TCR_Public/061018.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

           Wednesday, October 18, 2006, Vol. 10, No. 248

                             Headlines

1POINT SOLUTIONS: Involuntary Chapter 11 Case Summary
ADELPHIA COMMS: Bear Stearns Wants Trial by Jury
AH-DH APARTMENTS: Files Amended Disclosure Statement in N.D. Texas
AIB INSURANCE: Case Summary & 11 Largest Unsecured Creditors
AMERIGAS PARTNERS: Moody's Assigns Loss-Given-Default Ratings

ARCH COAL: Moody's Assigns Loss-Given-Default Rating
ARMSTRONG WORLD: J.P. Morgan Conveys $135.8 Mil. to Law Debenture
ARMSTRONG WORLD: Withdraws Objection to Hamptons' Claims
ASARCO LLC: Illinois Taylor Springs Site Lined Up for EPA Clean-Up
AZTAR CORP: Shareholders Okay $2.75 Billion Columbia Merger

BCE INC: To Convert Bell Canada Into Income Trust
CALIBRE ENERGY: Accumulated Deficit Tops $3.1 Million at June 30
CARAUSTAR INDUSTRIES: Closes Reading Paperboard Mill
CARRINGTON SOUTH: Case Summary & 20 Largest Unsecured Creditors
CATHOLIC CHURCH: Davenport Wants to Keep Employee Obligations

CBRL GROUP: Moody's Assigns Loss-Given-Default Rating
CENTURY ALUMINUM: Moody's Assigns Loss-Given-Default Rating
CHAPARRAL STEEL: Moody's Assigns Loss-Given-Default Rating
CHARMING CASTLE: Wants Court Nod on Shields as Bankruptcy Counsel
CHARMING CASTLE: Wants to File Schedules & Statement Until Oct. 27

CHOCTAW ERECTORS: Case Summary & 19 Largest Unsecured Creditors
CIRCUS AND ELDORADO: Moody's Assigns Loss-Given-Default Rating
CITGO PETROLEUM: Launches Ad Campaign to Counter Bad Publicity
CLAYMONT STEEL: Moody's Assigns Loss-Given-Default Rating
CLEAN HARBORS: Voluntary Chapter 11 Case Summary

CNH GLOBAL: DBRS Holds Senior Unsecured Debt's Rating at BB(High)
COLLINS & AIKMAN: Seeks Dec. 27 Exclusive Plan-Filing Extension
COMPLETE RETREATS: Court Approves De Minimis Asset Sale Procedures
CONGOLEUM CORP: Court Compels Scott Williams to Produce Documents
CONGOLEUM CORP: Ct. OKs Modification of Piper Jaffray's Retention

CORNELL TRADING: Submits Renewed Bid for Case Dismissal
CREATIVE ENERGIES: Case Summary & 20 Largest Unsecured Creditors
DANA CORP: Equity Committee Hires Jefferies as Financial Advisors
DANA CORP: Gets Court's Nod on Expansion of PwC's Retention Scope
DAVID MARTIN: Case Summary & 13 Largest Unsecured Creditors

DELCO OIL: Voluntary Chapter 11 Case Summary
DELPHI CORP: Pays $61 million to U.S. Pension Plans
DOMINO'S INC: Moody's Assigns Loss-Given-Default Rating
DURA AUTOMOTIVE: Unit Unable to Make Interest Payment on Sr. Notes
DURA AUTOMOTIVE: Interest Non-Payment Cues S&P's Default Ratings

eROOMSYSTEM TECHNOLOGIES: Files Restated 2005 Annual Fin'l. Report
FOSTER WHEELER: Moody's Raises Rating on New $350 Mil. Loan to Ba1
GERDAU AMERISTEEL: Moody's Assigns Loss-Given-Default Rating
GIBRALTAR INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
GLOBAL POWER: Section 341 Meeting Scheduled on November 7

GLOBAL POWER: Taps Conner & Winters as Special Securities Counsel
GOODYEAR TIRE: On-Going Strike Cues Moody's to Hold B1 Rating
GREEKTOWN HOLDINGS: Moody's Assigns Loss-Given-Default Rating
GREENBRIER COS: Buys Meridian Rail for $227.5 Million Cash
GREENBRIER COS: Meridian Deal Prompts Moody's to Review Ratings

HOST HOTELS: Moody's Lifts Ba2 Senior Unsecured Debt Rating to Ba1
IELEMENT CORP: Files Amended Report for Year Ending March 31, 2006
INCREDIBLE AUTO: Case Summary & 19 Largest Unsecured Creditors
INDALEX HOLDING: Moody's Assigns Loss-Given-Default Rating
INNOVATIVE COMM: Files Schedules of Assets and Liabilities

INNOVATIVE COMM: Wants to Assume Pact with Rural & Greenlight
INTERNATIONAL COAL: Moody's Assigns Loss-Given-Default Rating
JAMES RIVER: Moody's Assigns Loss-Given-Default Rating
JOSEPH FARIS: Case Summary & Seven Largest Unsecured Creditors
LANDRY'S RESTAURANTS: Moody's Assigns Loss-Given-Default Rating

LEVEL 3: To Acquire Broadwing Corporation for $744 Million in Cash
LG.PHILIPS: Trustee Taps Morris Anderson as Liquidation Experts
MAGNOLIA ENERGY: Taps Richards Layton as Bankruptcy Counsel
MARIA SOUZA: Case Summary & 19 Largest Unsecured Creditors
MARKWEST ENERGY: Moody's Puts B2 Rating on Proposed $75 Mil. Note

MERIDIAN AUTOMOTIVE: Wants to Assume 234 Contracts and Leases
MERIDIAN AUTOMOTIVE: Wants to Assume 42 Unexpired Leases
METALDYNE CORP: Moody's Junks Ratings on $400 Mil. Senior Notes
MUSICLAND HOLDING: Court Approves Amended Disclosure Statement
NATIONAL ENERGY: Court Okays Settlement Pact with ET Power & DTE

NEENAH FOUNDERY: Tenders Offer on $133.13 Million 11% Senior Notes
NEW CONCEPT: Case Summary & 6 Largest Unsecured Creditors
NOW AUTO: Recurring Losses Prompt Auditor's Going Concern Doubt
O'CHARLEYS INC: Moody's Assigns Loss-Given-Default Rating
OPEN TEXT: Plans 15% Workforce Cut on Hummingbird Integration

OWENS CORNING: Appoints Hake, Handy, & Neely as New Directors
OWENS CORNING: Wants Tort Claimants' Request to Lift Stay Barred
PACIFIC LEGENDS: Case Summary & 20 Largest Unsecured Creditors
PARMALAT USA: Court Approves Pact Resolving Carmen Green's Lawsuit
PHILIP BLACK: Case Summary & 16 Largest Unsecured Creditors

PIER 1 IMPORTS: Posts $73 Million Net Loss in Second Quarter
QUEBECOR WORLD: Closing French Roto-Gravure Facility
RADNOR HOLDINGS: Panel Taps Stevens & Lee as Special Counsel
RADNOR HOLDINGS: Panel Wants Kroll Zolfo as Bankruptcy Consultant
REFCO INC: Judge Drain Gives Tentative Nod on Disclosure Statement

RESORTS INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings
RESORTS INT'L HOTEL: Moody's Assigns Loss-Given-Default Ratings
RIVER ROCK: Moody's Assigns Loss-Given-Default Ratings
SAN PASQUAL: Moody's Assigns Loss-Given-Default Ratings
SANMINA-SCI: Fitch Lowers Senior Subordinated Debt's Rating to B

SANMINA-SCI: Late 10-Q Filing Prompts Moody's to Review Ratings
SCIENTIFIC GAMES: Moody's Assigns Loss-Given-Default Ratings
SILICON GRAPHICS: Emerges from Chapter 11 Protection
SIRVA WORLDWIDE: Moody's Cuts Corp. Family & Default Ratings to B3
TEC FOODS: Files Amended Plan Resolving Outstanding Allowed Claims

TEC FOODS: Court Denies Request to Recover Retainer from Auspex
TERAX ENERGY: Malone & Bailey Raises Going Concern Doubt
THERMOVIEW INDUSTRIES: Court Converts Case to Chapter 7 Proceeding
THOMAS EQUIPMENT: Considering Sale of All Assets
TOWER RECORDS: Court OKs McGuirewoods LLP as Panel's Lead Counsel

TOWER RECORDS: Panel Wants Cozen O'Connor as Local Counsel
TRIGEM COMPUTER: South Korean Court Halts Sale of Assets
TRUMP ENTERTAINMENT: Moody's Assigns Loss-Given-Default Ratings
UNIVERSAL CITY: Moody's Assigns Loss-Given-Default Ratings
USA COMMERCIAL: Response Deadline for SPD Suit Moved to Oct. 31

USA COMMERCIAL: Says Checks Could be Issued Earlier Than Oct. 23
VALCOM INC: Restates 2006 Third Quarter Financial Statements
VENETIAN MACAO: Moody's Assigns Loss-Given-Default Ratings
VERIZON DIRECTORIES: Moody's Rates $6.2 Billion Loans at Ba2
VESTA INSURANCE: Panel Objects Gaines Salary Obligations Funding

VESTA INSURANCE: Wants Court to Approve Disclosure Statement
VS HOLDING: Moody's Rates Proposed $135 Million Loans at B1
WATERFORD GAMING: Moody's Assigns Loss-Given-Default Ratings
WESTWAYS FUNDING: Fitch Holds BB Rating on $37.5 Mil. Income Notes
WINN-DIXIE: IRS Wants Confirmation of Joint Plan Denied

WINN-DIXIE: U.S. Trustee Objects to Four Sections of Joint Plan
WYNN LAS VEGAS: Moody's Assigns Loss-Given-Default Ratings
* Upcoming Meetings, Conferences and Seminars

                             *********

1POINT SOLUTIONS: Involuntary Chapter 11 Case Summary
-----------------------------------------------------
Alleged Debtor: 1Point Solutions, LLC
                101 South Main Street
                Dickson, TN 37055
                Tel: (615) 242-1900

Case Number: 06-05400

Debtor-affiliate filing separate chapter 11 petition on Oct. 13,
2006:

      Entity                    Case No.
      ------                    --------
      Barry R. Stokes           06-05898

Type of Business: The Chapter 11 Trustee in 1Point Solutions, LLC
                  obtained permission from the U.S. Bankruptcy
                  Court for the Middle District of Tennessee to
                  substantively consolidate the Chapter 11 case of
                  Barry R. Stokes.

Involuntary Petition Date: Sept. 26, 2006

Chapter: 11

Court: Middle District of Tennessee (Nashville)

Judge: Keith M. Lundin

Petitioners' Counsel: Ronald G. Steen, Jr., Esq.
                      Stites & Harbison PLLC
                      424 Church Street, Suite 1800
                      Nashville, TN 37219
                      Tel: (615) 782-2280
                      Fax: (615) 742-7238

                             -- and --

                      John J. Griffin, Jr., Esq.
                      Kay Griffin Enkema & Brothers PLLC
                      222 2nd Avenue North, Suite 340M
                      Nashville, TN 37201
                      Tel: (615) 742-4800

                             -- and --

                      John Charles Tishler, Esq.
                      Waller Lansden Dortch & Davis PLLC
                      511 Union Street, Suite 2700
                      Nashville, TN 37219
                      Tel: (615) 850-8756
                      Fax: (615) 244-6804

                             -- and --

                      Sam J. Mcallester, III, Esq.
                      Bone Mcallester Norton, PLLC
                      511 Union Street, Suite 1600
                      Nashville, TN 37219
                      Tel: (615) 238-6320
                      Fax: (615) 238-6301

   Petitioners                   Nature of Claim     Claim Amount
   -----------                   ---------------     ------------
Beck/Arnley Worldparts Corp.     Breach of ERISA       $6,621,176
2375 Midway Lane                 Fiduciary Duties;
Smyrna, TN 37167                 Misappropriation of
                                 Plan assets

Colbert & Winstead, P.C.         Breach of ERISA         $547,272
1812 Broadway                    Fiduciary Duties;
Nashville, TN 37203              Misappropriation of
                                 Plan assets

Reliance Worldwide Corp          Breach of ERISA         $650,000
dba Cash Acme                    Fiduciary Duties;
c/o Waller Lansden Dortch and    Misappropriation of
Davis, LLP                       Plan assets
511 Union Street, 27th Floor
Nashville, TN 37219
Tel: (615) 244-6380

Mastrapasqua Asset Management    Breach of ERISA         $796,989
814 Church Street, Suite 600     Fiduciary Duties;
Nashville, TN 37203              Misappropriation of
                                 Plan assets


ADELPHIA COMMS: Bear Stearns Wants Trial by Jury
------------------------------------------------
Bear, Stearns & Co. Inc., DK Acquisition Partners, L.P., and
Varde Investment Partners, LP, request the U.S. Bankruptcy Court
for the Southern District of New York for a trial by jury.

Bear Stearns, DK Acquisition, and Varde Investment deny all of
Adelphia Communications Corp. and its debtor-affiliates' factual
averments.

Diane Harvey, Esq., at Weil, Gotshal & Manges LLP, in New York,
argues that:

   (a) the ACOM Debtors' alleged Preferential Transfer was:

        * intended by Motorola, Inc.; General Instrument
          Corporation; and General Instrument Authorization
          Services, Inc.; and Adelphia Communications Corporation,
          to be a contemporaneous exchange for new value given to
          ACOM; and

        * made according to ordinary business terms;

   (b) ACOM did not make any unavoidable transfer to or for the
       benefit of Motorola on account of the new value given by
       Motorola to Adelphia;

   (c) in exchange for any transfer alleged by the ACOM Debtors
       to be fraudulent, Motorola gave reasonably equivalent
       value pursuant to Section 548 of the Bankruptcy Code or
       other applicable law;

   (d) Motorola, Bear Stearns, DK Acquisition, and Varde
       Investment acted in good faith and gave value in exchange
       for the ACOM Debtors' alleged Fraudulent Transfer pursuant
       to Section 548(d) or other applicable law;

   (e) to the extent that the ACOM Debtors seek to avoid any
       transfer pursuant to other applicable law under Section
       544(b), Bear Stearns, DK Acquisition, and Varde Investment
       assert any and all defenses arising under those other
       applicable law;

   (f) the ACOM Debtors' claims are barred:

        * because ACOM engaged in acts and courses of conduct
          which rendered it in pari delicto;

        * under the doctrine of equitable estoppel because of
          ACOM's acts, omissions, representations and courses of
          conduct on which Motorola was lead to rely to its
          detriment;

        * by the doctrine of unclean hands because of ACOM's
          inequitable conduct;

        * by estoppel to the extent the Debtor is seeking to take
          positions in the proceeding inconsistent with positions
          taken by ACOM in other judicial proceedings; and

        * because Motorola was fraudulently induced to enter into
          transactions with ACOM;

   (g) the ACOM Debtors fail to state a claim on which relief may
       be granted; and

   (h) the ACOM Debtors lack standing to assert their claims and,
       accordingly, the Court does not have subject matter
       jurisdiction.

Based in Coudersport, Pa., Adelphia Communications Corporation
(OTC: ADELQ) -- http://www.adelphia.com/-- is the fifth-largest
cable television company in the country.  Adelphia serves
customers in 30 states and Puerto Rico, and offers analog and
digital video services, high-speed Internet access and other
advanced services over its broadband networks.  The Company and
its more than 200 affiliates filed for Chapter 11 protection in
the Southern District of New York on June 25, 2002.  Those cases
are jointly administered under case number 02-41729.  Willkie Farr
& Gallagher represents the ACOM Debtors.  PricewaterhouseCoopers
serves as the Debtors' financial advisor.  Kasowitz, Benson,
Torres & Friedman, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP
represent the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision, LLC.  The RME Debtors filed for chapter 11 protection
on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622 through
06-10642).  Their cases are jointly administered under Adelphia
Communications and its debtor-affiliates chapter 11 cases.
(Adelphia Bankruptcy News, Issue Nos. 149; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


AH-DH APARTMENTS: Files Amended Disclosure Statement in N.D. Texas
------------------------------------------------------------------
AH-DH Apartments, Ltd., and its debtor-affiliates delivered to the
U.S. Bankruptcy Court for the Eastern District of Texas an amended
disclosure statement explaining their amended joint Chapter 11
plan of reorganization.

                       Overview of the Plan

The Plan contemplates a consolidation and reorganization of the
Debtors and payment of all claims.  On the effective date of the
Plan, the new investors will make a preferred equity investment
totaling not less than $8 million into Reorganized AH-DH.

The Capital Investment will be used to:

    (i) fund deferred maintenance requirements for the apartment
        complexes in the amount of $5 million;

   (ii) fund initial distributions totaling approximately
        $1.3 million to secured and unsecured claimants; and

  (iii) establish an interest or miscellaneous reserve of
        approximately $1.6 million.

In addition, the Plan provides the assumption of all executory
contracts and unexpired leases not expressly rejected on or before
90 days after the Confirmation Date.

                        Treatment of Claims

Under the Plan, all administrative claims and Secured Tax Claims
will be fully paid in cash on or before the later of:

   a) 10 days following the Effective Date; or

   b) 10 days following the date on which the Court-approved
      claims are allowed.

Allowed Secured Tax Claims may be paid with interest at the rate
of 4.5% per annum, accrued over a period not exceeding five years
after the Debtors' bankruptcy filing at the option of the
Reorganized Debtor.  Class 2 Claims will not include 2006 ad
valorem property taxes.  These taxes will be paid by the Debtors
in the ordinary course of business on or before Jan. 31, 2007.

The Prepetition Secured Claims of Citigroup Global Markets Realty
Corporation fka Salomon Brothers Realty Corporation amounting to
$148 million will be allocated into two tranches:

   a) Tranche 1 totaling to $122 million will be paid in a monthly
      installment basis by the issuance of the Tranche 1 Note by
      the Reorganized Debtor with an interest rate of $5.95% per
      annum.  The Maturity Date is three years following the
      Effective Date.  The Note will be secured by first lien deed
      of trust mortgages on all of the apartment complexes; and

   b) Tranche 2 totaling to $22.3 million will be paid in a
      monthly installment basis by the issuance of the Tranche 2
      Note by the Reorganized Debtor with an interest rate of 12%
      per annum.  The Maturity Date is three years following the
      Effective Date.  The Note will be secured pari passu with
      the same collateral securing the Tranche 1 Note.

Citigroup will release its liens on a specific apartment complex
upon tender of 115% of the debt amount allocable to a particular
apartment complex.

Other Allowed Secured Claims will be paid in full based on the
following:

   a) pro rata share of $180,000 within 30 days of the Effective
      Date;

   b) remaining balance of Secured Claim to be paid three years
      following the Effective Date;

   c) interest rate from the Effective Date of 6% per annum;

   d) monthly installments of interest only until maturity; and

   e) all liens and priorities granted to any Claimant will
      continue until its Secured Claim is indefeasibly paid in
      full.

Holders of General Unsecured Claim will be fully satisfied with a
pro rata share of $1,191,600 within 30 days of the Effective Date.
Interest rate from the Effective Date is 6% per annum and the
claim's remaining balance will be paid three years following the
Effective Date.

All Equity Interest holders will get an exchange for new equity
interests in the Reorganized Debtors, provided, that the new
equity interests will be subordinated to the $8 million preferred
equity investment.

A copy of the Amended Disclosure Statement is available for a fee
at:

  http://www.researcharchives.com/bin/download?id=061017055402

Headquartered in Plano, Texas, AH-DH Apartments, Ltd., owns 16
apartment complexes.  The company and three of its affiliates
filed for chapter 11 protection on Mar. 22, 2006 (Bank. E.D. Tex.
Case No. 06-40355).  J. Mark Chevallier, Esq., at McGuire Craddock
& Strother, P.C., represents the Debtors.  When the Debtors filed
for protection from their creditors, they estimated assets and
debts between $50 million and $100 million.

DH Holdings Limited Partnership and DH Holdings GP, Inc., filed
for chapter 11 protection on Apr. 8, 2006 (Bankr. E.D. Tex. Case
Nos. 06-40479 and 06-40480).  Another affiliate, DB Holdings, LLC,
filed for chapter 11 protection on Apr. 10, 2006 (Bankr. E.D. Tex.
Case No. 06-40484).  The Debtors' chapter 11 cases are jointly
administered under Case No. 06-40355.


AIB INSURANCE: Case Summary & 11 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: AIB Insurance Group, Inc.
        3020 Northwest 79th Avenue
        Miami, FL 33122

Bankruptcy Case No.: 06-15279

Type of Business: The Debtor is an insurance company.
                  See http://www.aibins.com/

Chapter 11 Petition Date: October 17, 2006

Court: Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

Debtor's Counsel: Phillip M. Hudson III,  Esq.
                  Arnstein & Lehr LLP
                  201 South Biscayne Boulevard, Suite 400
                  Miami, FL 33143
                  Tel: (305) 374-3330
                  Fax: (305) 374-4744

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's 11 Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
Larry S. Feltman                         $5,000,000
Trustee of the Estate of
Certified HR Services, Inc.
c/o Kenneth Robinson
101 Northeast Third Street, Suite 1800
Fort Lauderdale, FL 33301

Volie, Bajalia, Wickes, Rogerson            $25,258
1301 Riverplace Boulevard, Suite 1700
Jacksonville, FL 32207

Ascom Hasler Leasing                        $43,152
P.O. Box 802585
Chicago, IL 60680

Shapiro Ramos                               $13,307
Sun Trust Center
One Southeast Third Avenue, Suite 1450
Miami, FL 33131

Key Equipment Finance, Inc.                 $10,010
P.O. Box 1865
Albany, NY 12201-1865

Xerox Corp.                                  $5,356

CTK Actuarial Services, Inc.                 $5,000

GE Capital                                   $4,905

Bellsouth                                    $3,279

Volpe Bajalia                                $1,468

Delta Business Solutions                       $502


AMERIGAS PARTNERS: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the broad energy midstream sector, encompassing
companies that engage in the extraction, treating, transmission,
distribution, and logistics for crude oil, natural gas, and other
hydrocarbon products, the rating agency affirmed its Ba3 corporate
family rating on AmeriGas Partners, L.P.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.25% Sr. Unsec.
   Global Notes
   due 2015                B1       B1     LGD5       71%

   7.125% Sr. Unsec.
   Notes
   due 2016                B1       B1     LGD5       71%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

AmeriGas Partners, L.P. (NYSE:APU) -- http://www.amerigas.com/--  
is a retail propane marketer, serving nearly 1.3 million customers
from over 650 locations in 46 states.  UGI Corporation (NYSE:UGI)
through subsidiaries, owns 44% of the Partnership and individual
unitholders own the remaining 56%.


ARCH COAL: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its Ba3 Corporate Family Rating for Arch
Coal, Inc., and its B1 rating on the Company's subsidiary, Arch
Western LLC's $950 million issue of 6.75% guaranteed senior
unsecured notes due 2013.  Moody's also assigned an LGD4 rating to
those loans, suggesting noteholders will experience a 67% loss in
the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

St. Louis-based Arch Coal, Inc. (NYSE:ACI) is a coal producer in
the United States, with subsidiary operations in West Virginia,
Kentucky, Virginia, Wyoming, Colorado and Utah.  Through these
operations, Arch provides the fuel for approximately 7% of the
electricity generated in the United States.


ARMSTRONG WORLD: J.P. Morgan Conveys $135.8 Mil. to Law Debenture
-----------------------------------------------------------------
J.P. Morgan Trust Company, N.A., as successor-in-interest to Bank
One Trust Company, N.A., informs the U.S. Bankruptcy Court for the
District of Delaware that it transferred to Law Debenture Trust
Company of New York, three claims:

   Claim No.     Claim Amount     Basis for Debt
   ---------     ------------     --------------
     3104         $1,575,697      8.43% Series A Guaranteed
                                  Serial ESOP Notes

     2197        126,726,563      9-3/4% Debentures

     4628          7,539,375      8-3/4% to 9% Medium Term Notes

J.P. Morgan Trust is based at 6525 West Campus Oval Road, New
Albany, Ohio.  Law Debenture's is headquartered at 767 Third
Avenue, 31st Floor, New York.

J.P. Morgan Securities, Inc., in a separate court filing, notifies
the Court that it transferred Claim No. 2764 asserted against the
Company to Deutsche Bank Securities, Inc.

Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
-- http://www.armstrong.com/-- the major operating subsidiary of
Armstrong Holdings, Inc., designs, manufactures and sells interior
floor coverings and ceiling systems, around the world.

The Company and its affiliates filed for chapter 11 protection on
Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen Karotkin,
Esq., at Weil, Gotshal & Manges LLP, and Russell C. Silberglied,
Esq., at Richards, Layton & Finger, P.A., represent the Debtors in
their restructuring efforts.  The Company and its affiliates
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice.  The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on

Aug. 14, 2006.  The Clerk entered the formal written confirmation
order on Aug. 18, 2006.  The Company's "Fourth Amended Plan of
Reorganization, as Modified," has become effective and AWI has
emerged from Chapter 11.  (Armstrong Bankruptcy News, Issue No.
102; Bankruptcy Creditors' Service,Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2006
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on Oct. 2, 2006.
The outlook is stable.


ARMSTRONG WORLD: Withdraws Objection to Hamptons' Claims
--------------------------------------------------------
Armstrong World Industries, Inc., and its affiliates withdraw
their objection to Claim No. 2314 filed by Randall Hampton and
Claim No. 2359 filed by Judith Hampton.

The Claims arose from an action commenced by the Hamptons in
January 2005 in Gloucester County, New Jersey, against the
Company, The Celotex Corporation, The Celotex Company, USG
Interiors, Inc., among others.  The Hamptons asserted in their
complaint medical causation, loss of consortium and damages as a
result of Mr. Hampton's exposure to crystalline silica dust from
ceiling tiles purportedly manufactured or marketed by the
Defendants.

The Company previously asked the U.S. Bankruptcy Court for the
District of Delaware to disallow the Hampton Claims as they are
duplicative of each other, and for failure of the Claimants to
submit documents to support their case.

The Hamptons, however, insisted that their claims are distinct and
separate.  Mrs. Hampton's claim is based on her status as spouse.
Mrs. Hampton suffered substantial losses of her husband's services
and consortium as a result of Mr. Hampton's severely disabling and
life-threatening systemic sclerosis/scleroderma.

The Hamptons sought damages amounting to $2,500,000 each.

Based in Lancaster, Pennsylvania, Armstrong World Industries, Inc.
-- http://www.armstrong.com/-- the major operating subsidiary of
Armstrong Holdings, Inc., designs, manufactures and sells interior
floor coverings and ceiling systems, around the world.

The Company and its debtor-affiliates filed for chapter 11
protection on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C. Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The Debtors
tapped the Feinberg Group for analysis, evaluation, and treatment
of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured Creditors.
The Creditors Committee tapped Houlihan Lokey for financial and
investment advice.  The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.

When the Debtors filed for protection from their creditors, they
listed $4,032,200,000 in total assets and $3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.  The Company's
"Fourth Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.  (Armstrong
Bankruptcy News, Issue No. 102; Bankruptcy Creditors'
Service,Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2006
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on Oct. 2, 2006.
The outlook is stable.


ASARCO LLC: Illinois Taylor Springs Site Lined Up for EPA Clean-Up
------------------------------------------------------------------
U.S. Environmental Protection Agency added the ASARCO Taylor
Springs site, in Taylor Springs, Illinois, to the National
Priorities List of Superfund hazardous waste sites.  Sites on the
NPL are eligible for additional study and resources under EPA's
Superfund program.  The Taylor Springs site brings the number of
sites on the NPL to 1,246.

Nationally, five new sites were added to the NPL and six sites
were proposed for addition to the list, with public comment
periods to follow.  Two of the proposed sites are in EPA Region 5:
Elm Street Ground Water Contamination, Terre Haute, Ind., and
South Minneapolis Residential Soil Contamination, Minneapolis.

The 181-acre Taylor Springs site was proposed for addition to the
NPL in April 2006 followed by a public comment period.  The
property, which contained a zinc smelter and zinc oxide production
facility, is owned by ASARCO.  Previously, the zinc oxide facility
was operated by American Zinc Lead and Smelting Co. and more
recently by Midwest Zinc.  Pollution on the property -- including
contaminated soil and two production waste slag piles containing
lead, arsenic, cadmium and other metals -- dates to 1911.  Some
waste materials were also used as fill dirt in the neighborhood
near the site.

Since 1994, ASARCO has performed several site investigations
under the supervision of Illinois EPA.  Currently, EPA is
evaluating whether an action will be required to address lead
contamination at some nearby residential properties.  A community
information session will be scheduled by EPA for October.

Site information is on file at the Taylor Springs Village Hall,
626 E. Main St.  Residents with questions about the site may
contact EPA Community Involvement Coordinator Joe Munoz,
(800) 621-8431, Ext. 67935, or munoz.joe@epa.gov

Historically, through EPA's enforcement program, cleanup at about
70% of NPL sites has been paid for or performed by parties held
responsible for the contamination.  Under the NPL process, EPA
will search for potentially responsible parties to conduct cleanup
at the ASARCO Taylor Springs site.

With the proposal of the six new sites, there are 61 proposed
sites awaiting final agency action including five federal
facilities.  Altogether there are 1,307 final and proposed sites.
Cleanup construction has been completed at 978 sites.

More information, including background information on the NPL
process and information about submitting comments on the
proposed sites is at:

   http://www.epa.gov/superfund/sites/npl/current.htm

                         About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--  
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.  The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts.  Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.  When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.

The Debtor's five affiliates filed for chapter 11 protection on
April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through
05-20525).  They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe
Company, Inc., Cement Asbestos Products Company, Lake Asbestos of
Quebec, Ltd., and LAQ Canada, Ltd.  Details about their asbestos-
driven chapter 11 filings have appeared in the Troubled Company
Reporter since Apr. 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee. (ASARCO Bankruptcy News, Issue No. 30; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000).


AZTAR CORP: Shareholders Okay $2.75 Billion Columbia Merger
-----------------------------------------------------------
At the Special Meeting of Stockholders held on Oct. 17, 2006,
Aztar Corporation's shareholders approved the May 19, 2006
Agreement and Plan of Merger the company entered into with Wimar
Tahoe Corporation dba Columbia Entertainment, the gaming affiliate
of Columbia Sussex Corporation.

As reported in the Troubled Company Reporter on May 23, 2006,
under the merger agreement, Columbia Entertainment will acquire
all of the outstanding shares of common stock of Aztar for $54 per
share in cash, or $2.75 billion.

WT-Columbia Development, Inc., an indirect wholly owned subsidiary
of Columbia Entertainment, will merge with and into Aztar, with
Aztar being the surviving corporation and becoming an indirect
subsidiary of Columbia Entertainment.  The transaction remains
subject to customary closing conditions, including the receipt of
necessary gaming approvals, and is expected to close in the fourth
quarter of 2006.

                      About Aztar Corporation

Headquartered in Phoenix, Arizona, Aztar Corporation (NYSE: AZR)
-- http://www.aztar.com/-- is a publicly traded company that
operates Tropicana Casino and Resort in Atlantic City, New Jersey,
Tropicana Resort and Casino in Las Vegas, Nevada, Ramada Express
Hotel and Casino in Laughlin, Nevada, Casino Aztar in
Caruthersville, Missouri, and Casino Aztar in Evansville, Indiana.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 11, 2006,
Moody's Investors Service's confirmed its Ba2 Corporate Family
Rating for Aztar Corporation.


BCE INC: To Convert Bell Canada Into Income Trust
-------------------------------------------------
BCE Inc. will eliminate its holding company operations and convert
Bell Canada into an income trust.

The trust, to be known as the Bell Canada Income Fund, is designed
to create value for shareholders through increased cash
distributions and to ensure there will continue to be competitive
parity in the capital markets within the telecom sector.  The
Trust will have an initial annual cash distribution of $2.55 per
unit, representing a targeted 2007 payout ratio of 85%.

"The elimination of BCE is a further step in our plan to focus on
Bell and our communications operations," said Michael Sabia, Chief
Executive Officer of BCE and Bell Canada.  "That is the business
we know.  That is the business we will stick to."

"Our efforts over the past three years to lower costs and improve
our execution capabilities have set a solid foundation," said Mr.
Sabia.  "As we look to 2007, we expect to see trends we thought we
would only achieve in 2008.  As well, we are confident that the
improving financial performance of our growth businesses in 2007
will drive improvements in both operating profitability and Free
Cash Flow."  The company will be providing 2007 guidance in
December.

"With Bell Canada as an income trust, the payout ratio that we are
contemplating is designed to allow us to maintain the financial
flexibility we need to be competitive, to fund capital spending at
levels needed to fully support growth and to reduce debt," he
said.  "At the same time the new capital structure is designed to
provide an attractive distribution per unit."

"Going forward we will continue to build a company based on a
differentiated customer experience, offering leading edge
products and services, running over the most advanced networks,"
said Mr. Sabia.  "As a trust, Bell will continue to execute its
existing strategic plan based on business transformation and
investment in growth services.  More than 50% of our revenue will
come from growth services by the end of this year."

The transaction will not change current operations or affect
employees or customers.  The conversion to an income trust is
timely for the company as its tax shelters would be fully used in
the first half of next year, triggering a substantial increase in
cash taxes payable beginning in 2008.

As a separate matter, the Bell Aliant Regional Communications
Income Fund has announced today its intention to purchase all of
the units of the Bell Nordiq Income Fund it does not already own,
with a view to consolidating its operations with those of Bell
Nordiq and continuing to operate the two together as a single
trust.  "BCE is supportive of Bell Aliant's proposal to buy the
minority of Bell Nordiq as this will create a single regionally
oriented business," said Mr. Sabia.

BCE Inc.'s transaction details include:

   * exchanging BCE common shares on a one-for-one basis for
     units in the Bell Canada Income Fund;

   * mailing of information circular to common and preferred
     shareholders in December;

   * holding of special meetings of common and preferred
     shareholders in Montreal in January;

   * making a cash offer by BCE and Bell Canada to repurchase all
     of their outstanding preferred shares;

   * mailing of issuer bid circular to preferred shareholders in
     December;

   * repurchasing preferred shares after shareholder and
     court approval of the Plan of Arrangement;

   * completion of targeted transactions and for Bell Canada
     Income Fund units to begin trading in the first quarter of
     2007.

The BCE and Bell Canada Boards of Directors have unanimously
approved these transactions.

            Tax Implications to Common Shareholders

For BCE common shareholders resident in Canada, the proposed
conversion will generally result in a disposition of their BCE
common shares giving rise to a capital gain -- or capital loss --
equal to the amount by which the fair market value of the trust
units received exceeds the cost of their BCE common shares.  U.S.
shareholders will not be taxed in Canada on the conversion of
their common shares to trust units.

It is expected that full details of the Canadian and U.S. tax
consequences of the proposed conversion will be provided in the
information circular to be mailed to all shareholders.

