TCR_Public/070307.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, March 7, 2007, Vol. 11, No. 56

                             Headlines

ADVANCED MICRO: May Not Meet First Quarter 2007 Revenue Target
ALM MEDIA: Senior Facilities Add-On Cues Moody's to Hold B3 Rating
ALM MEDIA: Bank Facility Increase Cues S&P to Hold B- Rating
AMERICAN AIRLINES: Earns $164 Million in Year Ended December 31
AMERIQUEST MORTGAGE: S&P Junks Rating on Class M-4 Loans

ANR PIPELINE: S&P Removes Positive Watch and Upgrades Ratings
ARIAS ACQUISITIONS: Moody's Cuts Ratings & Says Outlook is Neg.
ASTORIA GENERATING: Merger Deal Cues Moody's to Hold Ratings
AVNET INC: Prices Offering of 5-7/8% Senior Notes
BAUSCH & LOMB: Defers Filing of 2006 Annual Report in Form 10-K

BECKMAN COULTER: Earns $186.9 Million in Year Ended December 31
BELDEN CDT: David Aldrich Appointed as Director
BOSTON GENERATING: Merger Deal Cues Moody's to Hold Ratings
CABLEVISION SYSTEMS: Incurs $126.46 Million Net Loss for Year 2006
CALPINE CORPORATION: Can Seek $5 Billion Replacement DIP Financing

CAPELLA HEALTHCARE: S&P Holds B Rating & Revises Outlook to Stable
CENT CDO: S&P Rates $12.5 Mil. Class E Floating-Rate Notes at BB
CHARLES DEWBERRY: Case Summary & 17 Largest Unsecured Creditors
CHIQUITA BRANDS: Delays Annual Report Filing
CLARENCE ARTIS: Case Summary & Four Largest Unsecured Creditors

CMS ENERGY: Posts $90 Million Net Loss in Year Ended December 31
COMCAST CORP: Net Earnings Soar to $2.5 Billion in 2006
COMVERSE TECH: Launches Zero Yield Puttable Securities Offering
CREDIT SUISSE: Moody's Holds Ba1 Rating on Class L Certificates
CROWN CASTLE: Posts $41.89 Million Net Loss for Year Ended Dec. 31

DAIMLERCHRYSLER AG: Considers Sale of Chrysler Group's Finance Arm
DORAL FINANCIAL: Declares Cash Dividend on 4 Series of Pref. Stock
DYNEGY INC: Unit Launches New Senior Secured Credit Facility
EFRAIN DEHARO: Case Summary & Eight Largest Unsecured Creditors
EL PASO: Fitch Puts Issuer Default Rating at BB+

EQUISTAR CHEMICALS: Fitch Holds Ratings with Positive Outlook
FELLOWS ENERGY: Restructures Convertible Debt Securities
FIRST BANCORP: Settles Class Action Suit for $74.25 Million
FORD MOTOR: Nears Deal to Sell Aston Martin Unit in Auction
FREMONT GENERAL: To Exit Sub-Prime Lending Operations

FREMONT GENERAL: Delays Filing of Form 10-K for Year Ended Dec. 31
FREMONT GENERAL: DBRS Downgrades Senior Loan's Rating to B (low)
FREMONT GENERAL: Fitch Junks Issuer Default Rating; Retains Watch
FREMONT GENERAL: S&P Lowers Rating and Retains Negative Watch
FREMONT GENERAL: Moody's Downgrades Ratings and Retains Review

FREMONT INVESTMENT: DBRS Cuts Senior Loan's Rating To B (high)
FREMONT INVESTMENT: Moody's Puts Rating on Review & May Downgrade
GABRIEL DEHARO: Case Summary & 11 Largest Unsecured Creditors
GREAT ATLANTIC: Pathmark Purchase Prompts Moody's Ratings Review
GS MORTGAGE: Moody's Ups Rating on Class K-PR Certificates to Ba3

GSAA HOME: Moody's Rates Class B-4 Certificates at Ba2
GSAA HOME: Moody's Rates Class B3 Certificates at Ba2
GULF COAST: Confirmation Hearing Scheduled on April 16
HALLMARK TECHNOLOGIES: Trustee Rejects Kattula's $8.8 Mil. Offer
HAWKER BEECHCRAFT: Moody's Rates Proposed $1.85 Bil. Loan at Ba3

HAWKER BEECHCRAFT: High Debt Leverage Cues S&P's B+ Credit Rating
HAWKS LANDING: Case Summary & Eight Largest Unsecured Creditors
INEX PHARMA: Likely to Complete Tekmira Spinout on March 31
INNOVATIVE COMMUNICATION: Court Appoints Chapter 11 Trustee
IRON MOUNTAIN: Moody's Rates Proposed CDN$175 Mil. Sr. Notes at B3

IRON MOUNTAIN: S&P Rates Proposed CDN$175 Million Sr. Notes at B
JUAN DEHARO: Case Summary & Three Largest Unsecured Creditors
LEVEL 3: S&P Rates Proposed $1.4 Billion Senior Secured Loan at B
LODGENET ENT: Moody's Rates Proposed $450 Mil. Sr. Facility at Ba3
LUCKY WHITE: Case Summary & Seven Largest Unsecured Creditors

LYONDELL CHEMICAL: Inorganic Biz Sale Cues Fitch to Hold Ratings
MARTIN DEHARO: Case Summary & Two Largest Unsecured Creditors
MAVERICK OIL: Sells Barnett Shale Interest for $22.5 Million
METHANEX CORP: Board Declares Quarterly Cash Dividend
MILLENNIUM CHEMICALS: Fitch Holds Ratings with Positive Outlook

MIRIAN RODRIGUEZ: Case Summary & 16 Largest Unsecured Creditors
MOORE MEDICAL: Wants Court Nod to Reject Executory Contracts
NATURADE INC: Court Confirms Fifth Amended Reorganization Plan
NEW CENTURY: Lenders Extend Annual Report Filing to March 15
NEW CENTURY: High Liquidity Prompts DBRS to Downgrade Rating

NEW CENTURY: Moody's Cuts Servicer Rating and Retains Review
NEW CENTURY: S&P Junks Rating and Retains Negative CreditWatch
NEW CENTURY: S&P Puts Subprime Servicer Ranking on Negative Watch
NOMURA ASSET: Moody's Rates Class M-10 Certificates at Ba1
NORTH AMERICAN: Earns $6.6 Million in Third Fiscal Quarter

NORTHWEST AIRLINES: Pilots Picketing Today to Demand Fin'l Share
OHIO CASUALTY: S&P Assigns Preliminary BB Preferred Stock Rating
OMNI INSURANCE: A.M. Best Withdraws B+ Financial Strength Rating
OMNITECH CONSULTANT: Creditors Accept BIA Proposal
PAIVIS CORP: Jaspers+Hall PC Raises Going Concern Doubt

PATHMARK STORES: Merger Deal Cues Moody's to Review Ratings
PER-SE TECHNOLOGIES: Debt Repayment Cues S&P to Withdraw Ratings
REGAL ENT: Fitch Says Special Dividend Plan Won't Affect Ratings
RICHARD LEWANDOWSKI: Case Summary & 14 Largest Unsecured Creditors
RISK ASSURANCE: A.M. Best Puts B+ FSR Under Negative Review

RURAL/METRO CORP: Receives Wells Fargo's Notice of Default
SABRE INC: S&P Rates Proposed $3.215 Billion Senior Facility at B+
SANDISK CORP.: Earns $198.89 Million in Fiscal Year 2006
STRUCTURED ASSET: Fitch Rates $4.9 Mil. Class B1 Certs. at BB+
TEC FOODS: Wants Heller Draper as Special Counsel

TIMKEN COMPANY: Earns $222.53 Million in Year Ended 2006
TOWER RECORDS: Court OKs Pact Expanding Consor's Retention Scope
TRIPOS INC: ISS Urges Shareholders to Vote for Liquidation Plan
TXU CORP: Up to $5.4 Million in Investor Assets Freezed

* Crowell & Moring Adds Nine Lawyers to New York Office
* Hunton & Williams Taps P. Bruening as Deputy Executive Director

* Upcoming Meetings, Conferences and Seminars

                             *********

ADVANCED MICRO: May Not Meet First Quarter 2007 Revenue Target
--------------------------------------------------------------
Advanced Micro Devices Inc. disclosed Monday that it is likely to
miss its revenue guidance for the first quarter of 2007.

In a regulatory filing with the U.S. Securities and Exchange
Commission, the company had said it expected revenues for the
first quarter in the range of $1.6 billion to $1.7 billion.

Based in Sunnyvale, California, Advanced Micro Devices Inc. (NYSE:
AMD) -- http://www.amd.com/-- designs and produces innovative     
microprocessor and graphics and media solutions for the computer,
communications, and consumer electronics industries.  The company
has corporate locations in Sunnyvale, California, Austin, Texas,
and Markham, Ontario, and global operations and manufacturing
facilities in the United States, Europe, Japan, and Asia.

                         *     *     *

The company's 7-3/4% Senior Notes due Nov. 1, 2012, carries
Standard & Poor's B+ rating, Moody's Ba3 rating and Fitch's BB-
rating.


ALM MEDIA: Senior Facilities Add-On Cues Moody's to Hold B3 Rating
------------------------------------------------------------------
Moody's Investors Service affirmed ALM Media, Inc.'s Corporate
Family rating following the company's announcement that it plans
to issue $63 million of unrated super - holding company debt and
$12 million of add-on senior secured credit facilities.

Details of the rating action are:

Ratings affirmed:

    * $70 million senior secured first lien revolving credit
      facility, due 2010 -- B1, LGD2, 27%

    * $218 million senior secured first lien term loan facility,
      due 2010 -- B1, LGD2, 27%

    * Corporate Family rating -- B3

    * PDR -- B3

Ratings assigned:

    * $2 million add-on senior secured first lien term loan
      facility, due 2010 - B1, LGD2, 27%

    * $10 million add-on senior secured second lien term loan
    * facility, due 2011 -- Caa1, LGD5, 73%

Rating upgraded:

    * $97 million senior secured second lien term loan facility,
      due 2011 -- to Caa1, LGD5, 73% from Caa2, LGD5, 84%

The rating outlook is stable.

The rating affirmation is largely based upon the company's
expectation that despite the significantly increased debt burden
resulting from $75 million in incremental debt, improved EBITDA
performance will return the company's leverage to around its
current level by the end of 2008.  The ratings are supported by
the defensibility of ALM's market niche, the reputation and loyal
readership of its titles, including the "American Lawyer", the
diversification of its customer base and a recent improvement in
advertising spending by the legal sector.

ALM's ratings incorporate the company's persistently high leverage
profile, the dependence of its business on the US legal services
market, its vulnerability to legal advertising spending, its
acquisitiveness, and its willingness to fund dividends from the
proceeds of incremental debt.

The stable outlook indicates Moody's expectation of steady organic
top line growth, margin improvement and a greater income
contribution from acquisitions, trade shows, information services
and Internet business activities.

ALM plans to largely use the proceeds of the proposed incremental
$75 million of debt to make a dividend to its parent.  Management
estimates that pro-forma for the incremental debt, ALM's
consolidated debt will increase to 9.1 times EBITDA for fiscal
2006, returning to a low seven times range by the end of fiscal
2008, largely through:

    (1) higher than expected organic growth,

    (2) the acquisition of Strategic Research Institute,

    (3) a full year of business under the content sharing
       agreement with Thomson West Publishing, and

    (4) strategic initiatives, including those relating to its
        legal directory and online products.

The upgrade of the second lien term loan results largely from the
proposed issuance of super - holding company debt which provides
an additional component of junior capital to the company's capital
structure.  Moody's has not assigned a rating to the proposed
superholdco debt, nor does it rate the intermediate holding
company's perpetual preferred stock or senior notes.  The proposed
superholdco PIK notes will turn cash pay following the maturity of
the company's senior secured debt in 2011.

Headquartered in New York City, New York, ALM Media is a leading
integrated media company, focused on the legal sector.  The
company, which is wholly owned by U.S. Equity Partners, L. P., (an
investment fund sponsored by Wasserstein & Co) reported fiscal
2006 sales of $190 million.


ALM MEDIA: Bank Facility Increase Cues S&P to Hold B- Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on ALM Media Holdings Inc. and its operating
subsidiary, ALM Media Inc., which are analyzed on a consolidated
basis.  The outlook is stable.

The affirmation followed the announcement that the company will
increase its operating subsidiary's bank facility by $12 million
and issue $63 million in 13% pay-in-kind senior subordinated notes
due 2015, at a super holding company level.

At the same time, S&P affirmed the loan rating and raised the
recovery rating on the operating subsidiary's first-lien term loan
due 2010, which it increased by $2 million.  The 'B-' loan rating
is at the same level as the corporate credit rating.  In raising
the recovery rating to '2' from '3', S&P indicated its expectation
of substantial (80%-100%) recovery of principal in the event of a
payment default.

The subsidiary also added $10 million to its second-lien term loan
due 2011.  S&P affirmed the loan rating on this facility at 'CCC',
two notches lower than the corporate credit rating.  S&P also
affirmed the recovery rating at '5', indicating our expectation of
negligible (0%-25%) recovery of principal in the event of a
payment default.

The company will use proceeds from the proposed transaction to pay
an approximately $74.5 million special dividend to its common
stockholder, U.S. Equity Partners L.P., a private equity fund
sponsored by Wasserstein & Co.

Pro forma for the transaction, the New York-based publisher of
national and regional magazines and newspapers for the legal
profession had total debt (including total holding company senior
notes) of $440.5 million as of Dec. 31, 2006.

"The ratings on ALM Media reflect the company's high leverage,
narrow business focus with uncertain long-term growth prospects,
modest discretionary cash flow, and prospects for rising cash
interest payments in 2009 and 2011," said Standard & Poor's credit
analyst Michael Altberg.  "These risks outweigh ALM Media's
established position in its publishing niche catering to legal
professionals."

The company targets legal professionals through its national and
regional magazines and newspapers, Web sites, and other related
businesses.


AMERICAN AIRLINES: Earns $164 Million in Year Ended December 31
---------------------------------------------------------------
American Airlines Inc. reported net earnings of $164 million on
total operating revenues of $22.49 billion for the year ended
Dec. 31, 2006, compared with a net loss of $892 million on total
operating revenues of $20.657 billion in 2005.

The company's 2006 earnings were due in part to the company's
success in implementing fare increases to partially offset higher
fuel prices.  In 2006, mainline passenger load factor increased
1.5 points year-over-year to 80.1 percent and mainline passenger
revenue yield increased 6.7 percent year-over-year.  

Offsetting these fare increases, the company's 2006 fuel expense
increased $704 million compared to 2005 despite a decrease in
mainline capacity of more than one percent.  In 2006, the price of
a gallon of jet fuel was 129.5 percent higher than in 2003 and the
company's fuel expense was $3.2 billion higher in 2006 than in
2003 on a mainline capacity increase of approximately 5 percent.

At Dec. 31, 2006, the company's balance sheet showed
$25.85 billion in total assets and $26.916 billion in total
liabilities, resulting in a $1.066 billion total stockholders'
deficit.

The company's balance sheet at Dec. 31, 2006, also showed strained
liquidity with $6.75 billion in total current assets, available to
pay $9.117 billion in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1abc

                             Cash Flow

At Dec. 31, 2006, the company had $4.6 billion in unrestricted
cash and short-term investments and $468 million in restricted
cash and short-term investments.

The company's cash flow from operating activities improved in
2006.  Net cash provided by operating activities during the year
ended Dec. 31, 2006 was $1.6 billion, an increase of $865 million
over 2005, due primarily to an improved revenue environment and
the impact of certain company initiatives to improve revenue.

Capital expenditures during 2006 were $508 million and primarily
included the acquisition of two Boeing 777-200ER aircraft and the
cost of improvements at the John F. Kennedy International (JFK)
Airport.  Substantially all of the company's construction costs at
JFK are being reimbursed through a fund established from a
previous financing transaction.

                      About American Airlines

American Airlines Inc. (NYSE: AMR) -- http://www.aa.com/-- is the  
world's largest airline.  American, American Eagle and the
AmericanConnection(R) airlines serve 250 cities in over 40
countries with more than 4,000 daily flights.  The combined
network fleet numbers more than 1,000 aircraft.  American Airlines
is a founding member of the oneworld(R) Alliance, which brings
together some of the best and biggest names in the airline
business, enabling them to offer their customers more services and
benefits than any airline can provide on its own.  American
Airlines Inc. and American Eagle Airlines Inc. are subsidiaries of
AMR Corporation.

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Moody's Investors Service affirmed its 'B3' Corporate Family
rating for AMR Corp. and its subsidiary, American Airlines Inc.


AMERIQUEST MORTGAGE: S&P Junks Rating on Class M-4 Loans
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on class M-2
from Ameriquest Mortgage Securities Inc.'s series 2003-2 to 'A'
from 'A+' and placed it on CreditWatch with negative implications.

At the same time, the ratings on class M-3 from series 2003-2 and
on class M-6 from series 2003-6 were lowered and remain on
CreditWatch, where they were originally placed with negative
implications on Aug. 29, 2006, and Nov. 29, 2006, respectively.

In addition, the rating on class M-4 from series 2003-2 was
lowered to 'CCC' from 'B' and removed from CreditWatch, where it
was originally placed with negative implications on Aug. 29, 2006.

Lastly, the ratings on the one remaining class from series 2003-2
and on the six remaining classes from series 2003-6 were affirmed.

The lowered ratings and CreditWatch placements reflect the
deterioration of credit support as a result of losses outpacing
excess interest.  Cumulative losses for series 2003-2 are 1.89% of
the original pool balance ($7.56 million), while severe
delinquencies (90-plus-days, foreclosure, and REO) constitute
17.93% of the current pool balance ($40.86 million).  These
continuous realized losses have depleted overcollateralization for
series 2003-2 to $325,585, down from its target of $2.0 million.
Cumulative losses for series 2003-6 total 1.52% of the original
pool balance ($24.36 million), while severe delinquencies
constitute 21.68% of the current pool balance ($235.96 million, or
14.75%).

The rating on class M-4 from series 2003-2 was removed from
CreditWatch because it was lowered to 'CCC'.  According to
Standard & Poor's surveillance practices, classes of certificates
or notes from RMBS transactions with ratings lower than 'B-' are
no longer eligible to be on CreditWatch negative.

Standard & Poor's will continue to closely monitor the performance
of the classes with ratings on CreditWatch negative.  If losses
decline to a point at which they no longer outpace excess
interest, and the level of overcollateralization has not been
further eroded, we will affirm the ratings and remove them from
CreditWatch.  Conversely, if losses continue to outpace excess
interest, we will take further negative rating actions on these
classes.

The collateral for series 2003-2 and 2003-6 consists of
conventional, one- to four-family, adjustable- and fixed-rate
mortgage loans secured by first liens on residential properties.
  
        Rating Lowered and Placed on Creditwatch Negative
       
                 Ameriquest Mortgage Securities Inc.

                                        Rating
                                        ------
              Series     Class   To               From
              ------     -----   --               -----
              2003-2     M-2     A/Watch Neg      A+
    
           Ratings Lowered and Remaining on Creditwatch Negative
      
                 Ameriquest Mortgage Securities Inc.

                                        Rating
                                        ------
              Series     Class   To               From
              ------     -----   --               -----
              2003-2     M-3     B/Watch Neg      BB/Watch Neg
              2003-6     M-6     B/Watch Neg      BB-/Watch Neg
   
         Rating Lowered and Removed from Creditwatch Negative
       
                 Ameriquest Mortgage Securities Inc.

                                        Rating
                                        ------
              Series     Class   To               From
              ------     -----   --               -----
              2003-2     M-4     CCC              B/Watch Neg
   
                             Ratings Affirmed
    
                  Ameriquest Mortgage Securities Inc.

                Series     Class                Rating
                ------     -----                ------
                2003-2     M-1                  AA+
                2003-6     AF-4                 AAA
                2003-6     M-1                  AA
                2003-6     M-2                  A
                2003-6     M-3                  A-
                2003-6     M-4                  BBB+
                2003-6     M-5                  BBB


ANR PIPELINE: S&P Removes Positive Watch and Upgrades Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on ANR
Pipeline Co., including the long-term corporate credit rating to
'A-' from 'B+', following the completion of the purchase of ANR by
TransCanada PipeLines Ltd. (TransCanada; A-/Negative/--).

The ratings on ANR reflect the consolidated rating on TransCanada.
At the same time, the ratings on ANR were removed from CreditWatch
with positive implications where they were placed Dec. 22, 2006.  
The outlook is negative and reflects the outlook on TransCanada.

"Following the recent sale of ANR to TransCanada it will become a
100%-owned subsidiary of TransCanada," said Standard & Poor's
credit analyst Kenton Freitag.  "The good stand-alone credit
quality of ANR, combined with our view that ANR's business will
remain strategically important to TransCanada, underpins our
approach to equalizing the ratings on ANR with those on
TransCanada," Mr. Freitag added.

The ratings on Calgary, Alta.-based TransCanada reflect the
consolidated business risk and financial risk profiles of its core
subsidiaries and investments.  These subsidiaries are mainly
active in either gas pipeline or energy services, accounting for
about 85% and 15%, respectively, of TransCanada's operating
income.

TransCanada's Canadian pipeline system is the largest in North
America.  The credit profiles of the pipeline and the energy
generation businesses are currently about equivalent,
notwithstanding the much larger size of the pipeline business.  
With the riskier power business having a better financial
risk profile and the more stable pipeline business having a
comparatively weaker financial risk profile, the balancing of
consolidated business risk with an offsetting consolidated
financial risk profile remains fundamental to the ratings on
TransCanada.

TransCanada's business risk profile reflects the market dominance
of its wholly owned pipeline systems, its investments in several
large North American natural gas pipelines, and its growing energy
business.  Standard & Poor's expects TransCanada's competitive
advantage as the largest Canadian incumbent natural gas
transportation system should keep its business risk profile
relatively unchanged in the near term.

The negative outlook reflects Standard & Poor's concerns regarding
the absence of meaningful excess liquidity and reduced financial
cushion during the initial years of the Bruce Power restart
project.  Based on current capital spending forecasts, near-term
cash flows should be sufficient to meet TransCanada's committed
capital spending requirements.  Nevertheless, there is no room at
the current rating level for any material debt financing of any
capital project that does not have an immediate earnings or cash
flow increment.  TransCanada's liquidity and financial flexibility
will be somewhat strained from 2006 to 2008.  To keep the current
ratings, Standard & Poor's expects TransCanada to maintain its
financial metrics at 2006 levels as it proceeds with its pipeline
and power development projects.  If TransCanada's near-term
capital spending is adequately met with internal capital
resources, and its financial risk profile does not deteriorate,
the outlook will be revised to stable.  Alternatively, if
TransCanada's cash flow protection measures deteriorate to pre-
2004 levels, with no perceived opportunity for improvement, the
ratings will be lowered.


ARIAS ACQUISITIONS: Moody's Cuts Ratings & Says Outlook is Neg.
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Arias Acquisitions, Inc. to B3 from B2.

Moody's has also downgraded the company's senior secured bank
credit facilities to B3 from B2, and its senior subordinated notes
to Caa2 from Caa1.  The rating outlook has changed to negative
from stable.

Arias is an intermediate holding company owned by HBW Holdings,
Inc., whose subsidiaries comprise a leading US provider of home
warranty products.  The rating downgrade reflects HBW's weak
operating performance over the past year, driven mainly by:

    (i) financial problems at an unaffiliated insurance company
        with whom HBW placed construction general liability
        coverage on behalf of home builders, and

   (ii) a general softening of the US housing market.

HBW has found a more creditworthy insurance carrier to write the
CGL business, but the soft housing market may persist through much
or all of 2007, according to Moody's.

Arias presently seeks to amend its loan agreements to ease its
financial covenants.  Moody's believes that, absent such an
amendment, Arias would likely trip a leverage covenant in the near
term.  Failure to amend the loan agreements could lead to a
further downgrade of the Arias ratings.  On the other hand, a
successful amendment of the loan agreements along with favorable
near-term operating performance could lead to a stable rating
outlook.

Moody's negative rating outlook reflects HBW's aggressive
financial leverage and its limited leeway under financial
covenants.  The rating agency also cited HBW's exposure to the
cyclical US housing market as a rating concern, while
acknowledging that HBW benefits from its strong market position in
the home warranty business and its extensive relationships with
home builders.

Moody's cited that these factors could lead to a stable outlook on
the Arias ratings:

    (i) successful renegotiation of the loan agreements,

   (ii) adjusted total debt-to-EBITDA ratio consistently below
        6.5 times, and

  (iii) adjusted EBITDA coverage of total interest consistently
        above 1.25 times.

Moody's cited that these factors could lead to a further
downgrade:

    (i) breaching of financial covenants,

   (ii) adjusted total debt-to-EBITDA ratio exceeding 7.0 times,
        and

  (iii) adjusted EBITDA coverage of total interest below 1.0
        times.

The last rating action on Arias took place on July 14, 2005, when
Moody's assigned a B2 corporate family rating.

HBW, based in Denver, Colorado, is a leading US provider of new
home warranties and related products.  The company is majority-
owned by private equity firm Brera Capital Partners, LLC.  HBW
generated estimated revenues of $179 million in 2006.


ASTORIA GENERATING: Merger Deal Cues Moody's to Hold Ratings
------------------------------------------------------------
Moody's Investors Service has affirmed the ratings for both
Astoria Generating Company Acquisitions, LLC and Boston
Generating, LLC.

The affirmation applies to approximately $771 million of secured
first lien (rated B1) and second lien (rated B3) credit facilities
for Astoria and for approximately $1,800 million of secured first
lien (rated B1) and second lien (rated B3) credit facilities for
Boston Gen.  The rating outlook for both entities remains stable.

The ratings affirmation follows the recent announcement that the
parent holding companies for both project subsidiaries have agreed
to merge in a stock-for-stock transaction, the terms of which do
not include the issuance of any material additional debt.  The
rating affirmation considers the fact that the existing capital
structures of both Astoria and Boston Gen are expected to remain
unchanged following the merger and that both companies will
continue to operate as separate standalone subsidiaries.  The new
pro-forma combined company will be called US Power Generating
Company (US Power) and will be headquartered in New York.  Upon
completion of the merger, the current members of EBG Holdings LLC,
the parent of Boston Gen, will own 54% of US Power, while the
current shareholders of Astoria Generating Company Holdings, the
parent of Astoria, will own the remaining 46%.  The transaction is
expected to close in mid-2007 following the approval of certain
regulatory authorities, including the New York State Public
Service Commission.

"Moody's observes that each project entity is expected to remain
separate legal subsidiaries and that the merger will not have any
implications on the terms and conditions of the existing credit
facilities" says A.J. Sabatelle, Vice President and Senior Credit
Officer at Moody's.  "The financial covenants, security and
collateral packages and mandatory prepayment conditions are
expected to remain unchanged."

The pro-forma combined company will own and operate eight
generation facilities with a total capacity of approximately 5
GW's of generation, all of which is located within the capacity
and transmission constrained Boston and New York markets.

"Both portfolios appear to be critical assets for in-city
reliability purposes," says Jim Hempstead, Vice President and
Senior Credit Officer at Moody's.

Moody's observes that the New York and New England regional
transmission markets represent two of the more mature, deregulated
electricity markets in the US and that the existence of a capacity
market in both markets along with existing hedged positions help
to support relatively stable near-term cash flows.  Additionally,
Moody's believes that reserve margins in Boston and New York City
are expected to continue to decline over time, creating an
opportunity for increased operating margins.

Astoria Generating Company owns and operates approximately
2.3 GW's of oil and natural gas fired generation in New York City.
Boston Generating, LLC owns and operates approximately 3.0 GW's of
oil and natural gas fired generation in Boston.


AVNET INC: Prices Offering of 5-7/8% Senior Notes
-------------------------------------------------
Avnet, Inc. prices its offering of $300 million aggregate
principal amount of 5-7/8% Notes due 2014 in a registered
offering.  Upon pricing, the offering size was increased from the
$250 million aggregate principal amount, which was offered on
March 2, 2007.  The offering is expected to close on today,
March 7, 2007, subject to customary closing conditions.

Avnet intends to use all of the net proceeds to repay amounts
outstanding under its revolving credit facility and its accounts
receivable securitization program.

The offering is lead-managed by Banc of America Securities LLC and
Credit Suisse Securities (USA) LLC.

A prospectus relating to the offering may be obtained from:

     Banc of America Securities LLC
     Telephone 1-800-294-1322

                 or

     Credit Suisse Securities (USA) LLC
     Prospectus Delivery Department
     11 Madison Avenue, Floor 2B
     New York, NY 10010 1-800-221-1037

Headquartered in Phoenix, Arizona, Avnet, Inc. (NYSE:AVT) --
http://www.avnet.com/-- distributes electronic components and  
computer products, primarily for industrial customers.  It has
operations in these Asia-Pacific countries: Indonesia, Australia,
China, Hong Kong, India, Japan, Malaysia, New Zealand, Philippines
and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on March 5, 2007,
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


BAUSCH & LOMB: Defers Filing of 2006 Annual Report in Form 10-K
---------------------------------------------------------------
Bausch & Lomb disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that it delayed the filing of
its Annual Report on Form 10-K for 2006.  The report was required
to be filed on Feb. 28, 2007.

The company said that its inability to file is principally due to
the considerable time and effort that it had to devote to
completing the recently completed financial restatement and filing
of its Form 10-K for 2005.  This has prevented the company from
being able to timely complete its financial close process for
2006.

The company said that it expects to file the 2006 10-K by
April 30, 2007.

The company filed its annual report on Form 10-K for the year
ended Dec. 31, 2005, with the SEC on Feb. 7, 2007.

The company was unable to timely file its 2005 Annual Report due
to:

   -- ongoing independent investigations conducted by the Board
      of Directors' Audit Committee;

   -- expanded year-end procedures that were not complete;

   -- expanded procedures with respect to the accounting for
      income taxes that were not complete; and

   -- continued efforts to complete the company's assessment of
      its internal control over financial reporting.

As a result of the Audit Committee's investigations and the
expanded procedures, the company identified errors made in the
application of generally accepted accounting principles that
impacted previously reported financial statements.

Consequently, management determined that it should restate its
previously issued:

   -- consolidated financial statements for fiscal years ended
      Dec. 27, 2003, and Dec. 25, 2004;

   -- financial information for the fiscal years ended 2001 and
      2002 (including a cumulative increase to 2001 beginning
      retained earnings of $34,000,000); and

   -- financial reports for the first and second quarters of
      2005.

The company included the restated financial statements for the
years 2003 and 2004 in the 2005 annual report.

                         2005 Financials

For the year ended Dec. 31, 2005, the company reported
$19,200,000 of net income on $2,353,800,000 of net sales,
compared with $153,900,000 of net income on $2,233,500,000
of net sales for the fiscal year ended Dec. 25, 2004.

At Dec. 31, 2005, the company had $3,416,400,000 in total
assets, $2,108,000,000 in total liabilities, and $1,283,900,000 in
total shareholders' equity.  

A full-text copy of the company's 2005 annual report is
available for free at http://ResearchArchives.com/t/s?19c0  

Headquartered in Rochester, New York, Bausch & Lomb Inc. --
http://www.bausch.com/-- develops, manufactures, and markets   
eye health products, including contact lenses, contact lens care
solutions, and ophthalmic surgical and pharmaceutical products.  
The company is organized into three geographic segments: the
Americas; Europe, Middle East, and Africa; and Asia (including
operations in India, Australia, China, Hong Kong, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan and Thailand).  In
Latin America, the company has operations in Brazil and Mexico

                          *     *     *

On Feb. 2, 2007, Moody's Investors Service downgraded Bausch &
Lomb Inc.'s senior unsecured debt to Ba1 and continues to review
all ratings for possible downgrade.  Moody's also assigned the
company a Ba1 Corporate Family Rating.


BECKMAN COULTER: Earns $186.9 Million in Year Ended December 31
---------------------------------------------------------------
Beckman Coulter reported net earnings of $186.9 million for the
year ended Dec. 31, 2006, compared with net earnings of
$150.6 million for 2005.   Revenue for 2006 was $2.528 billion, up
3.5% compared to revenues of $2.443 billion in 2005.  

Gross profit margin for 2006 was 47.3%, up 120 basis points over
prior year, impacted favorably by a shift in revenue mix to more
consumables sales and leverage within the service organization.

Operating income increased to $262.9 million in 2006, from
$205.7 million in 2005.

Non-operating expense of $47.7 million in 2006 included costs of
about $5 million for the early redemption of the company's 2008
notes and $2.7 million for the early redemption of $56 million of
the company's 2026 debentures.  Non-operating expense in 2005 was
$40.1 million.

For the fourth quarter of 2006, Beckman Coulter Inc. reported net
earnings of $62.3 million, compared to net earnings of
$17.8 million for the same period last year.

Reported revenue was $712 million, up 8.6% compared to revenue of
$655.5 million in the fourth quarter of 2005.  

