC Guaranteed Notes, 1.7%, due 3/15/11
   $ 500,000       504,545       0.11 %
JP Morgan Chase & Co., FDIC Guaranteed Notes, 1.65%, due 2/23/11
   $ 1,000,000       1,011,920       0.22 %
Total Securities and Commodity Contracts Intermediation and Brokerage
             1,516,465          
                         
Semiconductor and Other Electronic Component Manufacturing (1.35%)
                        
Advanced Micro Devices, Senior Convertible Notes, 6%, due 5/1/15
   $ 4,982,000       3,757,258       0.82 %
Advanced Micro Devices, Senior Unsecured Notes, 7.75%, due 11/1/12
   $ 2,710,000       2,446,832       0.53 %
Total Semiconductor and Other Electronic Component Manufacturing
             6,204,090          

 
6
 

Special Value Continuation Fund, LLC
(A Delaware Limited Partnership)

Statement of Investments (Unaudited) (Continued)

September 30, 2009

Showing Percentage of Total Cash and Investments of the Registrant

Investment
  
Principal
Amount or
Shares
    
Fair Value
    
Percent of
Cash and
Investments
  
                   
Debt Investments (continued)
                  
Wired Telecommunications Carriers (4.04%)
                  
NEF Telecom Company BV, Mezzanine Term Loan, EURIBOR + 10% PIK, due 8/16/17
                  
(Acquired 8/29/07, Amortized Cost $22,284,219) - (Netherlands) (5), (9)
   € 16,092,801     $ 18,494,490       4.04 %
                         
Total Other Corporate Debt Securities (Cost $169,164,908)
             118,127,097          
                         
Total Debt Investments (Cost $329,633,106)
             240,386,986          
                         
Equity Securities (28.43%)
                        
                         
Architectural, Engineering, and Related Services(5.43%)
                        
ESP Holdings, Inc., Common Stock
                        
(Acquired 9/12/07, Cost $9,311,782) (2), (3), (5), (6), (8)
     88,670       19,652,327       4.30 %
ESP Holdings, Inc., 15% PIK, Preferred Stock
                        
(Acquired 9/12/07, Cost $4,502,521) (2), (3), (4), (5), (6)
     40,618       5,160,563       1.13 %
Total Architectural, Engineering, and Related Services
             24,812,890          
                         
Data Processing, Hosting, and Related Services (0.50%)
                        
Anacomp, Inc., Common Stock
                        
(Acquired during 2002, 2003, 2005, and 2006, Cost $26,711,048) (2), (3), (5), (10)
     1,253,969       2,275,954       0.50 %
                         
Depository Credit Intermediation (0.69%)
                        
Doral Holdings, LP Interest
                        
(Acquired 7/12/07, Cost $11,138,132) (3), (5)
     855,916       3,167,522       0.69 %
                         
Industrial Machinery Manufacturing (0.02%)
                        
GSI Group Inc. Common Stock
                        
(Acquired 8/20/08, Amortized Cost $1,136,228) (3), (5)
     216,987       89,507       0.02 %
                         
Nonferrous Metal (except Aluminum) Production and Processing (7.82%)
                        
International Wire Group, Inc., Common Stock
                        
(Acquired 10/20/04, Cost $29,012,690) (2), (4), (5), (6)
     1,979,441       35,768,499       7.82 %
                         
Other Electrical Equipment and Component Manufacturing (9.00%)
                        
EaglePicher Holdings, Inc., Common Stock
                        
(Acquired 3/9/05, Cost $24,285,461) (2), (3), (4), (5), (6), (7)
     1,312,720       41,219,408       9.00 %
                         
Other Information Services (0.47%)
                        
IRI Holdco (RW), LLC, Warrants to Purchase IRI Preferred Stock
                        
(Acquired 10/31/08, Cost $1,170,406) (3), (5)
     4,063,914       2,153,874       0.47 %
                         
Plastics Product Manufacturing (0.00%)
                        
Pliant Corporation, Common Stock
                        
(Acquired 7/18/06, Cost $177) (3), (5), (12)
     422       -       0.00 %
Pliant Corporation, 13% PIK, Preferred Stock (3)
     5,570,318       -       0.00 %
Total Plastics Product Manufacturing
             -