Current and potential shareholders of BCE are encouraged to seek
their own tax advice in respect of the consequences to them of the
proposed conversion.

                Terms and Timing of Arrangement

The conversion of the new combined entity into an income trust,
and related transactions, will be carried out pursuant to a plan
of arrangement under the Canada Business Corporations Act.  Under
the Arrangement, each of the outstanding common shares of BCE will
be exchanged for units in the Trust on a one-for-one basis.
In addition, BCE and Bell Canada will amalgamate together with
certain other subsidiaries to form a new company to be known as
Bell Canada.  The BCE and Bell Canada Boards of Directors believe
the Arrangement is in the best interest of their respective
companies.  BCE and Bell Canada also intend to make cash offers to
repurchase all of the currently outstanding BCE and Bell
Canada preferred shares.  Completion of this repurchase will be
conditional only upon completion of the Arrangement.

BCE and Bell Canada currently expect to hold a meeting of their
common and preferred shareholders to consider the Arrangement in
January, and expect that, provided that all necessary conditions
to the Arrangement are satisfied, the Arrangement will be
completed in the first quarter of 2007.  BCE and Bell Canada
expect to mail an information circular and other applicable
materials with respect to the Arrangement in December.

                 Conditions of the Arrangement

The Arrangement is conditional upon, among other things:

   (a) approval of the Arrangement by BCE and Bell Canada
       shareholders in accordance with applicable law and court
       orders granted in connection with the Arrangement;

   (b) the receipt of all necessary governmental, regulatory and
       stock exchanges approvals and other security holder
       approvals and other consents;

   (c) dissent rights not being exercised in respect of more than
       a level of the outstanding common shares approved by the
       BCE Board; and

   (d) there being no change with respect to the income tax laws
       or policies of Canada or to the telecommunications and
       other regulatory laws or policies of Canada that would
       have a material adverse effect on the transactions
       contemplated by the Arrangement.

In addition, the Boards of each of BCE and Bell Canada will have
the discretion to determine not to proceed with the Arrangement.

                       Fairness Opinions

BCE has received an opinion from BMO Capital Markets, one of the
financial advisors to BCE and Bell Canada, that, as of the date
hereof and subject to certain customary conditions including the
review by BMO Capital Markets of BCE's information circular and
related documentation, the consideration to be received by the
common shareholders of BCE under the Arrangement is fair, from
a financial point of view, to the common shareholders of BCE.

BCE and Bell Canada have also received an opinion from BMO Capital
Markets that, as of the date hereof, the consideration to be
offered to the preferred shareholders of BCE and Bell Canada under
the tender offers to be made in connection with the
Arrangement is, in respect of each series of the preferred shares
of BCE and Bell Canada, fair, from a financial point of view, to
such preferred shareholders.

BMO Capital Markets, Goldman, Sachs & Co. and RBC Capital Markets
have acted as financial advisors to BCE and Bell Canada in
connection with their transactions.

                         About BCE Inc.

Headquartered in Montreal, Canada, Bell Canada International Inc.
(NEX:BI.H) -- http://www.bci.ca/-- provides a suite of
communication services to residential and business customers in
Canada.  Under the Bell brand, the company's services include
local, long distance and wireless phone services, high-speed and
wireless Internet access, IP-broadband services, information and
communications technology services and direct-to-home satellite
and VDSL television services.  Other BCE businesses include
Canada's premier media company, Bell Globemedia, and Telesat
Canada, a pioneer and world leader in satellite operations and
systems management.

The company is operating under a Plan of Arrangement approved by
the Ontario Superior Court of Justice, pursuant to which BCI
intends to monetize its assets in an orderly fashion and resolve
outstanding claims against it in an expeditious manner with the
ultimate objective of distributing the net proceeds to its
shareholders and dissolving the company.


CALIBRE ENERGY: Accumulated Deficit Tops $3.1 Million at June 30
----------------------------------------------------------------
Calibre Energy Inc. delivered its second quarter financial
statements with the Securities and Exchange Commission.

The Company incurred a $587,020 net loss on $90,761 of net
revenues for the three months ended June 30, 2006.

As of June 30, 2006, the Company's accumulated deficit widened to
$3,162,285 from a $1,901,651 of deficit at Dec. 31, 2005.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?138e

                       Going Concern Doubt

Jones Simkins, P.C., in Logan, Utah, expressed substantial doubt
about Calibre Energy, Inc.'s ability to continue as a going
concern after auditing the Company's financial statements for the
year ended Dec. 31, 2005.  The auditing firm pointed to the
Company's losses since inception because its revenue generating
activities are not in place.

Calibre Energy, Inc., through Calibre Energy Delaware, acquires
and develops oil and gas properties.  Through a wholly owned
subsidiary, the Company successfully merged with CED on Jan. 27,
2006.


CARAUSTAR INDUSTRIES: Closes Reading Paperboard Mill
----------------------------------------------------
Caraustar Industries Inc. has closed its Reading Paperboard mill
in Sinking Spring, Pennsylvania.  The Reading mill is a recycled
uncoated paperboard manufacturing facility with an annual capacity
of 16 thousand tons.  Caraustar expects to consolidate all of the
Reading mill's production into other existing Caraustar locations
that will increase capacity utilization in the Company's mill
system.

The closure of the Reading mill reflects the company's previously
announced plans to achieve greater cost efficiencies throughout
its system and better utilize capacity.  Associated with this mill
closure, the company will record a pre-tax charge of approximately
$1.9 million, of which approximately $1.2 million will be non-
cash.  This rationalization is expected to generate an estimated
$1.6 million in annual pre-tax savings.  The closure of the
Reading mill will affect approximately 26 salaried and hourly
employees.  Caraustar will provide a comprehensive program of
separation pay, benefits coverage and job assistance to affected
employees to facilitate their transition to alternate employment.

Based in Austell, Georgia, Caraustar Industries, Inc --
http://www.caraustar.com/-- is an integrated manufacturer of
converted recycled paperboard.  Caraustar serves the four
principal recycled boxboard product end- use markets: tubes, cores
and composite cans; folding cartons; gypsum facing paper and
miscellaneous other specialty paperboard products.

                           *     *     *

The Company's $200 million 7.375% Senior Notes due June 1, 2009
and $29 million 7.25% Senior Notes due May 1, 2010, carry Standard
& Poor's B+ rating.  The Company's $285 million 9.875% Senior
Subordinated Notes due April 1, 2011, carry S&P's B- rating. Those
ratings were assigned on May 9, 2006.


CARRINGTON SOUTH: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Carrington South Health Care Center, Inc.
        850 East Midlothian Boulevard
        Youngstown, OH 44507
        Tel: (330) 788-3038

Bankruptcy Case No.: 06-41692

Debtor-affiliates filing separate chapter 11 petitions:

      Entity                                   Case No.
      ------                                   --------
      Carrington South Real Estate, Inc.       06-41693

Type of Business: The Debtors operate a 25-bed critical access
                  hospital with a rural health care clinic, and
                  operates three satellite clinics and a 24-bed
                  basic care facility.

Chapter 11 Petition Date: October 17, 2006

Court: Northern District of Ohio (Youngstown)

Judge: Kay Woods

Debtor's Counsel: Andrew W. Suhar, Esq.
                  Suhar & Macejko, LLC
                  P.O. Box 1497
                  Youngstown, OH 44501-1497
                  Tel: (330) 744-9007
                  Fax: (330) 744-5857

                       -- and --

                  Donald J. DeSanto, Esq.
                  DeSanto & DeSanto
                  807 Southwestern Run
                  Youngstown, OH 44514
                  Tel: (330) 758-3878
                  Fax: (330) 758-5993

                                Total Assets   Total Debts
                                ------------   -----------
      Carrington South Health     $3,998,655    $6,074,043
      Care Center, Inc.

      Carrington South Real         $500,000    $4,694,530
      Estate, Inc.

A. Carrington South Health Care Center, Inc.'s 20 Largest
   Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
U.S. Treasury                            $3,627,228
Internal Revenue Service
801 West Superior Avenue, Suite 400
Cleveland, OH 44113-1852

Ohio State Treasurer ODJFS                 $851,193
Ohio Department of Job & Family Services
Columbus, OH 43271-4850

BWC State Insurance Fund                   $635,987
Corporate Processing Department
Columbus, OH 43271-0977

NCS Omnicare of NW Ohio                    $172,194
7643 Ponderosa Road
Perrysburg, OH 43552

Shirley Smith, Esq.                        $155,265
8560 South Avenue, Suite 2
Youngstown, OH 44515

NCS / Omnicare Co., Omnicare Inc.          $153,205

Ohio Department of Taxation                 $74,542

Maxim Healthcare Services                   $56,000

The Nursing Home Group                      $43,445

Anthem Blue Cross and Blue Shield           $40,000

Druzak Medical Inc.                         $31,746

Medline Industries                          $31,586

Primary Care Associates                     $23,072

Geoffrey Webster                            $21,462

Accu-Med Services, Inc.                     $19,036

Pamela VanSickle                            $17,474

Rehabilitation Network                      $15,975

Social Security Administration              $12,361

Motorists Mutual Insurance                  $11,770

Hill-Rom                                     $9,472

B. Carrington South Real Estate, Inc.'s Four Largest Unsecured
   Creditors:

   Entity                        Nature of Claim     Claim Amount
   ------                        ---------------     ------------
General Electric Capital Corp.   850 Midlothian        $4,224,291
2 Bethesda Metro Center          Boulevard
Suite 600                        Youngstown, OH
Bethesda, MD 20814

John B. Reardon, Treasurer       Real Estate Taxes        $43,275
120 Market Street
Youngstown, OH 44503

City of Youngstown               Sidewalk Assessment       $1,530
26 South Phelps Street
Youngstown, OH 44501

Bodline, Perry & Associates      Accounting Fees             $434
20 Colonial Drive
Youngstown, OH 44505


CATHOLIC CHURCH: Davenport Wants to Keep Employee Obligations
-------------------------------------------------------------
The Catholic Diocese of Davenport seeks authority from the U.S.
Bankruptcy Court for the Southern District of Iowa to pay
prepetition employee wages and benefits, and continue to honor
certain employee benefit obligations.

The Diocese's employees work in numerous ministries and other
operations providing ecclesiastical, managerial, financial,
clerical, religious, and pastoral services to more than 100,000
Roman Catholics who live within its boundaries.

Richard A. Davidson, Esq., at Lane & Waterman LLP, in Davenport,
Iowa, relates that the Diocese has historically offered to its
employees reasonable vacation and sick time leaves.  The
Diocese's employees are also provided with other employee
benefits, which consist of health insurance, a 401(K) retirement
plan, group disability insurance and group life insurance, and
Federal Insurance Contributions Act and Medicare insurance.

According to Mr. Davidson, there are 37 employees, full-time and
part-time, who have accrued vacation or sick time credits as of
the Petition Date.  Accrued leave credits will be paid out upon
termination of employment.  The cost of accrued vacation leave is
in excess of $70,000 if it were to be paid out all at once.

The Benefits Package is critical to the Diocese's ability to
retain its current employees, Mr. Davidson explains.  The
inability to continue to honor the Benefits Package would likely
result in massive turnover and low employee morale.  The Benefits
Package imposes minimal incremental costs relative to the expected
impact," Mr. Davidson adds.

Mr. Davidson further relates that the Diocese has issued payroll
checks to its employees for unpaid prepetition wages and salaries,
payroll and withholding taxes, and other benefits for the month
ending September 2006.  Some payroll checks may not have cleared
the Diocese's bank account before the Petition Date.

Mr. Davidson asserts that it is imperative for the Diocese that
the checks be honored to preserve and maintain the services of its
employees.  The experience and knowledge of these employees is
critical to the Diocese's ongoing operations and ministries.  The
Diocese's employees will suffer significant financial hardship if
the Diocese fails to pay prepetition wages, he adds.

Mr. Davidson assures that prepetition wages and benefits do not
exceed the $10,000, per individual statutory limit under Sections
507(a)(4) and (5) of the Bankruptcy Code.

                      About Davenport Diocese

The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on October 10, 2006.  Richard
A. Davidson, Esq., at Lane & Waterman LLP, represents the
Davenport Diocese in its restructuring efforts.  In its Schedules
of Assets and Liabilities filed with the Court, the Davenport
Diocese reports $4,492,809 in assets and $1,650,439 in
liabilities.  (Catholic Church Bankruptcy News, Issue No. 71;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


CBRL GROUP: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency held
its Ba2 Corporate Family Rating for CBRL Group Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $800M Gtd. Sr.
   Sec. Term Loan B
   Due 3/2013             Ba2      Ba2     LGD4       52%

   $250M Gtd. Sr.
   Sec. Revolver
   Due 3/2011             Ba2      Ba2     LGD4       52%

   $422M 3% Zero-
   Coupon Conv.
   Sr. Notes
   Due 4/2032             Ba3      Ba2     LGD4       52%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Lebanon, TN-based CBRL Group Inc. -- http://www.cbrlgroup.com/--
through its subsidiaries, engages in the operation and development
of the restaurants and retail concepts in the United States.


CENTURY ALUMINUM: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its Ba3 Corporate Family Rating for
Century Aluminum Company.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these debentures:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $250 Million
   7.5% Guaranteed
   Senior Unsecured
   Notes due 2014         Ba3      B1      LGD5       77%

   $175 Million
   1.75% Convertible
   Guaranteed
   Senior Unsecured
   Notes due 2024         Ba3      B1      LGD5       77%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Monterey, California, Century Aluminum Company
(NASDAQ:CENX) -- http://www.centuryca.com/-- owns and operates a
244,000 mtpy plant at Hawesville, Kentucky; a 170,000 mtpy plant
at Ravenswood, West Virginia; and a 90,000 mtpy plant at
Grundartangi, Iceland.  The company also owns a 49.67% interest in
a 222,000 mtpy reduction plant at Mt. Holly, South Carolina.
ALCOA Inc. owns the remainder of the plant and is the operating
partner.  Century also holds a 50% share of the 1.25 million mtpy
Gramercy Alumina refinery in Gramercy, Louisiana and related
bauxite assets in Jamaica.


CHAPARRAL STEEL: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its B1 Corporate Family Rating for
Chaparral Steel Company.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $150 Million
   Guaranteed
   Senior Secured
   Revolving Credit
   Facility               Ba2      Ba1     LGD2       16%

   $300 Million
   10% Guaranteed
   Senior Unsecured
   Notes due 2013         B1       B2      LGD4       68%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Midlothian, Texas, Chaparral Steel Company
supplies structural steel products in North America with locations
in Midlothian, Texas and Dinwiddie County, Virginia.


CHARMING CASTLE: Wants Court Nod on Shields as Bankruptcy Counsel
-----------------------------------------------------------------
Charming Castle LLC asks the United States Bankruptcy Court for
the Northern District of Alabama for permission to employ The
Shields Law Firm as its bankruptcy counsel.

Shields will:

    a. prepare pleadings and applications and conducting
       examinations incidental to any related proceedings or to
       the administration of this case;

    b. develop the relationship of the status of the Debtor to the
       claims of creditors in this case;

    c. advise the Debtor of its rights, duties, and obligations as
       Debtor operating under Chapter 11 of the Bankruptcy Code;

    d. take any and all other necessary action incident to the
       proper preservation and administration of this Chapter 11
       case; and

    e. advise and assisting the Debtor in the formation and
       preservation of a plan pursuant to Chapter 11 of the
       Bankruptcy Code, the disclosure statement, and any and all
       matters related thereto.

The Debtor discloses that Robert L. Shields, III, Esq., will bill
$305 per hour for this engagement.  The Debtor further discloses
that other attorneys of the firm bill between $100 to $175 per
hour while paralegals bill $95 per hour.

The Debtor says that it has paid the firm a $25,000 retainer.

To the best of the Debtor's knowledge, the firm is a
"disinterested persons" under Section 101(14) of the Bankruptcy
Code.

Mr. Shields can be reached at:

        Robert L. Shields, III, Esq.
        The Shields Law Firm
        2025 Third Avenue North, Suite 301
        Birmingham, AL 35203
        Tel: (205) 323-0010
        Fax: (205) 322-8385

Headquartered in Hackleburg, Alabama, Charming Castle LLC, dba
Indies House -- http://www.indieshouse.net/--  manufactures
mobile homes.  The Company filed for chapter 11 protection on
Oct. 5, 2006 (Bankr. N.D. Ala. Case No. 06-71420).  When the
Debtor filed for protection from its creditors, it listed
estimated assets of less than $50,000 but estimated debts between
$10 million and $50 million.  The Debtor's exclusive period to
file a chapter 11 expires on Feb. 2, 2007.


CHARMING CASTLE: Wants to File Schedules & Statement Until Oct. 27
------------------------------------------------------------------
Charming Castle LLC asks the U.S. Bankruptcy Court for the
Northern District of Alabama to extend, until Oct. 27, 2006, the
deadline to file its schedules of assets and liabilities, and
statement of financial affairs.

The Debtor relates that since filing its petition, it has
diligently attempted to complete all of the schedules and
statement.  However, due to the extensive information required,
the Debtor says it will be unable to file the documents on time.

The Debtor assures the Court that it will file the necessary
documents before the Section 341(a) creditors' meeting.

Headquartered in Hackleburg, Alabama, Charming Castle LLC, dba
Indies House -- http://www.indieshouse.net/--  manufactures
mobile homes.  The Company filed for chapter 11 protection on
Oct. 5, 2006 (Bankr. N.D. Ala. Case No. 06-71420).  When the
Debtor filed for protection from its creditors, it listed
estimated assets of less than $50,000 but estimated debts between
$10 million and $50 million.  The Debtor's exclusive period to
file a chapter 11 expires on Feb. 2, 2007.


CHOCTAW ERECTORS: Case Summary & 19 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Choctaw Erectors, Inc.
        101 Josephine Lane
        Grand Prairie, TX 75050

Bankruptcy Case No.: 06-34427

Type of Business: The Debtor is a sewing contractor.

Chapter 11 Petition Date: October 16, 2006

Court: Northern District of Texas (Dallas)

Judge: Barbara J. Houser

Debtor's Counsel: Joseph M. Coleman, Esq.
                  Kane, Russell, Coleman & Logan
                  3700 Thanksgiving Tower
                  1601 Elm Street
                  Dallas, TX 75201
                  Tel: (214) 777-4200
                  Fax: (214) 777-4299

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $100,000 to $500,000

Debtor's 19 Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
CTC Corporation, Inc.                       $47,472
P.O. Box 488
Euless, TX 76039

Davis Motor Crane Service, Inc.             $38,257
1222 N. Loop 12
Irving, TX 75061

Independent Welding Supply Co.              $29,506
P.O. Box 169
Alvord, TX 76225

American Express                            $28,160
P.O. Box 360002
Ft. Lauderdale, FL 33336

Kevin Ball                                  $26,246

Structural Solutions, Inc.                  $23,012

Applied Equipment                           $16,813

IUOE Pipe Line Employers                    $14,359

PacifiCare                                  $12,290

Sunbelt Rentals                             $11,354

SHELL                                       $10,461

S & H Equipment Services                     $9,911

Central Pension Fund                         $8,173

Bosworth Steel Erectors, Inc.                $8,000

H&E Hi-Lift                                  $7,946

Wells Fargo Business Card-K                  $7,753

Chase                                        $7,074

ASCO                                         $6,842

Lone Star Welding & Machine                  $6,058


CIRCUS AND ELDORADO: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the gaming, lodging and leisure sectors, the
rating agency confirmed its B2 Corporate Family Rating for Circus
and Eldorado JV.

Additionally, Moody's held its B2 rating on the company's 10-1/8%
Senior Secured Second Lien Mortgage Notes Due 2012, and assigned
those debentures an LGD4 rating suggesting noteholders will
experience a 52% loss in the event of default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Reno, Nevada, Circus and Eldorado Joint Venture
owns and operates the Silver Legacy Resort Casino in Reno, Nevada.


CITGO PETROLEUM: Launches Ad Campaign to Counter Bad Publicity
--------------------------------------------------------------
Citgo Petroleum Corp., the U.S. arm of Venezuelan state-run
Petroleos de Venezuela SA, has launched an ad campaign to fight
the bad publicity resulting from the deteriorating relations
between Venezuela and the US, Reuters reports.

According to Reuters, Venezuelan President Hugo Chavez, who has
been vocal of his abhorrence to the U.S. government, called U.S.
President George W. Bush a devil during his speech in the United
Nations assembly in September, infuriating U.S. politicians and
causing some groups to encourage boycott of Citgo Petroleum gas.

A spokesperson of Citgo Petroleum told Reuters that a full page ad
of the company titled "Citgo Sets The Record Straight," was
published in The Washington Post and will also appear in USA
Today, The New York Times, The Boston Globe, Miami Herald and The
Houston Chronicle.  A series of television commercials is also
being planned.

Citgo Petroleum's ad, which is similar to its Oct. 2 press
release, says, "U.S. consumers have been inundated with misleading
and inaccurate information about Citgo Petroleum Corp., most
recently regarding the supply agreement between Citgo and 7-
Eleven."

Citgo Petroleum told Reuters that the end of the deal had been
misinterpreted as a result of political developments.

"Inaccuracies such as these have led to numerous calls for a
boycott of our products," Citgo Petroleum said in a statement.

Meanwhile, 7-Eleven insisted that it decided to end the contract
with Citgo Petroleum because it wanted to sell its own branded
fuel, Reuters notes.

"We believe this move is being pushed for political or economic
gain, ignoring the implications it would have on American
businesses and the general public," Citgo Petroleum's ad says.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela S.A., the
state-owned oil company of Venezuela.

PDVSA is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical, and coal industry,
as well as planning, coordinating, supervising, and controlling
the operational activities of its divisions, both in Venezuela
and abroad.

                        *    *    *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp.

Citgo Petroleum carries Fitch's BB- Issuer Default Rating.  Fitch
also rates the Company's US$1.15 billion senior secured revolving
credit facility maturing in 2010 at 'BB+', its US$700 million
secured term-loan B maturing in 2012 at 'BB+', and its senior
secured notes at 'BB+'.


CLAYMONT STEEL: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its B3 Corporate Family Rating for
Claymont Steel Inc. and its Caa1 rating on the Company's
$170.5 million issue of guaranteed senior secured floating rate
global notes.  Moody's also assigned an LGD4 rating to those
loans, suggesting noteholders will experience a 64% loss in the
event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

CitiSteel USA, Inc., nka Claymont Steel Inc., produces carbon
steel plate.  The company services all major plate markets
including service centers, bridge fabricators, railcar
manufacturers, heavy construction machinery and material handling
equipment, mining equipment, storage tanks, pressure vessel, and
shipbuilding.  It produces more than 400,000 tons per year.  The
company sells its products to clients in Canada, Mexico, and the
US. Previously a subsidiary of CITIC Group, Claymont Steel was
acquired by H.I.G. Capital, a private equity and venture capital
investment firm in 2005.


CLEAN HARBORS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Clean Harbors Plaquemine, LLC
        42 Longwater Drive
        P.O. Box 9149
        Norwell, MA 02061-9149
        Tel: (781) 792-5000

Bankruptcy Case No.: 06-13728

Type of Business: The Debtor operates a deep injection hazardous
                  waste facility.  Its parent company is Clean
                  Harbors, Inc.

Chapter 11 Petition Date: October 17, 2006

Court: District of Massachusetts (Boston)

Debtor's Counsel: Whitton E. Norris, III, Esq.
                  David, Malm & D'Agostine, P.C.
                  One Boston Place
                  Boston, MA 02108
                  Tel: (617) 589-3826
                  Fax: (617) 305-3126

Estimated Assets:  $100,000 to $500,000

Total Liabilities: $200,170,000

The Debtor did not file a list of its 20 largest unsecured
creditors.


CNH GLOBAL: DBRS Holds Senior Unsecured Debt's Rating at BB(High)
-----------------------------------------------------------------
Dominion Bond Rating Service confirmed the ratings of CNH Global
N.V. and Case New Holland Inc. at BB (high) for the Issuer Rating
and Senior Unsecured Debt, respectively.

DBRS expects CNH's rating to remain steady as the Company has made
progress in enhancing its competitive position and has
substantially improved its balance sheet.  However, DBRS notes
that the Company needs to accomplish much more operationally to
narrow the gap between itself and major rivals.  In addition, the
extent to which the Company remains committed to reducing debt
levels will have a considerable impact on the Company's credit
profile, as leverage remains relatively high for a cyclical entity
with cash flow-to-debt of 0.18 at June 30, 2006.

The Company's results were primarily driven by strong global
economic conditions that bolstered demand for industrial
equipment.  However, demand was not balanced, as construction
equipment accounted for all revenue growth, while agricultural was
flat with rising farming costs and uncertainty with U.S.
government farming subsidies constraining spending decisions. DBRS
expects these trends to continue, but weakened residential housing
construction could contract growth.

In addition, CNH's strategic imperatives and reorganization have
gained traction. Equipment-buying decisions are heavily based on
brand loyalty, quality of a company's dealers, and product
performance and innovation.  As such, CNH has focused on
strengthening its brand heritage and revitalizing its product
line, which is important as customers tend to be loyal and this
adds stability.

However, this element also makes it more challenging to take
customers from rivals.  CNH introduced initiatives that have
improved dealer customer support, which is key as dealers are
the customer's primary contact.  Finally, cost efficiencies have
been gained from establishing a more common product platform,
rationalizing the supply chain, and building a lean and more
flexible manufacturing system.  This has driven recent EBITDA
margin growth of three percentage points from 2002 to the recent
12-month period.


COLLINS & AIKMAN: Seeks Dec. 27 Exclusive Plan-Filing Extension
---------------------------------------------------------------
Collins & Aikman Corporation and its debtor-affiliates ask the
Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for the
Eastern District of Michigan to extend their Exclusive Periods for
60 more days, to and including:

   -- Dec. 27, 2006, for filing a reorganization plan; and

   -- Feb. 26, 2007, for solicitation of votes on that plan.

The Debtors' request is without prejudice to their rights to seek
additional extensions.

The Debtors inform the Court that since the latest extension of
their exclusive right to file and solicit acceptances of a plan of
reorganization, they have been engaged in intense negotiations
with their six principal customers regarding the global
resolutions necessary for them to emerge from Chapter 11 as a
stand-alone enterprise.  The Debtors hope to conclude these
negotiations shortly.  They note that the outcome of those talks
will materially affect their reorganization plan.

In addition, the Debtors and the unofficial steering committee for
the Debtors' senior secured prepetition lenders have been engaged
in negotiations with the Official Committee of Unsecured Creditors
with respect to the Plan.  The Debtors have also:

   * commenced dialogues with the CAW, UAW and Steel Workers
     unions regarding the resolution of certain labor and plant
     rationalization issues;

   * begun discussions with the Pension Benefit Guaranty
     Corporation regarding the termination of their pension plan;
     and

   * continued efforts to sell all or part of their businesses.

Each of these negotiations and actions continues to move forward
with the goal that the negotiations and actions will result in a
consensual plan or sale that will be supported by the Debtors'
principal creditor constituencies and customers, Ray C. Schrock,
Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, tells Judge
Rhodes.

Accordingly, Mr. Schrock says, it is important to the stability
of the cases that the Debtors maintain their exclusive rights
during this critical juncture.  Mr. Schrock explains that
terminating the Exclusivity Periods now would only be disruptive
to the cases and would jeopardize the significant progress that
the Debtors have made to date toward concluding these cases.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 43;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COMPLETE RETREATS: Court Approves De Minimis Asset Sale Procedures
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut gave
Complete Retreats LLC and its debtor-affiliates authority to
implement uniform procedures for the sale of their De Minimis
Assets, free and clear of liens, claims, and encumbrances.

The Court ruled that De Minimis Assets do not include any
furniture, fixtures, equipment or other property located in or at
a house or other dwelling that is subject to a prepetition
mortgage or other lien in favor of one the DIP Lenders, unless
that house or dwelling is sold pursuant to a Court Order and that
Order does not authorize the sale of those furniture, fixtures,
equipment or other property.

As reported in the Troubled Company Reporter on Sept. 25, 2006, in
connection with their reorganization efforts, the Debtors will
be exiting several properties in various geographic locations
throughout the duration of their bankruptcy cases.  Consequently,
the Debtors need to relocate or dispose their furnishings or
assets located at those properties.

According to Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford,
Connecticut, the Debtors' assets are typically modeled on "high-
end" luxury furniture but no longer have significant monetary
value due to usage and minor cosmetic damages sustained during
relocations.  The Debtors do not anticipate a future need for the
assets and it will cost several thousand dollars for them to move
or store the assets, Mr. Daman relates.

Moreover, filing individual motions to sell the assets or
conducting a public auction could limit the net proceeds of any
sale, Mr. Daman said.

To facilitate and effectuate cost-efficient and timely sales of
the De Minimis Assets, the Debtors propose these procedures:

   (a) The Debtors are authorized to conduct separate sales of De
       Minimis Assets up to an aggregate value of $75,000 per
       Sale Transaction.

   (b) The Debtors are authorized to consummate a Sale without
       further notice if:

          * Sale proceeds are less than $25,000;

          * the buyer is not an insider, employee, or affiliate
            of the Debtors;

          * no Event of Default exists under the DIP Credit
            Agreement; and

          * neither the De Minimis Asset nor the place where it
            is located is subject to a prepetition mortgage lien
            in favor of one of the Debtors' prepetition lenders.

   (c) The Debtors will deliver a written notice of each proposed
       sale to the counsels for the Official Committee of
       Unsecured Creditors, The Patriot Group, LLC, and LPP
       Mortgage, Ltd., if no Event of Default exists under the
       DIP Credit Agreement and:

          * the De Minimis Assets will be sold for more than
            $25,000;

          * the De Minimis Assets will be sold to an insider,
            employee, or affiliate of the Debtors; or

          * the De Minimis Assets or its location is subject to a
            prepetition mortgage lien in favor of one of the
            Debtors' prepetition lenders.

       If the DIP Credit Agreement has been replaced and all the
       Debtors' obligations to Patriot and LPP Mortgage have been
       satisfied, the Debtors will deliver the Notice to:

          * the counsel for the agent or lenders under a
            Replacement DIP Agreement;

          * the office of the United States Trustee; and

          * any holder of a known lien, claim, or encumbrance
            relating to the De Minimis Asset to be sold or its
            location.

   (d) Notices will be served on the date of service and will
       contain:

          * a brief, reasonably detailed description of the De
            Minimis Asset to be sold;

          * the identity of the Proposed Purchaser and a
            description of its relationship, if any, to the
            Debtors;

          * the proposed purchase price;

          * a statement indicating whether or not the Debtors
            have received offers from other parties and the range
            of the offers, if any; and

          * a brief, reasonably detailed explanation of the
            Debtors' efforts in marketing the De Minimis Asset
            and why the Debtors chose the Proposed Purchaser's
            offer.

       The Debtors will have the right to make non-material
       amendments to the proposed Sale's terms without serving an
       amended Notice on the Notice Parties.

   (e) Objections to a proposed Sale and any alternative offers
       for the De Minimis Assets should be filed and served, or
       delivered, by the seventh business day after the Notice is
       served, to Joel H. Levitin, Esq., at the offices of
       Dechert LLP, at 30 Rockefeller Plaza, in New York.
       Otherwise, the Debtors will be authorized to consummate
       the Sale without further notice or Court order.

   (f) If an Objection is properly filed, the Debtors and the
       objecting Notice Party will use good faith efforts to
       resolve it.  If the Debtors and the objecting Notice Party
       are unable to achieve a consensual resolution, the Debtors
       will not proceed with the proposed Sale unless and until
       the Court approves the Sale.

   (g) The Debtors, in their sole and absolute discretion, may
       seek Court approval at any time of any proposed Sale.

   (h) Within three business days after the closing of any Sale,
       the Debtors will deliver to the Notice Parties a
       settlement statement.

The proposed Procedures will minimize administrative costs, speed
the necessary sales of the De Minimis Assets, create value for
the Debtors' estates, increase the Debtors' liquidity and
preserve the rights of interested parties to object to, or make
higher or better offers with respect to, the proposed
transaction, Mr. Daman explained.

The proceeds of any Sales will be applied to reduce the balance
of the DIP Credit Agreement, pursuant to which Patriot and LPP
Mortgage have senior liens on the De Minimis Assets, Mr. Daman
said.

                     About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts.  Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors.  No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts.  (Complete Retreats
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


CONGOLEUM CORP: Court Compels Scott Williams to Produce Documents
-----------------------------------------------------------------
Travelers Casualty and Surety Company, fka The Aetna Casualty and
Surety Company, and St. Paul Fire and Marine Insurance Company
obtained authority from the Honorable Kathryn C. Ferguson of the
U.S. Bankruptcy Court for the District of New Jersey to compel R.
Scott Williams to produce documents related to the first set of
interrogatories.

Mr. Williams is the Court-appointed legal representative for
future asbestos claimants in Congoleum Corporation and its debtor-
affiliates' chapter 11 cases.

                       About Congoleum Corp.

Based in Mercerville, New Jersey, Congoleum Corporation (AMEX:
CGM) -- http://www.congoleum.com/-- manufactures and sells
resilient sheet and tile floor covering products with a wide
variety of product features, designs and colors.  The Company
filed for chapter 11 protection on Dec. 31, 2003 (Bankr. N.J. Case
No. 03-51524) as a means to resolve claims asserted against it
related to the use of asbestos in its products decades ago.

Richard L. Epling, Esq., Robin L. Spear, Esq., and Kerry A.
Brennanat, Esq., at Pillsbury Winthrop Shaw Pittman LLP represent
the Debtors in their restructuring efforts.  Elihu Insulbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Claimants' Committee.  R. Scott Williams serves as the Futures
Representative, and is represented by lawyers at Orrick,
Herrington & Sutcliffe LLP, and Ravin Greenberg PC.  Michael S.
Stamer, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the
Official Committee of Unsecured Bondholders.  When Congoleum filed
for protection from its creditors, it listed $187,126,000 in total
assets and $205,940,000 in total debts.

At June 30, 2006. Congoleum Corporation's balance sheet showed a
$44,013,000 stockholders' deficit compared with a $44,960,000
deficit at Dec. 31, 2005.  Congoleum is a 55% owned subsidiary of
American Biltrite Inc. (AMEX: ABL).


CONGOLEUM CORP: Ct. OKs Modification of Piper Jaffray's Retention
-----------------------------------------------------------------
The Honorable Kathryn C. Ferguson of the U.S. Bankruptcy Court for
the District of New Jersey authorized the modification and
extension of the terms of employment of Piper Jaffray & Co. as
financial advisor to R. Scott Williams, nunc pro tunc to Sept. 15,
2006.

Mr. Williams is the Court-appointed legal representative for
future asbestos claimants in Congoleum Corporation and its debtor-
affiliates' chapter 11 cases.

The Court authorized the future asbestos claimants representative
on April 7, 2006, to retain Piper Jaffray as his financial
advisor.  At the time the Retention Agreement was signed, all
parties expected to review the level of activity required of Piper
Jaffray after the initial three-month period and determine, if
necessary, an appropriate monthly fee for any additional work.