Scott Garrett, president and chief executive officer, said, "The
fourth quarter of 2006 marked the return of meaningful revenue
comparability for the first time since we changed our leasing
policy, which spreads revenue recognition over the life of the
lease, typically five years.  As predicted, the results
demonstrate the vitality of our business.  

Gross margin expanded about 180 basis points to 46.9% of revenue
due primarily to efficiencies gained in the service organization.

Operating expense was $232.8 million, down $57 million compared to
prior year quarter.  This includes $5.3 million in incremental
non-cash stock option expense and $2.6 million in charges to
conclude the "one company" restructuring begun in the third
quarter 2005.  The decrease in operating expense was due to
savings from restructuring activities and a change in the timing
of accruals for the company's non-sales incentive compensation
plans.  

Operating income for the quarter was $100.8 million including the
$2.6 million in restructuring charges.

Non-operating expense was $16.9 million including about $5 million
for the early redemption of the company's 2008 notes.  

At Dec. 31, 2006, the company's balance sheet showed
$3.291 billion in total assets, $2.137 billion in total
liabilities, and $1.154 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1ac6

                       About Beckman Coulter

Based in Fullerton, California, Beckman Coulter Inc. (NYSE: BEC)
-- http://www.beckmancoulter.com/-- develops, manufactures and  
markets products that simplify, automate and innovate complex
biomedical tests.  More than 200,000 Beckman Coulter systems
operate in laboratories around the world supplying critical
information for improving patient health and reducing the cost of
care.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Moody's Investors Service affirmed Beckman Coulter's ratings on
its $500 Million Universal Shelf Registration (Senior and
Subordinate) -- (P) Baa3/(P) Ba1.  The outlook on Beckman's
ratings remains stable.


BELDEN CDT: David Aldrich Appointed as Director
-----------------------------------------------
Belden CDT Inc. reported that on Feb. 22, 2007, its board of
directors appointed David J. Aldrich to the Board.

Since April 2000, Mr. Aldrich, 49, has served as President, Chief
Executive Officer and Director of Skyworks Solutions, Inc., a
wireless semiconductor company focused on radio frequency and
complete semiconductor system solutions for mobile communication
applications.

Headquartered in St. Louis, Missouri, Belden CDT Inc. (NYSE:BDC)
-- http://www.belden.com/-- designs, manufactures and markets  
high-speed electronic cables, connectivity products and related
items for the specialty electronics and data networking markets.  
The Company operates in two segments: the Electronics segment and
the Networking segment.

The Electronics segment designs, manufactures and markets metallic
and fiber optic cable products with primarily industrial,
video/sound/security and transportation/defense applications.  
These products are sold principally through distributors or
directly to systems integrators and original equipment
manufacturers.  The Networking segment designs, manufactures and
markets metallic cable, fiber optic cable, connectivity and other
non-cable products primarily with networking/communications
applications.  These products are sold principally through
distributors or directly to systems integrators, OEMs and large
telecommunications companies.

                        *     *     *

As reported in yesterday's Troubled Company Reporter, Moody's
Investors Service affirmed Belden CDT Inc.'s Ba2 corporate
family rating and changed the outlook to positive.  Moody's also
assigned instrument ratings of Baa3 to the company's recently
upsized $225 million senior secured revolving credit facility and
Ba2 to the proposed $350 million subordinated note issuance.  

At the same time, Standard & Poor's Rating Services raised its
corporate credit rating on Belden CDT to 'BB+' from 'BB-', and
upgraded the rating on the $110 million convertible debentures to
'BB-' from 'B'.


BOSTON GENERATING: Merger Deal Cues Moody's to Hold Ratings
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings for both
Astoria Generating Company Acquisitions, LLC and Boston
Generating, LLC.

The affirmation applies to approximately $771 million of secured
first lien (rated B1) and second lien (rated B3) credit facilities
for Astoria and for approximately $1,800 million of secured first
lien (rated B1) and second lien (rated B3) credit facilities for
Boston Gen.  The rating outlook for both entities remains stable.

The ratings affirmation follows the recent announcement that the
parent holding companies for both project subsidiaries have agreed
to merge in a stock-for-stock transaction, the terms of which do
not include the issuance of any material additional debt.  The
rating affirmation considers the fact that the existing capital
structures of both Astoria and Boston Gen are expected to remain
unchanged following the merger and that both companies will
continue to operate as separate standalone subsidiaries.  The new
pro-forma combined company will be called US Power Generating
Company (US Power) and will be headquartered in New York.  Upon
completion of the merger, the current members of EBG Holdings LLC,
the parent of Boston Gen, will own 54% of US Power, while the
current shareholders of Astoria Generating Company Holdings, the
parent of Astoria, will own the remaining 46%.  The transaction is
expected to close in mid-2007 following the approval of certain
regulatory authorities, including the New York State Public
Service Commission.

"Moody's observes that each project entity is expected to remain
separate legal subsidiaries and that the merger will not have any
implications on the terms and conditions of the existing credit
facilities" says A.J. Sabatelle, Vice President and Senior Credit
Officer at Moody's.  "The financial covenants, security and
collateral packages and mandatory prepayment conditions are
expected to remain unchanged."

The pro-forma combined company will own and operate eight
generation facilities with a total capacity of approximately 5
GW's of generation, all of which is located within the capacity
and transmission constrained Boston and New York markets.

"Both portfolios appear to be critical assets for in-city
reliability purposes," says Jim Hempstead, Vice President and
Senior Credit Officer at Moody's.

Moody's observes that the New York and New England regional
transmission markets represent two of the more mature, deregulated
electricity markets in the US and that the existence of a capacity
market in both markets along with existing hedged positions help
to support relatively stable near-term cash flows.  Additionally,
Moody's believes that reserve margins in Boston and New York City
are expected to continue to decline over time, creating an
opportunity for increased operating margins.

Astoria Generating Company owns and operates approximately
2.3 GW's of oil and natural gas fired generation in New York City.
Boston Generating, LLC owns and operates approximately 3.0 GW's of
oil and natural gas fired generation in Boston.


CABLEVISION SYSTEMS: Incurs $126.46 Million Net Loss for Year 2006
------------------------------------------------------------------
Cablevision Systems Corp. reported net revenues for the year ended
Dec. 31, 2006, of $5,927,462,000, an increase of $754,984,000
compared to revenues of $5,172,478,000 for the prior year.

Net loss for the year 2006 was $126,465,000, compared to a net
income of $89,320,000 for the previous year.

Operating expenses for 2006 were $5,313,486,000, up from
$4,671,859 for 2005.  The company had an operating income of
$613,976,000 for the year ended Dec. 31, 2006, as compared with
$500,619,000 for 2005.

Net cash provided by operating activities amounted to $961,642,000
for the year ended Dec. 31, 2006, as compared with $923,044,000 a
year earlier.  Net cash used in investing activities for the year
ended Dec. 31, 2006 was $873,173,000, as compared with
$763,600,000 a year ago.  Net cash used in financing activities
amounted to $16,759,000 for 2006, as compared with $644,594,000
for 2005.  

The net effect of discontinued operations on cash and cash
equivalents amounted to a cash inflow of $79,656,000 and
$110,976,000 for the years ended Dec. 31, 2006 and 2005,
respectively.

The company's contractual obligations as of Dec. 31, 2006, totaled
$19,227,322,000, consisting $6,127,561,000 in off-balance sheet
arrangements and $13,099,761,000 in contractual obligations
reflected on the balance sheet.

As of Dec. 31, 2006, the company listed $9,844,857,000 in total
assets and $4,505,604,000 in total liabilities, resulting in a
$5,339,253,000 stockholders' deficit.

The company's Dec. 31 balance sheet also strained liquidity with
$1,667,447,000 in total current assets and $2,430,698,000 in total
current liabilities.  The balance sheet further showed accumulated
deficit in the amount of $4,967,244,000.


                     Business Segments Results

Net revenues of the Telecommunications Services Segment for
the year ended Dec. 31, 2006, increased $630,942,000, to
$4,237,707,000 as compared to revenues of $3,606,765,000 for
the prior year.  

The Rainbow Segment had net revenues of $885,986,000 for 2006,
as compared with $$825,561,000 for 2005, showing an increase of
$60,425,000.

The company's Madison Square Garden Segment had net revenues of
$854,040,000 for 2005, up by $49,645,000, from $804,395,000 in
2005.

                        CSC Holdings, Inc.

Cablevision has no operations independent of its subsidiaries.  
Its outstanding securities consist of Cablevision NY Group Class A
and Cablevision NY Group Class B common stock and $1,500,000,000
of debt securities.  Funding for the debt service requirements of
our debt securities is provided by our subsidiaries operations,
principally CSC Holdings, as permitted by the covenants governing
CSC Holdings' credit agreements and public debt securities.

The statements of operations results of CSC Holdings are identical
to the statement of operations results of Cablevision, except for:

    -- interest expense of $132,784,000, $124,498,000 and
       $85,048,000 for the years ended Dec. 31, 2006, 2005 and
       2004, respectively, relating to $1,500,000,000 of
       Cablevision senior notes issued in April 2004 included in
       Cablevision's consolidated statements of operations;

    -- interest income of $3,958,000 and $89,000 for the years
       ended Dec. 31, 2006 and 2005, respectively, related to cash
       held at Cablevision;

    -- miscellaneous expenses of $177,109,000 included in
       Cablevision's consolidated statement of operations for the
       year ended Dec. 31, 2005; and

    -- income tax benefit of $52,831,000, $50,993,000 and
       $35,125,000 for the years ended Dec. 31, 2006, 2005 and
       2004, respectively.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1ab3.

                  About Cablevision Systems Corp.

Headquartered in Bethpage, New York, Cablevision Systems Corp.,
(NYSE: CVC) -- http://www.cablevision.com/-- operates as a media,  
entertainment and telecommunications company in the U.S.  It has
three segments, Telecommunications Services, Rainbow, and Madison
Square Garden.  Telecommunications Services operates in cable
television business.  The Rainbow segment consists of its
interests in national programming services, regional programming
businesses, regional sports and news network business, and local
advertising sales representation business.  The Madison Square
Garden segment owns and operates professional sports teams, as
well as the MSG Networks sports programming business, and an
entertainment business.  It owns programming assets through its
Rainbow National Services LLC subsidiary, including American Movie
Classics, WE tv and Independent Film Channel.  


CALPINE CORPORATION: Can Seek $5 Billion Replacement DIP Financing
------------------------------------------------------------------
Calpine Corporation has received from the U.S. Bankruptcy Court
for the Southern District of New York a written opinion that will
allow the company to proceed with its plans for a $5 billion
replacement debtor-in-possession credit facility.  If the company
is successful in completing this refinancing, the replacement DIP
facility will be used:

   * to refinance the company's existing $2 billion DIP financing;
  
   * to repay approximately $2.5 billion of secured debt at
     Calpine Generating Company, LLC, one of Calpine's largest
     operating subsidiaries; and

   * for working capital and other general corporate purposes.

"Moving forward with this refinancing is a major milestone in
Calpine's restructuring program that will help us achieve our
strategic goals," Robert P. May, Calpine's Chief Executive
Officer, stated.  "With this replacement DIP facility, Calpine
will continue to advance its plans to significantly reduce costs
and simplify the company's capital structure.  In addition, this
proposed financing will provide Calpine the potential opportunity
to put in place an attractive exit financing to help ensure that
Calpine emerges from Chapter 11 as a profitable and competitive
power company positioned for future growth.  We remain committed
to moving through our restructuring as quickly as possible, and I
am encouraged by the speed with which, working with our
stakeholders, we have initiated this proposed financing."

Credit Suisse, Goldman Sachs, JPMorgan and Deutsche Bank will act
as co-lead arrangers for Calpine's replacement DIP facility.  This
proposed new facility is expected to close within the next 30 days
and will consist of:

   -- a $4 billion senior secured term loan;

   -- a $1 billion senior secured revolving credit facility;

   -- a $2 billion expansion option;

   -- the ability to provide liens to counterparties to enhance
      Calpine's hedging program; and

   -- a rollover option that allows, but does not obligate,
      Calpine to convert the Replacement DIP into an exit
      financing.

Upon completion, the replacement DIP facility will remain in place
until the earlier of an effective Plan of Reorganization or the
second anniversary of the closing date of the replacement DIP
facility.  If the Replacement DIP Facility is converted to an exit
financing, the final maturity will be seven years from the closing
date of the Replacement DIP Facility.  The replacement DIP
facility will be secured by substantially all of the assets, which
secure the existing $2 billion DIP facility, liens on all of
Calpine's unencumbered assets, and junior liens on all encumbered
assets of Calpine and its debtor subsidiaries.  The Court's
written opinion also stated that the CalGen lenders have an
unsecured claim for an amount that is presently estimated as
approximately $76 million.

                      About Calpine Corporation

Headquartered in San Jose, California, Calpine Corporation
(OTC Pink Sheets: CPNLQ) -- http://www.calpine.com/-- supplies       
customers and communities with electricity from clean, efficient,
natural gas-fired and geothermal power plants.  Calpine owns,
leases and operates integrated systems of plants in 21 U.S. states
and in three Canadian provinces.  Its customized products and
services include wholesale and retail electricity, gas turbine
components and services, energy management and a wide range of
power plant engineering, construction and maintenance and
operational services.

The company previously produced a portion of its fuel consumption
requirements from its own natural gas reserves.  However, in July
2005, the company sold substantially all of its remaining domestic
oil and gas assets to Rosetta Resources Inc.

The company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts.  Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors.  As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities.  The Debtors' exclusive period to file chapter 11
plan of reorganization expires on June 20, 2007.


CAPELLA HEALTHCARE: S&P Holds B Rating & Revises Outlook to Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Capella Healthcare Inc. and revised the outlook
to stable from negative.

At the same time, S&P affirmed the bank loan and recovery ratings
on the company's first-lien bank loan and the bank loan rating on
its second-lien loan, while lowering the recovery rating on the
second-lien loan to '5' from '4'.

The actions follow the company's announcement that it is
increasing its first-lien term loan by $64 million and its second-
lien term loan by $24 million.  It will be used to help fund the
acquisition of Muskogee Regional Medical Center in Oklahoma.

The outlook revision reflects Standard & Poor's expectation of
improving operating performance aided by a pending hospital
acquisition.  An equity infusion by Capella's financial sponsor
will also help fund the $120 million transaction, reinforcing
prospects for extension of a financial policy consistent with the
current rating.

The low-speculative-grade ratings on Franklin, Tenn.-based Capella
Healthcare Inc., which was formed in April 2005, reflect the
numerous risks that the company's experienced management team
faces in operating a small start-up hospital company with a short
record as an independent entity.  Capella's small, undiversified
portfolio of only four hospitals had been relatively reliant on
one facility for about half of its EBITDA.  The pending addition
of Muskogee Regional Medical Center in Oklahoma may lessen this
reliance to about one-third.  In fact, Muskogee will become the
company's largest single source of revenue, but not its most
profitable.  However, the historical underperformance of Muskogee,
the still-small undiversified nature of a portfolio of only five
hospitals, and Capella's generally weak admissions trend reflect a
still-vulnerable business risk profile consistent with the rating
category.  Patient volume, which has declined at each of Capella's
facilities over the past couple of years, has been weaker than
that of its peer companies.


CENT CDO: S&P Rates $12.5 Mil. Class E Floating-Rate Notes at BB
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Cent CDO 14 Ltd./Cent CDO 14 Corp.'s $461.875 million
floating-rate notes.

The preliminary ratings are based on information as of March 5,
2007.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

    -- The expected commensurate level of credit support in the
       form of subordination to be provided by the notes junior to
       the respective classes, and by the subordinated notes and
       overcollateralization;

    -- The cash flow structure, which was subjected to various
       stresses requested by Standard & Poor's;

    -- The experience of the collateral manager; and

    -- The legal structure of the transaction, including the
       bankruptcy remoteness of the issuer.
   
                 Preliminary Ratings Assigned

              Cent CDO 14 Ltd./Cent CDO 14 Corp.
   
        Class                      Rating                Amount
        -----                      ------                ------
        A-1                        AAA             $110,000,000
        A-2a                       AAA             $236,250,000
        A-2b                       AAA              $26,250,000
        B                          AA               $33,750,000
        C                          A                $24,375,000
        D                          BBB              $18,750,000
        E                          BB               $12,500,000
        Income notes               NR               $38,125,000
   
                        NR - Not rated.


CHARLES DEWBERRY: Case Summary & 17 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Charles D. Dewberry
        fdba Pacesetter Developers
        150 Lake Horton Landing Drive
        Fayetteville, GA 30215

Bankruptcy Case No.: 07-10576

Chapter 11 Petition Date: March 5, 2007

Court: Northern District of Georgia (Newnan)

Debtor's Counsel: George M. Geeslin, Esq.
                  Eight Piedmont Center, Suite 550
                  3525 Piedmont Road, Northeast
                  Atlanta, GA 30305-1565
                  Tel: (404) 841-3464
                  Fax: (404) 816-1108

Total Assets: $2,184,136

Total Debts:  $3,036,129

Debtor's 17 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Heritage Bank                      Guaranty of Debt    $1,500,000
440 North Jeff Davis Drive         of Pacesetter
Fayetteville, GA 30214             Builders

Internal Revenue Service           2004 Income Tax        $28,000
Insolvency Room 400
Stop 334D
401 West Peachtree Street
Atlanta, GA 30308

Ford Motor Credit                  Ford                   $17,090
P.O. Box 105697
Atlanta, GA 30348-5697

First Equity                       Credit Card            $14,623

FIA MBNA                           Credit Card            $14,442

Bank of America                    Credit Card            $14,249

Chase Cardmember Service           Credit Card            $10,079

Wells Fargo Financial              Credit Card             $6,920

Wells Fargo Business Platinum      Credit Card             $6,876

Sears                              Credit Card             $5,080

American Express                   Credit Card             $4,697

Advanta Bank Corp.                 Credit Card             $3,539

Citi Business Cards                Credit Card             $2,562

Capital One                        Credit Card             $1,721

Pitney Bowes Purchase Power                                $1,460

Wells Fargo Financial              Credit Card             $1,441
National Bank

Chase BP                           Credit Card               $889


CHIQUITA BRANDS: Delays Annual Report Filing
--------------------------------------------
Chiquita Brands International Inc. disclosed in a regulatory
filing with the Securities and Exchange Commission that it delayed
the filing of its Annual Report on Form 10-K for the year ended
Dec. 31, 2006.

The company said it is currently seeking approval of an amendment
with lenders under its credit agreement dated as of June 28, 2005,
with respect to the treatment of a charge of $25 million recorded
in its financial statements for the year ended Dec. 31, 2006, and
certain other related costs in connection with the previously
announced U.S. Department of Justice's evaluation of the company's
officers and directors.

"While the company is currently in compliance with the financial
covenants under the credit agreement, this amendment is necessary
to mitigate the potential of financial covenant non-compliance in
future periods, which would affect the consolidated balance sheet
classification of the company's debt as of Dec. 31, 2006, and
related disclosures," Brian W. Kocher, Chiquita's vice president,
controller and chief accounting officer, said.

The company anticipates completing its credit agreement amendment
in sufficient time to file Form 10-K for the year ended Dec. 31,
2006, by March 16, 2007, or sooner.

                 U.S. Department of Justice Probe

In a press statement dated Feb. 22, 2007, Chiquita disclosed that
in April 2003, the company's management and audit committee, in
consultation with the board of directors, voluntarily disclosed to
the U.S. Department of Justice that its former banana-producing
subsidiary in Colombia, which was sold in June 2004, had made
payments to certain groups in that country which had been
designated under United States law as foreign terrorist
organizations.

Following the voluntary disclosure, the Justice Department
undertook an investigation, including consideration by a grand
jury.  In March 2004, the Justice Department advised that, as part
of its criminal investigation, it would be evaluating the role and
conduct of the company and some of its officers in the matter.  In
September and October 2005, the company was advised that the
investigation was continuing and that the conduct of the company
and some of its officers and directors was within the scope of the
investigation.

During the fourth quarter of 2006, the company commenced
discussions with the Justice Department about the possibility of
reaching a plea agreement.  As a result of the discussions, and in
accordance with the guidelines set forth in SFAS No. 5, the
company has recorded a reserve of $25 million in its financial
statements for the quarter and year ended Dec. 31, 2006.

The amount reflects liability for payment of a proposed financial
sanction contained in an offer of settlement made by the company
to the Justice Department.  The $25 million would be paid out in
five equal annual installments, with interest, beginning on the
date judgment is entered.  The Justice Department has indicated
that it is prepared to accept both the amount and the payment
terms of the proposed $25 million sanction.

According to the company, negotiations are ongoing, and there can
be no assurance that a plea agreement will be reached or that the
financial impacts of any such agreement, if reached, will not
exceed the amounts currently accrued in the financial statements.
Furthermore, the company said that the agreement would not affect
the scope or outcome of any continuing investigation involving any
individuals.

In the event an acceptable plea agreement between the company and
the Justice Department is not reached, the company believes the
Justice Department is likely to file charges, against which the
company would aggressively defend itself.  The company is unable
to predict the financial or other potential impacts that would
result from an indictment or conviction of the company or any
individual, or from any related litigation, including the
materiality of such events.

                      About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and   
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama.

                          *    *    *

On Nov. 6, Moody's Investors Service downgraded its ratings for
Chiquita Brands LLC., as well as for its parent Chiquita Brands
International Inc.  Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.
S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.


CLARENCE ARTIS: Case Summary & Four Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Clarence Junior Artis, II
        Deserae Lavita Wilson
        Unit 120
        1258 DeKalb Avenue Northeast
        Atlanta, GA 30307

Bankruptcy Case No.: 07-63654

Chapter 11 Petition Date: March 5, 2007

Court: Northern District of Georgia (Atlanta)

Judge: Joyce Bihary

Debtor's Counsel: Paul Reece Marr, Esq.
                  Paul Reece Marr, P.C.
                  300 Galleria Parkway, Northwest
                  Suite 960
                  Atlanta, GA 30339
                  Tel: (770) 984-2255

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Four Largest Unsecured Creditors:

   Entity                        Nature of Claim     Claim Amount
   ------                        ---------------     ------------
Beneficial                       Unsecured Loan            $7,064
3054 Panola Road, Suite A
Lithonia, GA 30038

Citifinancial Services, Inc.     Unsecured Loan            $3,718
2926 Canton Highway
Marietta, GA 30066-3877

SunTrust DDA Recovery Dept.      Unpaid Charged-Off          $788
P.O. Box 26150-VA-RIC-9394       Account
Richmond, VA 23260-6150

Infiniti Financial Services      2005 Infiniti G35        Unknown
P.O. Box 650679
Dallas, TX 75265-0679


CMS ENERGY: Posts $90 Million Net Loss in Year Ended December 31
----------------------------------------------------------------
CMS Energy Corp. reported net loss of $90 million on total
operating revenue of $6.81 billion for 2006, compared to a net
loss of $94 million on total operating revenue of $6.288 billion
for 2005.

Excluding impairment charges and other income, CMS Energy's 2006
net income was $142 million, compared to $295 million for 2005.

The 2006 reported net loss includes the effects of these non-cash,
after-tax charges:

  -- A third-quarter impairment charge of $169 million related to
     CMS Energy's 50 percent interest in the Atacama power plant
     and pipeline in Chile and Argentina.

  -- A fourth-quarter charge of $80 million linked to a
     preliminary agreement to settle shareholder class action
     lawsuits linked to round-trip energy trading.

For the fourth quarter of 2006, CMS Energy reported net loss of
$32 million, compared to net loss of $6 million for the same
period in 2005.

At Dec. 31, 2006, the company's balance sheet showed
$15.371 billion in total assets, $6.319 billion in total
liabilities, $91 million in minority interests, and $8.961 billion
in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1abd

                  Sale of International Businesses

CMS Energy recently planned to sell the bulk of its international
businesses and its non-utility natural gas assets in northern
Michigan.  Those sales are expected to be completed in 2007.  The
sales are contingent upon meeting deal-related closing conditions
and receiving necessary regulatory and other approvals, and the
successful execution of a bid sale of CMS Energy's remaining
businesses in Latin America and in Jamaica.

Proceeds from the sales will be used to retire part of the parent
company debt and for general corporate purposes, including
investments in CMS Energy's Michigan utility, Consumers Energy.

"We will be in transition in 2007 as we lose earnings from the
businesses being sold and realize the benefits of our increased
investments in Consumers Energy later.  The asset sales will allow
us to significantly accelerate our financial improvement plan, and
our adjusted earnings trend should be back on track in 2008," said
David Joos, president and chief executive officer of CMS Energy.

                        Liquidity Resources

At Dec. 31, 2006, $422 million consolidated cash was on hand,
which includes $71 million of restricted cash and $5 million from
entities consolidated pursuant to FASB Interpretation No. 46(R).

Net cash provided by operating activities was $688 million, an
increase of $89 million versus 2005.  This was the result of a
decrease in accounts receivable, reduced inventory purchases, cash
proceeds from the sale of excess sulfur dioxide allowances, and a
return of funds formerly held as collateral under certain gas
hedging arrangements.  These changes were offset partially by
decreases in the MCV Partnership gas supplier funds on deposit.

Net cash used in investing activities was $751 million, an
increase of $257 million versus 2005.  This was primarily due to
cash relinquished from the sale of assets, the absence of short-
term investment proceeds, an increase in capital expenditures and
cost to retire property, and an increase in non-current notes
receivable.  This activity was offset by the release of restricted
cash in February 2006, which we used to extinguish long-term debt
-- related parties.

Net cash used in financing activities was $434 million, an
increase of $508 million versus 2005.  This was due to an increase
in net retirement of long-term debt of $269 million combined with
a decrease in proceeds from common stock issuances of
$287 million.

                          About CMS Energy

CMS Energy (NYSE: CMS) -- http://www.cmsenergy.com/-- is a  
Michigan-based company that has as its primary business operations
an electric and natural gas utility, natural gas pipeline systems,
and independent power generation.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 14, 2007,
Standard & Poor's Ratings Services placed its 'BB' corporate
credit ratings on CMS Energy Corp. and its main subsidiary,
Consumers Energy Co., on CreditWatch with positive implications.


COMCAST CORP: Net Earnings Soar to $2.5 Billion in 2006
-------------------------------------------------------
Comcast Corp. reported net income of $2.533 billion in 2006,
compared with net income of $928 million in 2005.  

Revenue increased to $24.966 billion in 2006, from $21.075 billion
in 2005, reflecting increasing consumer demand for Comcast's
services and the success of Comcast's Triple Play offer.

In addition to strong operating results at Comcast Cable, the year
includes an estimated one-time gain, included in investment
income, of $646 million related to the Adelphia/Time Warner
transactions.  Also included in this year's results is a one-time
gain of $195 million, net of tax, on discontinued operations
related to the transfer of cable systems to Time Warner.  

Brian L. Roberts, Chairman and CEO of Comcast Corporation, said,
"2006 was simply our best year ever.  Powered by our triple play
offering and superior products, we added more Revenue generating
units (RGUs) than at any other time in our history and reported
terrific growth in cable revenue and Operating Cash Flow.  

Revenue generating units increased 69%, or a record 5 million from
prior year net additions of 3 million, to end the year at 50.8
million RGUs.

Net Cash Provided by Operating Activities increased to
$6.618 billion in 2006 from $4.835 billion in 2005 due primarily
to stronger operating results, the cable system acquisitions and
changes in operating assets and liabilities.

At Dec. 31, 2006, the company's balance sheet showed
$110.405 billion in total assets, $68.997 billion in total
liabilities, $241 million in minority interest, and
$41.167 billion in total stockholders' equity.

The company's balance sheet at Dec. 31, 2006, also showed strained
liquidity with $5.202 billion in total current assets available to
pay $7.44 billion in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1ac8

                      Share Repurchase Program

In 2006, Comcast repurchased $2.3 billion or 75.4 million Class A
Special Common (CMCSK) shares, reducing the number of total shares
outstanding by more than 3%.  Comcast repurchased $447 million or
11.2 million shares of its CMCSK stock during the fourth quarter
of 2006.

Availability under the company's stock repurchase program, as of
Dec. 31, 2006, is $3 billion.  Comcast expects that repurchases
continue from time to time in the open market or in private
transactions, subject to market conditions.

Since the inception of the repurchase program in December 2003,
the company has invested $7.4 billion in its common stock and
related securities, reducing the number of shares outstanding by
11%.  These investments include repurchasing $6 billion or 202.3
million shares of common stock and redeeming several debt issues
for $1.4 billion that were exchangeable into 47.3 million shares
of common stock.  

                        About Comcast

Headquartered in Philadelphia, Pennsylvania, Comcast Corporation
(Nasdaq: CMCSA, CMCSK) -- http://www.comcast.com/-- is the  
nation's leading provider of cable, entertainment and
communications products and services.  With 24.2 million cable
customers, 11.5 million high-speed Internet customers, and
2.5 million voice customers, Comcast is principally involved in
the development, management and operation of broadband cable
networks and in the delivery of programming content.  

Comcast's programming networks and investments include E!
Entertainment Television, Style Network, The Golf Channel, VERSUS
(formerly OLN), G4, AZN Television, PBS KIDS Sprout, TV One and
four regional Comcast SportsNets.  Comcast also has a majority
ownership in Comcast-Spectacor, whose major holdings include the
Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA
basketball team and two large multipurpose arenas in Philadelphia.

                           *     *     *

Comcast Corp.'s preferred stock carries Moody's Investors
Service's Ba1 Rating.


COMVERSE TECH: Launches Zero Yield Puttable Securities Offering
---------------------------------------------------------------
Comverse Technology, Inc. is commencing a cash tender offer for
all of its outstanding Zero Yield Puttable Securities Due May 15,
2023 (CUSIP Nos. 205862AK1 and 205862AL9) and New Zero Yield
Puttable Securities due May 15, 2023 (CUSIP No. 205862AM7), upon
the terms and conditions set forth in the Offer to Purchase and
related Letter of Transmittal, each dated March 2, 2007.

The delisting of Comverse Technology's Common Stock from The
NASDAQ Global Market was a Designated Event under the Indentures
governing the ZYPS, and in order to satisfy its obligations under
the Indentures, Comverse Technology is offering to purchase all of
its outstanding ZYPS at a purchase price of $1,000 in cash for
each $1,000 principal amount of ZYPS tendered.

The Offer is scheduled to expire at 5:00 p.m., New York City time,
on March 30, 2007, unless extended by Comverse Technology.  As of
Jan. 31, 2007, there was $419,647,000 aggregate principal amount
of ZYPS outstanding.

Comverse Technology has retained The Bank of New York Trust
Company, N.A. to serve as the Depositary and D.F. King & Co., Inc.
as the Information Agent for the Offer.  Questions regarding the
Offer and requests for documents in connection with the Offer may
be directed to D.F. King & Co., Inc. at (800) 829-6551 (toll free)
or, for banks and brokers, (212) 269-5550 (call collect).

In addition, on or about March 19, 2007, Comverse Technology will
disclose its unaudited financial results for the fiscal year ended
Jan. 31, 2007.

As a result of Comverse Technology's ongoing investigation of past
stock option grants, including its evaluation of actual dates of
measurement for certain grants which differ from the recorded
grant dates, and of additional accounting issues, including errors
in the recognition of revenue related to certain contracts, errors
in the recording of certain deferred tax accounts and the
misclassification of certain expenses in earlier periods as well
as the possible misuse of accounting reserves and the
understatement of backlog, Comverse Technology did not release
earnings for the fiscal year ended Jan. 31, 2006, or for any
subsequent fiscal quarter.

                    About Comverse Technology

Headquartered in New York City, Comverse Technology, Inc. (NASDAQ:
CMVT) -- http://www.comverse.com/-- through its Comverse, Inc.   
subsidiary, provides software and systems enabling network-based
multimedia enhanced communication and billing services.  The
company's Total Communication portfolio includes value-added
messaging, personalized data and content-based services, and real-
time converged billing solutions.  Over 450 communication and
content service providers in more than 120 countries use Comverse
products to generate revenues, strengthen customer loyalty and
improve operational efficiency.

Other Comverse Technology subsidiaries include: Verint Systems
(NASDAQ: VRNT), which provides analytic software-based solutions
for communications interception, networked video security and
business intelligence; and Ulticom (NASDAQ: ULCM), which provides
of service enabling signaling software for wireline, wireless and
Internet communications.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate credit
and senior unsecured debt ratings on New York-based Comverse
Technology Inc. on CreditWatch with negative implications, where
they were placed on March 15, 2006.


