RAPAPORT...  Finlay Enterprises filed its financial statements for the months of August and September, the first two months it underwent Chapter 11 proceedings, reporting total revenue of approximately $60.5 million for the two months. The company's operating loss for the two months came to $58.1 million, but its net loss before reorganizational items was given as $71.8 million due to an interest expense. Reorganization costs during the two months were $3.2 million bringing Finlay's total net loss to $74.9 million. As of October 3, 2009, the company's total assets and liabilities were $256.9 million, down from $287.3 million on August 5, when the company filed Chapter 11.

Finlay paid $15.5 million to GE Capital toward its line of credit in August and another $22 million in September. On September 30, Finlay listed post-petition debts of $9.2 million, an increase from the $7.3 million it recorded at the end of August. The book value of pre-petition liabilities was reduced 15 percent during the two months to $23.3 million.

Total insiders' executive payouts during August and September came to $623,250. Former company chief executive officer (CEO) Arthur Reiner received a salary of $125,625 during the two-month period. He resigned his post on September 30, but remained chairman of the board.

The other top-paid executives at Finlay, or those who earned more than $20,000 for the two months combined, included Joyce Manning Magrini, with $42,030; Bruce Zurlnick, with $40,401; Karin Knudsen, with $40,676; James Giantonemico, with $32,616; Norma Wilson, with $31,988; Leon Benzriheim, with $27,563; Bonni Davis, with $26,872; Joan Durkin, with $26,312; John Orr, with $24,250; Richard Davenport, with $22,358; Ronald Swanson, with $21,338; Deborah Higgins, with $20,870; and Thomas Lozier, who was paid $10,575 in salary and $16,062 in vacation pay. 

LH