Accordingly, the parties entered into the first supplemental
retention agreement.  Piper Jaffray's employment would be extended
for an additional three months, from June 15, 2006, through
Sept. 15, 2006, at a monthly fee of $100,000.

The parties have again conducted a review of the level of activity
required by Piper Jaffray, and have entered into an agreement to
further extend and modify Piper Jaffray's retention.

Under the Second Supplemental Retention Agreement, Piper Jaffray
will be paid a revised monthly fee of up to $50,000.

Piper Jaffray's monthly fee will be adjusted up to $100,000, if:

   1. Piper Jaffray is required to testify at deposition for the
      month that the deposition occurs;

   2. a confirmation hearing occurs for the Tenth Modified Joint
      Plan of Reorganization of the Debtors and the Asbestos
      Claimants' Committee; and

   3. the Court finds, on a motion for summary judgment, that it
      cannot confirm the Tenth Plan as a matter of law, then the
      monthly fee will remain up to $100,000 pending further order
      of the Court.

Under the Second Supplemental Retention Agreement, Piper Jaffray
will:

   a. assist the FCR in analyzing and reviewing the acts, conduct,
      assets, liabilities, and financial condition of the Debtors;

   b. continue to familiarize with the on-going operations of the
      Debtors' businesses, advise the FCR with respect to proposed
      restructurings of the Debtors, and implement a trust as
      contemplated under Section 524(g) of the Bankruptcy Code,
      including analyzing, negotiating, and effecting a plan or
      plans of reorganization or recapitalization for the Debtors,
      and, to the extent necessary, perform valuation analyses on
      the Debtors and their assets;

   c. evaluate the financial effect of the implementation of any
      plan of reorganization upon the assets or securities of the
      Debtors, including the different plans of reorganization
      filed by the various parties-in-interest in the Debtors'
      bankruptcy cases; and

   d. any other tasks as mutually agreed upon by Piper Jaffray and
      the FCR.

The continuation of these listed services are necessary and
essential to the FCR, Joseph J. Radecki, Jr., a managing director
at Piper & Jaffray, said.

Mr. Radecki relates that the financial issues presented in the
Debtors' cases are extremely complicated, given:

   -- the nature of the Debtors' industry,

   -- the Debtors' financial performance,

   -- the potential for balance sheet assets and liabilities to
      impact the Debtors' valuation, and

   -- the increased activity requiring financial analysis as a
      result of the multiple plans of reorganization filed by
      various parties-in-interest in the Debtors' cases that have
      significant and different financial impacts on the Debtors
      and

   -- the potential assets to be provided to a trust as
      contemplated under section 524(g) of the Bankruptcy Code.

Mr. Radecki assured the Court that the Firm does not represent or
hold an interest adverse to the FCR and is disinterested pursuant
to Section 101(14) of the Bankruptcy Code.

                       About Congoleum Corp.

Based in Mercerville, New Jersey, Congoleum Corporation (AMEX:
CGM) -- http://www.congoleum.com/-- manufactures and sells
resilient sheet and tile floor covering products with a wide
variety of product features, designs and colors.  The Company
filed for chapter 11 protection on Dec. 31, 2003 (Bankr. N.J. Case
No. 03-51524) as a means to resolve claims asserted against it
related to the use of asbestos in its products decades ago.

Richard L. Epling, Esq., Robin L. Spear, Esq., and Kerry A.
Brennanat, Esq., at Pillsbury Winthrop Shaw Pittman LLP represent
the Debtors in their restructuring efforts.  Elihu Insulbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Claimants' Committee.  R. Scott Williams serves as the Futures
Representative, and is represented by lawyers at Orrick,
Herrington & Sutcliffe LLP, and Ravin Greenberg PC.  Michael S.
Stamer, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the
Official Committee of Unsecured Bondholders.  When Congoleum filed
for protection from its creditors, it listed $187,126,000 in total
assets and $205,940,000 in total debts.

At June 30, 2006. Congoleum Corporation's balance sheet showed a
$44,013,000 stockholders' deficit compared with a $44,960,000
deficit at Dec. 31, 2005.  Congoleum is a 55% owned subsidiary of
American Biltrite Inc. (AMEX: ABL).


CORNELL TRADING: Submits Renewed Bid for Case Dismissal
-------------------------------------------------------
Cornell Trading Inc. and the Official Committee of Unsecured
Creditors appointed in its case have submitted a renewed joint
motion requesting entry of an order dismissing the Debtor's
bankruptcy case pursuant to Sections 105(a) and 1112(b) of the
Bankruptcy Code.

As reported in the Troubled Company Reporter on Sept. 12, 2006,
the Honorable Joan N. Feeney of the U.S. Bankruptcy Court for the
District of Massachusetts denied the Debtor and the Committee's
first request for a chapter 11 case dismissal.

Judge Feeney had expressed concerns that the claims resolution
process proposed by the Debtor as part of the case dismissal would
be outside the jurisdiction of the Court.  The Burlington Free
Press reported that a group of Cornell's unsecured creditors had
agreed to split $493,634 of carveout funds from the sale of store
leases under the claims resolution deal.

To address the Court's concerns, the Debtor and the Committee are
now seeking to administer the claims of general unsecured
creditors within the jurisdiction of the Court, culminating in
allowance of certain general unsecured claims and the disbursement
of funds held in trust by the Committee.  The Debtor's bankruptcy
case will then be dismissed when that process is complete.

In their renewed motion for case dismissal, the Debtor and the
Committee reiterated their argument that it is no longer practical
to effectuate a plan of reorganization because the
Debtor has liquidated its assets and has no funds or unencumbered
assets to fund its administrative expenses.  They explain that by
continuing in bankruptcy, the Debtor will incur administrative
expenses beyond its ability to pay.

Headquartered in Williston, Vermont, Cornell Trading, Inc. --
http://www.aprilcornell.com/-- sells women's and children's
apparel including dresses, skirts, blouses, and sleepwear.
Cornell also offers books and housewares like table linens,
placemats and napkins, bedding, and dolls and stuffed animals.
The Company filed for chapter 11 protection on January 4, 2006
(Bankr. D. Mass. Case No. 06-10017).  Christopher J. Panos, Esq.,
at Craig & Macauley, P.C., represents the Debtor in its
restructuring efforts.  Lawrence C. Gottlieb, Esq., at Kronish
Lieb Weiner & Hellman LLP represents the Official Committee of
Unsecured Creditors.  When the Debtor filed for protection from
its creditors, it listed estimated debts and assets between
$10 million to $50 million.


CREATIVE ENERGIES: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Creative Energies, Inc.
        140 58th Street, Unit 3A
        Brooklyn, NY 11220

Bankruptcy Case No.: 06-43880

Type of Business: The Debtor is a manufacturer, direct importer
                  and distributor of home furnishings and
                  decorative accents.
                  See http://www.creativeenergies.com/

Chapter 11 Petition Date: October 17, 2006

Court: Eastern District of New York (Brooklyn)

Debtor's Counsel: Richard L. Koral, Esq.
                  60 East 42nd Street, Suite 1136
                  New York, NY 10165
                  Tel: (212) 682-1212
                  Fax: (212) 687-2084

Total Assets: $543,132

Total Debts:  $1,267,000

Debtor's 20 Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
JJ Mouldings Ltd.                          $126,610
453 Broadway
Newburgh, NY 12550

The CIT Group/Sales Financing Inc.          $51,741
P.O. Box 24330                           Unsecured:
715 S. Metropolitan Ave.                    $51,741
Oklahoma City, OK 73124

NYC Economic Development Corp               $58,433
110 William St.                            Value of
New York, NY 10038                      Collateral:
                                            $15,632
                                         Unsecured:
                                            $42,801

Galaxy Of Graphics, Inc.                    $22,285
Suite 160
20 Murray Hill Parkway
East Rutherford, NJ 07073

APM International                           $21,041
44013 Laurel Canyon Way
Freemont, CA

American Express Co.                        $20,000
P.O. Box 2855
New York, NY 10116

Bell Container Corp.                        $12,389
P.O. Box 5728
615 Ferry Street
Newark, NJ 07105

General Glass International                 $12,000
101 Venture Way
Secaucus, NJ 07094

Priceless Images & Gifts                     $7,781
940 Wendell Court
Atlanta, GA 30336

Image Conscious                              $7,609
1261 Howard Street
San Francisco, CA 94103

Local 348 Health & Welfare Fund              $7,320

Utica National Insurance Group               $6,427
P.O. Box 6532
Utica, NY 13504

Art Materials Service, Inc.                  $5,039
625 Joyce Kilmer Avenue
New Brunswick, NJ 08901

Rupaco Kittrich Corp.                        $4,876
14555 Alondra Blvd.
La Mirada, CA 90638

Bruce Teleky                                 $4,841
87 35th St.
Brooklyn, NY 11232

Graphix Integrated                           $4,702
15 Bay Avenue
Highlands, NJ

CJ HI Tech                                   $4,421
Suite #2
420 Broadway
Newburgh, NY 12550

Schwartzy'S Dispatch                         $4,272
Suite 10-132
214 Route 59
Suffern, NY 10901

Bernard Applejack Art Partners               $3,600
P.O. Box 1528
Historic Route 7-A
Manchester Ctr, VT

Jespen Industries                            $3,483
#210
33 Walt Whiteman Rd.
Huntington Station, NY 11746


DANA CORP: Equity Committee Hires Jefferies as Financial Advisors
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave the Official Committee of Equity Security Holders in Dana
Corporation and its debtor-affiliates' chapter 11 cases permission
to retain Jefferies & Company, Inc., as its financial advisors,
nunc pro tunc to July 11, 2006.

The Court ruled that no transaction fee will be paid to Jefferies
if the Equityholders receive consideration valued at less than the
amount of the transaction fee threshold, whether or not a plan of
reorganization in the Debtors' Chapter 11 cases is consensual with
the Equity Security Holders Committee.

As reported in the Troubled Company Reporter on Oct. 6, 2006,
Jefferies is expected to:

   (1) familiarize and analyze the Debtors' business, operations,
       assets, financial condition and prospects, including,
       without limitation, providing valuation analysis and
       related litigation support;

   (2) assist and advise the Equity Committee in examining and
       analyzing any potential or proposed strategy for
       restructuring or adjusting the Debtors' outstanding
       indebtedness or overall capital structure, whether
       pursuant to a plan of reorganization, a sale of assets or
       equity under Section 363 of the Bankruptcy Code, an
       infusion of financing or capital, a liquidation, or
       otherwise, including, where appropriate, assisting the
       Equity Committee in developing its own strategy for
       accomplishing a restructuring;

   (3) assist and advise the Equity Committee in evaluating and
       analyzing the proposed implementation of any
       restructuring, including the value of the securities, if
       any, that may be issued under any plan;

   (4) advise the Equity Committee on the current state of the
       "restructuring market" and in particular, the capital
       markets, including access to the capital markets in
       conjunction with the restructuring; and

   (5) render other financial advisory services as may from time
       to time be agreed on by the Equity Committee and
       Jefferies, including, but not limited to, providing expert
       testimony, and other expert and financial advisory support
       related to any threatened, expected, or initiated
       litigation.

Jefferies will be paid:

   (a) $500,000 in cash as initial financial advisory fee,
       payable upon the Court's approval of its retention;

   (b) $150,000 monthly fee commencing on the earlier of:

          (i) the release of the Debtors' business plan, or

         (ii) February 1, 2007, until the termination of the
              Engagement Letter; and

   (c) a transaction fee in an amount equal to either:

          (i) $5,250,000, if holders of the Debtors' existing
              equity securities retain or receive more than 50%
              of the equity of the reorganized Debtors,
              including, without limitation, any options,
              warrants, or securities convertible into equity, or
              the right to participate in a rights offering (x)
              at the value of the equity as of the effective date
              of a plan as determined by the Court or (y) that is
              actually subscribed by holders of Equity to achieve
              more than 50% ownership; or

         (ii) $2,500,000, if holders of the Debtors' existing
              equity securities retain less than 50% of the
              equity in the reorganized Debtors upon consummation
              of a plan confirmed by the Court consensually with
              the Equity Committee.

Steven R. Strom, managing director of Jefferies & Company, Inc.,
assured the Court that his firm does not represent any other
entity having an adverse interest in connection with the Debtors'
Chapter 11 Cases, and is a "disinterested person" as defined
under Section 101(14) of the Bankruptcy Code.

Mr. Strom added that Jefferies has no connection with the Official
Committee of Unsecured Creditors, the Debtors, their creditors
and other parties-in-interest in these Chapter 11 Cases.

                      About Dana Corporation

Toledo, OH-based Dana Corp. -- http://www.dana.com/-- designs and
manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies.  Dana employs 46,000 people in 28
countries.  Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.  The
company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  Corinne Ball,
Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors.  Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker.  Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel LLP, represents the Official Committee of
Unsecured Creditors.  Fried, Frank, Harris, Shriver & Jacobson,
LLP serves as counsel to the Official Committee of Equity Security
Holders.  Stahl Cowen Crowley, LLC serves as counsel to the
Official Committee of Non-Union Retirees.  When the Debtors filed
for protection from their creditors, they listed $7.9 billion in
assets and $6.8 billion in liabilities as of Sept. 30, 2005.
(Dana Corporation Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DANA CORP: Gets Court's Nod on Expansion of PwC's Retention Scope
-----------------------------------------------------------------
Dana Corporation and its debtor-affiliates obtained authority from
the U.S. Bankruptcy Court for the Southern District of New York to
expand the scope of PricewaterhouseCoopers, LLP's employment to
include certain audit services, nunc pro tunc to May 1, 2006, and
certain tax advisory services.

The Debtors anticipate that PwC will render these audit services:

   * Audit and review the Debtors' consolidated financial
     statements at Dec. 31, 2006, and for the year then ending;

   * Audit the Debtors' internal control over financial reporting
     as of Dec. 31, 2006;

   * Audit the assessment of the Debtors' management of the
     effectiveness of the Debtors' internal control over
     financial reporting;

   * Review the Debtors' unaudited consolidated quarterly
     financial information before the filing of a Form 10-Q and
     communicating with the Debtors' management and board of
     directors with respect to any matters that PwC believes may
     require material modifications to the financial information;

   * Examine evidence supporting the amounts and disclosures in
     the Debtors' financial statements, assess accounting
     principles used and significant estimates made by management
     and evaluate the overall financial statement presentation;

   * Obtain an understanding of the Debtors' internal control
     over financial reporting, evaluate management's assessment
     of the internal controls, and test and evaluate the design
     and operating effectiveness of those controls;

   * Appraise the Debtors' management and board of directors of
     any identified significant deficiencies and material
     weaknesses relating to the Debtors' internal control over
     financial accounting; and

   * Ensure that the Audit Committee of Dana's board of directors
     is informed about various matters related to the conduct of
     PwC's audit.

PwC will also be performing these tax advisory services:

   * Advise and assist with respect to certain tax planning
     issues, including the calculation of net operating loss
     carry forwards and the tax consequences of any proposed
     plans of reorganization;

   * Assist in the preparation of any Internal Revenue Service
     ruling requests regarding the future tax consequences of
     alternative reorganization structures, as well as similar
     ruling requests from applicable state, local and foreign
     taxing authorities;

   * Assist with existing and future IRS, state and foreign
     examinations; and

   * Provide other tax-related advice on, and assistance with,
     discrete tax projects, as may be requested by the Debtors
     from time to time.

According to Michael L. DeBacker, vice president, general counsel
and secretary of Dana Corporation, the Debtors intend to
authorize PwC to perform additional tax advisory services on a
project-by-project basis.

For the 2006 Audit Services, the Debtors will pay PwC:

   -- an $11,100,000 flat fee; and

   -- up to $900,000 in reimbursement for necessary out-of-pocket
      expenses.

For the Tax Advisory Services, the Debtors will pay PwC in its
customary hourly rates:

      Professional                        Hourly Rates
      ------------                        ------------
      Partners                            $500 to $750
      Directors/Senior Managers           $410 to $630
      Managers                            $350 to $630
      Senior Associates                   $225 to $410
      Associates                          $180 to $285
      Administrative                       $85 to $105

The Debtors will also reimburse PwC for any actual out-of-pocket
expense incurred.

The Debtors previously obtained Court authority, on a final basis,
to employ PricewaterhouseCoopers pursuant to an engagement letter
dated July 11, 2005.

The accounting firm's original retention expected it to:

   (a) audit and review the Debtors' consolidated financial
       statements at Dec. 31, 2005, and for the year then ending;

   (b) audit the Debtors' internal control over financing
       reporting as of Dec. 31, 2005;

   (c) examine evidence supporting the amounts and disclosures in
       the Debtors' financial statements, assessing accounting
       principles used and significant estimates made by
       management and evaluating the overall financial statement
       presentation;

   (d) obtain an understanding of the Debtors' internal control
       over financial reporting, evaluating management's
       assessment of the internal controls, and test and
       evaluate the design and operating effectiveness of the
       controls;

   (e) apprise the Debtors' management and board of directors
       of any identified significant deficiencies and material
       weaknesses relating to the Debtors' internal control over
       financial accounting;

   (f) ensure that the Audit Committee of Dana's board of
       directors is informed about various matters related to the
       conduct of the firm's audit;

   (g) provide auditing services related to divestitures, joint
       ventures, debt agreements and certain of the Debtors'
       employee benefit plans;

   (h) provide certain audit-related tax services; and

   (i) conduct financial due diligence related to acquisitions
       and divestitures.

Under the Original Retention, the Debtors proposed to pay
PricewaterhouseCoopers a $12,800,000 flat fee, comprised of:

    (i) $7,000,000 for the base Audit;

   (ii) $3,300,000 in fees related to Audit-related Sarbanes-
        Oxley work;

  (iii) $1,300,000 for auditing services rendered in connection
        with divestitures, joint ventures, debt agreements and
        certain of the Debtors' employee benefit plans;

   (iv) $500,000 for financial due diligence related to
        acquisitions and divestitures; and

    (v) $700,000 for miscellaneous audit and tax-related services
        and certain subscription fees.

The Fee Estimate was for work identified as of January 2006
performed by PricewaterhouseCoopers.

Timothy Donnelly, a partner at PricewaterhouseCoopers, disclosed
that the firm currently provides, or previously provided,
services to various parties-in-interest in matters unrelated to
the Debtors or their Chapter 11 cases.

Mr. Donnelly assured the Court that PricewaterhouseCoopers (a)
does not hold or represent any interest adverse to the Debtors or
their estates and (b) is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

                      About Dana Corporation

Toledo, OH-based Dana Corp. -- http://www.dana.com/-- designs and
manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies.  Dana employs 46,000 people in 28
countries.  Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.  The
company and its affiliates filed for chapter 11 protection on Mar.
3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  Corinne Ball, Esq.,
and Richard H. Engman, Esq., at Jones Day, in Manhattan and
Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black,
Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio,
represent the Debtors.  Henry S. Miller at Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker.  Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer.  Thomas Moers Mayer, Esq., at Kramer Levin
Naftalis & Frankel LLP, represents the Official Committee of
Unsecured Creditors.  Fried, Frank, Harris, Shriver & Jacobson,
LLP serves as counsel to the Official Committee of Equity Security
Holders.  Stahl Cowen Crowley, LLC serves as counsel to the
Official Committee of Non-Union Retirees.  When the Debtors filed
for protection from their creditors, they listed $7.9 billion in
assets and $6.8 billion in liabilities as of Sept. 30, 2005.
(Dana Corporation Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DAVID MARTIN: Case Summary & 13 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: David G. Martin
        Susan M. Martin
        dba David G. Martin & Associates
        180 Belwood Gateway
        Los Gatos, CA 95032

Bankruptcy Case No.: 06-52061

Chapter 11 Petition Date: Oct. 13, 2006

Court: Northern District of California (San Jose)

Judge: Arthur S. Weissbrodt

Debtors' Counsel: Charles B. Greene, Esq.
                  84 West Santa Clara Street, Suite 770
                  San Jose, CA 95113
                  Tel: (408) 279-3518
                  Fax: (408) 279-4264

Total Assets: $1,223,000

Total Debts:  $1,703,953

Debtors' 13 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Internal Revenue Service           2002 1040 Taxes       $152,000
Stop HQ5420
P.O. Box 99                        2004 1040 Taxes       $101,000
San Jose, CA 95103
                                   2003 1040 Taxes        $56,000

Franchise Tax Board                2004 540 Taxes         $22,000
Special Procedures
P.O. Box 2952                      2001 540 Taxes         $18,700
Sacramento, CA 95812
                                   2003 540 Taxes         $13,960

                                   2002 540 Taxes         $32,754

Citi Cards                                                $57,054
P.O. Box 6411
The Lakes, NV 88901

MBNA                                                      $26,955
P.O. Box 15137
Wilmington, DE 19886

Wells Fargo                                               $16,080
P.O. Box 30086
Los Angeles, CA 90030

Virginia M. Martin                 Personal Loan          $10,000

Aspire                                                     $8,426

Bank of America                                            $6,677

Nordstrom                                                  $5,920

Target National Bank                                       $5,607

GMAC                               2003 Chevy              $5,140
                                   Trailblazer

Jennifer L. Glandemans             Personal Loan           $5,000

Sears                                                      $4,350


DELCO OIL: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Delco Oil, Inc.
        927 South Clara Avenue
        Deland, FL 32721

Bankruptcy Case No.: 06-03241

Type of Business: The Debtor is a full service provider of
                  petroleum products and services in Florida.
                  See http://www.delcooil.com/

Chapter 11 Petition Date: October 17, 2006

Court: Middle District of Florida (Jacksonville)

Judge: George L. Proctor

Debtor's Counsel: Richard R. Thames, Esq.
                  Stutsman Thames & Markey, P.A.
                  50 North Laura Street, Suite 1600
                  Jacksonville, FL 32202-3614
                  Tel: (904) 358-4000
                  Fax: (904) 358-4001

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

The Debtor did not file a list of its 20 largest unsecured
creditors.


DELPHI CORP: Pays $61 million to U.S. Pension Plans
---------------------------------------------------
In a Form 8-K filed with the Securities and Exchange Commission,
Delphi Corporation reports that it has contributed approximately
$61,000,000 to its United States pension plans in October 2006.

The defined benefit pension plans are sponsored by Delphi and
certain of its U.S. Debtor affiliates, Thomas S. Timko, chief
accounting officer and controller of Delphi Corporation, relates.

The amount contributed represents the portion of the pension
contribution attributable to services rendered by employees of the
Debtors in the third quarter of 2006.

Under the Employee Retirement Income Security Act and the U.S.
Internal Revenue Code, a minimum funding payment of approximately
$300,000,000 to the U.S. pension plans was due on Oct. 13, 2006.

"As permitted under Chapter 11, however, Delphi contributed only
the portion of the contribution attributable to postpetition
service," Mr. Timko discloses.  "The unpaid portion of the minimum
funding payments remains payable as a claim against Delphi and
will be determined in Delphi's plan of reorganization with other
claims."

According to Mr. Timko, Delphi has appointed an independent
fiduciary for all of its tax qualified defined benefit pension
plans, who is charged with pursuing claims on behalf of the plans
to recover minimum funding contributions.

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/--  
supplies vehicle electronics, transportation components,
integrated systems and modules, and other electronic technology.
The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed $17,098,734,530
in total assets and $22,166,280,476 in total debts.


DOMINO'S INC: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency held its
Ba3 Corporate Family Rating for Domino's Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $610M Sr. Sec.
   Term Loan
   Due 6/2010             Ba3      Ba2     LGD3      36%

   $125M Sr. Sec.
   Revolver
   Due 6/2009             Ba3      Ba2     LGD3      36%

   $100M Sr. Sec.
   Term Loan
   Due 10/2011            Ba3      Ba2     LGD3      36%

   $403M 8.25%
   Sr. Sub. Notes
   Due 7/2011             B2       B2      LGD5      87%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Domino's Inc is a pizza delivery company.


DURA AUTOMOTIVE: Unit Unable to Make Interest Payment on Sr. Notes
------------------------------------------------------------------
Dura Automotive Systems, Inc., disclosed Monday that its wholly
owned subsidiary, Dura Operating Corp., will not make the
$17,250,000 interest payment due on October 16, 2006 on Dura
Operating's outstanding 8-5/8% Senior Notes due 2012.

The Indenture relating to the Notes provides a 30 day grace period
before the nonpayment of interest due on the Notes will constitute
an event of default under the Indenture.  Upon any event of
default, BNY Midwest Trust Company, the Trustee under the
Indenture, or the holders of at least 25% in principal amount of
the outstanding Notes, would be entitled to declare all of the
Notes to be due and payable immediately.  In addition, under the
Indenture, following the thirty-day grace period, the Trustee
could pursue any available remedy to collect the payment of
principal and interest on the Notes or to enforce the performance
of any provision of the Notes or the Indenture.

Under the Indenture, the Dura Operating must pay interest on
overdue installments of interest without regard to any grace
period at the rate of 9-5/8% per annum.  Currently $400 million in
aggregate principal amount of the Notes is outstanding.

The failure by Dura Operating to make the interest payment on the
Notes will constitute an immediate event of default under Dura
Operating's asset-based revolving credit facility.  The failure by
the Dura Operating to make the interest payment on the Notes upon
the expiration of the 30 day grace period will also constitute an
event of default under Dura Operating's outstanding 9% Senior
Subordinated Notes due 2009 and Second Lien Term Loan.  Upon any
such event of default, the applicable trustee or administrative
agent, as the case may be, or the holders of at least 25% in
principal amount of the outstanding series of Senior Subordinated
Notes or Second Lien Term Loan, will be entitled to declare all
such indebtedness to be due and payable immediately.

Dura Automotive had previously said that it is evaluating its
capital structure with a focus on reducing its long-term debt.
This financial restructuring would be in addition to the
comprehensive operational restructuring that Dura Automotive is
undertaking in response to challenging industry conditions.
Industry conditions continue to deteriorate, with announcements
over the past several weeks from all three North American OEMs of
additional significant production cuts.  In addition, raw material
prices have continued to be at or near record levels.  Dura
expects that the deterioration of industry conditions will require
it to undertake a debt restructuring in the near term.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- designs and
manufactures driver control systems, seating control systems,
glass systems, engineered assemblies, structural door modules and
exterior trim systems for the global automotive and recreation &
specialty vehicle industries.  DURA, which operates in 63
locations, sells its products to every major North American, Asian
and European automotive original equipment manufacturer and many
leading Tier 1 automotive suppliers.  It currently operates in 63
locations including joint venture companies and customer service
centers in 14 countries.  The company has three locations in Asia,
specifically in China, Japan and Korea.


DURA AUTOMOTIVE: Interest Non-Payment Cues S&P's Default Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services took these rating actions on
Dura Automotive Systems Inc. and its subsidiary, Dura Operating
Corp., following the company's announcement that it will not make
a required bond interest payment:

   -- The corporate credit rating on Dura was lowered to 'D'
      from 'CCC';

   -- The rating on Dura Operating's $400 million senior notes
      due 2012, for which the interest payment is due, was lowered
      to 'D' from 'CC';

   -- Dura's senior secured debt rating was lowered to 'CC' from
      'CCC+' and placed on CreditWatch with negative implications.
      The '1' recovery rating on the secured debt was affirmed;
      and

   -- Dura's 'CC' subordinated debt rating was placed on
      CreditWatch with negative implications.

Dura has suffered from poor operating results in recent years
because of lower vehicle production from its large U.S. customers,
unfavorable product mix, higher-than-expected raw material costs,
pricing pressure, and a bloated overhead cost structure relative
to current revenue generation.

Dura's recent financial results were substantially below prior-
year levels: During the second quarter, EBITDA was down $29
million (60%) from last year, and the company's free cash flow was
negative $50 million.

Although automotive industry conditions were difficult during the
second quarter, Dura's performance was much worse than expected.
Industry pressures have intensified since the second quarter, and
we believe current financial performance has deteriorated further.

Dura is evaluating its capital structure in light of earnings and
cash flow pressures.  The company exercised its right to defer
dividend payments on its preferred stock earlier this month to
preserve cash.

"Dura has a 30-day grace period to make the interest payment on
its senior notes before default would occur, but we do not expect
the company to make the interest payment.  We believe the risk of
a bankruptcy filing in the next few weeks is high.  If the company
were to file for bankruptcy, the senior secured and subordinated
debt ratings on the company would be lowered to 'D'," said
Standard & Poor's credit analyst Martin King.


eROOMSYSTEM TECHNOLOGIES: Files Restated 2005 Annual Fin'l. Report
------------------------------------------------------------------
eRoomSystem Technologies Inc. filed with the Securities and
Exchange Commission an amended financial report for the year ended
Dec. 31, 2005.

                      Restated 2005 Results

eRoomSystem earned $160,502 of net income on $1,557,288 of total
revenue for the year ended Dec. 31, 2005, compared to a $900,072
net income on $1,591,159 of total revenue for the year ended Dec.
31, 2004.

The company's restated balance sheet at Dec. 31, 2005, showed
total assets of $3,309,811, total liabilities of $840,081, and
total stockholders' equity of $2,469,730.

Full-text copies of the company's restated financial statements
for the year ended Dec. 31, 2005, are available for free at:

               http://researcharchives.com/t/s?137c

                       Going Concern Doubt

In March 2006, Hansen, Barnett & Maxwell, P.C., in Salt Lake City,
Utah, raised substantial doubt about eRoomSystem's ability to
continue as a going concern after auditing the Company's
consolidated financial statements for the year ended Dec. 31,
2005.  The auditor pointed to the Company's recurring losses from
operations, and that the net income earned for the years ended
Dec. 31, 2005 and 2004 was derived primarily from non-recurring
items consisting of the sale of assets and proceeds from
insurance.

                       About eRoomSystem

Based in Lakewood, New Jersey, eRoomSystem Technologies, Inc.
(OTCB: ERMS) -- http://www.eroomsystem.com/-- engages in the
development and installation of the eRoomSystem, an in room
computer platform and communications network for the lodging and
hotel industry worldwide.  The eRoomSystem is a computerized
platform and processor-based system designed to collect and
control data in eRoomServ refreshment centers.


FOSTER WHEELER: Moody's Raises Rating on New $350 Mil. Loan to Ba1
------------------------------------------------------------------
Moody's Investors Service changed the rating on Foster Wheeler
LLC's new $350 million senior secured domestic credit facility to
Ba1 from Ba3.  The change in rating results from Moody's
implementation of its LGD rating methodology following the
company's successful close of its new facility.  The LGD rating
methodology enhances the consistency in our notching practices
across industries and will improve the transparency and accuracy
of our ratings as our research has shown that credit losses on
bank loans have tended to be lower than those for similarly rated
bonds.

The credit facility consists of a five-year $200 million senior
secured revolving credit facility and a five-year $150 million
synthetic letter of credit facility.  The rating on the
$350 million facility reflects a loss given default of LGD 1.
In addition, Moody's affirmed all existing ratings. The rating
outlook is positive.

The facility replaces FWC's existing $250 million senior secured
credit facility and as a result, the Ba1 rating on this facility
will be withdrawn.

Moody's noted that substantially all the assets and capital stock
of Foster Wheeler Ltd. and its direct subsidiaries secure the new
credit facility and that Foster Wheeler Ltd. and certain domestic
and foreign subsidiaries will provide guarantees.  Financial
covenants include a maximum leverage ratio and a minimum interest
coverage ratio.  Management has indicated that is does not plan to
draw the revolver in the near term.

Further, Moody's noted that the Ba1 rating for the bank facility
incorporates the benefits and limitations of the collateral, as
well as the modest level of potential borrowing.  The facility
will represent virtually all of FWC's corporate debt upon close
and is expected to be highly collateralized, resulting in a
multiple-notch upgrade from the corporate family rating.

The key rating factors supporting the B1 corporate family ratinsg
and positive outlook include:

   1) the completion FWC's debt reduction program, reducing debt
      to $191 million during the second quarter of 2006,

   2) a significant improvement in global E&C market conditions
      and a stabilized global power outlook, enabling FWC to more
      than double backlog to $5 billion at June 30, 2006, and

   3) Moody's expectation of continued improvement in free cash
      flow generation enhanced by recent asbestos settlements
      with insurance companies.

Moody's previous rating action on FWC was the Sept. 22, 2006
upgrade of the existing credit agreement to Ba1 from Ba3.

Foster Wheeler Ltd., headquartered in Hamilton, Bermuda, is an
industrial engineering, construction, maintenance, and related
technical service company.  Consolidated operating revenues were
$2.2 billion in 2005.


GERDAU AMERISTEEL: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors,
the rating agency confirmed its Ba2 Corporate Family Rating for
Gerdau Ameristeel Corporation and its Ba3 rating on the Company's
$450 million issue of 10.375% guaranteed senior unsecured global
notes due 2011.  Moody's also assigned an LGD5 rating to those
loans, suggesting noteholders will experience a 83% loss in the
event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Gerdau Ameristeel -- http://www.gerdauameristeel.com/-- is a
steel producer in North America with annual manufacturing capacity
of over 9 million tons of mill finished steel products.  Through
its vertically integrated network of 17 minimills (including one
50%-owned minimill), 17 scrap recycling facilities and 46
downstream operations, Gerdau Ameristeel primarily serves
customers in the eastern two-thirds of North America.


GIBRALTAR INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its Ba2 Corporate Family Rating for
Gibraltar Industries, Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $300 Million
   Senior Secured
   Revolving Bank
   Facility due 2010      Ba1      Ba1     LGD3       31%

   $125 Million
   Senior Secured
   Term Loan due 2012     Ba1      Ba1     LGD3       31%

   $201 Million
   8% Senior
   Subordinated Notes
   due 2015               Ba3      Ba3     LGD5       83%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Birmingham, Alabama, Gibraltar Industries --
http://www.gibraltar1.com/-- manufactures, processes, and
distributes metals and other engineered materials for the building
products, vehicular, and other industrial markets.


GLOBAL POWER: Section 341 Meeting Scheduled on November 7
---------------------------------------------------------
The U.S. Trustee for Region 3 will convene a meeting of Global
Power Equipment Group Inc. and its debtor-affiliates' creditors at
10:00 a.m., Prevailing Eastern Time, on Nov. 7, 2006, at the J.
Caleb Boggs Federal Building, 844 North King Street, Fifth Floor,
Room 5209, in Wilmington, Delaware.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc., aka GEEG, Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and auxiliary
equipment primarily used to enhance the efficiency and facilitate
the operation of gas turbine power plants as well as for other
industrial and power-related applications.  The Company has
facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn,
Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai,
China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A., represent
the Debtors.  The Official Committee of Unsecured Creditors
appointed in the Debtors' cases has selected Landis Rath & Cobb
LLP as its counsel.  As of Sept. 30, 2005, the Debtors reported
total assets of $381,131,000 and total debts of $123,221,000.  The
Debtors' exclusive period to filed a chapter 11 plan expires on
Jan. 26, 2007.