CREDIT SUISSE: Moody's Holds Ba1 Rating on Class L Certificates
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of seven classes
and affirmed the ratings of eight classes of Credit Suisse First
Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2006-TFL1 as:

    - Class A-1, $391,172,340, Floating, affirmed at Aaa
    - Class A-2, $195,000,000, Floating, affirmed at Aaa
    - Class A-X-1, Notional, affirmed at Aaa
    - Class A-X-2, Notional, affirmed at Aaa
    - Class A-X-3, Notional, affirmed at Aaa
    - Class B, $39,000,000, Floating, upgraded to Aaa from Aa1
    - Class C, $34,000,000, Floating, upgraded to Aa1 from Aa2
    - Class D, $27,000,000, Floating, upgraded to Aa2 from Aa3
    - Class E, $29,000,000, Floating, upgraded to Aa3 from A1
    - Class F, $24,000,000, Floating, upgraded to A1 from A2
    - Class G, $25,000,000, Floating, upgraded to A2 from A3
    - Class H, $25,000,000, Floating, upgraded to A3 from Baa1
    - Class J, $27,000,000, Floating, affirmed at Baa2
    - Class K, $36,000,000, Floating, affirmed at Baa3
    - Class L, $32,500,000, Floating, affirmed at Ba1

The Certificates are collateralized by two whole loans and three
senior participation interests which range in size from 2.4% to
54.1% of the trust balance based on current principal balances.  
As of the February 15, 2007 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 18.4%
to $884.7 million from $1.1 billion at securitization as a result
of the payoff of two loans and property releases associated with
the Tharaldson Portfolio and the Boston Wharf Portfolio Loans.

Moody's current weighted average loan to value ratio is 65.6%,
compared to 68.0% at securitization.  Moody's is upgrading Classes
B, C, D, E, F, G and H due to increased credit support from the
loan payoffs, the improved performance of the Tharaldson Portfolio
and Affinia Hospitality Portfolio Loans and property releases from
both the Tharaldson Portfolio and the Boston Wharf Portfolio
Loans.

The Tharaldson Portfolio Loan (54.1%) is secured by 105 limited
service and extended stay hotels with a total of 8,238 rooms.  The
properties are located in 26 states.  All of the properties have
established franchise affiliations including Marriott, Choice,
Intercontinental, Carlson and Hilton and operate under 14
different flags.  The largest flag concentrations are Fairfield
Inn, Residence Inn and Courtyard by Marriott.  RevPAR for calendar
year 2006 was $67.93, compared to $61.30 at securitization.  The
loan sponsor is Whitehall Street Global Real Estate Limited
Partnership 2005.  Moody's LTV is 69.5%, compared to 72.4% at
securitization.  Moody's current shadow rating is Baa2, compared
to Baa3 at securitization.

The Affinia Hospitality Portfolio Loan (31.6%) is secured by six
all-suite hotels located in New York City with a total of 1,569
guestrooms.  Five of the hotels are full-service and one is
limited-service.  The hotels feature room sizes that are among the
largest in New York City.  Moody's classifies the New York City
full-service hotel market as Green (88) and the limited-service
hotel market as Yellow (36) in its 4th Quarter 2006 Red-Yellow-
GreenTM report (see "CMBS: Red-Yellow-GreenTM Update, Fourth
Quarter 2006", Moody's Special Report, January 3, 2007).  At
securitization $35.4 million ($22,562 per key) was invested in
capital improvements and an additional $11.0 million was reserved
for future renovations at three of the six hotels ($11,179 per
key).  RevPAR for calendar year 2006 was $230.97, compared to
$193.54 at securitization.  Moody's LTV is 59.8%, compared to
65.9% at securitization.  Moody's current shadow rating is Baa1,
compared to Baa3 at securitization.

The Charleston Place Hotel Loan (7.6%) is secured by a luxury
hotel containing 442 guestrooms with 51,186 square feet of retail
space.  The hotel is located in the historic district of
Charleston, South Carolina.  RevPAR for the trailing nine-month
period ending September 2006 was $177.35, compared to $169.08 at
securitization.  The loan sponsor is Orient-Express Hotels Ltd.
and A. Alfred Taubman.  Moody's LTV is 66.5%, compared to 66.7% at
securitization.  Moody's current shadow rating is Baa3, the same
as at securitization.

The 120 Montgomery Street Loan (4.3%) is secured by a Class B
office building located in the Financial District submarket of San
Francisco.  The building contains approximately 431,000 square
feet of space.  Moody's classifies the San Francisco CBD office
market as Green (79) in its 4th Quarter 2006 Red-Yellow-GreenTM
report.  As of December 2006 the property was 70.0% leased,
compared to 68.9% at securitization.  The United States Government
is the largest tenant occupying 16.7% of building's total net
rentable area through 2016.  Moody's LTV is 62.8%, compared to
62.6% at securitization.  Moody's current shadow rating is Baa3,
the same as at securitization.

The Boston Wharf Portfolio Loan (2.4%) is secured by three office
buildings and a parking garage located in the South Boston section
of Boston, Massachusetts.  Moody's classifies the Boston CBD
office market as Green (84) in its 4th Quarter 2006 Red-Yellow-
GreenTM report.  Since securitization two office buildings that
were originally in the portfolio were released (300 A Street and
263 Summer Street).  The remaining properties (total rentable area
of approximately 270,000 square feet) were 84.8% occupied as of
December 2006, compared to 70.1% at securitization for the
original portfolio that contained approximately 439,000 square
feet.  Moody's LTV is 56.7%, compared to 58.6% at securitization.
Moody's current shadow rating is Baa2, the same as at
securitization.


CROWN CASTLE: Posts $41.89 Million Net Loss for Year Ended Dec. 31
------------------------------------------------------------------
Crown Castle International Corp. had a net loss of $41,893,000 for
the year ended Dec. 31, 2006, compared with a net loss of
$401,537,000 for the previous year.  During the previous year, the
company had $283,797,000 in losses on purchase and redemptions of
debt.

For the year ended Dec. 31, 2006, the company had net revenues of
$788,221,000, as compared with $676,759,000 for the year ended
Dec. 31, 2005.  Site rental revenues and network services and
other revenues for 2006 were $696,724,000 and $91,497,000,
respectively, as compared with $597,125,000 and $79,634,000,
respectively, for 2005.  

The company had an operating income of $121,427,000 for the year
2006, as compared with an operating income of $22,595,000 a year
earlier.  Comprehensive net loss for the year 2006 was
$18,830,000, down from $415,521, 000 for the prior year.

The company's balance sheet as of Dec. 31, 2006, listed
$5,006,168,000 in total assets, $3,907,964,000 in total
liabilities, $29,052,000 in minority interests, and $312,871,000
in redeemable preferred stock, resulting to $756,281,000 in
stockholders' equity.

The company's accumulated deficit as of Dec. 31, 2006, stood at
$2,184,598,000, up from $2,037,914,000 a year earlier.

                    2006 Cash Flows

Net cash provided by operating activities were $275,759,000 and
$204,912,000 in 2005 and 2006, respectively.  Net cash used for
investing activities were $264,140,000 and $432,499,000 for 2005
and 2006, respectively.  Net cash provided by discontinued
operations were $3,973,000 and $5,657,000 in 2005 and 2006,
respectively.  Cash and cash equivalents at the end of the years
2005 and 2006 were $65,408,000 and $592,716,000, respectively.

                      Current Year Highlights

On Oct. 5, 2006, the company entered into a definitive agreement,
which contemplated the merger of Global Signal into one of its
wholly owned subsidiary.  Global Signal operated 10,749 towers,
which are primarily concentrated in the southwestern, midwestern,
Pacific coast and northeastern regions of the U.S.  The company
completed the Global Signal Merger on Jan. 12, 2007 in a stock and
cash transaction valued at approximately $4 billion and issued
approximately 98.1 million shares of common stock to the
shareholders of Global Signal and paid the maximum Cash
Consideration of $550 million and reserved for issuance
approximately 600,000 shares of common stock issuable pursuant to
Global Signal warrants.

Pursuant to the indenture supplement dated Nov. 29, 2006, the
company issued the 2006 Tower Revenue Notes as additional debt
securities under the existing indenture pursuant to which the 2005
Tower Revenue Notes were issued in 2005.  The 2006 Tower Revenue
Notes have a weighted average fixed interest rate of approximately
5.71%, and 78.6% of the outstanding balance was rated investment
grade.  The 2005 Tower Revenue Notes and 2006 Tower Revenue Notes
are secured by the personal property, license agreements,
revenues, or distributions related to substantially all of the
company's U.S., including Puerto Rico, towers as of the date of
issuance of the 2006 Tower Revenue Notes.  Proceeds from the 2006
Tower Revenue Notes were used to repay the company's previously
outstanding credit facility entered into in June 2006.

On Jan. 9, 2007, Crown Castle Operating Company entered into a
credit agreement with a syndicate of lenders, pursuant to which
such lenders agreed to provide the 2007 Revolver in the amount of
$250 million, which matures in January 2008.  The proceeds of the
2007 Revolver may be used for general corporate, which may include
the financing of capital expenditures, acquisitions and purchases
of the company's securities.  The 2007 Revolver is currently
undrawn.  On Jan. 26, 2007, CCOC entered into a term loan joinder
pursuant to which CCOC borrowed the 2007 Term Loan under the 2007
Credit Agreement.  The 2007 Term Loan matures in January 2014.  
The proceeds of the 2007 Term Loan were used for the January 2007
Stock Purchase.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1ab5.

               About Crown Castle International Corp.

Crown Castle International Corp. -- http://www.crowncastle.com/
-- engineers, deploys, owns, and operates shared wireless
infrastructure, including extensive networks of towers.  It offers
wireless communications coverage to 68 of the top 100 United
States markets and to substantially all of the Australian
population.  Crown Castle owns, operates and manages over 10,600
and over 1,300 wireless communication sites in the U.S. and
Australia, respectively.

                           *     *     *

As reported in the Troubled Company Reporter on Dec. 1, 2006,
Fitch placed a BB+ rating on Crown Castle's $249,000,000 class F
Series 2006-1 commercial mortgage pass-through certificates and a
BB rating to the company's $83,000,000 Class G Series 2006-1
commercial mortgage pass-through certificates.


DAIMLERCHRYSLER AG: Considers Sale of Chrysler Group's Finance Arm
------------------------------------------------------------------
DaimlerChrysler AG is leaving all options open for Chrysler Group,
including a possible sale of its Chrysler Financial auto loan and
leasing unit, reports say.

If the company decides to divest its loss-making U.S. unit,
DaimlerChrysler CEO Dieter Zetsche said "we have the option to do
the same with the financial arm, or not," Bloomberg relates.

Speculations of a possible sale or spin-off arose after Mr.
Zetsche announced on Feb. 14 that his company is keeping all
options open for Chrysler, a report carried by The New York Times
says.

"Chrysler must follow the same turnaround path as Ford and GM,
whether they are part of Daimler or owned by someone else," Pete
Hastings, a fixed-income analyst at Morgan Keegan & Co., was cited
by Bloomberg as saying.

General Motors Corp. last year sold a 51% stake in its General
Motors Acceptance Corp. finance unit to a consortium of investors
led by Cerberus FIM Investors LLC and including wholly owned
subsidiaries of Citigroup Inc., Aozora Bank Ltd., and The PNC
Financial Services Group Inc.  The sale carries a US$7.4 billion
purchase price, a $2.7 billion cash dividend from GMAC, and other
transaction related cash flows including the monetization of
certain retained assets.  GM and the Cerberus-led consortium
invested $1.9 billion of cash in preferred equity in GMAC --
$1.4 billion by GM and $500 million by the consortium.

Ford, on the other hand, said it doesn't plan to sell part of its
Ford Motor Credit finance unit, Bloomberg relates.

Chrysler Group earlier posted an operating loss of EUR1.12 billion
in 2006, compared with an operating profit of EUR1.53 million in
2005.  Its 2006 revenues of EUR47.1 billion were significantly
lower than in 2005's EUR50.1 billion.  The company blamed lower
volumes and a weaker U.S. dollar on average for the deteriorating
operating results.

                      About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,  
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DORAL FINANCIAL: Declares Cash Dividend on 4 Series of Pref. Stock
------------------------------------------------------------------
Doral Financial Corporation, on Feb. 28, 2007, paid the regular
monthly cash dividend of:

    * $0.2917 per share on its 7% Noncumulative Monthly Income
      Preferred Stock, Series A,

    * $0.173958 per share on its 8.35% Noncumulative Monthly
      Income Preferred Stock, Series B, and

    * $0.151042 per share on its 7.25% Noncumulative Monthly
      Income Preferred Stock, Series C.

The dividend on each of the series was paid to the record holders
as of the close of business on Feb. 26, 2007 in the case of the
Series A Preferred Stock, and to the record holders as of the
close of business on Feb. 15, 2007 in the case of Series B and
Series C Preferred Stock.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial   
services company engaged in mortgage banking, banking, investment
banking activities, institutional securities and insurance agency
operations.  Its activities are principally conducted in Puerto
Rico and in the New York City metropolitan area.  Doral is the
parent company of Doral Bank, a Puerto Rico based commercial bank,
Doral Securities, a Puerto Rico based investment banking and
institutional brokerage firm, Doral Insurance Agency Inc. and
Doral Bank FSB, a federal savings bank based in New York City.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 8, 2007,
Standard & Poor's Ratings Services lowered its long-term ratings
on Doral Financial Corp., including the counterparty credit
rating, to 'B' from 'B+'.  The outlook remains negative.


DYNEGY INC: Unit Launches New Senior Secured Credit Facility
------------------------------------------------------------
Dynegy Inc.'s indirect wholly owned subsidiary, Dynegy Holdings
Inc., launched a new senior secured credit facility that proposes
to amend and restate its current senior secured credit facility.  
Dynegy proposes to increase the revolving credit component of
the facility from $470 million to $750 million and the term
letter of credit component of the facility from $200 million to
$500 million.

"This new credit facility will create greater financial
flexibility for the combined Dynegy/LS Power enterprise," Bruce A.
Williamson, Chairman and Chief Executive Officer of Dynegy Inc.,
said.  "As with other financial transactions entered into by the
company, the new credit facility demonstrates a strong working
relationship with our banking partners, their belief in the
company and desire to be a part of Dynegy's future."

The new bank facility is targeted to close at the end of the first
quarter 2007 in connection with the proposed merger between Dynegy
and LS Power.  The $750 million revolving credit portion of the
facility is anticipated to mature in April 2012.  The $500 million
term letter of credit portion of the facility is anticipated to
mature in April 2013.  Terms of the facility will be disclosed
upon completion.

Both the revolving credit facility and the term letter of credit
facility will be available for general corporate purposes and to
support activities of certain subsidiaries of Dynegy and DHI, to
the extent permitted by the credit facility documentation.  The
revolving credit facility will also be available for letters of
credit and may be used by DHI to provide funds to Dynegy for the
repayment in full of the $275 million subordinated note to be
issued pursuant to the previously announced merger agreement
between Dynegy and LS Power.

The lead arrangers for the new facility are Citigroup Global
Markets Inc. and J.P. Morgan Securities Inc.

                        About Dynegy Inc.

Headquartered in Houston, Texas, Dynegy Inc. (NYSE:DYN) --
http://www.dynegy.com/-- produces and sells electric energy,  
capacity and ancillary services in key U.S. markets.  The
company's power generation portfolio consists of more than 12,800
megawatts of baseload, intermediate and peaking power plants
fueled by a mix of coal, fuel oil and natural gas.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 14, 2007,
Fitch Ratings upgraded the issuer default ratings of Dynegy Inc.
and Dynegy Holding Inc. to 'B' from 'B-' and removed the ratings
from Rating Watch Evolving.  The Rating Outlook of Dynegy, Inc.
and Dynegy Holding, Inc. is Stable.


EFRAIN DEHARO: Case Summary & Eight Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Efrain DeHaro
        122 Bellwood Drive
        Dalton, GA 30721

Bankruptcy Case No.: 07-40564

Chapter 11 Petition Date: March 5, 2007

Court: Northern District of Georgia (Rome)

Debtor's Counsel: Leon S. Jones, Esq.
                  Jones & Walden, LLC
                  21 Eighth Street, Northeast
                  Atlanta, GA 30309
                  Tel: (404) 564-9300
                  Fax: (404) 564-9301

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Eight Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Honda Finance Exchange             2005 Honda ATV          $2,440
P.O. Box 1168
Dalton, GA 30722

Lowe's                             Business Credit         $1,695
P.O. Box 530914                    Card
Atlanta, GA 30353

Hamilton Medical Center            Medical Bill              $567
P.O. Box 1168
Dalton, GA 30722

Sears Gold Mastercard              Business Credit           $532

Windstream                         Utilities                 $125
                                   Card

Verizon Wireless                                             $101

American First Federal                                    Unknown

Chase Auto Finance                                        Unknown


EL PASO: Fitch Puts Issuer Default Rating at BB+
------------------------------------------------
Fitch Ratings has initiated rating coverage on El Paso Corp. as:

    -- Issuer Default Rating 'BB+';
    -- Senior Unsecured 'BB+'.

Fitch has also assigned new rating to El Paso's core pipeline
subsidiaries.  The Rating Outlook for all ratings is Stable.

The parent company ratings recognize the significant improvement
in credit profile in recent years including the reduction in
business risk, the benefits of the company's portfolio of pipeline
assets and the ongoing improvement in the upstream operations.  
Key offsetting factors include the significant leverage that
remains on the balance sheet and lingering issues with the
upstream operations.

Since the merchant energy collapse of 2002, El Paso has made
significant progress in reducing debt and other legacy issues.  
With net proceeds of $3.3 billion from the sale of the ANR
Pipeline Company and 50% interest in the Great Lakes Gas
Transmission Limited Partnership being used for debt reduction,
Fitch expects year-end 2007 consolidated balance sheet debt to
approach $12 billion versus the peak of nearly $23 billion during
2003.  As part of the current phase of debt reduction, El Paso has
tendered for a minimum of $2 billion in bonds in recent days and
announced the redemption of $400 million of debt at SNG.

Due to the reduction in debt, credit metrics will improve
significantly in 2007 as debt to funds from operations will likely
be less than 5.0 times (x) at year-end 2007 versus more than 20.0x
in 2005.  FFO interest coverage will likely improve to 3.3x for
2007 versus under 2.0x in 2005.  Management has publicly committed
to de-leveraging with the expectation that future growth will not
impair the improvements made to the balance sheet.  Of note, as
evidenced by the ANR sale, debt reduction has primarily come from
asset sale proceeds although the company has issued a fair amount
of equity during this period of distress.

The improvement in El Paso's credit profile also reflects the
benefits of significantly reducing the company's business risk.
Most recently in 2006, the company exited the domestic power
business, settled its outstanding shareholder  litigation and
significantly downsized its trading business. The company also
continues to downsize its international power operations with the
remaining Asian and Central American assets to be sold by mid-2007
and the Brazilian assets expected to be divested over the next few
quarters. E l Paso has also significantly simplified its capital
structure.

While the balance sheet improvement at El Paso is significant,
including a material reduction in external debt at the parent
company level, consolidated debt and the parent company debt will
remain sizable at YE 2007.  Service of the parent company debt
will remain primarily reliant upon the upstream distributions and
cash management program with its subsidiary companies.

Additionally, consolidated debt to FFO, while improved
significantly, remains high and subject to volatility given that
nearly half of EBITDA will come from the upstream operations that
exhibit significantly higher business risk.

Factors Fitch would consider before taking positive rating action
include: Improved upstream operating results at EEPC, expectations
that credit measures will continue to strengthen and, in the case
of El Paso's unsecured debt, the release of collateral under its
bank revolver and letter of credit facility.  Hence, the unsecured
creditors would no longer be in a subordinated position.  Current
ratings fully recognize the anticipated de-leveraging effect of
the ANR proceeds in 2007.  The secured credit facility rating of
'BBB-' at the parent company recognizes the strong collateral
package including certain inter-company receivables and the
company's interest in CIG, EPNG and TGP.

El Paso's fleet of natural gas pipelines are generally
characterized by having moderate-to-low-risk operations providing
El Paso a stable financial base.  Ratings assigned to the pipeline
subsidiaries reflect centralized treasury and financing practices
with the parent company including money pools.  El Paso's
pipelines have typically been material providers to the money pool
resulting in substantial levels of inter-company receivables and
payables.  Furthermore, El Paso management has substantial control
over their operations and finances, including distributions.

Given the scale and scope of the asset base, the pipeline
portfolio has access to most major North American production
basins and markets as well as most existing and planned import
facilities for liquefied natural gas.  With current pipeline
transactions valued at greater than 10.0x EBITDA multiples, the
pipelines also exhibit asset valuations well in excess of
associated debt, even assuming distressed market conditions.  
Despite the weakened financial situation of El Paso in recent
years, the company has been able to direct growth capital towards
the pipeline segment including an estimated $610 million in 2007.
Maintenance capital across the pipelines is reasonable at an
estimated $400 million in 2007.  Recognizing the financial and
structural ties between El Paso and its pipeline subsidiaries and
the strong credit quality of the individual subsidiaries, the IDR
and senior unsecured rating of each rated pipeline entity is one-
notch higher than the parent company at 'BBB-'.

Since the significant negative revision to the company's oil and
natural gas reserves in early 2004, El Paso has undertaken a
restructuring of its upstream operations. The company reported
100% reserve replacement in 2006.  More than 90% of El Paso's
reserves are located in the United States under EEPC with a mix of
longer-lived onshore (65% of total) and short-lived offshore and
Gulf Coast properties (26%).  While somewhat lower production in
2006 positively influenced the reserve life metric, El Paso's
total proven reserve base to prior year production (R/P) ratio
improved to 9.1 years at YE 2006.  Proven developed reserves also
totaled 73% at year-end including 11% proven developed non-
producing.

The company is also benefiting from the roll off of its legacy
hedges in 2006 and the cash flow from its new hedging program.  
The company has locked in approximately 223 Bcf of natural gas
hedges with an average floor of $7.69/mcf.  This represents
approximately 89% of the company's forecasted domestic natural gas
production in 2007.  The additional benefit of rolling off the
legacy hedges has been the return of a significant portion of the
cash margin requirements.  During the first nine months of 2006,
$896 million was returned to El Paso versus a net cash outflow of
$679 million in 2005.  The new costless collars require no margin.

With nearly $1.2 billion invested in the finding and development
of reserves during 2006, replacement costs were very high for the
year at $4.17 per thousand cubic feet equivalent and $3.51/mcfe
excluding price-related reserve revisions.  Costs are expected to
remain high with the initial forecast for 2007 to be $4.00/mcfe as
upstream investment is targeted to rise to nearly $1.7 billion in
2007.  Investments in 2007 include the $255 million acquisition in
south Texas in January and significant investment in Brazil where
production will lag the initial cash outflows. With all-in costs
also including lifting costs, production related taxes, general
and administrative, etc., the upstream segment will generate
limited free cash flow from the segment despite the improved hedge
position.  Production in 2007 is forecast to be 800 mcfe to 860
mcfe, including the company's 43.1% proportionate share of Four
Star Oil & Gas Company (Four Star), representing growth of between
0% and 8% over 2006.

As with the pipeline companies, the 'BB' IDR and senior unsecured
ratings of EEPC reflect its affiliate relationship with El Paso as
management has substantial control over its operations and
finances as well.  EEPC also participates in EP's cash management
plan.  With the increasing investment in the upstream operations,
EEPC has been a receiver of cash in recent years under the plan.
In August 2005, EEPC entered into a five-year $500 million secured
credit facility.  The 'BB+' rating of the credit facility reflects
the collateral package which includes certain of the company's
upstream assets.  The collateral is also available to be used for
the company's hedging agreements.

El Paso also expects to create a master limited partnership in
2007 with initial assets expected to total $500 million.  Based on
current transaction multiples, the initial dropdowns would likely
represent approximately $50 million of annual EBITDA.  The
ultimate capitalization, growth and asset make-up of the MLP are
uncertain.  Possible assets include the company's LNG assets which
are held under the SNG subsidiary and El Paso's natural gas
storage facilities.

El Paso Corporation

    -- Issuer Default Rating (IDR) 'BB+';

    -- $500 million secured letter of credit facility (2011)
       'BBB-';

    -- $1.25 billion senior secured revolving credit facility
       (2009) 'BBB-';

    -- $500 million senior unsecured credit facility (2011) 'BB+';

    -- Senior unsecured notes and debentures 'BB+';

    -- Perpetual preferred stock 'BB-'.

El Paso Energy Capital Trust I

    -- Trust convertible preferred securities 'BB-'.

Colorado Interstate Gas Company (CIG)

    -- Issuer Default Rating (IDR) 'BBB-';
    -- Senior unsecured debt 'BBB-'.

El Paso Natural Gas Company (EPNG)

    -- Issuer Default Rating (IDR) 'BBB-';
    -- Senior unsecured debt 'BBB-'.

Southern Natural Gas Company (SNG)

    -- Issuer Default Rating (IDR) 'BBB-';
    -- Senior unsecured debt 'BBB-'.

Tennessee Gas Pipeline Company (TGP)

    -- Issuer Default Rating (IDR) 'BBB-';
    -- Senior unsecured debt 'BBB-'.

El Paso Exploration & Production Company (EEPC)

    -- Issuer Default Rating (IDR) 'BB';
    -- Senior secured revolving credit facility (2011) 'BB+';
    -- Senior unsecured debt 'BB'.

El Paso owns North America's largest interstate natural gas
pipeline network comprised of approximately 44,000 miles of pipe,
220 Bcf of storage capacity, and an LNG import facility with 1.2
Bcf per day of send-out capacity.  The company's upstream
operations included year-end 2006 estimated reserves of
approximately 2.4 billion cubic feet equivalent of consolidated
proven reserves and 222 bcfe of proven reserves for El Paso's
interest in Four Star.


EQUISTAR CHEMICALS: Fitch Holds Ratings with Positive Outlook
-------------------------------------------------------------
Fitch Ratings affirms the ratings for Lyondell Chemical Company,
Equistar Chemicals L.P., Millennium Chemicals Inc. and Millennium
America Inc. following Lyondell's announcement to sell its
worldwide inorganic chemicals business for $1.2 billion, including
the assumption of certain liabilities directly related to the
business.  The transaction is expected to include a cash payment
of $1.05 billion, and result in after tax proceeds of
$975 million.

The affirmed ratings are:

Lyondell

    -- Issuer default rating at 'BB-';
    -- Senior secured credit facility and term loan at 'BB+';
    -- Senior secured notes and debentures at 'BB+';
    -- Senior unsecured notes at 'BB-';
    -- Senior subordinated notes at 'B'.

Equistar

    -- Issuer default rating at 'B+';
    -- Senior secured credit facility at 'BB+/RR1';
    -- Senior unsecured notes at 'BB-/RR3'.

Millennium Chemicals Inc.'s:

    -- Issuer Default Rating (IDR) at 'B+';
    -- Convertible senior unsecured debentures at 'BB/RR2'.

Millennium America Inc.:

    -- Issuer Default Rating (IDR) 'B+';
    -- Senior secured credit facility and term loan 'BB+/RR1';
    -- Senior unsecured notes 'BB/RR2'.

At the same time, the Rating Outlook for Lyondell, Equistar and
Millennium was revised to Positive from Stable.  For Lyondell,
approximately $5.0 billion of debt is covered; for Equistar,
approximately $2.2 billion of debt is covered; and for Millennium
Chemicals, approximately $853 million of debt is covered by these
actions.

The Positive Outlook reflects the likelihood that Lyondell will be
able to accelerate its debt reduction efforts in the next 12-18
months.  Additionally, supply/demand fundamentals continue to be
favorable for most of Lyondell's products.  Fitch also expects
energy and raw material prices will continue to be volatile
although these prices on average are expected to trend lower.  
Continued strong operations from petrochemical and refining
operations are likely to offset other cyclical businesses within
the portfolio.

The affirmation for Lyondell's debt ratings are supported by the
recent announcement to sell its Inorganics business which should
provide for accelerated debt repayment in the near term.  
Furthermore, the affirmation also considers Lyondell's better than
expected cash generation and debt repayment during 2006.  Multiple
debt issues are accessible at Lyondell (parent), Equistar and
Millennium. Fitch expects debt prepayment premiums and charges
will be paid on certain issues instead of allowing cash to build
and repay maturities as they come due.  Fitch also expects debt
reduction targets could potentially be met during 2008.  Lastly,
Lyondell's size, integrated businesses in refining, petrochemicals
and performance products, liquidity and access to capital markets
support the rating.

The affirmation and revised Rating Outlook to Positive from Stable
for Millennium is supported by the expected benefit as a result of
the Inorganics divestiture. The asset sale will likely accelerate
debt reduction.  Currently, Millennium cannot declare dividends to
Lyondell due to certain restrictions in its existing bond
indenture for the 9.25% senior unsecured notes.  Fitch expects
these 9.25% notes due June 2008 could potentially be repaid by the
company to allow for future cash dividends to Lyondell by
Millennium.  Depending on debt levels at Millennium post the
completion of the Inorganics sale, and the cash flow generation
from remaining businesses to support such debt, the ratings could
be raised in the next 12-18 months.  Potential rating concerns
include the Millennium's high dependency on Equistar cash
distributions and any new negative developments regarding
Millennium's ongoing lead paint litigation.  At Dec. 31, 2006,
Millennium had $1 billion in indemnity coverage for lead-based
paint and lead pigment litigation.

The affirmation and revised Rating Outlook to Positive from Stable
for Equistar is supported by the overall indirect, and possibly
direct, benefit of the Inorganics divestiture.  The asset sale
could accelerate debt reduction and possibly reduce the need for
Equistar to dividend existing cash to partners, and instead use
available cash for debt reduction at Equistar.  Additionally
Equistar's ratings are limited by its parent Lyondell, and the
Positive Rating Outlook also reflects the likelihood that
Lyondell's ratings could be raised in the next 12-18 months.  
Equistar's ratings are limited by Lyondell due Lyondell's strong
access to its cash flow, Equistar's primary focus on North
American markets and its narrower product portfolio compared to
Lyondell.

Lyondell holds leading global positions in propylene oxide and
derivatives, plus TiO2, as well as leading North American
positions in ethylene, propylene, polyethylene, aromatics, acetic
acid, and vinyl acetate monomer.  The company also has substantial
refining operations located in Houston, Texas.  The company
benefits from strong technology positions and barriers to entry in
its major product lines. Lyondell owns 100% of Equistar; 70.5%
directly and 29.5% indirectly through its wholly owned subsidiary
Millennium.  In 2006, Lyondell and subsidiaries generated
$2.55 billion of EBITDA on $22.2 billion in sales.


FELLOWS ENERGY: Restructures Convertible Debt Securities
--------------------------------------------------------
Fellows Energy Ltd. has entered into a series of transactions to
restructure securities issued pursuant to securities purchase
agreements dated June 17, 2005, and Sept. 21, 2005.

Specifically, on Feb. 15, 2007:

   * JGB Capital L.P., an accredited investor, entered into an
     assignment agreement with Crescent International Ltd.,
     pursuant to which Crescent purchased from JGB $5,501,199 of
     debentures maturing Sept. 16, 2008.  The debentures were
     issued pursuant to a June 17, 2005, financing.  The face
     value of the June Debentures issued to JGB at the time of
     the transaction was $333,333 and Crescent paid $250,000 to
     JGB for the assignment;

   * Fellows Energy entered into a settlement agreement with JGB
     for $83,333.  The company amended the terms of the old
     warrants held by JGB to remove the ratchet and call
     provisions and JGB agreed to release any shares reserved for
     issuance of the Old Warrants and to not exercise the Old
     Warrants until Fellows Energy obtains an increase in the
     authorized shares of common stock.  Upon obtaining the
     increase in authorized shares, the company agreed to issue
     JGB 500,000 shares of restricted common stock;  

   * The company entered into a first amendment and waiver
     agreement with Palisades Master Fund, L.P., for the
     amendment of old debentures issued to Palisades; and

   * The company entered into a first amendment and waiver
     agreement with Crescent for the amendment of old debentures
     issued to JGB and Crescent.

In the restructuring transactions, Fellows also closed a financing
pursuant to a securities purchase agreement with Palisades for the
issuance of a $714,500 face amount debenture maturing Sept. 15,
2007.  The New Debenture does not accrue interest.  Investors paid
$500,000 for the New Debenture, resulting in net proceeds of
$400,000 before legal fees.

The changes highlighted in the June and September 2005 agreements
include the removal of the ratchet and call provisions; removal of
the mandatory monthly liquidation and amortization provisions, and
amending the fixed conversion price to $0.1375.

"We are very pleased to have completed this restructuring," said
George Young, president of Fellows Energy.  "This restructuring
will be very beneficial to Fellows and our shareholders by
eliminating the monthly amortization payments, which we believe
will result in a more orderly trading market for our stock, and by
fixing the conversion price at a level 40% above the current
market price."

"We believe that this transaction, combined with the recent
reserve report showing in excess of 10.5 BCF of gas in the proven
reserve category and net income potential of over $17 million from
the Carbon County project, will allow us to move forward in
developing this acreage.  We also expect that this new structure
will enable us to acquire additional producing properties and
raise additional capital for our increasing development activities
on our other projects."

                        About Fellows Energy

Incorporated in Nevada on April 9, 2001, Fellows Energy Ltd.
(OTCBB: FLWE) -- http://www.fellowsenergy.com/-- was originally  
formed to offer business consulting services in the retail
automobile fueling industry.  In November 2003, the company ceased
all activity in the automotive fueling industry and entered the
oil and gas business, focusing on exploration for oil and gas in
the Rocky Mountain Region.  On January 5, 2004, the company
acquired certain interests in certain oil and gas leases and other
interests owned by Diamond Oil & Gas Corporation, a Nevada
corporation.  Diamond is wholly owned by George S. Young, Fellows
Energy Ltd.'s CEO.

The company's current strategy is to pursue both short- and long-
term opportunities to leverage its large acreage position in the
Rockies, which management believes are characterized by reasonable
entry costs, favorable economic terms, high reserve potential
relative to capital expenditures and the availability of existing
technical data.

                           Going Concern                          

Mendoza Berger & Company, Irvine, Calif., expressed substantial
doubt about Fellows Energy'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 significant operating losses since inception.


FIRST BANCORP: Settles Class Action Suit for $74.25 Million
-----------------------------------------------------------
First BanCorp has reached an agreement in principle to settle all
claims with the lead plaintiffs in a shareholder class action
originally filed in 2005.  Under the terms of the settlement,
which is subject to notice being provided to the class and final
approval by the United States District Court for the District of
Puerto Rico, First BanCorp will pay the plaintiffs $74,250,000.

"I am pleased with the speed and appropriateness of the settlement
that we reached with the plaintiffs," said Luis Beauchamp,
President and Chief Executive Officer of First BanCorp.  "[The
action] is another significant step in our efforts to fully
address our pending legal and regulatory matters, and we look
forward to continuing to build a leading banking franchise for our
customers, shareholders and employees."

In anticipation of the settlement, First BanCorp recorded an
accrual of $74,250,000 in its financial statements for the year
ended Dec. 31, 2005.  First BanCorp had been in discussions, led
by a mediator, with the lead plaintiff regarding a settlement.

                       Financial Reporting

First BanCorp plans to file its annual report on Form 10-K for the
fiscal year ended Dec. 31, 2006 in the summer of 2007.  As soon as
practicable thereafter, First BanCorp expects to file with the
Securities and Exchange Commission the financial information
required for its fiscal quarters ended March 31, 2005, June 30,
2005, Sept. 30, 2005, March 31, 2006, June 30, 2006, Sept. 30,
2006 and the corresponding quarters for 2007.

                       About First BanCorp

First BanCorp (NYSE: FBP) is the parent corporation of FirstBank
Puerto Rico, a state chartered commercial bank with operations in
Puerto Rico, the Virgin Islands and Florida; of FirstBank
Insurance Agency; and of Ponce General Corporation.  First
BanCorp, FirstBank Puerto Rico and FirstBank Florida, formerly
UniBank, the thrift subsidiary of Ponce General, all operate
within U.S. banking laws and regulations.  The Corporation
operates a total of 153 financial services facilities throughout
Puerto Rico, the U.S. and British Virgin Islands, and Florida.
Among the subsidiaries of FirstBank Puerto Rico are Money Express,
a finance company; First Leasing and Car Rental, a car and truck
rental leasing company; and FirstMortgage, a mortgage origination
company. In the U.S. Virgin Islands, FirstBank operates First
Insurance VI, an insurance agency; First Trade, Inc., a foreign
corporation management company; and First Express, a small loan
company.

                          *     *     *

As reported in the Troubled Company Reporter - Latin America on
Feb. 23, 2007, Fitch Ratings has affirmed First BanCorp's long-
term Issuer Default Rating of 'BB' and Individual rating of 'C/D'
and removed the Rating Watch Negative.  The Rating Outlook is
Negative.  Fitch placed the ratings of First BanCorp on Rating
Watch Negative on Oct. 30, 2006.  At the same time, Fitch is
affirming the IDR and short-term rating of FBP's subsidiary,
FirstBank of Puerto Rico at 'BB' and 'B', respectively.  The
Rating Outlook remains Negative.  


FORD MOTOR: Nears Deal to Sell Aston Martin Unit in Auction
-----------------------------------------------------------
Ford Motor Co. could announce the sale of its Aston Martin sports
car unit for GBP450 million as early as this week, an unidentified
source told News Limited.

Speaking at the Merrill Lynch Global Automotive Conference in
Geneva on Monday, Ford Europe head Lewis Booth said that the sale
of all or a part of the luxury sports car brand "has not reached
conclusion" but that a sale would conclude sometime this year, The
Wall Street Journal relates.

According to media reports, possible bidders include:

  * Motor-racing firm Prodrive, with Egypt's Naeem investment
    bank;

  * UK buyout firm Doughty Hanson;

  * Canadian car parts company Magna;

  * Syrian-born property mogul Simon Halabi; and

  * a consortium including Australian media billionaire James
    Packer.

Ford has explored strategic options for Aston Martin in August
last year, with particular emphasis on a potential sale of all or
a portion of the unit.

Aston Martin, up for sale for more than GBP450 million, is part
of the company's Premier Automotive Group -- the organization
under which all of Ford's European brands are grouped.  The
group also includes other brands like Volvo, Land Rover, and
Jaguar.  

The sale of Aston Martin is in line with the company's cost
reduction plan, which, according to its chief executive officer
Alan R. Mulally, includes the reduction of the number of vehicle
platforms the company uses around the world and increase in the
number of shared parts.

The auction is run by UBS AG.

                        About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles  
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury, and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                          *     *     *

As reported in the TCR-Europe on Dec. 13, 2006, Standard &
Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co. after the company increased
the size of its proposed senior secured credit facilities to
between $17.5 billion and $18.5 billion, up from $15 billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's $3 billion of senior convertible notes due
2036.


FREMONT GENERAL: To Exit Sub-Prime Lending Operations
-----------------------------------------------------
Fremont General Corporation disclosed in a regulatory filing with
the U.S. Securities and Exchange Commission that it will exit its
sub-prime residential real estate lending operations.

The move comes as a result of the company's receipt on Feb. 27,
2007, of a Proposed Cease and Desist Order from the Federal
Deposit Insurance Corporation.

The company's management and board of directors have entered into
discussions with various parties regarding the sale of this
business.  To assist in the evaluation of its alternatives, the
Company has retained Credit Suisse Securities LLC as its financial
advisor.

The Order however doesn't seek any changes in the company's retail
deposit gathering business.  As a result, its wholly-owned
industrial bank, Fremont Investment & Loan, will continue to seek
deposits, which will continue to be insured for up to $100,000 by
the FDIC.

The company will also continue to originate commercial real estate
loans.  This business continues to perform well and remains
profitable.  The commercial real estate loan portfolio
outstanding, as of Dec. 31, 2006, was $6.5 billion and had pre-tax
segment earnings of approximately $211 million for all of 2006,
and experienced no net charge-offs in 2006.  The allowance for
loan losses for the commercial real estate portfolio was
approximately $194.5 million, or 3.0% of the portfolio, at year-
end.

"Thanks in part to its very substantial equity and its $8 billion
retail deposit franchise, Fremont Investment & Loan has
significant balance sheet strength and funding capacity that we
believe will enable us to exit the sub-prime lending business in
an orderly and disciplined way.  We also remain a premier
commercial real estate lender," said Louis J. Rampino, President
and Chief Executive Officer of Fremont General and Chairman of
Fremont Investment & Loan.  "In addition, we remain in the retail
deposit business and continue to provide excellent service to our
depositors in our over 70-year-old retail deposit business. Our
valued deposit customers should be reassured by our strong capital
level and the fact that deposits at FIL of up to $100,000 are
insured by the FDIC."

                    Cease and Desist Order

The company discloses that as a consequence of the Order, Fremont
Investment and another wholly owned subsidiary, Fremont General
Credit Corporation), will enter into a voluntary formal agreement,
to be designated as a cease and desist order, with the FDIC.

Among other things, the Order will require Fremont Investment to
cease and desist from:

    * Operating with management whose policies and practices are
      detrimental to Fremont Investment;

    * Operating Fremont Investment without effective risk
      management policies and procedures in place in relation to
      Fremont Investment's brokered subprime mortgage lending and
      commercial real estate construction lending businesses;

    * Operating with inadequate underwriting criteria and
      excessive risk in relation to the kind and quality of assets
      held by Fremont Investment;

    * Operating without an accurate, rigorous and properly
      documented methodology concerning its allowance for loan and
      lease losses;

    * Operating with a large volume of poor quality loans;

    * Engaging in unsatisfactory lending practices;

    * Operating without an adequate strategic plan in relation to
      the volatility of Fremont Investment's business lines and
      the kind and quality of assets held by Fremont Investment;

    * Operating with inadequate capital in relation to the kind
      and quality of assets held by Fremont Investment;

    * Operating in such a manner as to produce low and
      unsustainable earnings;

    * Operating with inadequate provisions for liquidity in
      relation to the volatility of Fremont Investment's business
      lines and the kind and quality of assets held by Fremont
      Investment;

    * Marketing and extending adjustable-rate mortgage products to
      subprime borrowers in an unsafe and unsound manner that
      greatly increases the risk that borrowers will default on
      the loans or otherwise cause losses to Fremont Investment,
      including:

         (1) ARM products that qualify borrowers for loans with
             low initial payments based on an introductory rate
             that will expire after an initial period, without
             adequate analysis of the borrower's ability to repay
             at the fully indexed rate,

         (2) ARM products containing features likely to require
             frequent refinancing to maintain affordable monthly
             payment or to avoid foreclosure, and

         (3) loans or loan arrangements with loan-to-value ratios
             approaching or exceeding 100% of the value of the
             collateral;

    * Making mortgage loans without adequately considering the
      borrower's ability to repay the mortgage according to its
      terms;

    * Operating in violation of Section 23B of the Federal Reserve
      Act, in that Fremont Investment engaged in transactions with
      its affiliates on terms and under circumstances that in good
      faith would not be offered to, or would not apply to,
      nonaffiliated companies; and

    * Operating inconsistently with the FDIC's Interagency
      Advisory on Mortgage Banking and Interagency Expanded
      Guidance for Subprime Lending Programs.

                       About Fremont General

Headquartered in Santa Monica, Calif., Fremont General Corporation
(NYSE:FMT) -- http://www.fremontgeneral.com/-- is a financial  
services holding company.  Fremont General's financial services
operations are consolidated within Fremont General Credit
Corporation, which is engaged in commercial and residential real
estate lending nationwide through its California-chartered
industrial bank subsidiary, Fremont Investment & Loan.  FIL is
primarily funded through deposit accounts that are insured up to
the maximum legal limit by the Federal Deposit Insurance
Corporation, and to a lesser extent, advances from the Federal
Home Loan Bank.


FREMONT GENERAL: Delays Filing of Form 10-K for Year Ended Dec. 31
------------------------------------------------------------------
Fremont General Corporation reported that it will delay the filing
of its Annual Report on Form 10-K for the fiscal year ended
December 31, 2006.

The company discloses that it expects to file its Form 10-K by
March 16, 2007.

Headquartered in Santa Monica, Calif., Fremont General Corporation
(NYSE:FMT) -- http://www.fremontgeneral.com/-- is a financial  
services holding company.  Fremont General's financial services
operations are consolidated within Fremont General Credit
Corporation, which is engaged in commercial and residential real
estate lending nationwide through its California-chartered
industrial bank subsidiary, Fremont Investment & Loan.  FIL is
primarily funded through deposit accounts that are insured up to
the maximum legal limit by the Federal Deposit Insurance
Corporation, and to a lesser extent, advances from the Federal
Home Loan Bank.


FREMONT GENERAL: DBRS Downgrades Senior Loan's Rating to B (low)
----------------------------------------------------------------
Dominion Bond Rating Service downgraded all the ratings of Fremont
General Corporation and its subsidiaries, including Fremont's
Issuer and Senior Debt rating to B (low) from B (high).  DBRS also
downgraded Fremont Investment & Loan's Deposits & Senior Debt
rating to B (high) from BB (low).  All ratings remain Under Review
with Negative Implications.

These actions follow the company's announcement that it expects
Fremont Investment and the company's wholly owned subsidiary,
Fremont General Credit Corporation, will enter into a voluntary
formal agreement, to be designated as a cease and desist order,
with the Federal Deposit Insurance Corporation.  Along with the
details of the proposed C&D, the company announced that it will
exit the subprime mortgage business.

Among other things, the C&D calls for the Company to make a
variety of changes designed to restrict the level of lending in
its subprime residential mortgage business, constrains its
commercial real estate lending, limits the payments of cash
dividends to Fremont by Fremont Investment without regulator
approval and includes a 14% Tier 1 capital ratio requirement on
Fremont Investment's total assets.

DBRS believes that the cash dividend limitation weakens the
liquidity position of Fremont, which accounts for the two-notch
differential between Fremont's rating and that of Fremont
Investment.  Moreover, capitalization and financial flexibility
will be pressured by the 14% Tier 1 capital requirement set out in
the proposed order.  DBRS is concerned that the terms of the
Order, along with any continued high level of repurchase requests
caused by early payment defaults, will negatively affect the
company's prospects of a timely and favorable sale of the subprime
mortgage business.

Fremont's commercial real estate lending operations have provided
a level of business and revenue diversification.  Although this
business continues to perform well, DBRS is concerned that the
limitations included in the C&D will weaken the performance of
this unit, putting further pressure on the ratings.

Although Fremont has yet to file its Form 10-K, it is expected
that the Company will report a net loss from continued operations
for the fourth quarter of 2006, attributed to an increase of
provisions for loan repurchase and premium recapture.  Fremont
is still assessing the full-year results.

DBRS believes that the increased provisions may have a
sizable impact on the Company's financial flexibility; however,
uncertainties remain until the form is actually filed.  DBRS sees
the impact of these uncertainties being exacerbated by the current
deteriorating market conditions in the residential subprime
mortgage industry.  DBRS is concerned that this delay and any
prolonged delays in filing financial results will have a
significant impact on the Company's ability to access funding.

Moreover, DBRS is concerned about the weakening fundamentals of
Fremont, which have been negatively affected by rising costs
associated with the high level of repurchase requests attributed
to the elevated level of early payment defaults.  In 2006,
performance has deteriorated throughout the subprime mortgage
sector; however, delinquency and foreclosure rates in
securitizations backed by Fremont collateral were among the
highest in the sector.  Although the Company has taking steps to
stem the early payment defaults, DBRS believes that any
continuation of the high level of repurchased loans could
substantially weaken the Company's balance sheet, leading to
potential writedowns of on-balance-sheet residential loans.  
Importantly, the deterioration of the balance-sheet assets may
have a significant impact on liquidity and capital.

The Under Review with Negative Implications status is based on
the uncertainties associated with the delay in releasing financial
results and the liquidity ramifications of any additional delays
in filing Form 10-K.  DBRS sees the impact of these uncertainties
being exacerbated by the current deteriorating market conditions
in the residential subprime mortgage industry.

DBRS's review will focus on the Company's progress in releasing
its financial results and filing its Form 10-K, on its progress in
exiting the subprime business and on its ability to manage its
liquidity and limit deposit outflows given the headlines and
constraints on the broker deposits included in the C&D, as well
as the company's success in curtailing the pace of early payment
default repurchase activity and improving credit quality.


FREMONT GENERAL: Fitch Junks Issuer Default Rating; Retains Watch
-----------------------------------------------------------------
Fitch Ratings has downgraded Fremont General Corp. as:

    -- Long-Term Issuer Default Rating to 'CCC' from 'B+';
    -- Short-Term Issuer to 'C' from 'B';
    -- Long-Term senior debt to 'CC' from 'B';
    -- Individual to 'E' from 'D'.

Fitch's rating action reflects FMT's recent regulatory filing
disclosing that FMT, FIL and FMT's wholly owned subsidiary,
Fremont General Credit Corporation, will enter into a formal cease
and desist order with the Federal Deposit Insurance Corporation.  
The C&D criticized a number of the FMT's practices, including
violations of Section 23B pertaining to transactions between
affiliates.  FMT also announced it intends to exit the subprime
residential lending business and is engaged in discussions
regarding sale of the business.  This development, the latest in a
series of events that has adversely affected FMT's credit profile,
adds to Fitch's concerns previously noted in recent Rating Action
Commentaries.  Fitch also believes that FMT's financial
flexibility will weaken further and the prospects for receiving a
reasonable value for the subprime business are low.

The Negative Rating Watch indicates that further downgrades are
possible.  The recent regulatory action significantly weakens the
liquidity profile of FMT as the FDIC protects the interests of the
depositors by insulating the bank or FIL.  The C&D includes
maintaining Tier I capital ratio above 14% and limits cash
dividends by FIL without the prior written consent of regulators.  
As Fitch previously noted, debt at the holding company level is
mainly being serviced by cash flows from residual interests in
mortgage-backed securities (MBS) backed by FIL-originated subprime
residential real estate loan collateral.  The residual interests
are in the form of Net Interest Margin (NIM) bonds which can be
volatile and generate inconsistent cash flows.

Recent vintages of Fremont MBS related to the NIMS have
underperformed, and as a consequence, cash flows from residuals
may decline.  At Sept. 30, 2006, FMT had available cash on hand
and some contingent funding to offset any potential cash
shortfalls from the residuals, however, FMT can no longer rely on
cash dividends from FIL and the valuation of the NIM bonds may
change as the company's valuation methodology has been criticized.

Furthermore, Fitch expects that FMT will have difficulty executing
its business plan under the restrictions imposed by the C&D.  For
example, the C&D requires additional control over FIL's commercial
real estate lending function, including a planned material
reduction in the volume of non-recourse loans for condominium
conversion and construction - a market that FIL has emphasized.  
While details have not been released, Fitch believes that more
downside risk will materialize as a result of FMT's announcement
pressuring FMT's financial flexibility.  In addition, the recovery
prospects for FMT bondholders would likely be lower than
previously estimated.

In considering rating downgrades for FMT and FIL, such action
would be likely if default on FMT debt becomes imminent.  To
resolve the Rating Watch, Fitch will consider a number of factors
such as its ability to sell the subprime mortgage business and
meet capital requirements under the C&D.

Fitch has assigned a 'RR2' Recovery Rating to FIL's long-term
deposits reflecting a recovery 71%-90%.  Fitch has also assigned
Recovery Ratings of 'RR5' and 'RR6' to FMT's senior debt and
preferred stock (issued through Fremont General Financing I).
Recovery Ratings in the 'RR5' range indicate below average
recovery or 11% - 30%, while 'RR6' Recovery Ratings reflect poor
recovery or 0% - 10%.

While not a bank holding company, FMT is a holding company that
engages in lending through FIL, which is an industrial bank
regulated by the FDIC and the Department of Financial Institutions
of the State of California.

Fitch has downgraded these ratings and kept them on Rating Watch
Negative:

Fremont General Corp.

    -- Long-term Issuer Default Rating to 'CCC' from 'B+';
    -- Long-term senior debt to 'CC/RR5' from 'B';
    -- Short-term issuer to 'C' from 'B';
    -- Individual to 'E' from 'D'.

Fremont General Financing I

    -- Preferred securities to 'C/RR6' from 'CCC+'.

Fremont Investment & Loan

    -- Long-term deposits to 'B-/RR2' from 'BB';
    -- Short-term deposits to 'C' from 'B';
    -- Long-term Issuer Default Rating to 'CCC' from 'BB-';
    -- Short-term Issuer to 'C' from 'B';
    -- Individual to 'E' from 'C/D'.


FREMONT GENERAL: S&P Lowers Rating and Retains Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its counterparty credit
rating on Fremont General Corp. to 'B-' from 'B+'.

Standard & Poor's also said that the rating remains on CreditWatch
with negative implications, where it was placed on March 1, 2007.

"The rating action reflects our concerns about Fremont's decision
to exit the subprime real estate lending business following a
proposed cease-and-desist order from the FDIC," explained Standard
& Poor's credit analyst Adom Rosengarten.  "This voluntary
decision calls into question the company's ability to compete as a
monoline lender in the risky commercial real estate market.  The
company might also have to lighten concentrations in its
commercial real estate portfolio to satisfy the conditions of the
cease-and-desist order."

In addition to the increased pressure that Fremont has faced from
the overall state of the subprime mortgage market, the cease-and-
desist order may signal significant deficiencies in the risk-
management processes and oversight in Fremont's core business
lines, raising concerns about higher credit costs and Fremont's
ultimate level of core earnings.  The divestiture of its subprime
lending operations would constitute the loss of a large source of
revenue and business diversification for Fremont.

The ratings remain on CreditWatch negative to reflect the
uncertainty surrounding the release of the company's 2006
financial results and the disposition of its sub-prime lending
operations.


FREMONT GENERAL: Moody's Downgrades Ratings and Retains Review
--------------------------------------------------------------
Moody's Investors Service downgraded its debt ratings of Fremont
General Corporation (senior to B3 from B2) and subsidiaries
including its bank subsidiary, Fremont Investment & Loan (bank
financial strength rating to E+ from D-, deposits to B1 from Ba3,
issuer rating to B2 from B1), and Fremont General Financing I
(preferred stock to Caa2 from Caa1).  Moody's also kept the
ratings under review for possible downgrade.

The downgrades follow the announcement that Fremont obtained a
cease and desist order from the FDIC, and in response Fremont has
announced its exit from the sub-prime business and will attempt to
sell it.  The cease and desist order also requires Fremont to make
sizable changes to its other business which is making commercial
real estate loans without recourse or limited recourse to its
customers.

Amongst the requirements of the cease and desist order is that
Fremont Investment and Loan be prohibited to receive or renew
brokered deposits which makes up approximately 16% of the bank's
deposits and funds approximately 12% of its assets.  Other
requirements of the order include a plan to increase the bank's
capital ratios and limiting payment of cash dividends by Fremont
Investment and Loan without prior written consent from its
regulators.

The downgrades were in response to Fremont's reduced financial
flexibility as it attempts to sell its sub-prime mortgage business
and meet the requirements of its regulatory order.  This reduced
flexibility could increase liquidity challenges at both the bank
(Fremont Investment and Loan) and the holding company (Fremont
General Corporation).  "The bank's deposits exceed unencumbered
assets, while its ability to obtained secured funding could be
reduced by increased margin requirements" said Moody's Sean Jones,
Senior Vice President and lead analyst on Fremont.  "The holding
company's $165 million of senior debt does not mature until March
17, 2009, however, Moody's believes the holding company would have
limited ability to meet potential one year's cash obligations",
said Mr. Jones.

Moody's also placed Fremont's ratings under review for possible
downgrade.  The review will focus on Fremont's ability to defend
its liquidity profile.

A positive ratings factor would be a successful sale of Fremont's
assets so that capital levels would not be meaningfully impaired
and the cash receipts would improve the probability of Fremont's
meeting its debt obligations.

Ratings downgraded included:

    - Fremont General Corporation -- senior debt to B3 from B2.

    - Fremont Investment and loan -- bank financial strength
      rating to E+ from D-, long-term deposits to B1 from Ba3, and
      issuer rating and other senior obligations to B2 from B1.

    - Fremont General Financing I -- preferred stock to Caa2 from
      Caa1.

Fremont had reported consolidated assets of $12.8 billion as of
September 30, 2006.  It is headquartered in Santa Monica,
California.


FREMONT INVESTMENT: DBRS Cuts Senior Loan's Rating To B (high)
--------------------------------------------------------------
Dominion Bond Rating Service downgraded all the ratings of Fremont
General Corporation and its subsidiaries, including Fremont's
Issuer and Senior Debt rating to B (low) from B (high).  DBRS also
downgraded Fremont Investment & Loan's Deposits & Senior Debt
rating to B (high) from BB (low).  All ratings remain Under Review
with Negative Implications.

These actions follow the company's announcement that it expects
Fremont Investment and the company's wholly owned subsidiary,
Fremont General Credit Corporation, will enter into a voluntary
formal agreement, to be designated as a cease and desist order,
with the Federal Deposit Insurance Corporation.  Along with the
details of the proposed C&D, the company announced that it will
exit the subprime mortgage business.

Among other things, the C&D calls for the Company to make a
variety of changes designed to restrict the level of lending in
its subprime residential mortgage business, constrains its
commercial real estate lending, limits the payments of cash
dividends to Fremont by Fremont Investment without regulator
approval and includes a 14% Tier 1 capital ratio requirement on
Fremont Investment's total assets.

DBRS believes that the cash dividend limitation weakens the
liquidity position of Fremont, which accounts for the two-notch
differential between Fremont's rating and that of Fremont
Investment.  Moreover, capitalization and financial flexibility
will be pressured by the 14% Tier 1 capital requirement set out in
the proposed order.  DBRS is concerned that the terms of the
Order, along with any continued high level of repurchase requests
caused by early payment defaults, will negatively affect the
company's prospects of a timely and favorable sale of the subprime
mortgage business.

Fremont's commercial real estate lending operations have provided
a level of business and revenue diversification.  Although this
business continues to perform well, DBRS is concerned that the
limitations included in the C&D will weaken the performance of
this unit, putting further pressure on the ratings.

Although Fremont has yet to file its Form 10-K, it is expected
that the Company will report a net loss from continued operations
for the fourth quarter of 2006, attributed to an increase of
provisions for loan repurchase and premium recapture.  Fremont
is still assessing the full-year results.

DBRS believes that the increased provisions may have a
sizable impact on the Company's financial flexibility; however,
uncertainties remain until the form is actually filed.  DBRS sees
the impact of these uncertainties being exacerbated by the current
deteriorating market conditions in the residential subprime
mortgage industry.  DBRS is concerned that this delay and any
prolonged delays in filing financial results will have a
significant impact on the Company's ability to access funding.

Moreover, DBRS is concerned about the weakening fundamentals of
Fremont, which have been negatively affected by rising costs
associated with the high level of repurchase requests attributed
to the elevated level of early payment defaults.  In 2006,
performance has deteriorated throughout the subprime mortgage
sector; however, delinquency and foreclosure rates in
securitizations backed by Fremont collateral were among the
highest in the sector.  Although the Company has taking steps to
stem the early payment defaults, DBRS believes that any
continuation of the high level of repurchased loans could
substantially weaken the Company's balance sheet, leading to
potential writedowns of on-balance-sheet residential loans.  
Importantly, the deterioration of the balance-sheet assets may
have a significant impact on liquidity and capital.

The Under Review with Negative Implications status is based on
the uncertainties associated with the delay in releasing financial
results and the liquidity ramifications of any additional delays
in filing Form 10-K.  DBRS sees the impact of these uncertainties
being exacerbated by the current deteriorating market conditions
in the residential subprime mortgage industry.

DBRS's review will focus on the Company's progress in releasing
its financial results and filing its Form 10-K, on its progress in
exiting the subprime business and on its ability to manage its
liquidity and limit deposit outflows given the headlines and
constraints on the broker deposits included in the C&D, as well
as the company's success in curtailing the pace of early payment
default repurchase activity and improving credit quality.


FREMONT INVESTMENT: Moody's Puts Rating on Review & May Downgrade
-----------------------------------------------------------------
Moody's Investors Service has downgraded the servicer quality
rating of Fremont Investment & Loan as a primary servicer of
subprime loans to SQ4+ from SQ3+.  Additionally, Moody's has
placed the rating on review for possible further downgrade.

The action is prompted by the company's announcement on March 2,
2007, that it was subject to a proposed cease and desist order
from the Federal Deposit Insurance Corporation.  As a result of
this announcement, the company declared its intention to exit the
subprime residential mortgage business.  Moody's believes that the
announcement has a significant negative impact on the servicing
operations.

Moody's will assess whether the performance of residential
mortgage-backed securities backed in whole or in part by loans
serviced by Fremont may be impacted.  Although it is too soon to
determine which specific transactions may be affected, the level
of impact will depend primarily upon the proportion of loans
serviced by Fremont as well as the performance of such loans.

As with all ratings, Moody's will continue to monitor the
performance and take rating actions as appropriate.

Fremont Investment & Loan is a California-chartered industrial
bank which operates through three reportable business segments:
Residential Real Estate, Commercial Real Estate, and Retail
Banking.

Moody's SQ ratings represent its view of a servicer's ability to
prevent or mitigate asset pool losses across changing markets.  
The rating scale ranges from SQ1 (strong) to SQ5 (weak).  Where
appropriate, a "+" or "-" modifier will be appended to the
relevant rating to indicate a servicer's relative servicing
quality within a particular category.  Moody's servicer ratings
are differentiated in the marketplace by focusing on performance
measurement.  SQ ratings for U.S. residential mortgage servicers
incorporate assessments of delinquency transition rates,
foreclosure timeline management, loan cure rates, recoveries, loan
resolution outcomes, and REO management - all critical indicators
of a servicer's ability to maximize returns from mortgage
portfolios.

Moody's servicer ratings also consider the company's ability to
maintain its focus on high quality servicing in an economic
downturn.  Servicing operations can be stressed by increasing the
number of delinquent loans while at the same time increasing the
need for liquidity.  The SQ rating reflects our expectation of the
impact that the servicing will have on the on-going credit
performance of the portfolio.  For this reason, Moody's monitors
SQ ratings based on periodic information provided by servicers and
conducts a formal re-evaluation of its servicer ratings annually.


GABRIEL DEHARO: Case Summary & 11 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Gabriel DeHaro
        Marisela Fraire
        262 Ben Putnam Road
        Resaca, GA 30735

Bankruptcy Case No.: 07-40563

Type of Business: The Debtor filed for chapter 11 protection on
                  May 2, 2006 (Bankr. N.D. Ga. Case No. 06-40730).

Chapter 11 Petition Date: March 5, 2007

Court: Northern District of Georgia (Rome)

Debtors' Counsel: Leon S. Jones, Esq.
                  Jones & Walden, LLC
                  21 Eighth Street, Northeast
                  Atlanta, GA 30309
                  Tel: (404) 564-9300
                  Fax: (404) 564-9301

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtors' 11 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Acousto-Optics                                            $20,465
Bob Fair
1145 Corner Road
Powder Springs, GA 30127

Regions Bank                       122 Bellwood Drive     $10,500
P.O. Box 2521
Birmingham, AL 35287

Lexus Financial Services           Lexus                   $9,104
P.O. Box 5855
Carol Stream, IL 60197-5855

SunTrust Bank                      1999 Nissan             $7,000
                                   Pathfinder

Bank of America                    Business Credit         $4,122
                                   Card

Sheffield Financial                                        $2,557

First National Bank of Omaha       State Taxes             $2,107

Office of the U.S. Trustee         Trustee Fees              $750

Emergency Coverage Corp.           Medical Bill              $443

Hamilton Medical Center            Medical Bill              $107

American First Federal                                    Unknown


GREAT ATLANTIC: Pathmark Purchase Prompts Moody's Ratings Review
----------------------------------------------------------------
Moody's Investors Service placed the long term ratings of The
Great Atlantic & Pacific Tea Co. under review for possible
downgrade and affirmed the Speculative Grade Liquidity Rating of
SGL-3 following the company's announcement on March 5,, 2007 that
it has reached a definitive merger agreement to acquire Pathmark
Stores, Inc. for $1.3 billion in cash, stock and debt assumption
and retirement.  The contemplated merger of A&P and Pathmark could
result in a more highly leveraged entity with modest profitability
that operates in highly competitive trade areas of the Northeast
region of the country.

Ratings placed under review for possible downgrade:

The Great Atlantic & Pacific Tea Company, Inc.:

    * Corporate Family rating of B3;
    * Probability of Default rating of B3;
    * Senior unsecured notes of Caa1 (LGD5-73%);

    * Multi-seniority shelf at (P)Caa1 for senior, (P)Caa2 for
      subordinated, (P)Caa2 for junior subordinated, and (P)Caa2
      for preferred stock.

A&P Finance I, A&P Finance II and A&P Finance III:

    * Trust preferred securities shelf at (P)Caa2

Ratings affirmed:

The Great Atlantic & Pacific Tea Company, Inc.:

    * Speculative Grade Liquidity rating of SGL-3.

Moody's review of A&P's long term ratings will focus on:

    (1) the resulting capital structure of the combined company,

    (2) interim operating performance of A&P prior to the
        completion of the merger transaction , with particular
        focus on profitability and comparable store sales,

    (3) financial policy and liquidity profile,

    (4) evaluation of potential synergies and

    (5) the integration risk of merging the Pathmark operations
        into the A&P operations in a highly competitive and
        consolidating supermarket industry.

If A&P's operating performance were to deteriorate significantly
prior to the closing of the transaction, A&P's ratings could
potentially be downgraded.

Notwithstanding potential changes to A&P's liquidity profile as
part of the transaction, the affirmation of A&P's SGL-3 rating
reflects Moody's expectation that the company will maintain
adequate liquidity, and that its internally generated cash flow
along with borrowings under its current committed revolving credit
facility should be sufficient to fund its capital expenditures,
seasonal working capital needs and for the opening of any letters
of credit, to the extent that they are not opened under the
company's separate $200 million arrangement that requires cash
collateral.

The Great Atlantic & Pacific Tea Company, Inc., headquartered in
Montvale, New Jersey, operates 410 supermarkets in 9 states and
the District of Columbia.  The company generated approximately
$6.8 billion in revenue for the twelve months ended December 2,
2007.