GLOBAL POWER: Taps Conner & Winters as Special Securities Counsel
-----------------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware for
authority to retain Conner & Winters, LLP, as their special
corporate and securities counsel, nunc pro tunc to Sept. 28. 2006.

In this engagement, Conner & Winters will represent and provide
advice to the Debtors in connection with:

     a) General corporate and securities matters;

     b) financing matters, including matters related to the
        Debtors' existing credit facilities and outstanding
        convertible subordinated notes;

     c) employment and employee benefit matters;

     d) the review and negotiation of contracts and settlements
        with customers and vendors;

     e) matters involving directors and officers' insurance;

     f) real estate matters; and

     g) the bankruptcy of customers unrelated to the Debtors'
        Chapter 11 cases.

The customary hourly rates for attorneys and paraprofessionals at
Conner & Winters range from $115 to $525.  The firm currently
holds a retainer of approximately $44,000 for professional
services to be rendered and expenses incurred with respect to the
Debtors' Chapter 11 cases.

Lawrence A. Hall, Esq., a partner at Conner & Winters, assures the
Court that his firm does not hold nor represents any interest
adverse to the Debtors and their estates.  Mr. Hall can be reached
at:

          Lawrence A. Hall, Esq.
          Conner & Winters, LLP
          4000 One Williams Center
          Tulsa, OK 74172-0148
          Telephone: 918-586-5711
          Fax: 918-586-8982

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and auxiliary
equipment primarily used to enhance the efficiency and facilitate
the operation of gas turbine power plants as well as for other
industrial and power-related applications.  The Company has
facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn,
Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai,
China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A., represent
the Debtors.  The Official Committee of Unsecured Creditors
appointed in the Debtors' cases has selected Landis Rath & Cobb
LLP as its counsel.  As of Sept. 30, 2005, the Debtors reported
total assets of $381,131,000 and total debts of $123,221,000.  The
Debtors' exclusive period to filed a chapter 11 plan expires on
Jan. 26, 2007.


GOODYEAR TIRE: On-Going Strike Cues Moody's to Hold B1 Rating
-------------------------------------------------------------
Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's B1 Corporate Family rating, but changed the outlook
to negative from stable.  At the same time, the company's
Speculative Grade Liquidity rating was lowered to SGL-3 from
SGL-2.  These rating actions reflect the increased operating
uncertainty arising from the ongoing United Steelworkers strike at
Goodyear's North American facilities, and the company's decision
to increase cash on hand by drawing-down $975 million under its
domestic revolving credit facility.

In the short-term, the extraordinary borrowing confirms liquid
resources at the company's disposal, but does so by increasing
gross leverage and carrying costs while labor negotiations in its
critical North American market remain unresolved.

Goodyear's pro forma global cash position of $2.3 billion limits
any near-term default probability, and the anticipated investment
of the revolver proceeds in money market securities does not alter
its net debt position.  However, the uncertain outcome of any
negotiations with the USW, the resultant impact on Goodyear's
North American cost structure and competitive position, and the
potential disruption to its tire production and customer
relationships create an additional degree of near-term risk for
Goodyear's credit stature.

In Moody's view, the decision to draw under the credit facility
may reflect the extent of the gap between the parties and the time
frame in which a conclusion might be reached.

Should the USW negotiations be concluded in a timely and
constructive manner, it is likely that the rating outlook would be
changed to stable and the Speculative Grade Liquidity rating
raised to SGL-2.

Ratings affirmed:

Goodyear Tire & Rubber Company

PDR: B1

   * first lien credit facility, Ba1, LGD 2, 10%;
   * second lien term loan, Ba3, LGD 3, 35%;
   * third lien secured term loan, B2, LGD 4, 63%;
   * 11% senior secured notes, B2, LGD 4, 63%;
   * floating rate senior secured notes, B2, LGD 4, 63%;
   * 9% senior notes, B2, LGD 4, 63%;
   * 6-5/8% senior notes, B3, LGD 6, 94%;
   * 8-1/2% senior notes, B3, LGD 6, 94%;
   * 6-3/8% senior notes, B3, LGD 6, 94%;
   * 7-6/7% senior notes, B3, LGD 6, 94%;
   * 7% senior notes, B3, LGD 6, 94%; and
   * senior unsecured convertible notes, B3, LGD 6, 94%.

Goodyear Dunlop Tyres Europe

   * Euro revolving credit facilities, Ba1, LGD 2, 10%; and
   * Euro secured term loan, Ba1, LGD 2, 10%

Ratings changed:

Goodyear Tire & Rubber Company

   * Speculative Grade Liquidity rating to SGL-3 from SGL-2

Goodyear's announcement of October 13 will increase debt/EBITDA to
roughly 5.4 times on a pro forma basis from 5 times using June 30
results.  Similarly, EBIT/interest would experience a minor
deterioration from the 1.5x achieved at the end of June.  However,
such calculations would presume a forward run-rate of earnings
level with June LTM results.  Weak replacement tire demand in
North America, challenges to yield management from high and
volatile commodity costs and surplus industry capacity, and
publicly unspecified rates at which it can replenish tires sold
from inventory while USW workers are on strike underscore risks to
assumptions for future performance metrics.

Moody's would expect Goodyear's international operations, which
generate the preponderance of profits and cash flow, to continue
to perform well.  Any emerging changes to Goodyear's profile
must also be considered in the context of the qualitative and
quantitative progress the company has made over the last few
years, and the room established within the current rating category
for any immaterial relapse.

While Goodyear currently has tires to satisfy customer
requirements in North America, should that capacity diminish over
time, its North American enterprise value and cash flows could
deteriorate.  While these risks are not imminent, they could
appear on the horizon with greater certainty before year-end.  A
resolution of the labor negotiations could clarify the company's
prospects beyond the next few weeks, but the time frame to expect
an agreement is unknown.  As a precaution, the outlook has been
changed to negative.  This could quickly be reversed should a
resolution be announced, its terms assessed, and revolver
borrowings unwound.

The SGL-3 represents adequate liquidity over the next twelve
months.  The company's balance sheet resources have been
substantially bolstered by the borrowing, but internal cash flow
beyond the next few weeks is harder to predict.  A labor agreement
satisfactory to the company could also involve up-front
restructuring expenditures.  The trade-off to the increase in cash
is the effective exhaustion of remaining unused commitments under
the domestic revolving credit facility.  The company will have
comfortable headroom under its two financial covenants.  But, over
time, unknown EBITDA generation may start to erode this cushion.
A near-term resolution of the labor dispute could also lead to a
rapid change in the company's liquidity profile.  Consequently,
the Speculative Grade Liquidity profile has been lowered to SGL-3.

Goodyear Tire & Rubber Company, headquartered in Akron, Ohio, is
one of the world's largest tire companies with more than 100
facilities in 29 countries around the world.  Products include
tires, engineered rubber products, and chemicals.  Revenues in
2005 were approximately $20 billion.


GREEKTOWN HOLDINGS: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the gaming, lodging and leisure sectors, the
rating agency confirmed its B1 Corporate Family Rating for
Greektown Holdings LLC.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Five Year Senior
   Secured Revolver       B1       Ba3     LGD3       32%

   Seven Year Senior
   Secured Term Loan      B1       Ba3     LGD3       32%

   10-3/4% Senior
   Notes                  B3       B3      LGD5       89%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Greektown Holdings LLC, through its primary operating subsidiary
Greektown Casino, LLC, operates the Greektown Casino located in
Detroit, Michigan.  The company is owned 100% by Kewadin Greektown
Casino LLC, an entity owned by the Sault Ste. Marie Tribe of
Chippewa Indians.

The Tribe owns 97% of Greektown Casino, LLC while the remaining 3%
is owned by minority investors.  Greektown Casino opened in
November 2000 and generated revenues of $310.5 million during
FY2004.


GREENBRIER COS: Buys Meridian Rail for $227.5 Million Cash
----------------------------------------------------------
The Greenbrier Companies has entered into a definitive agreement
to acquire the stock of Meridian Rail Holdings Corp., which
principally conducts business under the name Meridian Rail
Services, from Stamford, Connecticut-based private equity firm,
Olympus Partners.

The purchase price of the acquisition will be $227.5 million in
cash, plus or minus working capital adjustments.  The acquisition
is subject to customary closing conditions and is expected to
close within the next 30 days.  It is expected to be immediately
accretive to Greenbrier's fiscal 2007 earnings.

Meridian provides wheel maintenance services to the North American
freight car industry, with over 25 years' experience.  Operating
from six strategically located wheel facilities, Meridian supplies
replacement wheel sets and axle services to approximately 170
freight car maintenance locations where worn or damaged wheels,
axles, or bearings are replaced.  Meridian also operates a coupler
reconditioning facility and performs railcar repair at one of its
wheel services facilities.

With the addition of Meridian's facilities, Greenbrier believes
its expanded network of 10 strategically located wheelshops and 20
repair, refurbishment and replacement parts facilities provides a
competitive advantage and economies of scale.  The combined
entities will become the largest wheel service network and one of
the largest purchasers of wheels in North America.  Together, the
two companies' facilities will create an end-to- end shop network
spanning much of the continental United States and Mexico.

As network partners over the past seven years, Meridian and
Greenbrier have provided certain customers total wheel set
inventory management, utilizing proprietary, web-enabled
transaction and reporting systems.  Through these systems,
Meridian's and Greenbrier's customers realize freight as well as
administrative savings on all types of components and procured
items.  Customers include various Class 1 railroads, the largest
of which is Union Pacific Railroad which, over the past seven
years, has outsourced all wheel services to Meridian in
partnership with Greenbrier.

Over the last 12 months Meridian has generated approximately $225
million in revenues.  Headed by chief executive officer, Rick
Turner, Meridian will maintain its current management team and a
workforce of approximately 300 personnel.  Mr. Turner will become
president of Greenbrier's Wheel Services group, reporting to Tim
Stuckey, president of Greenbrier's Rail Services group.

"The Meridian acquisition further reinforces Greenbrier's strategy
to distinguish itself within the rail industry with an integrated,
diversified business model," William A. Furman, Greenbrier's
president and chief executive officer, said.  "The acquisition,
along with our recent acquisition of Railcar America, supports our
strategy to continue to grow our railcar repair, refurbishment,
maintenance and replacement parts businesses, which are less
cyclical and higher margin than our new railcar manufacturing
business.  In North America, large customers in rail
transportation are moving towards relationships with fewer
suppliers who can provide a comprehensive set of freight railcar
products and support services.  The increased emphasis by
railroads on velocity and efficient capacity utilization will
bring rapid change and favor Greenbrier's business model."

Mr. Furman continued, "We believe with our integrated business
strategy and an expanded network of 30 repair shops, wheel service
centers, and replacement parts locations, there will be meaningful
economies of scale, as well as significant revenue synergies and
opportunities to grow our overall business.  As an example, our
parts business now consists of wheel sets, axles, boxcar doors and
roofs, end of car cushioning units, sideframes, bolsters,
couplers, and yokes.  We can now provide a more robust and
comprehensive set of parts and services throughout our repair shop
network, our new car manufacturing business, and by serving our
owned and managed fleet of 145,000 railcars.  Similarly, we can
also maximize value from recycled parts on railcars which we
reengineer, repair or refurbish."

Mr. Furman concluded, "The rail freight industry in North America
currently consumes approximately 1.5 million wheels a year, and
replacement demand has been growing steadily for many years, even
during railroad industry downturns.  We expect demand for wheel
services to remain strong.  Demand is forecast to grow in the
foreseeable future, driven by fundamental economic forces that
have driven growth in rail traffic, strong equipment utilization,
increased pressure on railroad service design, and wear and tear
on rolling stock.  Following the Meridian acquisition,
Greenbrier's Rail Services group is expected to generate close to
$400 million in annual revenues, nearly 4 times greater than
fiscal 2006."

Tim Stuckey, president of Greenbrier's Rail Services group, added,
"Meridian and Greenbrier have been long-standing partners in the
wheel services business, serving key freight car customers, such
as Union Pacific Railroad, together over the past seven years.
Meridian and Greenbrier will continue to provide Union Pacific
almost 130,000 wheel sets per year under a multi-year contract.
We are excited to have Rick Turner and the rest of the Meridian
team join Greenbrier, bringing their exceptional wheel shop
capabilities to our Rail Services group."

Mark Rittenbaum, senior vice president and treasurer of
Greenbrier, noted, "Concurrent with this acquisition, Greenbrier
will increase its revolving line of credit with a $275 million,
five-year facility, led by Bank of America, to support this
acquisition and provide additional liquidity.  As part of our
financing strategy, we intend to monetize some of our railcar
leasing investments in fiscal 2007, as we reinvest these proceeds
in recent acquisitions.  We remain confident about Greenbrier's
strong financial position, and its ability to generate significant
operating cash flow and earnings growth potential.  In the near
term, we will continue to focus on integrating our recent
acquisitions, while also selectively seeking opportunities to grow
our business, both organically and through acquisition."

Headquartered in Birmingham, Alabama, Meridian Rail Services
supplies both new and reconditioned wheel sets to railroads,
maintenance centers and repair shops across the U.S. and Mexico.
It operates six full service freight car wheel facilities in
Chicago Heights, Ill.; Corsicana, Tex.; Kansas City, Kans.;
Lewistown, Pa.; San Bernardino, Calif.; and Mexico City.

Headquartered in Stamford, Conn., Olympus Partners --
http://www.olympuspartners.com/-- is a private equity firm
managing $1.7 billion of capital on behalf of corporate pension
funds, endowment funds and state-sponsored retirement programs.
Olympus emphasizes investments in family businesses, industries in
upheaval and orphaned corporate divisions.

Headquartered in Lake Oswego, Ore., The Greenbrier Companies
-- http://www.gbrx.com/-- supplies transportation equipment and
services to the railroad industry.  The Company builds new
railroad freight cars in its manufacturing facilities in the U.S.,
Canada, and Mexico and marine barges at its U.S. facility.  It
also repairs and refurbishes freight cars and provides wheels and
railcar parts at 30 locations (post Meridian acquisition) across
North America.  Greenbrier builds new railroad freight cars and
refurbishes freight cars for the European market through both its
operations in Poland and various subcontractor facilities
throughout Europe.  Greenbrier owns approximately 9,000 railcars,
and performs management services for approximately 136,000
railcars.

                        *     *     *

As reported in the Troubled Company Reporter on May 18, 2006,
Standard & Poor's Ratings Services assigned its 'B+' rating to
The Greenbrier Companies Inc.'s proposed $85 million
convertible note offering, which will mature in 2026.  At the
same time, Standard & Poor's affirmed its ratings on the Lake
Oswego, Oregon-based railcar manufacturer, including its 'BB-'
corporate credit rating.  S&P said the outlook is stable.


GREENBRIER COS: Meridian Deal Prompts Moody's to Review Ratings
---------------------------------------------------------------
Moody's Investors Service placed the ratings of The Greenbrier
Companies -- corporate family of Ba3, senior unsecured of B1,
LGD4, and SGL-2 -- under review for possible downgrade.

The review is prompted by Greenbrier's announcement to acquire
Meridian Rail Holding Corp for approximately $227 million in cash,
which is in addition to the recent $34 million purchase of Rail
Car America.  Funding the Meridian purchase is expected to
increase Greenbrier's debt level by approximately $140 million to
approximately $540 million.  The remainder of the purchase will be
from cash on hand.  Pro-forma for both acquisitions using company
estimates of EBITDA and Moody's standard adjustments, debt to
EBITDA would be approximately 3.5x.

As the amount and pace of acquisitions have exceeded Moody's
expectations of earlier in the year when Greenbrier raised
$100 million of debt, the review will evaluate how this more
active acquisition profile could affect funding the expected
growth in the leasing portfolio.  Moody's review will consider
management plans to control potentially rapid asset growth during
the company's expansion phase, as continued acquisitions and
increased leases could result in even higher debt levels.  As
well, Moody's will review Greenbrier's plans to integrate these
acquisitions into its now considerably larger repair and
maintenance business.  Greenbrier plans to increase its bank
revolving credit facility, and Moody's speculative grade liquidity
rating will consider the company's ultimate capital structure, the
amount and quality of the committed bank facility and the
stability of cash from operations.

Moody's notes that the Meridian acquisition will improve
Greenbrier's market position in railcar wheel services, and
is expected to close at a competitive acquisition multiple of
approximately 6x EBITDA.  Combining Meridian's extensive
operations with those of Greenbrier -- operations which have
operated in partnership for several years -- will create the
nation's largest wheel servicing network for the railroad
industry.

In addition, the orders and backlog for new railcars for
Greenbrier's car building business are expected to remain strong
over the near term.  New rail car orders are highly cyclical,
however, and the cash flow from the now much expanded railcar
service business along with the portfolio of leases could be
helpful in easing some of the cyclical pressures over time, in
Moody's view.

The Greenbrier Companies, based in Lake Oswego, Oregon provides
services to Class I railroads including railcar manufacturing,
leasing and car repair.


HOST HOTELS: Moody's Lifts Ba2 Senior Unsecured Debt Rating to Ba1
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Host Hotels &
Resorts, Inc.'s senior unsecured debt to Ba1, from Ba2, with a
stable outlook.  According to Moody's, the rating upgrade and
stable outlook of Host Hotels reflect the REIT's strong asset
quality, greater operator diversification, improvements in
profitability, stabilized reduction in leverage, maintenance of
lower secured debt levels, and the positive operating momentum for
the lodging sector.

These ratings were upgraded:

Host Hotels and Resorts, Inc.

   * senior unsecured debt to Ba1, from Ba2, with these rated
     bonds being obligations of Host Marriott, L.P.;

   * industrial revenue bonds to Ba1, from Ba2, with these bonds
     being obligations of Host Marriott, L.P.; and

   * preferred stock to Ba2, from B1; preferred stock shelf to
     (P)Ba2, from (P)B1.

Host Marriott, L.P.

   * senior unsecured debt to Ba1, from Ba2; and
   * senior unsecured shelf to (P)Ba1, from (P)Ba2.

In October 2005, Moody's upgraded Host Hotels to Ba2 with a
positive outlook, and indicated that an upgrade would require
an increase in fixed charge coverage closer to 2.0X, Net Debt
to EBITDA around 4.5X and a reduction in its top operator
concentration closer to 60%.  Moody's expects these earnings and
balance sheet measures will be reached soon, with the operator
diversity goal already being reached.

Moody's expects Host Hotels to pursue an intermediate-term
strategy of acquiring assets on a largely leverage-neutral basis,
following the recent period of leverage reduction.  The REIT's net
debt to EBITDA fell to slightly below 5.5X for the period ended
Sept. 8, 2006, versus greater than 6X for 2005. Moody's expects
net debt to EBITDA to fall below 4.5X for the full year 2006.
Host Hotels continues to maintain strong liquidity, with $223
million of unrestricted cash at Sept. 8, 2006, and $575 million in
capacity under its unsecured line of credit.  The REIT has reduced
secured debt to less than 16% of undepreciated assets, and Moody's
expects this level will be sustained in the near-term.

The operating outlook for the lodging sector remains upbeat. Since
2004, lodging has undergone sustained improvement, with sector-
wide increases in average daily rates and to a lesser extent
occupancy.  Through Sept. 8, 2006, Host Hotels' comparable hotel
RevPAR increased 8.9% over the same year-to-date period in 2005
due to ADR gains, and net income to revenues increased from 3% to
16%.  Moody's expects the REIT's RevPAR and ADR to continue to
improve, however, at a slower rate. Host Hotels' fixed charge
coverage increased from approximately 1X for 2005 to 1.7X for the
period ended Sept. 8, 2006; it should rise further.

Moody's said that a rating upgrade to Baa3 would require a
sustained fixed charge, including a 5% FF&E charge, in excess of
2.5X, sustained net debt to EBITDA below 4X, secured debt levels
below 10% of total undepreciated assets, sustained improvements in
ROAA and top operator concentration closer to 40%.  A negative
rating adjustment would result should Host Hotel's fixed charge
coverage remain at or below 1.5X and net debt to EBITDA approach
6X. Unless the lodging sector experiences another shock, Moody's
views a downgrade from poor operating performance as unlikely.

Host Hotels and Resorts, Inc. is a REIT headquartered in Bethesda,
Maryland, USA, that owns upscale and luxury full-service hotels
and resorts operated primarily under premium brands, such as
Marriott, Ritz-Carlton and Hyatt.  The REIT, the largest in the
lodging sector and one of the largest overall, owns or holds
controlling interest in approximately 130 lodging properties.


IELEMENT CORP: Files Amended Report for Year Ending March 31, 2006
------------------------------------------------------------------
IElement Corporation filed with the Securities and Exchange
Commission a restated financial report for the year ended
March 31, 2006.

The restatement relates to the recapitalization of IElement by
Integrated Communications Consultants Corporation on March 1,
2003.

                      Restated 2006 Results

The company's restated balance sheet at March 31, 2006, showed a
$1,017,404 total stockholders' deficit resulting from total assets
of $2,049,815 and total liabilities of $3,067,219.

The company's March 31, 2006 balance sheet also showed negative
working capital with $1,222,156 in total current assets and
$2,601,434 in total current liabilities.

For the year ended March 31, 2006, the company's net loss
increased to $1,426,084 from a $295,041 net loss for the year
ended Dec. 31, 2004.

Operating revenue for the year ended March 31, 2006, decreased to
$4,550,092 from a $5,954,772 operating revenue in the year ended
Dec. 31, 2004.

Full-text copies of the company's restated financial statements
for the year ended March 31, 2006, are available for free at:

               http://researcharchives.com/t/s?1100

                   About iElement Corporation

iElement Corporation fka Mailkey Corporation (OTCBB: IELM)  --
http://www.ielement.com/-- provides telecommunications services
to small and medium sized businesses.  IElement provides broadband
data, voice and wireless services by offering integrated T-1 lines
as well as a Layer 2 Private Network and VOIP solutions.  IElement
has a network presence in 18 major markets in the United States,
including facilities in Los Angeles, Dallas, and Chicago.


INCREDIBLE AUTO: Case Summary & 19 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Incredible Auto Sales LLC
        1832 King Avenue West
        Billings, MT 59102
        Tel: (406) 698-4717

Bankruptcy Case No.: 06-60855

Type of Business: The Debtor is an automobile dealer.

Chapter 11 Petition Date: October 17, 2006

Court: District of Montana (Butte)

Judge: Ralph B. Kirscher

Debtor's Counsel: William L. Needler, Esq.
                  P.O. Box 177
                  Fuller Building, Suite H 2
                  North Spruce Street
                  Ogallala, NE 69153
                  Tel: (308) 284-4505

                       -- and --

                  Clarke B. Rice, Esq.
                  Clarke B. Rice, P.C.
                  2951 King Avenue West
                  Billings, MT 50102
                  Tel: (406) 254-2500

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 19 Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
Billings Auto Auction                      $199,000
P.O. Box 1433
Billings, MT 59103

South Seattle Auto Auction                  $90,000
P.O. Box 5189
Kent, WA 98064

King Avenue Properties                      $42,981
1820 Mariposa Lane
Billings, MT 59102

ADP Commercial Leasing                      $35,247
P.O. Box 34656
Newark, NJ 07189

ADP Dealer Services                         $17,275
P.O. Box 88921
Chicago, IL 60695-1921

Hayden Marketing                            $15,236

A & I Distributors                          $14,899

Sign Products Inc.                          $12,515

Zoe Auto Sales                              $11,000

American Automotive Supply Inc.             $10,501

Mobile Appearance Reconditioning Service    $10,345

Glacier Transport Inc.                      $10,250

Jody Stephens                               $10,000

New Northwest Broadcasters                   $8,140

Holiday Fleet                                $7,070

Carquest Auto Parts                          $6,544

First Advantage Credco                       $6,319

KHMT-TV Fox 4                                $5,783

Fisher Radio                                 $5,274


INDALEX HOLDING: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its B3 Corporate Family Rating for Indalex
Holding Corp. and its Caa1 rating on the Company's $270 million
issue of 11.5% guaranteed senior second priority secured notes due
2014.  Moody's also assigned an LGD5 rating to those loans,
suggesting noteholders will experience a 83% loss in the event of
a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Lincolnshire, Illinois, Indalex Holding Corp. is the
parent of the "Indalex" group of operating companies engaged in
the production of extruded aluminum products.


INNOVATIVE COMM: Files Schedules of Assets and Liabilities
----------------------------------------------------------
Innovative Communication Company LLC delivered its schedules of
assets and liabilities to the Bankruptcy Division of the U.S.
District Court in the U.S. Virgin Islands, disclosing:

     Name of Schedule                Assets         Liabilities
     ----------------                ------         -----------
  A. Real Property
  B. Personal Property             $312,000
  C. Property Claimed
     as Exempt
  D. Creditors Holding
     Secured Claims                                Unliquidated
  E. Creditors Holding
     Unsecured Priority Claims                          $45,243
  F. Creditors Holding
     Unsecured Nonpriority
     Claims                                            $330,150
                                   --------            --------
     Total                         $312,000            $375,393

Innovative Communication's personal property includes 100%
interest in Innovative Communication Subsidiary Company, LLC.
That interest has an unknown value.

Rural Telephone Finance Cooperative; Greenlight Capital Qualified,
L.P.; Greenlight Capital, L.P.; and Greenlight Capital Offshore,
Ltd.; hold unliquidated claim against Innovative Communication
Company LLC.

Headquartered in St. Thomas, Virgin Islands, Innovative
Communication Company, LLC -- http://www.iccvi.com/-- and
Emerging Communications, Inc., are diversified telecommunications
and media companies operating mainly in the U.S. Virgin Islands.
Jeffrey J. Prosser is the owner of Emerging Communications and
Innovative Communications.  Innovative and Emerging filed for
chapter 11 protection on July 31, 2006 (D.C. V.I. Case Nos.
06-30007 and 06-30008).  When the Debtors filed for protection
from their creditors, they estimated assets and debts of more than
$100 million.

Mr. Prosser also filed for chapter 11 protection on July 31, 2006
(D.C. V.I. Case No. 06-10006).

Greenlight Capital Qualified, L.P., Greenlight Capital, L.P., and
Greenlight Capital Offshore, Ltd., which holds an $18,780,614
claim against Mr. Prosser, had filed an involuntary chapter 11
petition against Innovative Communication, Emerging
Communications, and Mr. Prosser on Feb. 10, 2006 (Bankr. D. Del
Case Nos. 06-10133, 06-10134, and 06-10135).  Mr. Prosser argued
that the Greenlight entities, the former shareholders of
Innovative Communications, and Rural Telephone Finance
Cooperative, Mr. Prosser's lender, conspired to take down his
companies into bankruptcy and collect millions in claims.


INNOVATIVE COMM: Wants to Assume Pact with Rural & Greenlight
-------------------------------------------------------------
Innovative Communication Company LLC, Emerging Communications
Inc., and Jeffrey J. Prosser, as debtors, ask the Bankruptcy
Division of the U.S. District Court in the U.S. Virgin Islands for
authority to assume the terms and conditions of a settlement
agreement it entered into with Rural Telephone Finance
Cooperative; Cooperative Finance Corporation; Greenlight Capital
Qualified, L.P.; Greenlight Capital, L.P.; and Greenlight Capital
Offshore, Ltd.

The Settlement Agreement confers substantial benefits on the
Debtors, including achieving a resolution to complex and expensive
litigation in which the Debtors, Rural Telephone, and the
Greenlight Entities have been involved for nearly a decade, as
well as significantly reducing the amount of debt asserted against
the Debtors' estates.

Under the Settlement Agreement, the Creditors agreed to accept the
Debtors' payment in full and complete satisfaction of all their
claims.

The settlement is filed under seal.

The Debtors anticipate that the Settlement Agreement will serve as
the cornerstone of their financial restructuring and will
facilitate their expeditious emergence from chapter 11.

As of the Debtors' bankruptcy filing, the potential liability on
account of Rural Telephone amounted to approximately $524,910,065:

   a. principal in the amount of $482,736,746;

   b. accrued and unpaid interest through March 27, 2006,
      amounting to $30,418,504; and

   c. legal fees and other expenses amounting to $11,754,815.

The Greenlight Entities also hold unsecured claims based upon
certain judgments totaling $56,341,842.

Headquartered in St. Thomas, Virgin Islands, Innovative
Communication Company, LLC -- http://www.iccvi.com/-- and
Emerging Communications, Inc., are diversified telecommunications
and media companies operating mainly in the U.S. Virgin Islands.
Jeffrey J. Prosser is the owner of Emerging Communications and
Innovative Communications.  Innovative and Emerging filed for
chapter 11 protection on July 31, 2006 (D.C. V.I. Case Nos.
06-30007 and 06-30008).  When the Debtors filed for protection
from their creditors, they estimated assets and debts of more than
$100 million.

Mr. Prosser also filed for chapter 11 protection on July 31, 2006
(D.C. V.I. Case No. 06-10006).

Greenlight Capital Qualified, L.P., Greenlight Capital, L.P., and
Greenlight Capital Offshore, Ltd., which holds an $18,780,614
claim against Mr. Prosser, had filed an involuntary chapter 11
petition against Innovative Communication, Emerging
Communications, and Mr. Prosser on Feb. 10, 2006 (Bankr. D. Del
Case Nos. 06-10133, 06-10134, and 06-10135).  Mr. Prosser argued
that the Greenlight entities, the former shareholders of
Innovative Communications, and Rural Telephone Finance
Cooperative, Mr. Prosser's lender, conspired to take down his
companies into bankruptcy and collect millions in claims.


INTERNATIONAL COAL: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its B2 Corporate Family Rating for
International Coal Group, Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

Issuer: International Coal Group, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $175 Million
   10.25% Guaranteed
   Senior Secured
   Notes due 2014         B3      Caa1     LGD5       79%

Issuer: ICG, LLC

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $325 Million
   Guaranteed
   Senior Secured
   Facility due 2011      B1       Ba3     LGD2       25%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Ashland, Kentucky, International Coal Group, Inc.
-- http://www.intlcoal.com/-- is engaged in the mining and
marketing of steam coal.  The company has eleven active mining
complexes, of which ten are located in Northern and Central
Appalachia and one in Central Illinois. ICG's mining operations
and reserves are strategically located to serve utility,
metallurgical and industrial customers throughout the Eastern
United States.


JAMES RIVER: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its Caa1 Corporate Family Rating for James
River Coal Company.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $100 Million
   Senior Secured
   Facility due 2010      B3       B1      LGD2       17%

   $150 Million
   9.375% Guaranteed
   Senior Unsecured
   Notes due 2012        Caa2     Caa2     LGD5       71%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Richmond, Virginia, James River Coal Company is engaged
in the mining and marketing of steam and industrial coal.


JOSEPH FARIS: Case Summary & Seven Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Joseph Elias Faris
        1359 Rimrock Drive
        San Jose, CA 95120

Bankruptcy Case No.: 06-52080

Chapter 11 Petition Date: Oct. 13, 2006

Court: Northern District of California (San Jose)

Judge: Marilyn Morgan

Debtor's Counsel: Michael W. Malter, Esq.
                  Binder and Malter, LLP
                  2775 Park Avenue
                  Santa Clara, CA 95050
                  Tel: (408) 295-1700
                  Fax: (408) 295-1531

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Seven Largest Unsecured Creditors:

   Entity                        Nature of Claim     Claim Amount
   ------                        ---------------     ------------
Comerica Bank California         Personal Guarantee      $750,000
333 West Santa Clara Street
San Jose, CA 95113
                                 Line of Credit          $200,000

                                 Credit Card              $17,534

South Valley National Bank       Personal Line of         $65,345
c/o Pacific Capital Bank, N.A.
P.O. Box 60839
Santa Barbara, CAS 93160-0839

Franchise Tax Board                                       Unknown
Special Procedures
Bankruptcy Unit
P.O. Box 2952
Sacramento, CA 95812

Gary S. Hum, Esq.                                         Unknown

Internal Revenue Service                                  Unknown

Macke Laundry Service            Standard Laundry         Unknown
                                 Room Lease

Thomas Caudill, Esq.                                      Unknown


LANDRY'S RESTAURANTS: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency held its
Ba3 Corporate Family Rating for Landry's Restaurants Inc.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these debentures:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $300m Senior
   secured revolver
   due 2009               Ba2      Ba1     LGD2       18%

   $150m Senior
   secured term
   loan due 2010          Ba2      Ba1     LGD2       18%

   $400m 7.5% senior
   unsecured notes
   due 2014               B2       B1      LGD5       80%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Houston, Texas, Landry's Restaurants Inc.
-- http://www.landrysrestaurants.com/-- engages in the ownership
and operation of full-service and casual dining restaurants in the
United States.


LEVEL 3: To Acquire Broadwing Corporation for $744 Million in Cash
------------------------------------------------------------------
Level 3 Communications, Inc. signed a definitive agreement to
acquire Broadwing Corporation for $8.18 of cash plus 1.3411 shares
of Level 3 common stock for each share of Broadwing common stock
outstanding at closing.  In total, Level 3 currently expects to
pay approximately $744 million of cash and issue approximately 122
million shares.

"The acquisition of Broadwing is consistent with both the Level 3
wholesale market strategy as well as our more recent entry into
the enterprise market," said James Q. Crowe, chief executive
officer of Level 3.  "We believe the combination of Level 3 and
Broadwing will create value for our investors through the
elimination of duplicative network and operating costs, the
addition of a solid revenue base, and a further strengthening of
our financial position.

"Broadwing has made great strides with national enterprise
customers as a result of their strong product portfolio and
national sales teams.  This creates an exciting opportunity for us
to leverage both of these capabilities to accelerate the growth of
Level 3's Business Markets Group."

"We are confident in our ability to successfully integrate
Broadwing," said Kevin O'Hara, president and chief operating
officer of Level 3.  "We have completed the majority of
integration efforts from our WilTel acquisition under budget and
ahead of schedule. The integration activities for our more recent
acquisitions are also on plan."

"Bringing together the resources and talents of Broadwing and
Level 3 is an exciting opportunity for our company, allowing us to
capitalize on the strengths of both companies and on advances in
technology," said Steve Courter, chief executive officer of
Broadwing Corporation.  "The combination of our two operations
will create a powerful company in the global telecommunications
industry with strong growth potential."

"During 2006, Broadwing has grown revenue and improved its margin
profile," said Sunit Patel, chief financial officer of Level 3.
"Broadwing has had success with expanding its enterprise customer
base and service offerings as well as its transport business.  We
expect the combined operations to directly benefit from these
efforts.

"Broadwing is expected to contribute positive Adjusted OIBDA in
2007, and even though we expect integration efforts to extend into
2008, we expect Broadwing will generate $200-$250 million of
Consolidated Adjusted OIBDA in 2008.

"Including the benefit of synergies and the cost of integration
including capital expenditures, this transaction is free cash flow
positive in 2008 and should contribute over $200 million of free
cash flow in 2009.  Total integration costs are expected to be
approximately $110-$130 million.