GS MORTGAGE: Moody's Ups Rating on Class K-PR Certificates to Ba3
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of four classes and
affirmed the ratings of three classes of GS Mortgage Securities
Corporation II, Commercial Mortgage Pass-Through Certificates,
Series 2005-GSFL VII as:

    - Class X, Notional, affirmed at Aaa
    - Class B, $5,646,278, Floating, affirmed at Aaa
    - Class C, $32,123,000, Floating, affirmed at Aaa
    - Class D, $16,062,000, Floating, upgraded to Aaa from Aa1
    - Class E, $26,533,000, Floating, upgraded to Aa2 from A2
    - Class F, $20,425,000, Floating, upgraded to Baa2 from Baa3
    - Class K-PR, $1,000,000, Floating, upgraded to Ba3 from B1

As of the February 6, 2007 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 81.9%
to $118.9 million from $655.9 million at securitization as the
result of the payoff of four loans and amortization associated
with one loan.  The Certificates are collateralized by three
senior participation interests.  The loans range in size from
14.3% to 49.5% of the pool based on current principal balances.

Moody's current weighted average loan to value ratio is 60.5%,
compared to 64.0% at Moody's last full review in August 2006 and
compared to 64.7% at securitization.  Moody's is upgrading pooled
Classes D, E and F due to increased credit support.  Moody's is
upgrading non-pooled Class K-PR due to the improved performance of
the Pittsburgh Renaissance Loan.

The Sands Expo Convention Center Loan (49.5%) is secured by a
1.14 million square foot exposition and convention center located
in Las Vegas, Nevada.  The property is affiliated and physically
attached to the Venetian Hotel.  Although the facilities operate
separately, there is a joint marketing agreement with the Venetian
whereby SECC markets the hotel as the "headquarters hotel" for
SECC events and the Venetian in turn promotes the use and
occupancy of the SECC. Moody's LTV is 53.4%, compared to 56.5% at
last review and compared to 53.5% at securitization.  Moody's
current shadow rating is A3, compared to Baa1 at last review.

The Worldgate Plaza Loan (36.2%) is secured by a four-building
Class A office complex located in Herndon, Virginia.  The property
was built in 2000, totals 322,328 square feet of net rentable area
and has direct frontage on the Dulles Toll Road.  The property is
currently 93.7% leased, compared to 75.0% at securitization.  The
two largest tenants, Verizon Avenue (parent company Verizon
Communications; Moody's senior unsecured rating A3 -- stable
outlook) and SAVVIS Communications, comprise 50.0% of the
building's total net rentable area. Moody's LTV is 65.1%, compared
to 68.4% at last review and compared to 67.5% at securitization.  
Moody's current shadow rating is Baa2, compared to Baa3 at last
review.

The Pittsburgh Renaissance Loan (14.3%) is secured by a 300-room
full-service hotel located in downtown Pittsburgh, Pennsylvania.  
The hotel opened in 2001, following a $50 million conversion of
the landmark Fulton Building, originally constructed in 1906.  
RevPAR for calendar year 2006 was $107.96, compared to $98.20 at
securitization.  Although the hotel's performance has improved
since Moody's last review, profit margins have decreased since
securitization.  Moody's LTV is 73.6%, compared to 81.2% at last
review and compared to 66.9% at securitization.  Moody's current
shadow rating for the pooled debt is Ba2, compared to B1 at last
review.


GSAA HOME: Moody's Rates Class B-4 Certificates at Ba2
------------------------------------------------------
Moody's Investors Service has assigned a rating of Aaa to the
senior certificates issued by GSAA Home Equity Trust 2007-3, and
ratings ranging from Aa1 to Ba2 to the mezzanine and subordinate
certificates in the deal.

The securitization is backed by adjustable-rate, Alt-A residential
mortgage loans originated or acquired by Goldman Sachs Mortgage
Company (30.88%), GreenPoint Mortgage Funding, Inc. (28.54%),
Countrywide Home Loans, Inc. (20.02%), First National Bank of
Nevada (10.84%), and IndyMac Bank, F.S.B. (9.72%).

The ratings are based primarily on the credit quality of the loans
and on the protection against credit losses provided by
subordination, overcollateralization, excess spread, and interest
rate swap agreements. Moody's expects collateral losses to range
from 1.10% to 1.30%.

Avelo Mortgage, L.L.C., GreenPoint Mortgage Funding, Inc.,
Countrywide Home Loans Servicing, L.P., and IndyMac Bank, F.S.B.
will service the loans. Wells Fargo Bank, N.A. will act as master
servicer.  Moody's has assigned IndyMac Bank, F.S.B. its servicer
quality rating of SQ2 as primary servicer of prime mortgage loans.
Furthermore, Moody's has assigned Wells Fargo Bank N.A. its top
servicer quality rating of SQ1 as master servicer.

The complete rating actions are:

                  GSAA Home Equity Trust 2007-3

            Asset-Backed Certificates, Series 2007-3

                     * Cl. 1A1A, Assigned Aaa
                     * Cl. 1A1B, Assigned Aaa
                     * Cl. 1A2, Assigned Aaa
                     * Cl. A4A, Assigned Aaa
                     * Cl. A4B, Assigned Aaa
                     * Cl. 2A1A, Assigned Aaa
                     * Cl. 2A1B, Assigned Aaa
                     * Cl. M-1, Assigned Aa1
                     * Cl. M-2, Assigned Aa2
                     * Cl. M-3, Assigned Aa3
                     * Cl. M-4, Assigned A1
                     * Cl. M-5, Assigned A2
                     * Cl. M-6, Assigned A2
                     * Cl. B-1, Assigned A3
                     * Cl. B-2, Assigned Baa2
                     * Cl. B-3, Assigned Baa3
                     * Cl. B-4, Assigned Ba2


GSAA HOME: Moody's Rates Class B3 Certificates at Ba2
-----------------------------------------------------
Moody's Investors Service has assigned a rating of Aaa to the
senior certificates issued by GSAA Home Equity Trust 2007-2, and
ratings ranging from Aa1 to Ba2 to the mezzanine and subordinate
certificates in the deal.

The securitization is backed by fixed-rate, Alt-A residential
mortgage loans originated or acquired by SunTrust Mortgage, Inc
(36.68%), Goldman Sachs Mortgage Company (28.98%), HSBC Mortgage
Corporation (16.73%), GreenPoint Mortgage Funding (14.44%), and
one other originator (3.18%).

The ratings are based primarily on the credit quality of the loans
and on the protection against credit losses provided by
subordination, overcollateralization, and excess spread. Moody's
expects collateral losses to range from 1.25% to 1.45%.

Avelo Mortgage, L.L.C., GreenPoint Mortgage Funding, Inc., HSBC
Mortgage Corporation (USA), and SunTrust Mortgage, Inc. will
service the loans. Wells Fargo Bank, N.A. will act as master
servicer.  Moody's has assigned SunTrust Mortgage, Inc. its
servicer quality rating of SQ2+ as primary servicer of prime
mortgage loans.  Furthermore, Moody's has assigned Wells Fargo
Bank N.A. its top servicer quality rating of SQ1 as master
servicer.

The complete rating actions are:

                       GSAA Home Equity Trust 2007-2

                  Asset-Backed Certificates, Series 2007-2

                     * Cl. AV1, Assigned Aaa
                     * Cl. AF2, Assigned Aaa
                     * Cl. AF3, Assigned Aaa
                     * Cl. AF4A, Assigned Aaa
                     * Cl. AF4B, Assigned Aaa
                     * Cl. AF5A, Assigned Aaa
                     * Cl. AF5B, Assigned Aaa
                     * Cl. AF6A, Assigned Aaa
                     * Cl. AF6B, Assigned Aaa
                     * Cl. M1, Assigned Aa1
                     * Cl. M2, Assigned Aa2
                     * Cl. M3, Assigned Aa3
                     * Cl. M4, Assigned A1
                     * Cl. M5, Assigned A2
                     * Cl. M6, Assigned A3
                     * Cl. B1, Assigned Baa1
                     * Cl. B2, Assigned Baa3
                     * Cl. B3, Assigned Ba2


GULF COAST: Confirmation Hearing Scheduled on April 16
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas in
Dallas will convene a hearing at 1:15 p.m., on April 16, 2007, to
consider confirmation of Gulf Coast Holdings Inc.'s Chapter 11
Plan of Liquidation.

                        Summary of the Plan

The Debtor will transfer the $4.2 million proceeds of the sale of
substantially all of its assets to a Liquidating Trust created
under the Plan.  The Trustee will liquidate any remaining assets.

On the effective date, a Liquidating Trust will be formed.  A
Liquidating Trust Board will also be established consisting of a
minimum of two and a maximum of five persons who are either
members of the Creditors Committee or creditors of the Debtor.  
These persons wish to serve on the Board and have a claim on the
effective date.

                        Treatment of Claims

Administrative Claims, Priority Tax Claims, and Class 1 Unsecured
Non-Tax Priority Claims will be paid in full at the later of the
effective date or the date the claim becomes an allowed claim.

At the sole discretion of the Debtors, Allowed Class 2 Secured
Claim Holders will either (a) receive the collateral securing the
Secured Claim, or (b) be paid in full and in Cash, plus interest,
as determined by the Bankruptcy Court, as soon as reasonably
practicable after the later of (i) the Initial Distribution Date
or (ii) the date that the Claim becomes an Allowed Claim.

Holders of Allowed Class 3 Convenience Claims will be paid 50% of
the amount of the Allowed Convenience Claim in cash and in full at
the later of (a) the Initial Distribution Date or (b) the date
that the Claim becomes an Allowed Claim, in full satisfaction of
the Allowed Convenience Claim.

Holders of Allowed Class 4 General Unsecured Claims will receive a
pro rata distribution of the remaining cash proceeds in the Trust
after all claims in Classes 1, 2, and 3 have been paid in full.  
In the event that Class 4 Holders will be paid in full, they will
be entitled to receive interest calculated at the then-applicable
federal rate of interest as of the effective date.

Holders of Class 5 Equity Interests will only receive the
remaining proceeds on a pro rata basis from the Trust if Holders
of Classes 1, 2, 3, and 4 are paid in full plus interest.

A full-text copy of the Debtor's disclosure statement is available
for a fee at:

   http://www.researcharchives.com/bin/download?id=060911215522

                        About Gulf Coast

Headquartered in Conroe, Texas, Gulf Coast Holdings, Inc., filed
for bankruptcy protection on April 28, 2006 (Bankr. N.D. Tex. Case
No. 06-31695).  Daniel I. Morenoff, Esq., and Jeffrey R. Fine,
Esq., at Hughes & Luce, LLP, represent the Debtor in its
restructuring efforts.  The Debtor has employed David Hull as its
chief restructuring officer.  J. Frasher Murphy, Esq., Jaime
Myers, Esq., and Phillip L. Lamberson, Esq., at Winstead, Sechrest
& Minick represent the Official Committee of Unsecured Creditors.  
In its schedules filed with the Court, the Debtor reported assets
amounting to $18,258,575 and debts totaling $19,553,664.


HALLMARK TECHNOLOGIES: Trustee Rejects Kattula's $8.8 Mil. Offer
----------------------------------------------------------------
Robert Kattula's $8.8 million offer for Hallmark Technologies Inc.
fell through last week after the court-appointed receiver failed
to accept the deal, Canadian Plastics reports.

Mr. Kattula, owner of US Industrial Services, had also offered an
additional $3 million for equipment upgrade at the facility.

Canadian Plastics relates that the offer expired on Feb. 27, 2007,
after Mr. Kattula failed to receive a response from Grant Thornton
Ltd., the company's trustee.

Canadian Plastics cites Jonathan Krieger, Grant Thornton corporate
recovery and insolvency vice president, as confirming that the
trustee chose not to accept Mr. Kattula's offer and that details
of the decision will be disclosed "in due course."

Hallmark stopped operations on Feb. 15, 2007, citing
irreconcilable debt, Canadian Plastics relates.

The company had owed approximately $10 million to secured
creditors and was also unable to pay its 331 unsecured creditors,
owed almost $35 million.

The first meeting of the creditors of the bankrupt organization is
scheduled to take place on March 9 at a Windsor area hotel.

Hallmark Technologies Inc. designs, engineers and manufactures
advanced custom steel molds.  The company is composed of two key
divisions, Hallmark Tools and Hallmark Manufacturing.  Hallmark
sells its molds to customers throughout the world.


HAWKER BEECHCRAFT: Moody's Rates Proposed $1.85 Bil. Loan at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 first time rating to
Hawker Beechcraft Acquisition Company LLC's proposed $1.85 billion
senior secured credit facility consisting of a $1.2 billion term
loan due 2014, a $400 million revolver due 2013 and a $250 million
synthetic letter of credit facility due 2014.

Also, Moody's assigned a B3 rating to the company's proposed
$800 million senior unsecured notes due 2015, a Caa1 rating to the
company's senior subordinated notes due 2017, a B2 Corporate
Family Rating, and a Speculative Grade Liquidity Rating of SGL-3.
The rating outlook is stable.

The purpose of the proposed notes and credit facilities is to
partially fund the acquisition of the company by equity sponsors
GS Capital Partners and Onex Partners.  In December of 2006, GSCP
and Onex signed a definitive agreement to acquire Raytheon
Aircraft Company, a segment of Raytheon Company for $3.4 billion
in cash.  The acquisition is expected to be funded through the use
of about $2.4 billion of debt and $1.0 billion of cash equity.  
The acquired entity, which excludes Raytheon's Flight Options and
commuter business, has been renamed Hawker Beechcraft, Inc.

The ratings reflect Hawker Beechcraft's high debt levels relative
to its earnings base and projected retained cash flows, modest
interest coverage, and thin free cash flows anticipated in FY
2007, due to working capital requirements in support of the
initial deliveries of Hawker 4000 and other aircraft deliveries.  
Moody's estimates pro forma leverage of approximately 6 times
Debt/EBITDA and EBIT/Interest coverage of approximately 1.2 times
upon close. Such credit metrics are consistent with the B2
Corporate Family Rating.  Moody's notes that the company's cash
flow generation in FY 2007 and its ability to repay debt over this
period will be highly dependent on proceeds generated from
aircraft deliveries in the fourth quarter alone.  Assumed
inventory reduction is based on a substantial level of planned
fourth quarter aircraft deliveries as well as increased sales of
used aircraft.  Any delay in planned deliveries would result in
more limited debt repayment, forestalling improvement in financial
metrics.  The ratings positively consider the company's
substantial revenue base, its strong backlog and recent booking
activity amidst a strong economic environment, and a small degree
of diversification provided by Hawker Beechcraft's Customer
Support and military Trainer businesses.  Hawker Beechcraft is a
long established provider of products to the business aircraft and
general aviation sector, and this should allow the company to
maintain its strong market position and favorable operating
margins.  While the company's revenue base and backlog are
characteristic of higher rated credits, the more modest financial
metrics resulting from its leveraged capital structure, result in
the assignment of the B2 Corporate Family Rating.

The Speculative Grade Liquidity Rating of SGL-3 reflects Moody's
assessment of Hawker Beechcraft's liquidity position as adequate
relative to its near term working capital and CAPEX requirements.  
Moody's expects that cash balances and cash flows will not likely
cover all anticipated working capital needs at all times
throughout the next twelve months.  However, the company is
expected to have full access to a sizeable revolving credit
facility to cover seasonal working capital requirements.

The stable rating outlook anticipates that Hawker Beechcraft will
meet planned delivery levels and operating margins through FY 2007
such that financial metrics will remain approximately at pro forma
levels and that any required drawings on the revolving credit
facility, although possibly sizeable, will only be short term in
nature.  Moody's does not expect debt to be meaningfully reduced
over the near term.

Ratings or their outlook could be subject to upward revision if
the company's free cash flow strengthens materially, possibly from
improved margins or accelerated sales levels, which may result in
substantial reduction in debt such that Debt/EBITDA were to fall
below 5.5 times, EBIT/Interest were to exceed 1.8 times, and
retained cash flow were to exceed 10% of total debt for a
sustained period.  Conversely, ratings or their outlook could be
lowered if sales stagnate or margins fall, particularly if the
company encounters trouble with the delivery of its Hawker 4000
series aircraft, resulting in a greater reliance on its credit
facility and deterioration in liquidity condition.  Ratings also
could be lowered if the company increases debt levels for any
reason, such that Debt/EBITDA were to exceed 7.0 times,
EBIT/Interest were to fall below 1.0 time, or retained cash flow
were to fall below 5% of debt.

These ratings have been assigned:

Hawker Beechcraft Acquisition Company LLC:

    * Senior secured credit facilities at Ba3 (LGD2, 26%)
    * Senior unsecured notes at B3 (LGD5, 74%)
    * Senior subordinated notes at Caa1 (LGD6, 93%)
    * Corporate Family Rating of B2
    * Probability of Default Rating of B2
    * Speculative Grade Liquidity Rating of SGL-3

Hawker Beechcraft Acquisition Company LLC, a 100%-owned subsidiary
of Hawker Beechcraft, Inc., is headquartered in Wichita, Kansas,
and is a leading manufacturer of business jets, turboprops and
piston aircraft for businesses, governments, and individuals
worldwide.  The company operates in three business segments:
Business and General Aviation, Trainer aircraft, and Customer
Support.


HAWKER BEECHCRAFT: High Debt Leverage Cues S&P's B+ Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to general aviation aircraft manufacturer Hawker
Beechcraft Inc.  The outlook is stable.

At the same time, S&P assigned its 'BB-' bank loan rating and '1'
recovery rating, indicating high expectation of full (100%)
recovery of principal in the event of a payment default, to the
company's proposed $1.85 billion senior secured credit facilities.

The financing consists of a:

    * $400 million revolving credit facility,
    * $1.2 billion term loan, and
    * $250 million pre-funded synthetic letter-of-credit facility.

The borrowers under the facilities are Hawker Beechcraft
Acquisition Co. LLC and Hawker Beechcraft Ltd., both wholly
owned subsidiaries of Hawker Beechcraft Inc.

In addition, S&P assigned 'B-' ratings to Hawker Beechcraft
Acquisition Co. LLC and Hawker Beechcraft Notes Co.'s proposed
$800 million senior unsecured notes due 2015 and $400 million
subordinated notes due 2017, both offered under Rule 144A with
registration rights.  Proceeds of the term loan and debt
offerings, combined with about $1 billion of cash contribution
from GS Capital Partners and Onex Partners (equity sponsors) will
be used to fund the $3.3 billion acquisition of Raytheon Aircraft
Co. (to be renamed Hawker Beechcraft Inc.) from Raytheon Co.
(BBB+/Stable/A-2).

"The corporate credit rating on Hawker Beechcraft reflects high
debt leverage, weak credit protection measures, risks associated
with cyclical demand for general aviation planes, and modest,
albeit improving, profit margins," said Standard & Poor's credit
analyst Roman Szuper.  "Those factors outweigh the firm's position
as a well-established, major manufacturer of business jets,
turboprops, and piston aircraft, currently favorable industry
conditions, and adequate liquidity."

Wichita, Kan.-based Hawker Beechcraft's business and general
aviation aircraft segment (about 70% of 2006 sales) is reasonably
well positioned in its market, although the firm's product line is
not as complete as that of its primary competitor.  Still, initial
deliveries of the recently certified Hawker 4000 business jet
scheduled for the second half of 2007 and planned derivative
models to broaden the portfolio should improve the company's
competitive position.  Relatively steady aftermarket spare parts,
maintenance, and services (about 15% of revenues) enhance
stability.  Some diversity is provided by production of a primary
trainer aircraft for the U.S. Air Force and Navy under a sole-
source, long-term contract (15%).

A generally favorable market environment, growing backlog,
improving operating efficiency, and expected debt reduction should
strengthen the financial profile and help Hawker Beechcraft
maintain appropriate credit quality.  Outlook revisions to either
positive or negative are not likely in the near term.


HAWKS LANDING: Case Summary & Eight Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Hawks Landing II Corp.
        13015 Northeast 4th Terrace
        Okeechobee, FL 34972

Bankruptcy Case No.: 07-11464

Chapter 11 Petition Date: March 5, 2007

Court: Southern District of Florida (Fort Lauderdale)

Judge: John K. Olson

Debtor's Counsel: Jay M. Gamberg, Esq.
                  Gamberg & Abrams
                  4000 Hollywood Boulevard, Suite 350 North
                  Hollywood, FL 33021
                  Tel: (954) 981-4411
                  Fax: (954) 966-6259

Total Assets: $4,026,044

Total Debts:  $2,465,826

Debtor's Eight Largest Unsecured Creditors:

   Entity                        Nature of Claim     Claim Amount
   ------                        ---------------     ------------
Howard Wong and Steve Wang       Sales Agreement          $82,500
c/o Joshua E. Burnett, Esq.
Burnett & Thomas, P.A.
501 East Jackson Street
Suite 200
Tampa, FL 33602

Ellis Crisson                    Loan                     $35,506
13015 Northeast 4th Terrace
Okeechobee, FL 34972

Sean Crep                        Land Sales               $19,800
c/o Erik Crep, Esq.              Agreement
3265 Virginia Street, Suite 23
Miami, FL 33133

Erik Crep                        Land Sales               $18,400
                                 Agreement

Gary Crep & Melanie Crep         Land Sales               $18,400
                                 Agreement

Primera Lobbe                    Land Sales               $17,000
                                 Agreement

American Asphalt Paving          Goods and                $10,000
Services, Inc.                   Services

Burnett & Thomas, P.A.           Legal Fees                $8,070


INEX PHARMA: Likely to Complete Tekmira Spinout on March 31
-----------------------------------------------------------
Inex Pharmaceuticals Corporation is working to close the spinout
of Tekmira Pharmaceuticals Corporation on March 31, 2007
concurrent with the end of the company's first quarter.

"We are extending the closing of the Tekmira spin-out as a
practical matter to line up the spin-out with the close of our
financial quarter to ensure a cost-effective and smooth transition
from INEX to Tekmira," Timothy M. Ruane, President and Chief
Executive Officer of INEX, said.

On Sept. 20, 2006, shareholders of INEX voted 99.3% in favor of
spinning out all of the company's technology, products, cash and
partnerships into Tekmira.  INEX has also received all of the
necessary court approvals to successfully complete the spinout.

Highlights of the spinout include transferring to Tekmira:

   * All of INEX's pharmaceutical assets including all
     intellectual property and product rights;

   * All of INEX's cash;

   * INEX's pharmaceutical partnerships with Hana Biosciences,
     Inc., Alnylam Pharmaceuticals, Inc., Aradigm Corporation and
     Esperion Therapeutics, Inc., a division of Pfizer Inc.
    
All of the Tekmira shares will be distributed to INEX common
shareholders and INEX's current management team and employees will
join Tekmira in the same positions they occupy in INEX.  
Concurrent with the spinout of Tekmira, INEX will consolidate its
commons shares on the basis of two current common shares for one
new common share.

The completion of the spinout of Tekmira will allow INEX, having
no pharmaceutical assets, to complete a financing with an investor
group led by Sheldon Reid, a co-founder of Capitol Energy
Resources Limited.  The Investor Group will invest up to
$5.6 million in INEX by way of convertible debentures.  Upon
conversion of the debenture following the completion of the
reorganization, the Investor Group will hold 100% of non-voting
shares in INEX and 80% of the total number of shares outstanding.

Therefore, current INEX common shareholders will own 20% of the
equity of INEX and 100% of the Tekmira shares.  The Investor Group
plans to raise additional capital and acquire a new business for
INEX.  The money received by INEX as part of the corporate
reorganization will be paid to the previous holders of INEX's
convertible debt as per the note purchase and settlement agreement
dated June 20, 2006.

                   About INEX Pharmaceuticals

Based in Vancouver, Canada, Inex Pharmaceuticals Corporation
(NASDAQ: HNAB) (TSX: IEX) -- http://www.inexpharma.com/-- is a  
biopharmaceutical company developing and commercializing
proprietary drugs and drug delivery systems to improve the
treatment of cancer.

At Sept. 30, 2006, Inex Pharmaceuaticals disclosed total assets of
$8,915,832 and total liabilities of $8,982,462, resulting in a
$66,630 deficit.  Shareholders' deficit was $3,878,468 at June 30,
2006.


INNOVATIVE COMMUNICATION: Court Appoints Chapter 11 Trustee
-----------------------------------------------------------
The U.S. District Court of the Virgin Islands, Bankruptcy
Division, approved the U. S. Trustee for Region 21's appointment
of Stan Springel of Alvarez & Marsal as Chapter 11 Trustee of
Innovative Communications, Co., LLC, and Emerging Communications,
Inc.

Rural Telephone Finance Cooperative and Greenlight Capital
Qualified, L.P., Greenlight Capital, L.P., and Greenlight Capital
Offshore, Ltd., supported the U.S. Trustee's request.

Prior to making the appointment, the U.S. Trustee consulted with:

   (1) William R. Greendyke, Esq., of Fulbright & Jaworski, LLP,
       representing Rural Telephone Finance Coorperative;

   (2) Gregg M. Galardi, Esq., of Skadden, Arps, Slate, Meagher &
       Flom, LLP, representing the Greenlight entities;

   (3) Gregory H. Hodges, Esq., of Dudley, Topper & Feuerzeig,
       LLP, representing Banco Popular de Puerto Rico;

   (4) Scott C. Shelley, Esq., of Shearman & Sterling, LLP,
       representing the Debtor;

   (5) Jeffrey B. C. Moorehead, Esq., representing the Public
       Services Commission; and

   (6) Kevin A. Rames, Esq., representing Innovative
       Communications Corporation and certain of its
       subsidiaries.

The U.S. Trustee noted (i) that there has been virtually no
progress in the Debtors' cases even though the involuntary
petitions were filed in February 2006, (ii) that the Debtors are
failing to exercise their fiduciary responsibility to timely
rehabilitate their cases, and (iii) that, because the Debtors have
lost the trust of the creditors, there will be no progress as long
as the Debtors remain solely responsible for the disposition of
estate assets.

The RTFC and the Greenlight Entities told the Court that they have
no confidence and trust in Jeffrey J. Prosser, the owner of
Emerging Communications and Innovative Communications; and those
members of the boards of directors of his corporations who, like
him, were found to have breached their fiduciary duties to
Greenlight.

The RTFC also points out that, since 1987, it has been the primary
lender to the Prosser entities for over $500 million, which loans
are secured by guarantees and stock pledges, all of which are now
in default even though the RTFC extended due dates and
renegotiated certain of the loans several times.  The RTFC's
judgments exceed $500 million.

The Court overruled the objection filed by the Public Service
Commission and the Debtors.  The PSC and the Debtors asserted that
appointment of a trustee will effect an indirect change of control
that will violate Virgin Islands law because it has not received
the prior approval of the PSC.  

The Debtors had suggested that appointing a responsible officer,
rather than a trustee, would serve everyone's best interests.  But
the Court didn't buy it.

                        About Innovative

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 owns 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.


IRON MOUNTAIN: Moody's Rates Proposed CDN$175 Mil. Sr. Notes at B3
------------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed
CDN$175 million senior subordinated notes due 2019 of Iron
Mountain Nova Scotia Funding Company, a Nova Scotia Unlimited
Liability Company and an indirect subsidiary of Iron Mountain
Incorporated.

The notes are guaranteed by Iron Mountain and are rated the same
as existing senior subordinated indebtedness and one notch lower
than the B2 Corporate Family Rating.  The B3 rating reflects
Moody's expectation of loss-given-default greater or equal to 50%
but less than 70% (LGD 4).  The proposed notes are redeemable on a
"make whole basis" in the first five years, at a premium between
years five and eight and at par thereafter.

Proceeds from the notes will be used to repay outstanding
indebtedness and for general corporate purposes.  Existing ratings
are unaffected.

Moody's believes that the proposed refinancing does not materially
impact the credit profile of Iron Mountain.  Despite meaningful
improvement over the past two years, the Corporate Family Rating
of B2 and instrument ratings continue to reflect high financial
leverage, the significant amount of goodwill and intangibles to
total assets and the relatively low level of pro forma free cash
flow (defined as cash from operations less capital expenditures
less dividends) relative to debt.  The ratings also reflect a
capital intensive business with most revenues deriving from paper
document storage and related services which require significant
customized physical space.  The ratings are supported by solid
interest coverage for the rating category of about 1.8 times in
2006 and adequate EBIT return on assets of about 7% in the same
period.  The ratings also reflect the company's prominent position
as a global leader in information storage and data protection,
including its strategic expansion in the digital market in recent
years.  The ratings also benefit from the company's historical
revenue stability, geographical diversification and low customer
concentration.

The stable outlook reflects Iron Mountain's revenue stability and
successful record of acquiring and integrating assets, the
successful expansion in digital data storage and protection
services, as well as the recent reduction in the rate of
acquisitions.  Solid operating margins, EBIT to interest coverage
of 1.8 times and satisfactory EBIT return on average assets (about
7.7% in 2005 and about 7.0% for 2006) further support the stable
outlook.  The outlook is constrained by relatively narrow covenant
cushions under the company's US credit facilities.

Moody's took these rating actions:

    * Assigned a B3 (LGD4, 64%) rating to the proposed
      CDN$175 million senior subordinated notes due 2019;

    * Affirmed the B3 (LGD4, 64%) rated EUR225 million 6.75% Euro
      senior subordinated notes due 2018;

    * Affirmed the Ba2 (LGD1, 7%) rated $400 million IMI revolving
      credit facility;

    * Affirmed the Ba2 (LGD1, 7%) rated $312 million IMI term loan
      facility;

    * Affirmed the B3 (LGD4, 64%) rated $72 million 8.25% senior
      subordinated notes due 2010;

    * Affirmed the B3 (LGD4, 64%) rated $200 million 8.75% senior
      subordinated notes due 2018;

    * Affirmed the B3 (LGD4, 64%) rated $448 million 8.625% senior
      subordinated notes due 2013;

    * Affirmed the B3 (LGD4, 64%) rated $293.9 million 7.25% GBP
      senior subordinated notes due 2014;

    * Affirmed the B3 (LGD4, 64%) rated $439 million 7.75% senior
      subordinated notes due 2016;

    * Affirmed the B3 (LGD4, 64%) rated $316 million 6.625% senior
      subordinated notes due 2016;

    * Affirmed the (P)Ba2 (LGD2, 10%) rated secured drawings under
      the existing shelf;

    * Affirmed the (P)B3 (LGD4, 64%) rated subordinated draws
      under the existing shelf;

    * Affirmed the (P)Caa1 (LGD6, 97%) preferred stock draws under
      the existing shelf;

    * Affirmed the (P)B3 (LGD4, 64%) rated Trust preferred stock
      shelf;

    * Affirmed the B2 Corporate Family Rating;

    * Affirmed the B2 Probability of Default Rating.

The Speculative Grade Liquidity rating is unchanged at SGL-3.

The outlook for the ratings is stable.

Headquartered in Boston, Massachusetts, Iron Mountain Incorporated
is an international provider of information storage and protection
related services.  The company offers comprehensive records
management and data protection solutions, along with the expertise
to address complex information challenges such as rising storage
costs, litigation, regulatory compliance and disaster recovery.  
Founded in 1951, Iron Mountain has more than 90,000 corporate
clients throughout North America, Europe, Latin America, and Asia
Pacific.  Revenue for the twelve months ended December 31, 2006
was approximately $2.4 billion.


IRON MOUNTAIN: S&P Rates Proposed CDN$175 Million Sr. Notes at B
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to Iron
Mountain Nova Scotia Funding Co.'s proposed CDN$175 million in
senior subordinated notes maturing in 2019.  Iron Mountain Nova
Scotia Funding will be amalgamated into Iron Mountain Canada Corp.
(unrated) when the two subsidiaries of Iron Mountain Inc. (IMI;
B-/Stable/--) merge around the beginning of April 2007.

The rating is two notches lower than the 'BB-' corporate credit
rating on the parent company because the notes represent senior
subordinated obligations.  IMI and all of IMI's existing and
future subsidiaries will guarantee the issue.  The company will
use proceeds from the transaction to pay down debt, including U.S.
dollar borrowings, and for general corporate purposes.

"The corporate credit rating on IMI is 'BB-', reflecting IMI's
relatively high debt leverage, limited debt capacity for large
acquisitions, and aggressive financial policies supporting its
growth strategy," said Standard & Poor's credit analyst Andy Liu.  
"These factors are only partially offset by IMI's leading position
in records management and its stable growth rate from existing and
new customer accounts."

Ratings List

Iron Mountain Inc.

Corporate Credit Rating                  BB-/Stable/--

New Rating

Iron Mountain Nova Scotia Funding Co.

Senior Subordinated Debt                 B


JUAN DEHARO: Case Summary & Three Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Juan Jose DeHaro
        124 Bellwood Drive
        Dalton, GA 30721

Bankruptcy Case No.: 07-40565

Chapter 11 Petition Date: March 5, 2007

Court: Northern District of Georgia (Rome)

Debtor's Counsel: Leon S. Jones, Esq.
                  Jones & Walden, LLC
                  21 Eighth Street, Northeast
                  Atlanta, GA 30309
                  Tel: (404) 564-9300
                  Fax: (404) 564-9301

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtor's Three Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Alliance National Bank             1992 Chevrolet          $4,018
210-214 West Morris Street
P.O. Box 607
Dalton, GA 30722-0607

American First Federal                                    Unknown
155 B Avenue, Suite 310
P.O. Box 232
Lake Oswego, OR 97034

Georgia Federal Credit Union       2000 Acura Integra     Unknown
6705 Sugarloaf Parkway
Suite 100
Duluth, GA 30097-4926


LEVEL 3: S&P Rates Proposed $1.4 Billion Senior Secured Loan at B
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' bank loan
rating, one notch above the corporate credit rating, to Level 3
Financing Inc.'s proposed $1.4 billion senior secured term loan
due 2014.  A recovery rating of '1' was also assigned to the
loan, indicating our expectations for a full recovery of principal
in the event of a payment default.