"We expect the transaction to further improve Level 3's financial
position and reduce leverage given its expected positive Adjusted
OIBDA contribution and Broadwing's approximately $150 million of
net cash as of June 30, 2006."

As of June 30, 2006, Level 3 had approximately $1.4 billion of
cash and marketable securities on hand as adjusted for the
acquisitions of TelCove and Looking Glass, the sale of Software
Spectrum and the redemption of its outstanding 9.125% Senior Notes
due 2008 and 10.50% Senior Discount Notes due 2008.

Closing is subject to customary conditions, including receipt of
applicable state and federal regulatory approvals, and is also
subject to the approval of the stockholders of Broadwing.  Closing
is expected to occur in the first quarter of 2007.

Level 3 was advised on the transaction by Evercore Partners,
JPMorgan and Merrill Lynch & Co. Level 3 received legal
representation from Willkie Farr & Gallagher LLP.

                   About Broadwing Corporation

Based in Austin, Texas, Broadwing Corporation (Nasdaq: BWNG) --
http://www.broadwing.com/delivers data, voice and media solutions
to enterprises and service providers over its 19,000 mile
intercity fiber network.  Approximately half of Broadwing's
revenue comes from the wholesale market, with business customers
comprising the remaining revenue.

                  About Level 3 Communications

Headquartered in Bloomfield, Colorado, Level 3 Communications, Inc
(Nasdaq: LVLT) -- http://www.Level3.com/-- an international
communications company, provides Internet connectivity for
millions of broadband subscribers.  The company provides a
comprehensive suite of services over its broadband fiber optic
network including Internet Protocol services, broadband transport
and infrastructure services, colocation services, voice services
and voice over IP services.

At June 30, 2006, Level 3's balance sheet showed a stockholders'
deficit of $33 million, compared to a deficit of $476 million at
Dec. 31, 2005.


LG.PHILIPS: Trustee Taps Morris Anderson as Liquidation Experts
---------------------------------------------------------------
Jeoffrey L. Burtch, Esq., the chapter 7 trustee appointed in
LG.Philips Displays USA Inc.'s liquidation proceeding, asks the
U.S Bankruptcy Court for the District of Delaware for permission
to employ Morris Anderson & Associates Ltd. as his liquidation
consultants, effective Aug. 11, 2006.

Morris Anderson is expected to:

   a) review and analyze Debtors' financial records and
      information to assist the Trustee and his other
      professionals with respect to the investigation of liens of
      the Security Agent and investigation of causes of action
      against the Security Agent and insider transactions as
      instructed by the Trustee;

   b) review other documentary and testimonial information that
      may become available to recommend additional causes of
      action, and to recommend liquidation of other potential
      assets of the estate as instructed by the Trustee and at an
      appropriate time in the Chapter 7 case;

   c) assist the Trustee in the claims administration process as
      instructed by the Trustee and perform any other tasks
      related to the administration of the Chapter 7 Estate as
      instructed by the Trustee; and

   d) handle nothing to monies or funds and all settlements, if
      any, will be subject to Trustee and Bankruptcy Court
      approval.

Robert F. Troisio, a Morris Anderson managing director, will
receive $300 per hour for his work.  Mr. Troisio discloses that
the firm's other professionals bill:

        Professional              Hourly Rate
        ------------              -----------
        David Daddy                  $250
        Senior Analysts           $175 - $200
        Clerical                      $45

Mr. Troisio assures the Court that his firm does not represent any
interest adverse to the Debtor or its estate.

Headquartered in San Diego, California, LG.Philips Displays USA,
Inc., is an indirect American affiliate of LG.Philips Displays
Holding B.V.  The company manufactures cathode ray tubes that are
incorporated into television sets and computer monitors.  The
company filed for chapter 11 protection on Mar. 15, 2006 (Bankr.
D. Del. Case No. 06-10245).  Adam Hiller, Esq., at Pepper Hamilton
LLP represents the Debtor in its restructuring efforts.  Scott L.
Hazan, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C., and
Bonnie Glantz Fatell, Esq., at Blank Rome LLP represented the
Official Committee of Unsecured Creditors.  The Court converted
the Debtor's case to a chapter 7 liquidation on May 25, 2006.
Jeoffrey L. Burtch, Esq.,  serves as the Debtor's chapter 7
trustee, and is represented by Cooch & Taylor.  When the Debtor
sought protection from its creditors, it listed debts of more than
$100 million and assets between $50 to $100 million.


MAGNOLIA ENERGY: Taps Richards Layton as Bankruptcy Counsel
-----------------------------------------------------------
Magnolia Energy L.P., and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
employ Richards, Layton & Finger, P.A., as bankruptcy counsel.

Richards Layton will:

   a) advise the Debtors of their rights, powers and duties as
      Debtors and Debtors-in-possession;

   b) take all necessary action to protect and preserve the
      Debtors' estates, including the prosecution of actions on
      the Debtors' behalf, the defense of any actions commenced
      against the Debtors, the negotiation of disputes in which
      the Debtors are involved, and the preparation of objections
      to claims filed against the Debtors' estates;

   c) prepare on behalf of the Debtors all necessary motions,
      applications, answers, orders, reports and papers in
      connection with the administration of the Debtors' estates;
      and

   d) perform all other necessary legal services in connection
      with the bankruptcy cases.

The firm's professionals bill:

        Professional                  Hourly Rate
        ------------                  -----------
        Mark D. Collins, Esq.            $520
        John H. Knight, Esq.             $455
        Paul N. Heath, Esq.              $350
        Kimberly D. Newmarch, Esq.       $315
        Lee E. Kaufman, Esq.             $210
        Barbara J. Witters, Esq.         $165

Mr. Collins, a Richards Layton director, assures the Court that
his firm does not hold nor represent any interest adverse to the
Debtors or the estates.

Headquartered in Ashland, Michigan, Magnolia Energy L.P., and
three of its affiliates filed for chapter 11 protection on
Sept. 29, 2006 (Bankr. D. Del. Case Nos. 06-11069 through
06-11072).  Mark D. Collins, Esq., at Richards Layton & Finger,
represents the Debtors.  When the Debtors filed for protection
from their creditors, they listed estimated assets and debts of
more than $100 million.


MARIA SOUZA: Case Summary & 19 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Maria Souza
        Gene Souza
        544 Ivy Pointe Circle
        San Ramon, CA 94582-5507

Bankruptcy Case No.: 06-41904

Chapter 11 Petition Date: Oct. 13, 2006

Court: Northern District of California (Oakland)

Judge: Leslie J. Tchaikovsky

Debtors' Counsel: Craig K. Welch, Esq.
                  Welch and Olrich, LLP
                  809 Petaluma Boulevard North
                  Petaluma, CA 94952
                  Tel: (707) 782-1790

Estimated Assets: $100,000 to $1 Million

Estimated Debts:  More than $100 Million

Debtors' 19 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Lori McFaull                       Co-debtor for         $237,202
2782 Camino Benevido               Bay Area Financial
San Ramon, CA 94583
c/o Kirk E. Konig, Esq.
P.O. Box 2668
Danville, CA 94526-7668

Bay Area Financial Corp.           Bank Loan             $237,202
12400 Wilshire Boulevard
Suite 230
Los Angeles, CA 90025-1055
c/o Wilma Pitts
Tel: (310) 826-4655

Steve Fairclough                   Loan                  $100,000
22818 Upland Way
Hayward, CA 94541-3344

Blackhawk Centercal, LLC           Rent                   $93,111
3480 Blackhawk Plaza Circle
Danville, CA 94506-4654
                                   Rent                   $70,997

Anthony Smith                      Loan                   $50,000
653 Mojave Avenue
Livermore, CA 94550-5334

Barons Jewelers                    Merchandise            $18,500

Clem Steve                         Loan                   $11,500

Kerastase                          Merchandise            $10,757

Farmers Ins. Group of Companies    Insurance Premium       $7,090

Younman, Ericsson & Low, LLP       Legal Services          $6,519

General Motors Acceptance Corp.                            $6,018

American General Finance           Loan                    $5,306

Business Financial Services        Services                $5,292

Sears Credit Cards                 Credit Card             $5,066

Target Nb                          Credit Card             $4,736

AT&T Wireless                      Phone Services          $4,598

Cingular Wireless                  Phone Services          $4,598

Bumble and Bumble/Estee Lauder     Merchandise             $4,492

Beneficial/Household Finance       Loan                    $4,439


MARKWEST ENERGY: Moody's Puts B2 Rating on Proposed $75 Mil. Note
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 senior unsecured rating to
MarkWest Energy Partners, L.P.'s proposed $75 million note issue.
Moody's also affirmed MarkWest's B1 Corporate Family Rating and
affirmed the Ba1 senior secured rating of MarkWest Energy
Operating Company, L.L.C.'s $250 million credit facility.  The
outlooks for MarkWest and MWOLP are stable.

MarkWest plans to issue $75 million senior unsecured notes as an
add-on to its $200 million note issue in July 2006.  The ratings
are unchanged as the terms and conditions of the new notes are
substantively the same as the existing notes.  MarkWest expects to
use the proceeds to repay the $46 million balance on its term loan
and pay the $9 million outstanding under its $250 million
revolving credit facility, with the balance being used for capital
spending.  Pro forma for this offering, MWE's funded debt will
consist of $497 million of notes and its credit facility will be
undrawn.  The notes are guaranteed by all of MarkWest's existing
subsidiaries including MWOLP on a senior unsecured basis.

MarkWest recently announced an agreement to construct gathering
facilities for Newfield's Woodford Shale development in Oklahoma.
Under this agreement, MWE expects to spend $175 million through
2007 and up to $350 million over the next four years.  MarkWest
will be paid fees for gathering, compressing and treating the
produced natural gas, which will increase the proportion of the
company's fee-based revenue.  Newfield expects its Woodford Shale
production to increase from the current 65 MMcfe/d to over 350
MMcfe/d by the end of 2009.  While this agreement provides
additional business risk and geographic diversification, achieving
this production level represents substantial development and
execution risk on the part of Newfield.

Moody's notes that this agreement represents a substantial
increase in MWE's historical capital spending levels.  By
comparison, MarkWest had growth capital spending of $68.6 million
in 2005 and expects to spend $92 million in 2006, so spending $175
million in 2007 for this single project represents almost twice
its 2006 growth capex.  The corollary to this level of capital
spending will be MarkWest's need to raise substantially all of
this in the capital markets as MLPs typically do not retain a
significant amount of cash.  A key rating consideration for
MarkWest will be its pace of growth and its ability to raise
sufficient equity and long-term debt capital to maintain its
financial targets and credit metrics.

MarkWest Energy Partners, L.P., headquartered in Denver, Colorado,
is a midstream natural gas limited partnership.


MERIDIAN AUTOMOTIVE: Wants to Assume 234 Contracts and Leases
-------------------------------------------------------------
Meridian Automotive Systems Inc. and its debtor-affiliates seek
permission from the U.S. Bankruptcy Court for the District of
Delaware to assume around 234 contracts and leases as of the
Effective Date of a plan of reorganization filed in their Chapter
11 cases.

Prior to their bankruptcy filing, the Debtors entered into several
contracts and leases, to which they are still a party and which
remain executory or unexpired within the meaning of Section 365
of the Bankruptcy Code.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, argues that the Assumed Contracts and
Leases are necessary to sustain the Debtors' business operations
upon their emergence from bankruptcy.

The Debtors are not in default under the 234 Assumed Contracts
and Leases, Mr. Brady informs the Court.  In addition, there are
no associated cure amounts owing as of the Assumption Effective
Date under the 234 Contracts and Leases.

A 15-page list of the 234 Contracts and Leases is available at no
charge at http://ResearchArchives.com/t/s?1388

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers.  Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers.  The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176).  James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts.  Eric E. Sagerman, Esq.,
at Winston & Strawn LLP represents the Official Committee of
Unsecured Creditors.  The Committee also hired Ian Connor
Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A.,
to prosecute an adversary proceeding against Meridian's First Lien
Lenders and Second Lien Lenders to invalidate their liens.  When
the Debtors filed for protection from their creditors, they listed
$530 million in total assets and approximately $815 million in
total liabilities.  (Meridian Bankruptcy News, Issue No. 41;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


MERIDIAN AUTOMOTIVE: Wants to Assume 42 Unexpired Leases
--------------------------------------------------------
Meridian Automotive Systems, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to assume 42 lease agreements as of the effective date of
the plan of reorganization filed in their cases and pay the
appropriate cure amounts to the counterparties of those Leases.

Robert S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, relates that the cure amounts total
$93,353.

A list of the 42 Leases and the corresponding Cure Amounts is
available at no charge at http://ResearchArchives.com/t/s?1389

The Debtors are substantially current on all postpetition amounts
owing under the 42 Leases, Mr. Brady relates.  Moreover, the Cure
Amounts associated with the Leases are relatively insignificant
in light of the size of the Debtors' estates and the benefits
that the Leases provide to the Debtors' business operations, Mr.
Brady maintains.  "Payment of the Cure Amounts is necessary to
the Debtors' reorganization efforts and will not be overly
burdensome to their estates and creditors."

The counterparties to the Leases have adequate assurance of the
Debtors' performance under the Contracts & Leases, Mr. Brady
assures the Court.  With the increased liquidity the Debtors
expect to enjoy under the terms of their exit financing, the
Debtors will have greater financial ability to meet their
obligations under the Leases.

To the extent that the Debtors make payments on any of the
Assumed Leases on account of the Cure Amounts prior to the
Assumption Effective Date, the Debtors ask the Court to reduce
the Cure Amounts by the amount of the payments.  The Debtors have
been and will continue to pay any amounts under the Leases
accruing after August 31, 2006, in the ordinary course of
business, Mr. Brady says.

Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers.  Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers.  The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176).  James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts.  Eric E. Sagerman, Esq.,
at Winston & Strawn LLP represents the Official Committee of
Unsecured Creditors.  The Committee also hired Ian Connor
Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A.,
to prosecute an adversary proceeding against Meridian's First Lien
Lenders and Second Lien Lenders to invalidate their liens.  When
the Debtors filed for protection from their creditors, they listed
$530 million in total assets and approximately $815 million in
total liabilities.  (Meridian Bankruptcy News, Issue No. 41;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


METALDYNE CORP: Moody's Junks Ratings on $400 Mil. Senior Notes
---------------------------------------------------------------
Moody's Investors Service changed the review of the ratings of
Metaldyne Corporation and its wholly owned subsidiary, Metaldyne
Company LLC, to direction uncertain from under review for possible
upgrade.  The change is prompted by published reports that
Metaldyne's 11% senior subordinated noteholders have entered into
an agreement which provides that its signatories will not tender
the notes nor provide any requested consent absent an approval by
90% of the principal amount of the signatories of the lockup
agreement, and at least 2/3 of the number of signatories of the
lockup agreement.

Each of the signatories to the lockup agreement will be
required to tender or provide consents if a supermajority of the
signatories to the lockup agreement accepts a tender or provides
consent.  This agreement decreases Metaldyne's flexibility in
tendering or renegotiating the 11% senior subordinated notes in
its attempt to complete the earlier announced agreement for
Metaldyne to be acquired by Asahi Tec Corporation.

The ratings under review, direction uncertain are:

Metaldyne Corporation:

   * Corporate Family Rating, Caa1;

   * $150 million of 10% guaranteed senior unsecured notes due
     Nov. 2013, Caa2;

   * $250 million of 11% guaranteed senior subordinated notes due
     June 2012, Caa3;

Metaldyne Company LLC

   * B2 rating for Metaldyne LLC's guaranteed senior secured
     credit facilities, consisting of:

   * $400 million guaranteed senior secured tranche D term loans
     due Dec. 2009;

   * $50 million guaranteed senior secured revolving credit
     facility due Aug. 2011;

   * $150 million Synthetic L/C Facility due Aug. 2011;

The last rating action was on Sept. 1, 2006 when the ratings
were placed under review for possible upgrade based on the
announcement that Metaldyne had signed an agreement to be acquired
by Asahi, and on the potential financial and strategic benefits
that might result from the transaction.  Moody's review noted,
however, that the completion of the transaction is subject to
certain conditions including the successful tender of a portion of
the company's existing public debt and the granting
of waivers for the change of control language in the bond
indentures.

The decision by the holders of the senior subordinated notes to
enter into the lockup agreement could increase the financial costs
of proceeding with the acquisition or could result in a failure to
achieve the waivers necessary for the transaction to proceed.

Moody's review will continue to consider the financial benefits
and strategic business opportunities which could come to Metaldyne
under a business combination with Asahi Tec.  The review will also
consider the current adverse business environment in the auto
components sector, including recently announced production
cutbacks in North America.

Metaldyne Corporation, headquartered in Plymouth, Michigan, is a
manufacturer of highly engineered products for the global light
vehicle market.  Metaldyne designs, engineers and assembles metal-
formed and engineered products used in transmissions, engines and
chassis of vehicles.  The company's annual revenues currently
approximate $1.9 billion.  Ownership of Metaldyne is controlled by
private equity sponsor Heartland Industrial Partners LP.


MUSICLAND HOLDING: Court Approves Amended Disclosure Statement
--------------------------------------------------------------
The Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York approved the Disclosure Statement
explaining Musicland Holding Corp. and its debtor-affiliates'
Joint Plan of Liquidation on Oct. 13, 2006.

The Court held that the Disclosure Statement contains adequate
information within the meaning of Section 1125 of the Bankruptcy
Code.

Any objections to the Disclosure Statement that have not been
withdrawn are overruled.

                     Claims & Distributions

As reported in the Troubled Company Reporter on Sept. 19, 20056,
on the Effective Date, the Debtors will establish:

   (i) a Senior Claims Reserve with sufficient fund to pay all
       Allowed and Disputed Senior Claims to the extent those
       Claims are not paid by the Debtors on the Effective Date;
       and

  (ii) an Administrative Fund with sufficient funds to pay the
       projected costs and expenses of liquidating and
       administering the Estates as set forth in the
       Administrative Budget.

After the Effective Date, the Responsible Person will make
distributions to the holders of Allowed Senior Claims, which
become Allowed after the Effective Date from the Senior Claims
Reserve.

On the Effective Date, the Secured Trade Creditors will provide,
out of Secured Creditor Assets, these sums to be used to pay the
fees and expenses of the professionals to the Responsible Person:

   (a) $175,000 to be used to investigate and make a
       recommendation whether or not to pursue any potential
       Other Actions;

   (b) $250,000, plus any unused funds remaining in the
       Investigation Fund after completion of the investigation,
       to be used to Prosecute any Avoidance Actions; and

   (c) $_____ plus any unused funds remaining in the (i)
       Investigation Fund, or (ii) Avoidance Fund after
       completion of the Prosecution of the Avoidance Actions, to
       be used to Prosecute any Other Actions.

The Responsible Person, in consultation with the Plan Committee
and in accordance with the Post-Effective Date Agreement, will
have sole and absolute authority to direct its selected counsel
and other advisors to prosecute (a) the Avoidance Actions to the
extent those Avoidance Actions are included on the Schedule of
Avoidance Actions, and (b) the Other Actions.

A full-text copy of Musicland's First Amended Joint Plan of
Liquidation is available for free at:

               http://researcharchives.com/t/s?11ce

A full-text copy of the Disclosure Statement explaining
Musicland's First Amended Plan is available for free at:

               http://researcharchives.com/t/s?11cf

Headquartered in New York, New York, Musicland Holding Corp., is a
specialty retailer of music, movies and entertainment-related
products.  The Debtor and 14 of its affiliates filed for chapter
11 protection on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No.
06-10064).  James H.M. Sprayregen, Esq., at Kirkland & Ellis,
represents the Debtors in their restructuring efforts.   Mark T.
Power, Esq., at Hahn & Hessen LLP, represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they estimated more than $100
million in assets and debts.  (Musicland Bankruptcy News, Issue
No. 20; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


NATIONAL ENERGY: Court Okays Settlement Pact with ET Power & DTE
----------------------------------------------------------------
National Energy & Gas Transmission Inc. and NEGT Energy Trading -
Power L.P. obtained the U.S. Bankruptcy Court for the Middle
District of Maryland's approval to the settlement agreement they
entered into with DTE Georgetown L.P.

As reported Troubled Company Reporter on Aug. 25, 2006, in July
2005, ET Power filed a complaint to avoid preferential and
fraudulent transfers and to recover property, amounting to
$31,191,382, against DTE Georgetown pursuant to Sections 547, 548
and 550 of the Bankruptcy Court.

ET Power and DTE Georgetown were parties to a Tolling Agreement
dated May 23, 2000.  On May 24, 2000, PG&E Corporation entered
into a Guarantee Agreement in favor of DTE pursuant to which,
among other things, PG&E, as the assignor, guaranteed to DTE the
payment when due of all amounts payable under the Tolling
Agreement, subject to certain limitations.

On Jan. 19, 2001, PG&E Corporation entered into an Assignment and
Assumption Agreement with NEGT, as successor-in-interest to PG&E
Gas Transmission, Northwest Corporation.  Pursuant to the
agreement, NEGT, among others, assumed the due and punctual
performance, discharge and observation of all of PG&E Corp.'s
obligations in, related to, or arising under the Guarantee.

ET Power, DTE and NEGT entered into a Termination Agreement dated
as of June 24, 2003, to terminate and extinguish all of their
respective obligations and liabilities under and in respect of
the Tolling Contract.  In consideration of the Termination
Agreement, ET Power agreed to pay $30,716,800 to DTE as
Termination Payments.

During the 90-day period prior to its bankruptcy filing, ET Power
paid to DTE the Termination Payments and other payments pursuant
to the Tolling Contract, which all totaled $31,191,382.

DTE has asserted that it has defenses to the claims raised by ET
Power's avoidance action, including its defense that the
Guarantee covers its liability, if any, of up to $24,000,000.

ET Power; Charles R. Goldstein, the Plan Administrator for ET
Power's bankruptcy estate; NEGT; and DTE reached a settlement
agreement to resolve the Avoidance Action.

The parties agree that:

   (1) NEGT will pay $10,916,984 to ET Power's estate as initial
       settlement payment;

   (2) in addition to the initial settlement payment, there will
       be a settlement payment adjustment based upon the actual
       distribution to unsecured creditors;

   (3) ET will dismiss with prejudice the Avoidance Action;

   (4) the parties will release and waive each other from all
       claims relating to the Guarantee Contract and the
       Avoidance Action; and

   (5) the waivers by DTE and NEGT of any claims to which they
       would be entitled under Section 502(h) that have value to
       the ET Power's estate is expected to be $5,500,000.

ET Power and NEGT each believes that the terms of the settlement
are fair and equitable and in the best interests of their
respective estates.  The settlement provides a negotiated
resolution of the issues between the Parties while avoiding
costs, uncertainties and delays of litigation and collection.

                      About National Energy

Bethesda, MD-based PG&E National Energy Group Inc. nka National
Energy & Gas Transmission Inc. -- http://www.pge.com/--
develops, builds, owns and operates electric generating and
natural gas pipeline facilities and provides energy trading,
marketing and risk-management services.  The Company and six of
its affiliates filed for Chapter 11 protection on July 8, 2003
(Bankr. D. Md. Case No. 03-30459).  When the Company filed for
protection from its creditors, it listed $7,613,000,000 in assets
and $9,062,000,000 in debts.  NEGT received bankruptcy court
approval of its reorganization plan in May 2004, and emerged from
bankruptcy on Oct. 29, 2004.

NEGT's affiliates -- NEGT Energy Trading Holdings Corp., NEGT
Energy Trading - Gas Corporation, NEGT ET Investments Corp., NEGT
Energy Trading - Power, L.P., Energy Services Ventures, Inc., and
Quantum Ventures -- filed their First Amended Plan and Disclosure
Statement on March 3, 2005, which was confirmed on Apr. 19, 2005.
Steven Wilamowsky, Esq., and Jessica S. Etra, Esq., at Willkie
Farr & Gallagher LLP represent the ET Debtors.  (PG&E National
Bankruptcy News, Issue No. 66; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


NEENAH FOUNDERY: Tenders Offer on $133.13 Million 11% Senior Notes
------------------------------------------------------------------
Neenah Foundry Company launched a cash tender offer and consent
solicitation with respect to its outstanding $133.13 million in
aggregate principal amount of 11% Senior Secured Notes due 2010.

The company disclosed that the total consideration for the Notes
accepted for purchase pursuant to the tender offer will be
determined on the basis of a yield to the first redemption date
under the indenture governing the Notes equal to the sum of the
yield of the 4% U.S. Treasury Note due Sept. 30, 2007, plus a
fixed spread of 50 basis points.

The Company says that it will pay accrued and unpaid interest up
to, but not including, the payment date.  Each holder who tenders
its Notes and delivers consents to the Proposed Amendments prior
to 5:00 p.m., New York City time, on Oct. 23, 2006, the consent
date, will be entitled to a consent payment of $30 for each $1,000
principal amount of Notes tendered.  Holders who tender their
Notes after the Consent Date are entitled to receive the total
consideration less the Consent Payment.

The tender offer will expire at 5:00 p.m., New York City time, on
Nov. 7, 2006.

In connection with the tender offer, the Company is soliciting the
consents of the holders of the Notes to eliminate substantially
all of the covenants and certain events of default in the
indenture and the Notes and amend the indenture and certain
related documents to subordinate the liens securing the Notes to
liens securing certain new debt in addition to the liens to which
the liens securing the Notes are already subordinated.  In order
for the Proposed Amendments to be effective, holders of a majority
in aggregate principal amount of the Notes must consent to the
Proposed Amendments.  Holders of the Notes may not tender their
Notes without delivering the related consents.

The Company further disclosed that the consummation of the tender
offer is conditioned upon, among other things, the consummation of
a debt offering and the closing of a new revolving credit facility
and the availability of funds to pay the tender offer
consideration and the receipt of the consent of the holders of a
majority in aggregate principal amount of the Notes to the
Proposed Amendments.

Credit Suisse Securities (USA) LLC and Banc of America Securities
LLC will act as Dealer Managers and Solicitation Agents for the
tender offer and consent solicitation.  Questions regarding the
tender offer or consent solicitation may be directed to Credit
Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or at
(212) 538-0652 and Banc of America Securities LLC at (888)
292-0070 (toll-free) or at (704) 388-9217.

Morrow & Co., Inc. will act as the Information Agent for the
tender offer and consent solicitation.  Requests for documents
related to the tender offer and consent solicitation may be
directed to Morrow & Co., Inc. at (203) 658- 9400 (for brokers and
banks) or (800) 607-0088 (for all others).

Headquartered in Neenah, Wisconsin, Neenah Foundry Company
-- http://www.nfco.com/-- manufactures and markets iron castings
and steel forgings for the heavy municipal market and selected
segments of the industrial markets.


NEW CONCEPT: Case Summary & 6 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: New Concept Mining, Inc.
        P.O. Box 32369
        Long Beach, CA 90832

Bankruptcy Case No.: 06-12938

Type of Business: The Debtor is engaged in the mining industry.

Chapter 11 Petition Date: October 16, 2006

Court: District of Nevada (Las Vegas)

Judge: Bruce A. Markell

Debtor's Counsel: Benjamin B. Childs, Sr., Esq.
                  318 S. Maryland Parkway
                  Las Vegas, NV 89101
                  Tel: (702) 385-3865
                  Fax: (702) 385 1847

Total Assets: $1,500,000

Total Debts:  $1,232,605

Debtor's 6 Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
Nevada Minerals, Inc.                    $1,000,000
3960 Howard Hughes Parkway, 5th Fl.
Las Vegas, NV 89109

Overseas Investment B.A., S.A.             $125,000
989 Canada Place, Ste. 404
Vancouver BC
Canada VGC 3E

EMCO Corporation                            $71,000
Apdo 10101 Zone 4
Panama City, Panama

Roger Greenman                              $30,000

State of Nevada                              $4,000
Dept. of Conservation & Natural
Resources

Callister & Reynolsa                         $2,605


NOW AUTO: Recurring Losses Prompt Auditor's Going Concern Doubt
---------------------------------------------------------------
Moore & Associates Chartered in Las Vegas, Nevada, raised
substantial doubt about Now Auto Inc.'s ability to continue as a
going concern after auditing the Company's financial statements
for the year ended June 30, 2006, and 2005.  The auditor pointed
to the Company's recurring losses.

For the year ended June 30, 2006, Now Auto Inc. reported a
$447,267 net loss on $11,683,864 of revenues compared with a
$1,449,988 net loss on $2,092,912 of revenues for the same period
in 2005.

At June 30, 2006, the Company's balance sheet showed $5,986,340 in
total assets, $3,481,186 in total liabilities, and $2,505,154 in
total stockholders' equity.

A full-text copy of the Company's annual report is available for
free at http://ResearchArchives.com/t/s?1382

Now Auto Inc. sells used vehicles and provides financing for
substantially all of its customers.  As of June 30, 2006, the
Company has four stores, all of which are located in the State of
Arizona.


O'CHARLEYS INC: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency held its
Ba3 Corporate Family Rating for O'Charleys, Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $125m Senior
   secured revolver
   due 2007              Ba2      Baa3     LGD2      13%

   $125m 9% senior
   sub notes
   due 2013              B1        B1      LGD5      80%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Nashville, Tennessee, O'Charley's Inc.
-- http://www.ocharleys.com/-- engages in the ownership and
operation of restaurants primarily in the United States.  It
operates restaurants under the names O'Charley's, Ninety Nine
Restaurant and Pub, and Stoney River Legendary Steaks.


OPEN TEXT: Plans 15% Workforce Cut on Hummingbird Integration
-------------------------------------------------------------
Open Text Corporation has disclosed plans to integrate the newly
acquired operations of Hummingbird.  The changes align Open Text
with its business strategy to lead the ECM market by delivering
advanced software solutions in vertical markets and leveraging
strategic relationships with major enterprise software partners.

Open Text is moving quickly on its integration plan to leverage
its strong and unique position as the world's largest independent
software company focused exclusively on ECM.  Open Text also
remains the only ECM vendor with strong global partnerships with
three of the world's largest enterprise software companies -
Microsoft, Oracle and SAP.  This is matched with deep vertical-
market solutions expertise realized through the combination of
Open Text and Hummingbird.  This position allows Open Text to
deliver powerful solutions that bridge content across multiple
enterprise systems, helping customers across many industries
manage their toughest business and compliance challenges.

"Our plan to integrate the companies is based on our long-term
vision for the future and the strategic plans we've staked out to
lead the ECM market," said John Shackleton, President and Chief
Executive Officer of Open Text.  "With the changes we're making,
we will be organized to deliver on our strategy, and leverage our
unique strengths, including our extensive vertical-market
expertise, to deliver leading solutions to customers."

                 Business Integration Strategy

Open Text is continuing to organize its product and solutions
expertise into groups focused on key vertical segments, including
legal, financial services, energy, pharmaceuticals, retail,
manufacturing, and media and entertainment.  This structure allows
the Company to align its industry and ECM solutions expertise with
specific customer needs in each segment.  RedDot Solutions will be
maintained as part of the Company's Web Content Management
strategy and the Hummingbird Connectivity unit will continue to
operate as a distinct brand.

As part of the integration, Open Text said that it is reducing
worldwide employment by approximately 15 percent of a combined
workforce of 3,500 people.  Functions impacted by the cuts include
redundant positions or areas of the business that are not
consistent with the Company's strategic focus.  Open Text is also
reducing facilities by closing or consolidating offices.  As of
the current date, the full details of the reductions in the
workforce and facilities are still being determined and it is
expected that these details will be determined during the second
quarter of fiscal 2007.

"The changes we're making involve some tough decisions.
Unfortunately, this is necessary to eliminate the redundancies
that invariably come when turning two companies into one," said
Mr. Shackleton.  "As we go through this transition, customers will
remain our top priority.  Customers expect us to be there for them
when they need us.  We have a track record of delivering excellent
service and we will continue to do so through a combined
organization composed of highly trained service and support
professionals."

"In our experience with acquisitions, we typically see a reduction
of the acquired company's revenue run-rate going forward, usually
in the 30 percent range.  We believe this metric is consistent
with our expectations of Hummingbird ECM revenue," said Mr.
Shackleton.

                           About Open Text

Open Text Corp -- http://www.opentext.com/-- provides Enterprise
Content Management solutions, processes and information in global
organizations.  The company supports approximately 20 million
seats across 13,000 deployments in 114 countries and 12 languages
worldwide.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 12, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Open Text Corp.  At the same time,
Standard & Poor's assigned its 'BB-' bank loan rating, with a
recovery rating of '2', to the company's proposed $490 million
senior secured bank facility, which consists of a $75 million
five-year revolving credit facility and a $415 million seven-year
term loan B.


OWENS CORNING: Appoints Hake, Handy, & Neely as New Directors
-------------------------------------------------------------
Owens Corning appointed Ralph F. Hake, F. Philip Handy, and
Joseph F. Neely as its new directors, effective Sept. 14, 2006.

Stephen K. Krull, senior vice president, general counsel and
secretary of Owens Corning, disclosed in a regulatory filing with
the Securities and Exchange Commission that none of the new
directors has been named to serve on any committee of the
company's Board of Directors.

Mr. Krull also disclosed that W. Walker Lewis resigned as director
of Owens Corning on Sept. 14, 2006.  Mr. Lewis has been a director
since 1993.  He is the chairman of Devon Value Advisers, a
financial consulting and investment banking firm in Greenwich,
Connecticut, and New York.  He had been eyed to serve on Owens
Corning's initial board of directors when it emerges from
bankruptcy.

Owens Corning did not disclose whether the new directors will
serve on the Reorganized Debtors' Boards.

                      About Owens Corning

Owens Corning (OTC: OWENQ.OB) -- http://www.owenscorning.com/--
manufactures fiberglass insulation, roofing materials, vinyl
windows and siding, patio doors, rain gutters and downspouts.
Headquartered in Toledo, Ohio, the Company filed for chapter 11
protection on Oct. 5, 2000 (Bankr. Del. Case. No. 00-03837).
Norman L. Pernick, Esq., at Saul Ewing LLP, represents the
Debtors.  Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered,
represents the Official Committee of Asbestos Creditors.  James J.
McMonagle serves as the Legal Representative for Future Claimants
and is represented by Edmund M. Emrich, Esq., at Kaye Scholer LLP.
(Owens Corning Bankruptcy News, Issue No. 142; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


OWENS CORNING: Wants Tort Claimants' Request to Lift Stay Barred
----------------------------------------------------------------
Owens Corning and its debtor-affiliates ask the U.S. Bankruptcy
Court for the District of Delaware to deny the request of asbestos
personal injury claimants for modification of the automatic stay
to allow them to proceed with their actions against the Debtor.

Prior to the Debtors' bankruptcy filing, 35 individuals filed
various civil actions against the Debtors resulting from asbestos
personal injuries.  The cases went to trial and verdicts were
returned against the Debtors.

As a result of those verdicts, judgments were entered against the
Debtors in various amounts.  The Cases are on appeal and the
Debtors had posted appeal bonds.

The claimants had asked the Honorable Judith Fitzgerald of the
U.S. Bankruptcy Court for the District of Delaware to lift the
automatic stay to allow their actions to proceed.

Etta R. Wolfe, Esq. at Smith Katzenstein & Furlow, LLP, in
Wilmington, Delaware, points out that the Cases have been fully
litigated in the State Court and all that remains to be done is
to litigate the appeal.

According to Ms. Wolfe, many of the Cases are on appeal due to
what is known as the Manville Share issue, which pertains to the
apportionment of damages.  Ms. Wolfe relates that in June 2000,
while many of the Cases were pending, the Manville Share issue
was decided by the Pennsylvania Supreme Court in Baker v. AC&S,
Inc., et al,. 562 PA 290 (2000).  The rule of law established by
the Pennsylvania Supreme Court will apply to each of the Manville
Share Cases procedurally, however, the Cases were frozen as a
result of the bankruptcy petition.

Ms. Wolfe notes that certain of the other Cases concern legal
issues that may require briefing and potentially argument if
incapable of consensual resolution.

There would be no burden on the Debtors' estate to allow the
actions to proceed, Ms. Wolfe assures Judge Fitzgerald.  While
there appear to be multiple cases, many of them share the same
issues, she says.

Ms. Wolfe contends that the burden that would be imposed on the
Claimants by further delay is extremely high.  Many of the
Claimants are deceased and others are seriously ill.  Some of the
cases have been in the appeal stage since 1997.  "Any further
delay in finalizing these cases is further prejudice to the
Claimants who have already proceeded through trial and have non-
estate funds ready to satisfy their judgments," she says.

A list of the Tort Claimants and the corresponding amount of
judgment and appeal bonds is available at no charge at:

              http://researcharchives.com/t/s?1356

              Debtors Want Lift Stay Motion Denied

The Debtors ask the Court to deny the lift stay request by
certain asbestos personal injury claimants because the request
was filed at a time ensuring that it would not be heard until
after the Sept. 18, 2006 confirmation hearing of the Debtors'
Sixth Amended Plan of Reorganization.

The Claimants' "prejudice" claim -- that they are harmed by the
delay caused by an automatic stay -- rings particularly hollow
under these circumstances, Norman L. Pernick, Esq., at Saul Ewing
LLP, in Wilmington, Delaware, tells Judge Fitzgerald.

Although little remains to be done in some of the Claimants'
appeals, Mr. Pernick states, other appeals still require briefing
and argument, as well as strategic decisions.  He asserts that
forcing the Debtors to re-enter the asbestos litigation to
prosecute various appeals would prejudice them by diverting
important resources at this late and critical stage of their
reorganization.

"This prejudice certainly outweighs that to the Claimants, who
now . . . have a relatively short time to wait before being able
to defend their appeals," Mr. Pernick says.

Mr. Pernick maintains that lifting the automatic stay would also
be impractical, considering that if the Plan is approved, all the
Debtors' asbestos liabilities, including the Claimants' appeals,
will be channeled to an asbestos personal injury trust under the
Plan.  Decisions about those appeals will presumably be made by
certain trustees who may or may not decide to prosecute the
appeals.

Thus, lifting the stay now will result in wasted effort and
resources, as well as potentially inconsistent decisions about
how to proceed, Mr. Pernick insists.

                      About Owens Corning

Owens Corning (OTC: OWENQ.OB) -- http://www.owenscorning.com/--
manufactures fiberglass insulation, roofing materials, vinyl
windows and siding, patio doors, rain gutters and downspouts.
Headquartered in Toledo, Ohio, the Company filed for chapter 11
protection on Oct. 5, 2000 (Bankr. Del. Case. No. 00-03837).
Norman L. Pernick, Esq., at Saul Ewing LLP, represents the
Debtors.  Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered,
represents the Official Committee of Asbestos Creditors.  James J.
McMonagle serves as the Legal Representative for Future Claimants
and is represented by Edmund M. Emrich, Esq., at Kaye Scholer LLP.
(Owens Corning Bankruptcy News, Issue No. 141; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


PACIFIC LEGENDS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Pacific Legends Golf of Nicolaus, LLC
        dba Rio La Paz Golf Club
        201 Lee Road
        Nicolaus, CA 95659

Bankruptcy Case No.: 06-24217

Type of Business: The Debtor operates a golf course.
                  See http://www.riolapazgolf.com/

Chapter 11 Petition Date: October 17, 2006

Court: Eastern District of California (Sacramento)

Judge: Christopher M. Klein

Debtor's Counsel: Steven H. Felderstein, Esq.
                  Felderstein Fitzgerald Willoughby & Pascuzzi LLP
                  400 Capitol Mall, Suite 1450
                  Sacramento, CA 95814-4434
                  Tel: (916) 329-7400

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
State Fund Insurance Company       Insurance              $33,785
5251 Business Center Drive
Fairfield, CA 94534-1630

Rhodes Construction                Construction           $30,670
1696 Ash Way
Marysville, CA 95901-1679

Key & Associates                   Engineering            $16,713
Civil Engineers
1646 Poole Boulevard
Yuba City, CA 95993

Feather River Concrete Products    Trade Debt             $12,552
P.O. Box 145
Gridley, CA 95948

Sequoia Insurance                  Insurance              $10,856
Department 33750
P.O. Box 39000
San Francisco, CA 94139

Clark Pest Control                 Pest Service            $7,500

Sentinal Fire                      Clubhouse               $4,178
                                   Construction

Reclamation Dist. #1001            Trade Debt              $3,140

PG&E                               Electric Service        $2,909

R & R Electric                     Trade Debt              $2,426

Ben Toilet Rental                  Toilet Rental           $2,338

Direct Capital Corp.               Trade Debt              $2,241

Golden Bear Alarm Services         Alarm Services          $1,827

Henry-Griffits, Inc.               Trade Debt              $1,511

Sure West                          Telephone Service       $1,435

Southern Links                     Trade Debt              $1,433

Flo Master Pump Sales              Trade Debt              $1,120

Gloves by Design                   Trade Debt              $1,036

A-1 Enterprises                    Trade Debt              $1,005

Robert C. Schleh                   Trade Debt              $1,000


PARMALAT USA: Court Approves Pact Resolving Carmen Green's Lawsuit
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a stipulation among Carmen Green, Reorganized Farmland
Dairies, LLC, and the Farmland Dairies LLC Unsecured Creditors'
Trust modifying the Plan Injunction to allow the parties to
prosecute and defend against a 2002 lawsuit filed by Ms. Green.

Ms. Green sued Sunnydale Farms, Inc., a business unit of
Farmland, before the New Jersey Superior Court, Middlesex County.
Ms. Green sought damages for personal injuries she sustained as a
result of an automobile accident involving a Sunnydale vehicle.

Pursuant to the Stipulation, Ms. Green will have recourse solely
against any available insurance proceeds to the extent the
proceeds are available.  Farmland maintained an automobile
insurance policy with Lumbermens Mutual Casualty Company at the
time of the accident.

Ms. Green is not entitled to recover any property of or from the
Debtors or their estates, Reorganized Farmland, or the Trust.
Ms. Green's proof of claim and Motion are withdrawn with
prejudice without any further action from any of the parties.

Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/-- generates more than 7 billion
euros in annual revenue.  The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located
in 31 countries on six continents.  The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No.
04-11139).  Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP, represent the Debtors.  When the U.S.
Debtors filed for bankruptcy protection, they reported more than
$200 million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.  (Parmalat Bankruptcy News, Issue
No. 79; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)


PHILIP BLACK: Case Summary & 16 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Philip Ray Black
        47 West Sierra Vista
        Phoenix, AZ 85013

Bankruptcy Case No.: 06-03377

Type of Business: The Debtor is the sole shareholder of
                  Metropolitan Services, Inc., which filed for
                  chapter 11 protection on June 30, 2006 (Bankr.
                  D. Ariz. Case No. 06-02003).

Chapter 11 Petition Date: Oct. 16, 2006

Court: District of Arizona (Phoenix)

Judge: Charles G. Case II

Debtor's Counsel: Donald W. Powell, Esq.
                  Carmichael & Powell, P.C.
                  7301 North 16th Street, Suite 103
                  Phoenix, AZ 85020
                  Tel: (602) 861-0777
                  Fax: (602) 870-0296

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 16 Largest Unsecured Creditors:

   Entity                        Claim Amount
   ------                        ------------
Wachovia Bank, N.A.                  $437,860
c/o Ruden & McCloskey
222 Lakeview Avenue, Suite 600
West Palm Beach, FL 23401

Antoine Karbouzian                   $120,000
14223 North 59th Street
Scottsdale, AZ 85254

Jean Le Tarte Construction, Inc.      $98,500
Jean Le Tarte
c/o Law Offices of Charles Dale
414 Northeast Fourth Street
Fort Lauderdale, FL 33301

John Hills                            $98,500
5801 Bayview Drive
Fort Lauderdale, FL 33308

Bank of America                       $34,504
P.O. Box 60502
City of Industry, CA 91716

Washington Mutual Bank                 $7,922

Home Depot Credit Card                 $7,900

Department Stores National Bank        $6,700

Chase Bank                             $5,500

Advanta                                $2,600

Valdini & Palmer                       $2,500

Westcott Services                      $2,500

First Equity Card                      $1,600

Chevron                                  $950

City of Key West                         $530

Ultimate Computer                         $60


PIER 1 IMPORTS: Posts $73 Million Net Loss in Second Quarter
------------------------------------------------------------
For the three months ended Aug. 26, 2006, Pier 1 Imports Inc.
reported a $73 million net loss on $370.6 million of net revenues,
compared to a $10.1 million net loss on $423.6 million of net
revenues for the three months ended Aug. 27, 2005.

The Company ended the second quarter of fiscal 2007 with
$150.3 million in cash and temporary investments compared to
$40.6 million a year ago.

At the end of the second quarter, the Company's minimum operating
lease commitments remaining for fiscal 2007 were $118.8 million.
The present value of total existing minimum operating lease
commitments discounted at 10% was $890.6 million at the fiscal
2007 second quarter-end.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1391

Based in Fort Worth, Texas, Pier 1 Imports, Inc. (NYSE:PIR)
-- http://www.pier1.com/-- is a specialty retailer of imported
decorative home furnishings and gifts with Pier 1 Imports(R)
stores in 49 states, Puerto Rico, Canada, and Mexico and Pier 1
kids(R) stores in the United States.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2006,
Moody's Investors Service downgraded Pier 1's corporate family
rating to B3 from B1 following continued degradation in same store
sales, which have resulted in modest operating results and
negative free cash flow.  The rating outlook is stable.


QUEBECOR WORLD: Closing French Roto-Gravure Facility
----------------------------------------------------
Quebecor World Inc. intends to close its roto-gravure facility in
Lille, France as part of its ongoing restructuring efforts.

The Lille facility will be phased out during the coming months and
is expected to close at the end of the second quarter of 2007.
The closure will affect approximately 230 employee positions.
Some of the workforce will be offered opportunities to transfer to
the Charleroi, Belgium facility.

Taking into account earlier restructuring initiatives and the
investment in the latest wide-web gravure technology in Charleroi,
the Company estimates the impact to its European gravure capacity
is essentially neutral.

Quebecor World Inc. -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has approximately 29,000 employees working in more than 120
printing and related facilities in the United States, Canada,
Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland,
France, India, Mexico, Peru, Spain, Sweden, Switzerland and the
United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2006,
Standard & Poor's Ratings Services lowered its ratings on
commercial printer Quebecor World Inc., including its long-term
corporate credit rating to 'B+' from 'BB-', and placed the ratings
on CreditWatch with negative implications.

As reported in the Troubled Company Reporter on Aug. 18, 2006,
Moody's Investors Service placed the Ba3 Corporate Family Rating,
Ba3 Senior Unsecured rating and B2 Senior Subordinated ratings of
Quebecor World Inc.'s subsidiaries under review for possible
downgrade.

As reported in the Troubled Company Reporter on Aug. 11, 2006,
Dominion Bond Rating Service downgraded the long-term debt ratings
of Quebecor World Inc. and related entities to BB from BB (high)
and downgraded the Cumulative Redeemable Preferred Shares to Pfd-4
from Pfd-4 (high).  The trends remain Negative.


RADNOR HOLDINGS: Panel Taps Stevens & Lee as Special Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Radnor Holdings
Corporation and its debtor-affiliates asks the U.S. Bankruptcy
Court for the District of Delaware for permission to employ
Stevens & Lee PC as its special conflicts counsel, nunc pro tunc
to Sept. 18, 2006.

The Committee seeks to employ Stevens & Lee under a general
retainer to:

     a) perform services that its primary counsel, Greenberg
        Traurig, LLP, cannot perform because if actual or apparent
        conflicts with its existing clients; and

     b) perform other discrete duties assigned by the Committee or
        Greenberg Traurig.

The Committee says it will ensure that there will be no
duplication of Greenberg efforts.

The current standard hourly rates for principal attorneys and
paralegal expected to represent the Committee are:

     Professional                  Designation       Hourly Rate
     ------------                  -----------       -----------
     Joseph H. Houston, Jr., Esq.  Shareholder           $445
     Thomas G. Whalen, Jr., Esq.   Associate             $280
     Valerie A. Frew               Paralegal             $150
     Stephanie L. Foster           Legal Assistant       $115

Stevens & Lee's other professionals charge:

     Designation                   Hourly Rate
     -----------                   -----------
     Shareholders                  $325 to $650
     Associates                    $180 to $325
     Legal Asst./Paralegals         $95 to $175

Mr. Houston assures the Court that his firm does not hold or
represent any interest adverse to the Debtors' estates.

Mr. Houston can be reached at:

            Stevens & Lee, A Professional Corporation
            Joseph H. Houston, Jr., Esq.
            1105 North Market Street, 7th Floor
            Wilmington, DE 19801

Stevens & Lee PC -- http://www.stevenslee.com/-- is a
professional services firm of approximately 180 lawyers and more
than 40 business and consulting professionals.  The firm
represents clients throughout the Mid-Atlantic region and across
the country from 15 offices in these locations: Reading,
Harrisburg, Lancaster, Philadelphia, Valley Forge, the Lehigh
Valley, Scranton, Williamsport and Wilkes-Barre, Pennsylvania;
Princeton and Cherry Hill, New Jersey; Wilmington, Delaware; New
York City; and Charleston, S.C.

Headquartered in Radnor, Pennsylvania, Radnor Holdings Corporation
-- http://www.radnorholdings.com/ -- manufactures and distributes
a broad line of disposable food service products in the United
States, and specialty chemicals worldwide.  The Debtor and its
affiliates filed for chapter 11 protection on Aug. 21, 2006
(Bankr. D. Del. Case No. 06-10894).  Gregg M. Galardi, Esq., and
Mark L. Desgrosseilliers, Esq., at Skadden, Arps, Slate, Meagher,
represent the Debtors.  Donald J. Detweiler, Esq., and Victoria
Watson Counihan, Esq., at Greenberg Traurig, LLP, serves the
Official Committee of Unsecured Creditors.  When the Debtors filed
for protection from their creditors, they listed total assets of
$361,454,000 and total debts of $325,300,000.


RADNOR HOLDINGS: Panel Wants Kroll Zolfo as Bankruptcy Consultant
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in Radnor
Holdings Corporation and its debtor-affiliates' Chapter 11 cases
asks the U.S. Bankruptcy Court for the District of Delaware for
permission to retain Kroll Zolfo Cooper LLC as its bankruptcy
consultant and special financial advisor, nunc pro tunc to
Sept. 21, 2006.

Kroll Zolfo is expected to:

     a) assist the Creditors' Committee and its other
        professionals in identifying operational issues and
        improvements related to the Debtor's business;

     b) assist the Creditors; Committee and its other
        professionals in developing a business plan and
        restructuring alternatives for the Debtor's business;

     c) analyze and evaluate operating and cash flow projections,
        business plans, operating results, financial statements,
        other documents and information provided by the Debtors'
        professionals, and other information and data pursuant to
        the Creditors' Committee's request;

     d) advise the Creditors' Committee concerning interfacing
        with the Debtors, other constituencies and their
        respective professionals;

     e) prepare for and attend meetings of the Creditors'
        Committee and any subcommittee; and

     f) provide other services as requested by the Creditors'
        Committee.

The hourly billing rates for Kroll Zolfo's professionals are:

        Designation                Hourly Rate
        -----------                -----------
        Managing  Director        $630 to $760
        Professional Staff        $125 to $625
        Support Personnel          $50 to $225

Kevin M. Golmont, a managing director at Kroll Zolfo, assures the
Court that his firm does not hold or represent any interest
adverse to the Debtors' estates and is a "disinterested person" as
that term is defined in section 101(14) of the Bankruptcy Code.

Mr. Golmont can be reached at:

        Kroll Zolfo Cooper, LLC
        Attn: Kevin M. Golmont
        900 Third Avenue
        6th Floor
        New York, NY 10022
        Phone: 212-561-4000
        Fax: 212-213-1749

Headquartered in Radnor, Pennsylvania, Radnor Holdings Corporation
-- http://www.radnorholdings.com/ -- manufactures and distributes
a broad line of disposable food service products in the United
States, and specialty chemicals worldwide.  The Debtor and its
affiliates filed for chapter 11 protection on Aug. 21, 2006
(Bankr. D. Del. Case No. 06-10894).  Gregg M. Galardi, Esq., and
Mark L. Desgrosseilliers, Esq., at Skadden, Arps, Slate, Meagher,
represent the Debtors.  Donald J. Detweiler, Esq., and Victoria
Watson Counihan, Esq., at Greenberg Traurig, LLP, serves the
Official Committee of Unsecured Creditors.  When the Debtors filed
for protection from their creditors, they listed total assets of
$361,454,000 and total debts of $325,300,000.


REFCO INC: Judge Drain Gives Tentative Nod on Disclosure Statement
------------------------------------------------------------------
The Hon. Robert Drain of the United States Bankruptcy Court for
the Southern District of New York granted on October 16, 2006,
tentative approval on the modified Amended Disclosure Statement
explaining the Amended Joint Chapter 11 Plan of Refco, Inc., and
its debtor-affiliates, The Associated Press reports.

According to AP, Judge Drain said Refco still needed to fix a few
other deficiencies, including:

   (a) an explanation why its asset-distribution plan
       favors subordinated noteholders;

   (b) clarification on how Refco arrived at the allocation of
       proceeds obtained from a $506,000,000 settlement with
       Bawag P.S.K. Group; and

   (c) a detailed explanation on how Refco will resolve claims
       among its subsidiaries.

Judge Drain added that the Disclosure Statement should explain
why Refco Capital Markets, Ltd., "ends up with the only inter-
debtor, inter-company claims," AP reports.

AP states that Judge Drain hoped the request for new details
"does not lead to days of debate."  Judge Drain said the Debtors
"should be able to come up with these disclosures pretty
quickly," according to AP.

The Court will commence a hearing to consider confirmation of the
Debtors' Amended Plan on December 15, 2006.

The Official Committee of Unsecured Creditors, the Additional
Committee of Unsecured Creditors, and Marc S. Kirschner, the
Chapter 11 trustee for the estate of Refco Capital Markets, Ltd.,
are co-proponents of the Plan.

The Plan Proponents intend that the Plan become effective no
later than December 31, 2006.

              Objections to Disclosure Statement

The Ad Hoc Committee of Equity Security Holders of Refco, Inc.,
had asked the Bankruptcy Court to deny approval of the Debtors'
Disclosure Statement because it describes a Plan that:

   (i) effectively consolidates parent level entities with other
       debt-laden, subsidiary estates without factual or legal
       basis;

  (ii) provides the parent equity holders with less than they
       would receive in a Chapter 7 liquidation; and

(iii) incorporates other improper provisions.

West Loop Associates, LLC, which asserts claims against the
Debtors in excess of $67,000,000, complained that the Debtors'
Disclosure Statement is devoid of any meaningful information that
would give unsecured creditors any basis for evaluating their
estimated recoveries under the Plan.

Kenneth Krys and Christopher Stride, as joint official liquidators
of SPhinX Managed Futures Fund SPC and 21 of its affiliates,
wanted the Debtors' Disclosure Statement revised to address and
clarify certain matters with respect to:

   (a) the Liquidators' investigation into the defense of a
       $312,000,000 preference action commenced by the Official
       Committee of Unsecured Creditors of Refco, Inc., et al.,
       against certain of the SPhinX Funds and the circumstances
       surrounding settlement of the action;

   (b) the Liquidators' interest in the Preferential Action
       settlement, in which SMFF agreed to pay Refco Capital
       Markets, Ltd., $263,000,000;

   (c) the Liquidators' request that the Bankruptcy Court
       reconsider its decision and order regarding the status of
       the SPhinX Funds' Cayman Islands liquidation proceeding
       as a "foreign non-main proceeding" contained in the
       Disclosure Statement and the Plan; and

   (d) releases, exculpation clauses and injunctions contained
       in the Disclosure Statement.

RH Capital Associates LLC, and Pacific Investment Management
Company LLC, are lead plaintiffs in a securities class action
entitled, In re Refco Inc. Securities Litigation, Case No.
05-Civ.-8626 (GEL), as amended, filed in the U.S. District Court
for the Southern District of New York.  RH Capital and Pacific
Investment complained that the Disclosure Statement and the Plan
are ambiguous and omit material facts that may mislead or preclude
holders of claims or interests from  making an informed judgment
about the Plan.

Russia Growth Fund Ltd., a "customer" of Refco Capital Markets,
Ltd., under Section 741(2) of the Bankruptcy Code, and a holder
of an RCM Securities Customer Claim under the Debtors' First
Amended Joint Plan of Reorganization, said that the Disclosure
Statement fails to provide any further information about the
likely conversion of RCM's case, which, obviously, is a critical
aspect of the Plan from the point of view of Class 4 RCM Customer
Claimholders.

Hillier Capital Management, LLC, and certain other related
creditors in the Debtors' Chapter 11 cases also asked the Court to
deny approval of the Debtors' Disclosure Statement because it does
not contain complete and accurate information with respect to the
essential terms of various proposed settlements, which served as
the foundation for formulating the Plan of Reorganization.

The Ad Hoc Refco F/X Customer Committee echoed Hillier Capital's
sentiments and also also complained that the Disclosure Statement
lacked adequate information regarding FXA's decision to waive its
approximately $84,000,000 claim against RCM.

                   Modified Disclosure Statement

To resolve various issues with regard to the Disclosure
Statement, the Debtors, the Creditors' Committee, the Additional
Creditors Committee, and the Chapter 11 trustee, had delivered to
the Court, on Oct. 13, a modified Disclosure Statement with
respect to their First Amended Plan.

The Modified Disclosure Statement incorporates the Plan
Proponents' consolidated response to the Disclosure Statement
Objections.

The Plan Proponents assert that a number of the Disclosure
Statement Objections are, in reality, objections to Plan
confirmation rather than to the adequacy of the disclosure.
Those objections, if left unresolved through negotiations that
will no doubt take place between the parties after the Disclosure
Statement hearing, should be considered at the proposed Plan
confirmation hearing on December 15, 2006.

To obviate the need for formal objections, the Plan Proponents
encouraged parties-in-interest who had disclosure concerns to
communicate their concerns to the Plan Proponents informally.
Thus, a number of potential objections were informally resolved
and the modified Disclosure Statement now contains language
reflecting those resolutions.  In addition, the Plan Proponents
modified in some instances the Disclosure Statement to correct
and update previously reported information.

None of the Objections to Plan confirmation lead to the
conclusion that it is impossible to confirm the Plan as written.
Therefore, the Plan Proponents ask the Court to overrule all
Objections and approve the Modified Disclosure Statement.

A blacklined copy of the Modified Disclosure Statement is
available at no charge at http://ResearchArchives.com/t/s?1387

       Plan Proponents' Reply to FXA Customers' Objection

To provide full disclosure to the Refco F/X Associates, LLC
customers regarding the basis for their claims classification,
the Plan Proponents modified their Disclosure Statement to add
provisions supplementing the description of how FXA's business
operated and the relationship between FXA and FXCM and between
FXA and its customers.

According to J. Gregory St. Clair, Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in New York, the Disclosure Statement now
clarifies that clients that trade in foreign currencies are not
protected in the same manner as customers that engage in
securities transactions with a stockbroker and are not granted a
statutory priority in the event of the liquidation of the foreign
exchange dealer.  The Disclosure Statement further notes that
customer deposits were not required to be, and were not,
segregated by FXA.

Accordingly, the Debtors contend that the FXA clients merely hold
general unsecured claims against the FXA estate.

                     Constructive Trust Action

Mr. St. Clair reminds Judge Drain that several parties also
objected that:

   -- there was not disclosure regarding a recent adversary
      proceeding that was brought on behalf of certain FXA
      clients alleging that the customers' deposits do not
      constitute the property of FXA or RCM or their bankruptcy
      estates;

   -- FXA and RCM have been unjustly enriched by those customer
      deposits; and

   -- the plaintiffs are entitled to the value of the customer
      deposits.

To address that issue, the Plan Proponents have included a new
provision that describes the allegations contained in the
Constructive Trust Action.  The Modified Disclosure Statement
also discloses that the Debtors dispute the allegations in the
Constructive Trust Action and all other assertions that the FXA
customers are anything other than holders of prepetition non-
priority general unsecured claims against FXA.

The Modified Disclosure Statement further includes:

   (i) the position of the RCM Trustee that any claim or cause
       of action asserting that any Assets in Place are not the
       property of RCM, including any claim or cause of action
       in the nature of constructive trust, is barred and can no
       longer be pursued against RCM, except where expressly
       reserved for in the orders entered in the Assets in Place
       Adversary Proceeding; and

  (ii) FXA's position that the constructive trust claim against
       RCM asserted in the constructive trust action belongs to
       FXA and not the FXA clients.

                       Other Modifications

The Plan Proponents state that the approximately 16 pages of
disclosure in the Disclosure Statement dedicated to describing
the "Settlements" embodied in the Plan is more than adequate of
disclosure related to the proposed waiver of FXA's intercompany
claim against RCM under the Plan.  Whether it is appropriate for
that release to be approved as part of the Plan is a matter that
will be decided as part of the confirmation hearing, Mr. St.
Clair says.

The Plan Proponents added a new section to the Disclosure
Statement that specifically addresses the issue of the lack of
any disclosure regarding Saeed Abdulrahman Alqahtani's $5,800,000
administrative claim.  The Plan Proponents disclose that they
estimate that certain FXA customers had postpetition net gains of
approximately $10,000,000.

With respect to the FXA Japanese clients' objections, the Plan
Proponents have materially expanded their discussion regarding
the formation of RefcoFX Japan KK, the relationship between FXA,
FXCM, Refco Japan, the FXA Japanese clients, and the Hong Kong
Shanghai Banking Corp. bank account held by Refco Japan.  The
Plan Proponents have also provided additional disclosure
regarding the pending actions in Japan against Refco Japan, and
the turnover action recently commenced by FXA against FXCM, Refco
Japan, Hong Kong Shang Hai Banking Corp., and certain FXA
Japanese clients.

Moreover, the Plan Proponents have supplemented the Disclosure
Statement to reflect Russia Growth Fund's concerns.  However, the
Plan Proponents note that neither the Plan nor the RCM Settlement
Agreement contemplate different distribution mechanics or
economic terms as a result of RCM being administered in either
Chapter 7 or Chapter 11.

Mr. St. Clair explains that the Plan simply provides the option
for the Debtors and the RCM Trustee to choose an applicable
chapter of the Bankruptcy Code if they believe one to be more
likely to facilitate distributions.  Neither Russia Growth Fund
nor any RCM creditor has raised objections as to the disclosures
in respect of fundamental distribution or economic terms.  As
such, he says, it would appear that Russia Growth Fund,
regardless of the conversion issue, has sufficient information to
assess the Plan and potential corresponding recoveries.

With respect to the objections raised by the Ad Hoc Equity
Committee of Security Holders, Mr. St. Clair argues that the
Debtors' contribution toward a common settlement fund is not co-
extensive with "substantive consolidation" of the Debtors'
estates.  The Plan does not currently contemplate "substantive
consolidation," but instead, it is predicated on a "voluntary
pooling of assets" of Debtors that remain separate legal
entities, he says.

Mr. St. Clair further asserts that the Equity Committee
understates, and in many cases ignores, the liabilities existing
at Refco.

"Contrary to the Equity Committee's assertions, it is not the
case that Refco Inc. is a debt-free parent that owns all Refco-
related claims and is immune to all defenses or counterclaims
relating to [that] claim," Mr. St. Clair contends.

A summary of the Disclosure Statement Objections and the Plan
Proponents' corresponding responses is available at no charge at:

              http://ResearchArchives.com/t/s?1386

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in 14
countries and an extensive global institutional and retail client
base.  Refco's worldwide subsidiaries are members of principal
U.S. and international exchanges, and are among the most active
members of futures exchanges in Chicago, New York, London and
Singapore.  In addition to its futures brokerage activities, Refco
is a major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and OTC
financial and commodity products.  Refco is one of the largest
global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc A.
Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents
the Official Committee of Unsecured Creditors.  Refco reported
$16.5 billion in assets and $16.8 billion in debts to the
Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is
a regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as Refco
Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner is
represented by Bingham McCutchen LLP.  RCM is Refco's operating
subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management LLC,
Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed
for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case
Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News, Issue
No. 46; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/ or 215/945-7000)


RESORTS INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency confirmed its Caa1 Corporate Family Rating for Resorts
International Holdings, LLC.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given-default
ratings on these loans:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Revolver              Caa1      B3      LGD3       33%

   Term Loan             Caa1      B3      LGD3       33%

   Second Lien
   Term Loan             Caa2     Caa3     LGD5       86%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Resorts International Holdings LLC owns and operates casinos in
Atlantic City, New Jersey; the Chicagoland gaming market; and
Tunica, Mississippi.


RESORTS INT'L HOTEL: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency confirmed its Caa1 Corporate Family Rating for Resorts
International Hotel and Casino, Inc, and held its Caa1 rating on
the company's First Mortgage Notes Due 2009.  Additionally,
Moody's assigned an LGD3 rating on those bonds, suggesting
noteholders will experience a 49% loss in the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Resorts International Hotel and Casino, Inc. owns and operates
Resorts Atlantic City, a casino and hotel in Atlantic City, New
Jersey.


RIVER ROCK: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency raised River Rock Entertainment Authority's Corporate
Family Rating from B2 to B1, and confirmed its B2 rating on the
company's 9.75% Senior Notes.  Additionally, Moody's assigned an
LGD4 rating on those notes, suggesting noteholders will experience
a 66% loss in the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

River Rock Entertainment Authority, an unincorporated
instrumentality of the Dry Creek Rancheria Band of Pomo Indians,
owns and operates the River Rock Casino located on the Tribe's
75-acre reservation in Sonoma County, California, approximately 75
miles north of San Francisco.  The Dry Creek Rancheria Band of
Pomo Indians is a federally recognized Indian tribe that has a
compact with the State of California which expires in December
2020.


SAN PASQUAL: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency revised San Pasqual Casino Development Group Inc.'s
Corporate Family Rating from B2 to B1, and held its B2 rating on
the company's Senior Unsecured Notes.  In addition, Moody's
assigned an LGD4 rating to these notes, suggesting noteholders
will experience a 66% loss in the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

The San Pasqual Development Group, Inc., was formed under the
law of the San Pasqual Band of Mission Indians to oversee the
development, financing, construction, operation, and management of
the Valley View Casino located approximately 40 miles from San
Diego, California.  The casino opened in April 2001 and generated
revenues of about $110 million during the latest 12-month period
ended Mar. 31, 2006.


SANMINA-SCI: Fitch Lowers Senior Subordinated Debt's Rating to B
----------------------------------------------------------------
Fitch Ratings downgraded Sanmina-SCI Corporation:

   -- Senior subordinated debt to 'B/RR5' from 'B+/RR4'

Fitch also assigned this rating:

   -- $600 million term loan expiring January 2008 'BB+/RR1'

The ratings on senior secured, senior subordinated and these
ratings remained on Rating Watch Negative:

   -- Issuer Default Rating 'B+'
   -- First lien senior secured credit facility 'BB+/RR1'

Fitch's action affects approximately $1.6 billion of total debt
securities, pro forma for the issuance of the $600 million term
loan due January 2008 and redemption of $525 million of
subordinated convertible debentures due March 2007.

The senior subordinated downgrade reflects Sanmina layering $600
million of senior unsecured debt on top of the senior subordinated
debt, resulting in lower recovery prospects for the subordinated
debt.

Fitch estimates recovery for the subordinated notes would decline
to 11%-30% from 31%-50% prior to the refinancing, resulting in an
'RR5' recovery rating.  The 'BB+/RR1' ratings for the senior
unsecured term loan reflect Fitch's estimation that the unsecured
debt will recover 100% in a distressed scenario.

Fitch believes recovery parity between the senior unsecured and
senior secured debt is supported by the fact that the lending
group for the term loan is essentially the same as that of the
senior secured credit facility and maturity date of the term loan,
January 2008, is well ahead of the maturity of the credit
facility, December 2008.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Sanmina, and hence,
recovery rates for its creditors will be maximized in liquidation
rather than in restructuring (going concern).

In estimating Sanmina's liquidation value under a distressed
scenario, Fitch applied advanced rates of 80%, 20% and 10% to
Sanmina's current balance of accounts receivable, inventory and
property, plant and equipment, respectively.  That leads to a
distressed enterprise value estimate of approximately $1.2
billion, providing the basis for a waterfall analysis to determine
recovery ratings.

The Negative Rating Watch continues to reflect Sanmina's delayed
filing of its 10Q and compliance certificates for the quarter
ended July 1, 2006, and corresponding non-compliance with NASDAQ's
filing requirements (the company continues to be listed on the
exchange pending a decision by NASDAQ's Listing Qualifications
Panel) as well as continuing investigations by the SEC and a
federal grand jury into the company's stock option administration
practices dating back to Jan. 1, 1997.

Sanmmina recently announced the conclusion of its own internal
investigation, which determined that most options awarded between
1997 and 2006 were not correctly dated and accounted for.  Fitch
believes that a resolution of the stock option investigations and
satisfactory filing of Sanmina's 10Q as well as compliance
certificates is likely to resolve the Negative Rating Watch
status.

Pro forma for the refinancing Fitch believes liquidity was
sufficient as of July 1, 2006, and supported by approximately $563
million of cash and equivalents and an undrawn $500 million senior
secured revolving credit facility due 2008, which is not available
for refinancing purposes.

Sanmina's $200 million receivables sales facility due 2007 also
supports liquidity.  Fitch estimates that total debt on a pro
forma basis is approximately $1.6 billion and consists primarily
of:

   1) $600 million senior unsecured term loan due January 2008;

   2) $400 million of 6.75% senior subordinated notes due
      March 2013 (callable in 2009); and

   3) $600 million of 8.125% senior subordinated notes due
      March 2016;

but excludes $525 million of 3% convertible subordinated notes
which are being redeemed (Sanmina deposited the remaining amount
due on these notes with the trustee, thereby completing the
discharge of the indenture).