The new senior secured term loan replaces Level 3 Financing's
existing $730 million senior secured term loan.  Upon closing of
the new facility, the 'B-' bank loan rating and '1' recovery
rating on the existing $730 million senior secured term loan will
be withdrawn.

The corporate credit rating on parent company, Level 3
Communications Inc., is 'B-' and the outlook is stable. Level 3
Financing is a wholly owned subsidiary of Level 3 Communications,
a facilities-based provider of integrated communication services
in the U.S. and Europe.

At Dec. 31, 2006, Level 3 Communications' network included 46,000
intercity fiber route miles, approximately 25,000 metropolitan
fiber route miles in 125 metropolitan markets, and 6,500 traffic
aggregation points in North American and Europe.

Debt outstanding at Dec. 31, 2007, pro forma for acquisitions
since Jan. 1, 2007, and numerous financing transactions, including
the recently completed $1 billion of senior note offerings and
proposed $1.4 billion senior secured term loan totaled about
$6.9 billion.

Ratings List

Ratings Assigned

Level 3 Financing Inc.

$1.4 Billion Senior Secured Credit Facility   B
  Recovery Rating                              1


LODGENET ENT: Moody's Rates Proposed $450 Mil. Sr. Facility at Ba3
------------------------------------------------------------------
Moody's affirmed LodgeNet's B1 corporate family rating, B1
probability of default rating and stable outlook, following the
announcement of the proposed financing for the acquisition of On
Command, a sizable competitor of the company.

Moody's also rated the proposed $450 million senior secured credit
facility (which is comprised of a $50 million revolver, $75
million initial draw term loan, and $325 million delayed draw term
loan) at Ba3 (LGD3 assessment), and lowered the senior
subordinated notes to B3 (LGD5) consistent with Moody's Loss Given
Default methodology.  In addition Moody's confirmed the current
senior secured facility rating at Ba1 (LGD2, to be withdrawn
following the new financing).

Moody's believes that the additional financial risk following the
mostly debt-financed acquisition is mitigated by the operational
benefits of the combined entity as well as the positive momentum
of the company prior to the acquisition. LodgeNet's leverage is
expected to increase to just above 4 times debt-to-EBITDA pro
forma the transaction, compared to 3.1 times previously.

LodgeNet's B1 corporate family rating continues to reflect the
company's exposure to the lodging industry's inherent cyclicality,
seasonality and volatility, as well as the company's dependence on
the quality of film and television product, capital expenditure
requirements, and thin fixed charge coverage.  The rating is
supported by LodgeNet's large installed room base and the
consequent advantages of scale, potential for more modest future
investment requirements than historically and diversification
through new revenues streams, including services to healthcare
facilities and travel centers.

Affirm:

    * Corporate Family Rating B1
    * Probability of Default Rating B1
    * Outlook Stable

Confirm to be withdrawn:

    * Senior Secured Credit Facility Ba1, LGD2, 16%

Assign:

    * Proposed Senior Secured Credit Facility Ba3, LGD3, 32%

Downgrade:

    * 9.5% Senior Sub Notes to B3, LGD5, 86% (from B2)

LodgeNet Entertainment Corporation provides cable, video-on-demand
and video game entertainment services to the lodging industry.  
LodgeNet maintains its headquarters in Sioux Falls, South Dakota.


LUCKY WHITE: Case Summary & Seven Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Lucky R. White
        8617 Lakeridge Circle
        Las Vegas, NV 89117

Bankruptcy Case No.: 07-11077

Chapter 11 Petition Date: March 5, 2007

Court: District of Nevada (Las Vegas)

Debtor's Counsel: Randal R. Leonard, Esq.
                  Randal R. Leonard, LLC
                  617 South Seventh Street
                  Las Vegas, NV 89101
                  Tel: (702) 598-3667
                  Fax: (702) 598-3926

Total Assets: $5,554,000

Total Debts:  $2,628,006

Debtor's Seven Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Collect America Ltd.             Agriculture            $10,931
370 17th Street, Suite 5000      Cache 009/MBNA-MP
Denver, CO 80202
                                 Agriculture             $6,651
                                 Cache 009/MBNA-MP

Bank of America                  Credit Card             $4,729
P.O. Box 1598
Norfolk, VA 23501                Charge Account          $4,729

[unknown debtor]                 Collection              $1,375

Cr Bur S Bay Dist.               Agriculture Soraya        $417
510 Arizona Avenue               Ann Ross MD
Santa Monica, CA 90401

ER Solutions                     Collection -              $164
                                 Washington Mutual

Shell/Citi                       Credit Card               $157

California Business              Agriculture Kaiser        $114


LYONDELL CHEMICAL: Inorganic Biz Sale Cues Fitch to Hold Ratings
----------------------------------------------------------------
Fitch Ratings affirms the ratings for Lyondell Chemical Company,
Equistar Chemicals L.P., Millennium Chemicals Inc. and Millennium
America Inc. following Lyondell's announcement to sell its
worldwide inorganic chemicals business for $1.2 billion, including
the assumption of certain liabilities directly related to the
business.  The transaction is expected to include a cash payment
of $1.05 billion, and result in after tax proceeds of
$975 million.

The affirmed ratings are:

Lyondell

    -- Issuer default rating at 'BB-';
    -- Senior secured credit facility and term loan at 'BB+';
    -- Senior secured notes and debentures at 'BB+';
    -- Senior unsecured notes at 'BB-';
    -- Senior subordinated notes at 'B'.

Equistar

    -- Issuer default rating at 'B+';
    -- Senior secured credit facility at 'BB+/RR1';
    -- Senior unsecured notes at 'BB-/RR3'.

Millennium Chemicals Inc.'s:

    -- Issuer Default Rating (IDR) at 'B+';
    -- Convertible senior unsecured debentures at 'BB/RR2'.

Millennium America Inc.:

    -- Issuer Default Rating (IDR) 'B+';
    -- Senior secured credit facility and term loan 'BB+/RR1';
    -- Senior unsecured notes 'BB/RR2'.

At the same time, the Rating Outlook for Lyondell, Equistar and
Millennium was revised to Positive from Stable.  For Lyondell,
approximately $5.0 billion of debt is covered; for Equistar,
approximately $2.2 billion of debt is covered; and for Millennium
Chemicals, approximately $853 million of debt is covered by these
actions.

The Positive Outlook reflects the likelihood that Lyondell will be
able to accelerate its debt reduction efforts in the next 12-18
months.  Additionally, supply/demand fundamentals continue to be
favorable for most of Lyondell's products.  Fitch also expects
energy and raw material prices will continue to be volatile
although these prices on average are expected to trend lower.  
Continued strong operations from petrochemical and refining
operations are likely to offset other cyclical businesses within
the portfolio.

The affirmation for Lyondell's debt ratings are supported by the
recent announcement to sell its Inorganics business which should
provide for accelerated debt repayment in the near term.  
Furthermore, the affirmation also considers Lyondell's better than
expected cash generation and debt repayment during 2006.  Multiple
debt issues are accessible at Lyondell (parent), Equistar and
Millennium. Fitch expects debt prepayment premiums and charges
will be paid on certain issues instead of allowing cash to build
and repay maturities as they come due.  Fitch also expects debt
reduction targets could potentially be met during 2008.  Lastly,
Lyondell's size, integrated businesses in refining, petrochemicals
and performance products, liquidity and access to capital markets
support the rating.

The affirmation and revised Rating Outlook to Positive from Stable
for Millennium is supported by the expected benefit as a result of
the Inorganics divestiture. The asset sale will likely accelerate
debt reduction.  Currently, Millennium cannot declare dividends to
Lyondell due to certain restrictions in its existing bond
indenture for the 9.25% senior unsecured notes.  Fitch expects
these 9.25% notes due June 2008 could potentially be repaid by the
company to allow for future cash dividends to Lyondell by
Millennium.  Depending on debt levels at Millennium post the
completion of the Inorganics sale, and the cash flow generation
from remaining businesses to support such debt, the ratings could
be raised in the next 12-18 months.  Potential rating concerns
include the Millennium's high dependency on Equistar cash
distributions and any new negative developments regarding
Millennium's ongoing lead paint litigation.  At Dec. 31, 2006,
Millennium had $1 billion in indemnity coverage for lead-based
paint and lead pigment litigation.

The affirmation and revised Rating Outlook to Positive from Stable
for Equistar is supported by the overall indirect, and possibly
direct, benefit of the Inorganics divestiture.  The asset sale
could accelerate debt reduction and possibly reduce the need for
Equistar to dividend existing cash to partners, and instead use
available cash for debt reduction at Equistar.  Additionally
Equistar's ratings are limited by its parent Lyondell, and the
Positive Rating Outlook also reflects the likelihood that
Lyondell's ratings could be raised in the next 12-18 months.  
Equistar's ratings are limited by Lyondell due Lyondell's strong
access to its cash flow, Equistar's primary focus on North
American markets and its narrower product portfolio compared to
Lyondell.

Lyondell holds leading global positions in propylene oxide and
derivatives, plus TiO2, as well as leading North American
positions in ethylene, propylene, polyethylene, aromatics, acetic
acid, and vinyl acetate monomer.  The company also has substantial
refining operations located in Houston, Texas.  The company
benefits from strong technology positions and barriers to entry in
its major product lines. Lyondell owns 100% of Equistar; 70.5%
directly and 29.5% indirectly through its wholly owned subsidiary
Millennium.  In 2006, Lyondell and subsidiaries generated
$2.55 billion of EBITDA on $22.2 billion in sales.


MARTIN DEHARO: Case Summary & Two Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Martin DeHaro
        Alicia DeHaro
        122 Bellwood Drive
        Dalton, GA 30720

Bankruptcy Case No.: 07-40567

Chapter 11 Petition Date: March 5, 2007

Court: Northern District of Georgia (Rome)

Debtors' Counsel: Leon S. Jones, Esq.
                  Jones & Walden, LLC
                  21 Eighth Street, Northeast
                  Atlanta, GA 30309
                  Tel: (404) 564-9300
                  Fax: (404) 564-9301

Estimated Assets: $1 Million to $100 Million

Estimated Debts:  $1 Million to $100 Million

Debtors' Two Largest Unsecured Creditors:

   Entity                          Claim Amount
   ------                          ------------
American First Federal                  Unknown
155 B Avenue, Suite 310
P.O. Box 232
Lake Oswego, OR 97034

Vanderbilt Mortgage                     Unknown
P.O. Box 9800
Maryville, TN 37802


MAVERICK OIL: Sells Barnett Shale Interest for $22.5 Million
------------------------------------------------------------
Maverick Oil and Gas, Inc. has signed a Purchase and Sale
Agreement for the sale of its interest in Barnett Shale properties
for $22.5 million.  These properties are located in Wise County,
Texas.

Approximately $20 million of the proceeds of the sale of these
properties will be used to repay a portion of the company's
outstanding debentures and the remainder will be used for capital
programs and working capital.

Closing is expected to occur in early April 2007 following normal
due diligence which is currently ongoing.  This sale was required
as part of the company's earlier financings.  The holders of our
outstanding debentures originally required the closing to occur on
or before Feb. 28, 2007.  They have agreed to extend this
timeframe until the actual closing date without any penalties.  
The company is in discussions with these debenture holders to
restructure the remainder of its outstanding indebtedness.

"This sale allows us to reduce our overall debt and increase our
operating flexibility," James A. Watt, Chief Executive Officer of
the Company, stated.  "We will now be seeking new properties with
near term cash flow to support our operations and complement our
long term resource play in the Fayetteville shale of Woodruff
County, Arkansas."

                   About Maverick Oil and Gas

Based in Fort Lauderdale, Florida, Maverick Oil & Gas, Inc.
-- http://www.maverickoilandgas.com/-- is an early stage   
independent energy company engaged in oil and gas exploration,
exploitation, development and production.  The Company currently
participates in these activities through the interests it holds in
oil and gas exploration and development projects in Arkansas,
Texas and Colorado.  The Company's strategy is to continue the
development of its current exploration projects and to expand its
operations by acquiring additional exploration opportunities and
properties with existing production, taking advantage of the
industry experience of its management team and modern techniques
such as horizontal drilling and 3D seismic analysis.

                       Going Concern Doubt

On Dec. 1, 2006, Malone & Bailey, PC, in Houston, Texas, raised
substantial doubt about the ability of Maverick Oil and Gas to
continue as a going concern after auditing the company's the
accompanying consolidated balance sheets as of Aug. 31, 2006 and
2005 and the related consolidated statements of operations,
changes in stockholders' equity, and cash flows for the three
years then ended.  The auditing firm pointed to the company's
recurring losses.


METHANEX CORP: Board Declares Quarterly Cash Dividend
-----------------------------------------------------
Methanex Corporation's Board of Directors has declared a quarterly
dividend of $0.125 per share that will be payable on March 31,
2007, to holders of common shares of record on March 16, 2007.  
The Board has designated this dividend as an "eligible dividend"
for the purposes of Canadian tax law.

Methanex's Board also approved an increase in the company's
current normal course issuer bid, increasing the maximum allowable
repurchase by 2 million common shares to 7,495,763 shares,
representing about 8 per cent of the public float as at May 8,
2006.  As at the close of business on March 2, 2007, the Company
had repurchased 5,000,000 common shares under the bid at an
average price of $23.85 (CDN$27.17) per share.

Bruce Aitken, president and CEO of Methanex commented, "We have
generated significant cash flow from operating activities over the
past year.  The extension of our share repurchase program reflects
our balanced approach to the utilization of cash and demonstrates
our ongoing commitment to returning excess cash to shareholders."  
Mr. Aitken added, "We have excellent financial strength and
flexibility with $355 million in cash at the end of the fourth
quarter of 2006, an undrawn $250 million credit facility and an
outlook for continued strong cash generation."

The normal course issuer bid repurchase program was originally
filed and accepted by the Toronto Stock Exchange (TSX) on May 9,
2006.  The program is carried out through the facilities of the
TSX.  Purchases under the program, which commenced on May 17,
2006, will terminate on the earlier of May 16, 2007, and the date
upon which the Company has acquired the maximum number of common
shares permitted under the program or otherwise decided not to
make further purchases.  Purchases will be made from time to time
at the then current market price of the Company's common shares as
traded on the TSX and the common shares purchased will be
cancelled.

                       About Methanex Corp.

Based in Vancouver, Canada, Methanex Corp. (TSX: MX)(NASDAQ: MEOH)
-- http://www.methanex.com/-- is a publicly traded company  
engaged in the worldwide production and marketing of methanol.

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 13, 2006,
Moody's Investors Service affirmed its Ba1 Corporate Family Rating
for Methanex Corp.


MILLENNIUM CHEMICALS: Fitch Holds Ratings with Positive Outlook
---------------------------------------------------------------
Fitch Ratings affirms the ratings for Lyondell Chemical Company,
Equistar Chemicals L.P., Millennium Chemicals Inc. and Millennium
America Inc. following Lyondell's announcement to sell its
worldwide inorganic chemicals business for $1.2 billion, including
the assumption of certain liabilities directly related to the
business.  The transaction is expected to include a cash payment
of $1.05 billion, and result in after tax proceeds of
$975 million.

The affirmed ratings are:

Lyondell

    -- Issuer default rating at 'BB-';
    -- Senior secured credit facility and term loan at 'BB+';
    -- Senior secured notes and debentures at 'BB+';
    -- Senior unsecured notes at 'BB-';
    -- Senior subordinated notes at 'B'.

Equistar

    -- Issuer default rating at 'B+';
    -- Senior secured credit facility at 'BB+/RR1';
    -- Senior unsecured notes at 'BB-/RR3'.

Millennium Chemicals Inc.'s:

    -- Issuer Default Rating (IDR) at 'B+';
    -- Convertible senior unsecured debentures at 'BB/RR2'.

Millennium America Inc.:

    -- Issuer Default Rating (IDR) 'B+';
    -- Senior secured credit facility and term loan 'BB+/RR1';
    -- Senior unsecured notes 'BB/RR2'.

At the same time, the Rating Outlook for Lyondell, Equistar and
Millennium was revised to Positive from Stable.  For Lyondell,
approximately $5.0 billion of debt is covered; for Equistar,
approximately $2.2 billion of debt is covered; and for Millennium
Chemicals, approximately $853 million of debt is covered by these
actions.

The Positive Outlook reflects the likelihood that Lyondell will be
able to accelerate its debt reduction efforts in the next 12-18
months.  Additionally, supply/demand fundamentals continue to be
favorable for most of Lyondell's products.  Fitch also expects
energy and raw material prices will continue to be volatile
although these prices on average are expected to trend lower.  
Continued strong operations from petrochemical and refining
operations are likely to offset other cyclical businesses within
the portfolio.

The affirmation for Lyondell's debt ratings are supported by the
recent announcement to sell its Inorganics business which should
provide for accelerated debt repayment in the near term.  
Furthermore, the affirmation also considers Lyondell's better than
expected cash generation and debt repayment during 2006.  Multiple
debt issues are accessible at Lyondell (parent), Equistar and
Millennium. Fitch expects debt prepayment premiums and charges
will be paid on certain issues instead of allowing cash to build
and repay maturities as they come due.  Fitch also expects debt
reduction targets could potentially be met during 2008.  Lastly,
Lyondell's size, integrated businesses in refining, petrochemicals
and performance products, liquidity and access to capital markets
support the rating.

The affirmation and revised Rating Outlook to Positive from Stable
for Millennium is supported by the expected benefit as a result of
the Inorganics divestiture. The asset sale will likely accelerate
debt reduction.  Currently, Millennium cannot declare dividends to
Lyondell due to certain restrictions in its existing bond
indenture for the 9.25% senior unsecured notes.  Fitch expects
these 9.25% notes due June 2008 could potentially be repaid by the
company to allow for future cash dividends to Lyondell by
Millennium.  Depending on debt levels at Millennium post the
completion of the Inorganics sale, and the cash flow generation
from remaining businesses to support such debt, the ratings could
be raised in the next 12-18 months.  Potential rating concerns
include the Millennium's high dependency on Equistar cash
distributions and any new negative developments regarding
Millennium's ongoing lead paint litigation.  At Dec. 31, 2006,
Millennium had $1 billion in indemnity coverage for lead-based
paint and lead pigment litigation.

The affirmation and revised Rating Outlook to Positive from Stable
for Equistar is supported by the overall indirect, and possibly
direct, benefit of the Inorganics divestiture.  The asset sale
could accelerate debt reduction and possibly reduce the need for
Equistar to dividend existing cash to partners, and instead use
available cash for debt reduction at Equistar.  Additionally
Equistar's ratings are limited by its parent Lyondell, and the
Positive Rating Outlook also reflects the likelihood that
Lyondell's ratings could be raised in the next 12-18 months.  
Equistar's ratings are limited by Lyondell due Lyondell's strong
access to its cash flow, Equistar's primary focus on North
American markets and its narrower product portfolio compared to
Lyondell.

Lyondell holds leading global positions in propylene oxide and
derivatives, plus TiO2, as well as leading North American
positions in ethylene, propylene, polyethylene, aromatics, acetic
acid, and vinyl acetate monomer.  The company also has substantial
refining operations located in Houston, Texas.  The company
benefits from strong technology positions and barriers to entry in
its major product lines. Lyondell owns 100% of Equistar; 70.5%
directly and 29.5% indirectly through its wholly owned subsidiary
Millennium.  In 2006, Lyondell and subsidiaries generated
$2.55 billion of EBITDA on $22.2 billion in sales.


MIRIAN RODRIGUEZ: Case Summary & 16 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Mirian E. Rodriguez
        2066 Troon Drive
        Henderson, NV 89074

Bankruptcy Case No.: 07-11066

Chapter 11 Petition Date: March 5, 2007

Court: District of Nevada (Las Vegas)

Debtor's Counsel: Kent L. Ivey, Esq.
                  64 North Pecos Road, Suite 800
                  Henderson, NV 89074
                  Tel: (702) 990-6447
                  Fax: (702) 990-6445

Total Assets: $3,858,040

Total Debts:  $4,495,536

Debtor's 16 Largest Unsecured Creditors:

   Entity                        Nature of Claim     Claim Amount
   ------                        ---------------     ------------
Americas Servicing Co.           Conventional Real       $912,000
7485 New Horizon Way             Estate Mortgage
Frederick, MD 21703

Ocwen Loan Servicing L           Conventional Real       $789,021
12650 Ingenuity Drive            Estate Mortgage
Orlando, FL 32826

Fremont Investment & L           Conventional Real       $402,043
175 North Riverview Drive        Estate Mortgage
Anaheim, CA 92808

Litton Loan Servicing            Conventional Real       $197,893
4828 Loop Central Drive          Estate Mortgage
Houston, TX 77081

Credit Bureau Central            Agriculture               $5,551
P.O. Box 29299                   Alarmco Inc.
Las Vegas, NV 89126

Capital One Bank                 Credit Card               $2,282

U.S. Bank/NA ND                  Credit Line               $1,510

First Premier Bank               Credit Card                 $628

Shell/Citi                       Credit Card                 $595

Bank of America                  Credit Card                 $509

Citgo/CBSD                       Credit Card                 $487

Dynamic Recovery Services        Agriculture Atmos.          $482
                                 Energy

HSBC NV                          Credit Card                 $472

Diversified Adjustment           Agriculture City of         $205
                                 Irving

Amex                             Credit Card                 $191

OSI Collect                      Collection Med102           $150
                                 St. Francis


MOORE MEDICAL: Wants Court Nod to Reject Executory Contracts
------------------------------------------------------------
Moore Medical Center LLC asks the U.S Bankruptcy Court for the
Western District of Oklahoma for authority to reject executory
contracts and unexpired non-residential real-property leases.

The Debtor tells the Court that it never generated a positive
cash flow because of:

     -- construction delays and cost overruns;
  
     -- a three-month delay in opening due to delays obtaining
        equipment financing;

     -- delays in obtaining managed cared contracts;

     -- lack of support from certain of the founding physicians
        due to location changes and other changes;

     -- lack primary care capacity in the service area; and

     -- revenue below those originally projected.

The Debtor contended that these executory contracts offer no
further benefit and the rejection of these contracts will
eliminate unnecessary administrative expenses, and is in the best
interest of its creditors.

Headquartered in Moore, Oklahoma, Moore Medical Center LLC filed
for Chapter 11 Protection on Oct. 28, 2006 (Bankr. W.D. Ok. Case
No. 06-12867).  Joseph A. Friendman, Esq., at Kane Russell Coleman
& Logan P.C., represents the Debtor in its restructuring efforts.  
No Official Committee of Unsecured Creditors has been appointed in
the Debtor's bankruptcy proceedings.  When the Debtor filed for
protection from its creditors, it estimated assets and debts of
more than $100 million.


NATURADE INC: Court Confirms Fifth Amended Reorganization Plan
--------------------------------------------------------------
The U.S. Bankruptcy Court Central District Of California in Santa
Ana confirmed the Fifth Amended Plan of Reorganization co-proposed
by Naturade Inc. and creditor Health Holdings & Botanicals LLC.

The Court determined that the Plan satisfies the 16 standards for
confirmation under Sec. 1129(a) of the Bankruptcy Code.

                      Debtor's Comments

In a press release, the Debtor says that the reorganization plan
received virtually unanimous support from its creditors and
shareholders, as well as strong support from lenders and the
Official Committee of Unsecured Creditors.

The Debtor expects to emerge from Chapter 11 before the end of
March 2007 and will remain a fully reporting publicly traded
company.

The reorganization plan provides for a recapitalization of the
Company with Naturade's controlling shareholder, Redux Holdings,
Inc. providing a substantial cash infusion to meet Naturade's
future working capital needs.  In addition to a comprehensive debt
restructuring, the reorganization plan features an equity
allocation rarely observed in companies emerging from bankruptcy.
Of note, the plan allows for the retention of an equity interest
by existing shareholders in the Company.

"The reorganization process works," stated CEO Richard Munro, an
experienced reorganization specialist.  "Naturade will emerge from
Chapter 11 as a stronger, more financially sound business.  With
the recapitalization of Naturade, we will have the financial
resources to meet the growing demands of consumers for natural and
health food products.  Naturade has a strong legacy built over 8
decades of product innovation in consumer nutritional supplements
and was in the health food business long before the term 'health
food' was even invented."

"We strive to continually enhance our reputation as an outstanding
supplier of natural nutritional supplements and wellness products,
and to maintain the support of our vendors and customers,"
concluded Mr. Munro.  "We plan to launch innovative new products
in 2007 and beyond to build on our consumer brand strengths and
highly valued retailer relationships."

                        Treatment of Claims

Under the Plan, Class 7 Allowed Priority Unsecured Claims will
be paid in full, in cash.

The secured claims of Laurus Master Fund Ltd. will receive all
accrued interests owed under the terms of a revolving note and a
term note as of the effective date of the Plan, which interests
will be added to the principal balance of those notes.  
Obligations under the notes will mature on Jan. 1. 2010.

On the effective date, as evidence of the Class 2 Secured Claim of
Health Holdings, the Reorganized Debtor will execute and deliver
to Health Holdings a promissory note in the amount of $1,361,000
and a security agreement approved by Health Holdings, Laurus, the
Debtor and the Official Committee of Unsecured Creditors.  The
Health Holdings Note will bear interest of 10% per annum.

The Class 2 Secured Claims of William D. Stewart and David Weil
will be treated materially the same as the treatment of Health
Holdings' secured claim, the amount of which will be determined by
stipulation.

For Howard Shao's Class 3 Secured Claim, unless Mr. Shao timely
objects to the treatment of his Secured Claim under the Plan, his
claim, if any, will be deemed to be wholly unsecured, and,
accordingly, will be treated as a Class 8 General Unsecured Claim
under the Plan.  If Mr. Shao timely objects to the treatment of
his Secured Claim under the Plan, the amount of his claim will be
determined by stipulation.

Holders of Class 4 Allowed Secured Claims for Taxes will receive
cash installment payments of a value as of the effective date, of
their allowed secured claim.

For the Class 5 Secured Claim of Redux Holdings Inc., upon the
effective date of the Plan, Redux will waive and release
its Secured Claim and will take pursuant to the Plan nothing on
account of its Secured Claim, in exchange for the issuance to
Redux of interests in the Reorganized Debtor.

The Class 6 Secured Capital Lease Claims of Leaf Funding Inc.,
Santa Barbara Bank & Trust, Equipment Funding Group Inc., and any
Secured Claims of any Secured Creditor other than the Class
1,2,3,4 and 5 Creditors will be paid through any of these payment
options:

   a) payment in full by means of 36 equal monthly installments of
      principal equal to the amount of the Class 6 Allowed Secured
      Claim, plus interest calculated at the rate of 2.5% over the
      prime rate of interest as published in the Wall Street
      Journal on the effective date;

   b) return of collateral; and

   c) cure of any claim default, reinstatement of maturity, and
      compensation for damages.

Class 8 General Unsecured Creditors will receive these
distributions of cash on account of their allowed general
unsecured claims:

  Period                               Percentage of Payment
  ------                               ---------------------
  On the effective date                        2.5%
  1st year after the effective date       additional 2.5%
  2nd Year after the effective date       additional 5%
  3rd Year after the effective date       additional 10%
  4th Year after the effective date       additional 10%

Class 8 Creditors will also receive pro rata interest in any net
avoidance recoveries and any plan agent recoveries that have not
been distributed to Class 8 creditors.

Doyle & Boissiere LLC will be deemed to have an allowed general
unsecured claim in the amount of $650,000.

Preferred Stock in the Debtor will be cancelled, and each holder
will be issued one share of common stock in Redux for every 34
shares of Preferred Stock held by each holder.

Holders of Common Stock will retain common stock in the
Reorganized Debtor equivalent to 5% of the issued and outstanding
shares of common stock in the Reorganized Debtor as of the
effective date.

Any Class 10 Creditor will receive nothing on account of its
subordinated claim, which subordinated claim will be extinguished
and fully discharged.

                     About Redux Holdings

Redux Holdings (PINKSHEETS: RDXH) -- http://www.reduxholdings.com/
-- acquires the assets of companies and isolates, recombines and
manages those assets to increase their value and develop
profitable strategic options.  The company is distinguished by the
extensive experience of its personnel in quickly identifying,
analyzing and stabilizing these business opportunities and
effecting rapid turnaround and asset monetization.

                     About Naturade, Inc.

Headquartered in Brea, California, Naturade Inc. (OTC BB:NRDCE.OB)
-- http://www.naturade.com/-- distributes nutraceutical    
supplements.  The Company filed for chapter 11 protection on
Aug. 31, 2006 (Bankr. C.D. Calif. Case No. 06-11493).  Richard H.
Golubow, Esq., Robert E. Opera, Esq. and Sean A. O'Keefe, Esq., at
Winthrop Couchot P.C., in Newport Beach, California, represent the
Debtor.  When the Debtor filed for protection from its creditors,
it listed assets of $10,255,402 and debts of $18,427,161.


NEW CENTURY: Lenders Extend Annual Report Filing to March 15
------------------------------------------------------------
New Century Financial Corp. disclosed in a regulatory filing with
the US Securities and Exchange Commission that it had obtained
written waivers from various lenders with respect to the delay in
the filing of its financial statements.

The lenders have agreed to give the company until March 15, 2007,
to file its Annual Report on Form 10-K for the year ended Dec. 31,
2006.

The company delayed its Annual Report citing its need to restate
consolidated financial results for the quarters ended March 31,
June 30 and September 30, 2006.

The company says that if it were unable to file the required
financial statements by the March 15 deadline, it would ask for
additional written waivers from its various lenders.

The company also discloses that 11 of its 16 financing
arrangements require it to report at least $1 of net income for
any rolling two-quarter period.  The company expects that it will
not meet this requirement for the two-quarter period ended
Dec. 31, 2006.
  
The company relates that to date, six of the 11 lenders have
executed waivers.  Certain of these waivers however, will become
effective when the company receives similar waivers from each of
the other lenders having the rolling two-quarter net income
covenant.

In addition, where applicable, the company is also seeking
amendments to its financing arrangements to modify this rolling
two-quarter net income covenant for the remainder of 2007.  
Although there can be no assurance that the company will receive
these amendments and waivers from all of its lenders, the company
is in active dialogue with these lenders and has made progress in
this regard.

In the event the company is unable to obtain satisfactory
amendments to or waivers of the covenants in its financing
arrangements from a sufficient number of its lenders, or obtain
alternative funding sources, KPMG has informed the Audit Committee
that its report on the company's financial statements will include
an explanatory paragraph indicating that substantial doubt exists
as to the company's ability to continue as a going concern.

                        About New Century

Founded in 1995 and headquartered in Irvine, California, New
Century Financial Corporation (NYSE: NEW) -- http://www.ncen.com/  
-- is a real estate investment trust, providing mortgage products
to borrowers nationwide through its operating subsidiaries, New
Century Mortgage Corporation and Home123 Corporation.  The company
offers a broad range of mortgage products designed to meet the
needs of all borrowers.


NEW CENTURY: High Liquidity Prompts DBRS to Downgrade Rating
------------------------------------------------------------
Dominion Bond Rating Service downgraded the Issuer Rating of New
Century Financial Corporation to B from BB.  The rating will
remain Under Review with Negative Implications.  This rating
action is based on the heightened liquidity pressure that New
Century faces following its announcement that it is in breach of
covenants, the uncertainties caused by the continued delaying of
filing the Form 10-K, and the potential management distraction
caused by recent allegations.

Elevating the liquidity pressures is the company's announcement
that it expects to breach a profitability waiver embedded in 11 of
its 16 financing agreements that collectively provide an aggregate
of approximately $13 billion of committed and $4.4 billion of
uncommitted borrowing capacity to fund mortgage loan originations
and purchases.  The covenant requires that the company reports at
least $1 of profitability for any rolling two-quarter period.

In addition to obtaining waivers from its lenders, New Century is
seeking amendments on certain financing agreements modifying its
rolling two-quarter profitability covenant for the remainder of
2007.  Although the company has stated that it has obtained
waivers from six of the 11 lenders, DBRS is concerned that its
inability to obtain waivers from a substantial number of the
lenders or the inability to adequately modify this covenant in
its credit facilities will have a dire impact on liquidity and the
long-term viability of the Company. The delay in filing its Form
10-K further exacerbates this concern.

An additional factor into [Mon]day's rating action is DBRS's
concern that the various legal, regulatory and criminal
allegations just announced will not only be a distraction for
management, but may also have a significant impact on the
negotiations with its lenders.

Lastly, although New Century is currently still assessing the
financial and legal impact of the anticipated restatements, and
has yet to file its Form 10-K, New Century has stated that it
expects to report lower net gain on sales of loans, and
impairments to the fair value of its residual assets, loans held
for sale, and loans held for investment.  DBRS believes that the
results of the aforementioned may have a sizable impact upon the
company's financial flexibility, but uncertainties remain until
the Form 10-K is actually filed.  DBRS sees the impact of these
uncertainties being exacerbated by the current deteriorating
market conditions in the residential sub-prime mortgage industry.