SANMINA-SCI: Late 10-Q Filing Prompts Moody's to Review Ratings
---------------------------------------------------------------
Moody's assigned a Ba2 rating to Sanmina-SCI Corporation's
proposed $600 million unsecured term loan facility due 2008.
The proceeds of the proposed $600 million term loan will be used
to finance $525 million of Sanmina's 3% convertible subordinated
notes due 2007.  Sanmina's corporate family rating of Ba2 and all
of its other outstanding ratings will remain under review for
possible downgrade.  Likewise, the new Ba2 rating on the proposed
term loan facility will also be placed under review for possible
downgrade.

Moody's notes that Sanmina's debt ratings were placed under review
for possible downgrade on Aug. 14, 2006 following Sanmina's
announcement of the on-going investigation into its stock option
administration practices and its confirmation that Sanmina would
not be able to file with the Securities and Exchange Commission
its 10-Q for the quarter ended July 1, 2006 by the required
deadline as a result of the investigation.  The ratings for the
new facility reflects both the overall probability of default of
the company, to which Moody's assigned a PDR of Ba2, and a loss
given default of LGD 3.

Sanmina announced on October 12th that it has concluded its
internal investigation of its stock options practices and that
most stock option grants to executives and employees between 1997
and 2006 were not correctly dated.  As a result, Sanmina will
restate its financial statements for the past 9 fiscal years,
though the amount of restatement has not been quantified.  Moody's
understands that cash impact from the restatement is not likely to
be material.

Although the conclusion of its internal investigation is an
important step toward resolution, Moodys' notes that Sanmina is
still under SEC and DOJ investigation, and has yet to file its
financial statements for the July 1, 2006 quarter, a violation of
its borrowing program covenant. Sanmina has obtained consent
waivers from all of its debt holders, except for the holders of
its 2007 subordinated convertible notes, which will be refinanced
from the proceeds of the proposed term loan.  Until Sanmina is
able to file its financial statements within the waiver period
granted by the lenders, Moody's concern over potential liquidity
will remain and thus Sanmina's ratings continue to be under review
for possible downgrade.

Sanmina cited a general systemic controls failure as the cause for
options dating errors and plans to implement a number of changes
to improve internal control and accuracy of financial accounting.
This controls failure raises concerns regarding the quality of
corporate governance and controls at Sanmina.  Assessment of these
risks, as well as continued exposure to regulatory, legal and
litigation risk, will be integrated into the ratings review.

Moody's could move the ratings down if further concerns regarding
weakness in internal controls, disclosure, or accounting controls
emerge, if legal or regulatory action yielded material costs or
effected senior management, or if concerns over its liquidity were
to surface.  Conversely, upon a favorable resolution of the SEC
and DOJ investigations, and satisfactory liquidity coupled with
the filing of the July 2006 quarterly report with non-material
restatements within the consent waiver period, Sanmina's ratings
could be confirmed.

Leverage and credit metrics will not change as a result of the
current refinancing.  Pro forma this transaction, leverage is
expected to be about 3.8x to EBITDA and EBITDA to interest
coverage about 3.4x, again pre-restatement.  Sanmina remains
well positioned as a tier-one EMS provider and plays a critical
role in the electronics supply chain.

Ratings assigned and placed under review for downgrade:

   * $600 million senior unsecured term loan due 2008 at Ba2

Ratings under review for downgrade include:

   * Corporate family rating at Ba2;

   * Probability-of-default rating at Ba2;

   * $400 million senior subordinated notes due 2013 at Ba3;

   * $600 million senior subordinated notes due 2016 at Ba3;

   * SCI Systems Inc.'s $525 million 3% convertible subordinated
     notes due 2007 at B1;

   * SGL-1 speculative grade liquidity rating.

Headquartered in San Jose, California, Sanmina-SCI Corporation is
one of the largest electronics contract manufacturing services
companies providing a full spectrum of integrated, value added
solutions.


SCIENTIFIC GAMES: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency confirmed its Ba2 Corporate Family Rating for Scientific
Games Corporation.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Gtd. Sr. Sec.
   Revolving Credit
   Facility Due 2009      Ba2     Baa3     LGD2       21%

   Gtd. Sr. Sec. Term
   Loan C Due 2009        Ba2     Baa3     LGD2       21%

   Gtd. Sr. Sec. Term
   Loan D Due 2009        Ba2     Baa3     LGD2       21%

   Sr. Sub. 6 1/4%
   Notes Due 2012         B1      Ba3      LGD5       76%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in New York City, Scientific Games Corporation --
http://www.scientificgames.com/-- provides services, systems, and
products to the lottery and pari-mutuel wagering industries
worldwide.  The company also provides paper-based, prepaid phone
cards for the international cellular telephone markets, utilizing
the company's secure instant ticket production process.


SILICON GRAPHICS: Emerges from Chapter 11 Protection
----------------------------------------------------
In fewer than six months after filing for bankruptcy protection,
Silicon Graphics, Inc., officially concluded its reorganization
and has emerged from chapter 11 a new company on Oct. 17, 2006.

The "New SGI" is the result of a massive overhaul of the Company's
global operations.  SGI has:

    * Re-engineered the Company's business model around customer
      needs and workflows;

    * Strengthened its product and solutions, creating the most
      competitive offering in years;

    * Installed a new management team fully accountable to meeting
      company objectives;

    * Installed a new Board of Directors;

    * Achieved annualized cost savings of $150 million; and

    * Recapitalized the company, eliminating long-term debt and
      arming it with $115 million in exit financing and a balanced
      operating budget.

"[On Oct. 17, 2006,] we debut the New SGI, an efficient and fully
recapitalized company armed with a new, market-centric business
model and empowered by a rekindled commitment to solving the
problems of customers in a targeted range of markets," said Dennis
McKenna, CEO of SGI.  "In these past six months, everyone at SGI
has worked intensely to remake the organization into one
engineered for stability and growth with innovative new products
targeting the largest market opportunities in the history of the
company.  We still have considerable work ahead in implementing
our growth initiatives, but we are focused on Innovation for
Results.  Without doubt, this is a new day for SGI."

As it emerges from chapter 11, SGI is bringing competitive new
server, storage and services solutions to a combined addressable
market that annually invests more than $80 billion in technology.

                   New SGI Board of Directors

To help chart its new direction, SGI also appointed a new Board of
Directors.  Joining the Board will be Eugene I. Davis, chairman
and CEO of PIRINATE Consulting Group, LLC, and Anthony Grillo,
founder and CEO of American Securities Advisors, LLC; both
seasoned executives with significant board and financial
experience in restructuring.  Kevin Katari, managing member of
Watershed Asset Management, LLC, and Chun Won Yi, associate of
Quadrangle Group LLC, will also join the Board and represent the
new investors in the Company.  Continuing on the Board will be SGI
CEO Dennis McKenna and James A. McDivitt, former astronaut and
retired senior vice president of Government Operations and
International of Rockwell International Corporation.

                          New Financing

SGI also disclosed the completion of its exit financing facility
with Morgan Stanley Senior Funding, Inc. and General Electric
Capital Corporation, as lending agents.  The new facility provides
$115 million in financing consisting of an $85 million term loan
and a $30 million revolving line of credit.  The new facility is
secured by substantially all of the assets of SGI and its domestic
subsidiaries and has customary terms and conditions, including
covenants related to minimum levels of EBITDA (earnings before
interest, taxes, depreciation and amortization) and minimum levels
of cash and cash equivalents, and limits on capital expenditures.

This facility, combined with $57 million in proceeds from the
previously announced Rights Offering and sale of Overallotment
shares, will be used to pay off $113 million in existing DIP
financing, make distributions pursuant to the Company's Plan of
Reorganization, and provide working capital for the Company's
ongoing operations.  The exit financing facility matures in five
years.

Pursuant to the Plan of Reorganization, the Company issued
11,125,000 shares of new SGI common stock to certain SGI creditors
in satisfaction of claims and upon exercise of stock purchase
rights and overallotment options.  SGI's prior common stock has
been canceled as of today's effective date with no distribution
made to holders of such stock.

SGI has applied for listing of its new common stock on NASDAQ
under the symbol SGIC.

                      SGI Financial Results

On Oct. 16, 2006, SGI filed, with the SEC, its Report on Form 10-Q
for the quarter ended March 31, 2006, and its Annual Report on
Form 10-K for the year ended June 30, 2006.  The Company expects
to announce results for the quarter ended Sept. 29, 2006,
including the effects of its fresh-start accounting, in November.

                     About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance
computing.  SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data.  The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).  Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts.  Judge Lifland confirms the Debtors' Plan
of Reorganization on Sept. 19, 2006.  When the Debtors filed for
protection from their creditors, they listed total assets of
$369,416,815 and total debts of $664,268,602.


SIRVA WORLDWIDE: Moody's Cuts Corp. Family & Default Ratings to B3
------------------------------------------------------------------
Moody's Investors Service lowered the Corporate Family and
Probability of Default ratings of SIRVA Worldwide Inc. to B3 from
B2.  Moody's affirmed the B2 senior secured and LGD-3 ratings, and
reduced the Expected Loss Given Default Rate to 38% from 46%.
Moody's will withdraw all SWI ratings due to Moody's belief that
it lacks adequate financial information to maintain the ratings.

Downgrades:

   * Corporate Family , to B3 from B2
   * Probability of Default, to B3 from B2

Upgrades:

   * Loss Given Default Rate, Senior Secured Bank Credit
     Facility, to 38 - LGD 3 from 46 - LGD 3

Ratings to be withdrawn:

   * Corporate Family, of B3
   * Probability of Default, of B3
   * Senior Secured, of B2
   * Loss Given Default Rate, Senior Secured Bank Credit
     Facility, of 38 - LGD 3

SIRVA, Inc., SWI's holding company parent, has yet to file Form
10-K for its fiscal year ended Dec. 31, 2005 nor Forms 10-Q for
any quarter beginning after Dec. 31, 2004.  In addition, on August
11, 2006, the company reiterated that it had concluded that its
annual financial statements filed for the years ended Dec. 31,
2002 through 2004 and for all quarterly periods beginning after
Dec. 31, 2001 should not be relied upon because of accounting
errors in these financial statements.

SWI's bank credit agreement requires SWI to provide to lenders the
audited annual and unaudited quarterly financial statements for
each of SIRVA, Inc. and of SWI.  The Credit Agreement has been
amended to extend the filing requirement for the audited annual
financial statements for 2005 to Jan. 31, 2007.

The downgrades reflect Moody's belief that operating margins will
be pressured over the intermediate term due to lower demand for
SWI's moving services from a softening U.S. housing market,
pricing pressure because of SWI's and its competitor's focus on
maintaining respective market share, and pressure from corporate
customers focused on cost reductions.  Moody's notes that SIRVA,
Inc. has filed a Form 8-K dated Aug. 15, 2006, with preliminary,
unaudited financial statements for 2005 for both of SWI and SIRVA,
Inc.

The SWI financials reflect weak credit metrics, including EBIT
margin of 0.4%, EBIT/Interest of 0.3x and Debt/EBITDA of 8.4x, and
meaningfully negative free cash flow.  Moody's anticipates some
improvement in EBITDA for 2006 due mainly to the ongoing
rationalization of SWI's global cost structure and lower non-
recurring expenses; however, Moody's believes the resultant
metrics will remain relatively weak.

Financial flexibility is also limited in Moody's view. Negative
free cash flow is expected although breakeven free cash flow is
possible over the intermediate term if demand supports modest
growth in both net revenue and relocation initiations consistent
with the levels that SIRVA, Inc. discussed in its conference call
of Aug. 16, 2006.  In addition to the weak cash flow, SWI required
an eighth amendment to the Credit Agreement, to allow it more time
to comply with the requirements to provide quarterly and audited
annual financial statements.

Moody's believes the possibility exists that SWI will not meet all
of the filing due dates required by the Eighth Amendment, and
SIRVA may need additional time to provide the required delinquent
financial statements as well as to return to timely reporting for
current and future periods.  Recently, SIRVA, Inc. did raise
$75 million of junior capital and used the proceeds to reduce the
term loan and some of the outstanding revolver balance.  However,
the commitment level of the revolver was not reduced and remains
at $175 million with over half of the commitment used.

The lowered corporate family rating reflects both a higher overall
probability of default and the expected degree of loss
if a default were to occur.  The notching up of the instrument
rating and the lower LGD Rate on the secured credit facility
reflect the benefit of the new $75 million of convertible
subordinated notes.  This junior capital increases the amount
of the first-loss absorbing junior position in the family debt
structure.

SIRVA Worldwide, Inc., headquartered in Westmont, Illinois, and a
wholly owned operating subsidiary of SIRVA, Inc., provides
relocation solutions and moving services to a diverse global
customer base.


TEC FOODS: Files Amended Plan Resolving Outstanding Allowed Claims
------------------------------------------------------------------
TEC Foods, Inc. delivered to the U.S. Bankruptcy Court for the
Eastern District of Michigan, Southern Division, an amended
combined plan of reorganization and disclosure statement
reflecting resolution of outstanding allowed claims.

The Debtor's original combined reorganization plan and disclosure
statement, as published in the Troubled Company Reporter on
Oct. 9, 2006, was denied Court-approval because of some terms
requiring the Debtor's correction or clarification.

Specifically, the Court noted, among others, that the Plan must:

   1. state what the projected monthly payments will be to claims
      under Classes 1, 2, and 5 over the life of the Plan; and

   2. describe any potential claims, including Chapter 5 causes of
      action, and their estimated value, and include those in the
      litigation analysis.

          Amended Combined Plan and Disclosure Statement

Under the Amended Plan, the $5,092,784 secured claim of Wells
Fargo Bank, N.A., as indenture trustee, will be paid in full
pursuant to the existing contractual and secured note terms
through fiscal year 2007.

Through sale-leaseback transactions for seven of the Debtor's
stores, the Debtor will pay Wells Fargo $3,749,299 in fiscal year
2007.  The balance owed to Wells Fargo after the payment will be
approximately $745,075.  The secured note obligation will be re-
amortized over 13 years from the effective date of the Plan at
10.09% and paid in cash.

Specifically, the Plan proposes to pay Wells Fargo $8,592 per
month.  The note obligations owed by the Debtor to Wells Fargo
will continue to be secured by liens in all of the Debtor's
assets.

The secured claims of General Motors Acceptance Corporation and
General Electric Capital Corporation for equipment and vehicle
leases will be paid in full in cash.

Holders of allowed unsecured claims will also be paid in full,
with a 5.12% interest rate accrued from the Debtor's bankruptcy
filing.

FL Receivables Trust 2002-A is entitled to full payment of its
allowed unsecured claim based upon a 13-year amortization
schedule, at the applicable statutory judgment interest rate of
5.12% accrued from Nov. 3, 2005, with a balloon payment of
approximately $2 million at the end of the eighth fiscal year
after confirmation of the Plan.

Merchants Capital Partners L.P.'s allowed unsecured claim, which
totals $2,263,110, will be paid in full in cash.

Equity interests in the Debtor will remain the same.

A full-text copy of the Debtor's Amended Combined Plan of
Reorganization and Disclosure Statement is available for a fee at:

  http://www.researcharchives.com/bin/download?id=061017055021

A full-text copy of the Debtor's Original Combined Plan of
Reorganization and Disclosure Statement is available for a fee at:

  http://www.researcharchives.com/bin/download?id=061006054838

Headquartered in Pontiac, Michigan, TEC Foods, Inc., is a Taco
Bell franchisee.  The company filed for chapter 11 protection on
Nov. 3, 2005 (Bankr. E.D. Mich. Case No. 05-89154).  Paula A.
Hall, Esq., at Butzel Long, P.C., represents the Debtor in its
restructuring efforts.  No Official Committee of Unsecured
Creditors has been appointed in this case.  When the Debtor filed
for protection form its creditors, it estimated assets and debts
between $10 million and $50 million.


TEC FOODS: Court Denies Request to Recover Retainer from Auspex
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan,
Southern Division, denied TEC Foods Inc.'s request compelling
Auspex Capital LLC to turnover the $12,000 retainer the Debtor
paid to the firm.

The Court ruled that the order is without prejudice to the
Debtor's right to file an adversary proceeding seeking the return
of funds paid to Auspex Capital.

On Jan. 6, 2006, the Debtor filed an application to employ Auspex
Capital as its financial and restructuring advisor.  In connection
with the proposed retention, the Debtor paid Auspex a $12,000
retainer.

Due to irresolvable conflicts between Auspex and a creditor of the
estate, FL Receivables Trust 2002-A, the Debtor withdrew its
application to employ Auspex on March 14, 2006.

The Debtor has repeatedly requested that Auspex return the $12,000
Retainer.  Auspex refused to return the Retainer.

The Debtor asserts that the retainer is property of the estate.

The Debtor argues that because it withdrew its application to
employ Auspex, and Auspex's employment was never approved by the
Court, Auspex is not entitled to keep any portion of the retainer.

Headquartered in Pontiac, Michigan, TEC Foods, Inc., is a Taco
Bell franchisee.  The company filed for chapter 11 protection on
Nov. 3, 2005 (Bankr. E.D. Mich. Case No. 05-89154).  Paula A.
Hall, Esq., at Butzel Long, P.C., represents the Debtor in its
restructuring efforts.  No Official Committee of Unsecured
Creditors has been appointed in this case.  When the Debtor filed
for protection form its creditors, it estimated assets and debts
between $10 million and $50 million.


TERAX ENERGY: Malone & Bailey Raises Going Concern Doubt
--------------------------------------------------------
Malone & Bailey, PC, in Houston, Tex., raised substantial doubt
about Terax Energy, Inc.'s ability to continue as a going concern
after auditing the Company's consolidated financial statements for
the year ended June 30, 2006.  The auditor pointed to the
Company's recurring operating losses and working capital
deficiency.

For the year ended June 30, 2006, Terax Energy, Inc., reported a
$23,018,597 net loss available to common shareholders on $148,636
of revenues compared with a $59,360 net loss on $0 revenue for the
same period in 2005.

At June 30, 2006, the Company's balance sheet showed $17,557,787
in total assets and $24,564,362 in total liabilities, resulting in
a $7,006,575 stockholders' deficit.

The Company's current balance sheet also showed strained liquidity
with $1,339,541 in total current assets available to pay
$24,539,963 in total current liabilities coming due within the
next 12 months.

A full-text copy of the Company's annual report is available for
free at http://ResearchArchives.com/t/s?1381

Dallas, Tex.-based Terax Energy, Inc., is an independent oil and
gas exploration and development company.  The Company's principal
properties consist of two large blocks of oil and gas leases.  One
lease covers approximately 11,300 gross acres in Erath County,
Texas.  Another lease covers a block of approximately 16,200 gross
acres located in Comanche County, Texas. Both leases permit the
Company to drill and develop the Barnett Shale formation
underlying the lease acreage.


THERMOVIEW INDUSTRIES: Court Converts Case to Chapter 7 Proceeding
------------------------------------------------------------------
At the request of the Official Committee of Unsecured Creditors
appointed in the ThermoView Industries Inc. and its debtor-
affiliates' chapter 11 cases, the Honorable Joan L. Cooper of the
U.S. Bankruptcy Court for the Western District of Kentucky in
Louisville converted the Debtors' cases into chapter 7 liquidation
proceeding.

As reported on the Troubled Company Reporter on Aug. 29, 2006, the
Committee told the Court that the Debtors filed for bankruptcy on
Sept. 26, 2005, and have completed the sale of substantially all
of their assets two months later on Nov. 25, 2005.  Since that
time, the Debtors' principals have resigned, and the Debtors'
businesses are no longer operating.

The Committee also told the Court that the Debtors have filed
four motions to extend their exclusive periods, indicating that
they are working on a plan and disclosure statement, which will be
filed shortly.

The Committee believed that cause exists for conversion of the
Debtors' case into chapter 7 proceedings, because of:

   (a) continuing loss to or diminution of the estate and absence
       of a reasonable likelihood of rehabilitation;

   (b) inability to effectuate a plan; and

   (c) the Debtors' unreasonable delay that is prejudicial to
       creditors.

Headquartered in Louisville, Kentucky, ThermoView Industries, Inc.
-- http://www.thv.com/-- designs, manufactures, markets and
installs replacement windows and doors for residential homeowners.
The Company and its subsidiaries filed for chapter 11 protection
on Sept. 26, 2005 (Bankr. W.D. Ky. Case Nos. 05-37123 through 05-
37132).  David M. Cantor, Esq., at Seiller Waterman LLC represents
the Debtors.  Cathy S. Pike, Esq., represents the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they listed $3,043,764 in total
assets and $34,104,713 in total debts.


THOMAS EQUIPMENT: Considering Sale of All Assets
------------------------------------------------
Thomas Equipment, Inc. has expanded its view of possible
restructuring alternatives for the Company's businesses and
assets.

In addition to the Company's consideration of a sale of the Thomas
2004 assets, the Board is also considering the sale of all assets
of the Company in a single transaction.

The Company and its representatives are in discussions with
various parties concerning a number of alternative transaction
structures.

                     About Thomas Equipment

Headquartered in Milwaukee, Wisconsin, Thomas Equipment, Inc.
(AMEX: THM) -- http://www.thomas-equipment.com/-- manufactures
skid steer and mini skid steer loaders as well as attachments,
mobile screening plants and six models of mini excavators.  The
Company distributes its products through a worldwide network of
distributors and wholesalers.  In addition, the Company's wholly
owned subsidiaries manufacture specialty industrial and
construction products, a complete line of potato harvesting and
handling equipment, fluid power components, pneumatic and
hydraulic systems, spiral wound metal gaskets, and packing
material.

At March 31, 2006, Thomas Equipment Inc.'s balance sheet showed a
stockholders' deficit of $31,289,000, compared to a $67,129,000
deficit at June 30, 2005.


TOWER RECORDS: Court OKs McGuirewoods LLP as Panel's Lead Counsel
-----------------------------------------------------------------
The Honorable Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware authorized the Official Committee of
Unsecured Creditors of MTS Incorporated, dba Tower Records, and
its debtor-affiliates to retain McGuirewoods LLP as its lead
bankruptcy counsel.

As reported in the Troubled Company Reporter on Sept. 22, 2006,
McGuirewoods will:

    a. advise the Committee with respect to its powers and duties
       under Section 1103 of the Bankruptcy Code;

    b. advise the Committee with respect to its efforts to
       interview, select, and retain a financial advisor to
       provide the Committee with financial advisory, forensic
       accounting, investment banking, and other related services
       in connection with the Debtors' bankruptcy cases, in
       general, and the Debtors' proposed sale of their
       businesses;

    c. advise and represent the Committee with respect to the
       Debtors' efforts to obtain postpetition secured financing;

    d. advise and represent the Committee with respect to its
       review and analysis of the relief requested in the Debtors'
       various bankruptcy pleading and its negotiation of, or
       formal objection tom requested relief as when necessary to
       preserve the rights of the Debtors' unsecured creditors and
       to maintain the value of the Debtors' assets;

    e. advise and represent the Committee in connection with its
       performance of the necessary due diligence and analysis to
       ensure that the Debtors conduct a fully vetted and
       meaningful investment banking and sale process in the
       Debtors' bankruptcy cases in order to maximize the value of
       the sale proceeds;

    f. advise and represent the Committee in its role to evaluate
       and negotiate the terms and conditions of any offer to
       purchase the Debtors' businesses or assets so as to
       maximize the sale proceeds that will be allocated and
       preserved for subsequent distribution to the Debtors'
       unsecured creditors;

    g. advise and represent the Committee with respect to its
       investigation into the Debtors' businesses and prior
       transactions in order to determine the viability of any
       theories of recovery against any parties;

    h. take all necessary action to preserve, protect, and
       maximize the value of the Debtors' estates for the benefit
       of the Debtors' unsecured creditors, including but not
       limited to, investigating the acts, conduct, assets,
       liabilities, and financial condition of the Debtors, the
       operation of the Debtors' businesses and the desirability
       of the continuance of such businesses, and any other
       matters relevant to these chapter 11 cases or to the
       formulation of a plan;

    i. advise and represent the Committee in connection with the
       formulation of a plan that is in the best interests of the
       Committee and the unsecured creditors of the Debtors'
       estates;

    j. appear before the Court, any appellate courts, and the U.S.
       Trustee to protect the interests of the Committee and the
       value of the Debtors' estates before the courts and the
       U.S. Trustee;

    k. consult with the Debtors' professional on behalf of the
       Committee regarding various tax, intellectual property,
       labor and employment, real estate, corporate, and
       litigation matters involving the Debtors or their estates,
       as well as the Debtors' general business or operational
       issues;

    l. prepare and prosecute any and all motions, applications,
       objections, replies, orders, complaints, answers, reports,
       and other papers on behalf of the Committee that may be
       necessary to assert or preserve the Committee's interest in
       the Debtors; chapter 11 cases; and

    m. perform all other necessary legal services and provide all
       other necessary legal advice to the Committee in connection
       with the Debtors' chapter 11 cases.

Lawrence E. Rifken, Esq., a partner at McGuireWoods, told the
Court that the firm's professionals bill:

         Professional                  Hourly Rate
         ------------                  -----------
         Partners                      $275 - $700
         Associates                    $200 - $405
         Paralegals                     $80 - $235

Mr. Rifken assured the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                       About Tower Records

Headquartered in West Sacramento, California, MTS, Inc., dba Tower
Records -- http://www.towerrecords.com/-- is a retailer of music
in the U.S., with nearly 100 company-owned music, book, and video
stores.  The Company and its affiliates previously filed for
chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case
No. 04-10394).  The Court confirmed the Debtors' plan on March 15,
2004.

The Company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton & Finger,
P.A. and O'Melveny & Myers LLP represent the Debtors.  The
Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than $100 million.  The Debtors' exclusive period to file
a chapter 11 plan expires on Dec. 18, 2006.


TOWER RECORDS: Panel Wants Cozen O'Connor as Local Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors in Tower Records
Inc. and its debtor-affiliates' bankruptcy cases, asks the U.S.
Bankruptcy Court for the District of Delaware for permission to
employ Cozen O'Connor, as its local counsel, nunc pro tunc to
Aug. 29, 2006.

The firm will coordinate its actions with McGuire Woods, the
proposed primary counsel, and other professionals that may be
retained by the Committee.

The firm's professionals billing rates:

     Professional              Designation       Hourly Rate
     ------------              -----------       -----------
     Mark E. Felger, Esq.      Shareholder           $425
     Jeffrey R. Waxman, Esq.      Member             $290
     Maryann Millis             Paralegal            $150

In addition, other attorneys at the firm who may work on these
case bill between $225-$550 per hour.

Mr. Felger assures the Court that his firm does not hold any
interest adverse to the Debtors, its estate and creditors.

Mr. Felger can be reached at:

     Mark E. Felger, Esq.
     Cozen O'Connor
     Suite 1400, Chase Manhattan Centre
     1201 North Market Street
     Wilmington, Delaware 19801
     Tel: (302) 295-2000
          (888) 207-2440
     Fax: (302) 295-2013
     http://www.cozen.com/

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- designs and produces vehicle
structural components and assemblies used by every major
automotive original equipment manufacturer, including BMW,
DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo.  Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components.  The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601).  James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts.  Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts.


TRIGEM COMPUTER: South Korean Court Halts Sale of Assets
--------------------------------------------------------
The Suwon District Court, Bankruptcy Division, in South Korea,
canceled the whole bidding process for TriGem Computer, Inc.'s
assets as the offer submitted by the sole bidder, Human &
Technology Co., fell below market price, according to Asia Pulse
Businesswire.

TriGem and Human & Technology initially agreed to a
KRW170,000,000,000 price -- $177,000,000 -- Bloomberg News
reports, citing the Seoul-based online newspaper MoneyToday.
However, Human & Technology noted that it would bring the price
down should it find after due diligence that KRW30,000,000,000 of
receivables from TriGem's subsidiaries would be difficult to
collect.  It has also rejected demands to guarantee employment.

The Korean Court previously estimated TriGem's value at
KRW200,000,000,000 to KRW250,000,000,000 -- $209,000,000 to
$261,000,000.  Human & Technology's reduced final offer for
TriGem's assets was not disclosed for confidentiality reasons,
Asia Pulse reports.

TriGem's spokesman said creditors will hold open the possibility
of selling their controlling stake if a company with a proper
takeover price comes forward, Asia Pulse says.

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year to
clients all over the world.  Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052).  Charles D. Axelrod, Esq.,
at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.  TriGem America Corporation,
an affiliate of the Debtor, filed for chapter 11 protection on
June 3, 2005 (Bankr. C.D. Calif. Case No. 05-13972).  TriGem
Texas, Inc., another affiliate of the Debtor, also filed for
chapter 11 protection on June 8, 2005 (Bankr. C.D. Calif. Case No.
05-14047). (TriGem Bankruptcy News, Issue No. 8 Bankruptcy
Creditors' Service, Inc. http://bankrupt.com/newsstand/or
215/945-7000)


TRUMP ENTERTAINMENT: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency confirmed its B3 Corporate Family Rating for Trump
Entertainment Resorts Holdings, L.P.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolver               B2       Ba3     LGD1         9%

   Senior Secured
   Term Loan              B2       Ba3     LGD1         9%

   Senior Secured
   Delayed Draw
   Term Loan              B2       Ba3     LGD1         9%

   8.5% Senior Secured
   Notes Due 2015        Caa1     Caa1     LGD4        65%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Atlantic, New Jersey, Trump Entertainment Resorts
Holdings, Inc. -- http://www.trump.com/-- the holding company of
Trump Entertainment Resorts, Inc., owns and operates casino hotel
properties in the U.S.  It offers gaming activities, casino, and
entertainment services.  As of March 31, 2006, the company
operated Trump Taj Mahal Casino Resort, Trump Plaza Hotel and
Casino, and Trump Marina Hotel Casino in New Jersey.


UNIVERSAL CITY: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency held its B1 Corporate Family Rating for Universal City
Florida Holding Co. I & II and its subsidiary, Universal City
Development Partners, Ltd.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

  Issuer: Universal City Florida Holding Co. I & II

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   FRNs Due May 1, 2010   B3       B3      LGD5       87%

   8.375% Senior Notes
   Due May 1, 2010        B3       B3      LGD5       87%

  Issuer: Universal City Development Partners, Ltd.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Gtd. Sr. Sec.
   Revolver
   Due Nov. 22, 2010      Ba3      Ba1     LGD2       15%

   Gtd. Sr. Sec. Term
   Loan B Due
   Nov. 22, 2011          Ba3      Ba1     LGD2       15%

   11.75% Notes Due
   April 1, 2010          B2       B2      LGD4       57%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Universal City Florida Holding Co. I and Universal City Florida
Holding Co. II were formed for the sole purpose of acting as a co-
issuer of the Registrants' floating rate and senior notes due
2010.

Universal City Development Partners, Ltd. owns, develops and
operates Florida theme parks, Universal Studios Florida and
Universal's Islands of Adventure, and a dining, retail and
entertainment complex, known as CityWalk.

Universal City Florida Holding Co. I is a limited partner of
Holding I has a 23.22% limited partnership interest in UCDP.
Universal City Florida Holding Co. II is UCDP's sole general
partner.  Holding II has a 76.78% general partnership interest in
UCDP.


USA COMMERCIAL: Response Deadline for SPD Suit Moved to Oct. 31
---------------------------------------------------------------
USA Commercial Mortgage Company disclosed that the date for filing
answers to the complaint filed by Standard Property Development,
LLC, has been extended to Oct. 31, 2006, and the hearing on the
preliminary injunction has been continued to Oct. 19, 2006,
because of ongoing settlement discussions.

Standard Property, recently commenced a lawsuit in Florida state
court (Case No. 2006-CA-5756, Circuit Court of the 9th Judicial
District in and for Orange County, Florida) against direct lenders
on the Standard Property loan.  Standard Property has also filed a
Motion for Relief from Stay in USA Commercial and its debtor-
affiliates' bankruptcy case seeking permission from the U.S.
Bankruptcy Court for the District of Nevada to include the Debtors
as defendants in the Florida lawsuit.

The Debtors argue that the Florida lawsuit has no merit, and filed
on Aug. 4, 2006, an opposition to the Motion.  A copy of the
motion is available for free at:

           http://researcharchives.com/t/s?1384

USA Commercial is also exploring possible remedies it may seek
from the Bankruptcy Court that might result in a stay prohibiting
Standard Property from proceeding with the lawsuit in Florida
against the direct lenders.

Prior to its bankruptcy filing, USA Commercial was in the business
of underwriting, originating, brokering, funding and servicing
commercial loans primarily secured by undeveloped land and
residential and commercial developments, both on behalf of
investors, known as direct lenders, and for its own account.

                     About USA Commercial

Based in Las Vegas, Nevada, USA Commercial Mortgage Company, dba
USA Capital -- http://www.usacapitalcorp.com/-- provides more
than $1 billion in short-term and permanent financing to
homebuilders, commercial developers, apartment owners and
institutions nationwide.  The Company and its debtor-affiliates
filed for chapter 11 protection on April 13, 2006 (Bankr. D. Nev.
Case Nos. 06-10725 to 06-10729).

Lenard E. Schwartzer, Esq., at Schwartzer & Mcpherson Law Firm,
and Annette W. Jarvis, Esq., at Ray Quinney & Nebeker, P.C.,
represent the Debtors in their restructuring efforts.  Thomas J.
Allison, a senior managing director at Mesirow Financial Interim
Management LLC, has been employed as Chief Restructuring Officer
for the Debtors.

Susan M. Freeman, Esq., and Rob Charles, Esq., at Lewis and Roca
LLP represent the Official Committee of Unsecured Creditors of USA
Commercial Mortgage Company.  Edward M. Burr at Sierra Consulting
Group, LLC, gives financial advice to the Creditors Committee of
USA Mortgage.

Marc A. Levinson, Esq., and Jeffery D. Hermann, Esq., at Orrick,
Herrington & Sutcliffe LLP, and Bob L. Olson, Esq., and Anne M.
Loraditch, Esq., at Beckley Singleton, Chartered, represent the
Official Committee of Equity Security Holders of USA Capital
Diversified Trust Deed Fund, LLC.  FTI Consulting, Inc., gives
financial advice to the Equity Committee of USA Diversified.

Candace C. Carlyon, Esq., and Shawn w. Miller, Esq., at Shea &
Carlyon, Ltd., and Jeffrey H. Davidson, Esq., Frank A. Merola,
Esq., and Eve H. Karasik, Esq., at Stutman, Treister & Glatt, PC,
represent the Official Committee of Equity Security Holders of USA
Capital First Trust Deed Fund, LLC.  Matthew A. Kvarda, at Alvarez
& Marsal, LLC, gives financial advise to the Equity Committee of
USA First.

When the Debtors filed for protection from their creditors, they
estimated assets of more than $100 million and debts between
$10 million and $50 million.


USA COMMERCIAL: Says Checks Could be Issued Earlier Than Oct. 23
----------------------------------------------------------------
USA Commercial Mortgage Company, dba USA Capital, and its debtor-
affiliates delivered to the various committees appointed in their
chapter 11 cases on Oct. 11, 2006, payment information for the
next round of checks and statements.

Assuming the committees use the entire 10-day comment period, and
there are no material changes that need to be addressed, checks as
well as new and expanded statements should be in the mail between
Oct. 23 and Oct. 31.  That "window" of time is required to
accommodate the fact that checks and statements are printed,
folded, stuffed and posted in-house, and we are limited by the
equipment and staff available.  If the committees finish their
comments in less than 10 days, the Debtors say it may be possible
to issues checks earlier than Oct. 23.

Distributions to Direct Lenders will include interest and
principal payments received into USACM in July and August.  Loans
that paid off in July and August are:

     Midvale Marketplace, LLC
     Fiesta/Beaumont $2.4M
     Roam Development Group, LP
     Glendale Tower Partners, LP
     Urban Housing Alliance - 435 Lofts
     Boise/Gowen 93, LLC
     J. Jireh's Corporation

"The entire USACM/Mesirow team want all of our investors to know
that we appreciate and listen to their feedback about the
documentation we send them and are working hard to improve it to
make it more easily understandable," said Mark L. Olson, chief
operating officer for USACM.  "We have met and spoken with
hundreds of investors and tried to offer on the website an interim
explanation of the statements they have received so far.  We ask
that investors who have not yet had their questions answered
please wait until the new statements are published in October
before making further inquiries of the Company."

                      About USA Commercial

Based in Las Vegas, Nevada, USA Commercial Mortgage Company, dba
USA Capital -- http://www.usacapitalcorp.com/-- provides more
than $1 billion in short-term and permanent financing to
homebuilders, commercial developers, apartment owners and
institutions nationwide.  The Company and its debtor-affiliates
filed for chapter 11 protection on April 13, 2006 (Bankr. D. Nev.
Case Nos. 06-10725 to 06-10729).

Lenard E. Schwartzer, Esq., at Schwartzer & Mcpherson Law Firm,
and Annette W. Jarvis, Esq., at Ray Quinney & Nebeker, P.C.,
represent the Debtors in their restructuring efforts.  Thomas J.
Allison, a senior managing director at Mesirow Financial Interim
Management LLC, has been employed as Chief Restructuring Officer
for the Debtors.

Susan M. Freeman, Esq., and Rob Charles, Esq., at Lewis and Roca
LLP represent the Official Committee of Unsecured Creditors of USA
Commercial Mortgage Company.  Edward M. Burr at Sierra Consulting
Group, LLC, gives financial advice to the Creditors Committee of
USA Mortgage.

Marc A. Levinson, Esq., and Jeffery D. Hermann, Esq., at Orrick,
Herrington & Sutcliffe LLP, and Bob L. Olson, Esq., and Anne M.
Loraditch, Esq., at Beckley Singleton, Chartered, represent the
Official Committee of Equity Security Holders of USA Capital
Diversified Trust Deed Fund, LLC.  FTI Consulting, Inc., gives
financial advice to the Equity Committee of USA Diversified.

Candace C. Carlyon, Esq., and Shawn w. Miller, Esq., at Shea &
Carlyon, Ltd., and Jeffrey H. Davidson, Esq., Frank A. Merola,
Esq., and Eve H. Karasik, Esq., at Stutman, Treister & Glatt, PC,
represent the Official Committee of Equity Security Holders of USA
Capital First Trust Deed Fund, LLC.  Matthew A. Kvarda, at Alvarez
& Marsal, LLC, gives financial advise to the Equity Committee of
USA First.

When the Debtors filed for protection from their creditors, they
estimated assets of more than $100 million and debts between
$10 million and $50 million.


VALCOM INC: Restates 2006 Third Quarter Financial Statements
------------------------------------------------------------
ValCom Inc. filed an amended for the three months ended June 30,
2006, with the Securities and Exchange Commission.

The amended quarterly report restates the Company's financial
statements to reduce its current liabilities by $947,541, as
follows:

   -- The Company had $162,764 in accounts payable, which it
      reclassified into other income due to as the payables are
      being disputed or have been settled by an officer who
      subsequently forgave the debt.

   -- The Company had $39,467 which have been paid by a subsidiary
      and erroneously double recorded as additional expenses.

   -- In related party debt, the Company failed to revise a
      contract payable in the amount of $100,150 which the company
      prior to the quarter end has rescinded.

   -- In Notes payable, the Company had:

        (i) had several deposits in the amount of $243,500 which
            should have been recorded as share issuances;

       (ii) a note in the amount of $394,000 which have been
            settled and forgiven by an officer of the Company; and

      (iii) several notes in the amount of $7,960 which have been
            settled and erroneously duplicated.

                        Restated Financials

The Company reported a restated net loss of $619,011 on $631,999
of net sales for the three months ended June 30, 2006, compared to
a $180,322 net loss on $276,705 of net sales for the same period
in 2005.

At June 30, 2006, the Company's balance sheet showed $2,139,073 in
total assets, $2,252,768 in total liabilities, resulting in a
$113,695 stockholders' deficit.

Full-text copy of the Company's restated third quarter financials
are available for free at http://researcharchives.com/t/s?138c

                        Going Concern Doubt

As reported in the Troubled Company Reporter on Jan. 25, 2006,
Armando C. Ibarra, CPAs, expressed substantial doubt about ValCom,
Inc.'s ability to continue as a going concern after it audited the
Company's financial statements for the fiscal years ended
Sept. 30, 2005, and 2004.  The auditing firm pointed to the
Company's recurring losses from operations

                           About ValCom

Based in Las Vegas, Nevada, ValCom Inc. -- http://www.valcom.tv/
-- through its operating divisions and subsidiaries creates and
operates full service facilities that accommodate film,
television, and commercial productions with its five divisions
that are comprised of studio, film, television, camera and
equipment rentals, and broadcast television.  As of Sept. 30,
2005, ValCom had four subsidiaries: Valencia Entertainment
International, LLC; Half Day Video, Inc.; ValCom Studios, Inc. and
ValCom Broadcasting, LLC.


VENETIAN MACAO: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency revised Venetian Macao Ltd.'s Corporate Family Rating from
B1 to B2.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans and
bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolver               B1       B1      LGD3       33%

   Senior Secured
   Term Loan              B1       B1      LGD3       33%

   Senior Secured
   Term Loan              B1       B1      LGD3       33%

   Senior Secured
   Delayed Draw
   Term Loan              B1       B1      LGD3       33%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Venetian Macao Ltd. -- http://www.venetianmacao.com/--operates
the Venetian Macao which will feature 3,000 luxurious suites, a
100,000 spare meter state-of-the art convention and exhibition
center, a 2,000 seat live entertainment theater, over 85,000
square meters of retail mall space and a 15,000 seat arena.


VERIZON DIRECTORIES: Moody's Rates $6.2 Billion Loans at Ba2
------------------------------------------------------------
Moody's Investors Service assigned first-time debt ratings to
Verizon Directories Disposition Corporation are:

   * $250 million revolving credit facility, due 2011 -- Ba2,
     LGD 3, 32%;

   * $1.5 billion term loan A, due 2013 -- Ba2, LGD 3, 32%;

   * $4.7 billion term loan B, due 2014 -- Ba2, LGD 3, 32%;

   * $2.8 billion senior unsecured notes, due 2016 -- B2,
     LGD 5, 86%;

   * Liquidity Rating -- SGL-1;

   * Corporate Family rating -- Ba3; and

   * PDR -- Ba3.

The rating outlook is stable.

The ratings reflect Verizon Directories' high debt burden at
closing, an expectation of relatively modest leverage reduction,
the increasing threat posed by competing directory publishers and
web-based directory service providers, the recent decline in the
company's print product sales, and uncertainty concerning its
ability to offset this decline through the restoration of its
sales force, growth of online advertising sales and further
expansion into non-incumbent markets.

The ratings are supported by Verizon Directories' scale and scope
as the second largest U.S. directory publisher, the strong market
position conferred by its exclusive 30-year publishing agreement
with Verizon Communications as the "official" yellow pages
directory within Verizon Communications' incumbent service areas,
its strong free cash flow generation, the predictability of its
top line, its highly diversified customer and market base, and the
continuity of existing senior management following the proposed
spin-off.  Ratings are further supported by the directory
publishing sector's significant barriers to entry.

In Aug. 2006, Verizon Communications, Inc. intended to spin off
its domestic print and Internet yellow pages business.  Verizon
Directories plans to issue the proposed debt in connection with
the spin-off.  Proceeds of the funded debt will be largely used to
effect cash and debt distributions totaling $9.115 billion to
Verizon Communications, Inc.

The Ba2 senior secured debt rating reflects an LGD 3 loss given
default assessment as senior secured debt is secured by a pledge
of substantially all of the company's assets and there is a
significant amount of junior debt.  The B2 rating of the senior
unsecured notes reflects an LGD 5 loss given default assessment
considering that the notes are effectively subordinated to the
secured credit facility.

Senior secured lenders will receive upstream guarantees from
all significant operating subsidiaries, supported by a pledge of
stock and a security interest in substantially all assets.  Senior
unsecured noteholders will receive unsecured subsidiary
guarantees.  Senior secured lenders will benefit from a total
leverage maintenance covenant of 7.25x total debt to EBITDA
throughout the term of the facilities.

Management expects that its reported leverage at closing of
approximately 5.6x total debt to EBITDA, will decrease moderately
over time.  The rating is based upon Moody's expectation that the
company will apply all its free cash flow to voluntarily prepay
its term loan A, so that cash accumulation does not significantly
exceed $100 million at any time.

Moody's considers that the maintenance of $100 million of cash and
full availability under its $250 million revolving credit facility
will provide Verizon Directories with a liquidity profile which
should be more than adequate to meet any unexpected cash needs
over the next year.  The company has a relatively modest level of
near-term debt amortization and capital spending requirements.
The SGL-1 rating underscores Moody's view that Verizon Directories
will enjoy very good liquidity over the next twelve-month period.

Headquartered in DFW Airport, Texas, Verizon Directories
Disposition Corp. is the second largest US yellow pages
directories publisher.  The company reported sales of
approximately $3.4 billion during 2005.


VESTA INSURANCE: Panel Objects Gaines Salary Obligations Funding
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Vesta Insurance
Group Inc.'s chapter 11 cases objects to Vesta's funding:

   -- any of Gaines' salary obligations to David Lacefield for
      October 2006, or anytime thereafter, and

   -- more than 50% of Gaines' salary obligations to Donald
      Thornton for October 2006, and any obligations thereafter.

According to Colin M. Bernardino, Esq., at Kilpatrick Stockton
LLP, in Atlanta, Georgia, the VIG Committee will agree to Vesta
funding 50% of Mr. Thornton's salary for the month of October
2006.

The VIG Committee asks the U.S. Bankruptcy Court for the Northern
District of Alabama to revisit at a later date the issue of
funding any of Mr. Thornton's salary after October 2006.

The Hon. Thomas Bennett authorizes Vesta to transfer funds to
Gaines for 100% of the payroll obligations relating to Mr.
Lacefield and an amount equal to 50% of the payroll obligations to
Mr. Thornton for the month of October.

The funding by VIG of the Executive Payroll after Oct. 31, 2006,
will be deferred for later consideration.

Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.

Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
Company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517).  Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors.  In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.

J. Gordon Gaines, Inc., is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers.  The Company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts.   In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.

On Aug. 1, 2006, the District Court of Travis County, Texas
entered the Order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc.  (Vesta
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


VESTA INSURANCE: Wants Court to Approve Disclosure Statement
------------------------------------------------------------
Vesta Insurance Group, Inc., asks the U.S. Bankruptcy Court for
the Northern District of Alabama to approve the Disclosure
Statement accompanying its Plan of Liquidation.

Vesta believes that the Disclosure Statement contains adequate
information to enable its creditors to make an informed decision
whether to accept or reject the Plan, including a discussion of:

   (i) the Plan,

  (ii) certain events preceding the filing of its Chapter 11
       case,

(iii) the operation of its business during the court of its
       Chapter 11 case,

  (iv) its assets and liabilities,

   (v) the claims against the Debtor,

  (vi) its relationships with its affiliates, and

(vii) the liquidation of its estate following confirmation of
       the Plan.

Rufus T. Dorsey, IV, Esq., at Parker, Hudson, Rainer & Dobbs,
LLP, in Atlanta, Georgia, asserts that Vesta's Disclosure
Statement satisfies Section 1125 of the Bankruptcy Code and Rule
3017 of the Federal Rules of Bankruptcy Procedure.

                   Disclosure Statement Hearing

The Court will convene a hearing on Nov. 9, 2006, at 10:00 a.m.
(Central Time), to consider approval of the Disclosure Statement
Accompanying Plan of Liquidation of Vesta Insurance Group, Inc.

Objections must be filed and served on or before 4:00 p.m. on
Nov. 6, 2006.

                         Voting Procedures

Vesta asks Judge Bennett to establish the date that the Court
signs the Disclosure Statement as the "Record Holder Date" for
the holders of claims and interests for voting purposes.

Vesta proposes that only these holders of claims and interests
will be entitled to vote:

   (a) holders who timely filed proofs of claim,

   (b) holders of scheduled claims not listed as contingent,
       unliquidated or disputed,

   (c) holders of claims identified on any list filed by the
       Debtor with the Court before the Confirmation Date.

Holders of claims in these Classes are impaired and are entitled
to vote:

   Class C -- Senior Debenture Claims
   Class D -- Junior Debenture Claims
   Class E -- General Unsecured Claims
   Class F -- Subordinated Claims
   Class G -- Shareholder Interests

Vesta asks the Court to direct brokers, dealers, commercial
banks, trust companies or other nominees -- on behalf of and for
the benefit of the beneficial owners who may hold shares of
common stock, promissory notes or other instruments evidencing a
present ownership interest in or an indebtedness of the Debtor --
to forward the Solicitation Package to the Beneficial Owners
immediately.

The Debtor proposes to mail to all known holders of claims and
interests in the Voting Classes "Solicitation Packages," which
will include:

   -- Confirmation Hearing Notice,
   -- a copy of the Court-approved Disclosure Statement, and
   -- a Ballot.

The Debtor asks the Court to establish a Voting Deadline by which
all ballots must be properly executed, completed and delivered to
the person and address specified in the Disclosure Statement
Order.

For purposes of voting, the amount of a claim used to tabulate
acceptance or rejection of the Plan will be the amount set forth
on the ballot for that particular creditor.  For purposes of
calculating the number of Allowed Claims, Vesta asks the Court
that all Allowed Claims held by one entity or any affiliate be
aggregated and treated as one Allowed Claim in that Class.

                      Confirmation Hearing

The Debtor asks the Court to schedule the Confirmation Hearing
for Dec. 14, 2006.

Confirmation objections must be filed and served no later than
Dec. 9, 2006.

Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.

Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
Company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517).  Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors.  In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.

J. Gordon Gaines, Inc., is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers.  The Company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts.   In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.

On Aug. 1, 2006, the District Court of Travis County, Texas
entered the Order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc.  (Vesta
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


VS HOLDING: Moody's Rates Proposed $135 Million Loans at B1
-----------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
$110 million senior secured term B loan facility and $25 million
senior secured revolving credit facility of VS Holding Co. and UI
Holding Co., co-borrowers.  The facilities will be guaranteed by
CBA Group LLC, the parent company, as well as all downstream
domestic subsidiaries.  A B2 corporate family rating has been
assigned to CBA.  The ratings assigned to the facilities reflect
both the overall probability of default of the company, to which
Moody's assigns a B2, and a loss given default of LGD 3 for the
facilities.  The rating outlook is stable.  These first-time
ratings are subject to final documentation.

Net proceeds from the term B loan, approximately $5 million of
borrowings under the revolver and a substantial million equity
contribution from the company's sponsor, Francisco Partners, are
expected to be used to acquire the company and pay related
transaction fees.

These ratings were assigned:

CBA Group LLC

   * Corporate family rating at B2 and Probability-of-default
     rating at B2;

VS Holding Co. and UI Holding Co.

   * The proposed five-year $25 million senior secured revolving
     credit facility at B1 (LGD 3, 41%); and

   * the proposed seven-year $110 million senior secured term B
     loan at B1 (LGD 3, 41%).

The initial credit ratings reflect CBA's relatively modest
leverage and strong credit metrics, however are tempered by the
volatile nature of its customers businesses and its initial
limited free cash flow generation.  The ratings benefit from CBA's
advanced product portfolio, leading market share, and diversified
customer base.  CBA's top ten customers represent slightly over
27% of revenue.

The company's rating also benefits from large recurring sales base
and annuity revenue streams, strong growth prospects in both
semiconductors and printed circuit board demand, which should
drive future organic revenue growth, and potential margin
expansion driven by the benefits of cost reduction actions
expected to be completed in 2007.  Through its 3 businesses,
the company provides capital equipment to OEM and outsourced
manufacturers of printed circuit boards used in a variety of
electronic applications.

Using Moody's standard adjustments, December 2006 leverage,
is estimated to be approximately 4.6x and the rating agency
estimates that FCF/Debt could be between zero and 5% by the end of
2007.  CBA should provide interest coverage of 3x to 3.5x.

Financial covenants in the proposed loan agreements include a
maximum ratio of total debt-to-EBITDA and a minimum ratio of
EBITDA-to-interest expense.  The proposed facilities will be
secured by a first priority, perfected lien on substantially all
assets and capital stock of CBA and all of its subsidiaries.  The
proposed facilities will be unconditionally guaranteed by the
parent company and each of their material direct and indirect
wholly owned domestic subsidiaries and cross-guaranteed by the co-
borrowers on a senior secured basis.  The term B loan will
amortize in equal installments at an annual rate of 1% per year
with the balance due in year seven.  The revolving credit facility
matures in five years.

The B1 rating on CBA's senior secured revolving credit facility
and term B loan reflects an LGD 3 loss given default assessment
resulting from the benefits and limitations of the collateral.
Total pro-forma tangible and intangible assets of $203 million
will secure the facilities at June 30, 2006.  Moody's notes that
changes in documentation, structure, or operating performance from
what has been relied upon, may have yielded a different ratings
outcome.

The stable rating outlook reflects favorable market conditions
with positive near-term growth prospects and cost cutting
opportunities.  Moody's anticipates CBA's expected cash flow
generation will be sufficient to cover the term B loan
amortization and interest payments.

The ratings or outlook could be favorably impacted by a sustained
improvement in adjusted EBITDA margins that translate into
positive free cash flow generation at levels consistently in
excess 5% of outstanding debt or a reduction of CBA's financial
leverage to below 3x.  Conversely, the ratings or outlook could be
pressured by a deterioration in cash flows or a significant
acquisition or dividend that has a material impact on the
company's capital structure.

The CBA Group, LLC is a global leader in circuit board assembly
technologies, products and services.


WATERFORD GAMING: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency revised its Corporate Family Rating from B1 to Ba3 for
Waterford Gaming LLC, and confirmed its B1 rating on the company's
8.625% Senior Notes.  In addition, Moody's assigned an LGD4 rating
to those bonds, suggesting noteholders will experience a 65% loss
in the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Waterford Gaming, LLC, is a special purpose company formed solely
for the purpose of holding its 50% partnership interest, as a
general partner, in Trading Cove Associates, a Connecticut general
partnership and the manager and developer of the Mohegan Sun
casino located in Uncasville, Cincinnati.


WESTWAYS FUNDING: Fitch Holds BB Rating on $37.5 Mil. Income Notes
------------------------------------------------------------------
Fitch Ratings affirmed all classes of notes issued by Westways
Funding VI, Ltd.  These affirmations were the result of Fitch's
review process and are effective immediately:

   -- $130,000,000 class A-1A notes at 'AAA'
   -- $20,000,000 class A-1B notes at 'AAA'
   -- $67,500,000 class A-2 notes at 'AAA'
   -- $30,000,000 class P-1 notes at 'AAA'
   -- $15,000,000 class B notes at 'AA'
   -- $15,000,000 class C notes at 'A'
   -- $5,000,000 class D notes affirmed at 'BBB'
   -- $10,000,000 class L notes affirmed at 'BBB'
   -- $37,500,000 income notes affirmed at 'BB'

Westways VI is a mortgage market value collateralized debt
obligation that closed on Dec. 21, 2005.  The portfolio is managed
by TCW Asset Management Co.  Westways VI has issued $300 million
in privately placed floating-rate secured and income notes.

There are also class P-1 notes which consist of $9,900,000 of
income notes and a $30,000,000 (notional principal amount) Fannie
Mae STRIP.  The proceeds of the all classes of notes, except for
class P-1, are used to purchase a diversified portfolio of
primarily floating-rate agency and 'AAA' rated private-label
residential mortgage-backed securities, commercial mortgage-backed
securities, and asset-backed securities.

The effective duration, spread duration, and effective convexity
are all passing within the limits established for the portfolio.
Fitch affirmed all classes of notes as a result of the class A, B,
C, and D notes passing the overcollateralization limits.

The ratings of the classes A-1A, A-1B, A-2, B, C, and D notes and
class L loan interests reflect the likelihood that investors will
receive periodic interest payments through the redemption date as
well as their respective stated principal balances.  The ratings
of the income notes and class P-1 notes only reflect the
likelihood that investors will receive their stated principal
balances upon the legal final maturity date.


WINN-DIXIE: IRS Wants Confirmation of Joint Plan Denied
-------------------------------------------------------
The Internal Revenue Service, which holds a number of claims
against Winn-Dixie Stores, Inc., and its debtor-affiliates,
including secured, priority, and general unsecured claims, asks
the U.S. Bankruptcy Court for the Middle District of Florida to
deny confirmation of the Debtors' Joint Plan of Reorganization.

Marcio W. Valladares, Esq., Assistant U.S. Attorney, in
Jacksonville, Florida, asserts that the Plan:

   (1) is contrary to Section 1129(a)(1) of the Bankruptcy Code
       because it fails to preserve its rights to set-off as
       provided by Section 553;

   (2) fails to protect its recoupment rights;

   (3) does not meet the Section 1129(b)(2)(A) requirements to
       cramdown the secured tax claims;

   (4) does not properly provide for priority tax claims; and

   (5) does not adequately justify the differing treatment of
       general unsecured claims.

Mr. Valladares also notes that the Plan's provision providing for
payment professional fees without seeking Court approval is
contrary to the Bankruptcy Code.

The IRS maintains that the effective date set forth in the Plan
is not definite and should be amended before the Plan is
confirmed.

                         Debtors' Response

The Debtors, however, note that conditions to Effectiveness are
routine.

The Debtors also refute the IRS' claims that its set-off and
recoupment rights have been abrogated.  Nevertheless, the Debtors
have clarified the Plan's language that the Plan does not affect
the IRS' set-off and recoupment rights.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP, represent
the Debtors in their restructuring efforts.  Paul P. Huffard at
The Blackstone Group, LP, gives financial advisory services to the
Debtors.  Dennis F. Dunne, Esq., at Milbank, Tweed, Hadley &
McCloy, LLP, and John B. Macdonald, Esq., at Akerman Senterfitt
give legal advice to the Official Committee of Unsecured
Creditors.  Houlihan Lokey & Zukin Capital gives financial
advisory services to the Committee.  When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts.  (Winn-Dixie
Bankruptcy News, Issue No. 56; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


WINN-DIXIE: U.S. Trustee Objects to Four Sections of Joint Plan
---------------------------------------------------------------
Felicia S. Turner, the U.S. Trustee for Region 21, objects to
four sections of Winn-Dixie Stores, Inc., and its debtor-
affiliates' Joint Plan of Reorganization:

   (a) 12.3, which provides that members of the Debtors' official
       committees will not be required to file fee applications
       or comply with the guidelines and rules applicable to fee
       applications, and will not be subject to Sections 330 or
       503(b) of the Bankruptcy Code;

   (b) 12.4, which provides for payment of Indenture Trustee
       expenses without filing fee applications with the Court;

   (c) 12.12, concerning releases to be given by the Debtors to
       non-debtor entities; and

   (d) 12.15, which exonerates the professionals and major
       participants with regards to their conduct in the Debtors'
       Chapter 11 cases.

According to Elena L. Escamilla, Esq., in Orlando, Florida, the
U.S. Trustee objects to Sections 12.3 and 12.4 because they are
neither fair nor equitable as they circumvent the U.S. Bankruptcy
Court for the Southern District of New York's authority to review
fees.

Ms. Escamilla asserts that appropriate applications should be
filed to allow the Court to determine whether a substantial
contribution to the Debtors' Chapter 11 cases were made and to
determine whether the fees requested are reasonable.

The U.S. Trustee also objects to all of the release provisions in
the Plan on grounds that they are not fair and unnecessary to the
Debtors' reorganization.

Ms. Escamilla asserts that non-debtor entities should not obtain
the benefits of a release of liabilities through the bankruptcy
of a debtor.  She also says that releases contemplated in the
Debtors' plan place an improper injunction on claim holders to
pursue certain actions.

There is no controlling authority in the 11th Circuit regarding
the propriety of nondebtor releases in a plan of reorganization
and, in other circuits, there are divergent positions as to
whether the releases can be allowed, Ms. Escamilla notes.

While the 5th, 9th, and 10th Circuits have found that no
authority exists under Section 105 to allow non-debtor releases
due to the language in Section 524(e), other circuits have found
no conflict in allowing non-debtor releases under both sections,
Ms. Escamilla states.  However, she points out, most circuits
have determined that release of non-debtors is only appropriate
in rare, extraordinary or unusual circumstances.

Ms. Escamilla contends that no unusual circumstances exist in the
Debtors' Chapter 11 cases that warrant the releases.

Thus, the U.S. Trustee asks the U.S. Bankruptcy Court for the
Middle District of Florida to sustain her objection and deny
confirmation of the Plan or strike the provisions, which
are found to be in violation of the Bankruptcy Code.

                         Debtors' Response

Winn-Dixie Stores, Inc., and its debtor-affiliates and the
Official Committee of Unsecured Creditors maintain that the
payment of fees of professionals who helped forge the Substantive
Consolidation Compromise complies with Section 1129(a)(4) of the
Bankruptcy Code.

Cynthia C. Jackson, Esq., at Smith Hulsey & Busey, in
Jacksonville, Florida, assures the U.S. Trustee and other
objecting parties that the fees incurred by these professionals
are "reasonable" because they provided tremendous amount of work
that was beneficial to the Debtors' estates.

Ms. Jackson adds that the U.S. Trustee's objections to the Joint
Plan of Reorganization's release provisions are without merit.
She notes that no entity affected by the releases has objected to
the provisions, and the Plan has enjoyed a high degree of support
among creditors.

The Ad Hoc Trade Committee and Wilmington Trust Company also ask
the U.S. Bankruptcy Court for the Middle District of Florida to
overrule the U.S. Trustee's objections and to confirm the Plan.

Representing the Ad Hoc Trade Committee, Thomas R. Califano,
Esq., at DLA Piper US LLP, in New York, says that the U.S.
Trustee's objection to payment of the Trade Committee's
professional fees does not relate to the reasonableness of the
Substantive Consolidation Compromise as a whole.

The Substantive Consolidation Compromise settles the Trade
Committee's fee recovery in recognition of its substantial
contribution to the Debtors' Chapter 11 cases, Mr. Califano
notes.

The U.S. Trustee, according to Mr. Califano, fails to recognize
that the Trade Committee's fees are an integral element of the
Substantive Consolidation Compromise, and are not subject to
review under Sections 330 or 503 of the Bankruptcy Code.

The overall compromise is clearly in the best interests of the
Debtors' estates, Mr. Califano contends, so it is inappropriate
to consider any particular component in a vacuum.

Wilmington Trust, in its capacities as successor indenture
trustee under an Indenture dated December 26, 2000, pursuant to
which the Debtors issued $300,000,000 of 8-7/8% Senior Notes due
2008, and member of the Creditors Committee, has earned and will
earn fees for which it is entitled to be paid or reimbursed by
the Debtors.

Wilmington Trust refutes the U.S. Trustee's allegations that the
payment of its fees circumvents Section 503 of the Bankruptcy
Code.  Wilmington Trust says that its reimbursement rights can be
viewed as payment on its claim as Indenture Trustee, and as such,
must comply with Section 1129 and not with Section 503(b).

Similarly, Wilmington Trust states that its fee as a member of
the Creditors Committee should be viewed as part of the
Substantive Consolidation Compromise.  Wilmington Trust maintains
that compensating its efforts toward reaching the Compromise is
reasonable and proper.

Wilmington Trust notes that the Plan also contains provisions to
ensure that only reasonable expenses of professionals will be
compensated.  Sections 12.3 and 12.4 of the Plan require service
of documents that substantiate a committee's expenses.  In the
event of a dispute with respect to the compensation sought, the
Court remains the final arbiter of reasonableness.

The Trade Committee reserves all of its rights to apply to the
Court for an award of its fees and expenses as an administrative
expense claim should the Plan not be confirmed as it is currently
drafted.  Wilmington Trust also expressly reserves its right to
oppose a substantive consolidation of the Debtors' estates if the
Plan fails to be confirmed.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP, represent
the Debtors in their restructuring efforts.  Paul P. Huffard at
The Blackstone Group, LP, gives financial advisory services to the
Debtors.  Dennis F. Dunne, Esq., at Milbank, Tweed, Hadley &
McCloy, LLP, and John B. Macdonald, Esq., at Akerman Senterfitt
give legal advice to the Official Committee of Unsecured
Creditors.  Houlihan Lokey & Zukin Capital gives financial
advisory services to the Committee.  When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts.  (Winn-Dixie
Bankruptcy News, Issue No. 56; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


WYNN LAS VEGAS: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency confirmed its B1 Corporate Family Rating for Wynn Las
Vegas, LLC.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   6 5/8% First
   Mortgage Notes         B1       B1      LGD4       50%

   Second Mortgage
   Notes                  B2       B3      LGD6       96%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Wynn Las Vegas, LLC -- http://www.wynnlasvegas.com/-- owns and
operates the Wynn Las Vegas hotel and casino resort on the Las
Vegas Strip, which opened in April 2005.  The company is a wholly-
owned subsidiary of Wynn Resorts, Ltd. and finances itself on a
restricted group basis.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
October 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
      Best Practices in E-Discovery and Records
      Management for Bankruptcy Practitioners and Litigators
            Contact: http://www.beardaudioconferences.com
                     240-629-3300

October 25, 2006
   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy:
      Current Risks, Latest Decisions
      Review Risks, Examine Latest Decisions Affecting
      Directors, Advisors and Lenders of Troubled Companies
      Management for Bankruptcy Practitioners and Litigators
            Contact: http://www.beardaudioconferences.com
                     240-629-3300

October 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Presentation with
      guest speaker Jeff Carhart of Miller Thomson
         Petroleum Club, Edmonton, AB
            Contact: http://www.turnaround.org/

October 16, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      A Year After BAPCPA
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Updates on the New Bankruptcy Law
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

October 18-19, 2006
   EUROMONEY
      2nd Annual Latin America Syndicated Loans Conference
         JW Marriott Hotel, Miami, FL
            Contact: http://www.euromoneyplc.com/

October 18, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         Washington Athletic Club, Seattle, WA
            Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA of Nevada's 1st Breakfast Meeting
         The A,B,C's of Valuing and Selling a Business
            Palace Station, Las Vegas, NV
               Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Navigating the Potholes and Speed Bumps on Today's
      Economic Highway
         Waller Lansden Dortch & Davis
            Nashville, TN
               Contact: http://www.turnaround.org/

October 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
         Best Practices in e-Discovery and Records Management
         for Bankruptcy Practitioners and Litigators
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

October 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Applying Lean Methodology to Manage
      Operational Turnarounds
         Oxford Hotel, Denver, CO
            Contact: http://www.turnaround.org/

October 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Meeting and Networking Reception
      100th Bomb Group & Banquet Facility
         Cleveland, OH
            Contact: http://www.turnaround.org/

October 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      A View from the Bench: A Panel Discussion
      Recent Developments in Bankruptcy
         Sheraton at Four Seasons, Greensboro, NC
            Contact: http://www.turnaround.org/

October 25, 2006
   BEARD AUDIO CONFERECES
      Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions, Review Risks, Examine Latest Decisions
      Affecting Directors, Advisors and Lenders of Troubled
      Companies
            Contact: http://www.beardaudioconferences.com/
                     240-629-3300

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event "The Latest in Fraud Investigations"
      with guest speaker Chad Cretney of
      PricewaterhouseCoopers
      Ernst & Young Tower
         Calgary, AB
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

October 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

October 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

October 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

October 31 - November 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

November 1, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Dessert Reception
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

November 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

November 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA UK Annual Conference
         Millennium Gloucester Hotel, London, UK
            Contact: http://www.turnaround.org/

November 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 3, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Breakfast Program
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 7-8, 2006
   EUROMONEY
      5th Annual Distressed Debt Investment Symposium
         Hyatt Regency, London, UK
            Contact: http://www.euromoneyplc.com/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon & Guest Speaker, Joel Naroff to
      discuss the economy, lending and M&A markets
         Davio's Northern Italian Steakhouse, Philadelphia, PA
            Contact: http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

November 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Webinar "Second Lien Financing or Investing: Are
      There Opportunities for You?"
         TMA HQ, Chicago, IL
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program - Cost Containment Strategies
         St. Louis, MO
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Cocktail Reception Honoring the
      Bankruptcy Benches of the Southern &
      Eastern Districts of New York and New Jersey
      Association of the Bar of the City of New York
         New York, NY
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 15-16, 2006
   EUROMONEY INSTITUTIONAL INVESTOR
      Asia Capital Markets Forum
         Island Shangri-La, Hong Kong
            Contact: http://www.euromoneyplc.com/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, WA
            Contact: 403-294-4954 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Life in the Bankruptcy Court with BAPCPA,
      A View from The Bench
         Oxford Hotel, Denver, CO
            Contact: http://www.turnaround.org/

November 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
         Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 23-24, 2006
   EUROMONEY CONFERENCES
      5th Annual China Conference
         China World Hotel
         Beijing, China
            Contact: http://www.euromoneyconferences.com/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30, 2006
   EUROMONEY CONFERENCES
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 5, 2006
   EUROMONEY CONFERENCES
      CFO Forum
         Hyatt Regency, Hangzhou, China
            Contact: http://www.euromoneyconferences.com/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
         Sheraton, Metairie, LA
            Contact: http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners and
      Litigators
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts.  The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                             *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marie Therese V. Profetana, Robert Max Victor M. Quiblat II,
Shimero R. Jainga, Joel Anthony G. Lopez, Melvin C. Tabao, Rizande
B. Delos Santos, Cherry A. Soriano-Baaclo, Christian Q. Salta,
Jason A. Nieva, Lucilo M. Pinili, Jr., Tara Marie A. Martin, and
Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $725 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each.  For subscription information, contact Christopher Beard
at 240/629-3300.

                    *** End of Transmission ***