DBRS believes that the fundamentals of the New Century business
are under severe stress as it continues to face high levels of
early payment defaults just as mortgage originations are expected
to be reduced with a slower housing market and higher interest
rates.  DBRS notes that further ratings action is likely should
the company not file its Form 10-K by March 15, or should the
company announce its inability to obtain the required waivers and
amendments from a material number of its lenders.


NEW CENTURY: Moody's Cuts Servicer Rating and Retains Review
------------------------------------------------------------
Moody's Investors Service has downgraded the servicer rating of
New Century Mortgage Corporation to SQ4 from SQ3+ as a primary
servicer of subprime loans. Additionally, Moody's is keeping the
rating on review for possible further downgrade.

The downgrade is prompted by the company's announcement that it is
facing several regulatory inquiries and is out of compliance with
covenants for several of its warehouse lenders.  According to the
company, the Securities and Exchange Commission and the regulatory
arm of the New York Stock Exchange have made inquiries into the
company.  Furthermore, according to the company, the U.S.
Attorney's Office is conducting a federal criminal inquiry into
trading and accounting errors at the company.  Moody's believes
that the announcements have a significant negative impact on the
servicing operations.

Moody's will assess whether the performance of residential
mortgage-backed securities backed in whole or in part by loans
serviced by New Century may be impacted.  Although it is too soon
to determine which specific transactions may be affected, the
level of impact will depend primarily upon the proportion of loans
serviced by New Century as well as the performance of such loans.

As with all ratings, Moody's will continue to monitor the
performance and take rating actions as appropriate.

New Century, a wholly-owned subsidiary of New Century Financial
Corporation, is a mortgage finance company engaged in the business
of originating, purchasing, and servicing mortgage loans secured
primarily by first and second lien mortgages.

Moody's SQ ratings represent its view of a servicer's ability to
prevent or mitigate asset pool losses across changing markets.  
The rating scale ranges from SQ1 (strong) to SQ5 (weak).  Where
appropriate, a "+" or "-" modifier will be appended to the
relevant rating to indicate a servicer's relative servicing
quality within a particular category.  Moody's servicer ratings
are differentiated in the marketplace by focusing on performance
measurement.  SQ ratings for US residential mortgage servicers
incorporate assessments of delinquency transition rates,
foreclosure timeline management, loan cure rates, recoveries, loan
resolution outcomes, and REO management - all critical indicators
of a servicer's ability to maximize returns from mortgage
portfolios.

Moody's servicer ratings also consider the company's ability to
maintain its focus on high quality servicing in an economic
downturn.  Servicing operations can be stressed by increasing the
number of delinquent loans while at the same time increasing the
need for liquidity.  The SQ rating reflects our expectation of the
impact that the servicing will have on the on-going credit
performance of the portfolio.  For this reason, Moody's monitors
SQ ratings based on periodic information provided by servicers and
conducts a formal re-evaluation of its servicer ratings annually.


NEW CENTURY: S&P Junks Rating and Retains Negative CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its counterparty credit
rating on New Century Financial Corp. to 'CCC' from 'B'.

Standard & Poor's also said that the rating remains on CreditWatch
with negative implications, where it was placed on March 2, 2007.

"The rating action reflects our concerns about New Century's
ability to cope with the mounting financial and reputational
stress resulting from a criminal investigation," explained
Standard & Poor's credit analyst Adom Rosengarten. The company
announced that the U.S. Attorney's Office for the Central District
of California is conducting a criminal inquiry in connection with
trades in the company's stock and is investigating the company's
accounting errors relating to allowance for loan repurchases.

In a residential mortgage market where investors and other
participants are rapidly losing confidence, it could be a
challenge for the company to work through current credit trends.  
The investigation and the damage it might do to the company's
reputation create concern about New Century's ability to maintain
its warehouse lending lines, which are necessary to fund mortgage
originations.

Given the uncertain nature of New Century's operating results and
the implications of possible further credit quality decline, the
rating will remain on CreditWatch with negative implications until
the situation becomes more stable.


NEW CENTURY: S&P Puts Subprime Servicer Ranking on Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ABOVE AVERAGE
subprime servicer ranking on New Century Mortgage Corp. on
CreditWatch with negative implications.  The ranking formerly had
a stable outlook.

The negative CreditWatch placement follows the March 5, 2007,
lowering of the counterparty credit rating on New Century
Financial Corp., New Century's parent company, to 'CCC' from 'B'.  
As a result of the corporate downgrade, S&P has revised its
assessment of the financial position of New Century's servicing
operation to insufficient.  Consequently, S&P has have removed the
company from its Select Servicer List.

Standard & Poor's believes the recent downgrade of New Century
Financial may have a detrimental impact on New Century's servicing
operation, as it may result in elevated turnover and,
concurrently, deterioration of servicing performance due to the
company's financial uncertainty.  Standard & Poor's will continue
to monitor the situation and will adjust the ranking as necessary.


NOMURA ASSET: Moody's Rates Class M-10 Certificates at Ba1
----------------------------------------------------------
Moody's Investors Service has assigned a Aaa rating to the senior
certificates issued by Nomura Asset Acceptance Corporation,
Alternative Loan Trust, Series 2007-S1, and ratings ranging from
Aaa to Ba1 to the mezzanine certificates in the deal.

The securitization is backed by fixed-rate second lien loans
acquired by Nomura Credit & Capital, Inc.  The collateral was
originated by EquiFirst Corporation (16.79%), American Home
Mortgage Corp. (16.71%), Ownit Mortgage Solutions, Inc. (12.93%),
Impac Funding Corporation (11.51%) and various other originators
(none of which originated more than 10.00% of the mortgage loans).

The ratings are based primarily on the credit quality of the loans
and on the protection from subordination, overcollateralization,
excess spread, and an interest rate swap and rate cap agreement.
Moody's expects collateral losses to range from 7.65% to 8.15%.

GMAC Mortgage, LLC and Ocwen Loan Servicing, LLC will service the
mortgage loans. Wells Fargo Bank, N.A. will act as master
servicer.  Moody's has assigned Ocwen Loan Servicing, LLC its
servicer quality rating of SQ2- as primary servicer of subprime
loans and Wells Fargo Bank, N.A. its top servicer quality rating
of SQ1 as master servicer.

The complete rating actions are:

                  Nomura Asset Acceptance Corporation
                Alternative Loan Trust, Series 2007-S1

           Mortgage Pass-Through Certificates, Series 2007-S1

                        * Cl. A, Assigned Aaa
                        * Cl. M-1, Assigned Aaa
                        * Cl. M-2, Assigned Aa2
                        * Cl. M-3, Assigned Aa2
                        * Cl. M-4, Assigned Aa3
                        * Cl. M-5, Assigned A1
                        * Cl. M-6, Assigned A3
                        * Cl. M-7, Assigned A3
                        * Cl. M-8, Assigned Baa1
                        * Cl. M-9, Assigned Baa3
                        * Cl. M-10, Assigned Ba1


NORTH AMERICAN: Earns $6.6 Million in Third Fiscal Quarter
----------------------------------------------------------
North American Energy Partners Inc. reported that record revenue
of $155.9 million propelled earnings to $6.6 million for the three
months ended Dec. 31, 2006, up from $2.1 million for the same
period in fiscal 2006.  The company has earned $19.8 million for
the first nine months of fiscal 2007, an increase of
$55.4 million over the prior year loss of $35.6 million.

The company also completed an initial public offering for its
common shares in the quarter. Including the subsequent over
allotment, net proceeds received by the company were $153 million
on the issue of 9,437,500 voting common shares.  Proceeds were
used to retire debt, redeem preferred shares and to purchase
certain leased equipment.  At the same time as the closing of the
IPO, NACG Holding Inc. amalgamated with its two subsidiaries, NACG
Preferred Corp. and NAEPI, with the amalgamated company continuing
as NAEPI.

"The quarter had many highlights," said Rod Ruston, president and
CEO.  "Taking the Company public was certainly an historic
milestone which has positioned us to take advantage of what we see
as a strong and growing business environment.  Another highlight
was achieving record revenue for the quarter."  Ruston added, "The
operations in most of the Company continued to perform very well,
despite challenges with the weather and rising equipment and tire
costs.  Our only area of shortfall came in the Pipeline division,
which experienced some operational difficulties, primarily due to
an unseasonably large amount of rain and changed conditions
experienced on two projects."

                              Summary

All comparisons are to the three-month period ending Dec. 31,
2005:

   * Revenue was $155.9 million, a $34.4 million increase from
     $121.5 million in the prior corresponding period, as a
     result of an increased volume of work in all segments.
     Segment operating profit also increased by $3.3 million to
     $17.5 million from $14.2 million, with operating margins
     improving in Mining and Site Preparation as well as Piling.

   * Mining and Site Preparation revenue increased by
     $21.6 million or 24% to $111.4 million. Segment profit
     increased by $4.2 million to $9.0 million due to higher
     revenues, increased profit margins and positive one-time
     impacts of the IPO.

   * The Piling division recorded quarterly revenue of
     $29.2 million, an $8.3 million improvement.  Segment profit
     also increased significantly, rising from $6.3 million to
     $10.3 million.  Higher revenues and job profit margins
     accounted for this increase.

   * Pipeline revenue was $15.3 million, a $4.5 million increase.
     The division experienced an operating loss of $1.8 million
     resulting from weather and other operational challenges on
     two projects.  In the same period last year, this division
     earned $3.1 million.

   * Gross profit of $26.0 million was a $12.2 million
     improvement over last year's $13.8 million.  Higher revenue
     and lower operating lease expense were offset partially by
     higher project and equipment costs.

   * Equipment costs were $29.2 million, an increase of
     $12.4 million due to higher equipment hours, increased
     repair costs and significantly higher costs for tires.

   * General and administrative expense was $3.4 million higher
     due primarily to $2.0 million in one-time fees to terminate
     an Advisory Services Agreement.  Increased staffing and
     salary levels also contributed to the increase.

   * Net income for the period was $6.6 million compared to
     $2.1 million in the previous corresponding period.  Based on
     a weighted average of 24.7 million and 18.6 million shares
     outstanding respectively, basic EPS for this quarter was
     $0.27 as compared to $0.11 last year.

   * Capital expenditures totaled $78.4 million in the quarter,
     of which $44.6 million related to the purchase of leased
     equipment using the net proceeds from the IPO.  Most of the
     remaining expenditure was for growth capital and included
     growth in the fleet with the addition of 10 new mining
     trucks.

Headquartered in Acheson, Alberta, Canada, North American Energy
Partners Inc. (TSX: NOA) (NYSE: NOA) -- http://www.nacg.ca/--  
is one of the largest providers of mining and site preparation,
piling and pipeline installation services in western Canada.  For
more than 50 years, the company has provided services to large
oil, natural gas and resource companies, with a principal focus on
the Canadian oil sands.  The company maintains one of the largest
independently owned equipment fleets in the region.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Moody's Investors Service upgraded North American Energy Partners
Inc.'s Corporate Family Rating to B2 from B3; its Probability of
Default Rating to B2 from B3; and its senior unsecured note rating
to B3, LGD4, 67% from Caa1, LGD5, 72%.


NORTHWEST AIRLINES: Pilots Picketing Today to Demand Fin'l Share
----------------------------------------------------------------
Pilots of Northwest Airlines Corp. will conduct informational
picketing today, March 7, 2007, at 4:15 p.m. at the
Minneapolis/St. Paul International Airport to demand a share in
Northwest Airlines' financial success in return for their deep
concessions made in U.S. Bankruptcy Court for the Southern
District of New York to save Northwest Airlines from liquidation.

Northwest is on far better financial footing than the grim Chapter
11 business plan that NWA executives sold to the Bankruptcy Court
last year to support their ultimatums for deep employee
concessions.  As a result, Northwest pilots demand to share in the
company's success by quickly regaining their lost pay, benefits,
and work rules.

Pilots at Northwest deserve REAL profit- and success-sharing
plans.

NWA's profit- and success-sharing programs are a farce because NWA
pilots will receive only pennies on the dollar compared to the
amount of pay and work rule concessions pilots conceded in Court.  
The potential of a few thousand dollars a year for each pilot
falls far short of making up for an annual $40,000 to $100,000 pay
cut.

Even the inclusion of the Northwest pilots' claim sale proceeds
would at best return only about 20 cents on every dollar conceded.

Northwest pilots agreed last year in Court to give $358 million
annually (including a 23.9% pay cut) to help the company avoid
liquidation.  This sacrifice was in addition to the $265 million
(including a 15% pay cut) annual concession Northwest pilots
gave in December 2004.  Northwest pilots' total concession of
$623 million a year totals more than $4 billion through 2011.

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/  
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its travel
partners serve more than 900 cities in excess of 160 countries on
six continents.  The Company and 12 affiliates filed for chapter
11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No.
05-17930).  Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq.,
at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in
Washington represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for protection
from their creditors, they listed $14.4 billion in total assets
and $17.9 billion in total debts.  On Feb. 15, 2007, the Debtors
filed an Amended Plan & Disclosure Statement.  The hearing to
consider the adequacy of the Disclosure Statement has been
scheduled for March 26, 2007.


OHIO CASUALTY: S&P Assigns Preliminary BB Preferred Stock Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'BBB-'
senior debt, 'BB+' subordinated debt, and 'BB' preferred stock
ratings to Ohio Casualty Corp.'s (NASDAQ:OCAS) universal shelf
registration.

"The ratings reflect the group's continued strong operating
performance, improved expense structure, very strong
capitalization, stabilized loss reserve levels, strong interest
coverage, low financial leverage, strong liquidity and cash flow,
and the expectation that these favorable trends will continue,"
said Standard & Poor's credit analyst Taoufik Gharib.  Offsetting
these positive factors are an expense ratio that remains
moderately higher than those of the group's industry peers and
continued underwriting challenges in segments of its core
commercial lines division.

The group was ranked the 50th largest property/casualty writer in
the U.S., based on 2005 direct premiums written.  In 2006, net
premiums written were slightly down (2.6%) to $1.4 billion
compared with the prior year, mostly due to softening personal
lines.  The group has a strong market presence in middle-market
commercial lines, a sizable personal lines product portfolio,
and a niche focus on specialty product lines.  In 2006, the group
generated a strong operating performance as demonstrated by a GAAP
combined ratio of 93.7% and an ROR of 16.8% compared with 94.2%
and 14.1% in the prior year, respectively.

As of year-end 2006, the group's financial leverage was 11.6%,
slightly down from 12.7% in the prior period. In the same period,
GAAP pretax interest coverage improved to 18.5x from 14.2x,
respectively, reflecting the improved operating performance of the
group's property/casualty operations.

Standard & Poor's does not expect any new issuance of securities
in the foreseeable future.  Financial leverage is expected to
remain modest at less than 20%, which we consider conservative for
the rating category.  GAAP interest coverage is expected to remain
extremely strong and at more than 10x, driven by the group's
continued strong operating performance.  In 2007, Standard &
Poor's expects that the group's underwriting results will
moderately deteriorate as the commercial lines pricing softens and
produce a combined ratio in the mid 90s.

Continued sustainable underwriting profit coupled with moderate
premium growth and strong capitalization levels could lead to a
positive outlook on the company in the medium term.  Conversely, a
continued decline in the top line, a reversion to operating
losses, or continued commercial lines underwriting losses could
lead to the outlook being revised to negative.


OMNI INSURANCE: A.M. Best Withdraws B+ Financial Strength Rating
----------------------------------------------------------------
A.M. Best Co. has withdrawn the financial strength rating of B+
(Good) and assigned a category of NR-5 (Not Formally Followed) to
Omni Insurance Group (Atlanta, GA).

Effective November 30, 2006, Omni Insurance Company and its
subsidiary, Omni Indemnity Company, formerly members of the Omni
Insurance Group, were acquired by Independent Insurance
Investments, Inc., the parent of American Independent Companies
(Conshohocken, PA).  On February 22, 2007, both companies became
members of the AIC pool, retroactive to January 1, 2007.

The FSR of B+ (Good) for Omni Insurance and Omni Indemnity remains
unchanged by this rating event.  The outlook for the rating is
stable.

Founded in 1899, A.M. Best Company is a full-service credit rating
organization dedicated to serving the financial services
industries, including the banking and insurance sectors.


OMNITECH CONSULTANT: Creditors Accept BIA Proposal
--------------------------------------------------
Omnitech Consultant Group Inc., aka Groupe Conseil Omnitech Inc.,
filed its Default Status Report in compliance with CSA Staff
Notice 57-301.

GCO's directors and officers are presently the object of a
Management CTO prohibiting them to trade GCO securities.  A
request to this effect has been filed to the regulatory
authorities when it became apparent that GCO would not be able to
file its year end audited and first quarter ended Nov. 30, 2006,
unaudited financial statements their related management report
within the prescribed delays.

A press release dated Jan. 4, 2007, described the reasons of the
delay, namely the procedures related to the filing of the notice
of intent to make a proposal to creditors in accordance with the
provisions of the Bankruptcy and Insolvency Act.

On Jan. 31, GCO and its wholly owned subsidiaries, Toptech Groupe
Conseil Inc., Groupe de Gestion GCO Inc., Groupe Isac Inc. and
Groupe Cadec Inc. filed proposals to their creditors at the
court's registry.

At the creditors meeting held on Feb. 23, the creditors accepted
the proposal for the payment of 100% of the value of their claims
in common shares of GCO at a price per share of $0.05.  As a
result, between 180 and 200 million common shares of the
Corporation will be issued to its creditors.  The issuance of the
shares is however subject to the approval of GCO's shareholders at
a special assembly that will take place on March 12, as well as
the approval of the TSX Venture Exchange and the competent
regulatory authorities.

In the meantime, GCO pursues its refinancing efforts with several
financial groups.

GCO also convened, on Feb. 28, its general annual shareholders
meeting, in accordance with the dispositions of the Canada
Business Corporations Act, which will be held on Sept. 12, 2007,
to approve the financial statements for the year ended Aug. 31,
2006, and appoint the auditor and the board of directors.

In accordance with CSA Staff Notice 57-301, GCO confirms that
except as disclosed: (i) there is no material change in the
information contained in the Notice of Default; (ii) there is no
failure of GCO to fulfill the intentions stated in its Notice of
Default or any Default Status Report; and (iii) there is no other
material information concerning the affairs of GCO that has not
been generally disclosed.

                About Omnitech Consultant Group Inc.

Omnitech Consultant Group Inc., aka Groupe Conseil Omnitech Inc.
(TSX VENTURE: GCO), offers solutions as a one-stop-shop in
engineering, information technology and systems maintenance.  GCO
integrates new technologies or optimizes existing systems by
applying cutting-edge expertise currently used in the best
practices.  GCO and its subsidiaries filed for creditor protection
in accordance with the provisions of the Bankruptcy and Insolvency
Act on Oct. 31, 2006.  PricewaterhouseCoopers Inc. has been
retained as trustee.


PAIVIS CORP: Jaspers+Hall PC Raises Going Concern Doubt
-------------------------------------------------------
Jaspers+Hall PC, in Denver, Colorado, expressed substantial doubt
about Paivis Corp.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended Sept. 30, 2006.  The auditing firm pointed to the
company's recurring losses and its difficulties in generating
sufficient cash flow to meet its obligations and sustain its
operation.

Paivis Corp. fka APO Health Inc. reported a $4.1 million net loss
on $6.9 million of revenues for the year ended Sept. 30, 2006,
compared with a $6.8 million net loss on $422,982 of revenues for
the year ended Sept. 30, 2005.

The increase in revenue resulted from the acquisition of Macro
Communications in September 2005.

Gross profit was $137,812 in fiscal 2006, compared to a gross loss
of $199,154 for fiscal 2005.  

Operating expenses for fiscal 2006 were $4.2 million, a decrease
of $2.4 million from fiscal 2005.  The largest decrease was a
reduction in wages and benefits expense of $3.1 million.  In
fiscal 2006, the company incurred $1.1 million in debt retirement
expense to induce debt holders to convert their debt to restricted
common shares.  Professional fees increased during the year by
approximately $265,405 due to increase in legal expenses.

At Sept. 30, 2006, the company's balance sheet showed $6.9 million
in total assets and $7.6 million in total liabilities, resulting
in a $740,190 total stockholders' deficit.

The company's balance sheet at Sept. 30, 2006, also showed
strained liquidity with $531,174 in total current assets available
to pay $7.6 million in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the year ended Sept. 30, 2006, are available for
free at http://researcharchives.com/t/s?1ac2

                         About Paivis Corp.

Headquartered in Atlanta, Georgia, Paivis Corp. (OTC BB: PAVC.OB)
is a facility-based wholesale telecommunications carrier that
delivers many application/value-added services within the prepaid
services space.  The company operates and maintains a switching
facility, offering over 16,000 ports with connectivity to most of
the tier 1 carriers in the US and manages an extensive
international (A-Z) network.  In addition to the wholesale
business, Paivis maintains a large retail distribution network for
direct to consumer services.


PATHMARK STORES: Merger Deal Cues Moody's to Review Ratings
-----------------------------------------------------------
Moody's Investors Service placed the ratings of Pathmark Stores,
Inc. on review direction uncertain following the company's
announcement on March 5, 2007 that it has agreed to be acquired by
The Great Atlantic & Pacific Tea Co. for consideration of
$1.3 billion in cash, stock and debt assumption and retirement.

The review direction uncertain reflects:

    (1) the possibility that Pathmark's ratings could be raised
        depending on the credit profile of the combined entity and
        the position of the Pathmark debt in the resulting capital
        structure, as well as

    (2) the risk that Pathmark's operating performance could
        deteriorate during the interim period prior to the closing
        of the merger transaction.

Ratings placed under review direction uncertain:

    * Corporate Family Rating of Caa1;
    * Probability of Default Rating of Caa1;

    * $350 million guaranteed 8.75% Senior Subordinated Notes
      (2012) of Caa2 (LGD 5, 76%).

Moody's review will primarily focus on:

    (1) the resulting capital structure of the combined company,

    (2) interim operating performance of Pathmark prior to the
        completion of the merger transaction , with particular
        focus on profitability and comparable store sales,

    (3) financial policy and liquidity profile,

    (4) evaluation of potential synergies.

If Pathmark's operating performance were to deteriorate
significantly prior to the closing of the transaction, its ratings
could potentially be downgraded.

Pathmark Stores, Inc., with headquarters in Carteret, New Jersey,
operates 141 supermarkets around the New York City and
Philadelphia metropolitan areas.  The company generated revenue of
nearly $4 billion for the twelve months ended October 28, 2006.


PER-SE TECHNOLOGIES: Debt Repayment Cues S&P to Withdraw Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' corporate
credit and all other debt ratings for Per-Se Technologies and
removed them from Credit Watch, where they had been placed with
positive implications on Nov. 6, 2006.

"This rating action reflects the repayment of all of Per-Se
Technologies' outstanding debt, following its acquisition by
McKesson Corp.," said Standard & Poor's credit analyst Stephanie
Crane Mergenthaler.


REGAL ENT: Fitch Says Special Dividend Plan Won't Affect Ratings
----------------------------------------------------------------
Regal Entertainment Group's ratings and Outlook are not affected
by the announced extraordinary cash dividend of $2.00 per class A
and B common share or approximately $300 million.

RGC will fund the special dividend from a portion of the net
proceeds it received in connection with National CineMedia's IPO
completed on Feb. 13, 2007.  RGC's share of the net NCM IPO
proceeds is estimated at $445 million after current taxes.  The
company also stated that it continues to evaluate other corporate
uses, including potential acquisitions, for the remainder of the
proceeds.  Fitch recently established ratings and coverage on RGC
and Regal Cinemas Corporation by assigning a 'B+' Issuer Default
Rating to both issuing entities.  The ratings incorporated Fitch's
expectation that RGC's proceeds from the NCM IPO would not be used
to pay off debt.

The ratings reflect the company's size and position as a leading
theater exhibitor, solid geographic diversity, sound operating
performance, and relatively stable free cash flow generation.  
Fitch notes that the company is the only major exhibitor in over
85% of the film distribution zones in which it operates.  These
strengths are balanced by the intermediate term risks associated
with collapsing film distribution windows, increased competition
from at-home entertainment media, heavy reliance upon a limited
number of film distribution companies, limited control over
revenue trends, high operating leverage which can make theater
operators free cash flow-negative in a downturn, and a history of
aggressive dividend payouts.

In establishing the long-term ratings, Fitch heavily weighed the
current and prospective challenges facing RGC and its industry
peers.  Going forward, pricing is not likely to be under
significant pressure, but attendance is expected to continue to
remain exposed to indirect competition from other distribution
channels such as DVD, home video and video on demand; particularly
as film distribution windows continue to gradually collapse.  In
addition, exhibitor performance is tied to the quality of the
motion pictures produced and distributed, a critical factor that
is largely outside of management's control.

RGC's liquidity is adequate with cash of $162.2 million and
$99.2 million available under the company's $100 million revolver
as of Dec. 28, 2006.  The company's maturity schedule is
manageable with less than $35 million due in each of 2007, 2008
and 2009, excluding $123.7 million of convertible notes which are
due May 15, 2008 and convertible at holder's option.  The
company's liquidity is further supported by the working capital
dynamics of the theater exhibition business.

RGC and Regal Cinemas are currently rated as:

Regal Cinemas:

    -- IDR 'B+';
    -- Senior secured facility 'BB/RR2';
    -- Senior subordinated notes 'B/RR5'.

RGC

    -- IDR 'B+';
    -- Senior unsecured convertible notes 'B-/RR6'.


RICHARD LEWANDOWSKI: Case Summary & 14 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Richard J. Lewandowski
        Lalainia J. Lewandowski
        2670 40th Street
        North Buffalo, MN 55313

Bankruptcy Case No.: 07-40727

Type of Business: The Debtors filed for chapter 11 protection on
                  November 1, 2006 (Bankr. D. Minn. Case No. 06-
                  42516).

Chapter 11 Petition Date: March 5, 2007

Court: District of Minnesota (Minneapolis)

Debtors' Counsel: Michael F. McGrath, Esq.
                  Ravich Meyer Kirkman & McGrath Nauman P.A.
                  4545 IDS Center
                  80 South Eighth Street
                  Minneapolis, MN 55402
                  Tel: (612) 332-8511
                  Fax: (612) 332-8302

Debtors' financial condition as of March 5, 2007:

      Total Assets: $61,104,562

      Total Debts:  $42,340,043

Debtors' 14 Largest Unsecured Creditors:

   Entity                        Nature of Claim     Claim Amount
   ------                        ---------------     ------------
American Home Mortgage           Real Estate,         $36,000,000
4600 Regent Boulevard            Olmsted and             Secured:
Suite 200                        Hennepin,             $4,900,000
Irving, TX 75063                 Minnesota Counties

Sonic Financial                  Personal Guaranty     $2,300,000
120 Town Square
444 Cedar Street
St. Paul, MN 55101

Hassler, Michael & Laurie        Personal Guaranty       $308,659
13006 New Haven Road Northwest   for Contract
Pine Island, MN 55963

Meritt Hage                      Judgment                $259,328
110 Regan Lane, Suite 305
Osseo, MN 55369

U.S. Federal Credit Union        Credit Card              $40,286
1400 Riverwood Drive
Burnsville, MN 55337

GMAC                             Guaranty for             $29,000
                                 Auto Loan

HFC                              Credit Line              $10,487

M&I Bank                         Credit Card               $5,938

American Express                 Credit Card               $4,096

Target VISA                      Credit Card               $1,765

U.S. Bank                        Credit Card               $1,248

Ferrell Gas                      Goods and Services        $1,087

Verizon Wireless                 Cell Phone                  $187

Capital One                      Credit Card                  $66


RISK ASSURANCE: A.M. Best Puts B+ FSR Under Negative Review
-----------------------------------------------------------
A.M. Best Co. has placed the financial strength rating of B+
(Good) of Risk Assurance Company of Saint Peter's University
Hospital (Grand Cayman, Cayman Islands) under review with negative
implications.

The rating has been placed under review due to a significant
decline in Risk Assurance's fourth quarter policyholder surplus
levels, largely due to a single claim payment, which resulted in
weakening capitalization levels.

The under review status affords management the time to provide the
necessary documentation, including but not limited to a strategy
for dealing with potential future large losses.  This
documentation is required for further assessment of Risk
Assurance. Management anticipates capitalization will be restored
to the appropriate level in the short term.  The rating and its
under review status will remain in effect until A.M. Best has had
an opportunity to review the aforementioned documentation when it
is received.

Founded in 1899, A.M. Best Company is a full-service credit rating
organization dedicated to serving the financial services
industries, including the banking and insurance sectors.
   

RURAL/METRO CORP: Receives Wells Fargo's Notice of Default
----------------------------------------------------------
Rural/Metro Corporation has received a notice of default from
Wells Fargo Bank N.A. with respect to the company's 9.875% Senior
Subordinated Notes due 2015 and its 12.75% Senior Discount Notes
due 2016 that it has not yet met the timely filing requirement
for its Form 10-Q for the second quarter ended Dec. 31, 2006
within the indentures.

Under the Indentures, the company has until April 23, 2007, to
regain compliance by filing the second-quarter Form 10-Q.

The company reported on Feb. 12, 2007 that it required additional
time to file its quarterly report on Form 10-Q for the period
ended Dec. 31, 2006 due to the restatement of consolidated
financial statements for the fiscal year ended June 30, 2006
and the quarters ended Mar. 31, 2006 and Sept. 30, 2006.

The company currently expects to file the restated historical
financial statements and current quarterly report within the 60-
day cure period

Approximately $186 million aggregate principal amount of the notes
is outstanding under the Indentures, and all required interest and
principal payments have been made on a timely basis.

A failure by the company to observe any covenant under the
indentures also constitutes an event of default under the
company's credit facility and could lead to an acceleration
of the unpaid principal and accrued interest.  Approximately
$100 million is outstanding under the credit facility, and all
required interest and principal payments have been made on a
timely basis.

Headquartered in Scottsdale, Arizona, Rural/Metro Corporation
-- http://www.ruralmetro.com/-- provides emergency and non-  
emergency medical transportation, fire protection, and other
safety services in 23 states and approximately 400 communities
throughout the United States.


SABRE INC: S&P Rates Proposed $3.215 Billion Senior Facility at B+
------------------------------------------------------------------
Standard & Poor's Ratings Services assigned ratings to Sabre
Inc.'s proposed $3.515 billion secured credit facility.  Sabre
Inc. is the major operating subsidiary of travel distribution
company Sabre Holdings Corp. (BB/Watch Neg/--).

S&P assigned a 'B+' rating to Sabre Inc.'s proposed $3.215 billion
first-lien senior secured credit facility, with a recovery rating
of '2', indicating expectations of substantial (80%-100%) recovery
of principal in the event of a payment default.  The facility
consists of a $500 million revolver due March 2013 and a
$2.715 billion term loan due September 2014.

In addition, S&P assigned a 'B-' rating to the $300 million
second-lien term loan that matures in March 2015, with a recovery
rating of '5', indicating expectations of negligible (0%-25%)
recovery of principal in the event of a payment default.

"Upon completion of these transactions, we expect to lower the
'BB' corporate credit rating on Sabre Holdings Corp. to 'B+', and
lower the 'B+' senior unsecured debt rating to 'B-'," said
Standard & Poor's credit analyst Betsy Snyder.

All ratings on Sabre Holdings Corp. would be removed from
CreditWatch with negative implications; ratings were initially
placed on CreditWatch with negative implications on Dec. 12, 2006,
and subsequently lowered on Dec. 21, 2006.  Standard & Poor's
would assign a stable outlook.

The ratings on Sabre Holdings Corp. reflect its highly leveraged
financial profile, pro forma for its acquisition by private equity
firms, and the cyclical nature of the travel industry, in which it
participates as a distributor and marketer.  Ratings also
incorporate the company's leading position in this segment of the
travel market, and the strong cash flow this business typically
generates.


SANDISK CORP.: Earns $198.89 Million in Fiscal Year 2006
--------------------------------------------------------
SanDisk Corp. reported net income of $198.89 million on total
revenues of $3.25 billion for the fiscal year ended Dec. 31, 2006,
as compared with a net income of $386.38 million on total revenues
of $2.3 billion in total revenues for the fiscal year ended
Jan. 1, 2006.

The company increased its research and development, sales and
marketing, and general and administrative costs for 2006.  It also
incurred additional expenses of $225.6 million in write-off of
acquired in-process technology and $17.43 million in amortization
of acquisition-related intangible assets that drove total
operating expenses to $913.13 million for fiscal year 2006, up
from $396.15 million for fiscal year 2005.  

Operating activities generated $598.1 million of cash during the
year ended Dec. 31, 2006.  Operating activities generated
$480.9 million of cash during the year ended Jan. 1, 2006.  At
Dec. 31, 2006, the company had cash, cash equivalents and short-
term investments of $2.81 billion.

At Dec. 31, 2006, the company had a working capital balance of
$3.3 billion and says that it does not expect any liquidity
constraints over the next twelve months.

The company's balance sheet showed $6.96 billion in total asset,
$2.2 billion in total liabilities, resulting to $4.76 billion in
stockholders' equity at Dec. 31, 2006.  

In December 2006, the company announced that its Board of
Directors authorized a stock repurchase program under which
SanDisk intends to acquire up to $300 million of its outstanding
common stock in the open market over the next two years.  As of
Feb. 15, 2007, the company has repurchased $400,000 of shares.

                       Work Force Reduction

On Feb. 15, 2007, the company's Board of Directors approved a
plan to reduce operating costs, which includes a worldwide
reduction in force of up to 10% of its headcount, or approximately
250 employees.  SanDisk expects to incur a restructuring charge in
connection with the Plan in the range of $15 million to
$20 million, with the majority of the expense occurring in the
first quarter of 2007.  The work force reduction will impact
functions related to operations, engineering, sales, and marketing
and administration and will primarily be based in the United
States and Israel, and to a lesser degree, other international
locations.  The Plan is expected to be completed by the third
quarter of fiscal 2007.

                      Financing Arrangements

In May 2006, the company issued and sold $1.15 billion in
aggregate principal amount of 1% Notes due 2013 that were issued
at par.  The Notes may be converted into our common stock, under
certain circumstances, based on an initial conversion rate of
12.1426 shares per $1,000 principal amount of notes.

Concurrently, with the issuance of the 1% Notes, the company
purchased a convertible bond hedge and sold warrants.  The
separate convertible bond hedge and warrant transactions are
structured to reduce the potential future economic dilution
associated with the conversion of the 1% Notes and to increase the
initial conversion price to $95.03 per share.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1aad

                        About SanDisk Corp.

Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK)
-- http://www.sandisk.com/-- manufactures various formats of
flash memory cards for use in consumer electronics products,
including digital cameras, mobile phones, and game systems.  It
also produces devices such as USB drives and MP3 music
players.

                           *     *     *

In May 2006, Standard & Poor's Ratings Services assigned its 'BB-'
rating to Sunnyvale, California-based SanDisk Corp.'s proposed
issue of $1 billion of senior unsecured convertible notes due
2013.  The 'BB-' corporate credit rating on SanDisk was affirmed.
The rating outlook is stable.


STRUCTURED ASSET: Fitch Rates $4.9 Mil. Class B1 Certs. at BB+
--------------------------------------------------------------
Structured Asset Securities Corporation mortgage pass-through
certificates, series 2007-GEL1, is rated by Fitch Ratings as:

    -- $223,781,000 classes A1, A2, and A3 'AAA';
    -- $23,912,000 class M1 'AA+';
    -- $6,918,000 class M2 'AA';
    -- $6,316,000 class M3 'AA-';
    -- $6,166,000 class M4 'A+';
    -- $5,564,000 class M5 'A';
    -- $5,264,000 class M6 'A-';
    -- $4,662,000 class M7 'BBB+';
    -- $4,061,000 class M8 'BBB';
    -- $4,963,000 class B1 'BB+'.

The 'AAA' rating on the class A certificates reflects the 26.95%
credit enhancement provided by the 7.95% class M1, the 2.30% class
M2, the 2.10% class M3, the 2.05% class M4, the 1.85% class M5,
the 1.75% class M6, the 1.55% class M7, the 1.35% class M8, the
1.65% class B1, and the 1.50% class B2 (not rated by Fitch), along
with overcollateralization (OC).  The initial OC amount is 1.55%,
growing to a target OC of 2.90%.  In addition, the ratings on the
certificates reflect the quality of the underlying collateral, and
Fitch's level of confidence in the integrity of the legal and
financial structure of the transaction.

The mortgage pool consists of fixed- and adjustable-rate mortgage
loans secured by first and second liens on one- to four-family
residential properties, with an aggregate principal balance of
$300,781,466.  As of the cut-off date (Jan. 1, 2007) the mortgage
loans had a weighted average loan-to-value ratio (LTV) of 82.75%,
weighted average coupon (WAC) of 7.937%, weighted average
remaining term to maturity (WAM) of 341 months and an average
principal balance of $191,824.  Single-family properties and PUDs
account for approximately 83.50% of the mortgage pool, condos
7.43% of the mortgage pool, and 2-4 family properties 8.83% of the
mortgage pool.  The three largest state concentrations are
California (21.81%), Florida (12.60%), and New York (7.50%).

None of the mortgage loans are 'high cost' loans as defined under
any local, state or federal laws.

Structured Asset Securities Corporation deposited the loans into
the trust, which issued the certificates, representing beneficial
ownership in the trust.  For federal income tax purposes, the
Trust will consist of multiple real estate mortgage investment
conduits.  U.S. Bank National Association will act as trustee.  
Aurora Loan Services LLC (rated 'RMS1-' by Fitch) will act as
Master Servicer for this transaction.


TEC FOODS: Wants Heller Draper as Special Counsel
-------------------------------------------------
TEC Foods Inc. ask the U.S Bankruptcy Court for the Eastern
District of Michigan for permission to employ Heller, Draper,
Hayden, Patrick, & Horn, L.L.C., as its special counsel.

The firm will assist the Debtor and its lead counsel in connection
with the Debtor's plan confirmation process and related
litigation.

Douglas S. Draper, Esq., a principal of the firm, will charge the
Debtor $350 per hour for this engagement.  He also discloses that
the firm's other attorneys bill $275 per hour while paralegal's
hourly rates is $90.

Mr. Draper assures the Court that the firm does not hold any
interest adverse to the Debtor and is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code.

Mr. Draper can be reached at:

     Douglas S. Draper, Esq.
     Heller, Draper, Hayden, Patrick, & Horn, L.L.C.
     9311 Bluebonnet Blvd.
     Baton Rouge, Louisiana 70810
     Tel: (225) 767-1499
     Fax: (225) 761-0760
     http://www.hellerdraper.com/
     
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.


TIMKEN COMPANY: Earns $222.53 Million in Year Ended 2006
--------------------------------------------------------
The Timken Company reported net sales for the year ended
Dec. 31, 2006, of approximately $4.97 billion, as compared with
$4.82 billion in 2005, in its annual financial statements filed
with the Securities and Exchange Commission.  

Net income earned for the year ended Dec. 31, 2006, was
$222.53 million, down from $260.28 million for the year ended
Dec. 31, 2005.

At Dec. 31, 2006, total assets increased by $37.8 million, to
$4.03 billion, from $3.99 billion at Dec. 31, 2005.  This increase
was primarily due to increased property, plant and equipment -
net, and working capital from continuing operations required to
support higher sales, partially offset by the decrease in assets
of discontinued operations that were part of the sale of Latrobe
Steel.

Total current assets at Dec. 31, 2006 were $1.9 million as
compared with $1.98 million in 2005.  The decrease in total
current assets reflected decreases of $12.1 million in deferred
income tax, $6.8 million in deferred charges and prepaid expenses,
$162.2 million in current assets of discontinued operations, and
$5.7 in other current assets, partially offset by increases of
$35.7 million in cash and cash equivalents, $16.1 million in net
accounts receivable, and $52 million of net inventories.

The company lowered its total current debt to $835.56 million at
Dec. 31, 2006, from $1.07 billion in 2005, primarily through lower
salaries, wages, and benefits of $225.40 million in 2006, from
$364.02 million in 2005.

Total debt was $597.8 million at December 31, 2006 compared to
$720.9 million at Dec. 31, 2005.  Net debt was $496.7 million at
December 31, 2006 compared to $655.5 million at Dec. 31, 2005.  

                        Credit Facilities

At Dec. 31, 2006, the company had no outstanding borrowings under
its $500 million Amended and Restated Credit Agreement Senior
Credit Facility that matures on June 30, 2010.  It also had no
outstanding borrowings under its letters of credit outstanding
totaling $33.8 million, which reduced the availability under the
Senior Credit Facility to $466.2 million.  At Dec. 31, 2006, the
company was in full compliance with the covenants under the Senior
Credit Facility and its other debt agreements.  

At Dec. 31, 2006, the company had no outstanding borrowings under
the company's Asset Securitization, which provides for borrowings
up to $200 million, limited to certain borrowing base
calculations, and is secured by certain domestic trade receivables
of the company.  At Dec. 31, 2006, there were letters of credit
outstanding totaling $16.7 million, which reduced the availability
under the Asset Securitization to $183.3 million.

The company expects that any cash requirements in excess of cash
generated from operating activities will be met by the
availability under its Asset Securitization and Senior Credit
Facility.  It believes it has sufficient liquidity to meet its
obligations through 2010.

                         Sales by Segment

For the year 2006, the company's Industrial, Automotive, and
Steel Group had sales of $2.07 billion, $1.57 billion, and
$1.33 billion, respectively.  Total sales from each of the
segments were $4.97 billion for the year ended Dec. 31, 2006.

                          Restructuring

In September 2006, the company announced further planned
reductions in its Automotive Group workforce of approximately
700 associates.  These plans are targeted to deliver annual
pretax savings of approximately $35 million by 2008, with pretax
costs of approximately $25 million.

In December 2006, the company completed the divestiture of
its Steering business located in Watertown, Connecticut and
Nova Friburgo, Brazil, resulting in a loss on divestiture of
$54.3 million. The Steering business employed approximately
900 associates.

In December 2006, the company completed the divestiture of its
Latrobe Steel subsidiary.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1aac.

                 About The Timken Company

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- manufactures highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial, and railroad industries.  The Company has
operations in 27 countries, including Brazil, and employs 27,000
employees.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service confirmed The Timken Company's Ba1
Corporate Family Rating and the Ba1 rating on the company's $300
Million Unsecured Medium Term Notes Series A due 2028.


TOWER RECORDS: Court OKs Pact Expanding Consor's Retention Scope
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved a
stipulation among MTS Inc. dba Tower Records, its debtor-
affiliates, the Official Committee of Unsecured Creditors, and an
informal committee of secured trade vendors expanding Consor
Intellectual Asset Management's scope of services.

Pursuant to that stipulation, Consor will now manage the marketing
and sale of the Debtors' intellectual properties under the
direction of the Debtors and in consultation with the Committees.

The Creditors Committee had retained Consor as its intellectual
property valuation consultant pursuant to a Court-order dated
Dec. 20, 2006.

For its services under the modified retention agreement, Consor
will receive:

   a) a non-refundable fee of $100,000 upon Court approval of the
      retention application;

   b) an incentive and success fee out of the sale proceeds upon
      closing of any sale transaction for each or all of the IP
      assets as follows:

      -- on the first $2,000,000 of the gross consideration
         received by or for the benefit of the Debtors' estates
         for all transactions, no success fee will be payable to
         Consor;

      -- after generating the first $2,000,000 of the gross
         consideration received by or for the benefit of the
         Debtors' estates for all transactions, the success fee
         payable to Consor will be 5% of the increment in excess
         of $2,000,000 up to $4,000,000 of the gross consideration
         received by or for the benefit of the Debtors' estates
         for all transactions;

      -- after generating the first $4,000,000 of the gross
         consideration received by or for the benefit of the  
         Debtors' estates for all transactions, the success fee
         payable to Consor will be 10% of the increment in excess
         of $4,000,000 up to $6,000,000 of the gross consideration
         received by or for the benefit of the Debtors' estates
         for all transactions; and

      -- after generating the first $6,000,000 of the gross
         consideration received by or for the benefit of the
         Debtors' estates for all transactions, the success fee
         payable to Consor will be 15% of the increment in excess
         of $6,000,000 of the gross consideration received by or
         for the benefit of the Debtors' estates for all
         transactions.

To the best of the parties' knowledge, Consor does not hold any
interest adverse to the Debtors' estate.

Consor has started marketing the IP Assets in January 2007.

                        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 plan expires on March 26, 2007.


TRIPOS INC: ISS Urges Shareholders to Vote for Liquidation Plan
---------------------------------------------------------------
Institutional Shareholder Services, the leading independent proxy
advisor to the institutional marketplace, has recommended that
Tripos Inc. shareholders vote for the proposed sale of its
Discovery Informatics business to Vector Capital LLC and for the
proposed plan of liquidation and dissolution.  These proposals
will be presented at the March 15 special meeting of Tripos
shareholders.

As reported in the Troubled Company Reporter on Nov. 24, 2006,
Tripos entered into a definitive agreement to sell substantially
all of the assets of its Discovery Informatics business to Vector
Capital.  This asset sale, expected to close in the first quarter
of 2007, is an initial step in the liquidation of Tripos.

Liquidating distributions, in an amount to be determined, are
expected to begin approximately six months after the closing of
this transaction.  Tripos' preliminary estimate is that there
would be between $6 million to $12 million available for
distribution to common stockholders assuming completion of the
sale of its Discovery Informatics business to Vector, sale of
its Discovery Research business, completion of certain other
transactions described below, and satisfaction of all liabilities
at amounts currently estimated.

In recommending for the asset sale, the ISS report stated, "Based
on our review of the comprehensive sale process, the impending
need for the company to raise funds to meet debt obligations, and
the declining trend in core business, we recommend shareholders
support the asset sale proposal."

In recommending for the liquidation proposal, the ISS report
stated, "Since the company will have no business or operations
following the asset sale, which we support, we believe that this
proposal warrants shareholder support."

Shareholders are encouraged to read Tripos' proxy materials in
their entirety.

Shareholders who have questions or need voting assistance should
contact Tripos' proxy solicitor, Morrow & Co., Inc., at (203) 658-
9400 or toll-free at (800) 607-0088.

Tripos, Inc. -- http://www.tripos.com/-- (Nasdaq:TRPS) combines    
leading-edge technology and innovative science to deliver
consistently superior chemistry-research products and services for
the biotechnology, pharmaceutical and other life science
industries.  Within Tripos' Discovery Informatics business, the
company provides software products and consulting services to
develop, manage, analyze and share critical drug discovery
information.  Within Tripos' Discovery Research business, Tripos'
medicinal chemists and research scientists partner directly with
clients in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.


TXU CORP: Up to $5.4 Million in Investor Assets Freezed
-------------------------------------------------------
A federal judge granted an emergency order sought by regulators to
freeze as much as $5.4 million in investor assets for apparent
illegal insider trading ahead of TXU Corp.'s buyout announcement,
Reuters reported on its Web site Friday.

A group of unknown investors "were in possession of material,
nonpublic information" ahead of the company's Feb. 26 announcement
of a $31.8 billion buyout by private equity groups, Reuters said,
citing the Securities and Exchange Commission's statement in a
complaint filed with the U.S. District Court in Chicago.

According to the report, the SEC alleged that the unknown buyers
bought at least 8,020 call option contracts for TXU common stock
in advance of the announcement, and are in a position to receive
more than $5.3 million in trading profits.

The source relates that a temporary restraining order issued by
the court on Friday called upon the investors to identify
themselves and their financial accounts, and barred them from
destroying any of their financial records.

TXU declined to comment on the SEC allegations or court action.

              Merger Deal with Kohlberg Kravis, et al.

As reported in the Troubled Company Reporter on Mar. 1, 2007, TXU,
together with Kohlberg Kravis Roberts & Co. and Texas Pacific
Group, private equity firms, and Goldman Sachs & Co., a private
investment bank, executed a definitive merger agreement under
which an investor group led by KKR and TPG will acquire TXU
in a transaction valued at $45 billion.  

GS Capital Partners, Lehman Brothers, Citigroup and Morgan Stanley
intend to be equity investors at closing.  Under the terms of the
merger agreement, shareholders will be offered $69.25 per share at
closing, which represents a 25% premium to the average closing
share price over the 20 days ending Feb. 22, 2007.

                 Fitch Warns 'B' Category Ratings

In its 2006 10-K filing, TXU Corp. disclosed that the acquirers
have obtained commitments from financial institutions for
$24.6 billion of debt financing to fund the leveraged buyout
transaction and that a substantial amount of the debt would be
incurred at the company's subsidiary, TXU Energy Co. LLC.  The
Energy borrowings would be secured by substantially all assets of
Energy and its subsidiaries, and guaranteed by substantially all
of the subsidiaries of Energy.  In addition, a portion of the
acquisition debt would be raised by the parent company, TXU.  

If the transaction financing is completed as disclosed, Fitch
expects that the IDRs for TXU, TXU US Holdings Inc., and Energy
would be lowered to approximately the 'B' category.  

According to Fitch, the acquirers have represented that they will
not add incremental leverage to the regulated transmission and
distribution utility, TXU Delivery to fund the acquisition and
that its operations and financial activities would be
significantly separated from its affiliates.  Thus, Fitch said,
the post- acquisition ratings of Delivery could be substantially
higher than those of TXU, if Fitch finds that Delivery is
sufficiently ring- fenced from its affiliates.

Fitch noted that TXU expects the transaction to be completed
towards the end of 2007 and the financing plan may change in the
interim.  

"The transaction will have to clear a number of federal
and possibly state regulatory closing hurdles.  Legislation has
been proposed in Texas, that if passed, would require the parties
to obtain Public Utility Commission of Texas approval of the
transaction," Fitch explained.  "Additionally, while the
acquisition has been approved by TXU's Board of Directors, TXU is
five days into a 50 day 'go shop' period contained in the Merger
Agreement which allows TXU to solicit and engage in discussions
and negotiations with respect to competing proposals."

On Feb. 26, 2007, Fitch downgraded the ratings of TXU and its
subsidiaries and placed the issuers on Ratings Watch Negative
following the company's buyout announcement.  The ratings actions
were based on Fitch's concerns that the acquisition of TXU
would be funded through a highly levered entity, or result in the
incurrence of substantial indebtedness at the TXU holding company
or subsidiary levels.

                          About TXU Corp.

Headquartered in Dallas, Texas, TXU Corp. (NYSE: TXU) --
http://www.txucorp.com/-- is an energy company that manages a    
portfolio of competitive and regulated energy businesses in North
America.  In TXU Corp.'s unregulated business, TXU Energy provides
electricity and related services to 2.5 million competitive
electricity customers in Texas, more customers than any other
retail electric provider in the state.  TXU Power has over 18,300
megawatts of generation in Texas, including 2,300 MW of nuclear
and 5,837 MW of lignite/coal-fired generation capacity.


* Crowell & Moring Adds Nine Lawyers to New York Office
-------------------------------------------------------
Crowell & Moring LLP has bolstered its New York office through the
addition of nine financial services and distressed debt lawyers,
including partners William M. O'Connor, Robert G. Frucht, and
Evelyn H. Seeler.  The team, whose representative institutional
and hedge fund clients include Wachovia Bank, Lehman Brothers,
UBS, and Silver Point Capital, joins Crowell & Moring's Corporate
and Litigation groups.  Crowell & Moring's New York office will
now comprise 29 lawyers after opening just five months ago.  The
lawyers come from Buchanan Ingersoll & Rooney PC.

"We are thrilled to bring on a team that comes with long-standing
connections to Wall Street and rich experience in the financial
services arena," Kent A. Gardiner, Crowell & Moring chairman,
said.  "Our Corporate Group has served clients on the
transactional side for many years, across our U.S. and European
offices.  We are now poised to expand the range of services we
provide clients, particularly financial institutions who need the
interdisciplinary counsel of a law firm that operates
internationally."

Mr. O'Connor, who leads the financial institutions team coming to
Crowell & Moring, is a former member of Buchanan's Board of
Directors and managing shareholder of its New York office.  He
will lead the New York-based creditors' rights team that
represents leading financial institutions in a range of concerns,
including litigation, loan workouts, bankruptcies, restructurings,
debt portfolio acquisitions, international documentary credits,
multinational insolvencies, and Foreign Sovereign Immunity Act
cases.  The team also includes partners Seeler and Frucht and
consists of seasoned transactional and trial lawyers who work to
solve the diverse challenges that its financial clients confront
-- from conducting due diligence in distressed deals for hedge
funds to advising on public and private offerings on debt and
equity securities.

In addition to the three partners, the team includes four counsel:
Douglas R. Arntsen, Timothy J. Fierst, Prassana Mahadeva, and
James Maisano.  Associates joining the firm include Genelle R.
Francis and Jamie Krapf.

"It is exciting to help build a New York office with a firm that
has a premier track record in achieving its strategic vision while
maintaining its core values of who they are and how they engage in
client service," Mr. O'Connor said.  "Our team will join with
Crowell & Moring's growing corporate and litigation practices to
expand the scope of services the firm provides, and I am
particularly eager to work with the London and Brussels offices as
my clients and their interests become increasingly international."

In 2006, the firm's Corporate Group was ranked by The Legal 500
US-Volume I (Corporate and Finance) for its mergers and
acquisitions work.

Headquartered in Washington, D.C., Crowell & Moring LLP --
http://www.crowell.com/-- is a full-service law firm with nearly  
350 lawyers practicing in litigation, antitrust, government
contracts, corporate, intellectual property and more than 40 other
practice areas.  More than two-thirds of the firm's lawyers
regularly litigate disputes on behalf of domestic and
international corporations, start-up businesses, and individuals.  
Crowell & Moring's extensive client work ranges from advising on
one of the world's largest telecommunications mergers to
representing governments and corporations on international
arbitration matters.  The firm also has offices in California, New
York, London, and Brussels.


* Hunton & Williams Taps P. Bruening as Deputy Executive Director
-----------------------------------------------------------------
Paula J. Bruening has joined Hunton & Williams LLP as Deputy
Executive Director for The Center for Information Policy
Leadership and Senior Policy Advisor at the firm.  Ms. Bruening
was counsel at the Center for Democracy & Technology, a nonprofit,
public interest organization, where she focused on cyber-privacy
issues.  She will be based in the firm's Washington office.

"Paula brings the special skills necessary to create collaborative
solutions in an information age," Marty Abrams, The Center's
executive director, in announcing the appointment, said.  "She
understands the intersection between policy and technology, which
is so important when looking at emerging privacy issues including
those arising in technologies such as RFID and social networks."

"Paula brings a nongovernmental organization perspective on
privacy and information security issues that complements and
further balances our work," Orson Swindle, senior policy advisor
and chair of security initiatives at The Center, said.  "She
believes in the importance of taking 'steps to solutions' and will
help The Center raise awareness among industry leaders and
decision makers of the critical realm of information security and
of the differing regional privacy regimes around the globe.  I
very much look forward to working with her."

"Privacy laws around the world are changing," Maureen Cooney,
counsel in the firm's Washington office, who also serves as senior
policy advisor for global privacy strategies at The Center, added.  
"There is an evolution in the industry in terms of technology, and
companies want to know what security measures need to be built
into future systems.  Paula has worked on cutting-edge technology
and brings that experience to the firm, which will help The Center
prepare businesses for the next generation of privacy laws."

Center member companies are delighted with Paula's addition to
Center Leadership," Sandra Hughes, chief privacy executive at
Procter & Gamble, said.  "Many of us worked with Paula both on the
RFID Privacy Guidelines and APEC Privacy Framework.  Few leaders
are better at bridging differences between various business and
consumer constituencies."

At The Center, Ms. Bruening joins well-known privacy professionals
Abrams, Swindle, and Fred H. Cate.  Ms. Bruening will also work
closely with Hunton & Williams' noted privacy lawyers including
Cooney, Lisa J. Sotto and Christopher Kuner.  Ms. Bruening will
regularly collaborate with a diverse, vibrant team of privacy and
information security authorities who understand that information
must be monitored on a global basis as it travels across
countries' borders to meet both individual consumer and corporate
needs.

Ms. Bruening received her undergraduate degree from John Carroll
University and law degree from Case Western Reserve University
School of Law.  She is a frequent author and lecturer on
information policy issues in the US and Europe.  She began her
work in information policy at the US Congress Office of Technology
Assessment.  Prior to her role with the Center for Democracy &
Technology, she was the director of compliance and policy for
TRUSTe, the online privacy seal program, where she was responsible
for compliance and working with the government on evolving privacy
policy.  While with TRUSTe, she served on the Federal Trade
Commission Advisory Committee on Access and Security.  Before
that, Bruening was senior attorney-advisor for the Office of Chief
Counsel at the National Telecommunications and Information
Administration, US Department of Commerce.  There, she worked
closely with the White House to advise the Clinton Administration
on a wide range of domestic and international electronic commerce
and internet issues.  She has also served as an onsite consultant
to the Organisation for Economic Co-operation and Development in
Paris and has worked with governments of emerging and transitional
economies on issues of telecommunications liberalization and e-
commerce and privacy law.

                     About Hunton & Williams

Hunton & Williams LLP provides legal services to corporations,
financial institutions, governments and individuals, as well as to
a broad array of other entities.  Since its establishment more
than a century ago, Hunton & Williams has grown to more than 875
attorneys serving clients in 100 countries from 18 offices around
the world.  While its practice has a strong industry focus on
energy, financial services and life sciences, the depth and
breadth of its experience extends to more than 60 separate
practice areas, including bankruptcy and creditors rights,
commercial litigation, corporate transactions and securities law,
intellectual property, international and government relations,
regulatory law, products liability, and privacy and information
management.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Upcoming Meetings, Conferences and Seminars

March 9, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Forum
         Mid-Day Club, Chicago, IL
            Contact: http://www.turnaround.org/

March 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth AZ Chapter Meeting
         Biltmore Hotel, Phoenix, AZ
            Contact: http://www.turnaround.org/

March 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Great Debate
         Sydney, Australia
            Contact: http://www.turnaround.org/

March 14-15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Atlanta, GA
         Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Event - "Judges Panel"
         Athletic Club
            Seattle, WA
               Contact: http://www.turnaround.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI Turnaround Management Event
         Long Island, NY
            Contact: 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 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 20, 2007
   THOMSON WEST LEGALWORKS
      Insurance and Reinsurance Allocation Superbowl
         New York, NY
            Contact: http://www.westlegalworks.com/

March 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Cost of Government with Kevin P. Gaughan
         Buffalo Club, Buffalo, NY
            Contact: http://www.turnaround.org/

March 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Happy Hour
         TBD, St. Louis, MO
            Contact: 314-333-3815 or http://www.turnaround.org/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Automotive Conference
         Atheneum Hotel, Detroit, MI
            Contact: http://www.turnaround.org/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Event with Institute of Management Accountants -
         Role of Consultants in the Turnaround Industry
            Cherry Creek Holiday Inn, Denver, CO

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      The Next Wave of Distressed Businesses: A Panel Discussion
         South Florida
            Contact: http://www.turnaround.org/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Toot Your Own Horn - This event is for members only.
         Pronto Cena, Newark, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Reception Co-Sponsored with IWIRC
         Hartford Club, Hartford, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         TBA
            Contact: http://www.turnaround.org/

March 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia Launch
         Melbourne Hotel, Perth, WA, Australia
            Contact: http://www.turnaround.org/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lunch Seminar
         Kansas City, MO
            Contact: http://www.turnaround.org/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
         Rodney Page, Senior Partner of Blue Springs Partners
            Citrus Club, Orlando, FL
               Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons
            Las Colinas, Dallas, TX
               Contact: http://www.turnaround.org/

March 28-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Four Seasons Las Colinas, Dallas, TX
            Contact: http://www.turnaround.org/

March 29-31, 2007
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
      Chapter 11 Business Reorganizations
         Scottsdale, AZ
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

March 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      10th Annual April Fools' Networking Cocktail Reception
         University Club, New York, NY
            Contact: 646-932-5532 or http://www.turnaround.org/

March 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Zinifex/Pasminco - What a ride?
         Ferriers, Melbourne, Australia
            Contact: http://www.turnaround.org/

April 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Case Study "When Everything Goes Wrong"
         University of Florida, Gainesville, FL
            Contact: http://www.turnaround.org/

April 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Pal's Cabin, West Orange, NJ
            Contact: 908-575-7333 or http://www.turnaround.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
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
      IWIRC 4th Spring Luncheon and Founders Awards
         Washington, DC
            Contact: http://www.iwirc.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon University Club
      Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth AZ Chapter Meeting
         Biltmore Hotel, Phoenix, AZ
            Contact: http://www.turnaround.org/

April 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Breakfast with Association for Corporate Growth
         Woodbridge Hilton, Iselin, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Personnel Issues in Bankruptcy
         University Club, Portland, OR
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast: Program on Fraud and Forensic Investigations
         Athletic Club, Denver, CO
            Contact: http://www.turnaround.org/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Tyson's Corner Marriott, Vienna, VA
            Contact: 215-657-5551 or http://www.turnaround.org/

April 19-20, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Eighth Annual Conference on Healthcare Transactions
         Successful Strategies for Mergers, Acquisitions,
            Divestitures, and Restructurings
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                  http://renaissanceamerican.com/

April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting Social
         TBA, Long Island, NY
            Contact: 631-251-6296 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 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
         Mark Fitzgerald, President of Sales Training Institute
            Inc
               Centre Club, Tampa, FL
                  Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Jacksonville Zoo Turnaround
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
         Fox Hopyard Golf Club, East Haddam, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spa Outing
         Mohegan Sun, Uncasville, CT
            Contact: 203-265-2048 or http://www.turnaround.org/

April 26-27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual Credit & Bankruptcy Symposium
         Mohegan Sun, Uncasville, CT
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting - Working Effectively with
      the Media to Create Publicity for Your Business
         TBA
            Contact: http://www.turnaround.org/

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Washington University, St. Louis, MO
            Contact: http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
         Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 2-4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth AZ Chapter Meeting
         Washington University, AZ
            Contact: http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
            New York, NY
               Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
            New York, NY
               Contact: http://www.abiworld.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 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, CO
            Contact: 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/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, FL
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, OH
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Valuation / Sale of the Distressed Business
         Athletic Club, Seattle, WA
            Contact: http://www.turnaround.org/

May 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Kansas City, MO
            Contact: http://www.turnaround.org/

May 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Annual Golf Outing
         TBD, Long Island, NY
            Contact: 631-251-6296 or http://www.turnaround.org/

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed Debt Market
            Le Meridien Piccadilly Hotel - London, UK
               Contact: 800-726-2524;
               http://renaissanceamerican.com/

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, AZ
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, NY
            Contact: http://www.frallc.com/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, SC
               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://http://www.airacira.org//

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, NJ
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, IL
            Contact: http://www.airacira.org/

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, IL
            Contact: http://www.turnaround.org/

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth AZ Chapter Meeting
         Biltmore Hotel, Phoenix, AZ
            Contact: http://www.turnaround.org/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, OR
            Contact: http://www.turnaround.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, MI
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                  http://renaissanceamerican.com/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.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 - Bankruptcy Judges Panel
         University Club, Jacksonville, FL
            Contact: http://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 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, IL
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         Contact: http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, FL
                  Contact: http://www.turnaround.org/

August 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

August 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, IL
            Contact: http://www.turnaround.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, MD
            Contact: http://www.abiworld.org/

August 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, IL
            Contact: http://www.nabt.com/

August 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

August 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

August 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs, NY
            Contact: http://www.turnaround.org/

September 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, NV
            Contact: http://www.turnaround.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, NV
               Contact: http://www.abiworld.org/

September 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, IL
            Contact: http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, FL
            Contact: 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/

September 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

September 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

September 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         Contact: http://www.turnaround.org/

September 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

October 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

October 9-10, 2007
   IWIRC
      Orlando, FL
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

October 10-13, 2007
   NCBJ
      81st Annual National Conference of Bankruptcy Judges
         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 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, FL
            Contact: http://www.ncbj.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, MA
               Contact: 312-578-6900; http://www.turnaround.org/

October 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

October 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA AZ Chapter Meeting
         Contact: http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

November 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, OR
            Contact: 206-223-5495 or http://www.turnaround.org/

November 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

November 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
         TBD, NJ
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2007
   TMA AZ Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

December 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, WA
            Contact: 206-223-5495 or http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, CA
            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, FL
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, MA
               Contact: http://www.turnaround.org/

July 31 - August 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, MD
               Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, AZ
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, LA
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, AZ
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, MD
               Contact: http://www.abiworld.org/

September 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, NV
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, AZ
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, NV
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, FL
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, LA
            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
      Changes to Cross-Border Insolvencies
         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
      Calpine's Chapter 11 Filing
         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
      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
      Employee Benefits and Executive Compensation under the
         New Code
            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
      Reverse Mergers-the New IPO?
         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
      High-Yield Opportunities in Distressed Investing
         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
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Audio Conference Recording
            Contact: 240-629-3300;   
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Audio Conference Recording
            Contact: 240-629-3300;   
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Audio Conference Recording
            Contact: 240-629-3300;   
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;   
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Audio Conference Recording
            Contact: 240-629-3300;   
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-Discovery
         and Records Management for Bankruptcy Practitioners and
            Litigators
               Audio Conference Recording
                  Contact: 240-629-3300;   
                  http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current Risks,
         Latest Decisions
            Audio Conference Recording
               Contact: 240-629-3300;   
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
            Contact: 240-629-3300;   
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Diagnosing Problems in Troubled Companies
         Audio Conference Recording
            Contact: 240-629-3300;   
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Equitable Subordination and Recharacterization
         Audio Conference Recording
            Contact: 240-629-3300;   
            http://www.beardaudioconferences.com/

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, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva,
Cherry A. Soriano-Baaclo, Melvin C. Tabao, Melanie C. Pador, Tara
Marie A. Martin, Frauline S. Abangan, and Peter A. Chapman,
Editors.

Copyright 2007.  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 $775 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.

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